Operating income surged to $367.9 million in 2026Q1, reflecting strong operating leverage as the company maintained stable gross margins between 25.3% and 29.2% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 14.84B | 14.29B | 13.84B | 14.81B | 17.02B | 14.09B | 8.81B | 10.97B | 11.53B | 9.72B | 8.61B | 9.35B | 10.45B | 9.22B | 8.44B | 8.13B | 6.31B | 5.32B | 8.72B | 7.27B | 5.75B | 3.37B | 2.95B | 1.88B | 1.75B | 1.66B | 1.73B | 1.51B | 1.35B | 961.5M | 654M |
| Revenue Growth % | 8.49% | 3.32% | -6.56% | -13.03% | 20.8% | 59.93% | -19.7% | -4.86% | 18.66% | 12.86% | -7.88% | -10.54% | 13.31% | 9.26% | 3.78% | 28.86% | 18.7% | -39% | 20% | 26.39% | 70.54% | 14.37% | 56.52% | 7.7% | 5.51% | -4.04% | 14.27% | 11.7% | 40.7% | 47.02% | 16.52% |
| Cost of Goods Sold | 10.8B | 10.46B | 10B | 10.5B | 12.01B | 9.83B | 6.23B | 7.86B | 8.47B | 7.15B | 6.23B | 7.02B | 8.04B | 7.02B | 6.38B | 6.28B | 4.85B | 4.04B | 6.65B | 5.5B | 4.29B | 2.5B | 2.16B | 1.37B | 1.27B | 1.19B | 1.26B | 1.1B | 1.02B | 737.5M | 492.2M |
| COGS % of Revenue | - | 73.21% | 72.26% | 70.94% | 70.57% | 69.77% | 70.65% | 71.66% | 73.42% | 73.57% | 72.36% | 75.1% | 76.97% | 76.09% | 75.62% | 77.22% | 76.8% | 75.92% | 76.33% | 75.67% | 74.7% | 74.04% | 73.14% | 72.88% | 72.54% | 72.09% | 72.8% | 72.62% | 75.71% | 76.7% | 75.26% |
| Gross Profit | 4.04B | 3.83B | 3.84B | 4.3B | 5.01B | 4.26B | 2.59B | 3.11B | 3.07B | 2.57B | 2.38B | 2.33B | 2.41B | 2.21B | 2.06B | 1.85B | 1.46B | 1.28B | 2.06B | 1.76B | 1.45B | 871.42M | 787.56M | 510.62M | 480.02M | 462.46M | 469.67M | 413.7M | 328.6M | 224M | 161.8M |
| Gross Margin % | 27.22% | 26.79% | 27.74% | 29.06% | 29.43% | 30.23% | 29.35% | 28.34% | 26.58% | 26.43% | 27.64% | 24.9% | 23.03% | 23.91% | 24.38% | 22.78% | 23.2% | 24.08% | 23.67% | 24.19% | 25.2% | 25.85% | 26.72% | 27.12% | 27.46% | 27.91% | 27.2% | 27.38% | 24.29% | 23.3% | 24.74% |
| Gross Profit Growth % | - | -0.22% | -10.79% | -14.15% | 17.63% | 64.74% | -16.85% | 1.43% | 19.35% | 7.9% | 2.26% | -3.27% | 9.16% | 7.16% | 11.06% | 26.54% | 14.34% | -37.96% | 17.44% | 21.32% | 66.25% | 10.65% | 54.23% | 6.38% | 3.8% | -1.53% | 13.53% | 25.9% | 46.7% | 38.44% | 25.23% |
| Operating Expenses | 2.92B | 2.81B | 2.66B | 2.56B | 2.5B | 2.31B | 1.86B | 2.1B | 2.11B | 1.9B | 1.8B | 1.74B | 1.77B | 1.63B | 1.4B | 1.28B | 1.1B | 1.03B | 1.21B | 1.03B | 821.39M | 507.9M | 483.89M | 432.8M | 407.83M | 379.65M | 346.73M | 304.2M | 239.6M | 164.6M | 118.1M |
| OpEx % of Revenue | - | 19.64% | 19.24% | 17.31% | 14.7% | 16.37% | 21.14% | 19.1% | 18.28% | 19.57% | 20.94% | 18.58% | 16.9% | 17.64% | 16.54% | 15.74% | 17.48% | 19.37% | 13.89% | 14.23% | 14.29% | 15.07% | 16.42% | 22.99% | 23.33% | 22.91% | 20.08% | 20.13% | 17.71% | 17.12% | 18.06% |
| Selling, General & Admin | 2.85B | 2.81B | 2.66B | 2.56B | 2.5B | 2.31B | 1.86B | 2.1B | 2.11B | 1.9B | 1.8B | 1.74B | 1.77B | 1.63B | 1.4B | 1.28B | 1.1B | 1.03B | 1.21B | 1.03B | 821.39M | 507.9M | 483.89M | 395.93M | 379.29M | 347.31M | 318.64M | 278.6M | 220.2M | 151.4M | 109.6M |
