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Reliance 8-K Report, Financial Results (Apr 22, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 22, 2026
Period End
April 22, 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 April 22, 2026. Cited figures are marked; the original filing is the authoritative source.

Reliance, Inc. reported first-quarter 2026 results with net sales of $4.03 billiona, up 15.1% sequentially and 15.5% year-over-year.

Diluted EPS was $5.10b, 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 $0.54c 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 milliond, 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.

02—Key points

Key Highlights

  1. Non-GAAP diluted EPS of $5.16 was up 37% year-over-year and exceeded management's guidance range of $4.50 to $4.70; GAAP diluted EPS was $5.10.
  2. Net sales of $4.03 billion rose 15.1% sequentially and 15.5% year-over-year, driven by record tons sold of 1,672.7 thousand (up 9.4% sequentially) and a 5.3% sequential increase in average selling price per ton.
  3. Pretax income of $349.5 million was up 33% year-over-year, and gross profit margin of 29.1% improved 180 basis points sequentially but declined 60 basis points year-over-year.
  4. LIFO expense of $0.54 per diluted share was $0.18 above management's expectation, primarily due to higher carbon steel and aluminum product costs.
  5. Cash flow from operations was $151.4 million and free cash flow was $87.2 million; total debt was $1.7 billion, with net debt-to-EBITDA of 1.0x.
  6. Reliance repurchased $234 million of stock in the quarter and paid $67 million in dividends; the quarterly dividend is $1.25 per share, payable June 5, 2026.
  7. Q2 2026 guidance calls for non-GAAP EPS of $5.15 to $5.35, including an estimated $0.15 to $0.20 per share from the DHS border wall contract, with the contract's shipments expected to increase through the year.

03—Questions

Frequently Asked Questions

  1. How did Reliance perform relative to its own expectations in Q1 2026?

    Management said first-quarter volumes, pricing and earnings all exceeded its expectations. Non-GAAP EPS of $5.16 was above the $4.50 to $4.70 guidance range, tons sold rose 9.4% sequentially versus an expected 5% to 7% increase in the year-over-year comparison, and average selling price rose 5.3% sequentially versus an expected 3% to 5% increase.

  2. What is the outlook for the second quarter of 2026?

    Reliance expects tons sold to increase 1.0% to 3.0% sequentially and average selling price per ton to rise 1.5% to 3.5% sequentially. Non-GAAP diluted EPS is projected at $5.15 to $5.35, which the company says represents year-over-year growth of approximately 16% to 21%. The guidance includes LIFO expense of $37.5 million, or $0.54 per diluted share.

  3. What are the government contracts and how do they affect earnings?

    AMI, a Reliance subsidiary, was awarded a DHS contract with a maximum estimated value of up to $2.24 billion for steel supply for the Southwest border wall, with Phase 1 sales estimated at about $1.4 billion through mid-2027. A separate five-year IDIQ contract for processed aluminum plate for Joint Strike Fighter programs has a maximum estimated value of $654 million, effective January 2027 through December 2028. Reliance said border wall shipments carry below-average selling prices and margins but above-average earnings contribution, and guided to $0.15 to $0.20 of Q2 EPS from them.

  4. How much did Reliance return to shareholders and how is its balance sheet positioned?

    Reliance returned approximately $301 million in the first quarter, including $67 million in dividends and $234 million in share repurchases at an average price of approximately $299 per share. Share repurchases reduced outstanding shares by 3% year-over-year. As of March 31, 2026, cash was $249.7 million and total debt was $1.7 billion, including $550 million outstanding under its $1.5 billion revolving credit facility.

04—Continue

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