RS 10-Q
Reliance, Inc. (RS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number:
Reliance, Inc. (Exact name of registrant as specified in its charter) | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated filer ☐ | |
Non-accelerated filer ☐ | Smaller reporting company |
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of July 24, 2026,
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16 | ||
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PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except shares in thousands and per share amounts)
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2026 | | 2025 | | 2026 | | 2025 | |||||
Net sales | $ | | $ | | $ | | $ | | |||
Costs and expenses: | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | | | | | |||||||
Warehouse, delivery, selling, general and administrative | | | | | |||||||
Depreciation and amortization | | | | | |||||||
| | | | ||||||||
Operating income | | | | | |||||||
Other (income) expense: | |||||||||||
Interest expense | | | | | |||||||
Other income, net | ( | ( | ( | ( | |||||||
Income before income taxes | | | | | |||||||
Income tax provision | | | | | |||||||
Net income | | | | | |||||||
Less: net income – noncontrolling interests | | | | | |||||||
Net income – Reliance | $ | | $ | | $ | | $ | | |||
Earnings per share: | |||||||||||
Basic | $ | | $ | | $ | | $ | | |||
Diluted | $ | | $ | | $ | | $ | | |||
Weighted average shares outstanding: | |||||||||||
Basic | | | | | |||||||
Diluted | | | | | |||||||
See accompanying notes to unaudited consolidated financial statements.
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RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2026 | | 2025 | | 2026 | | 2025 | |||||
Net income | $ | | $ | | $ | | $ | | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation | ( | | ( | | |||||||
Pension and postretirement benefit plan adjustments, net of tax | ( | ( | ( | ( | |||||||
Total other comprehensive income (loss) | ( | | ( | | |||||||
Comprehensive income | | | | | |||||||
Less: comprehensive income – noncontrolling interests | | | | | |||||||
Comprehensive income – Reliance | $ | | $ | | $ | | $ | | |||
See accompanying notes to unaudited consolidated financial statements.
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RELIANCE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions, except shares in thousands and par value)
June 30, | December 31, | ||||
2026 | | 2025* | |||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | | $ | | |
Accounts receivable, less allowance for credit losses of $ | | | |||
Inventories | | | |||
Prepaid expenses and other current assets | | | |||
Income taxes receivable | — | | |||
Total current assets | | | |||
Property, plant and equipment, net | | | |||
Operating lease right-of-use assets | | | |||
Goodwill | | | |||
Intangible assets, net | | | |||
Cash surrender value of life insurance policies, net | | | |||
Other long-term assets | | | |||
Total assets | $ | | $ | | |
Liabilities and Equity | |||||
Current liabilities: | |||||
Accounts payable | $ | | $ | | |
Accrued expenses | | | |||
Accrued compensation and retirement benefits | | | |||
Accrued insurance costs | | | |||
Current maturities of long-term debt | — | | |||
Current maturities of operating lease liabilities | | | |||
Income taxes payable | | — | |||
Total current liabilities | | | |||
Long-term debt | | | |||
Operating lease liabilities | | | |||
Long-term retirement benefits | | | |||
Other long-term liabilities | | | |||
Deferred income taxes | | | |||
Total liabilities | | | |||
Commitments and contingencies | |||||
Equity: | |||||
Preferred stock, $ | |||||
Common stock and additional paid-in capital, $ | |||||
and shares— | | | |||
Retained earnings | | | |||
Accumulated other comprehensive loss | ( | ( | |||
Total Reliance stockholders’ equity | | | |||
Noncontrolling interests | | | |||
Total equity | | | |||
Total liabilities and equity | $ | | $ | | |
* Derived from audited financial statements.
See accompanying notes to unaudited consolidated financial statements.
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RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Six Months Ended | |||||
June 30, | |||||
2026 | | 2025 | |||
Operating activities: | |||||
Net income | $ | | $ | | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | | | |||
Stock-based compensation | | | |||
Other | ( | ( | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | ( | ( | |||
Inventories | ( | ( | |||
Prepaid expenses and other assets | | | |||
Accounts payable and other liabilities | | | |||
Net cash provided by operating activities | | | |||
Investing activities: | |||||
Acquisitions | — | ( | |||
Purchases of property, plant and equipment | ( | ( | |||
Proceeds from sales of property, plant and equipment | | | |||
Other | ( | | |||
Net cash used in investing activities | ( | ( | |||
Financing activities: | |||||
Proceeds from long-term debt borrowings | | | |||
Principal payments on long-term debt | ( | ( | |||
Cash dividends and dividend equivalents | ( | ( | |||
Share repurchases | ( | ( | |||
Taxes paid on net-settled restricted stock units | ( | ( | |||
Excise tax on repurchase of common shares | ( | ( | |||
Other | ( | ( | |||
Net cash used in financing activities | ( | ( | |||
Effect of exchange rate changes on cash and cash equivalents | ( | | |||
Increase (decrease) in cash and cash equivalents | | ( | |||
Cash and cash equivalents, beginning balance | | | |||
Cash and cash equivalents, ending balance | $ | | $ | | |
Supplemental cash flow information: | |||||
Interest paid | $ | | $ | | |
Income taxes paid, net | $ | | $ | | |
See accompanying notes to unaudited consolidated financial statements.
