A month has gone by since the last earnings report for Reliance (RS) . Shares have lost about 9.9% in that time frame, underperforming the S&P 500.But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Reliance due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.Reliance’s Q4 Earnings ...

Core Insights - Reliance, Inc.'s subsidiary AMI Metals has secured contracts with a total potential value of approximately $2.89 billion related to U.S. government infrastructure and defense programs [1] Group 1: Contract Details - The first contract is a multi-year agreement with the U.S. Department of Homeland Security valued at up to $2.24 billion, focusing on steel and logistics support for construction activities along the Southwest U.S. border, running from February 11, 2026, to December 31, 2028 [2] - The second contract is a five-year indefinite-delivery/indefinite-quantity (IDIQ) contract worth up to $654 million for processing aluminum plates for Lockheed Martin defense programs, including the F-35 Lightning II program, with a base term from January 1, 2027, to December 31, 2028 [3] Group 2: Strategic Implications - These contract awards enhance Reliance's position in the aerospace and defense supply chain and increase AMI's backlog in steel and aluminum programs [4] - Shares of Reliance, Inc. have increased by 10.5% over the past year, in contrast to the industry's 52.4% rise [4]

Core Insights - Reliance, Inc. announced that its subsidiary AMI Metals, Inc. has secured two significant contracts for U.S. government infrastructure and defense projects, enhancing the company's position in the aerospace and defense market [1][2] Group 1: Contract Details - AMI was awarded a multi-year contract with the U.S. Department of Homeland Security for up to $2.24 billion to provide steel and logistics support services for border wall construction, running from February 11, 2026, to December 31, 2028 [5] - The contract includes managing procurement, transportation, warehousing, and distribution of steel bollards and plates, with deliveries expected to start in Q2 2026 [5] - Additionally, AMI received a five-year IDIQ contract valued at up to $654 million to supply aluminum plate for multiple Lockheed Martin defense platforms, including the F-35 program, extending from January 1, 2027, to December 31, 2028 [5] Group 2: Company Overview - Reliance, Inc. is a leading global diversified metal solutions provider and the largest metals service center company in North America, operating approximately 310 locations across 41 states and 10 countries [3] - The company distributes over 100,000 metal products to more than 125,000 customers, focusing on small orders with quick turnaround and value-added processing services [3] - In 2025, Reliance's average order size was $3,120, with about 49% of orders including value-added processing and approximately 40% delivered within 24 hours [3]

Group 1: Company Performance and Analyst Ratings - Seaport Research raised the price target for Reliance, Inc. (NYSE:RS) to $340 from $315, maintaining a Buy rating, citing effective management and consistent bottom-line growth [2] - JPMorgan downgraded Reliance, Inc. (NYSE:RS) to Neutral from Overweight, reducing the price target to $330 from $340 due to an earnings miss attributed to aluminum margin pressure [3] - BMO Capital lowered Reliance, Inc. (NYSE:RS) to Market Perform from Outperform, trimming the price target to $320 from $340, noting slower-than-expected margin improvement while acknowledging the company's resilient performance over time [4] Group 2: Company Overview - Reliance, Inc. (NYSE:RS) operates a metal distribution center, providing a range of products including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel goods [4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-13122 Reliance, Inc. (Exact name of registrant as specified in its charter) Delaware (State or oth ...

Company Overview - Reliance is a metal service center and processor, recognized as the most diversified and largest company in the industry, established in 1939 with 76 acquisitions since its IPO in 1994 [2][3] Business Model - The company employs a decentralized operating model, focusing on local delivery within a 200-mile radius, which enhances customer decision-making and service [3] - Reliance emphasizes strong inventory management and pricing discipline, with limited contractual sales to maintain flexibility [3] Product Diversification - Reliance claims to have the most diversified product offerings in the industry, which is strategically important as metal prices do not fluctuate simultaneously, allowing the company to serve cyclical end markets effectively [4] Financial Performance - In the previous year, Reliance reported sales of $14.3 billion, with an average order size of approximately $3,000 [5] - The company has a strong operational model, with 40% of orders being delivered the next day, contributing to improved gross profit margins through increased value-added processing [5]

Reliance (NYSE:RS) Conference February 25, 2026 08:00 AM ET Company ParticipantsKarla Lewis - President and CEOConference Call ParticipantsKatja Jancic - Metals and Mining AnalystKatja JancicGood morning, everyone. This morning, we're starting with Reliance, and with us today is CEO, Karla Lewis. Karla, over to you.Karla LewisGood morning, everyone. Thanks for joining us today. Thank you to BMO and Katja for inviting Reliance to the conference. We're just gonna kick it off with a really quick overview of wh ...

