How did Reliance perform in the third quarter of 2025?

Net sales were $3.65 billion, and tons sold rose 6.2% year-over-year to a third-quarter record. Diluted EPS was $3.59, down from $4.42 in the second quarter of 2025, and the gross profit margin was 28.3%, versus 29.7% in the prior quarter.

What guidance did Reliance give for the fourth quarter of 2025?

The company expects tons sold up 3.5% to 5.5% compared with Q4 2024, a flat average selling price per ton versus Q3 2025, and non-GAAP EPS of $2.65 to $2.85, including LIFO expense of $25.0 million or $0.35 per share.

What did management say was driving margin pressure?

Management cited trade policy uncertainty and readily available inventory causing hesitant buyers, which made it harder to raise selling prices enough to offset mill price increases. It also noted continued underperformance in aerospace and semiconductor markets due to excess supply-chain inventories.

What does the new Executive Severance Policy provide?

On a termination without cause, and subject to a general release, covered employees receive a lump sum equal to 12 months of base salary (or pro-rated for shorter tenure), a pro-rata annual bonus plus 50% of target bonus (the latter not for those employed under 12 months), and a lump sum for up to 12 months of COBRA premiums. Amounts must be repaid if cause is found within 24 months of termination.

What is Reliance's capital return and balance sheet position?

The company repurchased $60.9 million of stock in Q3 and had $963.6 million remaining under its share repurchase program at September 30, 2025. It declared a $1.20 quarterly dividend payable December 5, 2025. Cash and equivalents were $261.2 million, and net debt-to-total capital was 13.3%.

RS 8-K: Earnings & Results & Leadership Changes

01—Abstract

Summary

Summary of the 8-K filed October 22, 2025. Cited figures are marked; the original filing is the authoritative source.

Reliance, Inc. (NYSE: RS) reported third-quarter 2025 results, with net sales of $3.65 billion^a, record third-quarter tons sold, and EPS of $3.59 (non-GAAP EPS of $3.64).

Net sales were up 6.2% year-over-year in tons sold, while gross profit margin was 28.3%, compared with 29.7% in the second quarter of 2025. LIFO expense was $25.0 million^b, or $0.35 per share, versus LIFO income of $50.0 million, or $0.68 per share, in the third quarter of 2024. Management said the company outperformed the industry by approximately nine percentage points, but cited trade policy uncertainty, competitive pricing pressure, and weakness in aerospace and semiconductor markets.

For the fourth quarter of 2025, Reliance expects tons sold up 3.5% to 5.5% year-over-year and non-GAAP EPS in the range of $2.65 to $2.85^c. Management reiterated a long-term sustainable gross profit margin range of 29% to 31%. Cash provided by operations was $261.8 million in the quarter, and cash and equivalents were $261.2 million at September 30, 2025, against total debt of $1.39 billion.

The company repurchased $60.9 million^d of stock in the quarter and declared a quarterly dividend of $1.20 per share. The filing also discloses a new Executive Severance Policy, adopted by the independent directors on October 21, 2025, for officers and certain key subsidiary employees. It provides lump-sum severance on termination without cause, including 12 months of base salary, a pro-rata bonus, 50% of target bonus, and up to 12 months of COBRA premiums, subject to a release and a clawback for cause discovered within 24 months.

02—Key points

Key Highlights

Net sales of $3.65 billion in Q3 2025, with tons sold up 6.2% year-over-year to a third-quarter record.
Gross profit margin of 28.3%, down from 29.7% in Q2 2025; non-GAAP FIFO gross profit margin was 29.0%.
Diluted EPS of $3.59 and non-GAAP diluted EPS of $3.64, versus $4.42 non-GAAP-basis comparable EPS in Q2 2025 (non-GAAP $4.43).
Q4 2025 outlook: non-GAAP EPS of $2.65 to $2.85, with tons sold up 3.5% to 5.5% year-over-year.
Cash provided by operations of $261.8 million in Q3; $60.9 million of share repurchases; $1.20 quarterly dividend declared.
Total debt of $1.39 billion at September 30, 2025, including a $400.0 million unsecured term loan borrowed in August 2025 to repay senior notes.
New Executive Severance Policy for appointed officers and certain key subsidiary employees, with severance tied to termination without cause and a 24-month clawback for cause.

03—Questions

Frequently Asked Questions

How did Reliance perform in the third quarter of 2025?
Net sales were $3.65 billion, and tons sold rose 6.2% year-over-year to a third-quarter record. Diluted EPS was $3.59, down from $4.42 in the second quarter of 2025, and the gross profit margin was 28.3%, versus 29.7% in the prior quarter.
What guidance did Reliance give for the fourth quarter of 2025?
The company expects tons sold up 3.5% to 5.5% compared with Q4 2024, a flat average selling price per ton versus Q3 2025, and non-GAAP EPS of $2.65 to $2.85, including LIFO expense of $25.0 million or $0.35 per share.
What did management say was driving margin pressure?
Management cited trade policy uncertainty and readily available inventory causing hesitant buyers, which made it harder to raise selling prices enough to offset mill price increases. It also noted continued underperformance in aerospace and semiconductor markets due to excess supply-chain inventories.
What does the new Executive Severance Policy provide?
On a termination without cause, and subject to a general release, covered employees receive a lump sum equal to 12 months of base salary (or pro-rated for shorter tenure), a pro-rata annual bonus plus 50% of target bonus (the latter not for those employed under 12 months), and a lump sum for up to 12 months of COBRA premiums. Amounts must be repaid if cause is found within 24 months of termination.
What is Reliance's capital return and balance sheet position?
The company repurchased $60.9 million of stock in Q3 and had $963.6 million remaining under its share repurchase program at September 30, 2025. It declared a $1.20 quarterly dividend payable December 5, 2025. Cash and equivalents were $261.2 million, and net debt-to-total capital was 13.3%.

04—Continue

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