RELIANCE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RELIANCE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,613	9,721	11,535	10,974	8,812	14,093	17,025	14,806	13,835	14,294
Cost of revenue	6,023	6,933	8,253	7,644	6,037	9,603	11,774	10,259	9,728	10,187
Gross profit	2,590	2,788	3,282	3,329	2,775	4,490	5,251	4,547	4,107	4,108
Selling, general and administrative	1,798	1,903	2,092	2,095	1,874	2,307	2,504	2,562	2,666	2,807
Operating income	518	662	938	1,014	566	1,949	2,507	1,740	1,160	1,013
Interest expense	84.6	73.9	86.2	85	62.9	62.7	62.3	40.1	40.3	55.7
Other non-operating income	-4	-4.7	-0.7	0.8	-24.7	-3.1	-14.2	41.3	20.2	12.2
Pre-tax income	429	584	851	929	478	1,883	2,430	1,741	1,140	969
Income tax	120	-37.2	209	223	106	466	586	401	262	228
Net income to minority interests	4.8	7.6	8.1	4.6	3.3	4.4	4.1	4.2	2.8	2.2
Net income	304	613	634	702	369	1,413	1,840	1,336	875	739
EBITDA	740	881	1,153	1,233	793	2,179	2,747	1,985	1,429	1,291
EPS, basic	4.21	8.42	8.85	10.49	5.74	22.35	30.39	22.90	15.70	14.07
EPS, diluted	4.16	8.34	8.75	10.34	5.66	21.97	29.92	22.64	15.56	13.98
Shares, basic (weighted)	72.4	72.9	71.6	66.9	64.3	63.2	60.6	58.3	55.7	52.6
Shares, diluted (weighted)	73.1	73.5	72.4	67.9	65.3	64.3	61.5	59	56.2	52.9
Dividend per share	1.65	1.80	2.00	2.20	2.50	2.75	3.50	4.00	4.40	4.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	123	154	128	174	684	301	1,173	1,080	318	217
Receivables	960	1,087	1,242	1,068	926	1,683	1,566	1,472	1,342	1,540
Inventory	1,533	1,726	1,817	1,646	1,420	2,065	1,995	2,043	2,027	2,188
Other current assets	72.9	80.7	81.5	85.2	80.5	112	116	140	148	166
Total current assets	2,689	3,051	3,285	3,010	3,113	4,160	4,887	4,772	3,896	4,141
Property, plant and equipment	1,662	1,656	1,730	1,795	1,792	1,837	1,975	2,248	2,545	2,633
Lease right-of-use assets				202	204	225	216	232	275	315
Goodwill	1,827	1,843	1,871	2,004	1,935	2,108	2,106	2,111	2,162	2,170
Intangible assets	1,151	1,112	1,072	1,031	947	1,078	1,020	981	1,007	960
Other non-current assets										106
Total assets	7,411	7,751	8,045	8,131	8,107	9,536	10,330	10,480	10,022	10,373
Accounts payable	302	347	339	275	259	454	412	410	362	375
Accrued liabilities	83.7	83.6	77.4	67.4	88.9	148	119	119	144	150
Short-term debt	82.5	92	65.2					0.3	400	0.7
Total current liabilities	656	704	699	675	613	1,065	1,375	844	1,213	848
Long-term debt	1,847	1,809	2,139	1,524	1,639	1,642	1,139	1,142	743	1,420
Lease liabilities				150	154	163	165	179	214	251
Other non-current liabilities	13	11.8	15.9	12.3	26.7	50.2	51.4	64	56.8	74.1
Total liabilities	3,232	3,051	3,365	2,917	2,984	3,442	3,234	2,748	2,791	3,194
Total debt	1,847	1,809	2,139	1,524	1,639	1,642	1,139	1,142	1,143	1,421
Paid-in capital	590	595	136	122	0.1	0.1	0.1	0.1	0.1	0.1
Retained earnings	3,663	4,144	4,638	5,190	5,193	6,155	7,174	7,799	7,335	7,258
Other comprehensive income	-105	-71.6	-103	-105	-77.9	-68.9	-86.3	-76.7	-115	-87.6
Shareholders' equity	4,149	4,667	4,672	5,207	5,115	6,087	7,087	7,722	7,220	7,170
Minority interests	30.3	32.8	7.9	7.5	7.3	7.2	8.5	10.5	11	9.4
Total equity	4,179	4,700	4,680	5,214	5,123	6,094	7,096	7,733	7,231	7,180
Total liabilities and equity	7,411	7,751	8,045	8,131	8,107	9,536	10,330	10,480	10,022	10,373
Shares outstanding	72.7	72.6	66.9	66.9	63.6	61.8	58.8	57.3	53.7	51.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	309	621	642	706	372	1,417	1,844	1,340	878	742
Depreciation and amortization	222	218	215	219	227	230	240	245	269	278
Stock-based compensation	24.4	33.4	45.5	51.2	42.2	70.8	65.3	65	56.8	55.6
Deferred income tax	-0.5	-193	-9.1	32.5	-13.7	-23.8	-6.7	16.2	36.4	37.1
Change in receivables	-36.4	-126	-153	178	137	-656	106	95.6	167	-195
Change in inventory	-30.4	-187	-88.8	212	228	-506	58.9	-41.5	117	-155
Change in payables	47.5	34.2	-10.6	-143	-43.4	226	-237	-89.5	-146	-6.9
Cash from operations	627	399	665	1,302	1,173	799	2,119	1,671	1,430	831
Capital expenditures	-155	-162	-240	-242	-172	-237	-342	-469	-431	-329
Acquisitions	-349	-37.8	-77.6	-178	-6.9	-439		-24	-365	-2.8
Cash from investing	-505	-179	-281	-419	-188	-652	-349	-484	-804	-322
Debt issued	2,073	875
Debt repaid	-2,061	-915	-1,192	-1,589	-1,615	-20.7	-0.3	-506	-663	-2,424
Stock issued	37.5	5.2	2.8
Share buybacks		-25	-485	-50	-337	-324	-630	-480	-1,094	-594
Cash from financing	-100	-198	-404	-841	-483	-529	-893	-1,282	-1,376	-620
Exchange rate effect	-2.7	10.1	-5.9	4.3	7.6	-1.2
Net change in cash	18.5	31.6	-26.2	46.1	509	-383	873	-93.2	-762	-102
Free cash flow	472	237	425	1,059	1,001	563	1,777	1,203	999	503
Interest paid	81.4	72.5	84	83	52.6	59.1	59.7	41.8	37.8	54.7
Income taxes paid	95.1	171	229	214	87.5	444	692	386	245	164

