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Reliance (RS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Reliance (RS) Q3 2026 earnings results →

Q3 2026 Revenue up 43% year over year to $5.2B · 8¢ of every $1 of revenue kept as net profit · operating margin 10.6%

Reliance made $5.2B in Q3 2026 (+43% Y/Y): Carbon steel $3.1B, Aluminum $862M, Stainless steel $635M. Operating margin 10.6%, net earnings $403M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$5.2B
Year over year+43%
Operating margin10.6%
Net earnings$403M
Operating cash flow$212M

Drawing the Sankey…

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Reliance Q3 2026 revenue breakdown: Sankey diagram of revenue (Carbon steel, Aluminum, Stainless steel, Toll processing and logistics), costs, profit and cash flow
Reliance Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $5.2B in Q3 2026, up 43% year over year and up 13% from the previous quarter. Carbon steel was the largest line at 60% of revenue. Carbon steel added $1.1B year over year (up 53%), 70% of the total change.

Operating profit was $0.55B, a 10.6% margin (up 3.5 points year over year). Of the extra revenue versus Q3 2025, 19% reached operating profit, above the 7% margin then. Total costs grew 37% against revenue growth of 43%. The fastest-growing cost line was Cost of revenue (+44%). Net earnings were $0.40B, up 113% year over year. The effective tax rate was 24.2%.

Operating cash flow was $0.21B (down 19% year over year), 53% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.28B. After capital expenditures ($0.08B), free cash flow as the company reports it was $0.13B.

Quarterly history

Reliance revenue by quarterReliance revenue by quarter$3.5BQ1 2025$3.7BQ2 2025$3.7BQ3 2025$3.5BQ4 2025$4.0BQ1 2026$4.6BQ2 2026$5.2BQ3 2026
Reliance net earnings by quarterReliance net earnings by quarter$200MQ1 2025$234MQ2 2025$190MQ3 2025$117MQ4 2025$266MQ1 2026$324MQ2 2026$403MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$5.2B+43%10.6%$403M$212M
Q2 202610-QJul 28, 2026$4.6B+26%9.5%$324M$162M
Q1 202610-QApr 29, 2026$4.0B+16%9.1%$266M$151M
Q4 202510-KFeb 26, 2026$3.5B+12%4.8%$117M$276M
Q3 202510-QOct 28, 2025$3.7B+7%7.1%$190M$262M
Q2 202510-QJul 30, 2025$3.7B+0.5%8.5%$234M$229M
Q1 202510-QMay 1, 2025$3.5B-4%7.9%$200M$64.5M

Charts

Reliance: revenue growth, year over year and quarter over quarterReliance: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q1 2025+0%+5%Q2 2025+7%0%Q3 2025+12%-4%Q4 2025+16%+15%Q1 2026+26%+15%Q2 2026+43%+13%Q3 2026
Latest (Q3 2026): Y/Y +43%, Q/Q +13%.
Reliance: where the cash came from (+) and went (−), TTM to Q3 2026Reliance: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)−$2.6BOther financing$2.6BOperating cash flow$802MBuybacks−$479MCapital spending−$310MTaxes on employees’ shares−$21.4MAsset & business sales$19.6MCash drawn (+) / kept (−)$15.2MOther investing−$14.8MExchange rates$1.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Reliance: profit against cash, quarter by quarterReliance: profit against cash, quarter by quarterNet incomeOperating cash flow$106M$473MQ4 2024$200M$64.5MQ1 2025$234M$229MQ2 2025$190M$262MQ3 2025$117M$276MQ4 2025$266M$151MQ1 2026$324M$162MQ2 2026$403M$212MQ3 2026
Latest (Q3 2026): Net income $403M, Operating cash flow $212M.
Reliance: diluted shares by fiscal yearReliance: diluted shares by fiscal year65MFY202064MFY202161MFY202259MFY202356MFY202453MFY2025
-19.0% since FY2020: buybacks shrank the count.
Reliance: long-term debt falling due (FY2025)Reliance: long-term debt falling due (FY2025)$700K2026$400M2028$277M2029$500M2030$250MLater
Cash $217M, short-term investments —, long-term debt — at 2025-12-31.
Reliance in its industry: growth against margin (4 companies, SIC 5051)Reliance in its industry: growth against margin (4 companies, SIC 5051)revenue growth, year over year →↑ operating marginmedian +46%median 6%RYZFSTRGWAVRS (+43%, 11%)
Wholesale-Metals Service Centers & of fices; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Reliance

Reliance operates a network of companies providing diversified metal solutions and is the largest metals service center company in North America (U.S. and Canada) based on revenues, with 2024 net sales of $13.84 billion. This is our 85th anniversary as a business since our original organization on February 3, 1939, operating a single metals service center in Los Angeles, California fabricating steel reinforcing bar. In February 2024, we changed our corporate name to Reliance, Inc. from Reliance Steel & Aluminum Co. Our common stock has traded on the New York Stock Exchange (“NYSE”) for 30 years under the symbol “RS” since our September 16, 1994 initial public offering.

In its own words, from its 10-K, filed Feb 27, 2025.

Reliance against its Wholesale-Metals Service Centers & of fices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +43% against the peers' median +46%. Operating margin: 10.6% against the peers' median 6.0%.

CompanyQuarterRevenueY/YOp. margin
RS RelianceQ3 2026$5.2B+43%10.6%
RYZ Ryerson HoldingQ3 2026$2.2B+88%2.4%
FSTR Foster L BQ3 2026$168M+22%6.0%
GWAV Greenwave Technology SolutionsQ2 2026$16.0M+46%-17.8%

Source: Reliance 10-Q on SEC EDGAR · CIK 861884 · Wholesale-Metals Service Centers & of fices

Guidance and outlook

Reliance Revenue: guidance against what was reportedReliance Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 2024Q2 2026$4.6B
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Reliance: what its forward-looking statements are about (10-Q filed 2026-07-28)Reliance: what its forward-looking statements are about (10-Q filed 2026-07-28)Margins3Other2Financing1Capital spending1Supply chain1
8 statements; tone +0.50 (−1 all cautious, +1 all confident); 2 hedged.
Reliance: outlook statements against the filing beforeReliance: outlook statements against the filing beforeConfident4

13F: who owns RS and who is buying

Largest holders of RS (13F)Largest holders of RS (13F)BlackRock$2.2BVanguard Group$1.7BVanguard Portfolio Management LLC$1.2BState Street$981MVanguard Capital Management LLC$862MBoston Partners$822MPrice T Rowe Associates$576MWellington Management Group LLP$497MGeode Capital Management, LLC$355MFranklin Resources$311M
Funds' net buying of RS by quarter (13F)Funds' net buying of RS by quarter (13F)−$69.3M2024-09$44.7M2024-12−$440M2025-03−$86.2M2025-06−$217M2025-09$206M2025-12−$328M2026-03−$160M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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