Financial Performance - Net income for Q3 2025 was $5.2 million, or $0.71 per diluted share, compared to $3.3 million, or $0.44 per diluted share in Q3 2024[15]. - Basic earnings per share for Q3 2025 increased to $0.71, up 4.41% from $0.68 in Q2 2025 and 61.36% from $0.44 in Q3 2024[32]. - Diluted earnings per share for Q3 2025 also rose to $0.71, reflecting the same growth trends as basic earnings[32]. - Net income for the quarter was $5,240 million, compared to $5,031 million in the previous quarter, reflecting an increase of 4.2%[36]. - Earnings per common share increased to $0.71, up from $0.68 in the previous quarter, representing a growth of 4.4%[36]. Assets and Liabilities - Total assets increased to $2.3 billion, up $173.4 million from December 31, 2024, driven by a $127.5 million rise in interest-bearing cash balances[6]. - Total liabilities increased to $2,032,234 million, up from $1,935,668 million in the previous quarter, a rise of 5.0%[34]. - Total assets increased to $2,259,654 million as of September 30, 2025, up from $2,156,168 million in the previous quarter, representing a growth of 4.8%[34]. - Total assets increased to $2,206,722 thousand as of September 30, 2025, from $2,095,200 thousand a year earlier[38]. Loans and Deposits - Total loans reached $1.4 billion, increasing by $34.4 million during Q3 2025, with core loans growing by $32 million, or 2%[9]. - Total deposits grew to $1.93 billion, up $76.2 million in Q3 2025 and $178.5 million since December 31, 2024[13]. - Total deposits rose to $1,925,602 million, an increase from $1,849,376 million in the previous quarter, reflecting a growth of 4.1%[34]. - Core loans reached $1,426,849 thousand as of September 30, 2025, up from $1,348,096 thousand a year earlier[41]. Income and Margins - Net interest income for Q3 2025 was $16.2 million, representing an 11.6% increase compared to Q3 2024[9]. - Noninterest income for Q3 2025 was $4.3 million, an increase from $3.5 million in Q3 2024, driven by profitability initiatives[20]. - Total interest income for the quarter was $24,882 million, compared to $23,242 million in the previous quarter, marking an increase of 7.1%[36]. - Net interest income after provision for credit losses was $15,953 million, slightly down from $16,228 million in the previous quarter, a decrease of 1.7%[36]. - The net yield on interest earning assets (FTE) improved to 3.15% for the three months ended September 30, 2025, from 2.96% a year ago[40]. Equity and Capital - Total equity increased to $227.4 million, or $30.94 per share, compared to $210.3 million, or $28.32 per share at year-end 2024[14]. - Shareholders' equity rose to $223,970 thousand as of September 30, 2025, compared to $208,444 thousand in the same period last year[38]. - The tangible book value per share increased to $24.37 in Q3 2025, up from $23.39 in Q2 2025, indicating growth in shareholder equity[32]. - Tangible book value per share increased to $24.37 as of September 30, 2025, compared to $22.14 a year ago[41]. Credit Quality - The allowance for credit losses (ACL) reached $13.1 million, reflecting a $172 thousand increase during Q3 2025[11]. - Nonaccrual loans increased to $3,443 thousand in Q3 2025 from $1,164 thousand in Q2 2025, highlighting a significant rise in asset quality concerns[32]. - The provision for credit losses was $209 million, compared to a reversal of $1,099 million in the previous quarter, indicating a shift in credit quality assessment[36]. Operational Efficiency - The efficiency ratio improved to 67.51% in Q3 2025, compared to 70.53% in Q2 2025, indicating better operational efficiency[32]. - The return on average total assets for Q3 2025 was 0.94%, slightly down from 0.96% in Q2 2025 but up from 0.62% in Q3 2024[32]. Non-GAAP Measures - Non-GAAP financial measures are utilized to provide a more comprehensive understanding of the company's financial performance, supplementing GAAP measures[28]. - The company acknowledges that not all companies use the same calculations for non-GAAP measures, which may affect comparability[29]. - A reconciliation of non-GAAP financial measures to GAAP measures is provided, ensuring transparency in financial reporting[30].

