Reliance, Inc. Reports Second Quarter 2025 Financial Results
Reliance (NYSE:RS) reported strong Q2 2025 financial results with net sales of $3.66 billion and record second-quarter tons sold, up 4.0% year-over-year. The company achieved EPS of $4.42 and non-GAAP EPS of $4.43, an 18% increase from Q1 2025.
Key highlights include a strong non-GAAP gross profit margin of 29.9%, pretax income of $304.3 million (up 16% from Q1), and $79.9 million in share repurchases. The company's performance demonstrated resilience with tons sold outperforming industry metrics by over 7 percentage points, despite market volatility.
Looking ahead, Reliance expects Q3 2025 non-GAAP earnings per diluted share between $3.60 to $3.80, with tons sold projected to decrease 1.0% to 3.0% compared to Q2 2025 due to seasonal patterns.
Reliance (NYSE:RS) ha riportato solidi risultati finanziari per il secondo trimestre 2025 con vendite nette pari a 3,66 miliardi di dollari e un record di tonnellate vendute nel secondo trimestre, in aumento del 4,0% rispetto all'anno precedente. La società ha raggiunto un utile per azione (EPS) di 4,42 dollari e un EPS non-GAAP di 4,43 dollari, con un incremento del 18% rispetto al primo trimestre 2025.
I principali risultati includono un forte margine lordo non-GAAP del 29,9%, un reddito ante imposte di 304,3 milioni di dollari (in crescita del 16% rispetto al primo trimestre) e riacquisti di azioni per 79,9 milioni di dollari. La performance dell'azienda ha dimostrato resilienza, con le tonnellate vendute che hanno superato di oltre 7 punti percentuali i parametri del settore, nonostante la volatilità del mercato.
Guardando al futuro, Reliance prevede per il terzo trimestre 2025 un utile non-GAAP per azione diluita compreso tra 3,60 e 3,80 dollari, con una diminuzione delle tonnellate vendute stimata tra l'1,0% e il 3,0% rispetto al secondo trimestre 2025, a causa delle variazioni stagionali.
Reliance (NYSE:RS) reportó sólidos resultados financieros en el segundo trimestre de 2025 con ventas netas de 3.66 mil millones de dólares y un récord de toneladas vendidas en el segundo trimestre, un aumento del 4.0% interanual. La empresa logró un EPS de 4.42 dólares y un EPS no-GAAP de 4.43 dólares, un incremento del 18% respecto al primer trimestre de 2025.
Los aspectos destacados incluyen un margen bruto no-GAAP sólido del 29.9%, un ingreso antes de impuestos de 304.3 millones de dólares (un aumento del 16% respecto al primer trimestre) y recompras de acciones por 79.9 millones de dólares. El desempeño de la compañía mostró resistencia, con las toneladas vendidas superando en más de 7 puntos porcentuales los indicadores de la industria, a pesar de la volatilidad del mercado.
De cara al futuro, Reliance espera para el tercer trimestre de 2025 un EPS no-GAAP diluido entre 3.60 y 3.80 dólares, con una proyección de disminución en las toneladas vendidas de entre el 1.0% y el 3.0% en comparación con el segundo trimestre de 2025 debido a patrones estacionales.
Reliance (NYSE:RS)는 2025년 2분기에 순매출 36억 6천만 달러와 분기별 판매 톤수 신기록을 기록하며 전년 동기 대비 4.0% 증가한 강력한 재무 실적을 보고했습니다. 회사는 주당순이익(EPS) 4.42달러와 비-GAAP 기준 EPS 4.43달러를 달성했으며, 이는 2025년 1분기 대비 18% 증가한 수치입니다.
주요 성과로는 비-GAAP 기준 강력한 총이익률 29.9%, 세전 이익 3억 4,300만 달러(1분기 대비 16% 증가), 그리고 7,990만 달러 규모의 자사주 매입이 포함됩니다. 시장 변동성에도 불구하고 톤수 판매는 업계 지표를 7%포인트 이상 상회하며 회사의 회복력을 입증했습니다.
앞으로 Reliance는 2025년 3분기에 희석 기준 비-GAAP 주당순이익을 3.60~3.80달러로 예상하며, 계절적 요인으로 인해 2분기 대비 톤수 판매가 1.0%에서 3.0% 감소할 것으로 전망하고 있습니다.
Reliance (NYSE:RS) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec des ventes nettes de 3,66 milliards de dollars et un record de tonnes vendues au deuxième trimestre, en hausse de 4,0 % par rapport à l'année précédente. La société a réalisé un bénéfice par action (BPA) de 4,42 dollars et un BPA non-GAAP de 4,43 dollars, soit une augmentation de 18 % par rapport au premier trimestre 2025.
Les points clés incluent une forte marge brute non-GAAP de 29,9 %, un résultat avant impôts de 304,3 millions de dollars (en hausse de 16 % par rapport au premier trimestre) et des rachats d'actions pour 79,9 millions de dollars. La performance de l'entreprise a démontré une résilience, les tonnes vendues dépassant de plus de 7 points de pourcentage les indicateurs du secteur, malgré la volatilité du marché.