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RELIANCE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per share amounts)
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2026 | | 2025 | | 2026 | | 2025 | |||||
Common stock and additional paid-in capital: | |||||||||||
Beginning balance | $ | $ | | $ | $ | ||||||
Stock-based compensation | |||||||||||
Taxes paid on net-settled restricted stock units | ( | — | ( | — | |||||||
Share repurchases | — | ( | ( | ( | |||||||
Noncontrolling interest purchased | — | — | — | ||||||||
Ending balance | | | | | |||||||
Retained earnings: | |||||||||||
Beginning balance | | | |||||||||
Net income – Reliance | | | |||||||||
Cash dividends | ( | ( | ( | ( | |||||||
Dividend equivalents paid on vested restricted stock units | — | — | ( | ( | |||||||
Taxes paid on net-settled restricted stock units | — | ( | ( | ( | |||||||
Share repurchases | — | ( | ( | ( | |||||||
Excise tax on repurchase of common shares | ( | ( | ( | ( | |||||||
Ending balance | | | | | |||||||
Accumulated other comprehensive loss: | |||||||||||
Beginning balance | ( | ( | ( | ( | |||||||
Other comprehensive (loss) income | ( | ( | |||||||||
Ending balance | ( | ( | ( | ( | |||||||
Total Reliance stockholders' equity | | | | | |||||||
Noncontrolling interests: | |||||||||||
Beginning balance | |||||||||||
Comprehensive income | | ||||||||||
Noncontrolling interest purchased | — | — | ( | — | |||||||
Dividends paid | ( | ( | ( | ( | |||||||
Ending balance | | | | | |||||||
Total equity | $ | | $ | | $ | | $ | | |||
Cash dividends declared per common share | $ | $ | $ | $ | |||||||
See accompanying notes to unaudited consolidated financial statements.
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RELIANCE, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The accompanying unaudited consolidated financial statements include the accounts of Reliance, Inc. and its subsidiaries (collectively the “Company,” “we,” “our,” or “us”) and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, the consolidated financial statements include all material adjustments of a normal recurring nature necessary for a fair presentation of interim results. Interim results are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Inventories
The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. We estimate the effect of LIFO on interim periods by allocating the projected year-end LIFO calculation to interim periods on a pro rata basis.
Goodwill and Other Indefinite-Lived Intangible Assets
There have been no material changes to the Company’s accounting policies related to goodwill and other indefinite-lived intangible assets from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Recently Issued Accounting Standards
Disaggregation of Income Statement Expenses—In November 2024, the Financial Accounting Standards Board issued guidance requiring disaggregated quantitative disclosure of prescribed expense categories included within relevant income statement expense captions. These changes will be effective beginning with our 2027 fiscal year and subsequent interim periods, with early adoption permitted. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.
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NOTE 2. REVENUES
The following table presents our net sales disaggregated by product and service (in millions):
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2026 | | 2025 | | 2026 | | 2025 | |||||
Carbon steel | $ | | $ | | $ | | $ | | |||
Aluminum | | | | | |||||||
Stainless steel | | | | | |||||||
Alloy | | | | | |||||||
Toll processing and logistics | | | | | |||||||
Copper and brass | | | | | |||||||
Miscellaneous and eliminations | | | | | |||||||
Total | $ | | $ | | $ | | $ | | |||
NOTE 3. PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net consists of the following (in millions):
June 30, | December 31, | ||||
2026 | | 2025 | |||
Land | $ | | $ | | |
Buildings | | | |||
Machinery and equipment | | | |||
Construction in progress | | | |||
Property, plant and equipment, gross | | | |||
Less: accumulated depreciation | ( | ( | |||
Property, plant and equipment, net | $ | | $ | | |
As of June 30, 2026 and December 31, 2025, noncash investing activities included $
NOTE 4. GOODWILL
The change in the carrying amount of goodwill is as follows (in millions):
Balance as of January 1, 2026 | $ | |
Other | | |
Foreign currency translation | ( | |
Balance as of June 30, 2026 | $ | |
We had
During the first quarter of 2026, in connection with an operational realignment, the Company changed its reporting units. As a result, goodwill was reallocated among reporting units using a relative fair value approach, with no change in the consolidated carrying amount of goodwill. The Company performed an impairment assessment and determined that goodwill was not impaired. There was no change to the Company's reportable segments.
