Nucor (NUE) Q3 2025 earnings summary

Executive summary

• Q3 2025 net earnings attributable to stockholders reached $607 million ($2.63 per share), up from $250 million ($1.05 per share) in Q3 2024 and slightly above Q2 2025's $603 million ($2.60 per share), driven by strong steel mill and raw materials segment performance.

• EBITDA for Q3 2025 was $1.3 billion, with net sales of $8.52 billion, a 14% year-over-year increase, and EPS of $2.63, reflecting resilient operational performance and strong market conditions.

• Maintained record-low injury rates and continued ramp-up of new bar mill projects and downstream business expansion.

• Advanced multi-year capital investment campaign, with four major projects to be completed by year-end and significant progress on the West Virginia sheet mill.

• Positioned as a leading supplier to high-growth markets, especially data centers, with 95% of steel products used in such facilities.

Financial highlights

• Q3 2025 net earnings were $607 million ($2.63 per share), EBITDA was $1.3 billion, and net sales were $8.52 billion, up 14% year-over-year; nine-month net earnings were $1.37 billion on $24.81 billion in sales.

• Gross margin improved to $1.19 billion (14%) in Q3 2025 from $758 million (10%) in Q3 2024, mainly due to higher metal margins in steel mills.

• Operating cash flow for the quarter was $1.3 billion; cash and short-term investments at quarter-end were $2.75 billion.

• Returned nearly $1 billion to shareholders year-to-date, representing over 70% of net earnings.

• Capital expenditures for Q3 were $807 million, with $3.3 billion projected for the full year.

Outlook and guidance

• Q4 2025 consolidated earnings are expected to be lower due to seasonality, fewer shipping days, lower realized pricing and volumes, and planned outages in raw materials.

• Backlogs for steel products extend into Q2 2026, with continued strength in mega projects and infrastructure demand.

• Capital expenditures for 2025 are estimated at $3.3 billion, focused on the West Virginia sheet mill, NTS expansion, and a new galvanizing line.