RELIANCE, INC. RS
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 2025 net sales of $14.29 billion.
We have been in business over 85 years since our original organization on February 3, 1939, operating a single metals service center in Los Angeles, California fabricating steel reinforcing bar. Our common stock has traded on the New York Stock Exchange ("NYSE") for over 30 years under the symbol "RS" since our September 16, 1994 initial public offering.
We believe we have a unique and sustainable business model predicated on the following key attributes:
As of December 31, 2025, we operated through a network of approximately 310 locations in 41 U.S. states and 10 foreign countries. We distribute a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.29B | $13.84B | $14.81B | $17.02B | $14.09B | $8.81B | $10.97B | $11.53B | $9.72B | $8.61B |
| Cost of revenue | — | — | — | — | — | — | — | $8.25B | $6.93B | $6.02B |
| Gross profit | — | — | — | — | — | — | — | $3.28B | $2.79B | $2.59B |
| SG&A | $2.81B | $2.67B | $2.56B | $2.50B | $2.31B | $1.87B | $2.10B | $2.09B | $1.90B | $1.80B |
| Total operating expenses | $13.28B | $12.68B | $13.07B | $14.52B | $12.14B | $8.25B | $9.96B | $10.60B | $9.06B | $8.10B |
| Operating income | $1.01B | $1.16B | $1.74B | $2.51B | $1.95B | $565.8M | $1.01B | $937.5M | $662.4M | $517.8M |
| Interest expense | $55.7M | $40.3M | $40.1M | $62.3M | $62.7M | $62.9M | $85.0M | $86.2M | $73.9M | $84.6M |
| Pre-tax income | $969.2M | $1.14B | $1.74B | $2.43B | $1.88B | $478.2M | $929.3M | $850.6M | $583.8M | $429.2M |
| Income tax | $227.6M | $261.9M | $400.6M | $586.2M | $465.7M | $105.8M | $223.2M | $208.8M | $37.2M | $120.1M |
| Net income | $739.4M | $875.2M | $1.34B | $1.84B | $1.42B | $372.4M | $706.1M | $641.8M | $621.0M | $309.1M |
| EPS, basic | 14.07 | 15.70 | 22.90 | 30.39 | 22.35 | 5.74 | 10.49 | 8.85 | 8.42 | 4.21 |
| EPS, diluted | 13.98 | 15.56 | 22.64 | 29.92 | 21.97 | 5.66 | 10.34 | 8.75 | 8.34 | 4.16 |
| Shares, diluted (wtd. avg.) | $52.9M | $56.2M | $59.0M | $61.5M | $64.3M | $65.3M | $67.9M | $72.4M | $73.5M | $73.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $216.6M | $318.1M | $1.08B | $1.17B | $300.5M | $683.5M | $174.3M | $128.2M | $154.4M | $122.8M |
| Receivables | $1.54B | $1.34B | $1.47B | $1.57B | $1.68B | $926.3M | $1.07B | $1.24B | $1.09B | $960.2M |
| Inventory | $2.19B | $2.03B | $2.04B | $2.00B | $2.06B | $1.42B | $1.65B | $1.82B | $1.73B | $1.53B |
| Total current assets | $4.14B | $3.90B | $4.77B | $4.89B | $4.16B | $3.11B | $3.01B | $3.29B | $3.05B | $2.69B |
| Property, plant and equipment | $2.63B | $2.54B | $2.25B | $1.97B | $1.84B | $1.79B | $1.80B | $1.73B | $1.66B | $1.66B |
| Goodwill | $2.17B | $2.16B | $2.11B | $2.11B | $2.11B | $1.94B | $2.00B | $1.87B | $1.84B | $1.83B |
| Other intangibles | $960.1M | $1.01B | $981.1M | $1.02B | $1.08B | $947.1M | $1.03B | $1.07B | $1.11B | $1.15B |
| Total assets | $10.37B | $10.02B | $10.48B | $10.33B | $9.54B | $8.11B | $8.13B | $8.04B | $7.75B | $7.41B |
| Accounts payable | $375.2M | $361.9M | $410.3M | $412.4M | $453.9M | $259.3M | $275.0M | $338.8M | $346.7M | $302.2M |
| Short-term debt | $700.0K | $399.7M | $300.0K | — | — | — | — | $65.2M | $92.0M | $82.5M |
| Total current liabilities | $848.1M | $1.21B | $843.6M | $1.38B | $1.06B | $613.0M | $675.3M | $699.1M | $703.7M | $656.0M |
| Long-term debt | $1.42B | $742.8M | $1.14B | $1.14B | $1.64B | $1.64B | $1.52B | $2.14B | $1.81B | $1.85B |
| Total liabilities | $3.19B | $2.79B | $2.75B | $3.23B | — | — | — | — | — | — |
| Retained earnings | $7.26B | $7.33B | $7.80B | $7.17B | $6.16B | $5.19B | $5.19B | $4.64B | $4.14B | $3.66B |
| Total equity | $7.17B | $7.22B | $7.73B | $7.10B | $6.09B | $5.12B | $5.21B | $4.68B | $4.70B | $4.18B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $831.4M | $1.43B | $1.67B | $2.12B | $799.4M | $1.17B | $1.30B | $664.6M | $399.0M | $626.5M |
| Depreciation and amortisation | $278.2M | $268.7M | $245.4M | $240.2M | $230.2M | $227.3M | $219.3M | $215.2M | $218.4M | $222.0M |
| Stock-based compensation | $55.6M | $56.8M | $65.0M | $65.3M | $70.8M | $42.2M | $51.2M | $45.5M | $33.4M | $24.4M |
| Capital expenditure | $328.9M | $430.6M | $468.8M | $341.8M | $236.6M | $172.0M | $242.2M | $239.9M | $161.6M | $154.9M |
| Investing cash flow | -$321.8M | -$803.7M | -$483.9M | -$348.5M | -$652.3M | -$188.4M | -$419.1M | -$281.0M | -$179.4M | -$505.1M |
| Financing cash flow | -$620.2M | -$1.38B | -$1.28B | -$892.6M | -$528.9M | -$483.0M | -$840.6M | -$403.9M | -$198.1M | -$100.2M |
| Buybacks | $594.1M | $1.09B | $479.5M | $630.3M | $323.5M | $337.3M | $50.0M | $484.9M | $25.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-020651.
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