What Drove Nucor's (NYSE:NUE) $5.80 Third Quarter Earnings Per Share? Steel Mills, Buybacks and Outlook

Sonal Goyal

28 October 2026 12:12 AM AEDT

What Drove Nucor's (NYSE:NUE) $5.80 Third Quarter Earnings Per Share? Steel Mills, Buybacks and Outlook

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Net earnings attributable to Nucor stockholders were $1.32 billion, or $5.80 per diluted share.
Net sales were $11.25 billion and EBITDA was $2.28 billion.
Nucor returned about $629 million to stockholders in the quarter.
The 214th consecutive quarterly dividend of $0.56 per share is payable November 10.

Nucor Corporation (NYSE:NUE) reported third quarter 2026 results on October 26, with consolidated net earnings attributable to stockholders of $1.32 billion, or $5.80 per diluted share. That compares with $1.16 billion, or $5.04 per share, in the second quarter and $607 million, or $2.63 per share, in the third quarter of 2025. Net sales were $11.25 billion. Second quarter results had included a $61 million non-cash pre-tax benefit from the valuation of its investment in Helion.

Earnings by Segment

Net earnings before noncontrolling interests were $1.47 billion and EBITDA was $2.28 billion. Pre-tax earnings totaled $1.867 billion, versus $883 million a year earlier. The steel mills segment contributed $1.788 billion, up from $793 million a year earlier. Steel products earned $465 million and raw materials $105 million.

Nucor attributed the steel mills increase to higher average selling prices and volumes, partly offset by higher costs of products sold. Steel products gained on higher volumes and realized pricing, while raw materials declined on lower pricing and shipments.

Capital Returns, Growth Projects and Outlook

Nucor ended the quarter with $3.64 billion of cash, cash equivalents and short-term investments, and its $2.25 billion revolving credit facility remained undrawn.

During the quarter it repurchased about 2.03 million shares at an average $247.04 and returned roughly $629 million through repurchases and dividends, bringing nine-month returns to about $1.36 billion. Chief Executive Leon Topalian said free cash flow was approximately $2.7 billion over the first nine months. On September 18 the board declared a $0.56 dividend, payable November 10 to holders of record on September 30, the 214th consecutive quarterly cash dividend.

Management pointed to the first heat at its West Virginia sheet mill in September and the start-up of a second galvanizing line at Nucor Steel Berkeley as milestones in its growth strategy. For the fourth quarter, Nucor expects earnings to be generally in line with or modestly higher than the third quarter. It anticipates stable steel mills and steel products earnings and slightly lower raw materials earnings.

Why This Could Matter

The reported figures connect to Nucor's stated priorities of funding growth projects and returning capital. Cash generation, repurchases and the unbroken dividend record are the measures the company itself highlighted for stockholders, and the segment breakdown shows which businesses supplied the quarter's earnings.

Closing Summary

Nucor's third quarter showed higher earnings than both the prior quarter and the year-earlier period, led by the steel mills segment, alongside continued buybacks, a declared dividend and a fourth quarter outlook of generally stable earnings. An earnings call was scheduled for October 27 at 10:00 a.m. Eastern Time.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.