Pour l'avenir, Reliance prévoit pour le troisième trimestre 2025 un bénéfice non-GAAP par action dilué compris entre 3,60 et 3,80 dollars, avec une baisse prévue des tonnes vendues de 1,0 % à 3,0 % par rapport au deuxième trimestre 2025 en raison des variations saisonnières.
Reliance (NYSE:RS) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit Nettoverkäufen von 3,66 Milliarden US-Dollar und einer Rekordmenge verkaufter Tonnen im zweiten Quartal, was einem Anstieg von 4,0 % im Jahresvergleich entspricht. Das Unternehmen erzielte ein Ergebnis je Aktie (EPS) von 4,42 US-Dollar und ein Non-GAAP-EPS von 4,43 US-Dollar, was einer Steigerung von 18 % gegenüber dem ersten Quartal 2025 entspricht.
Wichtige Highlights sind eine starke Non-GAAP-Bruttogewinnmarge von 29,9 %, ein Vorsteuerergebnis von 304,3 Millionen US-Dollar (ein Anstieg von 16 % gegenüber dem ersten Quartal) und Aktienrückkäufe im Wert von 79,9 Millionen US-Dollar. Die Leistung des Unternehmens zeigte Widerstandsfähigkeit, da die verkauften Tonnen trotz Marktschwankungen die Branchenkennzahlen um über 7 Prozentpunkte übertrafen.
Für die Zukunft erwartet Reliance für das dritte Quartal 2025 ein Non-GAAP-Ergebnis je verwässerter Aktie zwischen 3,60 und 3,80 US-Dollar, wobei die verkauften Tonnen aufgrund saisonaler Muster voraussichtlich um 1,0 % bis 3,0 % im Vergleich zum zweiten Quartal 2025 zurückgehen werden.
- Record second-quarter tons sold, up 4.0% year-over-year
- Non-GAAP EPS increased 18% from Q1 2025 to $4.43
- Strong non-GAAP gross profit margin of 29.9%
- Pretax income increased 16% from Q1 2025 to $304.3 million
- Cash flow from operations of $229.0 million in Q2 2025
- Market share gains with tons sold outperforming industry decline by 7 percentage points
- Net sales decreased 2.0% year-over-year for first half of 2025
- Gross profit declined 4.2% year-over-year for first half of 2025
- Net income down 24.1% year-over-year for first half of 2025
- Free cash flow decreased 58.3% year-over-year for first half of 2025
- Expected tons sold decline of 1.0% to 3.0% in Q3 2025 vs Q2 2025
Insights
Reliance delivered strong Q2 results with record tons sold, solid margins, and sequential EPS growth despite market volatility.
Reliance has posted solid sequential growth in Q2 2025 despite facing pricing volatility in the metals market. The company reported
The company's non-GAAP earnings per share of
Free cash flow rebounded strongly to
Looking ahead, management's Q3 guidance is cautious but realistic, projecting non-GAAP EPS of
A key strength is Reliance's domestic sourcing strategy, which positions the company advantageously amid uncertain trade policies. This strategic approach, combined with their diversified end market exposure and value-added processing capabilities, provides considerable competitive advantages in the current business environment.
– Net sales of
– Strong non-GAAP gross profit margin of
– Pretax income of
– EPS of
– Repurchased
SCOTTSDALE, Ariz., July 23, 2025 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) today reported its financial results for the second quarter ended June 30, 2025.
| (in millions, except tons sold which are in thousands, per ton and per share amounts) | |||||||||||||||||||||||||||||
| Sequential Quarter | Six Months Ended June 30, | Year-Over-Year | Year-Over-Year | ||||||||||||||||||||||||||
| Q2 2025* | Q1 2025 | % Change | 2025* | 2024 | % Change | Q2 2024 | % Change | ||||||||||||||||||||||
| Income Statement Data: | |||||||||||||||||||||||||||||
| Net sales | $ | 3,659.8 | $ | 3,484.7 | $ | 7,144.5 | $ | 7,288.1 | (2.0 | %) | $ | 3,643.3 | 0.5 | % | |||||||||||||||
| Gross profit1 | $ | 1,087.9 | $ | 1,033.3 | $ | 2,121.2 | $ | 2,214.2 | (4.2 | %) | $ | 1,086.0 | 0.2 | % | |||||||||||||||
| Gross profit margin1 | (0.7 | %) | (0.1 | %) | |||||||||||||||||||||||||
| Non-GAAP gross profit margin1,2 | (0.6 | %) | 0.1 | % | |||||||||||||||||||||||||
| LIFO expense (income) | $ | 25.0 | $ | 25.0 | $ | 50.0 | $ | (100.0 | ) | $ | (50.0 | ) | |||||||||||||||||
| LIFO expense (income) as a % of net sales | ( | ) | 2.1 | % | ( | ) | 2.1 | % | |||||||||||||||||||||
| LIFO expense (income) per diluted share, net of tax | $ | 0.35 | $ | 0.35 | $ | 0.71 | $ | (1.30 | ) | $ | (0.66 | ) | |||||||||||||||||
| Non-GAAP pretax expense (income) adjustments² | $ | 1.1 | $ | 2.3 | $ | 3.4 | $ | 3.3 | $ | (1.6 | ) | ||||||||||||||||||
| Pretax income | $ | 304.3 | $ | 262.4 | $ | 566.7 | $ | 745.9 | (24.0 | %) | $ | 349.7 | (13.0 | %) | |||||||||||||||
| Non-GAAP pretax income2 | $ | 305.4 | $ | 264.7 | $ | 570.1 | $ | 749.2 | (23.9 | %) | $ | 348.1 | (12.3 | %) | |||||||||||||||
| Pretax income margin | (2.3 | %) | (1.3 | %) | |||||||||||||||||||||||||
| Net income attributable to Reliance | $ | 233.7 | $ | 199.7 | $ | 433.4 | $ | 570.7 | (24.1 | %) | $ | 267.8 | (12.7 | %) | |||||||||||||||
