Nucor Mills Earnings Rise After Refund Fades

The Tip Desk · October 27, 2026 · 3 min read

Net sales reached $11.25 billion in the third quarter as mills posted $1.79 billion of pre-tax earnings.

Nucor Corporation (NUE) reported net earnings attributable to stockholders of $1.32 billion, or $5.80 a share, for the third quarter ended October 3, 2026, up from $1.16 billion, or $5.04 a share, in the second quarter. A year earlier the steelmaker earned $607 million, or $2.63 a share.

Net sales were $11.25 billion, an 8% sequential increase after a 9% sequential rise in the prior quarter. EBITDA was $2.28 billion.

Steel mills pre-tax earnings rose to $1.79 billion from $1.56 billion. The company said the increase reflected higher average selling prices and increased volumes, partially offset by higher costs of products sold. Second-quarter mill cost of products sold had been reduced by $130 million in cash refunds tied to prior periods’ raw-material procurement; those refunds did not recur. Mills total shipments were 7.23 million tons, up 2% sequentially. External average mill sales price per ton was $1,233, up 8% sequentially. Utilization was 89%. External average sales price per ton across the company was $1,493. Sales tons to external customers were 7.53 million.

Steel products pre-tax earnings were $465 million, up from $353 million, on higher volumes and higher average realized pricing. Steel products sales tons to external customers were 1.36 million, and average sales price per ton was $2,576. Joist and deck sales tons to outside customers rose 20% sequentially to 237,000 tons, with realized pricing up $110 a ton; the company said that product led sequential earnings growth in steel products.

Raw materials pre-tax earnings fell to $105 million from $146 million on lower pricing and shipments. Raw materials sales tons to external customers were 508,000. Corporate/eliminations expense was $491 million, up from $430 million, primarily due to the absence of the Helion valuation adjustment that had reduced second-quarter marketing, administrative and other expenses.

Chair and Chief Executive Officer Leon Topalian said the company generated approximately $2.7 billion of free cash flow and returned nearly $1.4 billion to shareholders through the first nine months of 2026. Free cash flow of $2.66 billion was reported for the nine months ended October 3, 2026, a non-GAAP measure the company introduced beginning in the third quarter. During the third quarter, Nucor returned approximately $629 million to stockholders through share repurchases and dividends, including the purchase of about 2.03 million shares at an average $247.04. The board declared a cash dividend of $0.56 a share, the 214th consecutive quarterly cash dividend.

At quarter-end, cash and cash equivalents and short-term investments totaled $3.64 billion. The $2.25 billion revolving credit facility remained undrawn. The company said it continues to have the strongest credit ratings in the North American steel sector, A-/A-/A3 with stable outlooks at Standard & Poor’s, Fitch and Moody’s.

Nucor expects fourth-quarter 2026 earnings to be generally in-line with or modestly higher than the third quarter. In steel mills it expects stable earnings due to 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. Raw materials earnings are expected to be slightly lower due to lower realized DRI pricing. Intersegment profit eliminations are expected to decrease.