Ryerson Holdings (7RY) Q3 2026 Earnings Report
DE:7RY Q3 2026 EPS Results
- Actual EPS
- EUR 0.55
- Consensus EPS
- EUR 0.39
- Beat/Miss
- Beat by +EUR 0.16
- One Year Ago EPS
- -EUR 0.41
DE:7RY Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.95B
- Expected Revenue
- EUR 1.68B
- Beat/Miss
- Beat by +EUR 271.04M
- YoY Revenue Growth
- +87.50%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Ryerson Holdings's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Ryerson reported record third-quarter revenue, shipment growth well above seasonal guidance, higher adjusted EBITDA, market share gains, strong demand in data centers, power generation, transportation, and transactional business, and merger synergies ahead of schedule. The main challenges were gross-margin compression, elevated LIFO expense, pricing lags, tight material availability, higher working capital and debt, subdued interest-rate-sensitive markets, and expected seasonal declines in fourth-quarter shipments and earnings. Management nevertheless expressed confidence in further margin improvement, continued synergy realization, stronger fourth-quarter execution, and leverage reduction.
For the fourth quarter, Ryerson expects shipments to decline by 6%-8% sequentially, average selling prices to be flat to up by 2%, and revenues to be in the range of $1.96 billion-$2.04 billion; excluding residual inventory purchase accounting adjustments, net income generation is expected to be in the range of $16 million-$20 million or $0.30-$0.38 per diluted share, LIFO expense is expected to be in the range of $28 million-$32 million, and adjusted EBITDA excluding LIFO is expected to be in the range of $100 million-$104 million, with $28 million-$30 million contributed by Olympic Steel. Ryerson expects its leverage ratio to be below 3.0x by year-end, approximately $14 million-$15 million in fourth quarter synergies, or $56 million-$60 million on an annualized run rate basis, including approximately $6 million from procurement synergies, approximately $2.5 million from efficiency and public company cost savings, approximately $2 million from network optimization actions, and approximately $4 million in realized commercial synergies, which annualizes to $16 million; it expects full year 2026 capital expenditures to be approximately $75 million, with $50 million allocated to legacy Ryerson and $25 million to Olympic Steel, and remains increasingly confident in achieving its two-year target of $120 million in annual run rate synergies.
- Strongest Quarter of 2026 and Guidance OutperformanceRyerson delivered its strongest quarter of the year, exceeding guidance across the board. Third-quarter net sales were a record $2.2 billion on shipments of 814,000 tons, with net income attributable to Ryerson of $32 million, or $0.61 per diluted share.
- Shipment Growth Exceeded Seasonal ExpectationsThird-quarter shipments increased 1.2% sequentially, outperforming guidance for a seasonal decline of 3%-5%. Same-store shipments increased 1.8% to their highest quarterly level in more than five years, supported by strong customer demand and execution despite tight product availability.
- Year-to-Date Market Share GainsYear-to-date North American tons shipped increased 57.3% compared with the first nine months of 2025, while same-store North American shipments increased 8.8%. This compared with industry growth of 5%, implying market share gains. Growth was led by strong double-digit expansion in the transactional business and year-over-year improvement in the contract book of business.
- Data Center and Power Generation DemandData center and power generation projects remained strong demand drivers, representing an estimated 9% of revenues in the third quarter versus 6% in the second quarter. Data center volumes increased approximately 65% in the third quarter compared with the first quarter of 2026.
- Strength Across Climate, Fabrication, and Machinery MarketsNorth American same-store climate volumes increased nearly 9% sequentially, led by larger HVAC customers serving data center projects and traditional product lines, along with air purification, exhaust, and blower applications. Data center and power generation activity also supported growth in fabrication and welding, including tanks and metal enclosures, as well as machinery and equipment.
- Commercial Transportation ImprovementCommercial transportation remained an area of strength, with North American same-store volumes increasing nearly 3.5% quarter-over-quarter, led by truck cab and tractor-trailer sub-sectors. Management was optimistic about a developing recovery in Class 8 demand, with healthy backlogs supporting production into 2027.
- Revenue and Adjusted EBITDA GrowthNet sales increased 8.6% sequentially to $2.2 billion, with tons shipped up 1.2% and average selling prices up 7.2%. Adjusted EBITDA excluding LIFO increased to $115 million from $101 million in the second quarter, exceeding guidance of $88 million-$92 million.
