RYZ earnings analysis
What we found in RYZ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ryerson Holding Corporation's Q1 2026 results showed a significant recovery with revenues of $1.57 billion, a notable 37.9% increase from $1.14 billion in Q1 2025, largely driven by the merger with Olympic Steel. The company reported a diluted EPS of $0.10 compared to a loss of $0.18 a year ago, reflecting strong operational improvements and higher sales volumes.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 37.9%
- Q1 2026 revenues reached $1.57 billion, up from $1.14 billion in Q1 2025.
- EPS Recovered from Loss
- Diluted EPS improved to $0.10 in Q1 2026 from a loss of $0.18 in Q1 2025.
- Significant Gross Margin Expansion
- Gross margin increased to 18.4% in Q1 2026, compared to 18.0% a year earlier.
- Strong Cash Flow from Operations
- Operating cash flow improved significantly, though net cash used was $179.2 million.
- Segment Performance
- Fabrication & welding and machinery & equipment sectors led growth, while commercial transportation contracted.
- Total Liquidity Increased to $618 million
- Liquidity improved from $502 million at December 31, 2025 to $618 million at March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Debt Levels Post-Merger
- Total debt surged to $907.7 million from $463.1 million, which raises leverage concerns.
- Commodity Price Volatility Risk
- Higher costs in materials sold, especially in the context of fluctuating metal prices.
- Integration Challenges with Olympic Steel
- Potential operational disruptions from merging with Olympic Steel could affect performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.1
- Gross margin
- 18.4%
- Operating margin
- 1.5%
- Segment
- Fabrication & Welding
- Segment
- Machinery & Equipment
- Segment
- Commercial Transportation
What they said about what is next.
Management expects continued revenue growth and improved profitability due to synergies from the Olympic Steel merger.
The filing reads better than the one before it.
What came before.
- 10-K · February 23, 2026
- Ryerson presents itself as a leading, scale-focused North American metals service center with a strategy that combines organic growth, analytics-driven pricing/inventory, value‑added processing and targeted M&A. The…
- 10-Q · July 29, 2025
- Ryerson reported Q2 2025 revenue of $1,169.3M, down from $1,225.5M in Q2 2024, with gross profit falling to $209.4M and operating profit plunging to $5.8M. Receivables widened materially to $532.8M and total debt rose…
- 10-Q · October 29, 2024
- Ryerson reported a weaker quarter and YTD through September 30, 2024 with net sales down and margins compressing. Q3 revenue fell to $1,126.6M (from $1,246.7M) and the company reported a net loss attributable to Ryerson…
- 10-Q · July 30, 2024
- Ryerson reported a sequentially and year-over-year pullback in demand: Q2 net sales of $1,225.5M (down from $1,343.5M) and six‑month sales of $2,464.7M (down from $2,749.6M). Profitability compressed sharply — Q2…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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