| Diluted EPS | $ | 4.42 | $ | 3.74 | $ | 8.15 | $ | 9.90 | (17.7 | %) | $ | 4.67 | (5.4 | %) | |||||||||||||||
| Non-GAAP diluted EPS2 | $ | 4.43 | $ | 3.77 | $ | 8.20 | $ | 9.94 | (17.5 | %) | $ | 4.65 | (4.7 | %) | |||||||||||||||
| Balance Sheet and Cash Flow Data: | |||||||||||||||||||||||||||||
| Cash provided by operations | $ | 229.0 | $ | 64.5 | $ | 293.5 | $ | 492.6 | (40.4 | %) | $ | 366.3 | (37.5 | %) | |||||||||||||||
| Free cash flow2 | $ | 141.4 | $ | (22.4 | ) | nm | $ | 119.0 | $ | 285.7 | (58.3 | %) | $ | 268.1 | (47.3 | %) | |||||||||||||
| Net debt-to-total capital2 | |||||||||||||||||||||||||||||
| Net debt-to-EBITDA2 | 0.9x | 0.9x | 0.9x | 0.5x | 0.5x | ||||||||||||||||||||||||
| Total debt-to-EBITDA2 | 1.1x | 1.1x | 1.1x | 0.7x | 0.7x | ||||||||||||||||||||||||
| Capital Allocation Data: | |||||||||||||||||||||||||||||
| Acquisitions, net | $ | 2.8 | $ | — | $ | 2.8 | $ | 346.5 | $ | 292.8 | |||||||||||||||||||
| Capital expenditures | $ | 87.6 | $ | 86.9 | $ | 174.5 | $ | 206.9 | $ | 98.2 | |||||||||||||||||||
| Dividends | $ | 63.1 | $ | 65.2 | $ | 128.3 | $ | 127.9 | $ | 62.6 | |||||||||||||||||||
| Share repurchases | $ | 79.9 | $ | 253.2 | $ | 333.1 | $ | 519.3 | $ | 519.3 | |||||||||||||||||||
| Key Business Metrics: | |||||||||||||||||||||||||||||
| Tons sold | 1,615.0 | 1,628.9 | ( | ) | 3,243.9 | 3,047.5 | 6.4 | % | 1,553.5 | 4.0 | % | ||||||||||||||||||
| Tons sold (same-store) | 1,560.1 | 1,565.7 | ( | ) | 3,125.8 | 2,979.6 | 4.9 | % | 1,496.3 | 4.3 | % | ||||||||||||||||||
| Average selling price per ton sold | $ | 2,273 | $ | 2,143 | $ | 2,208 | $ | 2,394 | (7.8 | %) | $ | 2,348 | (3.2 | %) | |||||||||||||||
| Average selling price per ton sold (same-store) | $ | 2,292 | $ | 2,166 | $ | 2,229 | $ | 2,410 | (7.5 | %) | $ | 2,371 | (3.3 | %) | |||||||||||||||
| * Q2 2025 includes one more shipping day compared to Q1 2025. Six months ended June 30, 2025 includes one less shipping day compared to the same 2024 period. | |||||||||||||||||||||||||||||
| nm= Not meaningful. | |||||||||||||||||||||||||||||
| Please refer to the footnotes at the end of this press release for additional information. | |||||||||||||||||||||||||||||
Second Quarter 2025 Financial Highlights
Operating results for the second quarter of 2025 were strong. The Company’s tons sold in the second quarter of 2025 were a record and increased
Reliance’s average selling price per ton sold surpassed expectations, increasing
As a result, the Company’s non-GAAP FIFO gross profit margin realization was slightly lower than expected increasing moderately from
Management Commentary
“Our solid results once again demonstrate the resilience of our proven business model in a volatile environment,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Our management teams continue to excel in providing value to our customers and increasing market share, while effectively managing their businesses through uncertain markets. Our record second-quarter tons sold once again significantly outperformed the industry due to our unparalleled scale, access to domestic metal and breadth of processing capabilities. Importantly, we maintained a strong gross profit margin within our sustainable range of
Mrs. Lewis continued, “While we anticipate some weakness in the third quarter, we remain confident in our ability to continue to outperform the industry and take advantage of improved demand and pricing environments as we emerge from these highly uncertain times. As such, we continue to think, act, and invest for the long-term success of our stakeholders. Our long-time practice of primarily sourcing domestic metals and operating in the United States affords Reliance a strong competitive advantage in the current uncertain trade environment. Our strong cash generation continues to support investments in value-added processing equipment, organic growth and accretive acquisitions, that positions Reliance for growth in all market environments. Additionally, we remain dedicated to returning capital to our stockholders with
End Market Commentary
Reliance provides a diverse range of metal products and value-added processing services to a wide variety of end markets, generally in small quantities on an as-needed basis. The Company’s tons sold in the second quarter of 2025 increased
Demand for non-residential construction (including infrastructure), Reliance’s largest end market by tons, improved from the second quarter of 2024. The Company expects non-residential construction demand to remain at healthy levels in the third quarter of 2025, supported by continued new construction projects across diverse sectors including data centers, energy infrastructure, manufacturing, and public infrastructure.
