[10-Q] Reliance, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Camping World Holdings (CWH) Q2 2025 10-Q key takeaways

• Revenue rose 9.4% YoY to $1.98 bn; six-month sales up 6.9% to $3.39 bn.
• Profitability improved: gross profit +8% to $592 m; operating income +37% to $130 m. Operating margin expanded 130 bp to 6.6%.
• Net income attributable to CWH advanced to $30.2 m (EPS $0.48) from $9.8 m (EPS $0.22). Six-month EPS turned positive at $0.29 vs. –$0.28.
• Segment drivers: New-vehicle revenue +8.0%, Used-vehicle +19.0%, F&I +12.4%. Good Sam Services grew 3.2%.
• Expense trends: SG&A up 4.2% to $437 m; combined interest expense fell 19% to $51.8 m, supporting bottom-line growth.
• Balance sheet: cash declined to $118 m (–43% YTD) as inventories expanded $239 m and floor-plan notes rose $118 m. Long-term debt steady at $1.48 bn; total leverage 4.7 × equity.
• Cash flow pressure: YTD operating cash outflow of $44.6 m (vs. +$84.3 m LY) driven by working-capital build; investing cash outflow $180 m for capex & acquisitions.
• Shareholder returns: quarterly dividend maintained at $0.125/sh (paid $15.7 m YTD); no share repurchases apart from tax-withholding on RSUs.
• Other items: immaterial tax-asset restatement increased deferred tax asset by $43.8 m and APIC by $33.4 m.

Overall, stronger sales and cost control lifted earnings, but negative operating cash flow and higher inventory/floor-plan debt warrant monitoring.

Positive

• Revenue up 9.4% YoY, with broad-based growth in new, used, F&I and service lines.
• Operating income +37% and EPS more than doubled to $0.48, showing operating leverage.
• Interest expense down 19%, improving coverage to ~2.5×.
• Dividend maintained at $0.125 per share, signalling confidence.
• Deferred tax restatement increased equity by $43.8 m without cash impact.

Negative

• Operating cash flow –$44.6 m YTD versus +$84.3 m prior year, driven by inventory build.
• Inventory ballooned to $2.06 bn, requiring higher floor-plan debt (+10%).
• Cash balance fell 43% to $118 m, tightening liquidity.
• Total liabilities up 6.8% to $4.68 bn, leverage remains high at ~9× EBITDA (implied).
• Immaterial but recurring restatements highlight prior tax-accounting weaknesses.

Insights

Equity Research Analyst

TL;DR – Solid top-line and EPS beat, but cash burn and inventory build temper enthusiasm.

Revenue growth across all major lines—especially used RVs (+19%) and F&I (+12%)—drove a 37% jump in operating income. Margin expansion came despite heavier SG&A, helped by lower floor-plan and senior debt interest. EPS of $0.48 nearly doubles prior-year quarter and supports the steady $0.125 dividend (6% yield at recent prices).

However, working-capital swings turned $85 m positive OCF last year into a $45 m outflow, cutting cash by $90 m YTD while inventory sits at $2.06 bn. Floor-plan borrowings climbed 10% to fund this build, lifting total current liabilities 21%. Long-term leverage is unchanged but net debt is higher.

Net: results are incrementally positive for sentiment, yet sustainability hinges on converting inventory to cash during the seasonally stronger second half.

Credit Analyst

TL;DR – Leverage stable but liquidity weakening; inventory risk increasing.

Debt metrics remain steady—long-term debt at $1.48 bn and no revolver balance—yet cash dropped 43% to $118 m. Floor-plan notes rose to $1.28 bn, pushing current ratio to 1.26×. YTD FCF is deeply negative (≈$225 m after capex and acquisitions), funded largely via floor-plan and asset sales.

Interest coverage improved to 2.5× (EBIT/interest) on stronger EBIT and lower rates, offering bondholders a modest cushion. The company’s quarterly dividend and ongoing M&A may strain liquidity if demand softens, especially with elevated inventories and macro headwinds cited in the risk section.

I assign a neutral outlook: credit profile is not deteriorating sharply, but tighter cash and higher working-capital needs reduce flexibility.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

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: 001-13122

​ ​ ​	​	​ ​ ​
Reliance, Inc. (Exact name of registrant as specified in its charter)
​
Delaware (State or other jurisdiction of incorporation or organization)	​	95-1142616 (I.R.S. Employer Identification No.)

​

16100 N. 71st Street, Suite 400

Scottsdale, Arizona 85254

(Address of principal executive offices, including zip code)

(480) 564-5700

(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
Common Stock, $0.001 par value	​	RS	​	New York Stock Exchange

​

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. Yes  ☒  No  ☐

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). Yes  ☒  No  ☐

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.

Large accelerated filer ☒	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 ☐ No ☒

As of July 25, 2025, 52,593,543 shares of the registrant’s common stock, $0.001 par value, were outstanding.

​

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Table of Contents

RELIANCE, INC.

TABLE OF CONTENTS

​

​			​
PART I — FINANCIAL INFORMATION			​
​	Item 1.	Financial Statements	1
​	​	Unaudited Consolidated Statements of Income	1
​	​	Unaudited Consolidated Statements of Comprehensive Income	2
​	​	Unaudited Consolidated Balance Sheets	3
​	​	Unaudited Consolidated Statements of Cash Flows	4
​	​	Unaudited Consolidated Statements of Equity	5
​	​	Notes to Unaudited Consolidated Financial Statements	6
​	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
​	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
​	Item 4.	Controls and Procedures	24
​			​
PART II — OTHER INFORMATION			​
​	Item 1.	Legal Proceedings	24
​	Item 1A.	Risk Factors	24
​	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
​	Item 3.	Defaults Upon Senior Securities	25
​	Item 4.	Mine Safety Disclosures	25
​	Item 5.	Other Information	25
​	Item 6.	Exhibits	26
​			​
SIGNATURE			27

​

​

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Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

​

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	​	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

​

See accompanying notes to unaudited consolidated financial statements.

​

1

Table of Contents

RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Six Months Ended
​	June 30,					​	June 30,
​	2025			2024			2025			2024
Net income	$	234.2	​	$	268.3	​	$	434.7	​	$	572.1
Other comprehensive income (loss):	​	​	​	​	​	​	​	​	​	​	​
Foreign currency translation gain (loss)	​	27.7	​	​	(7.4)	​	​	31.0	​	​	(23.1)
Postretirement benefit plan adjustments, net of tax	​	(1.1)	​	​	(0.8)	​	​	(2.0)	​	​	(1.7)
Total other comprehensive income (loss)	​	26.6	​	​	(8.2)	​	​	29.0	​	​	(24.8)
Comprehensive income	​	260.8	​	​	260.1	​	​	463.7	​	​	547.3
Less: comprehensive income attributable to noncontrolling interests	​	0.5	​	​	0.5	​	​	1.3	​	​	1.4
Comprehensive income attributable to Reliance	$	260.3	​	$	259.6	​	$	462.4	​	$	545.9

​

See accompanying notes to unaudited consolidated financial statements.

