Reliance 10-Q: Record $5.21B Q3 Sales, $7.84 EPS, Buyback Raised to $2.5B
RS sits 64% above its 52-week low of $263.122.
Summary
Reliance's Q3 10-Q confirms record $5.21 billion sales and $7.84 diluted EPS, but LIFO expense jumped to $187.5 million and operating cash flow slipped to $525.6 million. The board simultaneously lifted the buyback authorization to $2.5 billion.
Key Events · Earnings and Guidance · RS
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Record Q3 Sales and EPS
Net sales rose 42.8% to $5,213.2 million and diluted EPS jumped 118% to $7.84 from $3.59, on 15.6% more tons sold and a 24.0% higher average selling price per ton.
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LIFO Expense Surges
LIFO expense was $187.5 million in Q3 and $337.5 million for nine months, versus $25.0 million and $75.0 million a year earlier, cutting gross margin to 27.9% from 28.3% even as FIFO margin improved 260 basis points.
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Cash Flow Lags Earnings
Nine-month operating cash flow fell $29.7 million to $525.6 million as receivables absorbed $938.6 million and inventories $293.3 million; revolver borrowings rose to $495.0 million from $277.0 million.
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Buyback Raised to $2.5 Billion
On October 20, 2026 the board increased the share repurchase authorization to $2.5 billion with no expiration; $278.9 million was repurchased in the first nine months at an average $311.49 per share.
Analysis · RS · Trade & Services
The headline numbers were already out on October 21, but the full 10-Q shows what drove them and what it cost. Record tons sold plus a 24% higher average selling price lifted Q3 sales 42.8% to $5.21 billion and diluted EPS 118% to $7.84, yet LIFO expense ballooned to $187.5 million from $25.0 million a year ago as metal costs rose — a real cash-tax on inventory that FIFO margins mask. Operating cash flow actually fell $29.7 million to $525.6 million because receivables and inventory absorbed the growth, so the buyback and dividend are being funded partly with borrowings: revolver balances rose to $495.0 million from $277.0 million. Against that, the board raised the repurchase authorization to $2.5 billion from $1.5 billion on October 20, a strong statement about how management views the shares near their 52-week high.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, RS was trading at $432.79 on NYSE in the Trade & Services sector, with a market capitalization of approximately $22.4B. The 52-week trading range was $263.12 to $435.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.