Ryerson (RYZ) Q1 2026 earnings summary

Executive summary

• Completed the Olympic Steel merger on February 13, 2026, creating the second-largest North American metals service center and driving significant revenue and shipment growth, with early integration yielding $1 million in Q1 synergies and a target of $120 million in annual run-rate synergies by early 2028.

• Achieved strong sequential and year-over-year growth in volumes, revenue, and adjusted EBITDA, driven by robust transactional business, expanded product offerings, and improved profitability.

• Market share gains and margin expansion were realized, with transactional customers outperforming large OEMs and optimism for the second half of the year.

• Net sales for Q1 2026 were $1.57 billion, up 37.9% year-over-year, reversing a prior year loss with net income of $4.5 million.

• Adjusted net income was $13.1 million, excluding merger-related advisory fees and impairment charges.

Financial highlights

• Q1 2026 revenue reached $1.57 billion, up 37.9% year-over-year; same-store revenue was $1.29 billion, up 13.9%.

• Tons shipped increased 31.2% year-over-year; average selling prices rose 5.2%.

• Adjusted EBITDA, excluding LIFO, was $67.4 million, with $12.5 million from Olympic Steel.

• Gross margin expanded to 18.4% (up 310 bps sequentially); excluding LIFO, gross margin was 19.1%.

• Net income was $4.5 million ($0.10 per share); adjusted net income was $13.1 million ($0.30 per share).

Outlook and guidance

• Q2 2026 net sales expected between $1.86 billion and $1.93 billion, with net income forecasted at $20–$22 million ($0.38–$0.42 per share) and adjusted EBITDA, excluding LIFO, projected at $88–$92 million.

• Tons shipped expected to rise 18–20% sequentially with full quarter inclusion of Olympic Steel; same-store daily shipments to increase 1–3% sequentially; average selling prices up 1–4%.

• Synergy realization in Q2 forecasted at $4–$6 million; on track for $40 million in annual run rate synergies in year one and $120 million by early 2028.

• Sufficient liquidity is anticipated to meet contractual obligations and operating requirements.