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NOTE 5. INTANGIBLE ASSETS, NET
Intangible assets, net consisted of the following (in millions):
June 30, | December 31, | ||||||||||||
2026 | 2025 | ||||||||||||
Weighted Average | Gross | Gross | |||||||||||
Amortizable | Carrying | Accumulated | Carrying | Accumulated | |||||||||
Life in Years | | Amount | | Amortization | | Amount | | Amortization | |||||
Intangible assets subject to amortization: | |||||||||||||
Customer lists/relationships | $ | | $ | ( | $ | | $ | ( | |||||
Backlog of orders | | ( | | ( | |||||||||
Other | | ( | | ( | |||||||||
| ( | | ( | ||||||||||
Intangible assets not subject to amortization: | |||||||||||||
Trade names | | — | | — | |||||||||
$ | | $ | ( | $ | | $ | ( | ||||||
The change in the carrying amount of intangible assets, net is as follows (in millions):
Balance as of January 1, 2026 | $ | |
Other | | |
Amortization expense | ( | |
Foreign currency translation | ( | |
Balance as of June 30, 2026 | $ | |
The following is a summary of estimated future amortization expense (in millions):
2026 – remaining | $ | |
2027 | | |
2028 | | |
2029 | | |
2030 | | |
Thereafter | | |
$ | |
NOTE 6. DEBT
Debt consisted of the following (in millions):
June 30, | December 31, | ||||
2026 | | 2025 | |||
Unsecured revolving credit facility maturing September 10, 2029 | $ | | $ | | |
Unsecured term loan maturing August 14, 2028 | | | |||
Senior unsecured notes, interest payable semi-annually at | | | |||
Senior unsecured notes, interest payable semi-annually at | | | |||
Other notes | — | | |||
Total | | | |||
Less: unamortized discount and debt issuance costs | ( | ( | |||
Less: amounts due within one year | — | ( | |||
Total long-term debt | $ | | $ | | |
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The weighted average effective interest rates on the Company’s outstanding borrowings as of June 30, 2026 and December 31, 2025 were
Unsecured Revolving Credit Facility
We have a $
Weighted average interest rates on borrowings outstanding under the revolving credit facility were
Unsecured Term Loan
As of June 30, 2026, the $
The interest rates on the outstanding balance of the term loan were
Senior Unsecured Notes
Under the indentures for each series of our senior notes (the “indentures”), the notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated obligations. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase each series of notes at a price equal to
Letters of Credit/Letters of Guarantee Facility
We have a $
Covenants
The Credit Agreement, Term Loan and indentures governing our debt securities include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement and Term Loan include, among other things, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant under our Credit Agreement and Term Loan as of June 30, 2026.
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NOTE 7. LEASES
Supplemental cash flow and balance sheet information is presented below (in millions):
Six Months Ended | |||||
June 30, | |||||
2026 | | 2025 | |||
Cash payments for operating leases | $ | $ | |||
Right-of-use assets obtained in exchange for operating lease obligations | $ | $ | |||
NOTE 8. INCOME TAXES
Our effective income tax rates for the second quarters and six months ended June 30, 2026 were
NOTE 9. EQUITY
Stock-Based Compensation Plans
We grant long-term equity incentive awards annually to officers and key employees in the form of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). RSUs vest over an approximately three-year period ending December 1 and settle into an equivalent number of shares of our common stock. PSUs vest based on continued service and the achievement of a return on assets metric over a three-year performance period ending December 31 and settle into shares of our common stock on a sliding scale up to a maximum of
The following summarizes the activity of our unvested RSUs and PSUs (in thousands, except per unit amounts):
Weighted | |||||
Average | |||||
Grant Date | |||||
RSU and PSU | Fair Value | ||||
Aggregate Units | Per Unit | ||||
Unvested as of January 1, 2026 | | $ | |||
Granted(1) | | ||||
Vested | ( | ||||
Cancelled or forfeited | ( | ||||
Unvested as of June 30, 2026 | $ | ||||
Shares reserved for future issuance (all plans) | |||||
| (1) | Comprised of |
As of June 30, 2026, there was $
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Common Stock
We have paid regular quarterly cash dividends on our common stock for
On
Share Repurchases
On October 22, 2024, our Board of Directors amended our share repurchase program, which has no expiration date, to replenish the repurchase authorization to $
Our share repurchase activity consisted of the following (in millions, except shares in thousands and per share amounts):
2026 | 2025 | |||||||||||||||
Average Price | Average Price | |||||||||||||||
Shares | Per Share | Amount | Shares | Per Share | Amount | |||||||||||
First quarter | | $ | | $ | | | $ | $ | | |||||||
Second quarter | — | — | — | | | |||||||||||
| $ | | $ | | | $ | $ | | ||||||||
Our share repurchase table above excludes shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $
Accumulated Other Comprehensive Loss
The change in accumulated other comprehensive income (loss) consisted of the following (in millions):
Pension and | ||||||||
Postretirement Benefit | Accumulated Other | |||||||
Foreign Currency | Plan Adjustments, | Comprehensive | ||||||
Translation | | Net of Tax | | Loss | ||||
Balance as of January 1, 2026 | $ | ( | $ | | $ | ( | ||
Change | ( | ( | ( | |||||
Balance as of June 30, 2026 | $ | ( | $ | | $ | ( | ||
See Note 15 —“Equity” to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of accumulated other comprehensive loss and related tax effects.