​

2

Table of Contents

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 $27.7 and $23.2	​	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, $0.001 par value: 5,000 shares authorized; none issued or outstanding	​	—	​	​	—
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized	​	​	​	​	​
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.

​

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,
​	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, beginning balance	​	318.1	​	​	1,080.2
Cash and cash equivalents, ending balance	$	239.5	​	$	350.8
​	​	​	​	​	​
Supplemental cash flow information:	​	​	​	​	​
Interest paid	$	24.0	​	$	18.0
Income taxes paid, net	$	71.0	​	$	147.7

​

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,
​	2025			2024			2025			2024
Total equity, beginning balance	$	7,113.6	​	$	7,942.7	​	$	7,230.6	​	$	7,732.8
​	​	​	​	​	​	​	​	​	​	​	​
Common stock and additional paid-in capital:	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	​	0.1	​	​	0.1	​	​	0.1	​	​	0.1
Stock-based compensation	​	15.9	​	​	13.9	​	​	28.1	​	​	26.9
Taxes paid related to net share settlement of restricted stock units	​	—	​	​	(0.2)	​	​	—	​	​	(13.2)
Repurchase of common shares	​	(15.9)	​	​	(13.7)	​	​	(28.1)	​	​	(13.7)
Ending balance	​	0.1	​	​	0.1	​	​	0.1	​	​	0.1
​	​	​	​	​	​	​	​	​	​	​	​
Retained earnings:	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	​	7,214.5	​	​	8,025.6	​	​	7,334.7	​	​	7,798.9
Net income attributable to Reliance	​	233.7	​	​	267.8	​	​	433.4	​	​	570.7
Cash dividends	​	(63.1)	​	​	(62.5)	​	​	(126.8)	​	​	(125.7)
Dividend equivalents paid on vested restricted stock units	​	—	​	​	(0.1)	​	​	(1.5)	​	​	(2.2)
Taxes paid related to net share settlement of restricted stock units	​	(0.1)	​	​	—	​	​	(11.6)	​	​	(10.9)
Repurchase of common shares	​	(64.0)	​	​	(505.6)	​	​	(305.0)	​	​	(505.6)
Excise tax on repurchase of common shares	​	(0.8)	​	​	(0.8)	​	​	(3.0)	​	​	(0.8)
Ending balance	​	7,320.2	​	​	7,724.4	​	​	7,320.2	​	​	7,724.4
​	​	​	​	​	​	​	​	​	​	​	​
Accumulated other comprehensive loss:	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	​	(112.8)	​	​	(93.3)	​	​	(115.2)	​	​	(76.7)
Other comprehensive income (loss)	​	26.6	​	​	(8.2)	​	​	29.0	​	​	(24.8)
Ending balance	​	(86.2)	​	​	(101.5)	​	​	(86.2)	​	​	(101.5)
​	​	​	​	​	​	​	​	​	​	​	​
Total Reliance stockholders' equity, ending balance	​	7,234.1	​	​	7,623.0	​	​	7,234.1	​	​	7,623.0
​	​	​	​	​	​	​	​	​	​	​	​
Noncontrolling interests:	​	​	​	​	​	​	​	​	​	​	​
Beginning balance	​	11.8	​	​	10.3	​	​	11.0	​	​	10.5
Comprehensive income	​	0.5	​	​	0.5	​	​	1.3	​	​	1.4
Acquisition	​	—	​	​	0.3	​	​	—	​	​	0.3
Dividends paid	​	(2.3)	​	​	(1.1)	​	​	(2.3)	​	​	(2.2)
Ending balance	​	10.0	​	​	10.0	​	​	10.0	​	​	10.0
​	​	​	​	​	​	​	​	​	​	​	​
Total equity, ending balance	$	7,244.1	​	$	7,633.0	​	$	7,244.1	​	$	7,633.0
​	​	​	​	​	​	​	​	​	​	​	​
Cash dividends declared per common share	$	1.20	​	$	1.10	​	$	2.40	​	$	2.20

​

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 “Reliance”, the “Company”, “we”, “our” or “us”). These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions 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 the opinion of management, the consolidated financial statements reflect all material adjustments, which are of a normal recurring nature, necessary for presentation of financial statements for interim periods in accordance with GAAP. Interim results are not necessarily indicative of the results for a full year. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and accompanying notes included in Reliance’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

​

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.

​

Recently Issued Accounting Standards

​

Improvement to Income Tax Disclosures—In December 2023, the Financial Accounting Standards Board (“FASB”) issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes are effective for our annual periods beginning with our 2025 fiscal year. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.

​

Disaggregation of Income Statement Expenses—In November 2024, the FASB issued changes to expand the disclosure requirements for specific expense categories. The changes require disaggregated quantitative disclosure, in the notes to the financial statements, 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.

​

​

Note 2. Acquisitions

​

2024 Acquisitions

​

We acquired each of Cooksey Iron & Metal Company on February 1, 2024; American Alloy Steel, Inc. and Mid-West Materials, Inc. on April 1, 2024; and certain assets of the FerrouSouth division of Ferragon Corporation on August 16,

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2024, with cash on hand. Included in our net sales for the first six months of 2025 and 2024 were combined net sales of $193.9 million and $115.1 million, respectively, from our 2024 acquisitions.

​

Our 2024 acquisitions have increased our capacity and enhanced our product, customer and geographic diversification. We have not diversified outside our core business of providing metal distribution and processing solutions since inception.

​

The aggregate allocation of the purchase prices for our 2024 acquisitions to the fair values of the assets acquired and liabilities assumed was as follows:

​

​	​	​	​	​	​
​	​	​		(in millions)
Cash	​	​	​	$	5.6
Accounts receivable	​	​	​	​	44.9
Inventories	​	​	​	​	109.9
Prepaid expenses and other current assets	​	​	​	​	1.0
Property, plant and equipment	​	​	​	​	107.5
Operating lease right-of-use assets	​	​	​	​	19.2
Goodwill	​	​	​	​	59.5
Intangible assets subject to amortization	​	​	​	​	39.5
Intangible assets not subject to amortization	​	​	​	​	41.4
Total assets acquired	​	​	​	​	428.5
Deferred income taxes	​	​	​	​	6.7
Operating lease liabilities	​	​	​	​	15.1
Other current and long-term liabilities	​	​	​	​	33.4
Total liabilities assumed	​	​	​	​	55.2
Noncontrolling interest	​	​	​	​	0.3
Net assets acquired	​	​	​	$	373.0

​

Summary purchase price allocation information for all acquisitions

​

All of the acquisitions discussed in this note have been accounted for under the acquisition method of accounting and, accordingly, each purchase price has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of each acquisition. The accompanying consolidated statements of income include the revenues and expenses of each acquisition since its respective acquisition date. The consolidated balance sheets reflect the allocations of each acquisition’s purchase price as of June 30, 2025. The measurement periods for purchase price allocations do not exceed 12 months from the acquisition date.

