Ryerson Reports First Quarter 2026 Results
Rhea-AI Summary
Ryerson (NYSE: RYZ) reported Q1 2026 results for the quarter ended March 31, 2026, following its Feb 13 merger with Olympic Steel. Revenue was $1.57 billion; tons shipped were 656k (up 31.2% YoY); Adj. EBITDA excl. LIFO was $67.4 million. The company began Olympic Steel integration and expects $120 million annual synergies by early 2028.
Net income was $4.5 million; company ended the quarter with $908 million total debt and declared a $0.1875 quarterly dividend.
Positive
- Revenue of $1.57 billion in Q1 2026, up 37.9% year-over-year
- Tons shipped 656k, up 31.2% year-over-year (combined company)
- Adjusted EBITDA, excl. LIFO of $67.4 million, $12.5 million contribution from Olympic Steel
- Board authorization for $100 million additional share repurchases through April 30, 2028
Negative
- Total debt rose to $908 million, an $445 million increase quarter-over-quarter
- Net cash used in operations of $179.2 million in Q1 2026, driven by higher working capital
- Cash and cash equivalents declined to $25.1 million, a 25.3% decrease year-over-year
Key Figures
Market Reality Check
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 09 | Earnings call notice | Neutral | +1.1% | Scheduled date and webcast details for discussing Q1 2026 results. |
| Mar 31 | Post-merger leadership | Positive | +0.6% | New leadership roles to drive Olympic Steel merger integration and synergies. |
| Mar 18 | Industry award | Positive | -2.8% | Lifetime Achievement Award announcement for former executive at industry meeting. |
Limited recent history, but prior corporate updates have seen modest single-day moves, with one positive corporate honor coinciding with a negative reaction.
Over the past few months, RYZ news centered on its merger with Olympic Steel and related organizational steps. On Mar 31, 2026, leadership changes were announced to accelerate integration, with a mild positive price move. An earnings call scheduling notice on Apr 9, 2026 also saw a small gain. A March recognition for a former executive on Mar 18, 2026 coincided with a -2.8% move, suggesting that not all positive-leaning headlines support the stock.
Market Pulse Summary
This announcement highlights a transformative quarter, with Q1 revenue of $1.57 billion, Adj. EBITDA excl. LIFO of $67.4 million, and early benefits from the Olympic Steel merger. Investors may track how total debt of $907.7 million and net cash used in operations of $179.2 million evolve as synergies ramp. Upcoming quarters’ guidance execution, shipment growth, and margin trends will be key for assessing the durability of this improved performance.
Key Terms
adjusted EBITDA financial
LIFO financial
net debt financial
cash conversion cycle financial
revolving credit facilities financial
run-rate synergies financial
guidance range financial
AI-generated analysis. Not financial advice.
Began integration of Olympic Steel and building early synergy momentum while generating our strongest same-store shipments in nearly four years, expanding margins, and improving profitability
Highlights:
- Generated first quarter revenue of
$1.57 billion 31.2% and average selling prices up5.2% compared to the first quarter of 2025. On a same-store basis, excluding Olympic Steel, Ryerson generated first quarter revenue of$1.29 billion 4.6% higher and average selling prices8.9% higher year-over-year. - Achieved net income of
$4.5 million $0.10 $13.1 million $0.30 $67.4 million $12.5 million - Initiated integration of Olympic Steel by aligning enterprise leadership, establishing dedicated integration teams, and building early synergy momentum, positioning the organization to attain the projected
