[RS] Reliance: Q3 2026 Earnings Test Steel Volumes, LIFO and Cash

Reliance (RS), the largest metals service center company in the US, buys metal in bulk from steel and aluminum mills, cuts and processes it, and sells it in small lots to manufacturers and construction contractors. Its Q3 2026 earnings call is scheduled for 2026-10-22 and will cover Q3 2026, the three months ended September 30, 2026[1]. In the latest disclosed quarter, the second quarter, Reliance shipped 1.79 million tons, up 10.8% year over year, at an average selling price of $2,602 a ton, up 14.5%[2], and net sales rose 26.5% to $4.63 billion[3]. GAAP diluted EPS was $6.29 and non-GAAP EPS was $6.27, up 42% and above the top of the company's $5.15 to $5.35 guidance range, including a $0.41 contribution from the border wall project[4]. On July 22 the company guided third-quarter tons sold up 9% to 11% year over year, with core tons excluding the border wall down 2% to 4% sequentially, and the average selling price flat to up 2% sequentially[5]. It guided non-GAAP EPS of $6.40 to $6.60, which already includes $75 million of LIFO expense (about $1.10 per share) and roughly $0.60 from the border wall[6]. As of October 20, the Drillr earnings calendar consensus stood at EPS of $6.784 and revenue of $4.715 billion, putting EPS above the top of guidance; the number of contributing analysts was not disclosed[1].

Three things matter most in the Reliance Q3 2026 earnings. The first is volume: the border wall project reaches its full run rate in the third quarter while management guided a 2% to 4% seasonal sequential decline in the core network[5][7], so whether total shipments hold the roughly 1.754 million tons implied by guidance will show whether second-quarter strength reflected real demand or customers buying ahead of price increases[8]. The second is metal price pass-through: the FIFO gross margin rose to 30.5% in the second quarter[9], but LIFO expense of $112.5 million was three times the original forecast[3] and full-year LIFO guidance has been raised to about $300 million[10], so whether pricing and the FIFO margin hold and LIFO stays within $75 million will set how far GAAP profit lands from guidance. The third is cash: in the first half of 2026 net income was $589.2 million, operating cash flow only $313.6 million and receivables rose $673.3 million[11], while second-quarter buybacks were zero[12], so whether working capital stops absorbing cash as price gains slow will decide when buybacks resume.

Company Background and Business Structure

Reliance is a large metals distributor and processor with an extremely fragmented customer base. At the end of 2025 it operated about 310 locations in 41 US states and 10 other countries, distributed more than 100,000 metal products and served more than 125,000 customers[13]. It had about 15,700 employees, of whom about 14,100 worked in the US[14]. The company says it has been profitable every year since its 1994 IPO[15]. Sales from foreign operations were about $864.6 million in 2025, roughly 6% of net sales; by shipping destination, international customers took about 9% of sales, with Canadian customers accounting for about 28% of international sales[16].

Reliance reports a single segment, metals service centers, and earns the spread across purchasing, inventory, processing and delivery. It buys mostly from major domestic mills, has multiple suppliers for every product, and believes its purchase volume and long relationships usually secure the most competitive prices[17]. About half of its products include value-added processing such as cutting, sawing or machining, and the business runs mainly in the spot market[18]. Because locations sit close to customers, most orders ship the same day, and shipping and handling costs included in SG&A were $588.6 million in 2025[19]. Customers buy from service centers because their orders are smaller than mill minimums or because they need intermittent deliveries over long periods[20]. The largest customer accounted for only 0.6% of 2025 net sales, and only 25 customers bought more than $30 million[17].

Carbon steel dominates the revenue mix, and end demand centers on non-residential construction and general manufacturing. In the second quarter of 2026 carbon steel was 55% of sales, including structurals and tubing at about 12% each, plate at 11% and hot-rolled sheet and coil at 9%; aluminum was 17% and stainless steel 12%[21]. By end market, non-residential construction and general manufacturing each made up about a third of sales, aerospace about 9% and automotive about 4%; automotive is served mainly through toll processing, whose volumes are excluded from tons sold[22].

