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Dec 31, 2025
Ryerson Q4 2025 Earnings Report
Ryerson reported fourth quarter and full-year 2025 results, successfully completing a merger with Olympic Steel, extending and expanding its credit facility, and generating fourth quarter top line metrics within guidance range while exceeding cash flow and leverage targets.
Key Takeaways
Ryerson Holding Corporation reported fourth quarter 2025 revenue of $1.10 billion, with tons shipped down 4.9% and average selling prices flat compared to the prior quarter, aligning with guidance expectations. The company ended the quarter with total debt of $463.1 million and net debt of $436.2 million, exceeding cash flow and leverage targets. Net loss attributable to Ryerson Holding Corporation was $37.9 million, or $1.18 per diluted share.
Fourth quarter revenue was $1.10 billion, with tons shipped down 4.9% and average selling prices flat compared to the prior quarter, in-line with guidance expectations.
The company ended the fourth quarter with total debt of $463 million and net debt of $436 million, exceeding cash flow and leverage targets.
The merger with Olympic Steel was completed subsequent to quarter-end, increasing Ryerson's presence as North America's second-largest metals service center and unlocking projected $120 million in annual run-rate synergies.
The credit facility was successfully extended and expanded from $1.3 billion to $1.8 billion, providing financial stability and flexibility for growth opportunities.
Revenue by Segment
Forward Guidance
For the first quarter of 2026, Ryerson anticipates same-store customer shipments to increase by 13% to 15%, with average selling prices expected to be flat to up by 2% quarter-over-quarter. Net sales are projected to be in the range of $1.26 billion to $1.30 billion. Gross margin expansion is expected as fourth quarter inventory cost increases are realized in first quarter average selling prices, leading to net income generation of $10 million to $12 million before merger-related fees. Adjusted EBITDA, excluding LIFO, is expected to be between $51 million and $54 million.
Positive Outlook
- Same-store customer shipments are expected to increase by 13% to 15% quarter-over-quarter.
- Average selling prices are expected to be flat to up by 2% quarter-over-quarter.
- Net sales are projected to be in the range of $1.26 billion to $1.30 billion.
- Gross margin expansion is anticipated as inventory cost increases are realized.
- Net income generation of $10 million to $12 million is expected before merger-related fees.
Challenges Ahead
- LIFO expense is expected to be between $6 million and $8 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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