RS — what changed in the latest 10-Q
A section-by-section comparison of RS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-27 vs the prior 10-Q · 2026-07-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +19 | −18 | ~19 | 21 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-27
Record tons sold and higher average selling prices drove record net sales of $5.21 billion in the third quarter and $13.87 billion for the nine months ended September 30, 2026, up 43% and 28%, respectively, year-over-year. For the third quarter of 2026, tons sold increased 16% and average selling pr…
In the first quarter of 2026, we were awarded a multi-year contract by the U.S. Department of Homeland Security to provide steel and steel logistics support services for the construction of the border wall along the Southwest U.S. border (the “U.S. border wall project”). Deliveries under the contrac…
Continuing a multi-year trend of market share gains, our third quarter of 2026 year-over-year growth in tons sold exceeded the industry shipment increase of approximately 10% reported by the Metals Service Center Institute by more than five percentage points. We believe our scale, diversified busine…
Carbon steel prices have benefited from tight supply conditions, solid underlying demand and supportive trade policy, including the 50% Section 232 tariff. Aluminum prices also remain at historically elevated levels, supported in part by the 50% Section 232 tariff implemented in June 2025.
Gross profit of $1.45 billion in the third quarter of 2026 was the second-highest quarterly gross profit in our history. Gross profit margin under our LIFO method was 27.9% for the third quarter and 28.3% for the nine months ended September 30, 2026, compared to 28.3% and 29.2% for the same 2025 per…
Text removed vs the prior filing · source: 10-Q · 2026-07-28
Record tons sold and significant increases in average selling price per ton sold drove net sales to $4.63 billion in the second quarter and $8.66 billion in the first six months of 2026, up 26.5% and 21.2%, respectively, from the prior year periods. For the second quarter of 2026, tons sold increase…
Our second quarter of 2026 year-over-year growth in tons sold exceeded the industry-wide increase of 5.5% reported by the Metals Service Center Institute by over five percentage points, continuing a multi-year trend of outperformance relative to industry shipments. We believe our scale, diversified …
Carbon steel prices have benefited from tight supply conditions and solid underlying demand. Aluminum prices continue to be at historically elevated levels, largely due to the 50% tariff imposed under Section 232 in June 2025.
Gross profit margin under our LIFO method was 28.1% for the second quarter and 28.6% for the first six months of 2026, compared to 29.7% for the same 2025 periods. Higher carbon steel and aluminum product costs significantly increased our LIFO expense, year-over-year. On a FIFO basis, which excludes…
The increases in SG&A expense were primarily due to variable warehousing and delivery costs associated with higher tons sold, increased incentive compensation resulting from higher profitability, inflationary impacts on transportation costs from higher fuel prices and wage and benefit inflation. On …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice