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RelianceRS

Legal name
Reliance, Inc.
Sector
Other
Industry
Wholesale-Metals Service Centers & of fices
Exchange
NYSE

Stock Price $RS

Latest filings

You are here#74 of 92 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K74

RS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 74 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’16Oct ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $14.29B
YoY changeLargest recent move+59.9%in FY21Latest +3.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All RS Financial Metrics59 metrics

Income Statement14

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Reliance Financial Overview 2021–2025

Updated Nov 4, 2026

Reliance's Q3 2026 net sales jumped 42.8% to a record $5.21 billiona, and that matters because it follows years in which record volume failed to lift earnings. The core thesis: tonnage and pricing are now rising together, while LIFO charges hide how much profit is building. FIFO gross margin improved 260 basis points in the quarter, yet a $187.5 million LIFO expense held reported margin at 27.9%.

The long arc is flat sales and shrinking per-share profit. Net sales were $14.09 billionb in FY2021 and $14.29 billion in FY2025, but diluted EPS fell from $21.97 to $13.98, after peaking at $29.92 in FY2022. Tons sold hit a record 6.4 million in FY2025, up 6.2%, while average price per ton slid 2.6%. Buybacks cushioned the drop: $594.1 million repurchased in FY2025 cut shares outstanding by 4%.

The market valued that earnings trough at 20.7x earnings at the close of FY2025, with a $288.87c share price and a $14.9 billion market cap. The balance sheet now carries more weight. Net debt-to-total capital reached 15.3% at Q3 2026, up from 14.4% at year-end FY2025, as higher volumes and metals prices absorbed cash. Nine-month operating cash flow came in at $525.6 million.

Recent Developments (Q2 and Q3 2026)

Earnings beat guidance twice. Q2 2026 non-GAAP EPS of $6.27d topped the $5.15 to $5.35 range, and Q3 2026 non-GAAP EPS of $8.02 topped the $6.40 to $6.60 range. A U.S. border wall contract drove much of it, adding $0.74 per share in Q3 2026, up from $0.41 in Q2 2026. Operating margin rose to 10.6% from 7.1% a year earlier. Management guided Q4 2026 non-GAAP EPS to $7.40 to $7.60. On October 20, 2026, the Board raised the buyback authorization to $2.5 billion.

The bull case: guidance keeps rising, and $133.0 millione of Q3 2026 free cash flow plus 0.8x net debt to EBITDA leave room for buybacks. The bear case: the stock traded at 31.0x trailing earnings as of October 26, 2026, and border wall work of about $0.70 per share is a single-contract tailwind. LIFO expense of $2.74 per share also ran well above the $1.10 expected.

What to watch: border wall contribution against the $0.70 Q4 estimate; whether LIFO expense stays above management's forecasts

03—Filings

Recent SEC Filings

  1. 8-KReliance 8-K Report, Financial Results (Oct 21, 2026)Reliance, Inc. (NYSE: RS) reported third quarter 2026 results for the quarter ended September 30, 2026, furnishing a press release as Exhibit 99.1. Net sales were $5.21 billion, up 12.6% sequentially and 42.8% year-over-year, with record quarterly tons sold of 1,867.2 thousand, up 4.3% sequentially. Diluted EPS was $7.84 and non-GAAP diluted EPS was $8.02, up 120.3% year-over-year, significantly exceeding management's guidance of $6.40 to $6.60. Pretax income was $531.9 million, and non-GAAP pretax income was $544.2 million. Management attributed results to a favorable market with healthy demand and tight supply, price increases for most carbon steel products, and contributions from the U.S. border wall project, which contributed $0.74 per share. LIFO expense was $2.74 per diluted share, compared with management's expectation of $1.10, which weighed on GAAP gross profit margin of 27.9%. For the fourth quarter of 2026, Reliance expects non-GAAP diluted EPS of $7.40 to $7.60, including approximately $0.70 per share from the border wall project and LIFO expense of $112.5 million, or $1.64 per diluted share. Management expects tons sold including the border wall project to rise 13.5% to 15.5% year-over-year, and average selling price per ton to rise 1.0% to 3.0% sequentially. The company cited ongoing trade policy uncertainty and conflicts in Iran and Ukraine as risks to supply availability and macroeconomic conditions. Balance sheet and capital returns were also highlighted. Cash and cash equivalents were $246.0 million and total debt was $1.6 billion, including $495 million outstanding under its $1.5 billion revolving credit facility. Operating cash flow for the quarter was $212.0 million, and free cash flow was $133.0 million. The Board approved an increase in the share repurchase authorization to $2.5 billion with no set expiration, and declared a quarterly dividend of $1.25 per share payable December 4, 2026.
  2. 8-KReliance 8-K Report, Financial Results (Jul 22, 2026)Reliance, Inc. (NYSE: RS) reported second quarter 2026 results for the period ended June 30, 2026, in a press release furnished as Exhibit 99.1. Net sales were $4.63 billion, up 15.0% sequentially from $4.03 billion in the first quarter, with record tons sold of 1,790.1 thousand, up 7.0% sequentially. Diluted EPS was $6.29 and non-GAAP diluted EPS was $6.27, up 21.5% sequentially and 42% year-over-year, above the high end of management's $5.15 to $5.35 guidance range. Pretax income was $429.8 million, up 41% year-over-year as reported in the release's commentary. Results absorbed $1.64 per share of LIFO expense versus management's $0.54 expectation, while the U.S. border wall project contributed $0.41 per share. Gross profit margin was 28.1%, down 100 basis points sequentially, mainly from higher LIFO expense and the border wall project. Non-GAAP FIFO gross profit margin rose to 30.5% from 30.1%. Cash provided by operations was $162.2 million and free cash flow was $68.8 million. The company had $235.4 million of cash and total debt of $1.7 billion, with $520 million drawn on its $1.5 billion revolver. No shares were repurchased in the quarter, and about $529 million remained under the repurchase program. The Board declared a quarterly dividend of $1.25 per share on July 17, 2026, payable August 28, 2026. For the third quarter of 2026, management expects non-GAAP EPS of $6.40 to $6.60, including about $0.60 per share from border wall shipments and LIFO expense of $75.0 million, or $1.10 per diluted share. Excluding the border wall project, tons sold are expected to decline 2% to 4% sequentially, with average selling price per ton up 1% to 3%. A conference call is scheduled for July 23, 2026.
  3. 8-KReliance 8-K Report, Shareholder Vote Results (May 21, 2026)Reliance, Inc. held its Annual Meeting of Stockholders on May 20, 2026, and reported the voting results in this Form 8-K. All nine director nominees were elected to hold office until the next Annual Meeting and until their successors are elected and qualified. Lisa L. Baldwin, Karen W. Colonias, Frank J. Dellaquila, James K. Kamsickas, Karla R. Lewis, Robert A. McEvoy, David W. Seeger, Douglas W. Stotlar, and John G. Sznewajs each received more votes for than against. David W. Seeger drew the most opposition, with 6,745,019 votes against and 34,111,575 votes for. Stockholders approved, on an advisory basis, the compensation of the named executive officers, with 39,282,052 votes for, 1,528,970 against, and 68,313 abstentions. They also ratified KPMG LLP as the independent registered public accounting firm for fiscal year 2026, with 45,646,752 votes for, 328,448 against, and 18,548 abstentions. The filing reports 5,114,413 broker non-votes on the director election and say-on-pay items. A stockholder proposal requiring directors to leave the Board within nine months of failing to receive a majority vote was not approved, with 6,419,815 votes for, 34,315,008 against, and 144,512 abstentions. The filing reports the outcome of these votes and does not describe any board or management action arising from them.
  4. 8-KReliance 8-K Report, Financial Results (Apr 22, 2026)Reliance, Inc. reported first-quarter 2026 results with net sales of $4.03 billion, up 15.1% sequentially and 15.5% year-over-year. Diluted EPS was $5.10, and non-GAAP diluted EPS was $5.16, up 37% year-over-year and above management's guidance of $4.50 to $4.70. Pretax income rose to $349.5 million, up 33% year-over-year. Management attributed the beat to record tons sold of 1,672.7 thousand, up 9.4% sequentially, and average selling price per ton of $2,414, up 5.3% sequentially. Gross profit margin was 29.1%, up 180 basis points sequentially but down 60 basis points from the prior-year quarter. LIFO expense was $0.54 per diluted share, above management's expectation of $0.36, mainly due to higher carbon steel and aluminum product costs. Cash flow and balance sheet metrics were mixed. Cash provided by operations was $151.4 million, reflecting a seasonal working capital increase, and free cash flow was $87.2 million. Total debt rose to $1.7 billion, including $550 million drawn on the $1.5 billion revolving credit facility. Net debt-to-EBITDA was 1.0x. Reliance returned about $301 million to stockholders in the quarter, including $234 million of share repurchases at an average price of about $299 per share. The Board declared a quarterly dividend of $1.25 per share, and the dividend was raised 4.2% in February. For the second quarter of 2026, Reliance guided to non-GAAP diluted EPS of $5.15 to $5.35, representing year-over-year growth of approximately 16% to 21%. The guidance expects tons sold to rise 1.0% to 3.0% sequentially and average selling price to rise 1.5% to 3.5% sequentially. It also includes an estimated $0.15 to $0.20 of EPS from shipments under the DHS border wall contract, which began in April 2026. The filing cites trade policy uncertainty and the Middle East conflict as risks.
  5. 8-KReliance 8-K Report, Financial Results (Feb 18, 2026)Reliance, Inc. (NYSE: RS) reported fourth quarter and full year 2025 results in a press release furnished as Exhibit 99.1. Fourth-quarter net sales were $3.5 billion, up 11.9% year-over-year but down 4.2% sequentially from Q3 2025. Record tons sold of 1,528.7 thousand in Q4 rose 5.8% year-over-year, while diluted EPS was $2.22 on a GAAP basis and non-GAAP diluted EPS was $2.40. Management attributed the EPS shortfall versus its $2.65 to $2.85 guidance mainly to a $0.25 per share net unfavorable year-end LIFO and income tax true-up impact. For full year 2025, net sales were $14.3 billion, up 3.3%, with record annual tons sold of 6.4 million, up 6.2%. GAAP diluted EPS declined 10.2% to $13.98, while non-GAAP FIFO diluted EPS rose 13.5% to $15.88 excluding LIFO effects. Capital returns were significant in 2025: the company repurchased $594.1 million of common stock, reducing outstanding shares by 4%, and paid $254.7 million in dividends. On February 13, 2026, the board declared a quarterly dividend of $1.25 per share, a 4.2% increase, payable March 20, 2026. Cash flow from operations for 2025 was $831.4 million, down from $1,429.8 million in 2024, and free cash flow was $502.5 million. Total debt was $1.43 billion at year-end, and net debt-to-total capital rose to 14.4% from 10.2% a year earlier. For the first quarter of 2026, management expects tons sold to rise 5% to 7% and average selling price per ton to rise 3% to 5% versus Q4 2025, with non-GAAP diluted EPS guided to $4.50 to $4.70, including $25 million of LIFO expense. Management cited healthy demand across non-residential construction, manufacturing and defense, while semiconductor demand remained under pressure.
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04—See also

Related Companies

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