​

As part of the purchase price allocations for the 2024 acquisitions, we allocated $41.4 million to the trade names acquired. We determined that each of the trade names acquired in connection with these acquisitions had indefinite lives since their economic lives are expected to approximate the life of each company acquired. We recorded other identifiable intangible assets related to customer relationships for the 2024 acquisitions of $39.3 million with weighted average lives of 13.1 years and non-compete agreements of $0.2 million with lives of 5.0 years. The goodwill arising from our 2024 acquisitions predominantly consists of expected strategic benefits, including enhanced financial and operational scale, as well as expansion of acquired product and processing know-how across our enterprise. Goodwill of $35.1 million from our 2024 acquisitions is expected to be deductible for income tax purposes.

​

Pro forma financial information for all acquisitions

​

Pro forma financial results reflect our consolidated results of operations as if our 2024 acquisitions had occurred as of January 1, 2023, after the effect of certain adjustments, including lease cost fair value adjustments, amortization of inventory step-down to fair value adjustments included in cost of sales, depreciation and amortization of certain identifiable property, plant and equipment and intangible assets. Pro forma results for the second quarter and first six months of 2024 have been provided for comparative purposes only and are not indicative of what would have occurred had the 2024 acquisitions been made as of January 1, 2023 or of any potential results which may occur in the future.

​

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Pro forma net sales were $3,648.0 million and $7,394.5 million for the second quarter and first six months of 2024, respectively. The differences between our reported and pro forma results for the second quarter and first six months of 2024 were not significant.

​

Note 3. Revenues

​

The following table presents our net sales disaggregated by product and service:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Six Months Ended
​	June 30,					​	June 30,
​	2025			2024			2025			2024
​	(in millions)
Carbon steel	$	2,044.2	​	$	2,025.7	​	$	3,948.4	​	$	4,038.6
Aluminum	​	619.9	​	​	587.8	​	​	1,225.5	​	​	1,183.9
Stainless steel	​	489.2	​	​	521.8	​	​	992.4	​	​	1,081.7
Alloy	​	167.5	​	​	166.8	​	​	325.9	​	​	338.7
Toll processing and logistics	​	164.3	​	​	161.2	​	​	324.5	​	​	319.0
Copper and brass	​	98.9	​	​	87.0	​	​	180.6	​	​	162.3
Miscellaneous and eliminations	​	75.8	​	​	93.0	​	​	147.2	​	​	163.9
Total	$	3,659.8	​	$	3,643.3	​	$	7,144.5	​	$	7,288.1

​

​

Note 4. Property, Plant and Equipment, Net

​

Property, plant and equipment, net consists of the following:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	June 30,		​	December 31,
​	​	​		2025			2024
​	​	​	​	(in millions)
Land	​	​	​	$	298.9	​	$	297.2
Buildings	​	​	​	​	1,754.7	​	​	1,689.2
Machinery and equipment	​	​	​	​	2,713.1	​	​	2,643.2
Construction in progress	​	​	​	​	296.9	​	​	297.0
Property, plant and equipment, gross	​	​	​	​	5,063.6	​	​	4,926.6
Less: accumulated depreciation	​	​	​	​	(2,458.0)	​	​	(2,381.7)
Property, plant and equipment, net	​	​	​	$	2,605.6	​	$	2,544.9

​

​

As of June 30, 2025 and December 31, 2024, noncash investing activity included $5.7 million and $7.3 million of capital expenditures, respectively, included in accounts payable and accrued expenses.

​

Note 5. Goodwill

​

The change in the carrying amount of goodwill is as follows:

​

​	​	​	​	​	​	​	​	​
​	​	​		​	​		(in millions)
Balance as of January 1, 2025	​	​	​	​	​	​	$	2,161.8
Acquisitions	​	​	​	​	​	​	​	2.8
Purchase price allocation adjustments	​	​	​	​	​	​	​	0.7
Effect of foreign currency translation	​	​	​	​	​	​	​	5.1
Balance as of June 30, 2025	​	​	​	​	​	​	$	2,170.4

​

We had no accumulated impairment losses related to goodwill as of June 30, 2025 and December 31, 2024.

​

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​

Note 6. Intangible Assets, Net

​

Intangible assets, net consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2025

​

December 31, 2024

​

Weighted Average

​

Gross

​

​

​

​

Gross

​

​

​

​

Amortizable

​

Carrying

​

Accumulated

​

Carrying

​

Accumulated

​

Life in Years

Amount

Amortization

Amount

Amortization

​

​

​

(in millions)

Intangible assets subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Customer lists/relationships

14.0

​

$

755.1

​

$

(579.8)

​

$

753.4

​

$

(559.6)

Backlog of orders

7.9

​

​

22.1

​

​

(10.0)

​

​

21.0

​

​

(8.2)

Other

9.3

​

​

10.2

​

​

(9.7)

​

​

10.2

​

​

(9.6)

​

​

​

​

787.4

​

​

(599.5)

​

​

784.6

​

​

(577.4)

Intangible assets not subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names

​

​

​

800.8

​

​

—

​

​

800.0

​

​

—

​

​

​

$

1,588.2

​

$

(599.5)

​

$

1,584.6

​

$

(577.4)

​

Changes in the carrying amount of intangible assets, net are as follows:

​

​	​	​	​	​	​	​	​	​
​	​	​		​	​		(in millions)
Balance as of January 1, 2025	​	​	​	​	​	​	$	1,007.2
Amortization expense	​	​	​	​	​	​	​	(20.8)
Effect of foreign currency translation	​	​	​	​	​	​	​	2.3
Balance as of June 30, 2025	​	​	​	​	​	​	$	988.7

​

The following is a summary of estimated future amortization expense:

​

​	​	​	​	​	​
​	​	​		(in millions)
2025 (remaining six months)	​	​	​	$	18.4
2026	​	​	​	​	29.8
2027	​	​	​	​	29.1
2028	​	​	​	​	27.7
2029	​	​	​	​	25.5
Thereafter	​	​	​	​	57.4
​	​	​	​	$	187.9

​

​

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​

Note 7. Debt

​

Debt consisted of the following:

​

​	​	​	​	​	​
​	June 30,		​	December 31,
​	2025			2024
​	(in millions)
Unsecured revolving credit facility maturing September 10, 2029	$	282.0	​	$	—
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025	​	400.0	​	​	400.0
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030	​	500.0	​	​	500.0
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036	​	250.0	​	​	250.0
Other notes	​	1.1	​	​	1.1
Total	​	1,433.1	​	​	1,151.1
Less: unamortized discount and debt issuance costs	​	(7.4)	​	​	(8.6)
Less: amounts due within one year	​	(400.2)	​	​	(399.7)
Total long-term debt	$	1,025.5	​	$	742.8

​

The weighted average effective interest rates on the Company’s outstanding borrowings as of June 30, 2025 and December 31, 2024 were 3.48% and 3.02%, respectively.

