Ryerson Q2 Revenue Hits $2.01B, Adj. EBITDA $101M, Exceeding Guidance
RYZ sits 49% above its 52-week low of $19.34.
Summary
Ryerson Holding reported Q2 2026 revenue of $2.01 billion and adjusted EBITDA of $101 million, exceeding guidance. The results reflect the first full quarter including Olympic Steel, with strong demand and pricing across most end markets.
Key Events · Earnings and Guidance · RYZ
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Q2 Revenue and EBITDA Beat
Driven by strong demand and pricing, revenue of $2.01B and adjusted EBITDA of $101M exceeded the high end of guidance.
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Olympic Steel Integration Progressing
Olympic Steel contributed $564.2M in net sales for Q2; purchase accounting adjustments masked underlying profitability, with a $15.7M inventory step-up hitting cost of goods sold.
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Adjusted Earnings Power
Adjusted diluted EPS was $0.85 for the first half of 2026, up from a loss of $0.10 a year ago, reflecting the merger's accretion and strong operating leverage.
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Balance Sheet and Liquidity
Total debt increased to $955M following the merger, but total liquidity stands at $757M, providing ample flexibility.
Analysis · RYZ · Trade & Services
The second quarter reveals a combined company hitting its stride after the Olympic Steel merger. Revenue more than doubled year-over-year to $2.01 billion, and adjusted EBITDA of $101 million landed above the high end of management's guidance. Same-store shipment growth of 4% in the legacy Ryerson business underscores organic momentum, while Olympic Steel added $564 million in sales. Purchase accounting adjustments are masking true profitability—a $15.7 million inventory step-up weighed on cost of goods sold—but on an adjusted basis, first-half earnings per share reached $0.85. The balance sheet now reflects the merger's scale: total debt rose to $955 million, yet liquidity remains ample at $757 million. Signaling confidence in cash generation, the board also declared a regular quarterly dividend.
At the time of this filing, RYZ was trading at $28.79 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $19.34 to $32.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.