Ryerson (RYZ) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $1.17 billion, up 3% sequentially but down 4.6% year-over-year, with average selling prices up 2.8% quarter-over-quarter and tons shipped up slightly; net income was $1.9 million ($0.06 per diluted share), reversing a prior quarter loss.

• Adjusted EBITDA, excluding LIFO, was $45 million, at the top of guidance and up from $32.8 million in the previous quarter.

• Market share increased as North American shipments declined less than the industry, and transactional business mix grew for the fifth consecutive quarter.

• Declared a Q3 2025 dividend of $0.1875 per share.

• Navigated a protracted industry downturn with cautious customer activity, ongoing price declines in carbon and stainless steel, and operational improvements from recent CapEx investments.

Financial highlights

• Net sales reached $1.17 billion, up 3% quarter-over-quarter, with tons shipped up 0.2% and average selling prices up 2.8%.

• Gross margin was 17.9%, down 10 bps sequentially; excluding LIFO, gross margin rose 40 bps to 19.0%.

• Net income was $1.9 million; diluted EPS for Q2 2025 was $0.06.

• Adjusted EBITDA, excluding LIFO, was $45 million, up $12.2 million from the previous quarter.

• Net debt ended at $479 million, up from $464 million in Q1 2025; total debt was $510 million.

Outlook and guidance

• Q3 2025 net sales expected between $1.14 billion and $1.18 billion; shipments expected to decline 2–4% sequentially, with average selling prices anticipated to rise 1–3%.

• Adjusted EBITDA, excluding LIFO, projected at $40–$45 million; diluted EPS guidance of $0.00–$0.06.

• LIFO expense projected at $9–$11 million.

• Management expects the One Big Beautiful Bill Act to impact deferred tax assets and liabilities in future periods, but no material effect on near-term results is anticipated.

• Ongoing tariff and trade policy uncertainty continues to affect customer supply chains and market conditions.