$RS · RELIANCE, INC.

Reliance, Inc. reported Q3 2026 results with record net sales of $5.21 billion (+42.8% YoY) and record tons sold of 1,867.2K (+15.6% YoY). Non-GAAP diluted EPS of $8.02 crushed management's $6.40-$6.60 guidance, driven by strong carbon steel pricing, the ramping U.S. border wall contract ($0.74/share contribution), and broad demand strength across infrastructure, semiconductor, and aerospace end markets. The Board increased the share repurchase authorization to $2.5 billion and declared a $1.25/share quarterly dividend.

Extended-hours trading shows minimal movement at $421.11 (+0.01% vs regular close), suggesting the massive beat was largely priced in or offset by after-hours illiquidity. The $21.50B market cap stock had already risen 0.91% during the regular session ahead of the release.

A 120% YoY EPS surge, a guidance blowout exceeding the high end by over 20%, and a $2.5B buyback authorization signal exceptional operating momentum and capital-return capacity.

Reliance's 15.6% YoY tons-sold growth significantly outpaced the MSCI industry-wide increase of 10.1%, indicating market share gains. Carbon steel average selling prices rose 29.5% YoY, reflecting tight supply and healthy demand across infrastructure and manufacturing end markets.

LIFO expense of $187.5M (3.6% of sales) was significantly above management's $1.10/share expectation, driven by higher carbon steel costs. Trade policy uncertainty and geopolitical conflicts in Iran and Ukraine pose supply availability and macroeconomic risks to Q4 demand.