Reliance, Inc. (RS) SEC Filings & Earnings Calls
EquiReason read 9 Reliance, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — Reliance reported record Q3 2026 net sales $5.21B (up 13% seq), EPS $7.84 (non-GAAP $8.02, up 120% YoY), significantly exceeding guidance of $6.40-6.60. Increased share repurchase .
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 21.2B
- P/E TTM
- 24.1
- Dividend yield
- 1.2%
- 52-week
- —
- Next earnings
- 16 Feb, in 115 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
21 Oct 20268-K · 2.02Reliance reported record Q3 2026 net sales $5.21B (up 13% seq), EPS $7.84 (non-GAAP $8.02, up 120% YoY), significantly exceeding guidance of $6.40-6.60. Increased share repurchase authorization to $2.5B. Q4 guidance: non-GAAP EPS $7.40-7.60open
Figures in the filing · each found in the filing text
| Net sales · Q3-2026 | $5.21B | +43% y/y |
| Non-GAAP diluted EPS · Q3-2026 | $8.02 | +120% y/y |
| Tons sold · Q3-2026 | 1,867.2 | +16% y/y |
| Average selling price per ton · Q3-2026 | $2815.00 | +24% y/y |
| Gross profit margin · Q3-2026 | 27.9% | |
| Free cash flow · Q3-2026 | $133M | -26% y/y |
| LIFO expense · Q3-2026 | $188M | +650% y/y |
Guidance
Q4 2026 non-GAAP EPS $7.40-7.60 (vs prior Q3 actual $8.02); tons sold up 13.5-15.5% YoY; ASP up 1-3% sequentially; LIFO expense $112.5M
Q4 guidance significantly above prior year; demand remains healthy; border wall project provides additional tailwind.
Risks flagged
Trade policy uncertainty and geopolitical conflicts could impact supply and demand.
“Ongoing domestic and international trade policy uncertainty and the continued conflicts in Iran and Ukraine, which could pose supply availability and macroeconomic risks.” · word for word
LIFO expense significantly higher than expected due to rising carbon steel costs.
“LIFO expense $187.5M vs management expectation of $1.10 per share; incremental $1.64 per share negative impact.”
28 Jul 202610-QReliance reported record Q2 2026 results with net sales up 26.5% YoY and EPS up 42.3% YoY, driven by record tons sold, higher ASP, and a $0.41 EPS contribution from the U.S. border wall project.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q2-2026 | $4.63B | +27% y/y |
| Net income – Reliance · Q2-2026 | $323M | +38% y/y |
| Diluted earnings per share · Q2-2026 | $6.29 | +42% y/y |
| Tons sold · Q2-2026 | 1,790,100 | +11% y/y |
| Average selling price per ton sold · Q2-2026 | $2602.00 | +15% y/y |
| Gross profit margin (LIFO) · Q2-2026 | 28.1% | |
| Gross profit margin (FIFO) · Q2-2026 | 30.5% | |
| Operating income · Q2-2026 | $442M | +41% y/y |
| Operating cash flow · H1-2026 | $314M | +7% y/y |
| LIFO expense · Q2-2026 | $113M | +350% y/y |
Risks flagged
LIFO Expense Volatility
“The increases in LIFO expense were due to more significant increases in metal pricing in 2026 compared to 2025.” · word for word
Trade Policy Uncertainty
“The increases in tons sold reflect improved demand across most of our end markets, as well as market share gains despite ongoing trade policy uncertainty.” · word for word
Inflationary Cost Pressure
“inflationary impacts on transportation costs from higher fuel prices and wage and benefit inflation” · word for word
22 Jul 20268-K · 2.02Reliance reported record Q2 2026 tons sold, revenue up 15% sequentially, EPS $6.29 (non-GAAP $6.27) exceeding guidance of $5.15-5.35, pretax income up 41% YoY. Q3 guidance raised to $6.40-6.60 EPS, driven by border wall contract and strongearningsopen
Figures in the filing · each found in the filing text
| Net sales · Q2-2026 | $4.63B | +27% y/y |
| Non-GAAP diluted EPS · Q2-2026 | $6.27 | +42% y/y |
| Diluted EPS · Q2-2026 | $6.29 | +42% y/y |
| Tons sold · Q2-2026 | 1,790,100 | +11% y/y |
| Average selling price per ton sold · Q2-2026 | $2602.00 | +14% y/y |
| Non-GAAP pretax income · Q2-2026 | $429M | +40% y/y |
| Non-GAAP pretax income margin · Q2-2026 | 9.3% | |
| Gross profit margin · Q2-2026 | 28.1% | |
| Non-GAAP gross profit margin – FIFO · Q2-2026 | 30.5% | |
| LIFO expense · Q2-2026 | $113M | +350% y/y |
Guidance
Q3 2026 non-GAAP EPS guidance raised to $6.40-6.60 from prior implied range (based on Q2 beat); Q3 tons sold ex-border wall down 2-4% sequentially; Q3 ASP up 1-3% sequentially; Q3 LIFO expense $75M ($1.10 per share); Q3 border wall contribution ~$0.60 EPS
Reliance raised Q3 2026 guidance significantly above Q2 actuals, driven by strong demand, pricing power, and border wall contract. Q3 EPS guidance of $6.40-6.60 represents 76-81% YoY growth. Management expresses strong confidence in demand outlook across multiple end markets.