Financial Performance - The Company reported net income of $27.1 million and earnings per diluted share of $1.20 for Q3 2025, compared to $8.8 million and $0.39 for Q3 2024, representing a significant increase [141]. - For the first nine months of 2025, net income was $52.2 million with earnings per diluted share of $2.32, up from $26.0 million and $1.17 in the same period of 2024 [141]. - Net income for Q3 2025 increased by $18.2 million to $27.1 million compared to $8.8 million in Q3 2024, driven by a $14.2 million gain on asset sales and a $6.5 million increase in net interest income [145]. - The Community Banking segment's net income increased by $15.2 million or 214% in Q3 2025, primarily due to the asset sale gain and a $6.4 million increase in net interest income [150]. - Home Mortgage Lending segment's net income rose by $579,000 or 45% in Q3 2025, attributed to a decrease in the provision for credit losses and higher mortgage servicing revenue [154]. - Specialty Finance segment's net income surged by $2.5 million or 541% in Q3 2025, largely due to the acquisition of Sallyport [162]. Loan and Deposit Growth - Portfolio loans reached $2.22 billion at September 30, 2025, an 11% increase year-over-year, driven by new customer relationships and market share expansion [141]. - Total deposits were $2.91 billion at September 30, 2025, up 11% from $2.63 billion a year ago, with non-interest bearing demand deposits increasing 14% to $872.1 million [141]. - Total loans in the commercial real estate sector reached $1.15 billion, accounting for 52.7% of the total loan portfolio as of September 30, 2025 [187]. - Demand deposits rose to $872.1 million, representing 30% of total deposits, up from 27% at the end of 2024 [195]. - Total deposits increased by $226.3 million, or 8%, to $2.91 billion as of September 30, 2025, compared to $2.68 billion as of December 31, 2024 [195]. Interest Income and Margin - The net interest margin improved to 4.83% for Q3 2025, up 54 basis points from the previous year [142]. - Net interest income for Q3 2025 increased by 23% or $6.5 million to $35.3 million compared to $28.8 million in Q3 2024 [166]. - Interest income increased by $6,562,000, a 17% rise compared to the same period in 2024, driven primarily by a $6,055,000 increase in loans [172]. - The net interest margin increased by 54 basis points to 4.83% in Q3 2025 compared to 4.29% in Q3 2024, reflecting a favorable change in earning-assets mix [166]. - Average loans to average interest-earning assets ratio increased to 75.89% from 72.29% year-over-year [170]. Credit Quality and Losses - Nonperforming loans, net of government guarantees, rose by $3.7 million or 49% to $11.3 million as of September 30, 2025, from $7.5 million at December 31, 2024 [143]. - Potential problem loans increased significantly to $28.7 million as of September 30, 2025, up from $1.6 million at December 31, 2024 [144]. - The provision for credit losses in the Community Banking segment was $1.6 million in Q3 2025, slightly up from $1.5 million in the same quarter last year [151]. - The company reported net loan charge-offs of $1.2 million for the quarter ended September 30, 2025, compared to a recovery of $51,000 in the same quarter of the previous year [192]. - The allowance for credit losses (ACL) for loans held for investment increased by $1.3 million from December 31, 2024, primarily due to higher loan balances and increased estimated loss rates [194]. Capital and Liquidity - The total risk-based capital ratio was 11.56% as of September 30, 2025, exceeding the minimum requirement of 8.00% [211]. - The Company had cash and cash equivalents of $212.7 million, or 6% of total assets, as of September 30, 2025, up from $62.7 million, or 2%, at December 31, 2024 [205]. - The Company expects to continue receiving dividends from the Bank during the remainder of 2025, as it meets all applicable capital adequacy requirements [203]. - The Company had no long-term borrowings outstanding other than FHLB advances as of September 30, 2025 [202]. Operating Expenses - Other operating expenses for the nine months ended September 30, 2025, increased by $15.4 million, or 20%, to $91.0 million, driven by higher salaries and personnel expenses [182]. - The provision for credit losses for the nine months ended September 30, 2025, was $2.6 million, compared to $2.1 million for the same period in 2024 [193]. Market and Investment - Investment securities decreased by 11% to $464.3 million as of September 30, 2025, from $524.1 million at December 31, 2024, primarily due to maturities and calls of available for sale securities [185]. - The average estimated duration of the investment portfolio was approximately 2.16 years as of September 30, 2025 [186]. - The company reported a 64% increase in nonearning assets, totaling $322,825,000 compared to $196,266,000 in the previous year [170].

Financial Performance - Net income for the three months ended September 30, 2025, was $792 million, up from $721 million in the same period of 2024, representing an increase of 9.84%[20] - Net income for the nine months ended September 30, 2025, was $2,092 million, an increase of 9.7% compared to $1,907 million in 2024[24] - Total revenue for the nine months ended September 30, 2025, reached $1,237 million, a 7.7% increase from $1,149 million in the same period of 2024[83] - Basic earnings per common share for the three months ended September 30, 2025, was $4.85, compared to $4.04 in 2024, reflecting a 20.1% increase[85] - Diluted earnings per common share for the nine months ended September 30, 2025, was $12.34, up from $10.78 in 2024, representing a 14.5% growth[86] Asset and Liability Management - Total assets increased to $211.277 billion as of September 30, 2025, compared to $208.105 billion at December 31, 2024, reflecting a growth of 1.05%[16] - The total liabilities increased