Two government contracts won in the first quarter of 2026 changed the near-term shipment mix. Wholly owned subsidiary AMI won a US Department of Homeland Security contract to supply steel and logistics for the border wall, with a maximum estimated value of $2.24 billion; Phase 1, with estimated sales of about $1.4 billion, began in April 2026 and is expected to run through mid-2027. AMI also won a five-year contract to supply aluminum plate for the Joint Strike Fighter platforms, including the F-35, effective from January 2027[23]. On the second-quarter call management said an optional Phase 2 worth $800 million to $900 million depends on the customer opting in and is not guaranteed[8]. Net income attributable to noncontrolling interests was only $2.2 million in 2025, and the company has no material equity-method relationships[24].

Financial History and Current Position

Reliance's annual revenue fell after 2023 and returned to growth in 2025 only on higher volume. Net sales were $14.806 billion in 2023, $13.835 billion in 2024 and $14.294 billion in 2025[24]. In 2025 net sales rose 3.3% and tons sold rose 6.2%, while industry shipments tracked by the Metals Service Center Institute (MSCI) fell 1.0%[15].

The 2025 margin decline came mainly from LIFO accounting, not from the underlying gross margin. Gross profit in 2025 was $4.108 billion, a 28.7% gross margin, down from 29.7% in 2024 and 30.7% in 2023; SG&A was $2.807 billion, or 19.6% of sales; operating income was $1.013 billion, a 7.1% operating margin versus 11.7% in 2023; pretax income was $969.2 million and net income attributable to Reliance was $739.4 million[24]. LIFO swung from $144.4 million of income in 2024 to $113.7 million of expense in 2025, while the FIFO gross margin, which excludes LIFO, rose 80 basis points to 29.5%[25]. Operating cash flow in 2025 was $831.4 million, $598.4 million less than the $1.43 billion of 2024, because net income fell and higher volume and rising metal prices tied up more working capital[26].

In the first quarter of 2026 volume and price rose together, and the company completed all of its first-half buybacks. First-quarter net sales were $4.026 billion, tons sold 1.673 million, the average selling price $2,414 a ton, the FIFO gross margin 30.1%, LIFO expense $37.5 million, non-GAAP EPS $5.16 and buybacks $234.2 million[27].

Second-quarter revenue and profit hit new highs, but LIFO pulled down the GAAP gross margin. Net sales were $4.63 billion, up 26.5% year over year, gross profit was $1.301 billion for a 28.1% gross margin, the FIFO gross margin was 30.5% and LIFO expense was $112.5 million[3]. SG&A was $789.4 million, operating income $441.6 million and pretax income $429.8 million[28], a pretax margin of about 9.3%, while net income attributable to Reliance was $322.9 million and diluted EPS $6.29[4].

Second-quarter cash flow clearly lagged profit, but the balance sheet remained comfortable. Operating cash flow was $162.2 million; at the end of June cash was $235.4 million and total debt $1.7 billion, including $520 million drawn on a $1.5 billion revolving credit facility[12]. Capital expenditures in the quarter were $93.4 million, dividends $63.8 million and buybacks zero[2]. Management reported net debt to EBITDA of 0.9x[29], and June-end inventory included a $698.6 million LIFO reserve[30].

Operating Model

Reliance's net sales are essentially tons sold multiplied by the average selling price per ton, plus a small amount of toll processing and logistics revenue. In the second quarter, 1.79 million tons at $2,602 a ton comes to about $4.66 billion[2], close to reported net sales of $4.63 billion[3]. Shipments come from small spot orders across about 310 locations plus the border wall project, while the selling price reflects mill prices and the mix across carbon steel, aluminum, stainless steel and other products; because only a small share of the business is priced under long-term contracts, mill price increases usually flow into selling prices within the same quarter[31]. Toll processing and logistics are about 4% of sales, carry most of the automotive business and are excluded from tons sold[22].

