Reliance, Inc. (RS)

NYSEMaterialsSteelSnapshot 2026-10-23

$415.62-0.55%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Reliance, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+7.9%

+10% or more+5%0%−5%−10% or less

23.52 → 25.38 EPS · FY ending Dec 31, 2027 · 5 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 5 to 5; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	4.75B
EPS	—	6.837
Quarter ending 2027-03-31
Revenue	—	4.53B
EPS	—	6.624
Annual ending 2026-12-31
Revenue	—	18.37B
EPS	—	25.717
Annual ending 2027-12-31
Revenue	—	18.26B
EPS	—	25.382

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
EPS meets or exceeds $5.25 in 2026 Q2	A supporting condition in Reliance, Inc.'s published investment case. The stated target is >= $5.25.	Intact	EPS guidance falls below $5.15 for 2026 Q2	Diluted EPS: $6.29 per share FY2026-Q2; GAAP. Published target: >= $5.25. Same fiscal period as the stored target. Source published Jul 28, 20266.29 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 334f2ce5-fecc-4f4b-87d5-df90412341f4. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Net income rises to at least $264.9M in 2026 Q1	Profit rises with operating income up $93.5M to $367.9M.	Under Pressure	Net income falls below $200.5M in any quarter through 2026-Q1	Net income: $322.9M FY2026-Q2; GAAP. Published target: >= $264.9M. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 28, 2026322,900,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 334f2ce5-fecc-4f4b-87d5-df90412341f4. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating income rises to at least $367.9M in 2026 Q1	Profit rises with operating income up $93.5M to $367.9M.	Under Pressure	Operating income falls below $274.4M in any quarter through 2026-Q1	Operating income: $441.6M FY2026-Q2; GAAP. Published target: >= $367.9M. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 28, 2026441,600,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 334f2ce5-fecc-4f4b-87d5-df90412341f4. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue grows to at least $4.03B in 2026 Q1	A primary condition in Reliance, Inc.'s published investment case. The stated target is >= $4.03B.	Under Pressure	Revenue falls below $3.48B in any quarter through 2026-Q1	Revenue: $4.63B FY2026-Q2; GAAP. Published target: >= $4.03B. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 28, 20264,630,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 334f2ce5-fecc-4f4b-87d5-df90412341f4. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$25.38

