Reliance, Inc. Reports Third Quarter 2026 Financial Results

Q: What were Reliance’s third-quarter 2026 earnings and sales?

Reliance reported $7.84 diluted EPS and $5,213.2 million in sales for the quarter ended September 30, 2026. EPS increased 118.4% year-over-year, while sales rose 42.8%. Non-GAAP diluted EPS was $8.02, above management’s $6.40–$6.60 guidance.

Q: What is Reliance’s fourth-quarter 2026 earnings outlook?

Reliance expects non-GAAP diluted EPS of $7.40–$7.60, up over 200% year-over-year. The outlook includes $112.5 million of last-in, first-out inventory accounting expense, or $1.64 per diluted share, and approximately $0.70 per share from the U.S. border wall project.

Q: How much cash and revolving credit debt did Reliance have at September 30, 2026?

Reliance had $246.0 million in cash and cash equivalents and $495 million outstanding under its $1.5 billion revolving credit facility at September 30, 2026. Total debt was $1.6 billion.

Higher earnings accompanied lower year-over-year operating cash flow, while the board expanded the buyback authorization.

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Rhea-AI Summary

Reliance (NYSE: RS) reported record third-quarter 2026 net sales of $5.21 billion, with higher shipments and selling prices supporting earnings growth. Sales rose 12.6% sequentially and 42.8% year-over-year. Diluted earnings per share reached $7.84, up 118.4% year-over-year; non-GAAP EPS was $8.02, above management’s $6.40–$6.60 guidance. Tons sold increased 4.3% sequentially, while average selling price per ton rose 8.2%.

Gross margin fell to 27.9% as inventory accounting expense increased. Operating cash flow was $212.0 million, down 19.0% year-over-year. The board increased the share repurchase authorization to $2.5 billion. Reliance expects fourth-quarter non-GAAP EPS of $7.40–$7.60, up over 200% year-over-year, including approximately $0.70 from the U.S. border wall project. A quarterly dividend of $1.25 per share is payable December 4, 2026.

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0 major · 12 points

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Positive

Moderate pointQ3 sales of $5,213.2 million rose 12.6% sequentially and 42.8% year-over-year.
Moderate pointQ3 diluted EPS of $7.84 increased 24.6% sequentially and 118.4% year-over-year.
Moderate pointQ3 non-GAAP EPS of $8.02 exceeded management’s $6.40–$6.60 guidance and rose 120.3% year-over-year.
Moderate pointQ3 tons sold rose 4.3% sequentially and 15.6% year-over-year to 1,867.2 thousand.
Moderate pointQ3 selling price of $2,815 per ton rose 8.2% sequentially, exceeding management’s flat-to-up-2.0% expectation.
Moderate pointNon-GAAP Q3 gross margin excluding last-in, first-out inventory accounting reached 31.6%, up 110 basis points sequentially.
Moderate pointShare repurchase authorization increased to $2.5 billion on October 20, 2026, without a set expiration date. 12% of market cap
Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 non-GAAP EPS guidance of $7.40–$7.60 represents expected growth of over 200% year-over-year.
Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 tons sold excluding the border wall project are expected up 4.0%–6.0% year-over-year but down 5.5%–7.5% sequentially.
Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 total tons sold are expected up 13.5%–15.5% year-over-year, including an estimated 9.5% border wall contribution.

19 minor points

Minor pointQ3 pretax income of $531.9 million rose 23.8% sequentially and 114.7% year-over-year.
Minor pointQ3 net income of $402.9 million increased 24.8% sequentially and 112.6% year-over-year.
Minor pointQ3 gross profit of $1,453.9 million rose 11.8% sequentially and 40.9% year-over-year.
Minor pointQ3 pretax margin of 10.2% increased 0.9 percentage points sequentially and 3.4 points year-over-year.
Minor pointQ3 tons excluding the border wall project rose 0.6% sequentially versus an expected 2%–4% decline.
Minor pointBorder wall Q3 EPS contribution of $0.74 exceeded management’s expectation of approximately $0.60.
Minor pointBorder wall project contributed 3.7% to sequential tons growth and 9.4% to year-over-year tons growth.
Minor pointBorder wall operating costs per ton were below average, contributing 40 basis points of year-over-year pretax margin expansion.
Minor pointNine-month sales of $13,869.2 million increased 28.5% year-over-year.
Minor pointNine-month diluted EPS of $19.21 increased 63.6% year-over-year.
Minor pointNine-month net income of $990.7 million increased 59.0% year-over-year.
Minor pointNine-month pretax income of $1,311.2 million rose 61.0%; pretax margin increased to 9.5% from 7.5%.
Minor pointNine-month gross profit of $3,926.3 million increased 24.5% year-over-year.
Minor pointNine-month tons sold rose 9.7%; average selling price per ton increased 17.5% year-over-year.
Minor pointQ3 share repurchases of $44.7 million accompanied a 3% year-over-year reduction in outstanding common shares from 2026 repurchases.
Minor pointNet debt relative to operating earnings before interest, taxes, depreciation and amortization fell to 0.8x from 0.9x sequentially.
Minor point. Forward-looking: it has not happened yet and may not happen.Q4 average selling price per ton is expected to rise 1.0%–3.0% sequentially.
Minor point. Forward-looking: it has not happened yet and may not happen.Q4 border wall EPS contribution is expected at approximately $0.70, with pretax margins above the company average.
Minor point. Forward-looking: it has not happened yet and may not happen.Q4 semiconductor and commercial aerospace demand is expected to improve; other disclosed end markets are expected to remain healthy.