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $387.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.6%	Gross profit / revenue.
Operating margin	7.5%	Operating income / revenue.
EBITDA margin	9.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.1%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.2%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.4%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	19.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-12.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-26.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-9.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-15.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-26.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-10.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-41.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-26.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-49.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-34.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-12.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.39x	Current assets / current liabilities.
Quick ratio	2.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.7%	Total debt / total assets.
Liabilities / assets	34.0%	Total liabilities / total assets.
Net debt	$1.44B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.6x	Operating income / interest expense.
Working capital	$3.53B	Current assets - current liabilities.
Goodwill and intangibles / assets	28.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.99B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.37x	Revenue / average total assets.
Fixed asset turnover	5.64x	Revenue / average property, plant and equipment.
Inventory turnover	4.74x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Receivables turnover	7.59x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	106 days	Days inventory + days sales outstanding - days payables.
FCF conversion	76.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	33.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$285.44	Revenue / diluted weighted shares.
FCF per share	$11.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.67	Cash from operations / diluted weighted shares.
Book value per share	$139.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$78.25	Tangible book value / shares outstanding.
Cash per share	$4.89	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	94.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$19.77B	Share price x shares outstanding.
Enterprise value	$21.22B	Market cap + total debt - cash - short-term investments.
P/E	24.6x	Market cap / net income. Only when net income is positive.
P/S	1.33x	Market cap / revenue.
P/B	2.78x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.95x	Market cap / tangible book value, when positive.
P/FCF	32.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.5x	Market cap / cash from operations, when positive.
EV/Sales	1.43x	Enterprise value / revenue.
EV/EBIT	19.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	34.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.

What was RELIANCE, INC.'s revenue in fiscal 2025?

RELIANCE, INC. reported revenue of $14.29B for fiscal 2025, 3.3% higher than the year before.

Was RELIANCE, INC. profitable in fiscal 2025?

Yes. Net income was $739.4M, a net margin of 5.2%.

How much free cash flow did RELIANCE, INC. generate in fiscal 2025?

Cash from operations of $831.4M minus capital expenditures of $328.9M left free cash flow of $502.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to RELIANCE, INC.