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NOTE 10. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except shares in thousands and per share amounts):
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2026 | | 2025 | | 2026 | | 2025 | |||||
Numerator: | |||||||||||
Net income – Reliance | $ | $ | $ | $ | |||||||
Denominator: | |||||||||||
Weighted average shares outstanding | |||||||||||
Dilutive effect of stock-based awards(1) | |||||||||||
Weighted average diluted shares outstanding | |||||||||||
Earnings per share: | |||||||||||
Basic | $ | $ | $ | $ | |||||||
Diluted | $ | $ | $ | $ | |||||||
| (1) | The computations of diluted earnings per share using the treasury stock method for the first six months of 2026 and 2025 do not include |
NOTE 11. COMMITMENTS AND CONTINGENCIES
Environmental Contingencies
We are currently involved with an environmental remediation project related to activities at former manufacturing operations of Earle M. Jorgensen Company (“EMJ”), our subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows.
Legal Matters
From time to time, we are named as a defendant in legal actions. These actions generally arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We expect that these matters will be resolved without having a material adverse impact on our consolidated financial position, results of operations or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business.
NOTE 12. SEGMENT INFORMATION
Reliance derives revenue primarily in the United States from its metals service center businesses. Following an operational realignment completed during the first quarter of 2026, the Company manages its business through operating segments that have been aggregated into a reportable segment—metals service centers—based on similar economic characteristics. The operational realignment did not result in a change to the Company’s reportable segments and, accordingly, previously reported segment information has not been recast.
The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.
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The measure of segment profit and loss is net income reported on the accompanying consolidated income statements.
Information about our segment revenue, net income, significant expenses, and other quantitative information is presented below (in millions):
Metals Service Centers Segment | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2026 | | 2025 | | 2026 | | 2025 | |||||
Net sales | $ | | $ | | $ | | $ | | |||
Less: | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | | | | | |||||||
Compensation expense | | | | | |||||||
Other segment items(1) | | | | ||||||||
Depreciation and amortization expense | | | | | |||||||
Interest expense | | | | | |||||||
Income tax provision | | | | | |||||||
Net income | $ | | $ | | $ | | $ | | |||
Other Segment Disclosures: | |||||||||||
Purchases of property, plant and equipment | $ | | $ | | $ | | $ | | |||
| (1) | Other segment items mainly consist of warehousing and delivery costs, which include among others, third-party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance. |
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The terms “Company,” “Reliance,” “we,” “our,” and “us” refer to Reliance, Inc. and all its subsidiaries that are consolidated in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise indicated.
This report contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements may include, but are not limited to, discussions of our: industry and end markets; business strategies; acquisitions; expectations concerning our future growth and profitability; ability to generate industry leading returns for our stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation, and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions. All statements contained in this report that are not statements of historical fact are forward-looking statements. These forward-looking statements are based on management’s estimates, projections and assumptions as of the date of such statements. We caution readers not to place undue reliance on forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by us, as well as developments beyond our control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metal product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact us, our customers and suppliers; metals pricing; demand for our products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for our products and services and negatively impact our business, and may also impact financial markets and corporate credit markets which could adversely impact our access to financing, or the terms of any financing. Other factors which could cause actual results to differ materially from our forward-looking statements include those disclosed in this report and in other reports we have filed with the United States Securities and Exchange Commission (the “SEC”). Important risks and uncertainties about our business can be found elsewhere in this Quarterly Report on Form 10-Q and in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and in other documents Reliance files or furnishes with the SEC. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.
The statements contained in this Quarterly Report on Form 10-Q speak only as of the date that they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or
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circumstances upon which any such forward-looking statements are based. You should review any additional disclosures we make in our press releases and other documents we file with or furnish to the SEC.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and other sections of this Quarterly Report on Form 10-Q, including the consolidated financial statements and related notes contained in Item 1.