$120 million - Ended the first quarter with total company debt of
$908 million $883 million $445 million $447 million $300 million - Returned
$9.7 million $0.1875 - Additionally returned
$1.6 million $100 million
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
$ in millions, except tons (in thousands), average selling prices, and earnings per share | ||||||||||
Financial Highlights: | Q1 2026 | Q4 2025 | Q1 2025 | QoQ | YoY | |||||
Revenue | 41.8 % | 37.9 % | ||||||||
Tons shipped | 656 | 461 | 500 | 42.3 % | 31.2 % | |||||
Average selling price/ton | (0.4) % | 5.2 % | ||||||||
Gross margin | 18.4 % | 15.3 % | 18.0 % | 310 bps | 40 bps | |||||
Gross margin, excl. LIFO(2) | 19.1 % | 17.3 % | 18.6 % | 180 bps | 50 bps | |||||
Warehousing, delivery, selling, general, and administrative expenses | 29.2 % | 31.2 % | ||||||||
As a percentage of revenue | 16.9 % | 18.6 % | 17.8 % | -170 bps | -90 bps | |||||
Net income (loss) attributable to Ryerson Holding Corporation | 111.9 % | 180.4 % | ||||||||
Diluted earnings (loss) per share | ||||||||||
Adjusted diluted earnings (loss) per share | ||||||||||
Adj. EBITDA, excl. LIFO | 230.4 % | 105.5 % | ||||||||
Adj. EBITDA, excl. LIFO margin | 4.3 % | 1.8 % | 2.9 % | 250 bps | 140 bps | |||||
Balance Sheet and Cash Flow Highlights: | ||||||||||
Total debt | 96.0 % | 82.5 % | ||||||||
Cash and cash equivalents | (6.7) % | (25.3) % | ||||||||
Net debt | 102.3 % | 90.3 % | ||||||||
Cash conversion cycle (days) | 66.9 | 68.3 | 66.5 | (1.4) | 0.4 | |||||
Net cash provided by (used in) operating activities | ||||||||||
Management Commentary
Eddie Lehner, Ryerson's Chief Executive Officer & Director, said, "Our first quarter results reflect a promising start to 2026 with sequential and year-over-year improvement in shipments, margins, and profitability within a notably better industrial market backdrop relative to the past two years while establishing excellent early integration and synergy momentum with Olympic Steel. While the current market environment continues to be characterized by a myriad of riptides and cross-currents, quote and order activity increased meaningfully through the quarter both sequentially and year-over-year, particularly in our transactional book of business. We gained market share on a same-store and combined-company basis while seeing more and more of the benefits from the growth capex investments we have discussed with stakeholders over the past several years."
Rick Marabito, Ryerson's President, Chief Operating Officer & Director commented, "In this environment, we executed well in support of service center fundamentals with disciplined pricing and inventory management strategies to support margin expansion, a lean cash conversion cycle, and Adjusted EBITDA, excl. LIFO attainment above our guidance range. And, importantly, with only six weeks together before the end of the quarter, we made meaningful progress on the integration of Olympic Steel and are encouraged by the early traction in capturing synergies, advancing commercial alignment, and leveraging our combined scale to better serve our customers."
Eddie Lehner continued, "Both Rick and I want to thank our colleagues across our expanded enterprise (RYZ) for their focus, collaboration, and commitment during the quarter and throughout this integration process as we build on our momentum and achievements thus far to deliver greater value and experiences to our customers and shareholders."
