Ryerson (RYZ) Q4 2025 earnings summary

Executive summary

• 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.

• Integration team established to realize $120 million in annual run-rate synergies by early 2028, with 33% expected in year one.

• 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.

• Q4 net loss was $37.9 million ($1.18 per share), with adjusted EBITDA, excluding LIFO, at $20.4 million.

• Gross margin for Q4 2025 was 15.3%, down year-over-year; excluding LIFO, gross margin was 17.3%.

• LIFO expense was $22.5 million, higher than expected and up from $13.2 million in the prior quarter.

• Full-year 2025 net sales were $4.57 billion, with adjusted EBITDA, excluding LIFO, at $138.5 million.

Outlook and guidance

• Q1 2026 combined company revenue expected between $1.52 and $1.58 billion; adjusted EBITDA, excluding LIFO, between $63 and $67 million.

• Ryerson-only Q1 2026 net sales expected at $1.26–$1.3 billion, with net income of $10–$12 million before merger fees and gross margin expansion.

• Olympic Steel segment to contribute $260–$280 million in revenue and $12–$13 million in adjusted EBITDA, excluding LIFO, for the stub period.

• Same-store shipments projected to increase 13–15% on strong customer activity; average selling prices expected flat to up 2%.