Negative

Moderate pointQ3 last-in, first-out inventory expense of $187.5 million increased from $112.5 million sequentially and $25.0 million year-over-year.
Moderate pointQ3 operating cash flow of $212.0 million fell 19.0% year-over-year despite increasing 30.7% sequentially.
Moderate pointQ3 free cash flow of $133.0 million fell 26.4% year-over-year despite increasing 93.3% sequentially.
Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 guidance includes inventory accounting expense of $112.5 million, or $1.64 per diluted share.
Minor pointQ3 gross margin of 27.9% fell 0.2 percentage points sequentially and 0.4 points year-over-year.

7 minor points

Minor pointQ3 inventory expense of $2.74 per diluted share exceeded management’s $1.10 expectation, adding a $1.64 negative impact.
Minor pointNine-month operating cash flow of $525.6 million declined 5.3% year-over-year; free cash flow fell 3.5% to $289.0 million.
Minor pointNine-month gross margin of 28.3% declined 0.9 percentage points year-over-year.
Minor pointBorder wall product mix reduced Q3 selling price growth by 1.7% and non-GAAP inventory-adjusted gross margin by 60 basis points year-over-year.
Minor pointTotal debt was $1.6 billion at September 30, including $495 million outstanding under the revolving credit facility.
Minor pointNet debt to total capital of 15.3% exceeded 13.3% a year earlier, although below 16.2% sequentially.
Minor point. Forward-looking: it has not happened yet and may not happen.Q4 supply availability risks accompany trade policy uncertainty and conflicts in Iran and Ukraine.

News Explained

Reliance says its 2026 share repurchases have reduced outstanding common shares by 3% year over year, with $45 million repurchased in Q3, so the disclosure reports completed share-count reduction alongside a larger authorization.

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Key Figures

Net sales: $5.21 billion Diluted EPS: $7.84 Non-GAAP diluted EPS: $8.02 +5 more

Net sales: $5.21 billion; Q3 2026; record sales, up 13% sequentially
Diluted EPS: $7.84; Q3 2026
Non-GAAP diluted EPS: $8.02; Q3 2026; up 120% year-over-year and above guidance of $6.40 to $6.60
LIFO expense per diluted share: $2.74; Q3 2026; $1.64 per share incremental negative impact versus management's expectation
Border wall project EPS contribution: $0.74 per share; Q3 2026; exceeded management's expectation of approximately $0.60
Repurchase authorization: $2.5 billion; Authorization increased by board amendment; no set expiration date
Quarterly cash dividend: $1.25 per share; Declared October 20, 2026; payable December 4, 2026
Q4 non-GAAP diluted EPS outlook: $7.40 to $7.60; Fourth quarter 2026; up over 200% year-over-year

Previous Earnings Reports

2 past events · Latest: Jul 22

Same Type 2 events

Jul 22
Q2 earnings

24h Move

+2.4%

Q2 report set Q3 non-GAAP EPS guidance and disclosed the border-wall project's EPS contribution.
Apr 22
Q1 earnings

24h Move

-1.8%

Q1 results disclosed the DHS border-wall award with estimated Phase 1 sales.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, lifo, fifo

3 terms

non-gaap financial

"non-GAAP earnings per diluted share were $8.02"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

lifo financial

"Results also include $2.74 per share of LIFO expense"

An accounting method that assumes the most recently acquired inventory items are sold first, so the newest costs flow into cost of goods sold while older costs stay on the balance sheet. Imagine a stack of boxes where you take from the top; when prices are rising, that top-first approach produces higher reported costs and lower reported profits, which can reduce taxes and change profit margins. Investors watch LIFO because it affects reported earnings, tax liabilities, and how comparable a company’s performance is to peers.

fifo financial

"Non-GAAP FIFO gross profit margin"

FIFO (first-in, first-out) is an accounting and inventory rule that treats the oldest acquired items or shares as the ones sold first, like taking the oldest milk from the front of a fridge before newer cartons. For investors, FIFO matters because it changes reported profits, inventory values and tax bills — in rising-price environments it usually shows higher profits and higher taxes than alternative methods, affecting how company performance and cash flow are interpreted.