| SG&A % of Revenue | - | 19.64% | 19.24% | 17.31% | 14.7% | 16.37% | 21.14% | 19.1% | 18.28% | 19.57% | 20.94% | 18.58% | 16.9% | 17.64% | 16.54% | 15.74% | 17.48% | 19.37% | 13.89% | 14.23% | 14.29% | 15.07% | 16.42% | 21.03% | 21.7% | 20.96% | 18.45% | 18.44% | 16.28% | 15.75% | 16.76% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.87M | 28.55M | 32.34M | 28.09M | 25.6M | 19.4M | 13.2M | 8.5M |
| Operating Income | 1.12B | 1.02B | 1.18B | 1.74B | 2.51B | 1.95B | 723.6M | 1.01B | 957.9M | 666.5M | 577.2M | 591.3M | 640.6M | 578.2M | 661.7M | 572.6M | 360.72M | 250.39M | 852.97M | 723.51M | 627.36M | 363.51M | 303.67M | 77.83M | 72.19M | 82.81M | 122.94M | 109.5M | 89M | 59.4M | 43.7M |
| Operating Margin % | 7.52% | 7.15% | 8.5% | 11.75% | 14.73% | 13.86% | 8.21% | 9.24% | 8.3% | 6.86% | 6.7% | 6.32% | 6.13% | 6.27% | 7.84% | 7.04% | 5.71% | 4.71% | 9.78% | 9.96% | 10.91% | 10.78% | 10.3% | 4.13% | 4.13% | 5% | 7.12% | 7.25% | 6.58% | 6.18% | 6.68% |
| Operating Income Growth % | - | -13.03% | -32.41% | -30.65% | 28.39% | 170% | -28.63% | 5.84% | 43.72% | 15.47% | -2.38% | -7.7% | 10.79% | -12.62% | 15.56% | 58.74% | 44.06% | -70.64% | 17.89% | 15.33% | 72.58% | 19.71% | 290.19% | 7.81% | -12.83% | -32.64% | 12.27% | 23.03% | 49.83% | 35.93% | 26.3% |
| EBITDA | 1.39B | 1.3B | 1.44B | 1.98B | 2.75B | 2.18B | 950.9M | 1.23B | 1.17B | 884.9M | 799.2M | 809.8M | 854.4M | 770.6M | 810.7M | 705.7M | 481.32M | 369.28M | 950.89M | 803.38M | 689.84M | 410.15M | 348.3M | 114.7M | 100.73M | 115.15M | 151.03M | 135.1M | 108.4M | 72.6M | 52.2M |
| EBITDA Margin % | 9.4% | 9.1% | 10.44% | 13.41% | 16.14% | 15.5% | 10.79% | 11.24% | 10.17% | 9.1% | 9.28% | 8.66% | 8.17% | 8.35% | 9.6% | 8.68% | 7.62% | 6.94% | 10.91% | 11.06% | 12% | 12.17% | 11.82% | 6.09% | 5.76% | 6.95% | 8.75% | 8.94% | 8.01% | 7.55% | 7.98% |
| EBITDA Growth % | 4.8% | -9.95% | -27.23% | -27.78% | 25.85% | 129.67% | -22.89% | 5.11% | 32.57% | 10.72% | -1.31% | -5.22% | 10.87% | -4.95% | 14.88% | 46.62% | 30.34% | -61.17% | 18.36% | 16.46% | 68.19% | 17.76% | 203.67% | 13.86% | -12.52% | -23.76% | 11.79% | 24.63% | 49.31% | 39.08% | 31.16% |
| D&A (Non-Cash Add-back) | 278.7M | 278.2M | 268.7M | 245.4M | 240.2M | 230.2M | 227.3M | 219.3M | 215.2M | 218.4M | 222M | 218.5M | 213.8M | 192.4M | 149M | 133.1M | 120.6M | 118.88M | 97.92M | 79.87M | 62.47M | 46.63M | 44.63M | 36.87M | 28.55M | 32.34M | 28.09M | 25.6M | 19.4M | 13.2M | 8.5M |
| EBIT | 1.12B | 1.02B | 1.18B | 1.78B | 2.49B | 2.03B | 620.5M | 1.09B | 1.01B | 724.2M | 575.9M | 600.4M | 680.7M | 603.6M | 712M | 611.9M | 389.94M | 294.7M | 883.25M | 733.44M | 633.13M | 367.19M | 307.84M | 80.66M | 71.92M | 82.81M | 122.94M | 109.5M | 89M | 59.4M | 43.7M |