​

Unsecured Credit Facility

​

On September 10, 2024, we entered into a $1.5 billion unsecured five-year Second Amended and Restated Credit Agreement (“Credit Agreement”) that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of June 30, 2025, borrowings under the Credit Agreement were available at variable rates based on the Secured Overnight Financing Rate (“SOFR”) plus 1.00% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.10% on the unused portion of the revolving credit facility. The applicable margins over SOFR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our total net leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty.

​

The weighted average interest rate on borrowings outstanding on the revolving credit facility was 5.38% as of June 30, 2025. We had no outstanding borrowings under the revolving credit facility as of December 31, 2024. We had $1.1 million of letters of credit outstanding under the revolving credit facility as of June 30, 2025 and December 31, 2024.

​

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 the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest.

​

Letter of Credit/Letters of Guarantee Facility

​

We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. We had $29.3 million and $29.2 million outstanding under this facility as of June 30, 2025 and December 31, 2024, respectively.

​

Covenants

​

The Credit Agreement and the indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, a financial maintenance

10

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covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant in our Credit Agreement as of June 30, 2025.

​

Note 8.  Leases

​

Our metals service center leases are comprised of processing and distribution facilities, equipment, automobiles, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices, storage and data centers. We also lease various office spaces. Our leases of facilities and other spaces expire at various times through 2045, and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases; we have an insignificant amount of recognized finance right-of-use assets and obligations.

​

The following is a summary of our lease cost:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Six Months Ended
​	June 30,					​	June 30,
​	2025			2024			2025			2024
​	(in millions)
Operating lease cost	$	21.2	​	$	17.6	​	$	41.3	​	$	35.2
Variable fees and other(1)	​	7.2	​	​	8.3	​	​	15.2	​	​	15.9
Total lease cost	$	28.4		$	25.9		$	56.5	​	$	51.1

(1) Includes variable lease payments and costs of short-term leases.

​

Supplemental cash flow and balance sheet information is presented below:

​

​	​	​	​	​	​
​	Six Months Ended
​	June 30,
​	2025			2024
​	(in millions)
Supplemental cash flow information:	​	​	​	​	​
Cash payments for operating leases	$	55.8	​	$	51.3
Right-of-use assets obtained in exchange for operating lease obligations	$	64.3	​	$	54.0
​	​	​	​	​	​
​	June 30,		​	December 31,
​	2025		​	2024
Other lease information:	​	​	​	​	​
Weighted average remaining lease term—operating leases	​	6.7 years	​	​	6.3 years
Weighted average discount rate—operating leases	​	4.8%	​	​	4.6%

​

Maturities of operating lease liabilities as of June 30, 2025 are as follows:

​

​	​	​	​	​	​
​	​	​	​	(in millions)
2025 (remaining six months)	​	​	​	$	39.8
2026	​	​	​	​	71.3
2027	​	​	​	​	60.3
2028	​	​	​	​	49.9
2029	​	​	​	​	41.4
Thereafter	​	​	​	​	100.9
Total operating lease payments	​	​	​	​	363.6
Less: imputed interest	​	​	​	​	(57.0)
Total operating lease liabilities	​	​	​	$	306.6

​

​

11

Table of Contents

Note 9.  Income Taxes

​

Our effective income tax rates for the second quarter and first six months of 2025 were 23.0% and 23.3%, respectively, compared to 23.3% for the same 2024 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.

​

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted. The law included, among other things, 100% bonus depreciation for qualified assets and new limitation on the deductibility of charitable donations. We do not expect the law will have a material impact on our effective tax rate. However, we anticipate the bonus depreciation will impact our deferred income taxes and income tax payments. 

​

Note 10. Equity

​

Stock-Based Compensation Plans

​

We make annual grants of long-term equity incentive awards to officers and key employees in the forms of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that each have approximately 3-year vesting periods. Each PSU includes the right to receive, based on a sliding scale, up to a maximum of two shares of our common stock for each vested PSU, that is tied to achieving a return on assets target over a 3-year measurement period and continued service. We also grant the non-management members of our Board of Directors fully vested stock awards. The fair values of the RSUs, PSUs and stock awards are determined based on the closing stock price of our common stock on the grant date.

​

A summary of the status of our unvested RSUs and PSUs as of June 30, 2025 and changes during the first six months of 2025 is as follows:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	​	​	Grant Date
​	​	RSU and PSU	​	Fair Value
​	​	Aggregate Units	​	Per Unit
Unvested as of January 1, 2025	​	327,017	​	$	267.96
Granted(1)	​	163,409	​	​	299.37
Vested	​	(1,260)	​	​	263.38
Cancelled or forfeited	​	(5,792)	​	​	273.86
Unvested as of June 30, 2025	​	483,374	​	$	278.52
Shares reserved for future issuance (all plans)	​	1,221,197	​	​	​

(1) Comprised of 96,973 RSUs and 65,927 PSUs granted in February 2025; and 509 RSUs granted in May 2025. The RSUs cliff vest on December 1, 2027 and the PSUs vest upon the completion of a 3-year performance period ending December 31, 2027.

​

As of June 30, 2025, there was $89.2 million of total unrecognized compensation cost related to unvested RSUs and PSUs that is expected to be recognized, net of actual forfeitures and cancellations, over a weighted average period of 1.9 years.

​

Common Stock

​

We have paid regular quarterly cash dividends on our common stock for 66 consecutive years. Our Board of Directors increased the quarterly dividend from $1.00 per share to $1.10 per share in February 2024 and to $1.20 per share in February 2025. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of stockholders.

​

On July 22, 2025, our Board of Directors declared the 2025 third quarter cash dividend of $1.20 per share of common stock, payable on August 29, 2025 to stockholders of record as of August 15, 2025.

​

12

Table of Contents

Share Repurchases

​

On October 22, 2024, our Board of Directors amended our share repurchase program to replenish the repurchase authorization to $1.5 billion. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares.

​

Our share repurchase activity during the first six months of 2025 and 2024 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

​

​

Average Cost

​

​

​

​

​

​

Average Cost

​

​

​

​

​

Shares

​

Per Share

​

Amount

​

Shares

​

Per Share

​

Amount

​

​

​

​

​

​

​

(in millions)

​

​

​

​

​

​

(in millions)

First quarter

​

922,656

​

$

274.41

​

$

253.2

​

—

​

$

—

​

$

—

Second quarter

​

301,279

​

​

265.17

​

​

79.9

​

1,804,180

​

​

287.81

​

​

519.3

​

​

1,223,935

​

$

272.13

​

$

333.1

​

1,804,180

​

$

287.81

​

$

519.3

​

The table above excludes shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $11.6 million and $24.1 million in the first six months of 2025 and 2024, respectively.

