Reliance
RS · NYSEWholesale-Metals Service Centers & of fices · Fiscal year ends Dec 31
Reliance reported revenue of $14.3B in the fiscal year ended Dec 2025, up 3.3% from the year before. Operating income was $1B, an operating margin of 7.1%, and net income was $739M. Operating cash flow of $831M less capital expenditure of $329M left free cash flow of $503M. Net debt was $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $14.1B | $17B | $14.8B | $13.8B | $14.3B |
| Selling, general & admin | $2.3B | $2.5B | $2.6B | $2.7B | $2.8B |
| Operating income | $1.9B | $2.5B | $1.7B | $1.2B | $1B |
| Interest expense | $63M | $62M | $40M | $40M | $56M |
| Pre-tax income | $1.9B | $2.4B | $1.7B | $1.1B | $969M |
| Income tax | $466M | $586M | $401M | $262M | $228M |
| Net income | $1.4B | $1.8B | $1.3B | $875M | $739M |
| Diluted EPS | 21.97 | 29.92 | 22.64 | 15.56 | 13.98 |
| Diluted shares | 64M | 61M | 59M | 56M | 53M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $301M | $1.2B | $1.1B | $318M | $217M |
| Receivables | $1.7B | $1.6B | $1.5B | $1.3B | $1.5B |
| Inventory | $2.1B | $2B | $2B | $2B | $2.2B |
| Current assets | $4.2B | $4.9B | $4.8B | $3.9B | $4.1B |
| Net PP&E | $1.8B | $2B | $2.2B | $2.5B | $2.6B |
| Goodwill | $2.1B | $2.1B | $2.1B | $2.2B | $2.2B |
| Total assets | $9.5B | $10.3B | $10.5B | $10B | $10.4B |
| Payables | $454M | $412M | $410M | $362M | $375M |
| Current liabilities | $1.1B | $1.4B | $844M | $1.2B | $848M |
| Short-term debt | – | – | $300,000 | $400M | $700,000 |
| Long-term debt | $1.6B | $1.1B | $1.1B | $743M | $1.4B |
| Total liabilities | – | $3.2B | $2.7B | $2.8B | $3.2B |
| Shareholders' equity | $6.1B | $7.1B | $7.7B | $7.2B | $7.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $799M | $2.1B | $1.7B | $1.4B | $831M |
| Capital expenditure | $237M | $342M | $469M | $431M | $329M |
| Free cash flow | $563M | $1.8B | $1.2B | $999M | $503M |
| Depreciation & amortisation | $230M | $240M | $245M | $269M | $278M |
| Stock-based compensation | $71M | $65M | $65M | $57M | $56M |
| Acquisitions | $439M | – | $24M | $365M | $3M |
| Share buybacks | $324M | $630M | $480M | $1.1B | $594M |
| Dividend per share | 2.75 | 3.50 | 4.00 | 4.40 | 4.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.8% | −13.0% | −6.6% | 3.3% |
| Operating income growth (YoY) | – | 28.6% | −30.6% | −33.3% | −12.7% |
| EPS growth (YoY) | – | 36.2% | −24.3% | −31.3% | −10.2% |
| Operating margin | 13.8% | 14.7% | 11.7% | 8.4% | 7.1% |
| Net margin | 10.1% | 10.8% | 9.0% | 6.3% | 5.2% |
| Return on equityBlank when equity is negative | 23.3% | 26.0% | 17.3% | 12.1% | 10.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 23.0% | 28.0% | 18.1% | 13.2% | 10.6% |
| Free cash flow margin | 4.0% | 10.4% | 8.1% | 7.2% | 3.5% |
| Cash conversion (CFO ÷ net income) | 0.56x | 1.15x | 1.25x | 1.63x | 1.12x |
| Receivable days | 44 | 34 | 36 | 35 | 39 |
| Interest cover | 31.1x | 40.2x | 43.4x | 28.8x | 18.2x |
| Debt ÷ equity | 0.27x | 0.16x | 0.15x | 0.16x | 0.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.3B | −$34M | $62M | $824M | $1.2B |
| Current ratio | 3.91x | 3.55x | 5.66x | 3.21x | 4.88x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.