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Russel Metals
Russel Metals (RUS) investor relations material
Russel Metals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Record Q3 revenue of $1,819.2M, adjusted EBITDA of $230.1M and adjusted EPS of $2.67; gross margin rose 330 bps QoQ amid strong markets and higher Kloeckner contributions.
Annualized ROIC was 35% in Q3 and 27% for nine months; U.S. operations generated 57% of Q3 revenue.
Financial highlights
Q3 revenue was $1,819.2M, up 10% QoQ and 56% YoY; gross margin was $471.2M, or 25.9% of revenue, versus 22.6% in Q2 and 21.1% in Q3 2025.
Q3 unadjusted EBITDA was $199.9M, adjusted EBITDA $230.1M, net earnings $125.5M, reported EPS $2.29 and adjusted EPS $2.67.
Nine-month revenue was $4,892.4M versus $3,547.8M; adjusted EBITDA was $476.7M versus $269.0M, and adjusted EPS was $5.11 versus $2.46.
Nine-month free cash flow was $333.7M; cash from operations before non-cash working capital was $395.3M, offset by a $297.8M working-capital outflow.
Outlook and guidance
Q4 daily service-center shipments were expected to remain comparable with Q1–Q3 levels, but fewer holiday-adjusted operating days imply seasonal tonnage declines; Q4 EBITDA was expected to exceed Q4 2025.
Near-term metal prices were expected to remain supported by demand, limited supply, extended lead times and higher energy and transportation costs; steel-price plateaus could eventually pressure margins.
Medium-term opportunities include U.S. manufacturing, Canadian nation-building, data centers, energy projects, modernization, processing investments and acquisitions.
Energy field stores were expected to benefit from solid 2026 energy activity, gain market share and maintain a solid margin profile.
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Latest events from Russel Metals
- Q4 margins improved as FY2023 cash generation preserved a net-cash balance sheet.RUS
Q4 2023 - Record Q2 2026 revenues and margins driven by US growth, acquisitions, and capital discipline.RUSInvestor presentation
- Record Q2 2026 revenue and EBITDA, with strong U.S. growth and improved margins.RUSQ2 2026
- Record Q1 2026 results, improved margins, and strong capital returns highlight ongoing growth.RUSStatus update
- 2025 saw higher revenues, strong U.S. growth, and expanded footprint through key acquisitions.RUSInvestor presentation
- Record Q1 2026 revenues, margin gains, and increased shareholder returns set a positive outlook.RUSQ1 2026
- 2025 delivered 9% revenue growth, higher EBITDA, and U.S. expansion with strong capital returns.RUSQ4 2025
- Q2 2024 saw steady results, strong liquidity, Samuel acquisition progress, and margin recovery ahead.RUSQ2 2024
- Q3 2024: Revenue steady, margins down, Samuel acquisition closed, strong cash flow and liquidity.RUSQ3 2024
Next Russel Metals earnings date
Q4 202611 Feb, 2027
Russel Metals
Next Russel Metals earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
Russel Metals Inc is a metals distribution company offering steel and other metal products to industrial customers across North America. The company operates through service centers, energy product distribution, and steel distributors, supplying sectors such as construction, manufacturing, and oil and gas. Russel Metals provides a range of value-added processing services alongside distribution. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.