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…
Earnings analysis · 10-Q
RYZ earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.1
- Segment
- Fabrication & Welding
- Segment
- Machinery & Equipment
- Segment
- Commercial Transportation
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management expects continued revenue growth and improved profitability due to synergies from the Olympic Steel merger.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.