Reliance, Inc. (NYSE: RS) has reported its financial results for the third quarter ended September 30, 2026. The company announced record quarterly net sales of $5.21 billion, a 12.6% increase from the same period in the prior year. Net income for the quarter was $402.9 million, resulting in diluted earnings per share (EPS) of $7.84. On a non-GAAP basis, diluted EPS was $8.02, which represents a 120% year-over-year increase. These results significantly exceeded the company’s internal guidance of $6.40 to $6.60 per share.
The company’s gross profit for the quarter was $1.45 billion, representing a gross profit margin of 27.9%. Management noted that this margin decreased sequentially by 20 basis points due to higher-than-anticipated costs associated with the LIFO accounting method and a shift in product mix related to a specific government contract. Despite this, non-GAAP FIFO gross profit margin increased by 110 basis points sequentially to 31.6%.
Key operational metrics show that the company sold 1,867.2 thousand tons of product in the third quarter, a 4.3% increase from the previous quarter. Average selling price per ton sold increased 8.2% sequentially to $2,815. The company highlighted a $0.74 per share contribution from the U.S. Department of Homeland Security border wall contract awarded earlier in 2026, which exceeded management’s expectations.
In terms of balance sheet and capital allocation, Reliance reported $246.0 million in cash and cash equivalents as of September 30, 2026, with total debt of $1.6 billion. The company returned approximately $109 million to stockholders during the quarter, consisting of $64 million in dividends and $45 million in share repurchases. On October 20, 2026, the Board of Directors approved an amendment to the company’s share repurchase program, increasing the authorization to $2.5 billion without a set expiration date. Additionally, the Board declared a quarterly cash dividend of $1.25 per share, payable on December 4, 2026.
Looking ahead to the fourth quarter of 2026, Reliance anticipates non-GAAP diluted EPS in the range of $7.40 to $7.60, up over 200% year-over-year. The company expects tons sold to increase 13.5% to 15.5% compared to the fourth quarter of 2025, driven by continued demand across infrastructure, manufacturing, and aerospace sectors.
