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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
RELIANCE, INC. generated $14.29B of revenue in fiscal 2025, with net income of $739.40M and an operating cash inflow of $831.40M. Revenue of $14.29B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 3.3% from $13.84B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $13.98, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $15.56 in fiscal 2024, the current result was 10.2% lower.Profitability
After reported cost of revenue, the company retained $4.11B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 28.7% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $1.01B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 7.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $739.40M, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 5.2% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $969.20M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 6.8%, relating income before taxes directly to revenue. The reported income-tax provision was $227.60M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 23.5%, without assuming a statutory-rate comparison.Liquidity and Capital Structure
The company held $10.37B of assets against $3.19B of liabilities and $7.18B of equity, revealing how the asset base was financed. The near-term balance sheet paired $4.14B of current assets with $848.10M of current liabilities at the reporting date. The current ratio was 4.88x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $216.60M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 25.5%, excluding receivables and other current assets. The company carried $1.42B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.2x, showing how much debt the company carried for each unit of book equity. Debt represented 13.7% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 30.8%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 2.1% of total assets, showing the liquid cash component within the company’s broader resource base.Cash Flow and Earnings Quality
Cash flow from operations was $831.40M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.12x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $328.90M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 39.6% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $502.50M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 3.5%, showing how much sales converted into cash after investment. Free cash flow equaled 4.8% of total assets, relating post-investment cash generation to the company’s resource base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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