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10/21/2026 - 04:05 PM EDT

Record net sales of $5.21 billion, up 13% sequentially, with record tons sold up 4.3%
EPS of $7.84; non-GAAP EPS of $8.02, up 120% year-over-year, significantly exceeding expectations
Pretax income of $531.9 million, up 115% year-over-year
Increased share repurchase program to $2.5 billion

PHOENIX, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (“Reliance,” the “Company,” “we,” “our,” or “us”) today reported its financial results for the third quarter ended September 30, 2026.


(in millions, except tons sold in thousands, per ton and per share amounts)
						Seq.	Nine Months Ended September 30,				YoY			YoY
	Q3 2026		Q2 2026			Chg	2026		2025		Chg	Q3 2025		Chg
Income Statement Summary:
Net sales	$	5,213.2	$	4,630.0		12.6%	$	13,869.2	$	10,795.7	28.5%	$	3,651.2	42.8%
Gross profit¹	$	1,453.9	$	1,300.5		11.8%	$	3,926.3	$	3,152.8	24.5%	$	1,031.6	40.9%
Gross profit margin¹		27.9%		28.1%		(0.2) pts		28.3%		29.2%	(0.9) pts		28.3%	(0.4) pts
Non-GAAP gross profit margin^1,2		28.0%		28.1%		(0.1) pts		28.4%		29.3%	(0.9) pts		28.3%	(0.3) pts
LIFO expense (% of sales)		3.6%		2.4%		1.2 pts		2.4%		0.7%	1.7 pts		0.6%	3.0 pts
Non-GAAP gross profit margin – FIFO^1,2		31.6%		30.5%		1.1 pts		30.8%		30.0%	0.8 pts		29.0%	2.6 pts
Pretax income	$	531.9	$	429.8		23.8%	$	1,311.2	$	814.4	61.0%	$	247.7	114.7%
Non-GAAP pretax expense (income) adjustments²	$	12.3	$	(1.1	)		$	15.5	$	7.1		$	3.7
Non-GAAP pretax income²	$	544.2	$	428.7		26.9%	$	1,326.7	$	821.5	61.5%	$	251.4	116.5%
LIFO expense	$	187.5	$	112.5			$	337.5	$	75.0		$	25.0
Non-GAAP pretax income – FIFO²	$	731.7	$	541.2		35.2%	$	1,664.2	$	896.5	85.6%	$	276.4	164.7%
Pretax income margin		10.2%		9.3%		0.9 pts		9.5%		7.5%	2.0 pts		6.8%	3.4 pts
Non-GAAP pretax income margin²		10.4%		9.3%		1.1 pts		9.6%		7.6%	2.0 pts		6.9%	3.5 pts
Non-GAAP pretax income margin – FIFO²		14.0%		11.7%		2.3 pts		12.0%		8.3%	3.7 pts		7.6%	6.4 pts
Net income – Reliance	$	402.9	$	322.9		24.8%	$	990.7	$	622.9	59.0%	$	189.5	112.6%
Diluted EPS	$	7.84	$	6.29		24.6%	$	19.21	$	11.74	63.6%	$	3.59	118.4%
Non-GAAP diluted EPS²	$	8.02	$	6.27		27.9%	$	19.43	$	11.84	64.1%	$	3.64	120.3%
LIFO expense per diluted share²	$	2.74	$	1.64			$	4.91	$	1.06		$	0.35
Non-GAAP diluted EPS – FIFO²	$	10.76	$	7.91		36.0%	$	24.34	$	12.90	88.7%	$	3.99	169.7%

Balance Sheet and Cash Flow Data:
Cash provided by operations	$	212.0	$	162.2		30.7%	$	525.6	$	555.3	(5.3)%	$	261.8	(19.0)%
Free cash flow²	$	133.0	$	68.8		93.3%	$	289.0	$	299.6	(3.5)%	$	180.6	(26.4)%
Net debt / total capital²		15.3%		16.2%				15.3%		13.3%			13.3%
Net debt / EBITDA²		0.8x		0.9x				0.8x		0.9x			0.9x
Total debt / EBITDA²		0.9x		1.1x				0.9x		1.1x			1.1x

Capital Allocation Data:
Acquisitions, net	$	–	$	–			$	–	$	2.8		$	–
Capital expenditures	$	79.0	$	93.4			$	236.6	$	255.7		$	81.2
Dividends	$	63.8	$	63.8			$	194.2	$	191.2		$	62.9
Share repurchases	$	44.7	$	–			$	278.9	$	394.0		$	60.9

Key Business Metrics:
Tons sold		1,867.2		1,790.1		4.3%		5,330.0		4,859.4	9.7%		1,615.5	15.6%
Average selling price per ton sold	$	2,815	$	2,602		8.2%	$	2,618	$	2,229	17.5%	$	2,271	24.0%

Please refer to the footnotes at the end of this press release for additional information.