to $182.549 billion as of September 30, 2025, from $179.078 billion at December 31, 2024, reflecting a growth of 2.18%[16] - Total deposits rose to $163.426 billion as of September 30, 2025, from $161.095 billion at December 31, 2024, marking a growth of 1.44%[16] - Total borrowings increased to $14.987 billion as of September 30, 2025, up from $13.665 billion at December 31, 2024, reflecting a rise of approximately 9.7%[72] Credit Losses and Provisions - The provision for credit losses was $125 million for the three months ended September 30, 2025, compared to $120 million for the same period in 2024, indicating a slight increase of 4.17%[20] - The provision for credit losses decreased to $380 million in 2025 from $470 million in 2024, a reduction of 19.1%[24] - The allowance for loan losses was $1.512 billion, with nonaccrual loans totaling $1.512 billion[41] - The provision for credit losses for the three months ended September 30, 2025, was $110 million, while net charge-offs totaled $146 million, leading to an ending balance of $2.161 billion in the allowance for loan losses[53] Income and Revenue Sources - Other income for the three months ended September 30, 2025, totaled $752 million, an increase from $606 million in the same period of 2024, reflecting a growth of 24.1%[20] - Service charges on deposit accounts increased to $141 million for the three months ended September 30, 2025, up from $132 million in the same period of 2024, representing a growth of 6.8%[82] - Trust income rose to $181 million in Q3 2025, compared to $170 million in Q3 2024, an increase of 6.5%[82] - Noninterest income increased by 16% to $2,046 million for the nine months ended September 30, 2025, compared to $1,770 million for the same period in 2024[152] Investment Securities - As of September 30, 2025, the amortized cost of investment securities was $35.711 billion, with an estimated fair value of $35.087 billion, reflecting gross unrealized losses of $879 million[35] - The Company does not anticipate selling any impaired investment securities at a loss as of September 30, 2025[38] - The total investment securities for the nine months ended September 30, 2025, were $35,466 million, generating $1,056 million in interest income, with an average rate of 3.98%[166] Loan Portfolio - As of September 30, 2025, total loans amounted to $136.974 billion, with $133.830 billion classified as current loans[41] - The total amount of foreclosed property held was $37 million, with $180 million in loans secured by residential real estate in the process of foreclosure[44] - The total amount of commercial real estate loans was $20.062 billion, with a slight decrease from $20.780 billion at the end of 2024[41] - The total for residential builder and developer loans classified as "Pass" was $742 million[50] Nonperforming Assets - The company reported total past due loans of $1.255 billion for the twelve months ended September 30, 2025, compared to $1.247 billion for the same period in 2024, reflecting a marginal increase of 0.6%[69] - Total nonperforming assets were $1.549 billion as of September 30, 2025, down from $1.603 billion in the previous quarter[204] - Nonaccrual loans decreased by $61 million from June 30, 2025, to September 30, 2025, reflecting declines in commercial and industrial, commercial real estate, and residential real estate nonaccrual loans[205] Capital Management - The company repurchased 2.1 million shares of common stock at a total cost of $409 million during the recent quarter, compared to 6.1 million shares at a cost of $1.1 billion in the second quarter of 2025[155] - Average tangible common equity increased to 17.13% from 15.54% in the previous quarter, indicating stronger capital position[157] Interest Rate Management - The company has utilized interest rate swap agreements to manage interest rate risk, with a total notional amount of $31,100 million as of September 30, 2025[174] - The net interest margin expanded by 6 basis points to 3.68% in the third quarter of 2025 compared to 3.62% in the second quarter of 2025[153] - The net interest spread for the nine months ended September 30, 2025, was 2.83%, compared to 2.55% for the same period in 2024[166] Tax and Regulatory Matters - The company’s effective income tax rate for the nine months ended September 30, 2025, was 23.1%, compared to 21.5% for the same period in 2024[154] - The Company does not expect the new accounting standards related to income tax disclosures to have a material impact on its consolidated financial statements[30]

Financial Performance - Total revenues for Q3 2025 were $1.6 billion, an increase of 35.4% year-over-year[2] - Organic revenue growth for Q3 2025 was 3.5%, with commissions and fees increasing by 34.2%[2] - Diluted net income per share for Q3 2025 decreased to $0.68, a decline of 16.0% compared to the previous year, while adjusted diluted net income per share increased to $1.05, up 15.4%[2][8] - Income before income taxes for Q3 2025 was $311 million, down 1.9% from the prior year, with a margin decrease to 19.4%[2][10] - EBITDAC - Adjusted for Q3 2025 was $587 million, an increase of 41.8% year-over-year, with an adjusted margin of 36.6%[2][10] - For the nine months ended September 30, 2025, total revenues were $4.3 billion, an increase of 18.6% compared to the same period in 2024[3] - Net income attributable to the Company for Q3 2025 was $227 million, a decrease of $7 million or 3.0% year-over-year[2][14] - Net income before non-controlling interests for the nine months ended September 30, 2025, was $799 million, slightly up from $791 million in the same period of 2024[20] Cash Flow and Assets - Net cash provided by operating activities reached $1.006 billion for the nine months ended September 30, 2025, compared to $813 million in 2024, indicating a 23.8% increase[20] - Cash, cash equivalents, and restricted