| Net Interest Income | -59.6M | -55.7M | -19.6M | -4.9M | -53M | -148.2M | -142.3M | -158.9M | -156.3M | -140.4M | -145.7M | -140.7M | -133M | -124.3M | -101.2M | -60.1M | -64.95M | -57.92M | -85.89M | -78.71M | -61.69M | -25.22M | -28.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 20.7M | 35.2M | 9.3M | 0 | 0 | 0 | 0 | 0 | 1M | 1M | 1.4M | 1M | 1.4M | 40.2M | 28.56M | 41.28M | 30.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 59.6M | 55.7M | 40.3M | 40.1M | 62.3M | 148.2M | 142.3M | 158.9M | 156.3M | 140.4M | 146.7M | 141.7M | 134.4M | 125.3M | 102.6M | 100.3M | 93.51M | 99.21M | 116.69M | 78.71M | 61.69M | 25.22M | 28.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -59.8M | -53.4M | -35.9M | 1.2M | -77.9M | -70.6M | -245.4M | -84.5M | -107.3M | -82.7M | -148M | -132.6M | -94.3M | -99.9M | -52.3M | -61M | -64.29M | -54.9M | -86.42M | -68.78M | -55.92M | -21.55M | -24.52M | -22.97M | -22.2M | -22.66M | -20.35M | -13.1M | -8.7M | -1.4M | 5.9M |
| Pretax Income | 1.06B | 969.2M | 1.14B | 1.74B | 2.43B | 1.88B | 478.2M | 929.3M | 850.6M | 583.8M | 429.2M | 458.7M | 546.3M | 478.3M | 609.4M | 511.6M | 296.43M | 195.49M | 765.7M | 654.39M | 571.13M | 333.21M | 269.97M | 54.86M | 49.72M | 60.16M | 102.59M | 96.4M | 80.3M | 58M | 49.6M |
| Pretax Margin % | 7.12% | 6.78% | 8.24% | 11.76% | 14.28% | 13.36% | 5.43% | 8.47% | 7.37% | 6.01% | 4.98% | 4.91% | 5.23% | 5.19% | 7.22% | 6.29% | 4.7% | 3.68% | 8.78% | 9.01% | 9.94% | 9.89% | 9.16% | 2.91% | 2.84% | 3.63% | 5.94% | 6.38% | 5.94% | 6.03% | 7.58% |
| Income Tax | 249.6M | 227.6M | 261.9M | 400.6M | 586.2M | 465.7M | 105.8M | 223.2M | 208.8M | -37.2M | 120.1M | 142.5M | 170M | 153.6M | 201.1M | 162.4M | 98.58M | 46.32M | 282.92M | 246.44M | 216.63M | 127.78M | 100.24M | 20.85M | 19.55M | 23.82M | 40.27M | 38.8M | 32.6M | 23.8M | 19.8M |
| Effective Tax Rate % | 23.63% | 23.48% | 22.98% | 23.01% | 24.12% | 24.73% | 22.12% | 24.02% | 24.55% | -6.37% | 27.98% | 31.07% | 31.12% | 32.11% | 33% | 31.74% | 33.26% | 23.69% | 36.95% | 37.66% | 37.93% | 38.35% | 37.13% | 38% | 39.33% | 39.6% | 39.25% | 40.25% | 40.6% | 41.03% | 39.92% |
| Net Income | 806M | 739.4M | 875.2M | 1.34B | 1.84B | 1.41B | 369.1M | 701.5M | 633.7M | 613.4M | 304.3M | 311.5M | 371.5M | 321.6M | 403.5M | 343.8M | 194.35M | 148.16M | 482.78M | 407.95M | 354.51M | 205.44M | 169.73M | 34.01M | 30.17M | 36.34M | 62.32M | 57.6M | 47.7M | 34.2M | 29.8M |
| Net Margin % | 5.43% | 5.17% | 6.33% | 9.02% | 10.81% | 10.03% | 4.19% | 6.39% | 5.49% | 6.31% | 3.53% | 3.33% | 3.55% | 3.49% | 4.78% | 4.23% | 3.08% | 2.79% | 5.54% | 5.61% | 6.17% | 6.09% | 5.76% | 1.81% | 1.73% | 2.19% | 3.61% | 3.81% | 3.53% | 3.56% | 4.56% |
| Net Income Growth % | 4.4% | -15.52% | -34.49% | -27.4% | 30.23% | 282.82% | -47.38% | 10.7% | 3.31% | 101.58% | -2.31% | -16.15% | 15.52% | -20.3% | 17.36% | 76.89% | 31.18% | -69.31% | 18.34% | 15.08% | 72.56% | 21.04% | 399.05% | 12.74% | -16.98% | -41.69% | 8.19% | 20.75% | 39.47% | 14.77% | 31.28% |