Core Insights - Reliance Steel & Aluminum Co reported strong operational performance in 2025, achieving record shipments and expanding market share despite a challenging macroeconomic environment [2][3] Group 1: Shipment and Market Performance - Reliance shipped a record 6.4 million tons in 2025, a 6.2% increase year-over-year, outperforming the industry by over seven percentage points [1][6] - The company's U.S. market share rose to approximately 17% in 2025 from 15% in 2024 [1][6] - Fourth-quarter tons sold decreased 5.4% from the previous quarter but increased 5.8% year-over-year, exceeding prior expectations for growth [8] Group 2: Financial Performance - Reliance's FIFO gross profit margin improved by 90 basis points in 2025, reaching 28.8%, driven by pricing discipline and strong demand for carbon products [1][7] - Non-GAAP fourth-quarter earnings per diluted share were reported at $2.40, an 8% increase year-over-year, with LIFO expense impacting results [11] - The company expects non-GAAP EPS for Q1 2026 to be between $4.50 and $4.70, including a quarterly LIFO expense of $25 million [20] Group 3: Capital Allocation and Dividends - Reliance announced a capital expenditure budget of approximately $275 million for 2026, with total spending expected to be between $300 million and $325 million [4][15] - The company repurchased $200 million of common stock in Q4 2025, reducing total shares outstanding by 4% [16] - A 4% increase in the annual dividend to $5.00 per share was also announced, marking the 33rd increase since its IPO [17] Group 4: Market Demand and Challenges - Demand in non-residential construction and general manufacturing supported sales, while commercial aerospace and semiconductor markets showed softness [12][13] - Tariff-driven aluminum cost volatility resulted in a $114 million annual LIFO expense, impacting gross margins [5][7] - Management anticipates improved margins in 2026 as tariff and trade uncertainties lessen, targeting a gross profit margin range of 29% to 31% [7][21]

Core Viewpoint - Reliance, Inc. is a significant player in the metals service industry, providing a variety of metal processing and distribution services, and competes with major companies like Ryerson Holding Corporation and Olympic Steel [1] Group 1: Company Overview - Reliance operates a network of service centers across North America, offering products such as carbon steel, aluminum, and stainless steel [1] Group 2: Financial Performance - Seaport Global maintained a "Buy" rating for Reliance, increasing the price target from $315 to $340, reflecting confidence in the company's future performance [2][5] - The stock is currently priced at $318.95, with a market capitalization of approximately $16.68 billion [4][5] - During the trading day, the stock fluctuated between a low of $315.24 and a high of $322.15, reflecting market activity [4] Group 3: Earnings Call Insights - RS held its Q4 2025 earnings call, which provided insights into the company's financial performance and strategic direction, highlighting significant achievements or challenges faced during the period [3][5]

Core Insights - Reliance, Inc. is a significant player in the metals service industry, offering a variety of metal processing services and products through a network of service centers [1] - The company is currently facing a cautious outlook, with BMO Capital setting a price target of $320, indicating a slight negative perspective compared to the current trading price of $327.28 [2][6] - Reliance's Q4 2025 earnings call provided insights into its financial performance and strategic direction, highlighting both achievements and challenges [3][6] Financial Performance - The stock price of Reliance is currently at $327.28, reflecting a decrease of 2.72% or $9.16, with fluctuations between a low of $317.94 and a high of $346.30 on the day [4] - Over the past year, the stock has experienced significant volatility, reaching a high of $365.59 and a low of $250.07 [4] - Reliance's market capitalization is approximately $17.11 billion, indicating its substantial presence in the industry [5] Market Sentiment - The trading volume for Reliance on the NYSE is 647,259 shares, suggesting active investor interest [5] - The downgrade from "Outperform" to "Market Perform" by TheFly reflects a more cautious perspective on the company's future performance [2][6]