cash at the end of the period totaled $3.724 billion, up from $2.701 billion a year earlier, marking a 37.8% increase[20] - The company reported a significant increase in fiduciary cash, rising to $2.271 billion in 2025 from $1.827 billion in 2024, a growth of 24.3%[17] - Total assets increased to $29.354 billion as of September 30, 2025, compared to $17.612 billion on December 31, 2024, reflecting a growth of 67.5%[17] Debt and Equity - Long-term debt increased to $7.653 billion as of September 30, 2025, compared to $3.599 billion at the end of 2024, representing a 112.5% increase[17] - Total equity rose to $12.407 billion in 2025, up from $6.437 billion in 2024, reflecting a 92.5% increase[17] Acquisitions and Growth Strategy - The company made payments for businesses acquired totaling $7.659 billion in 2025, a significant increase from $118 million in 2024[20] - The company anticipates continued growth and expansion, focusing on strategic acquisitions and innovative insurance solutions[23] - The Company welcomed over 5,000 new teammates in Q3 2025, enhancing its global capabilities[4] Key Metrics and Definitions - Organic Revenue is a key performance indicator that excludes revenues from newly acquired operations, divested businesses, and foreign currency translation[27] - Diluted Net Income Per Share - Adjusted provides a meaningful representation of operating performance by excluding certain non-recurring items[26] - EBITDAC is defined as income before interest, taxes, depreciation, amortization, and changes in estimated acquisition earn-out payables[32] - EBITDAC Margin is calculated as EBITDAC divided by total revenues, providing insight into operating margins[32] - The company uses Organic Revenue growth, Diluted Net Income Per Share - Adjusted, and EBITDAC Margin - Adjusted as key metrics for executive compensation plans[26] Conference Call - The conference call to discuss Q3 2025 results is scheduled for October 28, 2025, at 8:00 AM (EDT)[21]

Financial Performance - Total revenue for Q3 2025 was $34.6 million, representing a 2% increase quarter-over-quarter[5] - GAAP net income was $4.1 million, accounting for 12% of total revenue, while adjusted net income was $5.0 million, or 14% of revenue[5] - Adjusted EBITDA for the quarter was $10.9 million, up 11% year-over-year, representing 31% of total revenue[5] - Net income for Q3 2025 was $4,122,000, a decrease of 27.7% compared to $5,688,000 in Q3 2024[21] - Adjusted net income for Q3 2025 was $5,008,000, down 14.1% from $5,831,000 in Q3 2024[21] - Adjusted EBITDA for Q3 2025 increased to $10,854,000, representing a 10.5% increase from $9,737,000 in Q3 2024[23] - The adjusted EBITDA margin for Q3 2025 was 31.4%, compared to 27.2% in Q3 2024[23] Cash Flow and Investments - Cash flow from operations rose 46% year-over-year to $13.8 million, which is 40% of total revenue[5] - Cash flows from operating activities for the nine months ended September 30, 2025, totaled $19,271,000, a decrease of 31.6% from $28,246,000 in the same period of 2024[19] - The company reported a cash and cash equivalents balance of $2,219,000 at the end of Q3 2025, down from $3,461,000 at the end of Q3 2024[19] - Total cash used in investing activities for the nine months ended September 30, 2025, was $9,585,000, a decrease from $15,837,000 in the same period of 2024[19] Shareholder Returns - The company repurchased 618,264 shares at an average price of $14.99 per share during Q3 2025[6] - A quarterly cash dividend of $0.16 per share was declared, reflecting a 33% increase from the previous dividend of $0.12 per share[7] - The company returned a total of $28.1 million to shareholders through dividends and stock repurchases in 2025[6] - The company repurchased shares for treasury amounting to $9,269,000 in Q3 2025, compared to $8,548,000 in Q3 2024[19] Assets and Liabilities - Total assets as of September 30, 2025, were $135.7 million, up from $132.5 million at the end of 2024[17] - Current liabilities increased to $38.6 million from $35.9 million at the end of 2024[17] Expenses - Non-cash stock compensation for Q3 2025 was $925,000, significantly higher than $189,000 in Q3 2024[21] - The company incurred interest expenses of $1,461,000 in Q3 2025, up from $706,000 in Q3 2024[23] Recurring Revenue - Total Recurring Contract Value (TRCV) increased by 8% year-over-year to $141.7 million, marking the fourth consecutive quarter of growth[5]

Financial Performance - Net income attributable to Chubb was $2.8 billion for the three months ended September 30, 2025, compared to $2.3 billion in the prior year period, driven by double-digit growth in P&C underwriting income and Life segment income [163]. - Consolidated net premiums written increased to $14.87 billion, up 7.5% from the prior year, or 6.8% in constant dollars [163]. - Total revenues for the three months ended September 30, 2025, were $16.15 billion, an increase of 8.8% compared to the prior year [162]. - Net investment income rose to $1.65 billion, a 9.3% increase from the previous year [162]. - Income before income tax for the three months ended September 30, 2025, was $3.89 billion, a 30.0% increase compared to the prior year [162]. - Net income attributable to Chubb for the nine months ended September 30, 2025, was $7.1 billion, a 6.0% increase from the prior year [163]. Premiums and Underwriting - P&C net premiums written were $12.93 billion, reflecting a growth of 5.3%, with commercial insurance up 2.9% and consumer insurance up 10.1% in constant dollars [163]. - Life Insurance net premiums written reached $1.9 billion, a 24.6% increase, primarily due to growth in international life of 25.1% in constant dollars [163]. - The North America Personal P&C Insurance segment reported net premiums written of $1,814 million for the three months ended September 30, 2025, an increase of 8.1% [189]. - The Overseas