RS · Reliance, Inc.
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AI Brief
Q2 FY26 earnings call · Jul 23, 2026TL;DR. Reliance (RS) delivered record Q2 tons sold and a 15% sequential revenue increase to $4.63B, with non-GAAP EPS of $6.27 (up 42% YoY) beating the high end of guidance, helped by an outsized $0.41 border wall contribution. The company guides Q3 non-GAAP EPS to $6.40–$6.60 (up 76–81% YoY) with continued border wall contribution of about $0.60.
- + Record Q2 tons sold of 1,790.1K, up 7.0% sequentially and 10.8% YoY, outperforming the MSCI industry increase of 5.5%.
- + Q2 non-GAAP EPS of $6.27 beat the high end of guidance of $5.15–$5.35, up 42% YoY.
- + U.S. border wall project contributed $0.41 of Q2 EPS (vs. expected $0.15–$0.20) and added ~30 bps to pretax margin via below-average cost-per-ton.
- + Q3 non-GAAP EPS guidance of $6.40–$6.60 implies 76–81% YoY growth, including ~$0.60 from border wall shipments.
- − LIFO expense was $1.64/share in Q2, $1.10 higher than the $0.54 expected, due to higher carbon and aluminum costs.
- − Q2 GAAP gross profit margin of 28.1% fell 100 bps sequentially due to LIFO and border wall mix.
- − Q3 outlook cites potential headwinds from supply availability and ongoing trade/Iran conflict risks.
- − Excluding border wall, Q3 tons are guided down 2–4% sequentially reflecting normal seasonality.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Average selling price per ton sold (three months ended) | $2,602 | three months ended June 30, 2026 filing | — |
| Gross profit (three months ended) non-GAAP | $1.3B | three months ended June 30, 2026 filing | — |
| Gross profit margin (three months ended) non-GAAP | 28.1% | three months ended June 30, 2026 filing | — |
| Tons sold (three months ended) | 1.79M | three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Steel — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RS
this stock
Reliance, Inc.
|
$19.77B | +38.6% | -13.0% | 25.3 | 2.3% |
|
NUE
Nucor Corp
|
$56.10B | +47.4% | +5.7% | 19.8 | 1.9% |
|
MT
ArcelorMittal
|
$53.20B | +41.6% | — | — | 0.2% |
|
STLD
Steel Dynamics Inc
|
$33.49B | +36.9% | +20.9% | 21.2 | 2.6% |
|
PKX
Posco Holdings Inc.
|
$17.23B | +8.2% | — | — | 0.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RS | +3.4% | +0.5% | +23.4% | +4.0% | +38.6% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | +3.6% | +1.0% | +11.2% | +3.1% | +25.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.