Demand across the broader manufacturing sectors Reliance serves increased compared to the second quarter of 2024. These diverse sectors include industrial machinery, military, consumer products, heavy equipment for agriculture and construction, shipbuilding and rail, among others. Reliance anticipates that demand for its products across the broader manufacturing sector will experience a customary seasonal slowdown in the third quarter of 2025.
Demand in aerospace was stable compared to the second quarter of 2024. Reliance anticipates mildly weaker commercial aerospace demand in the third quarter of 2025, due to excess supply chain inventory. Demand in the military and space related portions of Reliance’s aerospace business is expected to remain consistent at strong levels in the third quarter of 2025.
Demand for the toll processing services Reliance provides to the automotive market was stable compared to the second quarter of 2024. The Company expects demand for automotive toll processing to remain stable in the third quarter of 2025, subject to significant uncertainty about North American trade policy. Reliance’s toll processing operations remain flexible and able to quickly adapt to changes in the market.
Demand in the semiconductor market remained depressed compared to the second quarter of 2024. The Company anticipates semiconductor demand will remain under pressure in the third quarter of 2025 due to continued excess inventory in the supply chain.
Balance Sheet & Cash Flow
As of June 30, 2025, Reliance’s cash and cash equivalents totaled
Reliance generated cash flow from operations of
Stockholder Return Activity
On July 22, 2025, the Board of Directors declared a quarterly cash dividend of
Reliance repurchased 301,279 shares of its common stock in the second quarter of 2025 at an average price of
Business Outlook
Reliance anticipates overall demand in the third quarter of 2025 will remain stable across the diversified end markets it serves, subject to normal seasonal patterns, which reflects both a seasonal decline in shipping volumes attributable to planned customer shutdowns and vacation schedules and ongoing uncertainty regarding domestic and international trade policy. Accordingly, the Company estimates its tons sold in the third quarter of 2025 will be down
Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s second quarter 2025 financial results and business outlook will be held on Thursday, July 24, 2025 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13754480. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.
For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on August 7, 2025, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13754480. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.
About Reliance, Inc.
Founded in 1939, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 320 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2024, Reliance’s average order size was
Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s industry and end markets, business strategies, acquisitions, and expectations concerning the Company’s future growth and profitability and its ability to generate industry leading returns for its stockholders, as well as future demand and metals pricing and the Company’s results of operations, margins, profitability, taxes, liquidity, macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown, 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.
These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. 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 Reliance, as well as developments beyond its control, including, but not limited to, changes in domestic and worldwide political and economic conditions due to, among other factors, U.S. and foreign trade policies and the related impact on economic conditions, inflation, and the likelihood of an economic recession that could materially impact Reliance, our customers and suppliers, metals pricing, and demand for our products and services; U.S. and foreign trade policies specifically affecting metals product markets and pricing; the possibility that the expected benefits of 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 the Middle East, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. 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, or 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 press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.