Results of Operations
The following sets forth certain income statement data for the second quarters and first six months of 2026 and 2025 (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding):
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| % | | | % | | | % | | | % | |||||||||||||
Net sales | $ | 4,630.0 | 100.0 | % | $ | 3,659.8 | 100.0 | % | $ | 8,656.0 | 100.0 | % | $ | 7,144.5 | 100.0 | % | |||||||
Cost of sales (exclusive of LIFO and depreciation and amortization shown below) | 3,217.0 | 69.5 | 2,546.9 | 69.6 | 6,033.6 | 69.7 | 4,973.3 | 69.6 | |||||||||||||||
LIFO expense | 112.5 | 2.4 | 25.0 | 0.7 | 150.0 | 1.7 | 50.0 | 0.7 | |||||||||||||||
Gross profit(1) | 1,300.5 | 28.1 | 1,087.9 | 29.7 | 2,472.4 | 28.6 | 2,121.2 | 29.7 | |||||||||||||||
Gross profit – FIFO(1)(2) | 1,413.0 | 30.5 | 1,112.9 | 30.4 | 2,622.4 | 30.3 | 2,171.2 | 30.4 | |||||||||||||||
Warehouse, delivery, selling, general and administrative expense (“SG&A”) | 789.4 | 17.0 | 706.0 | 19.3 | 1,524.2 | 17.6 | 1,396.2 | 19.5 | |||||||||||||||
Depreciation expense | 62.1 | 1.3 | 59.3 | 1.6 | 123.6 | 1.4 | 117.6 | 1.6 | |||||||||||||||
Amortization expense | 7.4 | 0.2 | 10.4 | 0.3 | 15.1 | 0.2 | 20.8 | 0.3 | |||||||||||||||
Operating income | 441.6 | 9.5 | 312.2 | 8.5 | 809.5 | 9.4 | 586.6 | 8.2 | |||||||||||||||
Interest expense | 18.2 | 0.4 | 14.3 | 0.4 | 33.6 | 0.4 | 25.8 | 0.4 | |||||||||||||||
Other income, net | (6.4) | (0.1) | (6.4) | (0.2) | (3.4) | — | (5.9) | (0.1) | |||||||||||||||
Income before income taxes | 429.8 | 9.3 | 304.3 | 8.3 | 779.3 | 9.0 | 566.7 | 7.9 | |||||||||||||||
Income tax provision | 106.2 | 2.3 | 70.1 | 1.9 | 190.1 | 2.2 | 132.0 | 1.8 | |||||||||||||||
Net income | 323.6 | 7.0 | 234.2 | 6.4 | 589.2 | 6.8 | 434.7 | 6.1 | |||||||||||||||
Less: net income – noncontrolling interests | 0.7 | — | 0.5 | — | 1.4 | — | 1.3 | — | |||||||||||||||
Net income – Reliance | $ | 322.9 | 7.0 | % | $ | 233.7 | 6.4 | % | $ | 587.8 | 6.8 | % | $ | 433.4 | 6.1 | % | |||||||
Diluted earnings per share | $ | 6.29 | $ | 4.42 | $ | 11.38 | $ | 8.15 | |||||||||||||||
(1) | Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform “first-stage” processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, our cost of sales is substantially comprised of the cost of the material we sell. We use gross profit and gross profit margin as shown above as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures as their fluctuations can have a significant impact on our earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies. |
(2) | We use first-in, first-out (“FIFO”) gross profit, FIFO gross profit margin, and other FIFO-based non-GAAP performance measures to assess our ongoing operating performance and provide a basis for comparison with competitors that do not use the last-in, first-out (“LIFO”) inventory accounting method. |
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Overview
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 increased 10.8% and average selling price per ton sold improved 14.5% year-over-year, reflecting strong underlying demand across most end markets. 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). Steel deliveries under the contract began in the second quarter of 2026 and contributed 5.2 percentage points to year-over-year tons sold growth in the quarter.
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 business model, and customer service capabilities, including delivery and value-added processing, enabled us to gain market share in a complex operating environment.
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 impact of LIFO accounting and is how management evaluates operating performance, gross profit margin improved 10 basis points in the second quarter of 2026 compared to the prior year period despite shipments under the U.S. border wall project reducing gross profit margin by approximately 40 basis points. The contract, however, was accretive to pretax income margin due to our ability to leverage our existing infrastructure, resulting in lower incremental operating costs.
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 a per ton basis, SG&A expense increases were more moderate at 0.9% and 2.3% in the second quarter and first six months of 2026. The U.S. border wall project generated favorable operating leverage due to a below-average SG&A expense per ton profile, contributing approximately 30 basis points to our pretax income margin in the second quarter of 2026.