First Quarter Results
Ryerson generated net sales of
Gross margin expanded to
First quarter total company warehousing, delivery, selling, general, and administrative expenses were
Net income attributable to Ryerson Holding Corporation for the first quarter of 2026 was
Olympic Steel Integration & Financial Results
Despite closing on the Olympic Steel merger only six weeks before quarter-end, management achieved meaningful progress on integration and operational synergies during the period and the organization is on track to achieve its targeted
In the last six weeks of the quarter, Olympic Steel contributed
Liquidity & Debt Management
Ryerson used
Stockholder Return Activity
Dividends. On May 6, 2026, the Board of Directors declared a quarterly cash dividend of
Share Repurchases and Authorization. Ryerson returned
Outlook Commentary
In the second quarter of 2026, the Company expects that same-store daily shipments will increase sequentially between
Same-store Key Financial Metrics Reconciliation | ||||||||||||
Ryerson | ||||||||||||
Olympic Steel | Ryerson | Holding | ||||||||||
Period from | same-store | Corporation | ||||||||||
(Dollars in millions, tons in thousands) | 2/13/26 - 3/31/26 | Three months ended March 31, 2026 | ||||||||||
Tons shipped | 133 | 523 | 656 | |||||||||
Net sales | $ | 272.7 | $ | 1,293.8 | $ | 1,566.5 | ||||||
Gross margin, excluding LIFO expense | 20.4 | % | 18.8 | % | 19.1 | % | ||||||
Warehousing, delivery, selling, general & administrative expenses | $ | 47.6 | $ | 217.6 | $ | 265.2 | ||||||
Expense % of sales | 17.5 | % | 16.8 | % | 16.9 | % | ||||||
Adjusted EBITDA, excluding LIFO expense | $ | 12.5 | $ | 54.9 | $ | 67.4 | ||||||
Adjusted EBITDA, excluding LIFO expense % of sales | 4.6 | % | 4.2 | % | 4.3 | % | ||||||
First Quarter 2026 Major Product Metrics | ||||||||||||||||||||||
Net Sales (millions) | ||||||||||||||||||||||
Q1 2026 | Q4 2025 | Q1 2025 | Quarter-over-quarter | Year-over-year | ||||||||||||||||||
Carbon Steel | $ | 793 | $ | 538 | $ | 563 | 47.4 | % | 40.9 | % | ||||||||||||
Aluminum | $ | 350 | $ | 282 | $ | 275 | 24.1 | % | 27.3 | % | ||||||||||||
Stainless Steel | $ | 376 | $ | 269 | $ | 281 | 39.8 | % | 33.8 | % | ||||||||||||
Tons Shipped (thousands) | ||||||||||||||||||||||
Q1 2026 | Q4 2025 | Q1 2025 | Quarter-over-quarter | Year-over-year | ||||||||||||||||||
Carbon Steel | 521 | 361 | 389 | 44.3 | % | 33.9 | % | |||||||||||||||
Aluminum | 48 | 42 | 48 | 14.3 | % | − | ||||||||||||||||
Stainless Steel | 77 | 56 | 61 | 37.5 | % | 26.2 | % | |||||||||||||||
Average Selling Prices (per ton) | ||||||||||||||||||||||
Q1 2026 | Q4 2025 | Q1 2025 | Quarter-over-quarter | Year-over-year | ||||||||||||||||||
Carbon Steel | $ | 1,522 | $ | 1,490 | $ | 1,447 | 2.1 | % | 5.2 | % | ||||||||||||
Aluminum | $ | 7,292 | $ | 6,714 | $ | 5,729 | 8.6 | % | 27.3 | % | ||||||||||||
Stainless Steel | $ | 4,883 | $ | 4,804 | $ | 4,607 | 1.7 | % | 6.0 | % | ||||||||||||
Earnings Call Information
Ryerson will host a conference call to discuss first quarter 2026 financial results for the period ended March 31, 2026, on Thursday, May 7, 2026, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in
Notes: |
1For Adjusted net income please see Schedule 3 |
2For EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO and gross margin, excluding LIFO please see Schedule 2 |
3Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash |
Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or purchase, or a solicitation of an offer to purchase, any Security in
Safe Harbor Provision