CONTACT:
(213) 576-2428
investor@reliance.com
or Addo Investor Relations
(310) 829-5400
(Tables to follow)
| Second Quarter 2025 Major Commodity Metrics | ||||||||||||||||||||||||||||
| Tons Sold (tons in thousands; % change) | Average Selling Price per Ton Sold (% change) | |||||||||||||||||||||||||||
| Q2 2025 | Q1 2025 | Sequential Quarter Change | Q2 2024 | Year-Over-Year Change | Sequential Quarter Change | Year-Over-Year Change | ||||||||||||||||||||||
| Carbon steel | 1,326.4 | 1,344.4 | (1.3 | %) | 1,274.3 | 4.1 | % | 8.8 | % | (3.1 | %) | |||||||||||||||||
| Aluminum | 83.8 | 84.1 | (0.4 | %) | 81.3 | 3.1 | % | 2.6 | % | 2.4 | % | |||||||||||||||||
| Stainless steel | 75.5 | 76.0 | (0.7 | %) | 73.6 | 2.6 | % | (2.3 | %) | (8.7 | %) | |||||||||||||||||
| Alloy | 31.1 | 31.5 | (1.3 | %) | 32.5 | (4.3 | %) | 6.9 | % | 4.8 | % | |||||||||||||||||
| Sales ($'s in millions; % change) | ||||||||||||||||||||||||||||
| Q2 2025 | Q1 2025 | Sequential Quarter Change | Q2 2024 | Year-Over-Year Change | ||||||||||||||||||||||||
| Carbon steel | $ | 2,044.2 | $ | 1,904.2 | 7.4 | % | $ | 2,025.7 | 0.9 | % | ||||||||||||||||||
| Aluminum | $ | 619.9 | $ | 605.6 | 2.4 | % | $ | 587.8 | 5.5 | % | ||||||||||||||||||
| Stainless steel | $ | 489.2 | $ | 503.2 | (2.8 | %) | $ | 521.8 | (6.2 | %) | ||||||||||||||||||
| Alloy | $ | 167.5 | $ | 158.4 | 5.7 | % | $ | 166.8 | 0.4 | % | ||||||||||||||||||
| Year-to-Date (6 Months) Major Commodity Metrics | ||||||||||||||||||||||||||||
| Tons Sold (tons in thousands; % change) | Average Selling Price per Ton Sold (% change) | |||||||||||||||||||||||||||
| 2025 | 2024 | Year-Over-Year Change | Year-Over-Year Change | |||||||||||||||||||||||||
| Carbon steel | 2,670.8 | 2,489.1 | 7.3 | % | (8.9 | %) | ||||||||||||||||||||||
| Aluminum | 167.9 | 163.1 | 2.9 | % | 0.6 | % | ||||||||||||||||||||||
| Stainless steel | 151.5 | 149.1 | 1.6 | % | (9.7 | %) | ||||||||||||||||||||||
| Alloy | 62.6 | 65.5 | (4.4 | %) | 0.6 | % | ||||||||||||||||||||||
| Sales ($'s in millions; % change) | ||||||||||||||||||||||||||||
| 2025 | 2024 | Year-Over-Year Change | ||||||||||||||||||||||||||
| Carbon steel | $ | 3,948.4 | $ | 4,038.6 | (2.2 | %) | ||||||||||||||||||||||
| Aluminum | $ | 1,225.5 | $ | 1,183.9 | 3.5 | % | ||||||||||||||||||||||
| Stainless steel | $ | 992.4 | $ | 1,081.7 | (8.3 | %) | ||||||||||||||||||||||
| Alloy | $ | 325.9 | $ | 338.7 | (3.8 | %) | ||||||||||||||||||||||
| Sales by Product ($'s as a % of total sales) | ||||||||||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||||||||||
| June 30, | ||||||||||||||||||||||||||||
| Q2 2025 | Q1 2025 | Q2 2024 | 2025 | 2024 | ||||||||||||||||||||||||
| Carbon steel structurals | ||||||||||||||||||||||||||||
| Carbon steel plate | ||||||||||||||||||||||||||||
| Carbon steel tubing | ||||||||||||||||||||||||||||
| Hot-rolled steel sheet & coil | ||||||||||||||||||||||||||||
| Carbon steel bar | ||||||||||||||||||||||||||||
| Galvanized steel sheet & coil | ||||||||||||||||||||||||||||
| Cold-rolled steel sheet & coil | ||||||||||||||||||||||||||||
| Carbon steel | ||||||||||||||||||||||||||||
| Aluminum bar & tube | ||||||||||||||||||||||||||||
| Heat-treated aluminum plate | ||||||||||||||||||||||||||||
| Common alloy aluminum sheet & coil | ||||||||||||||||||||||||||||
| Common alloy aluminum plate | ||||||||||||||||||||||||||||
| Heat-treated aluminum sheet & coil | ||||||||||||||||||||||||||||
| Aluminum | ||||||||||||||||||||||||||||
| Stainless steel bar & tube | ||||||||||||||||||||||||||||
| Stainless steel sheet & coil | ||||||||||||||||||||||||||||
| Stainless steel plate | ||||||||||||||||||||||||||||
| Stainless steel | ||||||||||||||||||||||||||||
| Alloy bar & rod | ||||||||||||||||||||||||||||
| Alloy tube | — | — | — | |||||||||||||||||||||||||
| Alloy | ||||||||||||||||||||||||||||
| Miscellaneous* | ||||||||||||||||||||||||||||
| Toll processing & logistics | ||||||||||||||||||||||||||||
| Copper & brass | ||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||
| * Includes titanium, fabricated parts, PVC pipe and scrap. | ||||||||||||||||||||||||||||
| RELIANCE, INC. | ||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| (in millions, except number of shares which are reflected in thousands and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net sales | $ | 3,659.8 | $ | 3,643.3 | $ | 7,144.5 | $ | 7,288.1 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown below) | 2,571.9 | 2,557.3 | 5,023.3 | 5,073.9 | ||||||||||||