Driven by higher selling prices, improved operating leverage, and a $0.41 EPS contribution from the U.S. border wall project, earnings per diluted share increased 42.3% for the second quarter of 2026 and 39.6% for the first six months of 2026 compared to 2025.
Operating cash flow in the first six months of 2026 increased $20.1 million to $313.6 million, despite a significant working capital increase related to strong shipment volume and higher metals pricing.
We did not repurchase any shares in the second quarter of 2026. Returns to stockholders in the first six months of 2026 totaled $364.6 million, consisting of $234.2 million of share repurchases and $130.4 million of cash dividends, including a 4.2% increase in our regular quarterly dividend in the first quarter.
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Second Quarter and Six Months Ended June 30, 2026 Compared to Second Quarter and Six Months Ended June 30, 2025
(in millions, except tons in thousands and average selling price per ton sold (“ASP”))
Net Sales
June 30, | Percentage | ||||||||||
2026 | | 2025 | | Change | | Change | |||||
Net sales (three months ended) | $ | 4,630.0 | | $ | 3,659.8 | | $ | 970.2 | | 26.5 | % |
Net sales (six months ended) | $ | 8,656.0 | $ | 7,144.5 | $ | 1,511.5 | 21.2 | % | |||
Tons sold (three months ended) | 1,790.1 | 1,615.0 | 175.1 | 10.8 | % | ||||||
Tons sold (six months ended) | 3,462.8 | 3,243.9 | 218.9 | 6.7 | % | ||||||
Average selling price per ton sold (three months ended) | $ | 2,602 | $ | 2,273 | $ | 329 | 14.5 | % | |||
Average selling price per ton sold (six months ended) | $ | 2,511 | $ | 2,208 | $ | 303 | 13.7 | % | |||
Tons sold and ASP exclude our toll processed tons. Our ASP includes intercompany transactions that are eliminated from our consolidated net sales.
Net sales increased due to record tons sold, including a 5.2 percentage point contribution from the U.S. border wall project, and higher ASP.
The increases in tons sold reflect improved demand across most of our end markets, as well as market share gains despite ongoing trade policy uncertainty. Underlying demand was notably strong across the broader manufacturing sector, primarily due to growth in the industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. Demand in our largest end market by tons sold, non-residential construction, including infrastructure and data centers, also improved year-over-year.
Since we primarily purchase and sell our inventories in the spot market, our ASP generally fluctuates with changes in replacement costs of the various metals we purchase. Product mix can also have an impact on our ASP. Because carbon steel sales represent a majority of our gross sales, changes in carbon steel prices have the most significant impact on our ASP.
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.
The following presents the mix of our total sales by major product category and year-over-year changes in ASP:
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2026 | June 30, 2026 | ||||||||||
Sales by | ASP | Sales by | ASP | ||||||||
Product | Change | Product | Change | ||||||||
Carbon steel | 55 | % | 14.9 | % | 54 | % | 14.3 | % | |||
Aluminum | 17 | % | 31.7 | % | 18 | % | 27.5 | % | |||
Stainless steel | 12 | % | 13.0 | % | 13 | % | 8.6 | % | |||
Alloy | 4 | % | (5.4) | % | 4 | % | 1.3 | % | |||
Copper & brass | 3 | % | 19.3 | % | 3 | % | 22.9 | % | |||
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Cost of Sales and Gross Profit
June 30, | |||||||||||||||||
2026 | 2025 | ||||||||||||||||
| % of | | | % of | | Dollar | Percentage | ||||||||||
Sales | Sales | Change | | Change | |||||||||||||
Cost of sales (exclusive of LIFO) (three months ended) | $ | 3,217.0 | 69.5 | % | $ | 2,546.9 | 69.6 | % | $ | 670.1 | 26.3 | % | |||||
Cost of sales (exclusive of LIFO) (six months ended) | $ | 6,033.6 | 69.7 | % | $ | 4,973.3 | 69.6 | % | $ | 1,060.3 | 21.3 | % | |||||
LIFO expense (three months ended) | $ | 112.5 | 2.4 | % | $ | 25.0 | 0.7 | % | $ | 87.5 | |||||||
LIFO expense (six months ended) | $ | 150.0 | 1.7 | % | $ | 50.0 | 0.7 | % | $ | 100.0 | |||||||
Gross profit (three months ended) | $ | 1,300.5 | 28.1 | % | $ | 1,087.9 | 29.7 | % | $ | 212.6 | 19.5 | % | |||||
Gross profit (six months ended) | $ | 2,472.4 | 28.6 | % | $ | 2,121.2 | 29.7 | % | $ | 351.2 | 16.6 | % | |||||
We record in cost of sales noncash adjustments to our LIFO method inventory valuation reserve that, in effect, reflect cost of sales at current replacement costs. The increases in LIFO expense were due to more significant increases in metal pricing in 2026 compared to 2025. As of June 30, 2026, the inventory balance in our consolidated balance sheet includes a LIFO method inventory valuation reserve of $698.6 million.