- Olympic Steel Contribution and Same-Store EarningsOlympic Steel contributed $30.2 million of adjusted EBITDA excluding LIFO, up from $23.5 million in the prior quarter and above guidance. Same-store adjusted EBITDA excluding LIFO reached $84.8 million, the highest quarterly amount achieved in three and a half years.
- Merger Synergies Ahead of ScheduleRyerson realized approximately $13 million of synergies across four pillars in the third quarter. The annualized run rate was substantially above the $40 million first-year target ahead of the February 27 merger anniversary. Management expects approximately $14 million-$15 million of fourth-quarter synergies, or $56 million-$60 million on an annualized run-rate basis, and remains confident in achieving the two-year target of $120 million in annual run-rate synergies.
- Commercial Synergy MomentumThe fourth-quarter forecast includes approximately $4 million of realized commercial synergies, annualizing to $16 million and approaching the two-year commercial target of $20 million in annual synergy benefits. Management described commercial enhancement as a major positive surprise and said teams were continuing to win new business through the combined footprint, processing capabilities, inventory availability, and customer relationships.
- Network Integration and Inventory VisibilityApproximately 90% of Olympic Steel's inventory and transaction data had been incorporated into Ryerson's information system. Management said the combined visibility enables inventory sharing, coordinated fulfillment, and better alignment of customer programs with facilities best equipped to serve them.
- Operational Collaboration and ProductivityRyerson teams coordinated across locations to support customer demand, including shared production operations in Minneapolis and coordinated production, recruiting, and talent-development efforts in Tulsa. Third-quarter productivity reached 2.25 tons per employee per day, described as well above the company's benchmark.
- Strategic Network OptimizationThe company completed a Mexico consolidation and is progressing with the Connecticut consolidation of Olympic Milford and Ryerson Specialty Alloys, expected to be completed in the first quarter of 2027. Management said the project is expected to create a stronger operating platform with improved workflow, expanded processing capabilities, better product availability, lower fixed costs, and more efficient logistics.
- Disciplined Capital Investment and Shareholder ReturnsThird-quarter capital expenditures totaled $21 million, with year-to-date CapEx of $50 million. The company continues to expect approximately $75 million of full-year 2026 spending, including $50 million for legacy Ryerson and $25 million for Olympic Steel. Ryerson repurchased approximately 159,000 shares for $3.8 million at an average price of $23.85 and declared a quarterly dividend of $0.1875 per share.
- Liquidity and Inventory ManagementInventory days of supply remained at 73 days, within the 70-75-day target range, and the cash conversion cycle remained at 71 days. Total global liquidity increased from $757 million at the end of the second quarter to $865 million at the end of the third quarter.
- Expected Leverage ImprovementThe leverage ratio decreased from 4.0x in the second quarter to 3.2x in the third quarter, driven by higher trailing 12-month adjusted EBITDA excluding LIFO. Management expects leverage to decline below 3.0x by year-end due to higher trailing 12-month EBITDA and seasonally lower working capital requirements.
- Positive Early Fourth-Quarter TrendsQuote and order activity remained strong during the first month of the fourth quarter. Management said October ordering trends and the start of the fourth quarter were very encouraging, with transactional activity, program volumes, and margins showing improvement.
- Continued Investment in Business CapabilitiesManagement highlighted ongoing investments in people, technology, processing capabilities, facilities, and the combined intelligent network of industrial metal service centers to support customer growth and U.S. manufacturing revitalization.
DE:7RY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 0.22- | -0.9 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.390.55 | -0.41 | 232.61% (+0.96) | |
| Jul 29, 2026 | 2026 (Q2) | 0.370.47 | 0.07 | 550.00% (+0.39) | |
| May 06, 2026 | 2026 (Q1) | 0.260.27 | -0.16 | 266.67% (+0.43) | |
| Feb 19, 2026 | 2025 (Q4) | -0.58-0.90 | -0.13 | -621.43% (-0.78) | |
| Oct 28, 2025 | 2025 (Q3) | 0.01-0.41 | -0.18 | -130.00% (-0.23) | |
| Jul 29, 2025 | 2025 (Q2) | 0.170.07 | 0.3 | -75.76% (-0.22) | |
| Apr 30, 2025 | 2025 (Q1) | -0.21-0.16 | -0.16 | 0.00% (+0.00) | |
| Feb 20, 2025 | 2024 (Q4) | -0.43-0.13 | 0.65 | -119.18% (-0.78) | |
| Oct 29, 2024 | 2024 (Q3) | 0.05-0.18 | 0.9 | -120.00% (-1.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