Gross profit depends on the timing gap between selling prices and inventory costs, and operating profit then depends on whether volume spreads branch costs. The FIFO gross margin reflects the gap between selling prices and current inventory costs, and the GAAP gross margin equals the FIFO margin minus LIFO expense as a share of sales; in the second quarter, $4.63 billion of net sales minus $3.330 billion of cost of sales left $1.301 billion of gross profit, and after $789.4 million of SG&A and $69.5 million of depreciation and amortization, operating income was $441.6 million[28]. Dividing SG&A by tons sold gives about $441 a ton in the second quarter and about $439 in the first; the border wall project carries below-average costs per ton and added about 30 basis points to the second-quarter pretax margin[32], but it also lowered the FIFO gross margin by about 40 basis points[9]. On the first-quarter call management explained that the aluminum tariff cost was being passed to customers but not at a full margin, while it also raised LIFO expense, putting double pressure on margins[33].

Cash flow lags profit when metal prices rise and leads it when prices fall. Operating cash flow roughly equals net income plus depreciation and amortization, minus increases in receivables and inventory, plus increases in payables; in the first half of 2026 net income was $589.2 million, receivables rose $673.3 million, inventory rose $139.1 million, payables and other liabilities rose $276.2 million, and operating cash flow was $313.6 million[11]. Full-year capital expenditure guidance is about $300 million, half of it for growth investment[29]; first-half capital spending was $157.6 million, dividends $130.4 million and buybacks $234.2 million, all in the first quarter[2]. Since 2021 the company has repurchased $3.4 billion of stock and reduced its share count by 22%[12], so the swing in working capital directly affects the pace of buybacks.

Industry and Competitive Position

The US metals service center industry is highly fragmented, and Reliance is its largest participant and keeps taking share. Many competitors run a single location and compete locally or regionally; by MSCI data, Reliance's US shipments were about 17% of the industry total in 2025, up from 15% in 2024[34]. In 2025 the company's tons sold rose 6.2% while the industry fell 1.0%[15]. In the second quarter of 2026 Reliance's tons rose 10.8% year over year against industry growth of 5.5%, but 5.2 percentage points of that came from the border wall project[35].

Reliance's advantages come from purchasing scale, inventory breadth and supply access, and they show most clearly when mills are tight. On the second-quarter call management said carbon steel customers are still accepting current prices and that many competitors hold lean inventories because of high carrying costs, giving Reliance a chance to win share by meeting unmet demand[36]. Management also said industry inventory is below normal while long-term relationships with domestic mills secure the supply the company needs[7].

That lead has clear limits. The annual report says service centers can usually pass on all or part of metal cost increases and are therefore less cyclical than mills, but metal price swings still significantly affect revenue and profit[31]. Simple subtraction from the second-quarter figures puts tons growth excluding the border wall at about 5.6%, roughly in line with the industry's 5.5%[35], which suggests the second-quarter lead over the industry came mainly from the project. The available materials also contain only industry-wide shipment data, with no company-by-company financial comparison against competitors.

Core Debates

Reliance shipped a record 1.79 million tons in the second quarter, with the border wall project adding 5.1 percentage points of sequential growth. As the project reaches its full run rate in the third quarter, can the core network keep its seasonal decline within 2% to 4%, holding total shipments above roughly 1.754 million tons while the project contributes about $0.60 per share?

Tons sold are the first driver of net sales and decide whether a dispersed branch network can spread its costs. About $0.60 of the company's $6.40 to $6.60 third-quarter EPS guidance comes from the border wall[6]; if the core network falls by more than seasonality, profit growth will lean harder on a project whose continuation after mid-2027 is uncertain[8].

Second-quarter shipments clearly beat the company's own expectations, with both the project and underlying demand contributing. Tons rose 7.0% sequentially, far above the 1% to 3% guidance, including a 5.1-point sequential contribution from the border wall, and the border wall added $0.41 per share, more than double the $0.15 to $0.20 expected[4]. First-quarter shipments had been 1.673 million tons[27]. Management cited strong demand from data centers, energy infrastructure, shipbuilding and defense, and early improvement in commercial aerospace[22].