| Warehouse, delivery, selling, general and administrative (“SG&A”) | 706.0 | 667.7 | 1,396.2 | 1,339.2 | ||||||||||||
| Depreciation and amortization | 69.7 | 66.6 | 138.4 | 130.2 | ||||||||||||
| 3,347.6 | 3,291.6 | 6,557.9 | 6,543.3 | |||||||||||||
| Operating income | 312.2 | 351.7 | 586.6 | 744.8 | ||||||||||||
| Other (income) expense: | ||||||||||||||||
| Interest expense | 14.3 | 9.7 | 25.8 | 19.4 | ||||||||||||
| Other income, net | (6.4 | ) | (7.7 | ) | (5.9 | ) | (20.5 | ) | ||||||||
| Income before income taxes | 304.3 | 349.7 | 566.7 | 745.9 | ||||||||||||
| Income tax provision | 70.1 | 81.4 | 132.0 | 173.8 | ||||||||||||
| Net income | 234.2 | 268.3 | 434.7 | 572.1 | ||||||||||||
| Less: net income attributable to noncontrolling interests | 0.5 | 0.5 | 1.3 | 1.4 | ||||||||||||
| Net income attributable to Reliance | $ | 233.7 | $ | 267.8 | $ | 433.4 | $ | 570.7 | ||||||||
| Earnings per share attributable to Reliance stockholders: | ||||||||||||||||
| Basic | $ | 4.44 | $ | 4.71 | $ | 8.20 | $ | 9.99 | ||||||||
| Diluted | $ | 4.42 | $ | 4.67 | $ | 8.15 | $ | 9.90 | ||||||||
| Shares used in computing earnings per share: | ||||||||||||||||
| Basic | 52,610 | 56,878 | 52,841 | 57,109 | ||||||||||||
| Diluted | 52,923 | 57,394 | 53,160 | 57,638 | ||||||||||||
| Cash dividends declared per common share | $ | 1.20 | $ | 1.10 | $ | 2.40 | $ | 2.20 | ||||||||
| RELIANCE, INC. | ||||||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in millions, except number of shares which are reflected in thousands and par value) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024* | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 239.5 | $ | 318.1 | ||||
| Accounts receivable, less allowance for credit losses of | 1,668.2 | 1,342.0 | ||||||
| Inventories | 2,254.8 | 2,026.8 | ||||||
| Prepaid expenses and other current assets | 126.7 | 148.2 | ||||||
| Income taxes receivable | 3.9 | 60.4 | ||||||
| Total current assets | 4,293.1 | 3,895.5 | ||||||
| Property, plant and equipment, net | 2,605.6 | 2,544.9 | ||||||
| Operating lease right-of-use assets | 303.8 | 275.2 | ||||||
| Goodwill | 2,170.4 | 2,161.8 | ||||||
| Intangible assets, net | 988.7 | 1,007.2 | ||||||
| Cash surrender value of life insurance policies, net | 35.2 | 46.0 | ||||||
| Other long-term assets | 93.2 | 91.2 | ||||||
| Total assets | $ | 10,490.0 | $ | 10,021.8 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 516.6 | $ | 361.9 | ||||
| Accrued expenses | 133.7 | 144.4 | ||||||
| Accrued compensation and retirement benefits | 179.5 | 195.2 | ||||||
| Accrued insurance costs | 54.1 | 50.4 | ||||||
| Current maturities of long-term debt | 400.2 | 399.7 | ||||||
| Current maturities of operating lease liabilities | 64.0 | 61.4 | ||||||
| Total current liabilities | 1,348.1 | 1,213.0 | ||||||
| Long-term debt | 1,025.5 | 742.8 | ||||||
| Operating lease liabilities | 242.6 | 214.2 | ||||||
| Long-term retirement benefits | 29.8 | 26.9 | ||||||
| Other long-term liabilities | 62.2 | 56.8 | ||||||
| Deferred income taxes | 537.7 | 537.5 | ||||||
| Total liabilities | 3,245.9 | 2,791.2 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock and additional paid-in capital, | ||||||||
| Issued and outstanding shares—52,593 and 53,715 | 0.1 | 0.1 | ||||||
| Retained earnings | 7,320.2 | 7,334.7 | ||||||
| Accumulated other comprehensive loss | (86.2 | ) | (115.2 | ) | ||||
| Total Reliance stockholders’ equity | 7,234.1 | 7,219.6 | ||||||
| Noncontrolling interests | 10.0 | 11.0 | ||||||
| Total equity | 7,244.1 | 7,230.6 | ||||||
| Total liabilities and equity | $ | 10,490.0 | $ | 10,021.8 | ||||
| * Derived from audited financial statements. | ||||||||
| RELIANCE, INC. | ||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in millions) | ||||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| Operating activities: | ||||||||
| Net income | $ | 434.7 | $ | 572.1 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization expense | 138.4 | 130.2 | ||||||
| Stock-based compensation expense | 28.1 | 26.9 | ||||||
| Other | (5.2 | ) | 3.7 | |||||
| Changes in operating assets and liabilities (excluding effect of businesses acquired): | ||||||||
| Accounts receivable | (326.8 | ) | (142.2 | ) | ||||
| Inventories | (219.8 | ) | (141.0 | ) | ||||
