Nucor (NUE) Q3 2026 Earnings Report
MX:NUE Q3 2026 EPS Results
- Actual EPS
- MXN 109.52
- Consensus EPS
- MXN 110.25
- Beat/Miss
- Missed by -MXN 0.74
- One Year Ago EPS
- MXN 49.66
MX:NUE Q3 2026 Revenue Results
- Actual Revenue
- MXN 212.41B
- Expected Revenue
- MXN 204.61B
- Beat/Miss
- Beat by +MXN 7.79B
- YoY Revenue Growth
- +32.02%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/26/2026
- Time
- After Close
- Conference Call
- Monday, October 26, 2026
MX:NUE Upcoming Earnings
Nucor's next earnings date is estimated for February 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NUE Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, led by the strongest quarter in more than three years, record steel mill shipments, expanding margins in steel products, robust free cash flow, growing contributions from recent investments, durable demand across multiple end markets, and an optimistic 2027 outlook. Offsetting factors included lower raw materials earnings, higher conversion and startup costs, seasonal fourth-quarter shipment pressure, rising recent imports, and the timing of automotive qualifications. The positive operational, financial, and market commentary significantly outweighed the stated challenges.
Company Guidance
Nucor expects steel mill shipments growth to finish closer to the higher end of its 5%-10% range for 2026, with consolidated fourth-quarter earnings in line with or modestly higher than the third quarter; steel mills and steel products earnings are expected to be stable, raw materials earnings slightly lower, and lower intersegment profit eliminations should reduce corporate and elimination expense relative to the third quarter. Full-year capital expenditures are expected to finish at or slightly below the original $2.5 billion estimate, CapEx is expected to decline further in 2027, and Nucor remains committed to returning at least 40% of net earnings to shareholders on an annual basis. West Virginia is expected to reach a 50% utilization target by the end of 2027, with startup costs in 2027 at levels similar to or higher than those in 2026; Berkeley’s new gal line is expected to reach 50% utilization in the second quarter of next year, full run rate by the end of 2027, and add 500,000 tons of annual galvanizing capacity. Nucor expects long-term annual EBITDA from towers and structures to reach approximately $200 million, and fully expects that 2027 will be even stronger.
- Strongest Quarter in More Than Three YearsNucor delivered approximately $2.3 billion of EBITDA and third-quarter earnings of $5.80 per share. Net earnings were $1.3 billion, exceeding the midpoint of guidance by roughly 3.5%, primarily due to higher-than-expected shipments and higher average selling prices in the steel mills segment.
- Record Safety PerformanceNucor's 33,000 teammates delivered the company's safest summer ever. June, July, and August were the safest three months in Nucor's history, although the company did not achieve its goal of zero injuries.
- Record Steel Mill ShipmentsSteel mill shipments exceeded 7.2 million tons, setting a quarterly shipment record for the third consecutive quarter. Steel mill pre-tax earnings increased $232 million from the prior quarter to $1.8 billion, with volumes up 2% and average selling prices rising across the segment.
- Plate and Bar Shipment RecordsThe plate group set another quarterly shipment record, with Brandenburg shipping approximately 240,000 tons, or roughly one-third of the group's total shipments. The bar group also set another quarterly shipment record.
- Micromill and Merchant Bar ProgressLexington became EBITDA positive in March and reached nearly 80% utilization in the third quarter. Strong results from Kingman, Arizona, Frostproof, Sedalia, and the upgraded Kankakee mill helped produce Nucor's best merchant bar quarter in several years.
- Steel Products Earnings and Margin ExpansionSteel products pre-tax earnings increased $112 million from the prior quarter to $465 million. Volumes rose 6%, average selling prices increased 7%, and the segment's EBITDA margin expanded approximately 200 basis points. Joist and Deck shipments increased about 20%, while realized pricing rose by $110 per ton.
- Louisiana DRI Carbon Capture MilestoneNucor's Louisiana DRI plant began capturing CO2 emissions for transport and storage through its project with ExxonMobil. The project is designed to capture and store up to 800,000 tons of CO2 annually.
- Supportive Trade Environment and Domestic DemandManagement said vigorous trade law enforcement and strengthened Section 232 measures are helping Nucor capture more domestic demand. Finished steel imports were down more than 13% year over year and down 24% compared with 2024, while domestic shipments rose in each of the past three quarters.
- West Virginia Sheet Mill Nearing CommissioningThe West Virginia sheet mill remains on time and on budget. The melt shop produced its first heat in September, coils began shipping from the pickle line in October, and the company expects to run its first coils through the hot mill, cold mill, and construction-grade galvanizing line by December. Production is expected to ramp in early 2027 toward a 50% utilization target by the end of 2027.
- New Berkeley Automotive Galvanizing CapacityThe new automotive-grade galvanizing line at Berkeley, South Carolina, began production early in October. Utilization is expected to reach 50% in the second quarter of next year and full run rate by the end of 2027. At full production, the line will add 500,000 tons of annual galvanizing capacity.