Our FIFO gross profit margins, which exclude the impact of LIFO accounting, were generally consistent year-over-year.
See “Overview” and “Net Sales” above for further discussion of our LIFO and FIFO gross profit margins and discussion of trends in both demand and costs of our products, and product pricing.
Expenses
June 30, | |||||||||||||||||
2026 | 2025 | ||||||||||||||||
| % of | | | % of | | Dollar | Percentage | ||||||||||
Sales | Sales | Change | | Change | |||||||||||||
SG&A expense (three months ended) | $ | 789.4 | 17.0 | % | $ | 706.0 | 19.3 | % | $ | 83.4 | 11.8 | % | |||||
SG&A expense (six months ended) | $ | 1,524.2 | 17.6 | % | $ | 1,396.2 | 19.5 | % | $ | 128.0 | 9.2 | % | |||||
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 a per ton basis, SG&A expense increases were more moderate at 0.9% and 2.3% in the second quarter and first six months of 2026, respectively.
SG&A margin improved as higher ASP enhanced operating leverage. Shipments under the U.S. border wall project also generated favorable operating leverage due to a below-average SG&A expense per ton profile, contributing to increases in our operating income margins.
Operating Income
June 30, | |||||||||||||||||
2026 | | 2025 | |||||||||||||||
| % of | | | % of | | Dollar | Percentage | ||||||||||
Sales | Sales | Change | | Change | |||||||||||||
Operating income (three months ended) | $ | 441.6 | 9.5 | % | $ | 312.2 | 8.5 | % | $ | 129.4 | 41.4 | % | |||||
Operating income (six months ended) | $ | 809.5 | 9.4 | % | $ | 586.6 | 8.2 | % | $ | 222.9 | 38.0 | % | |||||
Operating income increased as record tons sold and higher ASP more than offset increases in LIFO and SG&A expenses.
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Improved operating leverage increased operating margin, including a benefit of approximately 30 basis points and 20 basis points from shipments under the U.S. border wall project in the second quarter and first six months of 2026, respectively.
See “Net Sales” above for discussion of trends in demand, product costs and pricing, and “Expenses” for trends in our operating expenses.
Income Tax Rate
Our effective income tax rates for the second quarters and six months ended June 30, 2026 were 24.7% and 24.4%, respectively, compared to 23.0% and 23.3% for the respective 2025 periods. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state income taxes partially offset by the net effects of company-owned life insurance policies.
Financial Condition
As of June 30, 2026, we had $235.4 million in cash and cash equivalents, and our net debt-to-total capital ratio was 16.2%, compared to 14.4% at December 31, 2025, reflecting increased borrowings under our revolving credit facility.
Cash Flows
Net cash provided by operating activities in the first six months of 2026 increased $20.1 million year-over-year to $313.6 million, primarily due to a significant increase in profitability, which was largely offset by higher working capital requirements associated with stronger shipment volumes and higher metals pricing.
Net cash used in investing activities was $146.8 million in the first six months of 2026, a decrease of $12.0 million from $158.8 million in 2025. The decrease was primarily attributable to a $16.9 million reduction in capital expenditures. Capital expenditures in both periods included significant investments in growth initiatives.
Net cash used in financing activities was $146.2 million in the first six months of 2026, a decrease of $75.8 million from $222.0 million in 2025. The decrease primarily resulted from $98.9 million lower share repurchases, partially offset by a $39.0 million decrease in net borrowings under our revolving credit facility. Returns to stockholders also reflected a 4.2% increase in our quarterly dividend rate, effective in the first quarter of 2026. Total dividend payments were $130.4 million in the first six months of 2026, up slightly from the first six months of 2025 due to the offsetting impact of share repurchase activity.
Income taxes paid were $142.7 million in the six months ended June 30, 2026 compared to $71.0 million in 2025. The increase was mainly due to higher estimated tax payments as a result of increased pretax income.
Liquidity and Capital Resources
We believe our primary sources of liquidity, including funds generated from operations, cash and cash equivalents and our $1.5 billion revolving credit facility, will be sufficient to satisfy our cash requirements and stockholder return activities over the next 12 months and for the foreseeable future.
As of June 30, 2026, we had $400.0 million outstanding under our Term Loan that matures prior to the September 10, 2029 maturity of our $1.5 billion unsecured revolving credit facility.