Management Commentary
“Reliance delivered an exceptional third quarter with record quarterly net sales and our third-highest quarterly earnings per share. We capitalized on a favorable market environment, characterized by continued healthy demand and tight supply, leading to increased price levels for most carbon steel products. Our long-term strategy of supporting both our valued customers and key domestic mill partners positioned us particularly well to benefit from these dynamics,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Our scale, product diversification, expansive value-added processing capabilities, and ability to source the inventory our customers need, led by the strong execution of our teams in the field, drove our exceptional results. The U.S. Department of Homeland Security border wall contract we were awarded earlier this year continued to ramp and delivered another meaningful contribution to third quarter earnings. Our smart, profitable growth strategy once again produced record quarterly tons shipped, contributing to non-GAAP diluted earnings per share of $8.02, up 120% year-over-year.”

Mrs. Lewis continued, “Our strong balance sheet and ample liquidity continue to provide us the flexibility to concurrently invest in our businesses, pursue strategic growth opportunities, and return capital to our stockholders. Looking ahead, we believe Reliance remains exceptionally well positioned as customer optimism remains high and strengthens across infrastructure, semiconductor, general manufacturing, and aerospace. Together, our proven business model, outstanding team, and current market dynamics give us confidence in our ability to gain market share and invest through cycles to continue driving profitable growth and strong stockholder returns.”

Third Quarter 2026 Financial Highlights
Earnings per share were $7.84 and non‑GAAP earnings per diluted share were $8.02, significantly exceeding management’s guidance of $6.40 to $6.60 and up 120% year-over-year. Results also include $2.74 per share of LIFO expense compared to management’s expectation of $1.10, representing an incremental $1.64 per share negative impact, primarily due to higher-than-anticipated carbon steel product costs. In addition, third quarter earnings include a $0.74 per share contribution from the U.S. border wall project, exceeding management’s expectation of approximately $0.60 per share.

Quarterly tons sold increased 4.3% sequentially, including a 3.7% contribution from the U.S. border wall project. Excluding the border wall project, tons sold increased 0.6% sequentially, exceeding management’s expectation of a 2% to 4% decline. Reliance’s third quarter year-over-year growth in tons sold of 15.6% includes a 9.4% contribution from the border wall project and exceeds the industry-wide increase of 10.1% reported by the Metals Service Center Institute (“MSCI”).

Average selling price per ton sold increased 8.2% sequentially, which includes a 1.7% product mix-related reduction attributable to the U.S. border wall project, exceeding management’s expectation of flat to up 2.0% due to stronger-than-anticipated carbon steel pricing.

Gross profit of $1.45 billion represented the second-highest quarterly result in the Company’s history, as gross profit dollars per ton continued to increase in the third quarter across carbon and stainless steel products and remained historically strong for aluminum products. Gross profit margin of 27.9% decreased 20 basis points sequentially due to increased LIFO expense associated with carbon steel costs rising significantly more than anticipated and product mix impact associated with the U.S. border wall project. Non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased 110 basis points sequentially to 31.6% despite a 60 basis point year-over-year reduction attributable to the U.S. border wall project. The project’s below-average operating costs per ton contributed 40 basis points of year-over-year pretax income margin expansion during the third quarter, despite its dilutive impact on gross profit margin.

Higher shipments and improved gross profit per ton, supported by pricing discipline and continued market share gains, together with the contribution from the U.S. border wall project, drove a 116% year-over-year increase in non-GAAP pretax income to $544.2 million.

End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the third quarter of 2025. Strong demand from data centers, energy infrastructure and public infrastructure projects continued to offset softness in various non-residential construction sectors. The Company expects non-residential construction demand levels to remain solid in the fourth quarter of 2026, subject to normal seasonality and potential headwinds from supply availability.

Demand across the broader manufacturing end market Reliance serves improved compared to the third quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the fourth quarter of 2026 subject to the customary seasonal slowdown.

