RELIANCE, INC._ March 31, 2025

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 March 31, 2025

☐	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 April 25, 2025, 52,588,106 shares of the registrant’s common stock, $0.001 par value, were outstanding.

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	23
	Item 4.	Controls and Procedures	23

PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings	23
	Item 1A.	Risk Factors	23
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Item 3.	Defaults Upon Senior Securities	24
	Item 4.	Mine Safety Disclosures	24
	Item 5.	Other Information	24
	Item 6.	Exhibits	24

SIGNATURE			25

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 March 31,
	2025		2024
Net sales	$	3,484.7	$	3,644.8

Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		2,451.4		2,516.6
Warehouse, delivery, selling, general and administrative		690.2		671.5
Depreciation and amortization		68.7		63.6
		3,210.3		3,251.7

Operating income		274.4		393.1

Other (income) expense:
Interest expense		11.5		9.7
Other expense (income), net		0.5		(12.8)
Income before income taxes		262.4		396.2
Income tax provision		61.9		92.4
Net income		200.5		303.8
Less: net income attributable to noncontrolling interests		0.8		0.9
Net income attributable to Reliance	$	199.7	$	302.9

Earnings per share attributable to Reliance stockholders:
Basic	$	3.76	$	5.28
Diluted	$	3.74	$	5.23

Shares used in computing earnings per share:
Basic		53,075		57,340
Diluted		53,399		57,882

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


	Three Months Ended March 31,
	2025		2024
Net income	$	200.5	$	303.8
Other comprehensive income (loss):
Foreign currency translation gain (loss)		3.3		(15.7)
Postretirement benefit plan adjustments, net of tax		(0.9)		(0.9)
Total other comprehensive income (loss)		2.4		(16.6)
Comprehensive income		202.9		287.2
Less: comprehensive income attributable to noncontrolling interests		0.8		0.9
Comprehensive income attributable to Reliance	$	202.1	$	286.3

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions, except number of shares which are reflected in thousands and par value)


	March 31,		December 31,
	2025		2024*
ASSETS
Current assets:
Cash and cash equivalents	$	277.8	$	318.1
Accounts receivable, less allowance for credit losses of $26.0 and $23.2		1,671.8		1,342.0
Inventories		2,114.3		2,026.8
Prepaid expenses and other current assets		135.6		148.2
Income taxes receivable		11.5		60.4
Total current assets		4,211.0