Nucor Reports Results for the Third Quarter of 2025

Rhea-AI Summary

Nucor (NYSE:NUE) reported Q3 2025 net earnings attributable to Nucor stockholders of $607 million (diluted EPS $2.63) on $8.52 billion of net sales and reported EBITDA of $1.27 billion. Year-to-date net earnings were $1.366 billion. The company held $2.75 billion in cash and short-term investments and an undrawn $2.25 billion revolving credit facility.

Nucor repurchased ~0.7 million shares in Q3 at an average of $140.46 and has ~$506 million remaining repurchase authorization; the board declared a $0.55 per-share quarterly dividend payable Nov 10, 2025. Moody's upgraded long-term rating to A3 in Sept 2025. Management expects Q4 2025 earnings to be lower than Q3 due to lower volumes and selling prices.

Positive

• Net earnings rose to $607M in Q3 2025
• Reported $1.27B EBITDA for Q3 2025
• Held $2.75B cash and short-term investments
• Moody's upgraded long-term rating to A3
• Repurchased ~0.7M shares in Q3; $506M repurchase available

Negative

• Management expects Q4 2025 earnings lower than Q3 2025
• Long-term debt increased to $6.69B (up ~17.6% vs Dec 31, 2024)
• Cash and short-term investments fell to $2.75B from $4.14B at Dec 31, 2024

Insights

Equity Analyst

Nucor posted stronger year-over-year earnings, modest sequential improvement, solid liquidity, and continued shareholder returns; Q4 guidance expects lower earnings.

Nucor produced $607 million of net earnings attributable to stockholders ($2.63 diluted EPS) in the third quarter of 2025, with net sales of $8.52 billion and EBITDA of $1.27 billion. Segment results show the core steel mills earned $793 million for the quarter and the company generated $2.75 billion of cash and short-term investments on hand, supporting capital projects and shareholder returns.

Near-term performance depends on volumes, sheet mill pricing, and raw material realizations; management cites margin compression and lower realized pricing in raw materials. The firm has an undrawn $2.25 billion revolver, upgraded credit ratings to A3 in September 2025, and ongoing capital spend (capital expenditures of $2.62 billion year-to-date), which together reduce liquidity risk but tie up cash.

Key items to watch over the next quarter: the company’s Q4 earnings versus the stated expectation of lower results; trends in sheet mill average selling prices and volumes; realized pricing at direct reduced iron operations and planned outages; share repurchases (about 0.7 million shares repurchased in Q3 at an average of $140.46, with $506 million remaining authorization); and the declared cash dividend of $0.55 payable on November 10, 2025. Horizon: monitor operational metrics and pricing through the Q4 report and the October 28, 2025 earnings call for confirmation of guidance assumptions.

Third Quarter of 2025 Highlights

• Net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share
• Net sales of $8.52 billion
• Net earnings before noncontrolling interests of $683 million; EBITDA of $1.27 billion

CHARLOTTE, N.C., Oct. 27, 2025 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025 and $250 million, or $1.05 per diluted share, for the third quarter of 2024.

"We continue to execute on Nucor's strategy of growing our core steelmaking capabilities, while expanding into downstream, steel-adjacent businesses," said Leon Topalian, Nucor's Chair, President and Chief Executive Officer. "During the third quarter, we began ramping up production at two recently completed bar mill projects, advanced our sheet steel production and coating projects, and commenced pole production at our Alabama Towers & Structures facility. Throughout a period of capital investment, Nucor continues to have the strongest balance sheet of any major steel producer in North America and has returned nearly $1 billion to shareholders year-to-date, representing more than 70% of net earnings through the third quarter." 