Demand in aerospace improved compared to the third quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the fourth quarter of 2026, with gradual build-rate increases and growing backlogs supporting continued improvement. Demand in the defense and space-related portions of Reliance’s aerospace business is expected to remain robust in the fourth quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market improved from the third quarter of 2025. The Company expects demand for automotive toll processing to remain at healthy levels in the fourth quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the third quarter of 2025, supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the fourth quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of September 30, 2026, Reliance had $246.0 million of cash and cash equivalents and total debt of $1.6 billion, including $495 million outstanding under its $1.5 billion revolving credit facility. Cash flow from operations was $212.0 million in the third quarter of 2026, despite a significant investment in working capital driven by robust shipment volumes and higher metals prices.

The Company returned approximately $109 million to its stockholders in the third quarter of 2026 paying dividends of $64 million and repurchasing $45 million of its shares at an average price of approximately $395 per share. Reliance’s 2026 share repurchases have reduced outstanding common shares by 3% year-over-year. On October 20, 2026, Reliance’s Board of Directors approved an amendment to Reliance’s existing share repurchase plan, increasing the repurchase authorization to $2.5 billion without a set expiration date. Since 2021, Reliance has repurchased $3.4 billion of its common stock at an average price of approximately $236 per share, reducing issued and outstanding common shares by 23%.

On October 20, 2026, the Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on December 4, 2026 to stockholders of record as of November 20, 2026.

Fourth Quarter 2026 Business Outlook
Reliance anticipates fourth quarter 2026 demand to remain at healthy levels across its key products and end markets, despite ongoing domestic and international trade policy uncertainty and the continued conflicts in Iran and Ukraine, which could pose supply availability and macroeconomic risks.

Excluding the impact of the border wall project, the Company estimates tons sold in the fourth quarter of 2026 will be up 4.0% to 6.0% compared to the fourth quarter of 2025, and, consistent with seasonal trends, down 5.5% to 7.5% compared to the third quarter of 2026. Including an estimated 9.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 13.5% to 15.5% compared to the fourth quarter of 2025.

Reliance expects its average selling price per ton sold for the fourth quarter of 2026 will be up 1.0% to 3.0% compared to the third quarter of 2026.

Based on these assumptions, and inclusive of LIFO expense of $112.5 million, or $1.64 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $7.40 to $7.60 for the fourth quarter of 2026, up over 200% year‑over‑year. This outlook includes approximately $0.70 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.

Conference Call Details
Reliance will host a conference call and simultaneous webcast to discuss its third quarter 2026 financial results and business outlook on Thursday, October 22, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13762971. A live listen-only webcast of the conference call will be available in the Investors section of the Company’s website at investor.reliance.com.

For those unable to participate during the live webcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on November 5, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13762971. A replay of the webcast will remain available at investor.reliance.com for 90 days.

About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry-leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management’s estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:
(213) 576-2428
investor@reliance.com

or Addo Investor Relations
(310) 829-5400

(Tables to follow)


Q3 2026 Major Commodity Metrics
	Tons Sold (tons in thousands; % chg)											Avg. Selling Price per Ton Sold (% chg)
	Q3 2026		Q2 2026		Seq. Chg			Q3 2025		YoY Chg		Seq. Chg		YoY Chg
Carbon steel		1,570.4		1,480.2		6.1%			1,326.1		18.4%		12.1%		29.5%
Aluminum		85.5		86.0		(0.6%	)		80.4		6.3%		3.5%		30.4%
Stainless steel		81.6		81.3		0.4%			75.9		7.5%		6.5%		20.6%
Alloy		30.2		36.6		(17.5%	)		29.7		1.7%		21.6%		15.0%
Copper & brass		5.8		5.8		—			5.6		3.6%		4.4%		20.2%

	Sales ($ in millions; % chg)
	Q3 2026		Q2 2026		Seq. Chg			Q3 2025		YoY Chg
Carbon steel	$	3,119.3	$	2,621.4		19.0%		$	2,032.5		53.5%
Aluminum	$	861.7	$	837.9		2.8%		$	621.5		38.6%
Stainless steel	$	634.9	$	595.2		6.7%		$	489.9		29.6%
Alloy	$	186.8	$	186.2		0.3%		$	159.6		17.0%
Copper & brass	$	129.1	$	123.7		4.4%		$	102.6		25.8%

Year-to-Date (9 Months) Major Commodity Metrics
	Tons Sold (tons in thousands; % chg)							Avg. Selling Price per Ton Sold (% chg)
	2026		2025		YoY Chg			YoY Chg
Carbon steel		4,434.5		3,996.9		10.9%			20.0%
Aluminum		256.6		248.3		3.3%			28.6%
Stainless steel		241.1		227.4		6.0%			12.6%
Alloy		99.8		92.3		8.1%			5.5%
Copper & brass		16.5		16.1		2.5%			22.0%