| Net Income (Continuing) | 806.7M | 741.6M | 878M | 1.34B | 1.84B | 1.42B | 372.4M | 706.1M | 641.8M | 621M | 309.1M | 316.2M | 376.3M | 324.7M | 408.3M | 349.2M | 197.85M | 149.18M | 483.63M | 408.29M | 354.81M | 214.19M | 178.91M | 34.01M | 30.17M | 36.34M | 62.32M | 57.6M | 47.7M | 34.2M | 29.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.2M | 9.4M | 11M | 10.5M | 8.5M | 7.2M | 7.3M | 7.5M | 7.9M | 32.8M | 30.3M | 28.6M | 28.9M | 9.8M | 9M | 8.1M | 6.38M | 1.69M | 3.63M | 1.7M | 1.25M | 17.13M | 15.54M | 9.38M | 10.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 15.51 | 13.98 | 15.56 | 22.64 | 29.92 | 21.97 | 5.66 | 10.34 | 8.75 | 8.34 | 4.16 | 4.16 | 4.73 | 4.14 | 5.33 | 4.58 | 2.61 | 2.01 | 6.56 | 5.36 | 4.82 | 3.10 | 2.60 | 0.54 | 0.47 | 0.64 | 1.14 | 1.03 | 0.84 | 0.72 | 0.95 |
| EPS Growth % | 9.82% | -10.15% | -31.27% | -24.33% | 36.19% | 288.16% | -45.26% | 18.17% | 4.92% | 100.48% | 0% | -12.05% | 14.25% | -22.33% | 16.38% | 75.48% | 29.85% | -69.36% | 22.39% | 11.2% | 55.48% | 19.23% | 381.48% | 14.89% | -26.56% | -43.86% | 10.68% | 22.62% | 16.67% | -24.21% | 93.88% |
| EPS (Basic) | - | 14.07 | 15.70 | 22.90 | 30.39 | 22.35 | 5.74 | 10.49 | 8.85 | 8.42 | 4.21 | 4.20 | 4.78 | 4.19 | 5.36 | 4.60 | 2.62 | 2.02 | 6.60 | 5.39 | 4.85 | 3.12 | 2.62 | 0.54 | 0.48 | 0.64 | 1.15 | 1.04 | 0.85 | 0.73 | 0.65 |
| Diluted Shares Outstanding | 51.97M | 52.88M | 56.25M | 59.02M | 61.49M | 64.33M | 65.26M | 67.86M | 72.44M | 73.54M | 73.12M | 74.9M | 78.62M | 77.65M | 75.69M | 75.04M | 74.47M | 73.7M | 73.6M | 76.06M | 73.6M | 66.19M | 65.35M | 63.73M | 63.6M | 56.94M | 54.58M | 55.78M | 56.61M | 47.83M | 46.6M |
| Basic Shares Outstanding | 51.63M | 52.55M | 55.75M | 58.33M | 60.56M | 63.22M | 64.33M | 66.89M | 71.6M | 72.85M | 72.28M | 74.17M | 77.72M | 76.75M | 75.28M | 74.74M | 74.23M | 73.45M | 73.1M | 75.62M | 73.13M | 65.87M | 64.96M | 63.71M | 63.37M | 56.67M | 54.43M | 55.5M | 56.31M | 47.17M | 46M |
| Dividend Payout Ratio | - | 34.45% | 28.53% | 17.82% | 11.8% | 12.53% | 44.46% | 21.57% | 22.93% | 21.52% | 39.57% | 38.56% | 29.26% | 30.13% | 14.92% | 10.44% | 15.28% | 19.83% | 6.05% | 5.93% | 4.55% | 6.1% | 4.98% | 23.58% | 1.47% | 18.75% | 9.63% | 8.51% | 9.43% | 7.6% | 6.38% |
Cyclical industrial demand exposure
According to recent financial filings, RS achieved a 15.5% year-over-year revenue growth in 2026Q1, marking a significant departure from the multi-quarter contraction observed throughout 2024, suggesting a potential recovery in the underlying North American industrial demand environment that warrants close monitoring by market participants.
The transition from negative growth rates in 2024 to double-digit expansion in the most recent quarter indicates that the company's decentralized service model is successfully capturing renewed volume. Investors should interpret this acceleration as a potential signal of improved industrial activity, though the durability of this trend remains contingent on sustained demand from key end-markets like aerospace and semiconductor fabrication.
