01—Abstract
Summary
Summary of the 8-K filed October 26, 2026. Cited figures are marked; the original filing is the authoritative source.
Nucor Corporation reported third-quarter 2026 results for the quarter ended October 3, 2026, with net earnings attributable to Nucor stockholders of $1.32 billiona, or $5.80 per diluted share, on net sales of $11.25 billion.
That compares with $1.16 billionb, or $5.04 per diluted share, in the second quarter of 2026 and $607 million, or $2.63 per diluted share, in the third quarter of 2025. Third-quarter EBITDA was $2.28 billion. The steel mills segment drove the sequential improvement, with earnings before income taxes and noncontrolling interests of $1.79 billion, up from $1.56 billion in the second quarter.
The second quarter had included a $130 millionc cash refund on prior-period raw material costs that did not recur, and a $61 million non-cash Helion valuation benefit. Cash generation and capital returns were strong. For the first nine months of 2026, cash provided by operating activities was $4.52 billion and capital expenditures were $1.86 billion, for free cash flow of $2.66 billion.
Nucor returned about $629 milliond to stockholders in the third quarter and about $1.36 billion year to date, and the Board declared a $0.56 per share dividend payable November 10, 2026. The company ended the quarter with $3.64 billion in cash, cash equivalents and short-term investments, an undrawn $2.25 billion revolving credit facility, and total debt of $7.09 billion. Management expects fourth-quarter 2026 earnings to be generally in line with or modestly higher than the third quarter, with stable steel mills and steel products earnings and slightly lower raw materials earnings.
Operationally, the company highlighted first heat at its West Virginia sheet mill in September, with production expected to begin in 2027, and the start-up of a second galvanizing line at Nucor Steel Berkeley. The Louisiana carbon capture facility began operations in the third quarter of 2026. Steel mills shipments reached 7.2 million tons in the quarter, and the company cited backlogs extending into mid-2027 for many products.
02—Key points
Key Highlights
- Q3 2026 net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, versus $1.16 billion, or $5.04 per diluted share, in Q2 2026 and $607 million, or $2.63 per diluted share, in Q3 2025
- Q3 2026 net sales of $11.25 billion and EBITDA of $2.28 billion; steel mills segment earnings before income taxes and noncontrolling interests of $1.79 billion
- Nine-month 2026 cash provided by operating activities of $4.52 billion, capital expenditures of $1.86 billion, and free cash flow of $2.66 billion
- Returned approximately $629 million to stockholders in Q3 2026 and about $1.36 billion year to date; repurchased about 2.03 million shares at an average price of $247.04
- Balance sheet: $3.64 billion of cash and short-term investments, undrawn $2.25 billion revolver maturing March 2030, total debt of $7.09 billion, and ratings of A-/A-/A3 with stable outlooks
- Q4 2026 outlook: earnings generally in line with or modestly higher than Q3, with stable steel mills and steel products earnings and slightly lower raw materials earnings
- Q2 2026 results included a $61 million non-cash pre-tax Helion valuation benefit ($0.20 per diluted share) and a $130 million cash refund on prior-period raw material costs that did not recur in Q3
03—Questions
Frequently Asked Questions
What drove the increase in Nucor's third-quarter 2026 earnings?
The steel mills segment drove the increase, with earnings rising to $1.79 billion from $1.56 billion in the second quarter, due to higher average selling prices and increased volumes, partially offset by higher costs of products sold. The steel products segment also improved on higher volumes and higher average realized pricing, while raw materials segment earnings fell on lower pricing and shipments.
How much cash did Nucor generate and return to shareholders?
For the first nine months of 2026, cash provided by operating activities was $4.52 billion and free cash flow was $2.66 billion. Nucor returned about $629 million to stockholders in the third quarter and about $1.36 billion in the first nine months through share repurchases and dividends. The Board declared a $0.56 per share dividend payable November 10, 2026, the company's 214th consecutive quarterly cash dividend.
What is the outlook for the fourth quarter of 2026?
Nucor expects fourth-quarter 2026 earnings to be generally in line with or modestly higher than the third quarter. Steel mills earnings are expected to be stable, with higher realized pricing offset by seasonally lower volumes and higher costs. Steel products earnings are expected to be stable on higher realized pricing and seasonally lower volumes, and raw materials earnings are expected to be slightly lower on lower realized DRI pricing.
What is the status of growth projects?
The West Virginia sheet mill achieved first heat in September 2026, with production expected to begin in 2027 and a multi-phased ramp to a 50% utilization run rate by year-end 2027. The second galvanizing line at Nucor Steel Berkeley started up in October 2026. The carbon capture facility at the Louisiana DRI plant began operations in the third quarter of 2026. The company also announced a $165 million expansion at its Indiana and Alabama tower and structures facilities in October 2026.
How is Nucor's balance sheet positioned?
At the end of the third quarter, Nucor had $3.64 billion in cash, cash equivalents and short-term investments and an undrawn $2.25 billion revolving credit facility. Total debt was $7.09 billion, or 1.1 times trailing twelve-month EBITDA, and debt to total capitalization was 23%. Nucor's senior unsecured ratings are A- (S&P), A- (Fitch) and A3 (Moody's), each with a stable outlook.
04—Continue