An alternative reading is that second-quarter strength included customers stocking up ahead of price increases. Management flagged constrained supply in beams, carbon plate and heat-treated aluminum plate[8], and the border wall project has no committed shipment schedule, with its pace depending on mill supply and customer pull[7]. The financial transmission runs like this: activity by non-residential construction and general manufacturing customers drives small spot orders through the core network, while the border wall adds low-price, low-cost-per-ton volume, and together they set net sales and the operating leverage that comes from SG&A per ton[32].

The third quarter needs to be read on both total volume and mix. Total shipments of at least about 1.754 million tons with year-over-year growth in the 9% to 11% range[5], a border wall contribution of about $0.60 per share, core growth excluding the project still above MSCI industry data, and SG&A per ton held near $441 would support the view that core demand is real. Shipments below about 1.754 million tons would mean the core network fell more than seasonally and that the second quarter included pre-buying; a border wall contribution below $0.50 would mean the project did not reach its full run rate and the project portion of third-quarter guidance fell short.

Reliance lifted its average selling price to $2,602 a ton in the second quarter with a 30.5% FIFO gross margin, but LIFO expense of $112.5 million was three times its forecast. As carbon steel price gains slow and aluminum eases from its peak in the third quarter, can pricing hold, the FIFO margin stay above 30.1%, and LIFO expense stay within $75 million?

Reliance's gross profit depends almost entirely on the timing gap between spot selling prices and inventory costs, which makes GAAP EPS highly sensitive to metal cost assumptions. In 2025 LIFO swung from income to expense, cutting the GAAP gross margin by 100 basis points to 28.7% while the FIFO gross margin rose 80 basis points to 29.5%[25]. Full-year 2026 LIFO guidance has been raised from $150 million to about $300 million[10].

Second-quarter price increases far exceeded the company's expectations, and aluminum was the main source of LIFO expense. The average selling price rose 7.8% sequentially, above the 1.5% to 3.5% guidance[37]. Carbon steel prices rose 10.5% sequentially and 14.9% year over year, aluminum prices rose 31.7% year over year, stainless steel rose 13.0% year over year and alloy fell 7.0% sequentially[38]. The FIFO gross margin was 30.5%, versus 30.1% in the first quarter and 30.6% a year earlier[3], including a drag of about 40 basis points from the border wall[9]. Management said aluminum is about 17% of sales but is expected to account for roughly a third of full-year LIFO expense, creating about 100 basis points of margin distortion, although aluminum gross profit per ton and in total is well above levels of two years ago[36].

An alternative reading is that the second-quarter margin expansion came mainly from the timing of price increases rather than durable pricing power. On the first-quarter call management said the aluminum tariff cost could be passed through, but not at a full margin[33]; if prices stop rising in the third quarter, the FIFO margin could fall back below 30% as higher-cost inventory flows into cost of sales, even with unchanged demand. The annual report also warns that removing protections such as the Section 232 measures would increase imports and push down US metal prices[39]. The chain runs from tight mill supply and the 50% aluminum tariff to mill price increases, which Reliance follows in the spot market; the gap between price gains and inventory cost gains sets the FIFO margin, while rising replacement costs depress the GAAP gross margin and EPS through LIFO expense.

The third quarter needs price, FIFO margin and LIFO to hold at the same time. An average selling price of at least $2,602 a ton with a 1% to 3% sequential increase excluding the border wall[5], a FIFO margin of at least 30.1%, and LIFO expense no higher than $75 million with the full-year figure still near $300 million would support the view that pricing power remains. A sequential price decline or a FIFO margin below 30.1% would mean the margin gains from the price run-up are starting to reverse; another increase in full-year LIFO guidance could push GAAP EPS below the $6.40 to $6.60 range.

Reliance earned $322.9 million in the second quarter but generated only $162.2 million of operating cash flow, paused buybacks, and added $673.3 million of receivables in six months. As price increases slow in the third quarter, can receivable growth ease enough for operating cash flow to move back toward net income?

A service center pays for metal before customers pay it, so profit growth during price increases is first absorbed by working capital. Operating cash flow in 2025 was $831.4 million, $598.4 million less than in 2024[26]. In the first half of 2026 operating cash flow was $313.6 million, only about 53% of $589.2 million of net income[11]. Cash conversion decides whether buybacks, the $1.25 quarterly dividend per share and about $300 million of capital spending can be funded without more borrowing[12].