- Automotive Growth and Product QualificationAlthough North American automotive production was essentially unchanged year to date, Nucor's flat-rolled shipments to automotive customers increased 4%. Nucor commercialized exposed-quality galvanized steel for an SUV exterior panel and was awarded an entire exposed automotive sheet platform with General Motors. Management said West Virginia will produce 30% automotive steels capable of making the highest-end products.
- Towers and Structures MomentumDecatur, Alabama, was on track to become EBITDA positive in October, while Crawfordsville, Indiana, began full production in the third quarter and is expected to follow a similar path toward profitability. Brigham City, Utah, remains on track for full production by mid-2027.
- Expanded Towers and Structures OutlookNucor is qualified with more than 30 utilities and has entered into multi-year agreements with several of the largest U.S. utilities. The order backlog more than doubled since the start of the year and extends into early 2028. A combined $165 million investment will increase Indiana and Alabama capacity by about 50%, raising expected long-term annual EBITDA contribution from approximately $150 million to approximately $200 million.
- Durable Infrastructure, Manufacturing, and Energy DemandManagement cited accelerating infrastructure activity, with more than $135 billion of funding still unspent as of August. Reshoring and manufacturing construction are expanding across pharmaceuticals, automotive, appliances, electrical components, and semiconductor-related activity. Utilities plan to spend nearly $1.4 trillion over the next five years, while oil and gas demand includes LNG terminals, pipelines, and growing domestic oil country tubular goods production.
- Data Center PositioningData centers represented about 15% of Nucor's enterprise backlog. Through Southwest Data Products, Nucor Warehouse Systems, and its buildings plate, structural tube, and related capabilities, Nucor said it can make or supply roughly 95% of the steel required inside and outside a data center. Management expects this opportunity to grow into 2027.
- Border Wall and Tubular DemandNucor estimates approximately 1,400 miles of new border wall, requiring around 1,500 tons of steel per mile. The company has been shipping thousands of tons weekly, expects demand to continue through 2027 and well into 2028, and said strong structural, conduit, and sprinkler pipe demand also supported the steel products business.
- Merchant Bar and Rebar Market ExpansionNucor reported tremendous growth in both merchant bar and rebar shipments. Merchant bar is benefiting from data center construction and larger-section requirements. The U.S. rebar market, described as ADC, was approximately 9.5 million tons one or two years ago and is expected to reach upwards of 10.5 million or possibly 11 million tons.
- Healthy Free Cash Flow and Shareholder ReturnsNucor generated $1.6 billion of free cash flow in the third quarter and nearly $2.7 billion year to date. The company returned $629 million through dividends and share repurchases during the quarter, up approximately $150 million from the second quarter, bringing year-to-date returns to nearly $1.4 billion, or 42% of net earnings.
- Strong Balance Sheet and Moderating Capital SpendingNucor ended the quarter with approximately $3.6 billion in cash and $4.3 billion of liquidity. Total debt was 23% of capital, and Nucor retained the highest credit ratings among North American steel producers. Year-to-date capital spending was just under $1.9 billion, full-year CapEx is expected to finish at or slightly below the original $2.5 billion estimate, and CapEx is expected to decline further in 2027.
- Positive 2026 and 2027 OutlookNucor expects 2026 steel mill shipment growth to finish closer to the higher end of its 5%-10% range. Fourth-quarter consolidated earnings are expected to be in line with or modestly higher than third-quarter results, and management said it expects 2027 to be stronger, supported by durable demand, higher contributions from growth projects, and supportive federal policy.
- Long-Term Investment ProgramOver the last six and a half years, Nucor deployed about $19 billion of capital, with half invested in organic growth and the other half in mergers and acquisitions. Management said the company remains focused on disciplined growth and returning excess capital to shareholders when it does not have a compelling use for it.
MX:NUE Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 01, 2027 | 2026 (Q4) | 110.10- | 32.67 | ― | ― |
| Oct 26, 2026 | 2026 (Q3) | 110.25109.52 | 49.66 | 120.53% (+59.86) | |
| Jul 27, 2026 | 2026 (Q2) | 84.2591.39 | 49.09 | 86.15% (+42.30) | |
| Apr 27, 2026 | 2026 (Q1) | 53.1562.22 | 14.54 | 327.92% (+47.68) | |
| Jan 26, 2026 | 2025 (Q4) | 36.0832.67 | 23.04 | 41.80% (+9.63) | |
| Oct 27, 2025 | 2025 (Q3) | 41.2449.66 | 28.13 | 76.51% (+21.53) | |
| Jul 28, 2025 | 2025 (Q2) | 48.2449.09 | 50.6 | -2.99% (-1.51) | |
| Apr 28, 2025 | 2025 (Q1) | 12.9714.54 | 65.33 | -77.75% (-50.79) | |
| Jan 27, 2025 | 2024 (Q4) | 12.1223.04 | 59.67 | -61.39% (-36.63) | |
| Oct 21, 2024 | 2024 (Q3) | 28.4228.13 | 86.29 | -67.40% (-58.16) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed