Revenue: As of FY2026 Q2, the actual value is USD 4.63 B, beating the estimate of USD 4.254 B.

EPS: As of FY2026 Q2, the actual value is USD 6.29, beating the estimate of USD 5.5334.

EBIT: As of FY2026 Q2, the actual value is USD 448 M.

Second Quarter 2026 Financial Highlights

Operational Metrics

• Net income – Reliance for the second quarter of 2026 was $322.9 million, an increase of 38.2% compared to $233.7 million in the second quarter of 2025. For the six months ended June 30, 2026, net income was $587.8 million, up 35.6% from $433.4 million in the prior year period.
• Pretax income for the second quarter of 2026 was $429.8 million, a 41.2% increase year-over-year from $304.3 million in the second quarter of 2025. The pretax income margin was 9.3% in Q2 2026, up 1.0 percentage points from 8.3% in Q2 2025. For the six months ended June 30, 2026, pretax income was $779.3 million, a 37.5% increase from $566.7 million in the prior year period, with a pretax income margin of 9.0%, up 1.1 percentage points from 7.9% in 2025.
• Gross profit was $1,300.5 million in Q2 2026, up 19.5% from $1,087.9 million in Q2 2025. The gross profit margin was 28.1% in Q2 2026, down 1.6 percentage points from 29.7% in Q2 2025. For the six months ended June 30, 2026, gross profit was $2,472.4 million, up 16.6% from $2,121.2 million in 2025, with a gross profit margin of 28.6%, down 1.1 percentage points from 29.7% in 2025.
• Non-GAAP FIFO gross profit margin was 30.5% in Q2 2026, a slight decrease of 0.1 percentage points from 30.6% in Q2 2025. For the six months ended June 30, 2026, it was 30.3%, down 0.2 percentage points from 30.5% in 2025.
• LIFO expense was $112.5 million in Q2 2026, compared to $25.0 million in Q2 2025. For the six months ended June 30, 2026, LIFO expense was $150.0 million, compared to $50.0 million in 2025.
• Total operating costs and expenses for Q2 2026 were $4,188.4 million, up from $3,347.6 million in Q2 2025. For the six months ended June 30, 2026, total operating costs and expenses were $7,846.5 million, up from $6,557.9 million in 2025.

Cash Flow

• Cash provided by operations was $162.2 million in Q2 2026, compared to $229.0 million in Q2 2025, representing a -29.2% decrease. For the six months ended June 30, 2026, cash provided by operations was $313.6 million, an increase of 6.8% from $293.5 million in 2025.
• Free cash flow was $68.8 million in Q2 2026, compared to $141.4 million in Q2 2025, a -51.3% decrease. For the six months ended June 30, 2026, free cash flow was $156.0 million, up 31.1% from $119.0 million in 2025.

Other Key Financial and Operational Metrics

• Tons sold increased by 10.8% year-over-year to 1,790.1 thousand tons in Q2 2026, compared to 1,615.0 thousand tons in Q2 2025. For the six months ended June 30, 2026, tons sold increased by 6.7% to 3,462.8 thousand tons compared to 3,243.9 thousand tons in 2025.
• Average selling price per ton sold increased by 14.5% year-over-year to $2,602 in Q2 2026, compared to $2,273 in Q2 2025. For the six months ended June 30, 2026, the average selling price per ton sold increased by 13.7% to $2,511 compared to $2,208 in 2025.
• Net debt / total capital was 16.2% as of June 30, 2026, compared to 14.1% as of June 30, 2025.
• Net debt / EBITDA was 0.9x as of June 30, 2026, consistent with 0.9x as of June 30, 2025.
• Total debt / EBITDA was 1.1x as of June 30, 2026, consistent with 1.1x as of June 30, 2025.
• Capital expenditures were $93.4 million in Q2 2026, compared to $87.6 million in Q2 2025. For the six months ended June 30, 2026, capital expenditures were $157.6 million, compared to $174.5 million in 2025.
• Dividends paid were $63.8 million in Q2 2026, compared to $63.1 million in Q2 2025. For the six months ended June 30, 2026, dividends were $130.4 million, compared to $128.3 million in 2025.
• Share repurchases were $0 in Q2 2026, compared to $79.9 million in Q2 2025. For the six months ended June 30, 2026, share repurchases were $234.2 million, compared to $333.1 million in 2025.

Segment Revenue by Product (Q2 2026)

• Carbon steel sales were $2,621.4 million, representing 55% of total sales.
• Aluminum sales were $837.9 million, representing 17% of total sales.
• Stainless steel sales were $595.2 million, representing 12% of total sales.
• Alloy sales were $186.2 million, representing 4% of total sales.
• Copper & brass sales were $123.7 million, representing 3% of total sales.
• Toll processing & logistics represented 4% of total sales.

Third Quarter 2026 Business Outlook

Reliance anticipates third-quarter 2026 demand and pricing to remain generally consistent at healthy to improving levels, despite ongoing trade policy uncertainty and conflict in Iran. The Company expects tons sold to be down 2% to 4% sequentially, excluding the border wall project, but up 9% to 11% year-over-year including the project. Non-GAAP earnings per diluted share are projected to be in the range of $6.40 to $6.60, representing year-over-year growth from 76% to 81%.