Reliance Inc. (RS): 2Q26 Earnings First Take; Strong Results and Forward Commentary Positive

Research evidence excerpt

Reliance Inc. (RS): 2Q26 Earnings First Take; Strong Results and Forward Commentary Positive

Equity Research

22 July 2026 | 6:06PM EDT

Reliance Inc. (RS): 2Q26 Earnings First Take; Strong Results and Forward

Commentary Positive

Key stock takeaways. We expect RS to trade higher following the company’s 2Q26 Nick Cash

+1(212)357-6372 | nick.cash@gs.com

earnings announcement on the back of a top and bottom-line beat as well as better Goldman Sachs & Co. LLC

than expected 3Q26 guidance on the back of very constructive end market

commentary.

2Q26 Results. RS reported adj. EPS of $6.29 which came in well above the guidance

range of $5.15-$5.35 and above GSe and FactSet consensus of $5.47 despite a

($1.64) LIFO expense headwind slightly offset by a $0.41/share border wall tailwind.

Reported revenues of $4.63bn also came in above GSe/FactSet consensus of

$4.24bn/$4.26bn and adj. EBITDA of $516mn was above GSe/FactSet consensus of

$465mn/$459mn. The results were driven by RS delivered record shipments in the

quarter (up +7% q/q vs. +1%-3% guide inclusive of a 5.1% border wall contribution

vs. 3% anticipated) with a positive pricing backdrop (ASPs up +7.8% q/q vs. +

1.5%-3.5% guide which were impacted by a (1.6%) border wall headwind vs. (1%)

anticipated). Furthermore, despite SGA/ton up +$2/ton, higher prices offset this

impact which resulted in increased operating leverage.

Constructive end market commentary

(+/-) Non-resi construction demand healthier y/y but potential headwinds from

supply availability in 3Q26.

(+/+) Broader manufacturing improved y/y and is expected to remain healthy in

3Q26, despite seasonal q/q declines.

(+/+) Aerospace improved y/y and is expected to modestly improve in 3Q26

supported by gradual build rates and improving backlogs while demand in defense