	Sales ($ in millions; % chg)
	2026		2025		YoY Chg
Carbon steel	$	7,958.8	$	5,980.9		33.1%
Aluminum	$	2,454.2	$	1,847.0		32.9%
Stainless steel	$	1,769.1	$	1,482.3		19.3%
Alloy	$	553.6	$	485.5		14.0%
Copper & brass	$	354.7	$	283.2		25.2%

	Sales by Product
								Nine Months Ended
								September 30,
	Q3 2026		Q2 2026		Q3 2025			2026		2025
Carbon steel structurals		13%		12%		12%			12%		12%
Carbon steel tubing		13%		12%		9%			12%		9%
Carbon steel plate		12%		11%		12%			12%		12%
Hot-rolled steel sheet & coil		9%		9%		9%			9%		9%
Galvanized steel sheet & coil		5%		5%		5%			5%		5%
Carbon steel bar		4%		4%		5%			4%		5%
Cold-rolled steel sheet & coil		2%		2%		2%			2%		2%
Carbon steel		58%		55%		54%			56%		54%

Heat-treated aluminum plate		5%		5%		5%			5%		5%
Common alloy aluminum sheet & coil		5%		5%		5%			5%		5%
Aluminum bar & tube		4%		5%		5%			5%		5%
Common alloy aluminum plate		1%		1%		1%			1%		1%
Heat-treated aluminum sheet & coil		1%		1%		1%			1%		1%
Aluminum		16%		17%		17%			17%		17%

Stainless steel bar & tube		6%		6%		6%			6%		6%
Stainless steel sheet & coil		4%		4%		5%			4%		5%
Stainless steel plate		2%		2%		2%			2%		2%
Stainless steel		12%		12%		13%			12%		13%

Alloy		3%		4%		4%			4%		4%

Copper & brass		2%		3%		3%			2%		3%

Miscellaneous*		5%		5%		5%			5%		5%
Toll processing & logistics		4%		4%		4%			4%		4%
Other		9%		9%		9%			9%		9%

Total		100%		100%		100%			100%		100%

* Includes titanium, fabricated parts, PVC pipe and scrap.


RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except shares in thousands and per share amounts)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2026		2025			2026			2025
Net sales	$	5,213.2	$	3,651.2		$	13,869.2		$	10,795.7

Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		3,759.3		2,619.6			9,942.9			7,642.9
Warehouse, delivery, selling, general and administrative (“SG&A”)		829.7		701.3			2,353.9			2,097.5
Depreciation and amortization		70.1		70.5			208.8			208.9
Impairment		2.0		–			2.0			–
		4,661.1		3,391.4			12,507.6			9,949.3

Operating income		552.1		259.8			1,361.6			846.4

Other (income) expense:
Interest expense		18.4		14.4			52.0			40.2
Other expense (income), net		1.8		(2.3	)		(1.6	)		(8.2	)
Income before income taxes		531.9		247.7			1,311.2			814.4
Income tax provision		128.5		57.7			318.6			189.7
Net income		403.4		190.0			992.6			624.7
Less: net income – noncontrolling interests		0.5		0.5			1.9			1.8
Net income – Reliance	$	402.9	$	189.5		$	990.7		$	622.9

Earnings per share:
Basic	$	7.90	$	3.61		$	19.34		$	11.82
Diluted	$	7.84	$	3.59		$	19.21		$	11.74

Weighted average shares outstanding:
Basic		51,019		52,482			51,232			52,720
Diluted		51,388		52,817			51,577			53,044

Cash dividends declared per common share	$	1.25	$	1.20		$	3.75		$	3.60


RELIANCE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions, except shares in thousands and par value)

	September 30,			December 31,
	2026			2025*
Assets
Current assets:
Cash and cash equivalents	$	246.0		$	216.6
Accounts receivable, less allowance for credit losses of $23.4 and $22.1		2,477.2			1,539.9
Inventories		2,482.5			2,187.8
Prepaid expenses and other current assets		169.7			165.6
Income taxes receivable		4.8			31.2
Total current assets		5,380.2			4,141.1
Property, plant and equipment, net		2,671.1			2,633.3
Operating lease right-of-use assets		321.3			315.2
Goodwill		2,173.8			2,169.9
Intangible assets, net		935.7			960.1
Cash surrender value of life insurance policies, net		30.2			48.0
Other long-term assets		102.8			105.7
Total assets	$	11,615.1		$	10,373.3

