Nucor Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.53%.
Did NUE Beat Earnings? Q3 2025 Results
Nucor posted a strong third quarter of 2025, clearing Wall Street's bar by a wide margin as the steelmaker earned $2.63 per diluted share against a consensus estimate of $2.16, a beat of 22.01%, on revenue of $8.52 billion that topped expectations by 4.49% and grew 14.5% year-over-year. Net earnings attributable to stockholders reached $607 million, more than double the $250 million Nucor reported in the same period a year ago, with the steel mills segment as the primary engine, generating $793 million in pre-tax earnings and benefiting from record rebar shipments that rose 14% year-over-year. A meaningful 11% decline in steel imports year-to-date, reinforced by favorable Section 232 tariff policy and a September CORE trade case determination, provided tangible pricing support across the portfolio. Shares rose in after-hours trading following the release, though management tempered enthusiasm by guiding Q4 earnings lower, citing fewer shipping days, softer sheet mill pricing, and planned outages at both direct reduced iron facilities.
- Record rebar shipments in Q3 2025
- Strong mill backlogs at approximately 3.5 million tons at end of Q3 (30% higher year-over-year)
- Steel imports down 11% year-to-date, with sheet imports down 35%
- Strengthened Section 232 tariffs reducing unfairly traded imports
- Double-digit year-to-date growth in joist and deck shipments
- Steel mills utilization at 85%
- Bar shipments up 14% year-over-year, structural up 21%, plate up 37%
- Joist and deck shipments up 50% year-over-year, rebar fabrication up 28%
“We continue to execute on Nucor's strategy of growing our core steelmaking capabilities, while expanding into downstream, steel-adjacent businesses. 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.”
Nucor CEO, on the earnings call
Forward Guidance & Outlook
Nucor expects Q4 2025 earnings to be lower than Q3 2025. In the steel mills segment, the decrease is primarily due to lower overall volumes (fewer shipping days) and lower average selling prices in sheet mills. In steel products, the expected decrease is mainly due to lower volumes. In raw materials, the decrease is driven by lower realized pricing and planned outages at both direct reduced iron facilities. Corporate/eliminations are expected to benefit from lower eliminations upon consolidation. Near-to-medium term, Nucor sees constructive trade policy (strengthened Section 232 tariffs, CORE trade case, pending rebar trade case), lean service-center inventories, strong mill backlogs extending into Q2 2026, and mega project demand from data centers, CHIPS plants, and energy infrastructure as positive catalysts. Risks include residential new build weakness, seasonal slowdowns, and new supply entering the market.
NUE YoY Financials
Figures from SEC filings and company reports. Not investment advice.