$21.27 → $25.38 · observed estimates

FY2027 revenue$18.26B

$16.34B → $18.26B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$21.27	$16,336,093,560	8 / 7
2026-07-25	$21.95	$16,815,299,980	8 / 6
2026-07-26	$21.95	$16,815,299,980	8 / 6
2026-07-27	$22.05	$17,069,226,560	8 / 7
2026-07-28	$22.05	$16,879,513,996	5 / 6
2026-07-29	$22.19	$17,198,239,360	8 / 7
2026-07-30	$22.19	$17,198,239,360	8 / 7
2026-07-31	$23.08	$17,284,367,140	8 / 8
2026-08-01	$22.69	$17,177,346,693	5 / 6
2026-08-02	$23.08	$17,284,367,140	8 / 8
2026-08-03	$23.08	$17,284,327,939	5 / 6
2026-08-04	$23.08	$17,284,327,939	5 / 6
2026-08-05	$23.08	$17,284,327,939	5 / 6
2026-08-06	$23.08	$17,284,327,939	5 / 6
2026-08-08	$23.08	$17,284,367,140	8 / 8
2026-08-09	$23.08	$17,284,367,140	8 / 8
2026-08-10	$23.08	$17,284,367,140	8 / 8
2026-08-12	$23.08	$17,284,367,140	8 / 8
2026-08-13	$23.08	$17,284,367,140	8 / 8
2026-08-14	$23.08	$17,284,327,939	5 / 6
2026-08-15	$23.08	$17,284,327,939	5 / 6
2026-08-16	$23.08	$17,284,327,939	5 / 6
2026-08-17	$23.08	$17,284,327,939	5 / 6
2026-08-18	$23.08	$17,284,327,939	5 / 6
2026-08-19	$23.08	$17,284,327,939	5 / 6
2026-08-20	$23.08	$17,284,327,939	5 / 6
2026-08-21	$23.08	$17,284,327,939	5 / 6
2026-08-22	$23.08	$17,284,327,939	5 / 6
2026-08-23	$23.08	$17,284,327,939	5 / 6
2026-08-24	$23.08	$17,284,327,939	5 / 6
2026-08-25	$23.08	$17,284,327,939	5 / 6
2026-08-26	$23.14	$17,326,702,939	5 / 6
2026-08-27	$23.14	$17,326,702,939	5 / 6
2026-08-28	$23.14	$17,326,702,939	5 / 6
2026-08-29	$23.14	$17,326,702,939	5 / 6
2026-08-30	$23.14	$17,326,702,939	5 / 6
2026-08-31	$23.14	$17,326,702,939	5 / 6
2026-09-01	$23.14	$17,326,702,939	5 / 6
2026-09-02	$23.14	$17,326,702,939	5 / 6
2026-09-03	$23.14	$17,326,702,939	5 / 6
2026-09-04	$23.14	$17,326,702,939	5 / 6
2026-09-05	$23.14	$17,326,702,939	5 / 6
2026-09-06	$23.14	$17,326,702,939	5 / 6
2026-09-07	$23.14	$17,326,702,939	5 / 6
2026-09-08	$23.14	$17,326,702,939	5 / 6
2026-09-09	$23.14	$17,326,702,939	5 / 6
2026-09-10	$23.14	$17,326,702,939	5 / 6
2026-09-11	$23.23	$17,387,573,564	5 / 6
2026-09-12	$23.52	$17,452,619,322	5 / 6
2026-09-13	$23.52	$17,452,619,322	5 / 6
2026-09-14	$23.52	$17,452,619,322	5 / 6
2026-09-15	$23.52	$17,452,619,322	5 / 6
2026-09-16	$23.52	$17,452,619,322	5 / 6
2026-09-17	$23.52	$17,452,619,322	5 / 6
2026-09-18	$23.52	$17,452,619,322	5 / 6
2026-09-19	$23.52	$17,452,619,322	5 / 6
2026-09-20	$23.52	$17,452,619,322	5 / 6
2026-09-21	$23.52	$17,452,619,322	5 / 6
2026-09-22	$23.52	$17,452,619,322	5 / 6
2026-09-23	$23.52	$17,452,619,322	5 / 6
2026-09-24	$23.52	$17,452,619,322	5 / 6
2026-09-25	$23.52	$17,452,619,322	5 / 6
2026-09-26	$23.52	$17,452,619,322	5 / 6
2026-09-27	$23.52	$17,452,619,322	5 / 6
2026-09-28	$23.52	$17,452,619,322	5 / 6
2026-09-29	$23.61	$17,452,619,322	5 / 6
2026-09-30	$23.61	$17,452,619,322	5 / 6
2026-10-01	$23.61	$17,452,619,322	5 / 6
2026-10-02	$23.61	$17,452,619,322	5 / 6
2026-10-03	$23.61	$17,452,619,322	5 / 6
2026-10-04	$23.61	$17,452,619,322	5 / 6
2026-10-05	$23.61	$17,452,644,322	5 / 6
2026-10-06	$23.61	$17,452,644,322	5 / 6
2026-10-07	$23.61	$17,494,894,322	5 / 6
2026-10-08	$23.61	$17,494,911,285	5 / 6
2026-10-09	$23.61	$17,494,911,285	5 / 6
2026-10-10	$24.08	$17,663,262,891	5 / 6
2026-10-11	$24.08	$17,663,262,891	5 / 6
2026-10-12	$24.08	$17,663,262,891	5 / 6
2026-10-13	$24.08	$17,663,262,891	5 / 6
2026-10-14	$24.08	$17,663,262,891	5 / 6
2026-10-15	$24.14	$17,663,262,891	5 / 6
2026-10-16	$24.14	$17,663,262,891	5 / 6
2026-10-17	$24.14	$17,663,262,891	5 / 6
2026-10-18	$24.64	$17,868,963,304	5 / 6
2026-10-19	$24.64	$17,868,963,304	5 / 6
2026-10-20	$24.64	$17,868,963,304	5 / 6
2026-10-21	$24.64	$17,868,963,304	5 / 6
2026-10-22	$24.82	$17,938,196,342	5 / 6
2026-10-23	$25.19	$18,122,386,084	5 / 6
2026-10-24	$25.38	$18,259,000,959	5 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	2	5	1
2026-06-01	2	5	1
2026-07-01	2	5	1
2026-08-01	2	5	1
2026-09-01	2	5	1
2026-10-01	2	6	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 2 Buy / Strong Buy · 6 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Wells FargoOct 22 · prior Jul 9

$372.00 → $420.00+12.9%

BarclaysOct 14

$420.00New observation · no comparable prior

KeyBancOct 5 · prior Jun 24

$418.00 → $421.00+0.7%

$0$231.55$463.10

2 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Net income rises to at least $264.9M in 2026 Q1Published status: Under Pressure
Operating income rises to at least $367.9M in 2026 Q1Published status: Under Pressure
Revenue grows to at least $4.03B in 2026 Q1Published status: Under Pressure

Next proof point

Next earnings date unavailable

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.0%Typical daily move · historical

Downside history

-19.0%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Reliance, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

RS is a cyclical industrial business with a growth and capital-return component. Its long-term thesis is intact: recent financial performance is strong, and management is on track with its stated priorities.

What's priced into Reliance, Inc.

Valuation is neutral, and RS trades at a premium to peers, so the market already gives the business some credit for its execution. The expectations gap is close to neutral, and priced-in fragility is low, rather than reflecting a broad mix of expensive valuation, weak execution, and turbulent conditions.

What the fundamentals likely do

Near term, recent earnings beats and higher sales and shipment volume support a strong operating picture. Management has also returned capital and continued the border wall project, while lower guidance credibility and a headwind from the sector temper that picture.

What Reliance, Inc. hinges on

Over the next few quarters, a guidance cut would be a meaningful setback, especially given recent peer misses and a deep miss in RS’s history. Sector conditions could help or hurt: continued earnings strength and higher guidance from NUE, STLD, and GGB would support the Materials backdrop, while misses or lower guidance could remove that support.