The strong Q1 beat and above-consensus Q2 guidance indicate successful merger execution and improving end-market demand. Traders should monitor upcoming quarterly prints for sustained synergy capture and margin expansion. The $100M buyback adds a floor to downside.
Price Chart
Executive Summary
Ryerson reported strong Q1 2026 results, with revenue surging 37.9% YoY to $1.57B driven by the Olympic Steel acquisition and same-store growth of 13.9%. Net income turned positive at $4.5M ($0.30 adjusted EPS) vs a loss last year, and Adj. EBITDA excl. LIFO rose to $67.4M. Q2 guidance calls for revenue of $1.86-1.93B and net income of $20-22M, signaling accelerated synergies and demand recovery.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $1.57B, +37.9% YoY; same-store revenue +13.9%
- GAAP net income $4.5M vs $(5.6M) loss a year ago; adjusted EPS $0.30
- Adj. EBITDA excl. LIFO $67.4M vs $32.8M YoY, above guidance range
- Q2 2026 guidance: revenue $1.86-1.93B, net income $20-22M, Adj. EBITDA excl. LIFO $88-92M
- Board declared $0.1875/share dividend and authorized $100M buyback over 2 years
- Olympic Steel merger integration on track for $40M first-year synergies; $1M realized in Q1
Financial Impact
Significant improvement: revenue +$431M YoY, net income swing of +$10.1M, Adj. EBITDA excl. LIFO +$34.6M
Risk Factors
- Integration risks from Olympic Steel merger may delay synergies
- Cyclical metals pricing could reverse if demand softens
- Debt increased to $908M post-merger, leverage may limit flexibility
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-209039 |
| Document: 0001193125-26-209039-index.html | 0001193125-26-209039 |
| Document: 0001193125-26-209039.txt | 0001193125-26-209039 |
| 8-K Data (Synthetic) | 0001193125-26-209039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 25d ago | Press Release | $25.57 | awaiting T+60 | — | $28.03 (+9.62%) |
Jun 11, 2026 19w ago | Institutional Cluster | $29.60 $26.31 | ▼ −11.11% | ▼ −15.51% | $28.03 (−5.30%) |
May 27, 2026 21w ago | 8-K | $27.87 $24.17 | ▼ −13.28% | ▼ −15.16% | $28.03 (+0.57%) |
May 6, 2026 24w ago | 8-K | $26.43 $28.11 | ▲ +6.36% | ▲ +2.52% | $28.03 (+6.05%) |
Mar 30, 2026 30w ago | 144 | $22.09 $27.82 | ▲ +25.94% | ▲ +9.45% | $28.03 (+26.89%) |
Mar 18, 2026 31w ago | DEFA14A | $20.14 $29.02 | ▲ +44.09% | ▲ +29.75% | $28.03 (+39.18%) |
US Market Status
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