Earnings (loss) before income taxes and noncontrolling interests by segment (in millions)
		Three Months (13 Weeks) Ended												Nine Months (39 Weeks) Ended
		October 4, 2025				July 5, 2025				September 28, 2024				October 4, 2025				September 28, 2024
Steel mills		$	793			$	843			$	309			$	1,867			$	2,057
Steel products			319				392				314				999				1,267
Raw materials			43				57				(66)				129				(17)
Corporate/eliminations			(272)				(393)				(168)				(928)				(795)
		$	883			$	899			$	389			$	2,067			$	2,512

Analysis of Third Quarter of 2025 Results Compared to the Second Quarter of 2025
Earnings in the steel mills segment decreased in the third quarter of 2025 primarily due to slightly lower volumes coupled with margin compression. The decrease in the steel products segment's earnings in the third quarter was due to higher average costs per ton on stable average realized pricing and moderately higher volumes. The raw materials segment had lower earnings in the third quarter of 2025 primarily due to lower realized pricing in our direct reduced iron and scrap processing operations.

Third quarter of 2025 consolidated net earnings attributable to Nucor stockholders was positively impacted by lower profit elimination related to intracompany sales and a decrease in the amount of earnings attributable to noncontrolling interests.

Financial Strength
At the end of the third quarter of 2025, Nucor had $2.75 billion in cash and cash equivalents and short-term investments on hand. The Company's $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030.  The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor's, Fitch Ratings and Moody's, respectively. During September 2025, Moody's upgraded Nucor's long-term credit ratings to A3 from Baa1 with a stable outlook.

Commitment to Returning Capital to Stockholders
During the third quarter of 2025, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of $140.46 per share (approximately 4.8 million shares during the first nine months of 2025 at an average price of $126.26 per share). As of October 4, 2025, Nucor had approximately $506 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

On September 4, 2025, Nucor's Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on November 10, 2025, to stockholders of record as of September 30, 2025 and is Nucor's 210^th consecutive quarterly cash dividend.

Fourth Quarter of 2025 Outlook Compared to the Third Quarter of 2025
We expect earnings in the fourth quarter of 2025 to be lower than the third quarter of 2025. In the steel mills segment, the expected decrease is primarily due to lower overall volumes, along with lower average selling prices in our sheet mills. In the steel products segment, the expected decrease is mainly due to lower volumes. In the raw materials segment, the expected decrease is due to lower realized pricing as well as planned outages at our direct reduced iron facilities.

Earnings Conference Call
An earnings call is scheduled for October 28, 2025 at 10:00 a.m. Eastern Time to review Nucor's third quarter of 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event. 

About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Non-GAAP Financial Measures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.

We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. Please note that other companies might define their non-GAAP financial measures differently than we do.

Management presents the non-GAAP financial measure of EBITDA in this news release because it considers it to be an important supplemental measure of performance. Management believes that this non-GAAP financial measure provides additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods.

Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

Consolidated Financial Statements

Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share data)
		Three Months (13 Weeks) Ended												Nine Months (39 Weeks) Ended
		October 4, 2025				July 5, 2025				September 28, 2024				October 4, 2025				September 28, 2024
Net sales		$	8,521			$	8,456			$	7,444			$	24,807			$	23,658
Costs, expenses and other:
Cost of products sold			7,333				7,233				6,686				21,791				20,183
Marketing, administrative and other expenses			300				304				244				885				883
Equity in earnings of unconsolidated affiliates			(10)				(10)				(5)				(24)				(24)
Losses and impairments of assets			-				11				123				40				137
Interest expense (income), net			15				19				7				48				(33)
			7,638				7,557				7,055				22,740				21,146
Earnings before income taxes and      noncontrolling interests			883				899				389				2,067				2,512
Provision for income taxes			200				193				86				452				538
Net earnings before noncontrolling interests			683				706				303				1,615				1,974
Earnings attributable to noncontrolling interests			76				103				53				249				234
Net earnings attributable to Nucor stockholders		$	607			$	603			$	250			$	1,366			$	1,740
Net earnings per share:
Basic		$	2.63			$	2.60			$	1.05			$	5.89			$	7.23
Diluted		$	2.63			$	2.60			$	1.05			$	5.88			$	7.22
Average shares outstanding:
Basic			229.9				230.6				236.5				231.1				239.7
Diluted			230.2				230.8				236.8				231.4				239.8

 