Liabilities and Equity
Current liabilities:
Accounts payable	$	649.4		$	375.2
Accrued expenses		190.0			150.0
Accrued compensation and retirement benefits		257.2			198.1
Accrued insurance costs		62.5			56.4
Current maturities of long-term debt		–			0.7
Current maturities of operating lease liabilities		67.9			67.7
Income taxes payable		80.1			–
Total current liabilities		1,307.1			848.1
Long-term debt		1,639.3			1,420.2
Operating lease liabilities		259.0			250.9
Long-term retirement benefits		27.1			24.9
Other long-term liabilities		75.1			74.1
Deferred income taxes		574.1			575.6
Total liabilities		3,881.7			3,193.8
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding		–			–
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized
Issued and outstanding shares—50,942 and 51,735		0.1			0.1
Retained earnings		7,813.1			7,257.6
Accumulated other comprehensive loss		(89.5	)		(87.6	)
Total Reliance stockholders’ equity		7,723.7			7,170.1
Noncontrolling interests		9.7			9.4
Total equity		7,733.4			7,179.5
Total liabilities and equity	$	11,615.1		$	10,373.3

* Derived from audited financial statements.


RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
	Nine Months Ended
	September 30,
	2026			2025
Operating activities:
Net income	$	992.6		$	624.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		208.8			208.9
Impairment		2.0			–
Stock-based compensation		55.6			43.2
Other		8.6			(9.1	)
Changes in operating assets and liabilities:
Accounts receivable		(938.6	)		(331.0	)
Inventories		(293.3	)		(275.4	)
Prepaid expenses and other assets		80.6			154.4
Accounts payable and other liabilities		409.3			139.6
Net cash provided by operating activities		525.6			555.3

Investing activities:
Acquisitions		–			(2.8	)
Purchases of property, plant and equipment		(236.6	)		(255.7	)
Proceeds from sales of property, plant and equipment		16.2			13.8
Other		4.5			12.0
Net cash used in investing activities		(215.9	)		(232.7	)

Financing activities:
Proceeds from long-term debt borrowings		2,248.0			2,062.0
Principal payments on long-term debt		(2,030.7	)		(1,824.0	)
Cash dividends and dividend equivalents		(194.2	)		(191.2	)
Share repurchases		(278.9	)		(394.0	)
Taxes paid on net-settled restricted stock units		(15.3	)		(11.8	)
Excise tax on repurchase of common shares		(5.4	)		(10.0	)
Other		(4.2	)		(18.2	)
Net cash used in financing activities		(280.7	)		(387.2	)
Effect of exchange rate changes on cash and cash equivalents		0.4			7.7
Increase (decrease) in cash and cash equivalents		29.4			(56.9	)
Cash and cash equivalents, beginning balance		216.6			318.1
Cash and cash equivalents, ending balance	$	246.0		$	261.2

Supplemental cash flow information:
Interest paid	$	49.2		$	37.8
Income taxes paid, net	$	213.6		$	115.7


RELIANCE, INC.
NON-GAAP RECONCILIATION
(in millions, except per share amounts)
	Net Income									Diluted EPS
Three Months Ended	September 30,			June 30,			September 30,			September 30,			June 30,			September 30,
Three Months Ended	2026			2026			2025			2026			2026			2025
Net income – Reliance	$	402.9		$	322.9		$	189.5		$	7.84		$	6.29		$	3.59
Impairment and restructuring charges		2.4			1.1			1.2			0.05			0.02			0.02
Settlement charges		9.9			1.5			2.2			0.19			0.03			0.04
Debt financing expenses		–			–			0.3			–			–			0.01
Gains on non-core asset sales		–			(3.7	)		–			–			(0.07	)		–
Income tax (benefit) expense on adjustments		(3.1	)		0.3			(0.9	)		(0.06	)		–			(0.02	)
Non-GAAP net income – Reliance		412.1			322.1			192.3			8.02			6.27			3.64
LIFO expense, net of tax		140.6			84.4			18.8			2.74			1.64			0.35
Non-GAAP net income – FIFO	$	552.7		$	406.5		$	211.1		$	10.76		$	7.91		$	3.99

				Net Income						Diluted EPS
Nine Months Ended				September 30,			September 30,			September 30,			September 30,
Nine Months Ended				2026			2025			2026			2025
Net income – Reliance				$	990.7		$	622.9		$	19.21		$	11.74
Impairment and restructuring charges					7.3			13.7			0.14			0.26
Settlement charges					11.9			2.2			0.23			0.04
Debt financing expenses					–			0.3			–			–
Gains on non-core asset sales					(3.7	)		(9.1	)		(0.07	)		(0.17	)
Income tax benefit on adjustments					(3.9	)		(1.7	)		(0.08	)		(0.03	)
Non-GAAP net income – Reliance					1,002.3			628.3			19.43			11.84
LIFO expense, net of tax					253.1			56.3			4.91			1.06
Non-GAAP net income – FIFO				$	1,255.4		$	684.6		$	24.34		$	12.90