​

Accumulated Other Comprehensive Loss

​

Accumulated other comprehensive loss included the following:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Pension and		​	​
​	Foreign Currency		​	Postretirement Benefit		​	Accumulated Other
​	Translation		​	Plan Adjustments,		​	Comprehensive
​	(Loss) Gain			Net of Tax			(Loss) Income
​	​	​	​	(in millions)		​	​	​
Balance as of January 1, 2025	$	(119.7)	​	$	4.5	​	$	(115.2)
Current-period change	​	31.0	​	​	(2.0)	​	​	29.0
Balance as of June 30, 2025	$	(88.7)	​	$	2.5	​	$	(86.2)

​

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are net of deferred tax liabilities of $1.0 million as of June 30, 2025 and December 31, 2024. Pension and postretirement benefit plan adjustments are amortized over service periods and reflected in the amortization of net loss component of our net periodic benefit cost or recognized as a non-operating gain or loss as result of plan settlements. As our pension and postretirement benefit plan obligations are settled, the related income tax effect is released from accumulated other comprehensive loss and included in our income tax provision.

​

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 wholly owned 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.

​

13

Table of Contents

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.  Earnings Per Share

​

The following table sets forth the computation of basic and diluted earnings per share:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Six Months Ended
​	June 30,					​	June 30,
​	2025			2024			2025			2024
​	(in millions, except number of shares which are reflected in thousands and per share amounts)
Numerator:	​	​	​	​	​	​	​	​	​	​	​
Net income attributable to Reliance	$	233.7	​	$	267.8	​	$	433.4	​	$	570.7
​	​	​	​	​	​	​	​	​	​	​	​
Denominator:	​	​	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding	​	52,610	​	​	56,878	​	​	52,841	​	​	57,109
Dilutive effect of stock-based awards	​	313	​	​	516	​	​	319	​	​	529
Weighted average diluted shares outstanding	​	52,923	​	​	57,394	​	​	53,160	​	​	57,638
​	​	​	​	​	​	​	​	​	​	​	​
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

​

The computations of diluted earnings per share using the treasury stock method for the first six months of 2025 and 2024 do not include 99,994 and 56,217 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive.

​

Note 13. Segment Information

​

We have one operating and reportable segment—metals service centers. Reliance derives revenue primarily in the United States and manages its business activities on a consolidated basis.

​

The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.

​

The measure of segment profit and loss is net income reported on the accompanying consolidated income statements.

​

14

Table of Contents

​

Information about our segment revenue, net income, significant expenses, and other quantitative information is presented below:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	Metals Service Centers Segment
​	Three Months Ended June 30,					​	Six Months Ended June 30,
​	2025			2024			2025			2024
​	(in millions)
Revenues	$	3,659.8	​	$	3,643.3	​	$	7,144.5	​	$	7,288.1
Less:	​	​	​	​	​	​	​	​	​	​	​
Cost of sales (exclusive of depreciation and amortization shown below)	​	2,571.9	​	​	2,557.3	​	​	5,023.3	​	​	5,073.9
Compensation expense	​	434.6	​	​	403.2	​	​	854.7	​	​	817.0
Other segment items(1)	​	265.0	​	​	256.8	​	​	535.6	​	​	501.7
Depreciation and amortization expense	​	69.7	​	​	66.6	​	​	138.4	​	​	130.2
Interest expense	​	14.3	​	​	9.7	​	​	25.8	​	​	19.4
Income tax provision	​	70.1	​	​	81.4	​	​	132.0	​	​	173.8
Consolidated net income	$	234.2	​	$	268.3	​	$	434.7	​	$	572.1
​	​	​	​	​	​	​	​	​	​	​	​
Other Segment Disclosures:	​	​	​	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	$	87.6	​	$	98.2	​	$	174.5	​	$	206.9

(1) Other segment items included in Segment net income mainly includes warehousing and delivery costs, which include among others, third-party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance.

​

​

​

15

Table of Contents

RELIANCE, INC.

​

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, and expectations concerning our future growth and profitability and our ability to generate industry leading returns for our stockholders, as well as future demand and metals pricing and our 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. 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 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 us, 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 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 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, 2024 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 circumstances upon which any such forward-looking statements are based. You should review any additional disclosures we make in any subsequent press releases and Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC.

​

16

Table of Contents

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, 2024 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 2025 and 2024 (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,

​

​

2025

​

​

2024

​

​

2025

​

​

2024

​

​

​

​

​

% of

​

​

​

​

​

% of

​

​

​

​

​

% of

​

​

​

​

​

% of

​

​

$

Net Sales

​

$

Net Sales

​

$

Net Sales

​

$

Net Sales

​

Net sales

$

3,659.8

​

100.0

%

​

$

3,643.3

​

100.0

%

​

$

7,144.5

​

100.0

%

​

$

7,288.1

​

100.0

%

Cost of sales (exclusive of depreciation and amortization expense shown below)(1)

​

2,571.9

​

70.3

​

​

​

2,557.3

​

70.2

​

​

​

5,023.3

​

70.3

​

​

​

5,073.9

​

69.6

​

Gross profit(2)

​

1,087.9

​

29.7

​

​

​

1,086.0

​

29.8

​

​

​

2,121.2

​

29.7

​

​

​

2,214.2

​

30.4

​

Warehouse, delivery, selling, general and administrative expense (“SG&A”)

​

706.0

​

19.3

​

​

​

667.7

​

18.3

​

​

​

1,396.2

​

19.5

​

​

​

1,339.2

​

18.4

​

Depreciation expense

​

59.3

​

1.6

​

​

​

55.8

​

1.5

​

​

​

117.6

​

1.6

​

​

​

109.1

​

1.5

​

Amortization expense

​

10.4

​

0.3

​

​

​

10.8

​

0.3

​

​

​

20.8

​

0.3

​

​

​

21.1

​

0.3

​

Operating income

$

312.2

​

8.5

%

​

$

351.7

​

9.7

%

​

$

586.6

​

8.2

%

​

$

744.8

​

10.2

%

Net income attributable to Reliance

$

233.7

​

6.4

%

​

$

267.8

​

7.4

%

​

$

433.4

​

6.1

%

​

$

570.7

​

7.8

%

Diluted earnings per share attributable to Reliance stockholders

$

4.42

​

​

​

​

$

4.67

​

​

​

​

$

8.15

​

​

​

​

$

9.90

​

​

​

(1) Cost of sales in the second quarter and first six months of 2025 included $6.3 million and $8.1 million of restructuring charges, respectively.