Almost all of the first-half cash gap came from receivables. Receivables rose from $1.540 billion to $2.210 billion in the first half of 2026 and inventory from $2.188 billion to $2.325 billion[40], while payables and other liabilities rose $276.2 million[11]. Buybacks were $234.2 million in the first quarter and zero in the second, with about $529 million of authorization remaining[12]. Management said inventory turns by tons rose to 5.2x from 4.8x in 2025 and receivable days were 42[29], and that second-quarter sales rose about $600 million while inventory rose less than $100 million, keeping turns above the company's 4.7x target[7].

An alternative reading is that high inventory turns reflect tight mill supply and an inability to buy enough stock, not better efficiency. Once supply loosens, restocking would absorb cash again even if prices stop rising. The transmission runs from higher prices and volume to larger receivable and inventory balances, which absorb operating cash flow and lead to paused buybacks and higher revolver borrowing; in reverse, slower or falling price gains release receivables and inventory and bring operating cash flow close to or above net income.

The third quarter needs to be read on the direction of cash flow, receivables and inventory. Operating cash flow of at least $162.2 million and close to net income, September-end receivables no higher than $2.210 billion with receivable days at 42, inventory turns above 4.7x, and a resumption of buybacks or lower revolver borrowing would support the view that the working capital build is peaking. Operating cash flow below $162.2 million would mean working capital is still squeezing buybacks; heavy restocking after supply loosens, with turns falling below 4.7x, would delay any improvement in cash conversion.

Risks and Falsifiers

A change in trade policy is the largest single risk because it would hit selling prices, gross margin and inventory at once. The annual report says that if protections such as the Section 232 tariffs are removed or substantially lessened, imports would likely increase and US metal prices would likely fall, materially hurting revenue, results and cash flow[39]. Management also listed domestic and international trade policy and the US-Iran conflict as risks to supply and the macro backdrop[8]. The exposure sits in the $2,602-a-ton average selling price and $2.325 billion of inventory; if prices fall, part of the $698.6 million LIFO reserve would reverse into income and cushion the GAAP gross margin[30]. If tariffs stay in place and the third-quarter price is at least $2,602 a ton, this risk has not materialized.

Second-quarter shipments may include customers buying ahead of mill price increases and longer lead times, which would make the third-quarter decline in the core network larger than the company's 2% to 4% guidance[5]. At the second-quarter price of $2,602 a ton, each 1-point shortfall in core tons, about 17,000 tons, would cut quarterly net sales by about $44 million. Third-quarter shipments of at least about 1.790 million tons, with growth excluding the project above the industry, would falsify this concern.

The border wall project depends on mill supply and customer pull, so it could fall short of its full run rate in the third quarter, and Phase 2 might not proceed after Phase 1 ends in mid-2027[7]. About $0.60 of third-quarter EPS guidance comes from the project[6]; Phase 1 carries about $1.4 billion of sales and Phase 2 an optional $800 million to $900 million[10]. A third-quarter project contribution of at least $0.60, together with disclosure that Phase 2 will proceed or that the Phase 1 estimate has risen, would rule out this risk.

If carbon steel price increases stop and aluminum falls from tariff-driven highs, higher-cost inventory would keep flowing into cost of sales and the FIFO margin could give back its gains from the price run-up[36]. The exposure is the second quarter's $1.301 billion of gross profit; on quarterly sales of about $4.6 billion, each 50-basis-point drop in the FIFO margin would cut quarterly gross profit by about $23 million[3]. A third-quarter FIFO margin of at least 30.5% with an average selling price of at least $2,602 a ton would show this risk has not appeared.

Carbon steel and aluminum costs could again rise faster than the company assumes, pushing LIFO expense above $75 million and GAAP EPS below guidance. Second-quarter LIFO expense of $112.5 million exceeded expectations by $75 million, an extra negative impact of $1.10 per share[4]; third-quarter guidance includes $75 million of LIFO expense, about $1.10 per share[6]. Third-quarter LIFO expense of no more than $75 million, with the full-year estimate still near $300 million[10], would falsify this risk.

