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Ryerson
Ryerson (RYZ) investor relations material
Ryerson Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Successfully completed an all-stock merger with Olympic Steel, creating North America's second-largest metals service center with over 6,000 employees at 159–160 locations and combined annual revenue exceeding $6.5 billion, processing approximately 2.9 million tons.
Integration team established to realize $120 million in annual run-rate synergies by early 2028, with 33% expected in year one and full run-rate by early 2028.
Expanded product and value-added processing portfolio, enhancing margin stability and reducing earnings volatility.
Extended and expanded revolving credit facility from $1.3 billion to $1.8 billion, enhancing financial flexibility.
Declared a Q1 2026 dividend of $0.1875 per share.
Financial highlights
Q4 2025 net sales were $1.10–$1.1 billion, up 9.7% year-over-year but down 4.9%–5% sequentially; average selling prices rose 6.3% year-over-year, with tons shipped down 4.9% sequentially but up 3.1% year-over-year.
Q4 net loss was $37.9 million ($1.18 per share), compared to a $4.3 million loss in Q4 2024; adjusted EBITDA excluding LIFO was $20.4 million, up from $10.3 million year-over-year.
Gross margin for Q4 2025 was 15.3%, down year-over-year; excluding LIFO, gross margin was 17.3%.
LIFO expense for Q4 was $22.5 million, higher than expected.
Net debt at Q4 2025 was $436 million; leverage ratio improved to 3.1x, targeting 0.5–2x.
Outlook and guidance
Q1 2026 combined company revenue expected between $1.52 and $1.58 billion; adjusted EBITDA excluding LIFO projected at $63–$67 million.
Ryerson-only Q1 2026 net sales expected at $1.26–$1.3 billion, with gross margin expansion and net income of $10–$12 million before merger fees.
Olympic Steel segment to contribute $260–$280 million in revenue and $12–$13 million in adjusted EBITDA, excluding LIFO, for the stub period.
Capital expenditures for 2026 anticipated at $50 million same-store, or $75 million including Olympic Steel; combined company expects $40–$50 million in annual maintenance capex.
Synergy realization strategy for Olympic Steel merger
Drivers of Q4 margin compression and Q1 recovery
Credit facility's role in combined company growth
Synergy breakdown: cost vs. revenue benefits?
When will share repurchases resume?
Is OEM demand recovering in Q1 2026?
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Next Ryerson earnings date
Q1 202630 Apr, 2026
Ryerson
Next Ryerson earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States, Canada, Mexico, and China. The company offers a line of products in stainless steel, aluminum, carbon steel, and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural products (including angles, channels and beams) and tubes. It serves customers in various end markets comprising construction and industrial machinery; manufacturing equipment; transportation; energy; agricultural implements; retail fixtures; heating and cooling equipment; food equipment; pressure vessels; beverage containers; infrastructure solutions; property maintenance; large appliances; electrical systems and vehicles that includes automotive and commercial truck parts frame components.
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