(2) 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.

​

Overview

​

Demand in the second quarter and first six months of 2025 was healthy in the majority of the end markets we serve, most notably in non-residential construction, despite the current uncertain trade environment. Our second quarter of 2025 tons sold were a second-quarter record following record quarterly tons sold in the first quarter of 2025; however, our operating results declined year-over-year mainly due to lower average selling prices. The declining metals pricing trend we experienced throughout 2024 and into February 2025 reversed in March 2025 when trade actions were announced. Given the strong tariff-driven momentum of both demand and metals pricing near the end of the first quarter of 2025, pricing for many carbon steel and aluminum products peaked in April, then declined for the remainder of the second quarter.

​

17

Table of Contents

Tons sold in the second quarter and first six months of 2025 were at record levels, with tons sold increasing 4.0% and 6.4%, respectively, compared to the same periods in 2024. We believe our broad range of product and service offerings to diverse industries, expansive value-added processing capabilities, focus on smart, profitable growth, and long-standing relationships with our domestic mill suppliers supported the increases in our tons sold. Compared to the second quarter of 2024, our increase in tons sold in the second quarter of 2025 surpassed the industry-wide decline of 3.1% reported by the Metals Service Center Institute (“MSCI”) by over seven percentage points.

​

Our gross profit margin of 29.7% for the second quarter and first six months of 2025 remained strong and within our estimated sustainable range despite significant metals pricing volatility.

​

Our same-store SG&A expense for the second quarter and first six months of 2025 increased $34.6 million, or 5.3%, and $30.3 million, or 2.3%, respectively, compared to the same periods in 2024 mainly due to inflationary wage adjustments, increased variable warehousing expenses and delivery expenses associated with increases in our tons sold. On a per ton basis, our same-store SG&A expense for the second quarter of 2025 increased only 1.0% while declining 2.5% for the first six months of 2025, compared to the same periods in 2024.

​

Cash flow from operations of $293.5 million in the first six months of 2025 decreased from $492.6 million in the same period in 2024 mainly due to lower net income and an increase in working capital investment. Consistent with higher seasonal volume trends, we typically invest in working capital in the first six months. The rising metals pricing environment in the first six months of 2025 also required a greater investment in working capital than in the same period in 2024 in which metals prices were declining.

​

Returns to stockholders in the first six months of 2025 totaled $461.4 million, comprised of $333.1 million of share repurchases and $128.3 million of cash dividends, compared to $647.2 million in the same period in 2024, comprised of $519.3 million of share repurchases and $127.9 million of cash dividends.  

​

Cash used in investing activities in the first six months of 2025 was mainly comprised of organic growth activities related to capital expenditures of $174.5 million in the first six months of 2025, which declined from $206.9 million in the first six months of 2024. In the first six months of 2025, we did not complete any new acquisitions compared to three acquisitions completed for $346.5 million in the first six months of 2024.

​

Acquisitions

​

2024 Acquisitions

​

We acquired each of Cooksey Iron & Metal Company on February 1, 2024; American Alloy Steel, Inc. and Mid-West Materials, Inc. on April 1, 2024; and certain assets of the FerrouSouth division of Ferragon Corporation on August 16, 2024, with cash on hand. Included in our net sales for the first six months of 2025 and 2024 were combined net sales of $193.9 million and $115.1 million, respectively, from our 2024 acquisitions.

​

​

18

Table of Contents

​

Second Quarter and Six Months Ended June 30, 2025 Compared to Second Quarter and Six Months Ended June 30, 2024

​

Net Sales

​

​	​	​	​	​	​	​	​	​	​	​	​
​	June 30,					​	Dollar		​	Percentage	​
​	2025			2024			Change			Change	​
​	(dollars in millions)					​	​	​	​	​	​
Net sales (three months ended)	$	3,659.8	​	$	3,643.3	​	$	16.5		0.5	%
Net sales, same-store (three months ended)	$	3,565.3	​	$	3,544.3	​	$	21.0		0.6	%
Net sales (six months ended)	$	7,144.5		$	7,288.1		$	(143.6)		(2.0)	%
Net sales, same-store (six months ended)	$	6,950.6		$	7,173.0		$	(222.4)		(3.1)	%
​	​	​	​	​	​	​	​	​	​	​	​
​	June 30,					​	Tons		​	Percentage	​
​	2025			2024			Change			Change	​
​	(tons in thousands)					​	​	​	​	​	​
Tons sold (three months ended)	​	1,615.0	​	​	1,553.5	​	​	61.5	​	4.0	%
Tons sold, same-store (three months ended)	​	1,560.1	​	​	1,496.3	​	​	63.8	​	4.3	%
Tons sold (six months ended)	​	3,243.9	​	​	3,047.5	​	​	196.4	​	6.4	%
Tons sold, same-store (six months ended)		3,125.8	​	​	2,979.6	​	​	146.2	​	4.9	%
​	​	​	​	​	​	​	​	​	​	​	​
​	June 30,					​	Price		​	Percentage	​
​	2025			2024			Change			Change	​
Average selling price per ton sold (three months ended)	$	2,273	​	$	2,348	​	$	(75)	​	(3.2)	%
Average selling price per ton sold, same-store (three months ended)	$	2,292	​	$	2,371	​	$	(79)	​	(3.3)	%
Average selling price per ton sold (six months ended)	$	2,208	​	$	2,394	​	$	(186)	​	(7.8)	%
Average selling price per ton sold, same-store (six months ended)	$	2,229	​	$	2,410	​	$	(181)	​	(7.5)	%

​

Our tons sold and average selling price per ton sold exclude our toll processed tons. Our average selling price per ton sold includes intercompany transactions that are eliminated from our consolidated net sales. Same-store amounts exclude the results of our 2024 acquisitions.

​

We grew our tons sold in the second quarter and first six months of 2025 to record levels. Our tons sold increases reflect healthy demand in the majority of the end markets we serve, most notably in non-residential construction, despite an uncertain trade environment. Compared to the second quarter of 2024, our tons sold increase in the second quarter of 2025 surpassed the industry-wide decline of 3.1% reported by the MSCI by over seven percentage points.

​

Net sales for the first six months of 2025 decreased year-over-year due to a lower average selling price per ton sold. Since we primarily purchase and sell our inventories in the spot market, our average selling prices generally fluctuate with the changes in replacement costs of the various metals we purchase. The mix of products sold can also have an impact on our average selling price per ton sold. As carbon steel sales represent a majority of our gross sales, changes in carbon steel prices have the most significant impact on changes in our average selling price per ton sold.

