Earnings Per Share

12 Months Ended

Dec. 31, 2025

Note 18: Earnings Per Share

Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded, as they would have had an antidilutive effect, were 961,867, 103,468, and zero, for the years ended December 31, 2025, 2024, and 2023, respectively. Antidilutive shares were related to outstanding restricted stock units, performance stock units, and stock options.

The following table sets forth the calculation of basic and diluted earnings (loss) per share:


	Years Ended December 31,
Basic and diluted earnings (loss) per share	2025			2024			2023
	(In millions, except number of shares which are reflected in thousands and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	(56.4	)	$	(8.6	)	$	145.7
Denominator:
Weighted average shares outstanding		32,116			33,189			34,961
Dilutive effect of stock-based awards		—			—			606
Weighted average shares outstanding adjusted for dilutive securities		32,116			33,189			35,567

Earnings (loss) per share
Basic	$	(1.76	)	$	(0.26	)	$	4.17
Diluted	$	(1.76	)	$	(0.26	)	$	4.10

Ryerson Holding Corp 10-K