Condensed Consolidated Balance Sheets (Unaudited) (In millions)
		October 4, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	2,221			$	3,558
Short-term investments			524				581
Accounts receivable, net			3,288				2,675
Inventories, net			5,393				5,106
Other current assets			382				555
Total current assets			11,808				12,475
Property, plant and equipment, net			14,821				13,243
Goodwill			4,294				4,288
Other intangible assets, net			2,943				3,134
Other assets			910				800
Total assets		$	34,776			$	33,940
LIABILITIES
Current liabilities:
Short-term debt		$	136			$	225
Current portion of long-term debt and finance lease obligations			31				1,042
Accounts payable			2,145				1,832
Salaries, wages and related accruals			899				903
Accrued expenses and other current liabilities			1,046				975
Total current liabilities			4,257				4,977
Long-term debt and finance lease obligations due after one year			6,686				5,683
Deferred credits and other liabilities			1,902				1,863
Total liabilities			12,845				12,523
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock			152				152
Additional paid-in capital			2,233				2,223
Retained earnings			31,255				30,271
Accumulated other comprehensive loss,    net of income taxes			(189)				(208)
Treasury stock			(12,681)				(12,144)
Total Nucor stockholders' equity			20,770				20,294
Noncontrolling interests			1,161				1,123
Total equity			21,931				21,417
Total liabilities and equity		$	34,776			$	33,940

 

Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions)
		Nine Months (39 Weeks) Ended
		October 4, 2025				September 28, 2024
Operating activities:
Net earnings before noncontrolling interests		$	1,615			$	1,974
Adjustments:
Depreciation			910				809
Amortization			191				189
Impairment of assets			20				137
Stock-based compensation			102				114
Deferred income taxes			2				(92)
Distributions from affiliates			6				8
Equity in earnings of unconsolidated affiliates			(24)				(24)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable			(614)				47
Inventories			(295)				496
Accounts payable			296				(207)
Federal income taxes			177				17
Salaries, wages and related accruals			20				(314)
Other operating activities			29				92
Cash provided by operating activities			2,435				3,246
Investing activities:
Capital expenditures			(2,620)				(2,294)
Investment in and advances to affiliates			(1)				-
Sale of business			-				1
Disposition of plant and equipment			42				12
Acquisitions (net of cash acquired)			-				(672)
Purchases of investments			(872)				(1,037)
Proceeds from the sale of investments			938				1,210
Other investing activities			4				10
Cash used in investing activities			(2,509)				(2,770)
Financing activities:
Net change in short-term debt			(89)				95
Repayment of long-term debt			(1,012)				(5)
Bond issuance costs			(9)				-
Proceeds from issuance of long-term debt, net of discount			997				-
Proceeds from exercise of stock options			1				3
Payment of tax withholdings on certain stock-based compensation			(32)				(50)
Distributions to noncontrolling interests			(231)				(333)
Cash dividends			(385)				(394)
Acquisition of treasury stock			(600)				(1,901)
Proceeds from government incentives			77				-
Other financing activities			14				(12)
Cash used in financing activities			(1,269)				(2,597)
Effect of exchange rate changes on cash			6				(3)
Decrease in cash and cash equivalents			(1,337)				(2,124)
Cash and cash equivalents - beginning of year			3,558				6,387
Cash and cash equivalents - end of nine months		$	2,221			$	4,263
Non-cash investing activity:
Change in accrued plant and equipment purchases		$	14			$	70

 