Rising prices and volume could keep lifting receivables and inventory, or the company could restock heavily once mill supply loosens, keeping operating cash flow below net income, buybacks paused and borrowing higher[7]. The exposure covers second-quarter operating cash flow of $162.2 million against net income of $322.9 million, plus $2.210 billion of receivables, $2.325 billion of inventory[40] and $520 million of revolver borrowing[12]. Third-quarter operating cash flow of at least about $323 million and a resumption of buybacks would falsify this risk.

What to Watch Next

• Border wall and core network volume: total third-quarter tons of at least about 1.754 million and growth of 9% to 11% year over year confirm the guidance path; a shortfall points to pre-buying in the second quarter. A border wall contribution below $0.50 per share, against $0.41 in the second quarter and about $0.60 guided, would mean the project missed its full run rate. Core growth excluding the project, about 5.6% in the second quarter against 5.5% for the industry, should stay above the industry while SG&A per ton holds near $441.
• Price pass-through and LIFO: the average selling price should hold at or above $2,602 a ton, with a 1% to 3% sequential rise excluding the border wall. A FIFO margin below 30.1%, against 30.5% in the second quarter, would signal that margin gains are reversing. LIFO expense should stay within the $75 million guided for the quarter, and another increase to the roughly $300 million full-year estimate would put GAAP EPS at risk of falling below guidance.
• Working capital and cash: operating cash flow should move from $162.2 million toward net income of about $322.9 million. Receivables should stop growing from $2.210 billion with receivable days near 42, inventory turns should stay above 4.7x against 5.2x in the second quarter, and buybacks should resume while the $520 million revolver balance falls.

Conclusion

Reliance's earnings are set by three things together: small spot orders across about 310 locations, how quickly mill price increases pass into selling prices, and how much cash working capital absorbs while prices rise. In the second quarter of 2026 all three were near their highs: 1.79 million tons shipped at $2,602 a ton[2], a 30.5% FIFO gross margin but $112.5 million of LIFO expense[3], and operating cash flow of $162.2 million, only about half of net income[12]. The company guided third-quarter non-GAAP EPS of $6.40 to $6.60, about $0.60 of it from the border wall[6]. The central open question is whether core demand, margins and cash conversion can all hold as the border wall reaches full run rate, carbon steel price gains slow and aluminum eases from its highs.

Between the second-quarter release and October 21, the public material available consisted mainly of results recaps, call summaries and brokers' adjustments to their stock views, and none of it offered an independent argument from a verifiable author. For that reason no outside interpretation is summarized here, and those materials are not treated as a market view. The judgments above rest only on the company's periodic reports, results releases and call remarks, and readers should treat management's description of demand and supply as the company's own account.

The combination that would materially strengthen the current understanding is third-quarter shipments of at least about 1.754 million tons with core growth still ahead of the industry, a FIFO margin held above 30.1% with LIFO expense no higher than $75 million, and operating cash flow back near net income with buybacks resumed. Conversely, if the core network falls more than 4%, the average selling price declines sequentially, full-year LIFO guidance rises again and receivables and borrowing keep climbing, the second-quarter strength would look more like the product of price timing and pre-buying than of a durable operating improvement.

Sources

[1] Drillr earnings calendar (updated 2026-10-20) · RS 2026-10-22 Q3 2026 estimates · 2026-10-20 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[2] RS 8-K filed 2026-07-22 (Q2 2026 results) · cash flow, capital allocation and key business metrics Q2 2026 · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[3] RS 8-K filed 2026-07-22 (Q2 2026 results) · financial summary table Q2 2026 · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[4] RS 8-K filed 2026-07-22 (Q2 2026 results) · Q2 2026 financial highlights · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[5] RS 8-K filed 2026-07-22 (Q2 2026 results) · Q3 2026 business outlook: tons and pricing · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[6] RS 8-K filed 2026-07-22 (Q2 2026 results) · Q3 2026 business outlook: EPS, LIFO and border wall · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[7] RS earnings call 2026-07-23 (Q2 2026) · Q&A: border wall run rate and inventory positioning · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] RS earnings call 2026-07-23 (Q2 2026) · management-stated risks · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] RS 8-K filed 2026-07-22 (Q2 2026 results) · FIFO gross margin and border wall mix · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[10] RS earnings call 2026-07-23 (Q2 2026) · guidance: LIFO, Q3 EPS and border wall phases · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] RS 10-Q filed 2026-07-28 (Q2 2026) · six-month cash flow statement 2026 · 2026-07-28 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-Q&dateb=&owner=include&count=40