As reported in the company's income statements, gross margins have remained remarkably stable, hovering between 25.3% and 29.2% over the last ten quarters, which highlights the company's ability to maintain its processing premium despite significant fluctuations in the underlying commodity price environment for steel and aluminum.
This margin stability suggests that the company's value-add services provide a structural buffer against commodity price volatility that pure-play distributors often lack. The ability to sustain these levels during periods of both revenue contraction and expansion implies strong pricing power and effective management of the service-center spread.
Based on the provided income statement data, operating income surged to $367.9 million in 2026Q1, demonstrating significant operating leverage as the company successfully scaled its profitability faster than its gross profit growth, reflecting disciplined control over its localized SG&A expenses during the recent revenue recovery phase.
The expansion of operating margins to 9.1% in the most recent quarter suggests that the company's decentralized operational structure is highly efficient at absorbing incremental volume without proportional increases in overhead. This efficiency appears to be a core driver of the company's ability to generate superior returns compared to more centralized industry peers.
Analysis of the reported figures reveals that net income volatility is heavily influenced by the company's LIFO accounting method, which can obscure underlying economic performance during periods of rapid metal price changes, necessitating careful adjustment to isolate true operational profitability from non-cash inventory valuation effects.
The absence of stock-based compensation in recent quarters further enhances the quality of reported earnings, as it suggests that management is not diluting shareholders to incentivize performance. Investors should remain cautious, however, as the interplay between LIFO reserves and inventory turnover remains a critical factor in reconciling reported net income with actual cash generation.
Quick answers to the most common questions about buying RS stock.
For fiscal year 2025, Reliance Steel & Aluminum Co. (RS) reported total revenue of $14.29B. This represents a 2085.7% increase compared to $654.0M in 1996.
Reliance Steel & Aluminum Co. (RS) is profitable, generating $739.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Reliance Steel & Aluminum Co. (RS) reported an operating income of $1.02B, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Reliance Steel & Aluminum Co. (RS) generated $3.83B in gross profit for the year, representing a gross profit margin of 26.8%. This demonstrates the company's core pricing power and production efficiency.