Revenue: As of FY2025 Q4, the actual value is USD 1.105 B, beating the estimate of USD 1.1 B.EPS: As of FY2025 Q4, the actual value is USD -1.18.EBIT: As of FY2025 Q4, the actual value is USD -28.4 M.<h3>Fourth Quarter 2025 Financial and Operational Metrics</h3><h4>Revenue</h4>Ryerson Holding Corporation generated revenue of $1,104.8 million in the fourth quarter of 2025, representing a decrease of 4.9% quarter-over-quarter (QoQ) from $1,161.5 million in Q3 2025, but an increase of 9.7% year-over-year (YoY) from $1,007.4 million in Q4 2024 . Tons shipped decreased by 4.9% QoQ to 461 thousand tons, while the average selling price per ton was relatively flat at $2,397, a 0.1% increase QoQ . Compared to Q4 2024, tons shipped increased by 3.1%, and the average selling price per ton increased by 6.3% .<h4>Segment Revenue</h4><ul><li>Carbon Steel: Net sales for Carbon Steel were $538 million in Q4 2025, decreasing by 7.9% QoQ and increasing by 5.5% YoY . Tons shipped were 361 thousand, a 5.2% QoQ decrease and 2.3% YoY increase . The average selling price per ton was $1,490, a 2.8% QoQ decrease and 3.2% YoY increase .</li><li>Aluminum: Net sales for Aluminum reached $282 million in Q4 2025, a 1.7% QoQ decrease and 19.5% YoY increase . Tons shipped were 42 thousand, a 6.7% QoQ decrease, remaining flat YoY . The average selling price per ton was $6,714, a 5.3% QoQ increase and 19.5% YoY increase .</li><li>Stainless Steel: Net sales for Stainless Steel were $269 million in Q4 2025, a 0.7% QoQ decrease and 8.5% YoY increase . Tons shipped were 56 thousand, a 1.8% QoQ decrease and 6.9% YoY increase . The average selling price per ton was $4,804, a 1.0% QoQ increase and 1.5% YoY increase .</li></ul><h4>Operating Profit and Margins</h4>Gross margin was 15.3% in Q4 2025, a decrease of 190 basis points QoQ from 17.2% in Q3 2025, and a decrease of 370 basis points YoY from 19.0% in Q4 2024 . Excluding LIFO, gross margin was 17.3% in Q4 2025, a 100 basis point QoQ contraction and a 90 basis point YoY expansion . Warehousing, delivery, selling, general, and administrative expenses totaled $205.3 million, a 2.4% increase QoQ and 8.9% increase YoY .<h4>Net Loss and Adjusted EBITDA</h4>Net loss attributable to Ryerson Holding Corporation was - $37.9 million in Q4 2025, compared to a net loss of - $14.8 million in Q3 2025 and - $4.3 million in Q4 2024 . This net loss represents a - $33.6 million year-over-year change . Adjusted EBITDA, excluding LIFO, was $20.4 million in Q4 2025, decreasing by 49.4% QoQ from $40.3 million in Q3 2025, but increasing by 98.1% YoY from $10.3 million in Q4 2024 . The Adjusted EBITDA, excluding LIFO margin, was 1.8% in Q4 2025 .<h4>Cash Flow and Debt</h4>Net cash provided by operating activities was $112.7 million in Q4 2025, compared to a use of cash of - $8.3 million in Q3 2025 and $92.2 million provided in Q4 2024 . Capital expenditures were - $20.8 million . Free cash flow was $91.9 million in Q4 2025 . Total debt stood at $463.1 million, and net debt was $436.2 million at the end of Q4 2025, representing sequential decreases of 7.3% and 7.2%, respectively, compared to Q3 2025 . The net debt to LTM Adjusted EBITDA, excluding LIFO, ratio improved to 3.1x from 3.7x in Q3 2025 and 3.9x in Q4 2024 .<h3>Full-Year 2025 Financial and Operational Metrics</h3><h4>Revenue</h4>Ryerson Holding Corporation reported net sales of $4,571.3 million for the full-year 2025, a 0.6% decrease from $4,598.7 million in full-year 2024 . This was influenced by a 1.1% decrease in average selling prices, partially offset by a 0.5% increase in tons shipped to 1,947 thousand tons . The average selling price per ton for FY 2025 was $2,348 .<h4>Segment Revenue</h4><ul><li>Carbon Steel: Net sales were $2,263 million, a 5.0% YoY decrease . Tons shipped were 1,522 thousand, a 0.4% YoY increase . The average selling price per ton was $1,487, a 5.4% YoY decrease .</li><li>Aluminum: Net sales were $1,150 million, a 10.4% YoY increase . Tons shipped were 185 thousand, remaining flat YoY . The average selling price per ton was $6,216, a 10.4% YoY increase .</li><li>Stainless Steel: Net sales were $1,092 million, a 1.4% YoY decrease . Tons shipped were 234 thousand, a 1.6% YoY increase . The average selling price per ton was $4,667, a 2.9% YoY decrease .</li></ul><h4>Operating Profit and Margins</h4>Gross margin for full-year 2025 contracted by 100 basis points to 17.1% compared to 18.1% in 2024 . Excluding LIFO, full-year 2025 gross margin expanded by 130 basis points to 18.3% from 17.0% in 2024 . Warehousing, delivery, selling, general, and administrative expenses increased by 1.0% to $809.6 million .<h4>Net Loss and Adjusted EBITDA</h4>Net loss attributable to Ryerson Holding Corporation for full-year 2025 was - $56.4 million, compared to a net loss of - $8.6 million in 2024 . Adjusted EBITDA, excluding LIFO, increased to $138.5 million in 2025 from $114.1 million in 2024 . The Adjusted EBITDA, excluding LIFO margin, was 3.0% in 2025 .<h4>Cash Flow</h4>Cash from operating activities for full-year 2025 was $87.0 million, a decrease from $204.9 million in 2024 . Capital expenditures for the year were - $51.5 million . Free cash flow was $38.1 million for the full year 2025 .<h3>Other Key Metrics and Operational Highlights</h3>Ryerson Holding Corporation declared a quarterly cash dividend of $0.1875 per share of common stock on February 13, 2026, payable on March 19, 2026, to stockholders of record as of March 5, 2026 . Subsequent to quarter-end, Ryerson Holding Corporation completed its merger with Olympic Steel, which is projected to unlock $120 million in annual run-rate synergies over the next two years . The company also extended the maturity of its credit facility and expanded its capacity from $1.3 billion to $1.8 billion . The combined entity is expected to become the second largest metals service center in North America, processing approximately 2.9 million tons and generating over $6.5 billion in annual revenue, with an anticipated $120 million of annual synergies by the end of year two .<h3>Outlook / Guidance</h3>For the first quarter of 2026, Ryerson Holding Corporation anticipates net sales between $1.26 billion and $1.30 billion, with same-store customer shipments expected to increase by 13% to 15% and average selling prices flat to up by 2% QoQ . The company expects gross margin expansion, improved operating leverage, and net income generation of $10 million to $12 million before merger-related fees . Adjusted EBITDA, excluding LIFO, is expected to be in the range of $51 million to $54 million for Ryerson Holding Corporation alone, and for the combined company, including Olympic Steel, revenue is projected between $1.52 billion and $1.58 billion, with Adjusted EBITDA, excluding LIFO, between $63 million and $67 million .

Ryerson | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.105 B