Reliance, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $17.4 billion, which rose 24.7% on the year before. That growth rate was up 9.3 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -6.6% | 8.4% | 7.2% |
| FY25 Q1 | -5.6% | 7.6% | 7.0% |
| FY25 Q2 | -3.9% | 7.3% | 6.1% |
| FY25 Q3 | -0.9% | 7.1% | 4.8% |
| FY25 Q4 | 3.3% | 7.1% | 3.5% |
| FY26 Q1 | 8.5% | 7.5% | 4.1% |
| FY26 Q2 | 15.4% | 7.8% | 3.4% |
| FY26 Q3 | 24.7% | 8.8% | 2.8% |
What stands out
Net income rose 52.0% over the year while free cash flow fell 25.7%, indicating that reported profit and cash are moving at different speeds.
What the company earns
Reported profit is running well ahead of the cash. The trailing operating margin was 8.8%, up 1.7 percentage points from a year earlier, while the trailing net margin was 6.4%. Net income over the twelve months was $1.1 billion, which rose 52.0% on the year before.
Where the cash went
The cash flow statement shows a decline. Operating cash flow over the twelve months was $801.7 million, down 22.1% on the year before. Capital spending was $309.8 million, or 1.8% of revenue. Free cash flow, operating cash flow less capital spending, was $491.9 million, down 25.7% on the year before. This represented a free-cash-flow margin of 2.8%, down 1.9 percentage points from a year earlier.
The share base
The average diluted share count fell 3.1% over the year.
Against its own history
Set against the company’s own record: today’s free-cash-flow margin of 2.8% is higher than 26% of the company’s own past quarterly readings, which have ranged from 0.3% to 13.1%. Today’s operating margin of 8.8% is higher than 76% of past readings (5.4% to 15.4%). Today’s twelve-month revenue growth rate of 24.7% is higher than 84% of past readings (−19.7% to 73.4%).
Guidance
The company gave its fourth quarter of 2026 guidance for tons sold of 4% to 6%, for non-gaap earnings per diluted share (adjusted) of $7.40 to $7.60, and for earnings per share from U.S. border wall project shipments for U.S. border wall project of $0.70.
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 25.3%, and 5 percentage points higher would raise it by 32.3%. A free-cash-flow margin 1 percentage point lower would lower it by 33.8%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