General Insurance segment reported net premiums written of $3,695 million for the three months ended September 30, 2025, a 9.7% increase from $3,367 million in 2024 [200]. - Life Insurance segment net premiums written increased by $380 million (24.6%) for the three months ended September 30, 2025, and by $689 million (14.5%) for the nine months ended September 30, 2025 [215]. Losses and Expenses - Losses and loss expenses decreased to $6.95 billion, down 5.9% from the prior year [162]. - The company reported a total expense of $12.25 billion, an increase of 3.4% from the previous year [162]. - Catastrophe losses for the nine months ended September 30, 2025, totaled $2.56 billion, significantly higher than $1.78 billion in the same period of 2024 [170]. - The combined ratio improved to 81.5% for the three months ended September 30, 2025, down from 86.5% in the prior year, and to 82.3% from 85.1% for the nine months [187]. - The P&C combined ratio for the three months ended September 30, 2025, improved to 81.8%, down from 87.7% in the prior year, reflecting lower catastrophe losses and higher favorable prior period development [176]. Investment Performance - Pre-tax net investment income rose to $1.65 billion, up 9.3% compared to $1.5 billion in the prior year period, driven by higher average invested assets [166]. - The investment portfolio's pre-tax net unrealized gains of $868 million for the three months and $2,755 million for the nine months were primarily driven by lower interest rates [227]. - The total investment portfolio for the three months ended September 30, 2025, showed net gains of $1,273 million, while for the nine months, it was $3,370 million [227]. - The total mark-to-market gain on private equity for the nine months ended September 30, 2025, was $461 million [244]. - The fair value of total investments increased by $15.3 billion during the nine months ended September 30, 2025, primarily due to operating cash flow investments and gains in fixed maturities available-for-sale [248]. Cash Flow and Financing - Operating cash flow for the company was reported at $3.6 billion [166]. - Operating cash flows for the nine months ended September 30, 2025, were $8.8 billion, down from $11.6 billion in the prior year, primarily due to higher net losses and income taxes paid [288]. - Cash used for investing decreased to $8.9 billion for the nine months ended September 30, 2025, from $11.4 billion in the prior year, a reduction of $2.5 billion, mainly due to lower net purchases of fixed maturities, equity, and short-term securities [289]. - Chubb repurchased $2.3 billion of common shares during the nine months ended September 30, 2025, with a remaining authorization of $3.5 billion for future repurchases [275]. - The company anticipates that positive cash flows from operations will be sufficient to cover cash outflows under most loss scenarios in the near term [281]. Tax and Regulatory - The effective tax rate (ETR) for the three and nine months ended September 30, 2025, was 20.2% and 19.7%, respectively, compared to 16.8% and 16.0% in the prior year [230]. - The company reported a net loss of $58 million in fixed maturities for the nine months ended September 30, 2025, with unrealized gains of $2,755 million [227]. Debt and Capitalization - Chubb's total financial debt increased to $17,226 million as of September 30, 2025, compared to $15,179 million on December 31, 2024, reflecting a rise in both short-term and long-term debt [273]. - The ratio of financial debt to total capitalization was 19.2% as of September 30, 2025, slightly up from 19.1% at the end of 2024 [273]. - The company utilizes repurchase agreements as a low-cost liquidity source, with $3.4 billion in repurchase agreements outstanding as of September 30, 2025 [291]. Regional Performance - The European division saw growth in commercial property, casualty, and cyber lines, contributing to increased net premiums written for the three and nine months ended September 30, 2025 [204]. - The Asia region experienced growth primarily in consumer lines, including personal lines and A&H, attributed to the acquisition of Liberty Mutual's P&C insurance business in Thailand effective April 1, 2025 [205]. - The Latin America region reported growth in personal lines, including automobile in Mexico, and commercial lines increased across all lines for the three and nine months ended September 30, 2025 [206].

Financial Performance - Consolidated net earnings attributable to Nucor stockholders for Q3 2025 were $607 million, or $2.63 per diluted share, compared to $603 million, or $2.60 per diluted share in Q2 2025, and $250 million, or $1.05 per diluted share in Q3 2024[2][7]. - Net sales for Q3 2025 reached $8.52 billion, an increase from $8.46 billion in Q2 2025 and $7.44 billion in Q3 2024[7][25]. - Earnings before income taxes and noncontrolling interests for the steel mills segment were $793 million in Q3 2025, down from $843 million in Q2 2025, while the steel products segment earned $319 million, down from $392 million[4][5]. - EBITDA for Q3 2025 was reported at $1.27 billion, reflecting the company's operational performance[7][25]. - Net earnings before noncontrolling interests for the three months ended October 4, 2025, were $683 million, a decrease from $706 million in the previous quarter[40]. - EBITDA for the three months ended October 4, 2025, was $1,265 million, compared to $1,295 million in the previous quarter[40]. - For the nine months ended October 4, 2025, net earnings before noncontrolling interests totaled $1,615 million, compared to $1,974 million for the same period last year[40]. - Total EBITDA for the nine months ended October 4, 2025, was $3,256 million, down from $3,614 million in the previous year[40]. Shareholder Returns - Nucor returned nearly $1 billion to shareholders year-to-date, representing over 70% of net