10-Q · July 28, 2026
Reliance delivered a strong Q2, with revenue up 26.5% year over year to $4.630 billion and diluted EPS up 42.3% to $6.29, supported by record shipments, higher pricing and favorable operating leverage. Versus Q1,…
Earnings analysis · 10-Q
RS earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Reliance delivered a strong Q3 2026, with revenue of $5.2132 billion and diluted EPS of $8.02, up 42.8% and 123.1% year over year, respectively, and ahead of consensus by 10.3% and 17.6%. Free cash flow improved…
Read full summary
Reliance delivered a strong Q3 2026, with revenue of $5.2132 billion and diluted EPS of $8.02, up 42.8% and 123.1% year over year, respectively, and ahead of consensus by 10.3% and 17.6%. Free cash flow improved sequentially to $133 million but remained below the $181 million reported in Q3 2025. The filing reports no material changes to risk factors or internal controls; the principal quantified near-term headwind is $112.5 million of Q4 LIFO expense, or $1.64 per share.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $8.02
What stood out
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Revenue accelerated sharply
Q3 revenue was $5.2132 billion, up from $4.63 billion in Q2 2026 (12.6%) and $3.65 billion in Q3 2025 (42.8%); it exceeded the $4.7260 billion consensus estimate by 10.3%.
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EPS materially beat estimates
Diluted EPS was $8.02, versus $6.29 in Q2 2026 (27.5%) and $3.59 in Q3 2025 (123.1%), exceeding the $6.82 estimate by 17.6%.
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Cash flow improved sequentially
Free cash flow was $133 million, up from $69 million in Q2 2026 but below $181 million in Q3 2025, indicating sequential cash-flow improvement but year-over-year contraction.
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Repurchase capacity expanded
The Board increased the share-repurchase authorization from $1.5 billion to $2.5 billion on October 20, 2026, leaving $484.7 million available under the plan at quarter-end.
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Controls remained effective
Management concluded that disclosure controls were effective as of the period end, and reported 0 material changes to internal control over financial reporting during Q3 2026.
What to watch
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No updated risk-factor disclosure
The 10-Q states that there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K—effectively 0 newly identified material risk-factor changes—but existing operating and market risks remain applicable.
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LIFO expense pressures Q4 earnings
Q4 2026 guidance includes $112.5 million of LIFO expense, equal to $1.64 per diluted share, creating a material earnings headwind despite the $7.40-$7.60 EPS outlook.
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Large buyback commitment
The company increased its repurchase authorization to $2.5 billion while only $484.7 million remained available under the plan at quarter-end; repurchases can be suspended or discontinued at any time, creating capital-allocation and execution uncertainty.
Management's outlook
The supplied earnings update provided Q4 2026 non-GAAP diluted EPS guidance of $7.40-$7.60, including $112.5 million of LIFO expense, or $1.64 per diluted share. The 10-Q itself does not disclose a comparable prior outlook, so guidance direction is not determinable.
Earlier filings 4
10-Q · April 29, 2026
Reliance, Inc. reported strong earnings for Q1 2026, with net sales reaching $4.03 billion, a 15.5% increase year-over-year, and diluted EPS of $5.10, up 36.4% from the prior year. The results reflect robust demand…
10-K · February 26, 2026
Reliance positions itself as the largest North American metals service center with 2025 net sales of $14.29 billion and a U.S. tons-sold market share of ~17% (up from ~15% in 2024). Management highlights tons sold…
10-Q · May 2, 2024
Reliance reported Q1 net sales of $3,644.8 million, down $320.5 million (8.1%) versus Q1 2023, with operating income declining to $393.1 million (10.8% operating margin) from $513.6 million (12.9% op. margin) a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.