Nucor

Nucor makes steel and steel products, and it is the largest recycler in North America. It melts scrap and direct reduced iron in electric arc furnaces and makes sheet, bars, structural steel and plate. Its steel products segment makes joists, deck, rebar, tubing, towers for utilities, metal buildings, overhead doors and other products. Its raw materials segment owns The David J.

Joseph Company, which brokers and processes scrap, and makes direct reduced iron. Nucor has plants in the United States, Canada and Mexico. In Q3 2026, net sales were $11.25 billion, steel mills shipped 7.2 million tons and ran at 89% of capacity. Nucor is building a sheet mill in West Virginia, which made its first heat in September 2026.

The shares trade on the New York Stock Exchange. The head office is in Charlotte, North Carolina. Leon Topalian is Chair and Chief Executive Officer.

Nucor trades above the AI estimate because investors pay for its strong earnings in 2026, its record of profits through steel cycles and its new mills, but steel earnings move in cycles. Diluted EPS was $7.52 in 2025 and $14.06 in the first nine months of 2026, but it was $28.79 in 2022 and below $5 in most years before 2021. In 2026, demand was strong, prices rose and, with Section 232 tariffs in place, finished steel imports in the first nine months were about 13% lower than in 2025.

For the shares to earn this price, three things must be true. Steel prices and the steel mills' use of capacity must stay high after the current cycle. The new West Virginia sheet mill must ramp up as planned, to 50% of its capacity by the end of 2027.

And the investments of recent years, such as towers and structures for utilities, must raise earnings through the whole cycle. The Q4 2026 report, expected in late January 2027, is the next test. A recession, lower tariffs or more imports can lower steel prices fast.

AI estimate, checked by Kevin. How it is made

1. Oct 26, 2026Passed

   Q3 2026 results: steel mills earningsEPS above Q2 2026 and steel mills use of capacity near 90% pass; lower EPS fails.Outcome: EPS rose to $5.80 from $5.04 in Q2 2026, and the steel mills ran at 89% of capacity.
2. Jan 26, 2027 · est.Pending

   Q4 2026 results and the 2027 outlookQ4 2026 EPS in line with or above Q3, as Nucor expects, passes; a clear fall fails.
3. Dec 2027 · est.Pending

   West Virginia sheet mill ramp-upA run rate of 50% of capacity by the end of 2027, as planned, passes; a slower ramp-up fails.

Every passed and failed checkpoint across all picks

• October 26, 2026Nucor reported Q3 2026 results. Net earnings were $1.32 billion, or $5.80 per diluted share, against $2.63 a year earlier. Net sales were $11.25 billion. Nucor expects Q4 2026 earnings to be generally in line with or modestly higher than Q3. The West Virginia sheet mill made its first heat in September 2026.
• July 27, 2026Nucor reported Q2 2026 results. Net earnings were $5.04 per diluted share, or $4.84 adjusted, without a gain from its investment in Helion, a fusion energy company.
• April 27, 2026Nucor reported Q1 2026 results, with net earnings of $3.23 per diluted share, against $0.67 a year earlier.

Last earnings

October 26, 2026 (8-K on sec.gov)

Next earnings

Expected about January 26, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Oct 3, 2026Filed November 10, 2026 · nue-20261003
• 8-KEarnings release and Investor disclosureFiled October 26, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jul 4, 2026Filed August 12, 2026 · nue-20260704
• 8-KEarnings release and Investor disclosureFiled July 27, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 19, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Apr 4, 2026Filed May 13, 2026 · nue-20260404
• 8-KEarnings release and Investor disclosureFiled April 27, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled March 3, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 25, 2026 · nue-20251231
• 8-KChange of directors or officersFiled February 20, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 73309)

• Steel prices and volumes move with the economy. In a recession, prices and the use of capacity can fall fast, as in 2009, 2015 and 2020, when diluted EPS was $2.36 or less.
• Strong prices in 2026 depend partly on tariffs under Section 232. If the tariffs fall or the courts change them, imports can rise and prices can fall.
• New mills take time to reach full output. The West Virginia sheet mill plans to reach only 50% of its capacity by the end of 2027, and start-up costs can be higher than planned.
• Scrap, direct reduced iron and electricity are large costs. A sharp rise in these costs can lower margins when steel prices do not rise at the same time.
• Other electric arc furnace producers also add capacity in the United States. More capacity can lower prices for sheet and other products.

Nucor funds itself mainly with cash flow and long-term notes. At October 3, 2026, cash, cash equivalents and short-term investments were $3.64 billion. Read more

Dividend yield

0.9% (last 12 months, at today’s price of $256.47)

Paid per share

$2.24 in the last 12 months (4 payments)

Current annual rate

$2.24 ($0.56 × 4 a year)

Payout ratio

29% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.56 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 6.5% a year. From 2015 to 2025, the dividend grew by about 4.0% a year.

Source: company filings and market data, read on November 11, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.