​

19

Table of Contents

​

The mix of our total sales by major commodity products and year-over-year changes in selling prices are presented below:

​

​	​	​	​	​	​	​	​	​	​
​	Three Months Ended			​	​	Six Months Ended			​
​	June 30, 2025			​	​	June 30, 2025			​
​	Sales by	​	Average Selling	​	​	Sales by	​	Average Selling	​
​	Product	​	Price Per	​	​	Product	​	Price Per	​
​	(% of	​	Ton Sold	​	​	(% of	​	Ton Sold	​
​	Total Sales)		(% Change)	​		Total Sales)		(% Change)	​
Carbon steel	54%	​	(3.1)	%	​	53%	​	(8.9)	%
Aluminum	16%	​	2.4	%	​	17%	​	0.6	%
Stainless steel	13%	​	(8.7)	%	​	13%	​	(9.7)	%
Alloy	4%	​	4.8	%	​	4%	​	0.6	%

​

Our 2024 acquisitions did not significantly impact the selling prices of our major commodity products.

​

Cost of Sales and Gross Profit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

​

​

​

​

​

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

% of

​

​

​

​

​

% of

​

​

Dollar

​

Percentage

​

​

$

Net Sales

​

$

Net Sales

​

Change

Change

​

​

(dollars in millions)

​

​

​

​

​

​

​

Cost of sales (three months ended)

$

2,571.9

​

70.3

%

​

$

2,557.3

​

70.2

%

​

$

14.6

​

0.6

%

Cost of sales (six months ended)

$

5,023.3

​

70.3

%

​

$

5,073.9

​

69.6

%

​

$

(50.6)

​

(1.0)

%

Gross profit (three months ended)

$

1,087.9

​

29.7

%

​

$

1,086.0

​

29.8

%

​

$

1.9

​

0.2

%

Gross profit (six months ended)

$

2,121.2

​

29.7

%

​

$

2,214.2

​

30.4

%

​

$

(93.0)

​

(4.2)

%

LIFO expense (income), included in cost of sales (three months ended)

$

25.0

​

0.7

%

​

$

(50.0)

​

(1.4)

%

​

$

75.0

​

​

​

LIFO expense (income), included in cost of sales (six months ended)

$

50.0

​

0.7

%

​

$

(100.0)

​

(1.4)

%

​

$

150.0

​

​

​

​

The decrease in gross profit for the first six months of 2025 compared to the same period in 2024 was mainly due to a lower average selling price per ton sold that outweighed an increase in tons sold to record levels.

​

We record, in cost of sales, non-cash adjustments to our LIFO method inventory valuation reserve that, in effect, reflects cost of sales at current replacement costs. The changes in LIFO expense (income) were due to the rising metals pricing environment in the first six months of 2025 compared to the declining metals pricing trend in the same period in 2024. As of June 30, 2025, the inventory caption in our consolidated balance sheet includes a LIFO method inventory valuation reserve of $484.9 million.

​

Our gross profit margins in the second quarter and first six months of 2025 remained strong and within our estimated sustainable range despite significant metals pricing volatility.

​

See “Net Sales” above for trends in both demand and costs of our products, and product pricing.

​

20

Table of Contents

​

Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

​

​

​

​

​

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

% of

​

​

​

​

​

% of

​

​

Dollar

​

Percentage

​

​

$

Net Sales

​

$

Net Sales

​

Change

Change

​

​

(dollars in millions)

​

​

​

​

​

​

​

SG&A expense (three months ended)

$

706.0

​

19.3

%

​

$

667.7

​

18.3

%

​

$

38.3

​

5.7

%

SG&A expense, same-store (three months ended)

$

682.3

​

19.1

%

​

$

647.7

​

18.3

%

​

$

34.6

​

5.3

%

SG&A expense (six months ended)

$

1,396.2

​

19.5

%

​

$

1,339.2

​

18.4

%

​

$

57.0

​

4.3

%

SG&A expense, same-store (six months ended)

$

1,348.0

​

19.4

%

​

$

1,317.7

​

18.4

%

​

$

30.3

​

2.3

%

​

Same-store SG&A expense increases in the second quarter and first six months of 2025 were mainly due to inflationary wage adjustments, increased variable warehousing expenses and delivery expenses associated with increases in our tons sold. On a per ton basis, our same-store SG&A expense for the second quarter of 2025 increased only 1.0% while declining 2.5% for the first six months of 2025, compared to the same periods in 2024.

​

Our same-store SG&A margin increased in the second quarter and first six months of 2025 compared to the same period in 2024 due to increases in same-store SG&A expense and a lower average selling price per ton sold.

​

Operating Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

​

​

​

​

​

​

​

2025

​

2024

​

​

​

​

​

​

​

​

​

​

% of

​

​

​

​

​

% of

​

​

Dollar

​

Percentage

​

​

$

Net Sales

​

$

Net Sales

​

Change

Change

​

​

(dollars in millions)

​

​

​

​

​

​

Operating income (three months ended)

$

312.2

​

8.5

%

​

$

351.7

​

9.7

%

​

$

(39.5)

​

(11.2)

%

Operating income (six months ended)

$

586.6

​

8.2

%

​

$

744.8

​

10.2

%

​

$

(158.2)

​

(21.2)

%

​

Operating income for the second quarter declined mainly due to consistent gross profit and margin coupled with an increase in volume-related expenses. Operating income for the first six months of 2025 declined mainly due to lower metals pricing and gross profit margin that outweighed an increase in tons sold to record levels.

​

The decline in our operating income margin for the second quarter of 2025 compared to the same period in 2024 was mainly due to a lower average selling price per ton sold. Our operating income margin for the first six months of 2025 declined from the same period in 2024 as a result of a lower average selling price per ton sold and gross profit margin that outweighed improved operational leverage.

​

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 quarter and first six months of 2025 were 23.0% and 23.3%, respectively, compared to 23.3% for the same 2024 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.

​

Financial Condition

​

Operating Activities

​

Net cash provided by operations of $293.5 million in the first six months of 2025 decreased $199.1 million from $492.6 million in the same period in 2024. The decrease was mainly due to a $137.4 million decline in net income and changes in operating assets and liabilities. Changes in operating assets and liabilities used cash of $302.5 million in the

21

Table of Contents

first six months of 2025 compared to $240.3 million in the first six months of 2024. The rising metals pricing environment in the first six months of 2025 required a greater working capital investment than in the same period in 2024 during which metals prices were declining.

​

In the first six months of 2025, we paid income taxes of $71.0 million compared to $147.7 million in the same period in 2024. The decrease was mainly due to decreased pretax income and the impact of prior year tax overpayments.

​

Investing Activities

​

Net cash used in investing activities of $158.8 million in the first six months of 2025 decreased $403.2 million from $562.0 million in the same period in 2024. The decrease was mainly due to no acquisitions in the first six months of 2025 compared to three acquisitions completed in the same period in 2024 for $346.5 million and, to a lesser extent, a $32.4 million decrease in capital expenditures. The majority of our capital expenditures in the first six months of 2025 and 2024 related to growth activities.

