RELIANCE, INC._March 31, 2026

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, 2026

☐	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.)

735 N. 19th Avenue

Phoenix, Arizona 85009

(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 24, 2026, 51,048,522 shares of the registrant’s common stock, $0.001 par value, were outstanding.

Table of Contents

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements	3
		Unaudited Consolidated Statements of Income	3
		Unaudited Consolidated Statements of Comprehensive Income	4
		Unaudited Consolidated Balance Sheets	5
		Unaudited Consolidated Statements of Cash Flows	6
		Unaudited Consolidated Statements of Equity	7
		Notes to Unaudited Consolidated Financial Statements	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21
	Item 4.	Controls and Procedures	21

PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings	22
	Item 1A.	Risk Factors	22
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
	Item 3.	Defaults Upon Senior Securities	22
	Item 4.	Mine Safety Disclosures	22
	Item 5.	Other Information	23
	Item 6.	Exhibits	23

SIGNATURE			24

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except shares in thousands and per share amounts)


Three Months Ended March 31,	2026			2025
Net sales	$	4,026.0		$	3,484.7

Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		2,854.1			2,451.4
Warehouse, delivery, selling, general and administrative		734.8			690.2
Depreciation and amortization		69.2			68.7
		3,658.1			3,210.3

Operating income		367.9			274.4

Other (income) expense:
Interest expense		15.4			11.5
Other expense, net		3.0			0.5
Income before income taxes		349.5			262.4
Income tax provision		83.9			61.9
Net income		265.6			200.5
Less: net income – noncontrolling interests		0.7			0.8
Net income – Reliance	$	264.9		$	199.7

Earnings per share:
Basic	$	5.13		$	3.76
Diluted	$	5.10		$	3.74

Weighted average shares outstanding:
Basic		51,633			53,075
Diluted		51,974			53,399

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,	2026			2025
Net income	$	265.6		$	200.5
Other comprehensive income (loss):
Foreign currency translation		(7.3)			3.3
Pension and postretirement benefit plan adjustments, net of tax		(0.8)			(0.9)
Total other comprehensive (loss) income		(8.1)			2.4
Comprehensive income		257.5			202.9
Less: comprehensive income – noncontrolling interests		0.7			0.8
Comprehensive income – Reliance	$	256.8		$	202.1

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions, except shares in thousands and par value)


	March 31,			December 31,
	2026			2025*
Assets
Current assets:
Cash and cash equivalents	$	249.7		$	216.6
Accounts receivable, less allowance for credit losses of $22.8 and $22.1		1,953.5			1,539.9
Inventories		2,234.9			2,187.8
Prepaid expenses and other current assets		135.2			165.6
Income taxes receivable		—			31.2
Total current assets		4,573.3			4,141.1
Property, plant and equipment, net		2,630.8			2,633.3
Operating lease right-of-use assets		331.5			315.2
Goodwill		2,175.4			2,169.9
Intangible assets, net		953.0			960.1
Cash surrender value of life insurance policies, net		41.9			48.0
Other long-term assets		103.4			105.7
Total assets	$	10,809.3		$	10,373.3

Liabilities and Equity
Current liabilities:
Accounts payable	$	552.1		$	375.2
Accrued expenses		152.5			150.0
Accrued compensation and retirement benefits		171.5			198.1
Accrued insurance costs		56.4			56.4
Current maturities of long-term debt		—			0.7
Current maturities of operating lease liabilities		69.2			67.7
Income taxes payable		41.1			—
Total current liabilities		1,042.8			848.1
Long-term debt		1,693.5			1,420.2
Operating lease liabilities		266.3			250.9
Long-term retirement benefits		25.3			24.9
Other long-term liabilities		74.4			74.1
Deferred income taxes		574.9			575.6
Total liabilities		3,677.2			3,193.8
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—51,049 and 51,735		0.1			0.1
Retained earnings		7,218.5			7,257.6
Accumulated other comprehensive loss		(95.7)			(87.6)
Total Reliance stockholders’ equity		7,122.9			7,170.1
Noncontrolling interests		9.2			9.4
Total equity		7,132.1			7,179.5
Total liabilities and equity	$	10,809.3		$	10,373.3

* 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)


Three Months Ended March 31,	2026			2025
Operating activities:
Net income	$	265.6		$	200.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		69.2			68.7
Stock-based compensation		13.3			12.2
Other		7.6			6.5
Changes in operating assets and liabilities:
Accounts receivable		(416.2)			(332.1)
Inventories		(47.7)			(85.9)
Prepaid expenses and other assets		83.1			80.8
Accounts payable and other liabilities		176.5			113.8
Net cash provided by operating activities		151.4			64.5

Investing activities:
Purchases of property, plant and equipment		(64.2)			(86.9)
Other		(5.8)			(0.7)
Net cash used in investing activities		(70.0)			(87.6)

Financing activities:
Proceeds from long-term debt borrowings		925.0			788.0
Principal payments on long-term debt		(652.7)			(458.0)
Cash dividends and dividend equivalents		(66.6)			(65.2)
Share repurchases		(234.2)			(253.2)
Taxes paid on net-settled restricted stock units		(14.7)			(11.5)
Other		(3.4)			(18.7)
Net cash used in financing activities		(46.6)			(18.6)
Effect of exchange rate changes on cash and cash equivalents		(1.7)			1.4
Increase (decrease) in cash and cash equivalents		33.1			(40.3)
Cash and cash equivalents, beginning balance		216.6			318.1
Cash and cash equivalents, ending balance	$	249.7		$	277.8

Supplemental cash flow information:
Interest paid	$	13.2		$	10.0
Income taxes paid, net	$	12.5		$	13.9

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 March 31,	2026			2025
Common stock and additional paid-in capital:
Beginning balance	$	0.1		$

SEC Form 10-Q filed by Reliance Inc.