Reliance, Inc.

reliance.com

What Do They Do?

Processes and distributes carbon steel and other metal products, including aluminum and stainless steel, to manufacturers, fabricators, and other end users.

How Do They Make Money?

For carbon steel, customers buy metal through fixed-price orders; the sale is counted when the metal is delivered or shipped. The company also charges fees for toll processing and logistics as those services are performed.

revenue

Segment	Share	How money arrives
Carbon steel Sold outright	55% FY2022: 56%	Sold outright
Aluminum Sold outright	17% FY2022: 16%	Sold outright
Stainless steel Sold outright	14% FY2022: 17%	Sold outright
Alloy Sold outright	4.5% FY2022: 4.4%	Sold outright
Toll processing and logistics Usage-based	4.5% FY2022: 3.3%	Usage-based
Copper and brass Sold outright	2.6% FY2022: 2.0%	Sold outright
Miscellaneous and eliminations	2.1% FY2022: 2.2%

Who Are Their Customers?

Small machine shops and fabricators account for most sales, while the company also serves large equipment makers. Its sales teams handle customer orders, and its trucks deliver most orders.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

7% of revenue

▼ −13% vs FY2024 ($1.2B, 8%)

Net income, FY2025

5% of revenue

▼ −16% vs FY2024 ($875.2M, 6%)

Free cash flow, FY2025

4% of revenue

▼ −50% vs FY2024 ($999.2M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +43%; vs $3.7B in Q3 FY2025
Net income: ▲ +113%; vs $189.5M in Q3 FY2025

Carbon steel share of revenue vs 55.7% in Q3 FY2025

Flat. Revenue was $14.3B in FY2025, about the same as the $14.1B of FY2021.

Revenue over time

Carbon steel Aluminum Stainless steel Alloy Toll processing and logistics Copper and brass Miscellaneous and eliminations

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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