earnings through Q3 2025[3]. - Nucor repurchased approximately 0.7 million shares at an average price of $140.46 per share during Q3 2025, with $506 million remaining authorized for future repurchases[10]. - A cash dividend of $0.55 per share was declared on September 4, 2025, marking Nucor's 210th consecutive quarterly cash dividend[11]. Financial Position - The company had $2.75 billion in cash and cash equivalents at the end of Q3 2025, with a $2.25 billion undrawn revolving credit facility[9]. - Total assets increased to $34,776 million as of October 4, 2025, up from $33,940 million at the end of 2024, representing a growth of 2.5%[28]. - Total liabilities increased to $12,845 million as of October 4, 2025, from $12,523 million at the end of 2024, marking a rise of 2.6%[28]. - Retained earnings rose to $31,255 million as of October 4, 2025, up from $30,271 million at the end of 2024, an increase of 3.3%[28]. - Total equity increased to $21,931 million as of October 4, 2025, compared to $21,417 million at the end of 2024, reflecting a growth of 2.4%[28]. Market Outlook - The outlook for Q4 2025 indicates expected lower earnings compared to Q3 2025, primarily due to lower volumes and average selling prices in the steel mills segment[12]. Operational Metrics - Steel mills total shipments for the third quarter of 2025 were 6,428 thousand tons, a slight decrease of 1% from 6,474 thousand tons in the previous quarter but a 12% increase from 5,719 thousand tons year-over-year[37]. - The external average sales price per ton was $1,258, reflecting a 1% increase from $1,240 in the previous quarter but a 4% decrease from $1,265 year-over-year[34]. - Cash provided by operating activities for the nine months ended October 4, 2025, was $2,435 million, down from $3,246 million in the same period last year, a decrease of 25%[31]. - Capital expenditures for the nine months ended October 4, 2025, totaled $2,620 million, compared to $2,294 million in the same period last year, an increase of 14%[31]. Cost and Expenses - The average scrap/scrap substitute cost per gross ton was $391, a 3% decrease from $403 in the previous quarter and a 1% decrease from $399 year-over-year[34]. - Provision for income taxes for the three months ended October 4, 2025, was $200 million, up from $193 million in the previous quarter[40]. - Depreciation for the three months ended October 4, 2025, was $304 million, slightly higher than $303 million in the previous quarter[40]. - Losses and impairments of assets were recorded at $0 for the three months ended October 4, 2025, compared to $11 million in the previous quarter[40]. - Interest expense (income), net, was $15 million for the three months ended October 4, 2025, down from $19 million in the previous quarter[40]. - Amortization for the nine months ended October 4, 2025, was $191 million, slightly higher than $189 million in the previous year[40]. - The company reported losses and impairments of assets totaling $40 million for the nine months ended October 4, 2025, compared to $137 million in the previous year[40]. Credit Ratings - Nucor's long-term credit ratings were upgraded to A3 by Moody's in September 2025, indicating strong financial health[9].

Financial Performance - Record earnings of $35.1 million, or $0.94 per share, for Q3 2025, representing a 12% increase from Q2 2025 and a 32% increase from Q3 2024[1] - Net income for Q3 2025 was $35,074,000, or $0.94 per share, a 12% increase from Q2 2025 and a 32% increase from Q3 2024[24] - Adjusted net income for Q3 2025 was $34,444,000, or $0.92 per share, compared to $32,058,000, or $0.86 per share in Q2 2025, and $21,722,000, or $0.73 per share in Q3 2024[25] - The net income for the three months ended September 30, 2025, was $35,074 thousand, an increase from $31,361 thousand in the previous quarter and $21,048 thousand in the same quarter last year, representing a year-over-year growth of 66.7%[61] - Basic earnings per share for the three months ended September 30, 2025, was $0.94, compared to $0.84 in the previous quarter and $0.71 in the same quarter last year, indicating a year-over-year increase of 32.4%[61] Revenue and Income Growth - Non-interest income rose by $1.7 million, or 10%, driven by a 3% increase in wealth management and a 6% increase in deposit fees[5] - Non-interest income for Q3 2025 totaled $18,429,000, a 10% increase from Q2 2025 and a 34% increase from Q3 2024[34] - Total interest income for the three months ended September 30, 2025, was $108,097 thousand, up from $106,435 thousand in the previous quarter, and $74,653 thousand in the same quarter last year, representing a year-over-year increase of 44.8%[61] - Net interest income for Q3 2025 was $75,725,000, a 4% increase from Q2 2025 and a 56% increase from Q3 2024[28] - Net Interest Income (FTE) for Q3 2025 was $76,998,000, an increase from $49,745,000 in Q3 2024, marking a 54.7% year-over-year growth[75] Asset and Deposit Growth - Total assets reached $8.401 billion, an increase of $121.1 million from Q2 2025 and $2.140 billion from Q3 2024, largely due to the Heartland acquisition[10] - Total deposits increased by 3.4% on an annualized basis, with non-interest bearing demand deposits rising by 9%, representing over 28% of total deposits[4] - Total deposits reached $7,014,502,000 as of September 30, 2025, compared to $6,954,686,000 in Q2 2025 and $5,271,279,000 in Q3 2024[59] Efficiency and Profitability - The efficiency ratio improved to 49.26%, indicating enhanced profitability[6] - The efficiency ratio improved to 49.26% for the three months ended September 30, 2025, compared to 51.25% in the previous quarter and 56.15% in the same quarter last year, indicating enhanced operational efficiency[63] Loan Portfolio and Credit Quality - The loan portfolio increased by $39.3 million, or 3% on an annualized basis, with agricultural loans up by 10% and