| Prepaid expenses and other assets | 117.6 | 84.5 | ||||||
| Accounts payable and other liabilities | 126.5 | (41.6 | ) | |||||
| Net cash provided by operating activities | 293.5 | 492.6 | ||||||
| Investing activities: | ||||||||
| Acquisitions, net of cash acquired | (2.8 | ) | (346.5 | ) | ||||
| Purchases of property, plant and equipment | (174.5 | ) | (206.9 | ) | ||||
| Proceeds from sales of property, plant and equipment | 12.9 | 2.1 | ||||||
| Other | 5.6 | (10.7 | ) | |||||
| Net cash used in investing activities | (158.8 | ) | (562.0 | ) | ||||
| Financing activities: | ||||||||
| Proceeds from long-term debt borrowings | 1,063.0 | — | ||||||
| Principal payments on long-term debt | (781.0 | ) | — | |||||
| Cash dividends and dividend equivalents | (128.3 | ) | (127.9 | ) | ||||
| Share repurchases | (333.1 | ) | (519.3 | ) | ||||
| Taxes paid related to net share settlement of restricted stock units | (11.6 | ) | (24.1 | ) | ||||
| Excise tax on repurchase of common shares | (10.0 | ) | — | |||||
| Other | (21.0 | ) | 17.2 | |||||
| Net cash used in financing activities | (222.0 | ) | (654.1 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 8.7 | (5.9 | ) | |||||
| Decrease in cash and cash equivalents | (78.6 | ) | (729.4 | ) | ||||
| Cash and cash equivalents at beginning of year | 318.1 | 1,080.2 | ||||||
| Cash and cash equivalents at end of the period | $ | 239.5 | $ | 350.8 | ||||
| Supplemental cash flow information: | ||||||||
| Interest paid | $ | 24.0 | $ | 18.0 | ||||
| Income taxes paid, net | $ | 71.0 | $ | 147.7 | ||||
| RELIANCE, INC. | ||||||||||||||||||||||||
| NON-GAAP RECONCILIATION | ||||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||
| Net Income | Diluted EPS | |||||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | |||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2025 | 2024 | |||||||||||||||||||
| Net income attributable to Reliance | $ | 233.7 | $ | 199.7 | $ | 267.8 | $ | 4.42 | $ | 3.74 | $ | 4.67 | ||||||||||||
| Restructuring charges | 10.2 | 2.3 | 0.4 | 0.18 | 0.04 | 0.01 | ||||||||||||||||||
| Non-recurring income of acquisitions | — | — | (2.0 | ) | — | — | (0.03 | ) | ||||||||||||||||
| Gains related to sales of non-core assets | (9.1 | ) | — | — | (0.17 | ) | — | — | ||||||||||||||||
| Income tax (benefit) expense related to above items | (0.2 | ) | (0.6 | ) | 0.4 | — | (0.01 | ) | — | |||||||||||||||
| Non-GAAP net income attributable to Reliance | $ | 234.6 | $ | 201.4 | $ | 266.6 | $ | 4.43 | $ | 3.77 | $ | 4.65 | ||||||||||||
| Net Income | Diluted EPS | |||||||||||||||||||||||
| Six Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| Net income attributable to Reliance | $ | 433.4 | $ | 570.7 | $ | 8.15 | $ | 9.90 | ||||||||||||||||
| Restructuring charges | 12.5 | 0.7 | 0.24 | 0.01 | ||||||||||||||||||||
| Non-recurring income of acquisitions | — | (2.0 | ) | — | (0.03 | ) | ||||||||||||||||||
| Non-recurring settlement charges | — | 4.6 | — | 0.08 | ||||||||||||||||||||
| Gains related to sales of non-core assets | (9.1 | ) | — | (0.17 | ) | — | ||||||||||||||||||
| Income tax benefit related to above items | (0.8 | ) | (0.8 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
| Non-GAAP net income attributable to Reliance | $ | 436.0 | $ | 573.2 | $ | 8.20 | $ | 9.94 | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Pretax income | $ | 304.3 | $ | 262.4 | $ | 349.7 | $ | 566.7 | $ | 745.9 | ||||||||||||||
| Restructuring charges | 10.2 | 2.3 | 0.4 | 12.5 | 0.7 | |||||||||||||||||||
| Non-recurring income of acquisitions | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||
| Non-recurring settlement charges | — | — | — | — | 4.6 | |||||||||||||||||||
| Gains related to sales of non-core assets | (9.1 | ) | — | — | (9.1 | ) | — | |||||||||||||||||
| Non-GAAP pretax expense (income) adjustments | 1.1 | 2.3 | (1.6 | ) | 3.4 | 3.3 | ||||||||||||||||||
| Non-GAAP pretax income | $ | 305.4 | $ | 264.7 | $ | 348.1 | $ | 570.1 | $ | 749.2 | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Gross profit - LIFO | $ | 1,087.9 | $ | 1,033.3 | $ | 1,086.0 | $ | 2,121.2 | $ | 2,214.2 | ||||||||||||||
| Amortization of inventory step-down | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||
| Restructuring charges | 6.3 | 1.8 | — | 8.1 | — | |||||||||||||||||||
| Non-GAAP gross profit | 1,094.2 | 1,035.1 | 1,084.0 | 2,129.3 | 2,212.2 | |||||||||||||||||||