This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Ryerson's current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the merger involving Ryerson and Olympic Steel, including future financial and operating results, expected synergies, Ryerson's plans, objectives, expectations, and intentions, and other statements that are not historical facts. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates, and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the risk that the businesses will not be integrated successfully or will be more costly or difficult than expected; the risk that the cost savings and any other synergies may not be fully realized or may take longer to realize than expected, or that the merger may be less accretive than expected; the risk that the merger will not provide stockholders with increased earnings potential; the risk that increases to earnings, margins, and cash flows may not be as large as expected or many not occur at all; Ryerson and Olympic Steel may not be able to increase commercial growth, cross-sell, or expand geographically, and scale the combined businesses as expected; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the merger; the risk of adverse reactions or changes to business or employee relationships resulting from the merger; adverse economic conditions; highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold; the Company's ability to remain competitive and maintain market share in the highly competitive and fragmented metals distribution industry; managing the costs of purchased metals relative to the price at which each company sells its products during periods of rapid price escalation or deflation; customer, supplier, and competitor consolidation, bankruptcy, or insolvency; the impairment of goodwill that could result from, among other things, volatility in the markets in which each company operates; the impact of geopolitical events; future funding for postretirement employee benefits may require substantial payments from current cash flow; the regulatory and other operational risks associated with our operations located outside of
Forward-looking statements are based on the estimates and opinions of management as of the date of this communication; subsequent events and developments may cause their assessments to change. Ryerson does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law and they specifically disclaim any obligation to do so. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Selected Income (Loss) and Cash Flow Data - Unaudited | ||||||||||||
(Dollars and Shares in Millions, except Per Share and Per Ton Data) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2026 | 2025 | 2025 | ||||||||||
NET SALES | $ | 1,566.5 | $ | 1,135.7 | $ | 1,104.8 | ||||||
Cost of materials sold | 1,277.7 | 931.3 | 935.9 | |||||||||
Gross profit | 288.8 | 204.4 | 168.9 | |||||||||
Warehousing, delivery, selling, general, and administrative | 265.2 | 202.1 | 205.3 | |||||||||
Impairment charges on assets | 0.4 | — | 1.5 | |||||||||
OPERATING PROFIT (LOSS) | 23.2 | 2.3 | (37.9) | |||||||||
Other income and (expense), net | 1.7 | 0.3 | (0.3) | |||||||||
Interest and other expense on debt | (11.7) | (9.5) | (9.5) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 13.2 | (6.9) | (47.7) | |||||||||
Provision (benefit) for income taxes | 8.2 | (1.6) | (10.2) | |||||||||
NET INCOME (LOSS) | 5.0 | (5.3) | (37.5) | |||||||||
Less: Net income attributable to noncontrolling interest | 0.5 | 0.3 | 0.4 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION | $ | 4.5 | $ | (5.6) | $ | (37.9) | ||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||
Basic | $ | 0.11 | $ | (0.18) | $ | (1.18) | ||||||
Diluted | $ | 0.10 | $ | (0.18) | $ | (1.18) | ||||||
Shares outstanding - basic | 42.4 | 31.9 | 32.2 | |||||||||
Shares outstanding - diluted | 43.2 | 31.9 | 32.2 | |||||||||
Dividends declared per share | $ | 0.1875 | $ | 0.1875 | $ | 0.1875 | ||||||
Supplemental Data : | ||||||||||||
Tons shipped (000) | 656 | 500 | 461 | |||||||||
Shipping days | 63 | 63 | 61 | |||||||||
Average selling price/ton | $ | 2,388 | $ | 2,271 | $ | 2,397 | ||||||