See Note 6—“Debt” to our consolidated financial statements in Item 1 for further information on our Credit Agreement, Term Loan and indentures governing our debt securities.
We believe we will continue to have sufficient liquidity to fund future operating needs and repay debt obligations as they become due. In addition to funds generated from operations and $980.0 million of remaining borrowing
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capacity under our unsecured revolving credit facility, we expect to be able to access the capital markets to raise funds, if desired. We believe our investment grade credit ratings enhance our ability to effectively raise capital. We expect our sources of liquidity to remain adequate to maintain operations, make necessary capital expenditures, finance strategic growth through acquisitions and internal initiatives, and fund our stockholder return activities.
Covenants
We were in compliance with the financial maintenance covenant under our Credit Agreement and Term Loan as of June 30, 2026.
Dividends
On July 17, 2026, our Board of Directors declared the 2026 third quarter cash dividend of $1.25 per share.
We have paid regular quarterly dividends to our stockholders for 67 consecutive years and increased the quarterly dividend on our common stock 33 times since our 1994 IPO, with the most recent increase of 4.2% from $1.20 to $1.25 per share effective in the first quarter of 2026. We have never reduced or suspended our regular quarterly dividend.
Share Repurchase Plan
See Note 9—“Equity” to our consolidated financial statements in Item 1 for information on our share repurchases.
As of June 30, 2026, we had $529.3 million of remaining authorization under our $1.5 billion share repurchase program that was most recently amended by our Board of Directors on October 22, 2024. The program does not require the repurchase of any specific number of shares in any prescribed period, does not have a specific expiration date and may be suspended or discontinued at any time.
Decisions regarding the timing and amount of share repurchases are made within the context of our overall capital allocation priorities, including funding operating needs, planned capital expenditures, strategic acquisitions, maintaining financial flexibility and returning capital to stockholders. The execution of repurchases may be affected by market conditions, business performance, liquidity considerations and other factors.
Seasonality
Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.
Goodwill and Other Intangible Assets
Goodwill and other indefinite-lived intangible assets are not amortized but are subject to annual impairment tests and additional evaluation when triggering events occur. Other intangible assets are amortized over their estimated useful lives, and we review long-lived assets for impairment when indicators are present.
During the first quarter of 2026, in connection with an operational realignment, the Company changed its reporting units. There was no change to the Company's reportable segments.
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Critical Accounting Estimates
Our consolidated financial statements have been prepared in accordance with GAAP. When we prepare these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of our accounting policies are critical due to the fact that they involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our most critical accounting estimates include those related to the recoverability of goodwill, other indefinite-lived intangible assets and long-lived assets. We base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.
During the quarter ended June 30, 2026, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.
Website Disclosure
The Company may use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at www.reliance.com and our investor relations website, https://investor.reliance.com. At our investor relations website, we make available, free of charge, a variety of information for investors, including access to our financial reports after we file or furnish them with the SEC. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address through our investor relations website. The information found on these websites is not incorporated into this Quarterly Report on Form 10-Q or in any other report or document we file with the SEC, and any references to website URLs are intended to be inactive textual references only.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For the Company’s disclosures about market risk, please see Item 7A “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the Company’s exposures to market risk as disclosed in Part II—Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 4. CONTROLS AND PROCEDURES
Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), an evaluation was performed on the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to and as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our management, including the CEO and the CFO, concluded that, as of the end of the period covered in this report, the Company’s disclosure controls and procedures were effective to ensure information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms, and that it is accumulated and communicated to our management, including the CEO and our CFO, as appropriate, to allow timely decisions regarding required disclosure.
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There have been no changes in the Company’s internal control over financial reporting during the second quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The information contained under the captions “Legal Matters” and “Environmental Contingencies” in Note 11—“Commitments and Contingencies” of the Notes to Unaudited Consolidated Financial Statements included in this Quarterly Report on Form 10-Q is incorporated herein by reference.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the second quarter of 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934)
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ITEM 6. EXHIBITS
Incorporated by Reference | ||||||||
|---|---|---|---|---|---|---|---|---|
Exhibit | | Description | | Form | | Exhibit | | Filing Date/ |
31.1* | ||||||||
31.2* | ||||||||
32** | ||||||||
101* | The following financial information from Reliance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Income and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Equity, and (v) related notes to these consolidated financial statements. | |||||||
104* | Cover page interactive data file formatted as Inline XBRL (included in Exhibit 101). | |||||||
*Filed herewith.
**Furnished herewith.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RELIANCE, INC.
/s/ Arthur Ajemyan | |
Arthur Ajemyan | |
Senior Vice President, Chief Financial Officer | |
(Duly Authorized Officer, Principal Financial Officer | |
and Principal Accounting Officer) |
July 28, 2026
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