​

Financing Activities

​

Net cash used in financing activities of $222.0 million in the first six months of 2025 decreased $432.1 million from $654.1 million in the same period in 2024. The decrease was mainly the result of increased net debt borrowings on our revolving credit facility and decreased share repurchases. Net debt borrowings were $282.0 million in the first six months of 2025 compared to no net debt borrowings in the same period in 2024. In the first six months of 2025, we repurchased $333.1 million of our common stock compared to $519.3 million in the same period in 2024. Our returns to stockholders also included a 9.1% increase in our quarterly dividend rate effective in the first quarter of 2025; however, our total dividend payments of $128.3 million in the first six months of 2025 were consistent with the $127.9 million paid in the first six months of 2024 as a result of a reduction in outstanding shares due to share repurchase activity.  

​

On July 22, 2025, our Board of Directors declared the 2025 third quarter cash dividend of $1.20 per share. We have increased our quarterly dividend 32 times since our 1994 IPO, with the most recent increase of 9.1% from $1.10 to $1.20 per share effective in the first quarter of 2025. We have paid quarterly cash dividends on our common stock for 66 consecutive years and have never reduced or suspended our regular quarterly dividend.

​

Share Repurchase Plan

​

See Note 10—“Equity” to our consolidated financial statements for information on our share repurchases.

​

As of June 30, 2025, we had remaining authorization to repurchase $1.02 billion of our common stock under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024. The share repurchase program does not obligate us to repurchase 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.

​

Debt

​

We have a $1.5 billion unsecured revolving credit facility with $282.0 million of outstanding borrowings as of June 30, 2025 compared to no outstanding borrowings as of December 31, 2024. We also have an aggregate of $1.15 billion principal amount of senior unsecured note obligations with various maturities through 2036 issued under indentures, including $400.0 million of senior notes due in August 2025.

​

See Note 7—“Debt” to our consolidated financial statements for further information on our amended credit agreement and indentures governing our debt securities.

​

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

22

Table of Contents

activities over the next 12 months and beyond. As of June 30, 2025, we had $239.5 million in cash and cash equivalents and our net debt-to-total capital ratio was 14.1%, up from 10.2% as of December 31, 2024.

​

As of June 30, 2025, we had $401.1 million of debt obligations coming due before our $1.5 billion unsecured revolving credit facility matures on September 10, 2029, including $400.0 million of senior notes due in August 2025.

​

We believe that we will continue to have sufficient liquidity to fund our future operating needs and to repay our debt obligations as they become due, including $400.0 million of senior notes due in August 2025. In addition to funds generated from operations and approximately $1.22 billion available for borrowing on our unsecured revolving credit facility, we expect to continue 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 believe our sources of liquidity will continue to be adequate to maintain operations, make necessary capital expenditures, finance strategic growth through acquisitions and internal initiatives, pay dividends and repurchase our common stock.

​

Covenants

​

The Credit Agreement and indentures governing our debt securities include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement 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 as of June 30, 2025.

​

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 also 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, which represents the excess of cost over the fair value of net assets acquired, amounted to $2.17 billion as of June 30, 2025, or approximately 21% of total assets and 30% of total equity. Additionally, other intangible assets, net amounted to $988.7 million as of June 30, 2025, or approximately 9% of total assets and 14% of total equity. Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests and further evaluation when certain events occur. Other intangible assets with finite useful lives are amortized over their estimated useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

​

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 and 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

23

Table of Contents

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, 2025, 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, 2024.

​

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 investors relations website, https://investor.reliance.com. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section at https://investor.reliance.com. Our website address is for informational purposes only and is not intended for use as a hyperlink. We are not incorporating any material on our website into this quarterly report on Form 10-Q.

​

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, 2024. 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, 2024.

​

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.

​

There have been no changes in the Company’s internal control over financial reporting during the second quarter of 2025 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” to our Unaudited Consolidated Financial Statements included in this Quarterly Report on Form 10-Q is incorporated by reference into this Item 1.

​

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, 2024.

​

24

Table of Contents

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds  

​

Our share repurchase activity for the second quarter of 2025 was as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Total Number of	​	Maximum Dollar
​	​	Total Number	​	Average Price		​	Shares Purchased	​	Value That May
​	​	of Shares	​	Paid		​	as Part of Publicly	​	Yet Be Purchased
Period	​	Purchased	​	Per Share		​	Announced Plan	​	Under the Plan(1)
​	​	​	​	​	​	​	​	​	(in millions)
April 1 - April 30, 2025	​	301,279	​	$	265.17	​	301,279	​	$	1,024.5
May 1 - May 31, 2025	​	—	​	$	—	​	—	​	$	1,024.5
June 1 - June 30, 2025	​	—	​	$	—	​	—	​	$	1,024.5
Total	​	301,279	​	$	265.17	​	301,279	​	​	​

(1) All repurchases were made under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Under the share repurchase plan, shares may be repurchased through a variety of methods including, but not limited to, open market purchases, accelerated share repurchases, negotiated block purchases and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act.

​

​

Item 3.  Defaults Upon Senior Securities  

​

None.

​

Item 4.  Mine Safety Disclosures  

​

Not applicable.

​

Item 5.  Other Information  

​

During the second quarter of 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K).

​

25

Table of Contents

​

Item 6. Exhibits

​

	​
Exhibit Number	​	Description
31.1*	​	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	​	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32**	​	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	​	The following unaudited financial information from Reliance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language) includes: (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.

​

26

Table of Contents

​

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.
​	(Registrant)
​	​
​	​	​			​
Date: July 30, 2025	By:	/s/ Arthur Ajemyan			​
​	​	Arthur Ajemyan
​	​	Senior Vice President, Chief Financial Officer
​	​	(Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)
​	​

​

​

​

​

27

FAQ

How much did Camping World Holdings (CWH) earn per share in Q2 2025?

Diluted EPS was $0.48, up from $0.22 in Q2 2024.

What drove revenue growth for CWH in the June-quarter 2025?

Growth came from new vehicles (+8%), used vehicles (+19%), finance & insurance (+12%) and modest gains in Good Sam services.

Why did CWH’s operating cash flow turn negative in 2025?

The company invested heavily in inventory (+$239 m) and saw higher receivables, flipping OCF to –$44.6 m YTD.

What is CWH’s current dividend policy?

CWH paid a quarterly cash dividend of $0.125 per Class A share in both Q1 and Q2 2025.

How did the balance sheet change since December 2024?

Cash fell to $118 m, inventories rose to $2.06 bn, and floor-plan notes increased to $1.28 bn; long-term debt remained near $1.48 bn.

Did CWH adjust any prior financial statements?

Yes, it recorded an immaterial revision to deferred tax assets, boosting APIC by $33.4 m and equity by $43.8 m.