Select Financial and Operational Data
(Dollars in millions, tons in thousands, per unit amounts as noted)
		Three Months (13 Weeks) Ended										Nine Months (39 Weeks) Ended
		Oct. 4, 2025		July 5, 2025		% Change		Sep. 28, 2024		Year Ago % Change		Oct. 4, 2025		Sep. 28, 2024		% Change
Consolidated Financial & Operational Data
Net Sales		$8,521		$8,456		1 %		$7,444		14 %		$24,807		$23,658		5 %
External Average Sales Price per Ton		$1,258		$1,240		1 %		$1,201		5 %		$1,215		$1,265		-4 %
Sales Tons to External Customers		6,774		6,820		-1 %		6,196		9 %		20,424		18,709		9 %
Pre-Operating & Start-Up Costs		$103		$136		-24 %		$168		-39 %		$408		$430		-5 %
Pre-Operating & Start-Up Costs per Diluted Share		$0.34		$0.45				$0.54				$1.34		$1.36
Number of Days in Period		91		91				91				277		272
Steel Mills Segment Data
Total Shipments		6,428		6,474		-1 %		5,719		12 %		19,365		17,476		11 %
Sales Tons to External Customers		4,976		5,044		-1 %		4,607		8 %		15,246		13,900		10 %
Percentage of Sales to Internal Customers		23 %		22 %				19 %				21 %		20 %
External Average Sales Price per Ton		$1,038		$1,041		-		$967		7 %		$1,005		$1,042		-4 %
Average Scrap/Scrap Substitute Cost per Gross Ton		$391		$403		-3 %		$378		3 %		$396		$399		-1 %
Utilization		85 %		85 %				75 %				83 %		77 %
Steel Products Segment Data
Sales Tons to External Customers		1,183		1,141		4 %		1,011		17 %		3,372		3,050		11 %
Average Sales Price per Ton		$2,358		$2,331		1 %		$2,469		-4 %		$2,329		$2,530		-8 %

 

Tonnage Data (in thousands)		Three Months (13 Weeks) Ended										Nine Months (39 Weeks) Ended
		Oct. 4, 2025		July 5, 2025		% Change		Sep. 28, 2024		Year Ago % Change		Oct. 4, 2025		Sep. 28, 2024		% Change
Steel mills total shipments:
Sheet		3,030		3,057		-1 %		2,837		7 %		9,068		8,680		4 %
Bars		2,190		2,148		2 %		1,926		14 %		6,628		5,843		13 %
Structural		595		635		-6 %		493		21 %		1,807		1,555		16 %
Plate		594		606		-2 %		435		37 %		1,777		1,295		37 %
Other		19		28		-32 %		28		-32 %		85		103		-17 %
		6,428		6,474		-1 %		5,719		12 %		19,365		17,476		11 %
Sales tons to outside customers:
Steel mills		4,976		5,044		-1 %		4,607		8 %		15,246		13,900		10 %
Joist and deck		254		217		17 %		169		50 %		653		534		22 %
Rebar fabrication products		356		306		16 %		278		28 %		909		781		16 %
Tubular products		206		243		-15 %		213		-3 %		719		635		13 %
Building Systems		62		64		-3 %		60		3 %		174		181		-4 %
Other steel products		305		311		-2 %		291		5 %		917		919		0 %
Raw materials		615		635		-3 %		578		6 %		1,806		1,759		3 %
		6,774		6,820		-1 %		6,196		9 %		20,424		18,709		9 %

 

Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
(In millions)
		Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
		Oct. 4, 2025		July 5, 2025		Sept. 28, 2024		Oct. 4, 2025		Sept. 28, 2024
Net earnings before noncontrolling interests		$683		$706		$303		$1,615		$1,974
Depreciation		304		303		281		910		809
Amortization		63		63		69		191		189
Losses and impairments of assets		-		11		123		40		137
Interest expense (income), net		15		19		7		48		(33)
Provision for income taxes		200		193		86		452		538
EBITDA		$1,265		$1,295		$869		$3,256		$3,614

 

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SOURCE Nucor Corporation

FAQ

What were Nucor's reported Q3 2025 earnings per share (NUE)?

Nucor reported diluted EPS of $2.63 for Q3 2025.

How much cash and short-term investments did Nucor (NUE) hold at Q3 2025?

Nucor held $2.75 billion in cash and short-term investments as of October 4, 2025.

What did Nucor announce about share repurchases and remaining authorization (NUE)?

Nucor repurchased ~0.7 million shares in Q3 at an average $140.46 and has ~$506 million remaining authorization.

Will Nucor's (NUE) Q4 2025 earnings be higher or lower than Q3 2025?

Management expects Q4 2025 earnings to be lower than Q3 2025 due to lower volumes and selling prices.

What credit rating change did Nucor (NUE) receive in 2025?

In September 2025, Moody's upgraded Nucor's long-term rating to A3 from Baa1 with a stable outlook.

When is Nucor's Q3 2025 dividend payment and amount (NUE)?

The board declared a $0.55 per-share dividend payable on November 10, 2025 to holders of record as of September 30, 2025.