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NUE Q3 Earnings Beat on Higher Steel Prices and Shipments
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Key Takeaways
Nucor's Q3 earnings surged 120.5% to $5.8 per share, while revenues jumped 32% to $11.25 billion.
NUE benefited from an 18.7% rise in average steel selling prices and an 11.2% increase in external shipments.
NUE expects Q4 earnings to be stable or modestly higher despite seasonal volume weakness and increased costs.
Nucor Corporation (NUE - Free Report) reported earnings of $5.8 per share for the third quarter of 2026, up 120.5% from $2.63 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of $5.71 by 1.6%, supported by higher average selling prices and increased steel shipments.
The company recorded net sales of roughly $11.25 billion, up 32% year over year. The figure surpassed the Zacks Consensus Estimate of $10.53 billion by 6.8%.
Nucor Corporation Price, Consensus and EPS Surprise
Total sales tons to external customers increased 11.2% year over year to 7,533,000 tons in the third quarter. However, shipments declined 1% sequentially from 7,605,000 tons in the preceding quarter. The external average sales price per ton rose 18.7% year over year to $1,493, reflecting improved pricing conditions.
Total sales tons to outside customers for steel mills rose 13.8% to 5,662,000 tons. The figure surpassed our estimate of 5,658,000 tons. Overall operating rates at the company's steel mills were 89%, up from 85% in the third quarter of 2025 but down from 91% in the second quarter of 2026.
Nucor's Segment Highlights
The improvement was partly offset by higher costs of products sold. The preceding quarter benefited from $130 million in cash refunds associated with prior-period raw material procurement costs, which did not recur in the third quarter.
Within steel mills, sheet shipments reached 3,259,000 tons, up 8% year over year. Bar shipments rose 14% to 2,497,000 tons, while structural and plate shipments increased 12% and 32%, respectively.
The Raw Materials segment delivered earnings of $105 million, up 144.2% from $43 million a year earlier. However, earnings declined from $146 million in the preceding quarter due to lower pricing and shipments.
NUE’s Financial Position
Cash and cash equivalents were roughly $3.47 billion at the end of the quarter, compared with $2.26 billion at the end of 2025. Including short-term investments, Nucor had approximately $3.64 billion on hand. Long-term debt and finance lease obligations due after one year were $6.38 billion, down from $6.91 billion at 2025-end.
During the third quarter, Nucor repurchased approximately 2.03 million shares at an average price of $247.04 per share. The company returned roughly $629 million to shareholders through dividends and repurchases.
For the first nine months of 2026, operating cash flow totaled $4.52 billion, while capital expenditures amounted to $1.86 billion. Free cash flow was approximately $2.66 billion.
Nucor’s Outlook
The company expects fourth-quarter 2026 earnings to be generally in line with or modestly higher than third-quarter levels. Steel Mills segment earnings are projected to remain stable, with higher realized pricing offset by seasonally lower volumes and increased costs.
Steel Products segment earnings are also expected to remain stable, supported by higher realized prices despite seasonal volume weakness. Raw Materials segment earnings are anticipated to decline slightly due to lower realized direct reduced iron pricing. Intersegment profit eliminations are expected to decrease during the quarter.
NUE’s Price Performance
Shares of NUE have gained 69.3% over the past year compared with the 45.7% rise in its industry.
Image Source: Zacks Investment Research
NUE’s Zacks Rank & Other Key Picks
NUEcurrently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Avino Silver & Gold Mines Ltd. (ASM - Free Report) and Avient Corporation (AVNT - Free Report) .
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RSshares have gained 50.6% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 28 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 75%.
The Zacks Consensus Estimate for AVNT’s 2026 earnings is pegged at $3.2 per share, indicating a year-over-year rise of 13.48%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 3.4%.
View the Zacks #1 Rank List
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NUE Q3 Earnings Beat on Higher Steel Prices and Shipments
Key Takeaways
Nucor Corporation (NUE - Free Report) reported earnings of $5.8 per share for the third quarter of 2026, up 120.5% from $2.63 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of $5.71 by 1.6%, supported by higher average selling prices and increased steel shipments.
The company recorded net sales of roughly $11.25 billion, up 32% year over year. The figure surpassed the Zacks Consensus Estimate of $10.53 billion by 6.8%.
Nucor Corporation Price, Consensus and EPS Surprise
Nucor Corporation price-consensus-eps-surprise-chart | Nucor Corporation Quote
NUE Sees Higher Steel Prices and Shipments
Total sales tons to external customers increased 11.2% year over year to 7,533,000 tons in the third quarter. However, shipments declined 1% sequentially from 7,605,000 tons in the preceding quarter. The external average sales price per ton rose 18.7% year over year to $1,493, reflecting improved pricing conditions.
Total sales tons to outside customers for steel mills rose 13.8% to 5,662,000 tons. The figure surpassed our estimate of 5,658,000 tons. Overall operating rates at the company's steel mills were 89%, up from 85% in the third quarter of 2025 but down from 91% in the second quarter of 2026.
Nucor's Segment Highlights
The improvement was partly offset by higher costs of products sold. The preceding quarter benefited from $130 million in cash refunds associated with prior-period raw material procurement costs, which did not recur in the third quarter.
Within steel mills, sheet shipments reached 3,259,000 tons, up 8% year over year. Bar shipments rose 14% to 2,497,000 tons, while structural and plate shipments increased 12% and 32%, respectively.
The Raw Materials segment delivered earnings of $105 million, up 144.2% from $43 million a year earlier. However, earnings declined from $146 million in the preceding quarter due to lower pricing and shipments.
NUE’s Financial Position
Cash and cash equivalents were roughly $3.47 billion at the end of the quarter, compared with $2.26 billion at the end of 2025. Including short-term investments, Nucor had approximately $3.64 billion on hand. Long-term debt and finance lease obligations due after one year were $6.38 billion, down from $6.91 billion at 2025-end.
During the third quarter, Nucor repurchased approximately 2.03 million shares at an average price of $247.04 per share. The company returned roughly $629 million to shareholders through dividends and repurchases.
For the first nine months of 2026, operating cash flow totaled $4.52 billion, while capital expenditures amounted to $1.86 billion. Free cash flow was approximately $2.66 billion.
Nucor’s Outlook
The company expects fourth-quarter 2026 earnings to be generally in line with or modestly higher than third-quarter levels. Steel Mills segment earnings are projected to remain stable, with higher realized pricing offset by seasonally lower volumes and increased costs.
Steel Products segment earnings are also expected to remain stable, supported by higher realized prices despite seasonal volume weakness. Raw Materials segment earnings are anticipated to decline slightly due to lower realized direct reduced iron pricing. Intersegment profit eliminations are expected to decrease during the quarter.
NUE’s Price Performance
Shares of NUE have gained 69.3% over the past year compared with the 45.7% rise in its industry.
Image Source: Zacks Investment Research
NUE’s Zacks Rank & Other Key Picks
NUEcurrently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Avino Silver & Gold Mines Ltd. (ASM - Free Report) and Avient Corporation (AVNT - Free Report) .
RS currently sports a Zacks Rank #1, while ASM and AVNT carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RSshares have gained 50.6% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 28 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 75%.
The Zacks Consensus Estimate for AVNT’s 2026 earnings is pegged at $3.2 per share, indicating a year-over-year rise of 13.48%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 3.4%.