Monitor Q4 results for shipment trends and working capital management; the leverage ratio target of below 3.0x by year-end is a key metric. Watch for continued synergy realization toward the $120M two-year target.
Price Chart
Executive Summary
Ryerson reported Q3 2026 revenue of $2.18B, above the $1.98B consensus, and adjusted diluted EPS of $0.61, beating the $0.46 consensus. The company exceeded its first-year Olympic Steel synergy run-rate target of $40M ahead of schedule, reaching approximately $52M. However, Q4 guidance calls for lower sequential shipments and net income, and free cash flow was negative $39.5M for the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $2.18B, up 8.6% QoQ and 87.5% YoY, above guidance of $1.96B-$2.04B
- Adjusted diluted EPS of $0.61, above consensus of $0.46
- Adjusted EBITDA, excluding LIFO of $115.0M, above guidance of $88M-$92M
- Olympic Steel contributed $602M revenue and $30.2M Adjusted EBITDA, excl. LIFO
- First-year synergy run-rate target of $40M exceeded at ~$52M annualized
- Q4 2026 guidance: revenue $1.96B-$2.04B, net income $16M-$20M, Adjusted EBITDA excl. LIFO $100M-$104M
- Net debt of $966M, leverage ratio of 3.2x
- Free cash flow negative $39.5M in Q3
- Quarterly dividend of $0.1875 per share declared
Financial Impact
Revenue beat consensus by ~$200M; EPS beat consensus by $0.15; Adjusted EBITDA excl. LIFO exceeded guidance midpoint by $25M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Carbon Steel | $1.2B | +11.5% |
| Aluminum | $453.0M | +4.4% |
| Stainless Steel | $453.0M | +2.0% |
Risk Factors
- Q4 guidance implies sequential revenue decline of 6-8% and lower net income
- Negative free cash flow of $39.5M in Q3 due to working capital build
- Net debt increased $53M QoQ to $966M, leverage at 3.2x
- LIFO expense of $30M in Q3 could pressure margins if metal prices decline
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-436183 |
| Document: 0001193125-26-436183-index.html | 0001193125-26-436183 |
| Document: 0001193125-26-436183.txt | 0001193125-26-436183 |
| 8-K Data (Synthetic) | 0001193125-26-436183 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | $32.00 | awaiting T+60 | awaiting T+60 | $31.00 (−3.13%) |
Oct 28, 2026 1d ago | SC 13G/A | $29.67 | awaiting T+60 | awaiting T+60 | $31.00 (+4.48%) |
Oct 1, 2026 28d ago | Press Release | $25.57 | awaiting T+60 | awaiting T+60 | $31.00 (+21.24%) |
Jun 11, 2026 20w ago | Institutional Cluster | $29.60 $26.31 | ▼ −11.11% | ▼ −15.51% | $31.00 (+4.73%) |
May 27, 2026 22w ago | 8-K | $27.87 $24.17 | ▼ −13.28% | ▼ −15.16% | $31.00 (+11.23%) |
May 6, 2026 25w ago | 8-K | $26.43 $28.11 | ▲ +6.36% | ▲ +2.52% | $31.00 (+17.29%) |
Mar 30, 2026 30w ago | 144 | $22.09 $27.82 | ▲ +25.94% | ▲ +9.45% | $31.00 (+40.33%) |
Mar 18, 2026 32w ago | DEFA14A | $20.14 $29.02 | ▲ +44.09% | ▲ +29.75% | $31.00 (+53.92%) |
US Market Status
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