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Reliance 8-K Report, Financial Results (Feb 18, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 18, 2026
Period End
February 18, 2026
Security
RS
In the 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. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.

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 billiona, 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 billionb, 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 $1.25c 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 $4.70d, including $25 million of LIFO expense. Management cited healthy demand across non-residential construction, manufacturing and defense, while semiconductor demand remained under pressure.

02—Key points

Key Highlights

  1. Net sales of $3.5 billion in Q4 2025, up 11.9% year-over-year but down 4.2% sequentially; full-year net sales of $14.3 billion, up 3.3%.
  2. Record tons sold: 1,528.7 thousand in Q4 (up 5.8% year-over-year) and 6.4 million tons for the full year (up 6.2%).
  3. Q4 non-GAAP diluted EPS of $2.40 fell short of the $2.65 to $2.85 guidance range, primarily due to a $0.25 per share net unfavorable LIFO and tax true-up impact.
  4. Full-year GAAP diluted EPS declined 10.2% to $13.98, while non-GAAP FIFO diluted EPS rose 13.5% to $15.88.
  5. Share repurchases of $594.1 million in 2025 reduced outstanding shares by 4%; $763.5 million remained under the repurchase program at year-end.
  6. Quarterly dividend raised 4.2% to $1.25 per share (annual rate $5.00), declared February 13, 2026.
  7. Q1 2026 guidance calls for non-GAAP diluted EPS of $4.50 to $4.70, with tons sold up 5% to 7% and average selling price up 3% to 5% sequentially.

03—Questions

Frequently Asked Questions

  1. Why did Reliance's Q4 2025 earnings miss management's guidance?

    Non-GAAP diluted EPS of $2.40 included a net unfavorable year-end LIFO and income tax true-up impact of $0.25 per share. Management said that, normalized for these LIFO and tax impacts, non-GAAP EPS would have been $2.65, within its guidance range. Q4 LIFO expense of $38.7 million exceeded management's $25 million expectation due mainly to higher-than-anticipated aluminum cost increases.

  2. How did cash flow and capital allocation change in 2025?

    Cash provided by operations was $831.4 million for 2025, compared with $1,429.8 million in 2024. Free cash flow was $502.5 million versus $999.2 million a year earlier. The company deployed $594.1 million on share repurchases, $254.7 million on dividends and $328.9 million on capital expenditures. Net debt-to-total capital rose to 14.4% from 10.2%.

  3. What is the outlook for the first quarter of 2026?

    Reliance estimates tons sold will rise 5% to 7% and average selling price per ton will rise 3% to 5% compared with Q4 2025. It expects a modest improvement in FIFO gross profit margin and non-GAAP diluted EPS of $4.50 to $4.70, including $25 million of LIFO expense ($0.36 per diluted share).

  4. What did management say about end-market demand heading into 2026?

    Management described healthy demand in non-residential construction, including infrastructure, data centers and energy, and across manufacturing, military and aerospace defense. Automotive toll processing was expected to remain steady, subject to North American trade policy. Demand for certain semiconductor-related products remained under pressure, with excess supply chain inventory expected to weigh on demand in Q1 2026.

  5. What is the status of the dividend and share repurchase program?

    The board declared a quarterly dividend of $1.25 per share, up 4.2%, payable March 20, 2026 to holders of record as of March 6, 2026. Reliance has paid regular quarterly dividends for 66 consecutive years. As of December 31, 2025, $763.5 million remained available under the share repurchase program, which had been replenished to $1.5 billion in October 2024.

04—Continue

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