retail loans up by 7%[11] - Non-performing assets totaled $23.7 million, representing 0.28% of total assets, an increase from $9.7 million or 0.15% a year earlier[17] - The allowance for credit losses was $76.1 million, representing 1.32% of period-end loans, consistent with the previous quarter[14] - The provision for credit losses in Q3 2025 was $700,000, down from $1,200,000 in Q2 2025 and up from $625,000 in Q3 2024[33] Acquisition Impact - The Heartland acquisition added approximately $1.615 billion in deposits and $1.58 billion in loans to the company[9][12] - The Heartland acquisition contributed significantly to the increases in net interest income, non-interest income, and overall performance metrics[29] Expense Management - Non-interest expense for Q3 2025 was $49,700,000, a slight increase of less than 1% from Q2 2025 and a 38% increase from Q3 2024[43] - Total non-interest expense for Q3 2025 was $49,700,000, compared to $49,517,000 in Q2 2025 and $36,126,000 in Q3 2024[46] - Salaries and employee benefits decreased by $1,194,000, or 4%, in Q3 2025 compared to Q2 2025, but increased by $5,726,000, or 29%, compared to Q3 2024[47] - Other operating expenses increased by $854,000, or 12%, in Q3 2025 compared to Q2 2025, and rose by $2,513,000, or 48%, compared to Q3 2024[51] Operational Metrics - The annualized return on average assets for the three months ended September 30, 2025, was 1.68%, up from 1.49% in the previous quarter and 1.35% in the same quarter last year[63] - Average total loans for the three months ended September 30, 2025, were $5,766,875 thousand, compared to $5,678,929 thousand in the previous quarter and $4,052,673 thousand in the same quarter last year, reflecting a year-over-year increase of 42.4%[63] Other Financial Highlights - The tangible book value per share increased to $18.89 in Q3 2025 from $17.40 in Q2 2025, while it was $18.90 in Q3 2024[59] - The company operates 94 banking offices across Indiana, Kentucky, and Ohio, with a focus on expanding its Heartland Bank brand in the Greater Cincinnati area[52] - The company reported a gain on debt extinguishment of $975,000 in Q3 2025, contributing positively to the financial results[73]

Financial Performance - Net trade sales for Q3 2025 were $1.0 billion, a 6% decrease compared to Q3 2024[5] - Q3 2025 adjusted EPS was $0.29, a $0.03 decrease from Q3 2024 adjusted EPS of $0.32[5] - EBIT margin for Q3 2025 was 16.5%, up from 7.1% in Q3 2024[7] - Trade sales for Q3 2025 were $1,036.4 million, a decrease of 6% compared to $1,101.7 million in Q3 2024[25] - Net earnings attributable to Leggett & Platt for Q3 2025 were $127.1 million, representing a 183% increase from $44.9 million in Q3 2024[25] - Earnings per diluted share for Q3 2025 increased to $0.91, up 176% from $0.33 in Q3 2024[25] - The company reported a significant improvement in earnings before interest and income taxes, reaching $171.1 million, a 120% increase from $77.7 million in Q3 2024[25] - Adjusted EBITDA for the total company decreased by 9% to $102.2 million in Q3 2025, with an adjusted EBITDA margin of 9.9%[27] - EBIT for Q3 2025 was $171.1 million, a significant increase from $62.9 million in Q1 2025[29] - Adjusted EBITDA for Q3 2025 was $102.2 million, compared to $98.2 million in Q1 2025, indicating a growth of 3.9%[29] Cash Flow and Liquidity - Operating cash flow for Q3 2025 was $126 million, an increase of $30 million compared to Q3 2024[5] - Total liquidity was $974 million as of September 30, 2025, including $461 million in cash[10] - Net cash from operating activities for Q3 2025 was $125.9 million, a 32% increase from $95.5 million in Q3 2024[25] - Cash and equivalents increased to $460.7 million, up from $350.2 million at the end of 2024[25] - Cash from operations was reported at $94.0 million in Q3 2025, slightly down from $95.5 million in Q3 2024[27] Debt and Equity - The company reduced debt by $296 million in Q3 2025, utilizing proceeds from the Aerospace divestiture and operating cash flow[5] - Long-term debt decreased by 20% to $1,495.8 million compared to $1,862.8 million in the previous year[25] - Net debt decreased to $1,036.5 million in Q3 2025, down from $1,523.8 million in Q1 2025, resulting in a net debt to adjusted EBITDA ratio of 2.62[29] - Equity increased by 41% to $972.4 million from $690.2 million at the end of 2024[25] Sales and Volume Trends - The company reaffirmed the midpoint of 2025 sales guidance at $4.0–$4.1 billion, down 6% to 9% versus 2024[15] - Volume is expected to decline mid to high single digits in 2025, with specific segments projected to decrease by mid-teens to low single digits[15] - Trade sales for Bedding Products decreased by 10% to $402.5 million in Q3 2025, and year-to-date sales fell by 11% to $1,184.6 million[26] - Total company trade sales declined by 6% to $1,036.4 million in Q3 2025, with year-to-date sales also down 6% to $3,116.5 million[26] - The company experienced a volume growth decline of 6% in Q3 2025 compared to the same period last year[27] - Organic sales for Bedding Products showed a decline of 10% in Q2 2025 and 9% in Q3 2025 compared to the prior year[27] Restructuring and Future Expectations - The company anticipates annualized EBIT benefits of $60–$70 million from restructuring initiatives once fully implemented[10] - Adjusted EPS for 2025 is now expected to be $1.00–$1.10, flat versus 2024 due to metal margin expansion and restructuring benefits[15] - The long-term debt to adjusted EBITDA ratio stood at 3.83 in Q3 2025, indicating a slight increase from previous quarters[27] - The company incurred restructuring charges of $4.1 million in Q3 2025, down from $6.9 million in Q1 2025[29] Asset Management - Total assets decreased by 4% to $3,525.0 million as of September 30, 2025, down from $3,661.6 million at the end of 2024[25] - The company reported a decrease in total current liabilities by 6% to $794.1 million from $846.4 million in the previous year[25] Special Items - The special tax item of $2.3 million in Q3 2025 was related to recent U.S. corporate income tax law changes[30] - The company reported a goodwill impairment of $675.3 million in Q2 2024, impacting overall financial performance[29]