| LIFO expense (income) | 25.0 | 25.0 | (50.0 | ) | 50.0 | (100.0 | ) | |||||||||||||||||
| Non-GAAP gross profit - FIFO | $ | 1,119.2 | $ | 1,060.1 | $ | 1,034.0 | $ | 2,179.3 | $ | 2,112.2 | ||||||||||||||
| Gross profit margin - LIFO | ||||||||||||||||||||||||
| Amortization of inventory step-down as a % of sales | — | — | — | — | — | |||||||||||||||||||
| Restructuring charges as a % of sales | — | — | — | |||||||||||||||||||||
| Non-GAAP gross profit margin | ||||||||||||||||||||||||
| LIFO expense (income) as a % of sales | ( | ) | ( | ) | ||||||||||||||||||||
| Non-GAAP gross profit margin - FIFO | ||||||||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2024 | ||||||||||||||||||||||
| Total debt | $ | 1,433.1 | $ | 1,481.1 | $ | 1,151.4 | ||||||||||||||||||
| Less: unamortized debt discount and debt issuance costs | (7.4 | ) | (8.1 | ) | (7.8 | ) | ||||||||||||||||||
| Carrying amount of debt | 1,425.7 | 1,473.0 | 1,143.6 | |||||||||||||||||||||
| Less: cash and cash equivalents | (239.5 | ) | (277.8 | ) | (350.8 | ) | ||||||||||||||||||
| Net debt | 1,186.2 | 1,195.2 | 792.8 | |||||||||||||||||||||
| Total Reliance stockholders’ equity | 7,234.1 | 7,101.8 | 7,623.0 | |||||||||||||||||||||
| Total capital | $ | 8,420.3 | $ | 8,297.0 | $ | 8,415.8 | ||||||||||||||||||
| Net debt-to-total capital | ||||||||||||||||||||||||
| Twelve Months Ended | ||||||||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2024 | ||||||||||||||||||||||
| Net income | $ | 740.6 | $ | 774.7 | $ | 1,141.5 | ||||||||||||||||||
| Depreciation and amortization | 276.9 | 273.8 | 253.7 | |||||||||||||||||||||
| Impairment | 11.7 | 11.7 | — | |||||||||||||||||||||
| Interest expense | 46.7 | 42.1 | 38.9 | |||||||||||||||||||||
| Income taxes | 220.1 | 231.4 | 325.7 | |||||||||||||||||||||
| EBITDA | $ | 1,296.0 | $ | 1,333.7 | $ | 1,759.8 | ||||||||||||||||||
| Net debt-to-EBITDA | 0.9x | 0.9x | 0.5x | |||||||||||||||||||||
| Total debt-to-EBITDA | 1.1x | 1.1x | 0.7x | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Cash provided by operations | $ | 229.0 | $ | 64.5 | $ | 366.3 | $ | 293.5 | $ | 492.6 | ||||||||||||||
| Less: capital expenditures | (87.6 | ) | (86.9 | ) | (98.2 | ) | (174.5 | ) | (206.9 | ) | ||||||||||||||
| Free cash flow | $ | 141.4 | $ | (22.4 | ) | $ | 268.1 | $ | 119.0 | $ | 285.7 | |||||||||||||
Reliance, Inc.’s presentation of non-GAAP pretax income, net income and EPS over certain time periods is an attempt to provide meaningful comparisons to the Company's historical performance for its existing and future stockholders. Adjustments include restructuring charges, non-recurring income of its acquisitions, gains on sales of non-core property, plant, and equipment, and non-recurring settlement charges, which make comparisons of the Company’s operating results between periods difficult using GAAP measures. Reliance, Inc.’s presentation of gross profit margin - FIFO, which is calculated as gross profit plus LIFO expense (or minus LIFO income) divided by net sales, is presented to provide a means of comparison amongst its competitors who may not use the same inventory valuation method. Please see footnote 1 below for additional information on the Company’s gross profit and gross profit margin. Reliance, Inc. presents net debt- and total debt-to-EBITDA as a measurement of leverage utilized by management to monitor its debt levels in relation to its operating cash flow for which it utilizes EBITDA as a proxy. Reliance, Inc. presents free cash flow as a measure of cash generated by its operations that will be used to repay scheduled debt maturities and can be used to invest in growth activities or returned to stockholders.
Footnotes
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 Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is 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, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, 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 Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.
2 See accompanying Non-GAAP Reconciliation. Certain percentages may not calculate due to rounding.
FAQ
What were Reliance's (RS) key financial results for Q2 2025?
How did Reliance's (RS) Q2 2025 performance compare to the previous year?
What is Reliance's (RS) guidance for Q3 2025?
How much capital did Reliance (RS) return to shareholders in Q2 2025?
What is Reliance's (RS) current dividend payment?