Gross profit/ton | 440 | 409 | 366 | |||||||||
Operating profit (loss)/ton | 35 | 5 | (82) | |||||||||
LIFO expense per ton | 15 | 14 | 49 | |||||||||
LIFO expense | 10.0 | 6.8 | 22.5 | |||||||||
Depreciation and amortization expense | 23.4 | 19.2 | 20.9 | |||||||||
Cash flow provided by (used in) operating activities | (179.2) | (41.2) | 112.7 | |||||||||
Capital expenditures | (12.2) | (8.0) | (20.8) | |||||||||
See Schedule 1 for Condensed Consolidated Balance Sheets | ||||||||||||
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | ||||||||||||
See Schedule 3 for Adjusted EPS reconciliation | ||||||||||||
See Schedule 4 for Free Cash Flow reconciliation | ||||||||||||
See Schedule 5 for Second Quarter 2026 Guidance reconciliation | ||||||||||||
Schedule 1 | ||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In millions, except shares) | ||||||||
March 31, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 25.1 | $ | 26.9 | ||||
Restricted cash | 1.6 | 0.9 | ||||||
Receivables, less provisions of | 847.1 | 460.8 | ||||||
Inventories | 1,130.8 | 648.3 | ||||||
Prepaid expenses and other current assets | 106.5 | 85.9 | ||||||
Total current assets | 2,111.1 | 1,222.8 | ||||||
Property, plant, and equipment, at cost | 1,461.4 | 1,179.8 | ||||||
Less: accumulated depreciation | 582.5 | 570.0 | ||||||
Property, plant, and equipment, net | 878.9 | 609.8 | ||||||
Operating lease assets | 353.8 | 323.9 | ||||||
Other intangible assets | 157.4 | 58.2 | ||||||
Goodwill | 161.5 | 161.5 | ||||||
Deferred charges and other assets | 60.9 | 28.5 | ||||||
Total assets | $ | 3,723.6 | $ | 2,404.7 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 748.5 | $ | 516.0 | ||||
Salaries, wages, and commissions | 59.0 | 40.5 | ||||||
Other accrued liabilities | 99.0 | 72.0 | ||||||
Short-term debt | 2.6 | 1.9 | ||||||
Current portion of operating lease liabilities | 41.5 | 34.0 | ||||||
Current portion of deferred employee benefits | 3.6 | 3.7 | ||||||
Total current liabilities | 954.2 | 668.1 | ||||||
Long-term debt | 905.1 | 461.2 | ||||||
Deferred employee benefits | 91.7 | 70.2 | ||||||
Noncurrent operating lease liabilities | 343.0 | 318.6 | ||||||
Deferred income taxes | 116.4 | 110.2 | ||||||
Other noncurrent liabilities | 20.4 | 12.8 | ||||||
Total liabilities | 2,430.8 | 1,641.1 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Ryerson Holding Corporation stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 0.6 | 0.4 | ||||||
Capital in excess of par value | 973.0 | 432.6 | ||||||
Retained earnings | 693.5 | 698.8 | ||||||
Treasury stock, at cost - Common stock of 8,302,685 shares at March 31, 2026 and 8,164,148 shares at December 31, 2025 | (240.0) | (237.0) | ||||||
Accumulated other comprehensive loss | (144.8) | (141.7) | ||||||
Total Ryerson Holding Corporation Stockholders' Equity | 1,282.3 | 753.1 | ||||||
Noncontrolling interest | 10.5 | 10.5 | ||||||
Total Equity | 1,292.8 | 763.6 | ||||||
Total Liabilities and Stockholders' Equity | $ | 3,723.6 | $ | 2,404.7 | ||||
Schedule 2 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and | ||||||||||||
(Dollars in millions) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2026 | 2025 | 2025 | ||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | 4.5 | $ | (5.6) | $ | (37.9) | ||||||
Interest and other expense on debt | 11.7 | 9.5 | 9.5 | |||||||||
Provision (benefit) for income taxes | 8.2 | (1.6) | (10.2) | |||||||||
Depreciation and amortization expense | 23.4 | 19.2 | 20.9 | |||||||||
EBITDA | $ | 47.8 | $ | 21.5 | $ | (17.7) | ||||||
Gain on litigation settlement | — | — | (1.9) | |||||||||
Reorganization | 4.0 | 4.0 | 7.4 | |||||||||
Advisory services fees | 6.3 | — | 7.8 | |||||||||
Impairment charges on assets | 0.4 | — | 1.5 | |||||||||
Foreign currency transaction (gains) losses | (2.1) | — | 0.5 | |||||||||
Purchase consideration and other transaction costs | 0.5 | 0.4 | 0.2 | |||||||||
