Nucor (NUE) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA was $2.279B, net earnings attributable to stockholders were $1.32B and diluted EPS was $5.80; steel mill shipments set a third consecutive quarterly record.

• Strong end-market demand, higher pricing and volumes, and contributions from recent investments supported results; 2026 is expected to be the third-best financial year in history, with 2027 expected to be stronger.

• 33,000 teammates achieved the safest summer in company history.

Financial highlights

• Net sales were $11.249B, up 32% YoY; net earnings attributable to stockholders rose to $1.32B from $607M, and diluted EPS increased to $5.80 from $2.63.

• EBITDA was $2.279B versus $2.020B in Q2 and $1.265B in Q3 2025; Q3 free cash flow was $1.607B.

• Cash provided by operating activities was $2.236B in Q3 and $4.52B for nine months; nine-month free cash flow was $2.66B.

• Q3 gross margin was $2.33B, or 21% of sales, versus $1.19B, or 14%, YoY; EBITDA margin exceeded 20%, its highest level in three years.

• Q3 sales tons to outside customers were 7.533M; average selling price per ton rose 19% YoY to $1,493.

Outlook and guidance

• Q4 consolidated earnings are expected in line with or modestly above Q3; steel mills and steel products earnings are expected stable, with raw materials earnings slightly lower.

• Steel mills pricing gains are expected to offset seasonally lower volumes and higher costs; additional outages, lower fixed-cost absorption and West Virginia startup spending weigh on costs.

• 2026 steel mill shipments are expected to finish near the high end of the 5%–10% growth range; full-year CapEx is estimated at $2.50B, at or below the original estimate.

• CapEx is expected to decline further in 2027; startup costs may remain at 2026 levels or higher.

• 2027 is expected to be stronger, supported by durable demand, higher contributions from growth projects and lower CapEx.