[12] RS 8-K filed 2026-07-22 (Q2 2026 results) · balance sheet, cash flow and stockholder returns · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[13] RS 10-K filed 2026-02-26 · business model, network and customers · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[14] RS 10-K filed 2026-02-26 · human capital · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[15] RS 10-K filed 2026-02-26 · 2025 net sales and tons sold versus industry · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[16] RS 10-K filed 2026-02-26 · international sales · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[17] RS 10-K filed 2026-02-26 · customer concentration and suppliers · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[18] RS 10-K filed 2026-02-26 · metals service centers segment and value-added processing · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[19] RS 10-K filed 2026-02-26 · shipping, handling and same-day delivery · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[20] RS 10-K filed 2026-02-26 · industry overview: why customers buy from service centers · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[21] RS 8-K filed 2026-07-22 (Q2 2026 results) · sales by product Q2 2026 · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[22] RS earnings call 2026-07-23 (Q2 2026) · end markets Q2 2026 · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[23] RS 8-K filed 2026-04-22 (Q1 2026 results) · recent government contract awards · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[24] RS 10-K filed 2026-02-26 · 2025 income statement as % of net sales · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[25] RS 10-K filed 2026-02-26 · 2025 LIFO and FIFO gross profit margin · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[26] RS 10-K filed 2026-02-26 · 2025 cash flows · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[27] RS 8-K filed 2026-04-22 (Q1 2026 results) · financial summary table Q1 2026 · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[28] RS 10-Q filed 2026-07-28 (Q2 2026) · consolidated statements of income Q2 2026 · 2026-07-28 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-Q&dateb=&owner=include&count=40

[29] RS earnings call 2026-07-23 (Q2 2026) · highlights: capex, inventory turns and leverage · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] RS 10-Q filed 2026-07-28 (Q2 2026) · LIFO reserve and FIFO margin · 2026-07-28 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-Q&dateb=&owner=include&count=40

[31] RS 10-K filed 2026-02-26 · spot-market pricing and metal cost pass-through · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[32] RS 10-Q filed 2026-07-28 (Q2 2026) · SG&A drivers and border wall operating leverage · 2026-07-28 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-Q&dateb=&owner=include&count=40

[33] RS earnings call 2026-04-23 (Q1 2026) · Q&A: aluminum tariff pass-through and LIFO · 2026-04-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[34] RS 10-K filed 2026-02-26 · competition and market share · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[35] RS 10-Q filed 2026-07-28 (Q2 2026) · overview: border wall and industry shipments · 2026-07-28 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-Q&dateb=&owner=include&count=40

[36] RS earnings call 2026-07-23 (Q2 2026) · Q&A: pricing, aluminum LIFO and carbon steel acceptance · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] RS 8-K filed 2026-07-22 (Q2 2026 results) · Q2 2026 tons, pricing and FIFO margin commentary · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[38] RS 8-K filed 2026-07-22 (Q2 2026 results) · major commodity metrics Q2 2026 · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=8-K&dateb=&owner=include&count=40

[39] RS 10-K filed 2026-02-26 · risk factor: trade policy and imports · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-K&dateb=&owner=include&count=40

[40] RS 10-Q filed 2026-07-28 (Q2 2026) · consolidated balance sheet June 30 2026 · 2026-07-28 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000861884&type=10-Q&dateb=&owner=include&count=40