Other adjustments | 0.5 | 0.1 | 0.1 | |||||||||
Adjusted EBITDA | $ | 57.4 | $ | 26.0 | $ | (2.1) | ||||||
Adjusted EBITDA | $ | 57.4 | $ | 26.0 | $ | (2.1) | ||||||
LIFO expense | 10.0 | 6.8 | 22.5 | |||||||||
Adjusted EBITDA, excluding LIFO expense | $ | 67.4 | $ | 32.8 | $ | 20.4 | ||||||
Net sales | $ | 1,566.5 | $ | 1,135.7 | $ | 1,104.8 | ||||||
Adjusted EBITDA, excluding LIFO expense, as a percentage of net sales | 4.3 | % | 2.9 | % | 1.8 | % | ||||||
Gross profit | $ | 288.8 | $ | 204.4 | $ | 168.9 | ||||||
Gross margin | 18.4 | % | 18.0 | % | 15.3 | % | ||||||
Gross profit | $ | 288.8 | $ | 204.4 | $ | 168.9 | ||||||
LIFO expense | 10.0 | 6.8 | 22.5 | |||||||||
Gross profit, excluding LIFO expense | $ | 298.8 | $ | 211.2 | $ | 191.4 | ||||||
Gross margin, excluding LIFO expense | 19.1 | % | 18.6 | % | 17.3 | % | ||||||
Note: EBITDA represents net income (loss) before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, gain on litigation settlement, reorganization expenses, impairment charges on assets, advisory service fees, foreign currency transaction gains and losses, and purchase consideration and other transaction costs. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense, to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of | ||||||||||||
Schedule 3 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share | ||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2026 | 2025 | 2025 | ||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | 4.5 | $ | (5.6) | $ | (37.9) | ||||||
Gain on litigation settlement | — | — | (1.9) | |||||||||
Advisory services fees | 6.3 | — | 7.8 | |||||||||
Impairment charges on assets | 0.4 | — | 1.5 | |||||||||
Provision (benefit) for income taxes | 1.9 | — | (1.9) | |||||||||
Adjusted net income (loss) attributable to Ryerson Holding Corporation | $ | 13.1 | $ | (5.6) | $ | (32.4) | ||||||
Adjusted diluted earnings (loss) per share | $ | 0.30 | $ | (0.18) | $ | (1.01) | ||||||
Shares outstanding - diluted | 43.2 | 31.9 | 32.2 | |||||||||
Note: Adjusted net income (loss) and Adjusted income (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | ||||||||||||
Schedule 4 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Cash Flow Provided By (Used In) Operations to Free Cash Flow Yield | ||||||||||||
(Dollars in Millions) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2026 | 2025 | 2025 | ||||||||||
Net cash provided by (used in) operating activities | $ | (179.2) | $ | (41.2) | $ | 112.7 | ||||||
Capital expenditures | (12.2) | (8.0) | (20.8) | |||||||||
Proceeds from sales of property, plant, and equipment | 1.1 | 0.1 | — | |||||||||
Free cash flow | $ | (190.3) | $ | (49.1) | $ | 91.9 | ||||||
Market capitalization | $ | 1,167.3 | $ | 739.2 | $ | 810.4 | ||||||
Free cash flow yield | (16.3) | % | (6.6) | % | 11.3 | % | ||||||
Note: Market capitalization is calculated using March 31, 2026, December 31, 2025, and March 31, 2025 stock prices and shares outstanding. | ||||||||||||
Schedule 5 | |||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||
Reconciliation of Second Quarter 2026 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance | |||
(Dollars in Millions) | |||
Second Quarter 2026 | |||
Low | High | ||
Net income attributable to Ryerson Holding Corporation | |||
Diluted income per share | |||
Interest and other expense on debt | 15 | 15 | |
Provision for income taxes | 7 | 9 | |
Depreciation and amortization expense | 28 | 28 | |
EBITDA | |||
Adjustments | 2 | 4 | |
Adjusted EBITDA | |||
LIFO expense | 16 | 14 | |
Adjusted EBITDA, excluding LIFO expense | |||
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. | |||
View original content to download multimedia:https://www.prnewswire.com/news-releases/ryerson-reports-first-quarter-2026-results-302764679.html
SOURCE Ryerson Holding Corporation