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Reliance cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$133M in Q3 2026 · $492M over twelve months

Operating cash flow$212M
Capital spending−$79.0M
Free cash flow+$133M
Cash / net income0.5×
Cash conversion cycle85 days

Analysis

In Q3 2026, Reliance generated $212M of operating cash flow and spent $79.0M on capital projects, leaving free cash flow of $133M. That is $47.6M less than in Q3 2025 ($181M).

Over the twelve months to Sep 30, 2026, operating cash flow was $802M; the largest uses were net borrowing (+) / repaid (−) ($2.6B), buybacks ($479M), capital spending ($310M); besides operations, cash came from other financing ($2.6B), asset & business sales ($19.6M); the cash balance fell by $15.2M.

Operating cash flow was $212M against net income of $403M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$265M, inventory −$154M, payables +$133M.

Its cash conversion cycle was 85 days (receivables 41 + inventory 59 − payables 16).

Free cash flow

Reliance: free cash flow by quarterReliance: free cash flow by quarter$362MQ4 2024−$22.4MQ1 2025$141MQ2 2025$181MQ3 2025$203MQ4 2025$87.2MQ1 2026$68.8MQ2 2026$133MQ3 2026
Operating cash flow less capital spending.
Reliance: operating cash flow against capital spendingReliance: operating cash flow against capital spendingOperating cash flowCapital spending$473M$111MQ4 2024$64.5M$86.9MQ1 2025$229M$87.6MQ2 2025$262M$81.2MQ3 2025$276M$73.2MQ4 2025$151M$64.2MQ1 2026$162M$93.4MQ2 2026$212M$79.0MQ3 2026
Latest (Q3 2026): Operating cash flow $212M, Capital spending $79.0M.

Capital allocation, year by year

Reliance: where the cash came from (up) and went (down), by fiscal yearReliance: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $799MFY2021: Net borrowing −$1.5MFY2021: Asset sales $36.0MFY2021: Capital spending −$237MFY2021: Acquisitions −$439MFY2021: Buybacks −$324M$835MFY2021FY2022: Operating cash flow $2.1BFY2022: Net borrowing −$2.5MFY2022: Asset sales $10.9MFY2022: Capital spending −$342MFY2022: Buybacks −$630M$2.1BFY2022FY2023: Operating cash flow $1.7BFY2023: Net borrowing −$508MFY2023: Asset sales $11.1MFY2023: Capital spending −$469MFY2023: Acquisitions −$24.0MFY2023: Buybacks −$480M$1.7BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$300KFY2024: Asset sales $4.7MFY2024: Capital spending −$431MFY2024: Acquisitions −$365MFY2024: Buybacks −$1.1B$1.4BFY2024FY2025: Operating cash flow $831MFY2025: Net borrowing $277MFY2025: Asset sales $17.2MFY2025: Capital spending −$329MFY2025: Acquisitions −$2.8MFY2025: Buybacks −$594M$1.1BFY2025
Over these 5 years operating cash flow totalled $6.9B; the largest uses were buybacks ($3.1B) and capital spending ($1.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$246M
Debt$1.6B
Net debt$1.4B
Due within a year$700K

Reliance funds itself: free cash flow was $492M over the last twelve months, and $246M of cash and investments stands against $1.6B of debt ($700K due within a year, 351.4× covered by cash).

Reliance: debt maturities by year (FY2025)Reliance: debt maturities by year (FY2025)$700KYear 1$400MYear 3$277MYear 4$500MYear 5$250MAfter year 5
Principal due in each year as disclosed in the annual report, against $246M of cash and investments now.

Where the cash came from and went

Reliance: sources (+) and uses (−) of cash, Q3 2026Reliance: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$212MCapital spending−$79.0MOther financing−$64.3MBuybacks−$44.7MNet borrowing (+) / repaid (−)−$25.0MCash drawn (+) / kept (−)−$10.6MOther investing$9.1MExchange rates$2.2MAsset & business sales$800KTaxes on employees’ shares−$500K
Reliance: sources (+) and uses (−) of cash, TTM to Q3 2026Reliance: sources (+) and uses (−) of cash, 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 profit to cash

Reliance: net income to operating cash flow, Q3 2026Reliance: net income to operating cash flow, Q3 2026Net income$403MDepreciation & amortization$70.1MStock-based pay$18.9MImpairments$2.0MOther non-cash$9.4MReceivables−$265MInventory−$154MPayables$133MPrepaid and other assets−$5.4MOperating cash flow$212M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202641591685
Q2 202641621687
Q1 202639701594
Q4 2025428116108
Q3 2025428018104
Q2 2025427718100
Q1 202539761699
Q4 2024438716113

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$212M−$79.0M—−$44.7M−$25.0M−$10.6M$133M
Q2 2026$162M−$93.4M——−$30.0M$14.3M$68.8M
Q1 2026$151M−$64.2M—−$234M$272M−$33.1M$87.2M
Q4 2025$276M−$73.2M—−$200M$38.7M$44.6M$203M
Q3 2025$262M−$81.2M—−$60.9M−$44.0M−$21.7M$181M
Q2 2025$229M−$87.6M—−$79.9M−$48.0M$38.3M$141M
Q1 2025$64.5M−$86.9M—−$253M$330M$40.3M−$22.4M
Q4 2024$473M−$111M$2.1M−$142M−$125M−$3.5M$362M

Reliance: income statement and cash flow

Reliance, Q3 2026: revenue $5.2B (+43% year over year), operating margin 10.6%. The chart follows the revenue to costs, profit and cash.

Reliance: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.