Nucor Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 27 October 2025: press release. Guidance figures: 1 new. The quarter’s numbers.

Read the filing

Key takeaways

• Quarterly earnings rose year over year: Net earnings attributable to Nucor stockholders were $607 million, or $2.63 per diluted share, against $250 million, or $1.05, a year earlier. Net sales were $8.52 billion, up 14%. Source
• Steel mills earnings declined sequentially: Steel mills earnings before income taxes and noncontrolling interests were $793 million, against $843 million in the second quarter and $309 million a year earlier. Nine-month figure was $1,867 million. Source
• External tons held near second quarter: Sales tons to external customers were 6,774 thousand, down 1% from the second quarter and up 9% from a year earlier. Nine-month tons were 20,424 thousand, up 9%. Source
• External price per ton rose 1%: External average sales price per ton was $1,258, up 1% from the second quarter and up 5% from a year earlier. The nine-month average was $1,215, down 4%. Source
• Cash and short-term investments $2.75 billion: Cash, cash equivalents and short-term investments were $2.75 billion, against $2.48 billion at the end of the second quarter. Source
• Two bar mill projects began ramping: Management said production ramp-up began at two recently completed bar mill projects during the third quarter. Source

“We continue to execute on Nucor’s strategy of growing our core steelmaking capabilities, while expanding into downstream, steel-adjacent businesses,”

Leon Topalian, Chair, President and Chief Executive Officer

Guidance

What changed from last quarter

• New guidance: Direction for fourth-quarter 2025 earnings, lower than the third quarter, is given in this release. Source
• New: Moody's raised Nucor's long-term credit rating to A3 from Baa1 in September 2025. Source

Results and growth drivers

• Quarterly earnings rose year over year: Net earnings attributable to Nucor stockholders were $607 million, or $2.63 per diluted share, against $250 million, or $1.05, a year earlier. Net sales were $8.52 billion, up 14%. Source
• EBITDA and pre-tax earnings increased: EBITDA was $1.27 billion, against $869 million a year earlier. Earnings before income taxes and noncontrolling interests were $883 million, against $389 million. Source
• Nine-month earnings below prior year: For the first nine months, net earnings attributable to Nucor stockholders were $1.37 billion, or $5.88 per diluted share, against $1.74 billion, or $7.22. Net sales rose 5% to $24.81 billion. Source
• Intercompany profit elimination lessened: Management said net earnings attributable to Nucor stockholders were positively impacted by lower profit elimination on intracompany sales and a lower share of earnings to noncontrolling interests. Source

Segment earnings

• Steel mills earnings declined sequentially: Steel mills earnings before income taxes and noncontrolling interests were $793 million, against $843 million in the second quarter and $309 million a year earlier. Nine-month figure was $1,867 million. Source
• Steel products earnings lower sequentially: Steel products earnings were $319 million, against $392 million in the second quarter and $314 million a year earlier. Nine-month figure was $999 million. Source
• Raw materials earnings declined: Raw materials earnings were $43 million, against $57 million in the second quarter, and a $66 million loss a year earlier. Nine-month figure was $129 million. Source
• Corporate/eliminations charge recorded: Corporate and eliminations were negative $272 million, against negative $393 million in the second quarter and negative $168 million a year earlier. Source

“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”

Leon Topalian, Chair, President and Chief Executive Officer

Volumes and product mix

• External tons held near second quarter: Sales tons to external customers were 6,774 thousand, down 1% from the second quarter and up 9% from a year earlier. Nine-month tons were 20,424 thousand, up 9%. Source
• Steel mill shipments up year over year: Total steel mill shipments were 6,428 thousand tons, down 1% from the second quarter and up 12% from a year earlier. Bars rose 14% and plate rose 37% year over year. Source
• Downstream tons rose from second quarter: Joist and deck tons rose 17% from the second quarter to 254 thousand, and rebar fabrication products rose 16% to 356 thousand. Tubular products fell 15%. Source
• Steel mill operating rate at 85%: Steel mills utilization was 85%, unchanged from the second quarter and up from 75% a year earlier. Nine-month utilization was 83%, against 77%. Source

Pricing and costs

• External price per ton rose 1%: External average sales price per ton was $1,258, up 1% from the second quarter and up 5% from a year earlier. The nine-month average was $1,215, down 4%. Source
• Steel mills price flat sequentially: Steel mills external average price was $1,038 per ton, unchanged from the second quarter and up 7% from a year earlier. Nine-month steel mills price was $1,005, down 4%. Source
• Scrap cost per ton fell sequentially: Average scrap and scrap substitute cost was $391 per gross ton, down 3% from the second quarter and up 3% from a year earlier. Source
• Growth-project start-up costs declined: Pre-operating and start-up costs were $103 million, against $136 million in the second quarter and $168 million a year earlier. Source

Financial strength

• Cash and short-term investments $2.75 billion: Cash, cash equivalents and short-term investments were $2.75 billion, against $2.48 billion at the end of the second quarter. Source
• Revolving credit facility undrawn: The $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. Source
• Long-term debt higher than year-end: Long-term debt and finance lease obligations due after one year were $6,686 million, against $5,683 million at December 31, 2024. Source

Cash flow and capital spending

• Operating cash flow fell in nine months: Cash provided by operating activities was $2,435 million in the nine months, against $3,246 million a year earlier. Source
• Debt issued and repaid in period: The company issued $997 million of long-term debt and repaid $1,012 million in the nine months. Source

Share repurchases and dividend

• Third-quarter buybacks of 0.7 million shares: Nucor repurchased about 0.7 million shares in the third quarter, and about 4.8 million shares in the first nine months at an average of $126.26 per share. Source
• About $506 million left on authorization: About $506 million remained available for repurchases as of October 4, 2025. The authorization is discretionary and has no scheduled expiration date. Source
• Quarterly cash dividend declared: The Board declared a $0.55 per share cash dividend on September 4, 2025. Source

Growth projects and strategy

• Two bar mill projects began ramping: Management said production ramp-up began at two recently completed bar mill projects during the third quarter. Source
• Sheet and coating projects advanced: Management said the sheet steel production and coating projects advanced during the quarter. Source
• Pole production started in Alabama: Pole production commenced at the Alabama Towers & Structures facility during the quarter. Source

Coming up, as management said on 27 October 2025

• Dividend payable November 10: The $0.55 dividend is payable November 10, 2025 to holders of record as of September 30, 2025. Source

Figures management reported

Risks management discussed

• External: Steel mills earnings decreased on slightly lower volumes together with margin compression. Source
• Operational: Steel products earnings fell because average costs per ton rose while realized pricing was stable. Source
• External: Raw materials earnings fell on lower realized pricing in direct reduced iron and scrap processing. Source

Earlier plans management reported on

• Not stated: The second-quarter release expected third-quarter earnings to be nominally lower than second-quarter earnings. The third-quarter release does not state a status against that expectation.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.