Risks flagged
LIFO expense significantly higher than expected ($1.64 vs $0.54 per share guidance) due to rising carbon steel and aluminum costs
“Results included $1.64 per share of LIFO expense compared to management's expectation of $0.54” · word for word
Trade policy uncertainty and geopolitical risks (Iran conflict) could impact supply availability and macroeconomic conditions
“Management cites 'ongoing domestic and international trade policy uncertainty and the continued conflict in Iran' as risks”
Border wall contract introduces concentration risk and potential for project delays or cancellation
“Q3 guidance includes ~$0.60 EPS from border wall project; project is government contract with potential for changes”
29 Apr 202610-QNet sales $4.03B (+16% y/y); Net income $266M (+32% y/y); Diluted earnings per share $5.10 (+36% y/y)open
Figures in the filing · each found in the filing text
| Net sales · Q1-2026 | $4.03B | +16% y/y |
| Net income · Q1-2026 | $266M | +33% y/y |
| Diluted earnings per share · Q1-2026 | $5.10 | +36% y/y |
| Tons sold · Q1-2026 | 1,672,700 | +3% y/y |
| Average selling price per ton sold · Q1-2026 | $2414.00 | +13% y/y |
| Operating cash flow · Q1-2026 | $151M | +135% y/y |
| Free cash flow · Q1-2026 | $81M |
Risks flagged
Tariff/trade policy uncertainty
“Our increase in tons sold reflects... market share gains achieved against a backdrop of ongoing trade policy uncertainty.”
LIFO inventory valuation volatility
“LIFO expense $37.5M vs $25.0M prior year; inventory LIFO reserve $586.1M”
22 Apr 20268-K · 2.02Net sales $4.03B (+16% y/y); Net income – Reliance $265M (+33% y/y); Diluted EPS $5.10 (+36% y/y); Guidance: Q1 non-GAAP EPS $5.16 vs guidance $4.50-4.70earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q1-2026 | $4.03B | +16% y/y |
| Net income – Reliance · Q1-2026 | $265M | +33% y/y |
| Diluted EPS · Q1-2026 | $5.10 | +36% y/y |
| Non-GAAP diluted EPS · Q1-2026 | $5.16 | +37% y/y |
| Tons sold · Q1-2026 | 1,672,700 | +3% y/y |
| Average selling price per ton sold · Q1-2026 | $2414.00 | +13% y/y |
Guidance
Q1 non-GAAP EPS $5.16 vs guidance $4.50-4.70
Q1 results exceeded guidance; strong demand and pricing momentum; positive outlook.
Risks flagged
LIFO expense of $0.54 per share impacted earnings; higher carbon steel and aluminum costs.
