Summary: The Cash Engine Roars
Nucor didn’t just beat estimates in Q3 2025; they put on a masterclass in capital discipline and cash conversion that few companies in the industrial sector can match. This report is proof of concept for the mini-mill model’s supreme agility.
While revenue hit $9.8 billion, the real story is the bottom line: Non-GAAP EPS of $4.22 absolutely crushed consensus, validating the resilience of Nucor’s vertically integrated cost structure. Most significantly, the company generated a record $2.1 billion in Free Cash Flow (FCF) per share. This is the ultimate quantitative signal of quality, demonstrating Nucor’s unmatched ability to convert cyclical profits directly into shareholder capital, fueling a massive $1.5 billion in share buybacks in the quarter alone. The company is successfully navigating the cyclical trough while accelerating its capital return program. The strategic implications of this cash flow machine are locked below.
Listen to this episode with a 7-day free trial
Subscribe to Helix to listen to this post and get 7 days of free access to the full post archives.
