Nucor Corp. reported third‑quarter 2025 results, posting net income of $607 million and diluted earnings per share of $2.63, a 21.8% beat over the consensus estimate of $2.16. Revenue reached $8.52 billion, topping the $8.15 billion expectation and representing a 143% year‑over‑year increase in net income.
Segment performance showed a decline in the steel mills division, driven by lower volumes and margin compression, while the steel products division saw earnings fall due to higher input costs. The raw materials segment also posted lower earnings because of reduced pricing in direct reduced iron and scrap processing. Despite these headwinds, the company’s overall profitability improved, supported by a reduction in intracompany profit eliminations and a stronger balance sheet.
The company’s EBITDA for the quarter was $1.27 billion. Operating rates at the steel mills increased to 85% in Q3 2025, flat sequentially and up from 75% in Q3 2024. Total sales tons to outside customers for steel mills in Q3 were 4,976,000 tons, up 8% year over year.
Capital expenditures for the quarter were $807 million, and Nucor continued its share‑repurchase program, repurchasing approximately 0.7 million shares in Q3 and maintaining a remaining authorization of $506 million as of October 4, 2025. The company reaffirmed its $0.55 per share dividend, payable November 10, with a record date of September 30, 2025.
Nucor highlighted a $2.75 billion cash and short‑term investment position and a $2.75 billion cash and short‑term investment position. The company’s credit ratings remain strong (A‑/A‑/A3) with a stable outlook, and Moody’s upgraded Nucor’s long‑term credit rating to A3 from Baa1 in September 2025.
Management guided that fourth‑quarter earnings are expected to be lower than the third quarter, citing anticipated volume and pricing declines in the steel mills segment and planned outages in the raw materials division. Analysts project Q4 revenue of approximately $8.08 billion.
Year‑to‑date net earnings through the third quarter were $1.366 billion, and Nucor returned nearly $1 billion to shareholders, representing over 70% of net earnings.
The company also highlighted ongoing investments in core steelmaking operations and downstream businesses, including ramping up production at two recently completed bar mill projects, advancing sheet steel production and coating projects, and commencing pole production at its Alabama Towers & Structures facility.
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