Property Portfolio and Revenue - As of September 30, 2025, the company owned or had investments in 723 properties, generating an annualized base rent (ABR) of $183.2 million, with a portfolio occupancy rate of 99.9%[149] - The company acquired 87 properties for a total purchase price of $368.3 million during the nine months ended September 30, 2025, with a weighted average remaining lease term (WALT) of approximately 13.1 years[157] - During the three months ended September 30, 2025, rental revenue increased by $6.9 million to $48.3 million compared to the same period in 2024, primarily due to an increase in operating leases[162] - Rental revenue increased by $22.5 million to $132.8 million for the nine months ended September 30, 2025, compared to $110.3 million for the same period in 2024[169] - Total revenues for the nine months ended September 30, 2025, increased by $23.8 million to $142.5 million from $118.7 million for the same period in 2024[169] Financial Performance - Net income increased by $5.9 million to $0.6 million for the three months ended September 30, 2025, from a net loss of $5.3 million for the same period in 2024[167] - Net income for Q3 2025 was $621, compared to a loss of $5,322 in Q3 2024[208] - FFO for Q3 2025 was $24,948, slightly down from $25,008 in Q3 2024, while nine-month FFO increased to $74,651 from $66,172[203] - Core FFO for Q3 2025 was $26,355, up from $24,907 in Q3 2024, with nine-month Core FFO rising to $76,540 from $70,744[203] - AFFO for Q3 2025 reached $28,049, compared to $24,825 in Q3 2024, with nine-month AFFO increasing to $81,757 from $71,502[203] - EBITDA for Q3 2025 was $34,476, significantly higher than $22,648 in Q3 2024, with nine-month EBITDA rising to $105,896 from $71,121[208] Expenses and Impairments - Total operating expenses decreased by $2.8 million to $36.3 million for the three months ended September 30, 2025, compared to $39.1 million for the same period in 2024[164] - General and administrative expenses increased by $0.5 million to $15.8 million for the nine months ended September 30, 2025, from $15.3 million for the same period in 2024[170] - Total operating expenses increased by $4.9 million to $106.8 million for the nine months ended September 30, 2025, compared to $101.9 million for the same period in 2024[170] - The company recognized provisions for impairment of $5.5 million during the three months ended September 30, 2025, compared to $9.8 million in the same period in 2024[162] - Provisions for impairment decreased to $13.5 million for the nine months ended September 30, 2025, from $17.3 million for the same period in 2024[178] Debt and Financing - The company entered into a Term Loan Agreement on September 25, 2025, providing for a $200 million senior unsecured term loan and a $250 million senior unsecured term loan, with fixed interest rates of 4.59% and 4.92% respectively[151] - As of September 30, 2025, the company had $200.0 million outstanding under the 2028 Term Loan and $250.0 million under the 2029 Term Loan[177] - The company amended its PNC Credit Agreement to include a new $175.0 million 2030 Term Loan B and an upsized $500.0 million Revolver, with the Term Loan B fully funded at a fixed interest rate of 5.02%[180] - Total indebtedness as of September 30, 2025, amounted to $1.1 billion, with various term loans including $200 million under the 2028 Term Loan and $250 million under the 2029 Term Loan, all of which are floating rate debt[219] - The company reported a weighted average interest rate of 5.47% on $199.0 million borrowed during the nine months ended September 30, 2025[183] Cash Flow and Investments - Net cash provided by operating activities increased by $18.6 million to $80.7 million for the nine months ended September 30, 2025, primarily due to increased rental receipts of $19.3 million[188] - Net cash used in investing activities decreased by $79.9 million to $(239.5) million for the nine months ended September 30, 2025, attributed to increased proceeds from real estate sales and reduced development costs[189] - Net cash provided by financing activities decreased by $58.3 million to $197.8 million for the nine months ended September 30, 2025, mainly due to increased net repayments of $309.0 million under the Revolver[190] - The company has commitments totaling $6.3 million for property developments and $11.4 million for mortgage loans receivable, expected to be funded through the end of 2026[186] Risk Management - The company hedged the entire $200.0 million 2031 Term Loan at a fixed interest rate of 4.59% and partially hedged $200.0 million of the 2032 Term Loan at 4.92%[181] - The company has entered into interest rate derivative contracts to hedge market risk associated with term loans, converting variable rate debt to fixed interest rates[220] - The interest rate on the Revolver as of September 30, 2025, was determined by either SOFR plus a margin of 1.00% to 1.45% or a Base Rate plus a margin of 0.00% to 0.45%[221] - Estimated market risk exposure from a 1% adverse change in interest rates as of September 30, 2025, was approximately $1.2 million[221] Operational Commitments - The company anticipates that proceeds from debt, cash flows from operations, and available borrowing capacity will be adequate to support operations and fund capital expenditures for at least the next 12 months[182] - The company had two property developments under construction as of September 30, 2025, with investments of $2.2 million during the nine months ended September 30, 2025[158]