“Results included approximately $0.54 per share of LIFO expense compared to management’s expectation of $0.36 per share, representing an incremental $0.18 impact, primarily due to higher-than-anticipated carbon steel and aluminum product cost increases.” · word for word
2 Apr 2026DEF 14AProxy statement for 2026 annual meeting, disclosing executive compensation and governance matters.open
Figures in the filing · each found in the filing text
| Net sales · FY2025 | $14.29B | +3% y/y |
| Tons sold · FY2025 | 6,400,000 | +6% y/y |
| Gross profit margin · FY2025 | 28.7% | |
| Pretax income · FY2025 | $969M | -15% y/y |
| Net income · FY2025 | $739M | -16% y/y |
| Earnings per diluted share · FY2025 | $13.98 | -10% y/y |
| Operating cash flow · FY2025 | $831M | |
| Share repurchases · FY2025 | $594M | |
| Dividends paid · FY2025 | $255M | |
| Capital expenditures · FY2025 | $329M |
Risks flagged
Tariff-related LIFO margin volatility
“Gross profit margin declined 100 basis points year-over-year to 28.7%, primarily due to tariff-related temporary LIFO margin pressure.” · word for word
Metals pricing decline
“average selling price per ton sold decreased 2.6%”
26 Feb 202610-KOperating cash flow $831M (-42% y/y); Cash and cash equivalents $217M; Total debt $1.43Bopen
Figures in the filing · each found in the filing text
| Operating cash flow · FY2025 | $831M | -42% y/y |
| Cash and cash equivalents · 2025-12-31 | $217M | |
| Total debt · 2025-12-31 | $1.43B | |
| Share repurchases · FY2025 | $594M | -46% y/y |
| Dividends paid · FY2025 | $255M | +2% y/y |
| Net debt-to-total capital ratio · 2025-12-31 | 14.4% |
Risks flagged
Tariff removal risk
“If the Section 232 measures are removed or substantially lessened... imports of foreign metals would likely increase and metal prices in the U.S. would likely fall, which could materially adversely affect our revenues, financial results and cash flows.” · word for word
Metal price volatility
“The price of metals we purchase and the price we charge our customers for the products we sell fluctuate based on many factors outside of our control” · word for word
Cyclical demand risk
“The metals service center industry is cyclical and impacted by both market demand and metals supply.” · word for word
18 Feb 20268-K · 2.02Net sales $3.50B (+12% y/y); Net sales $14.29B (+3% y/y); Tons sold 1,528,700 (+6% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q4-2025 | $3.50B | +12% y/y |
| Net sales · FY2025 | $14.29B | +3% y/y |
| Tons sold · Q4-2025 | 1,528,700 | +6% y/y |
| Tons sold · FY2025 | 6,388,100 | +6% y/y |
| Net income attributable to Reliance · Q4-2025 | $117M | +11% y/y |
| Net income attributable to Reliance · FY2025 | $739M | -16% y/y |
| Diluted EPS · Q4-2025 | $2.22 | +15% y/y |
| Diluted EPS · FY2025 | $13.98 | -10% y/y |
| Non-GAAP diluted EPS · Q4-2025 | $2.40 | +8% y/y |
| Non-GAAP diluted EPS-FIFO · Q4-2025 | $2.96 | +29% y/y |
Risks flagged
LIFO expense of $113.7M in 2025 vs. LIFO income of $144.4M in 2024, pressuring reported earnings
“The Company recorded $113.7 million of LIFO expense for the full year of 2025 which resulted in $38.7 million of LIFO expense for the fourth quarter of 2025” · word for word
Free cash flow declined 49.7% in 2025 due to working capital and capex
“Free cash flow $502.5 million ... 2024 $999.2 million ... (49.7%)”
28 Oct 202510-QReliance reported record Q3 tons sold (+6.2% YoY) but gross margin declined 1.1ppts due to non-demand-driven tariff price increases; operating income fell 5% YoY.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q3-2025 | $3.65B | +7% y/y |
| Net income attributable to Reliance · Q3-2025 | $190M | -5% y/y |
| Tons sold · Q3-2025 | 1,615,500 | +6% y/y |
| Average selling price per ton sold · Q3-2025 | $2271.00 | +1% y/y |
| Gross profit margin · Q3-2025 | 28.3% | |
| Operating cash flow · 9M-2025 | $555M | -42% y/y |
| Capital expenditures · 9M-2025 | $256M | -20% y/y |
| Share repurchases · 9M-2025 | $394M | -59% y/y |
| LIFO expense · 9M-2025 | $75M |
Risks flagged
Tariff-driven margin volatility
“While tariffs imposed in the first half of 2025 initially supported higher selling prices, this positive impact was short-lived as the price increases were not demand driven, leading to short-term gross margin pressure–particularly for carbon steel products which represent the majority of our sales.” · word for word
Working capital pressure from rising volumes and prices
“The significant increase in tons sold during a rising metals pricing environment required a substantial investment in working capital.” · word for word
Reliance, Inc. — questions
- What did Reliance, Inc. file recently?
- 9 SEC filings in the last 12 months. Latest: 8-K on 2026-10-21 — Reliance reported record Q3 2026 net sales $5.21B (up 13% seq), EPS $7.84 (non-GAAP $8.02, up 120% YoY), significantly exceeding guidance of $6.40-6.60. Increased share repurchase authorization to $2.5B. Q4 guidance: non-GAAP EPS $7.40-7.60
Every figure on this page comes from Reliance, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.