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Pretax income	$	531.9		$	429.8		$	247.7		$	1,311.2		$	814.4
Impairment and restructuring charges		2.4			1.1			1.2			7.3			13.7
Settlement charges		9.9			1.5			2.2			11.9			2.2
Debt financing expenses		–			–			0.3			–			0.3
Gains on non-core asset sales		–			(3.7	)		–			(3.7	)		(9.1	)
Total non-GAAP pretax expense (income) adjustments		12.3			(1.1	)		3.7			15.5			7.1
Non-GAAP pretax income		544.2			428.7			251.4			1,326.7			821.5
LIFO expense		187.5			112.5			25.0			337.5			75.0
Non-GAAP pretax income – FIFO	$	731.7		$	541.2		$	276.4		$	1,664.2		$	896.5

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Gross profit – LIFO	$	1,453.9		$	1,300.5		$	1,031.6		$	3,926.3		$	3,152.8
Settlement charge		4.4			–			–			4.4			–
Restructuring charges		–			0.4			0.8			1.4			8.9
Non-GAAP gross profit		1,458.3			1,300.9			1,032.4			3,932.1			3,161.7
LIFO expense		187.5			112.5			25.0			337.5			75.0
Non-GAAP gross profit – FIFO	$	1,645.8		$	1,413.4		$	1,057.4		$	4,269.6		$	3,236.7

Gross profit margin – LIFO		27.9%			28.1%			28.3%			28.3%			29.2%
Settlement charges (% of sales)		0.1%			–			–			0.1%			–
Restructuring charges (% of sales)		–			–			–			–			0.1%
Non-GAAP gross profit margin		28.0%			28.1%			28.3%			28.4%			29.3%
LIFO expense (% of sales)		3.6%			2.4%			0.6%			2.4%			0.7%
Non-GAAP gross profit margin – FIFO		31.6%			30.5%			29.0%			30.8%			30.0%

Certain percentages may not calculate due to rounding.

	September 30,			June 30,			September 30,
	2026			2026			2025
Total debt	$	1,645.0		$	1,670.0		$	1,389.1
Less: unamortized discounts and costs		(5.7	)		(6.1	)		(7.3	)
Carrying amount of debt		1,639.3			1,663.9			1,381.8
Less: cash and cash equivalents		(246.0	)		(235.4	)		(261.2	)
Net debt		1,393.3			1,428.5			1,120.6
Total Reliance stockholders’ equity		7,723.7			7,401.5			7,305.3
Total capital	$	9,117.0		$	8,830.0		$	8,425.9

Net debt / total capital		15.3%			16.2%			13.3%

Twelve Months Ended	September 30,			June 30,			September 30,
Twelve Months Ended	2026			2026			2025
Net income	$	1,109.5		$	896.1		$	730.7
Depreciation and amortization		278.1			278.5			279.5
Impairment		11.9			9.9			11.7
Interest expense		67.5			63.5			50.2
Income taxes		356.5			285.7			217.2
EBITDA	$	1,823.5		$	1,533.7		$	1,289.3

Net debt / EBITDA		0.8x			0.9x			0.9x
Total debt / EBITDA		0.9x			1.1x			1.1x

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Cash provided by operations	$	212.0		$	162.2		$	261.8		$	525.6		$	555.3
Less: capital expenditures		(79.0	)		(93.4	)		(81.2	)		(236.6	)		(255.7	)
Free cash flow	$	133.0		$	68.8		$	180.6		$	289.0		$	299.6

Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges, including the resolution of certain customs duty matters, non-recurring debt financing expenses related to a term loan agreement, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods.

Reliance uses first‑in, first‑out (“FIFO”) gross profit, FIFO gross profit margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders.

Footnotes

¹ Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance’s orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance’s earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.

² See accompanying Non-GAAP Reconciliation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Reliance’s third-quarter 2026 earnings and sales?

Reliance reported $7.84 diluted EPS and $5,213.2 million in sales for the quarter ended September 30, 2026. EPS increased 118.4% year-over-year, while sales rose 42.8%. Non-GAAP diluted EPS was $8.02, above management’s $6.40–$6.60 guidance.

What is Reliance’s fourth-quarter 2026 earnings outlook?

Reliance expects non-GAAP diluted EPS of $7.40–$7.60, up over 200% year-over-year. The outlook includes $112.5 million of last-in, first-out inventory accounting expense, or $1.64 per diluted share, and approximately $0.70 per share from the U.S. border wall project.

How much cash and revolving credit debt did Reliance have at September 30, 2026?

Reliance had $246.0 million in cash and cash equivalents and $495 million outstanding under its $1.5 billion revolving credit facility at September 30, 2026. Total debt was $1.6 billion.

Reliance, Inc. Reports Third Quarter 2026 Financial Results