RELIANCE, INC.
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
RS$417.00+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001558370-25-009796
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001104659-25-103175
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 74 previous paragraphs and 75 current paragraphs.
30 unchanged; 31 reworded; 12 added; 10 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
We experienced growth in shipments across most of the end markets we serve during the third quarter and nine months ended September 30, 2025, with non-residential construction showing particular resilience despite ongoing uncertainty around North American trade policy. Tons sold increased 6.2% compared to the third quarter of 2024 to a third-quarter record, maintaining our year-to-date tons sold at a record level. However, our operating results for both the three and nine-month periods declined year-over-year due to lower gross profit margin and higher SG&A expense.
Current report
Compared to the third quarter of 2024, the increase in our tons sold in the third quarter of 2025 surpassed the industry-wide decline of 2.9% reported by the Metals Service Center Institute (“MSCI”) by approximately nine percentage points. We believe our scale, product and end market diversity, and exceptional customer service, including next day delivery and
Current report
extensive value-added processing capabilities, were instrumental in outperforming our competition and capturing significant market share during these uncertain times.
Current report
Gross profit margins for the third quarter and nine months ended September 30, 2025 were 28.3% and 29.2%, respectively, down 1.1 and 0.9 percentage points from the same periods in 2024, respectively. While tariffs imposed in the first half of 2025 initially supported higher selling prices, this positive impact was short-lived as the price increases were not demand driven, leading to short-term gross margin pressure–particularly for carbon steel products which represent the majority of our sales.
Current report
Our same-store SG&A expense increased 5.1% for the third quarter of 2025 and 3.2% for the nine months ended September 30, 2025 compared to the prior-year periods. Our SG&A expense increases reflected inflationary wage adjustments and increased variable warehousing and delivery expenses associated with increases in tons sold. Our third quarter of 2025 same-store SG&A expense increase also was impacted by higher incentive-based compensation as a result of an approximately 30% increase in first-in, first-out (“FIFO”) pretax income profitability.
Current report
Cash flow from operations of $555.3 million in the nine months ended September 30, 2025 decreased from $956.5 million in the same period in 2024 mainly due to an increase in working capital. The significant increase in tons sold during a rising metals pricing environment required a substantial investment in working capital. In contrast, the same period in 2024 saw declining metals prices and a more modest increase in volume, resulting in a lower working capital requirement.
Current report
Returns to our stockholders in the nine months ended September 30, 2025 of $585.2 million declined from $1.14 billion in the same period in 2024 due to a decrease in share repurchases and relatively consistent cash dividends despite dividends per share increasing 9.1% in the first quarter of 2025.
Current report
Our spending on growth-related activities decreased significantly during the nine months ended September 30, 2025 compared to the same period in 2024, which included $366.7 million spent on four acquisitions. No acquisitions were completed during the 2025 period. Our organic growth activities related to capital expenditures in the nine months ended September 30, 2025 were $255.7 million, which declined $64.0 million from the same period in 2024.
Current report
Third quarter and Nine Months Ended September 30, 2025 Compared to Third quarter and Nine Months Ended September 30, 2024
Current report
Net sales for the third quarter of 2025 increased year-over-year due to record third-quarter tons sold and a moderate increase in average selling price per ton sold. Our tons sold in the nine months ended September 30, 2025 were at a record level.
Current report
Our tons sold increases reflect market share gains during a period of ongoing trade policy uncertainty. We believe uncertainty in the market has led our customers to purchase more frequently and in smaller quantities which are core tenets of our differentiated operational strategy. We believe these shifts in customer buying patterns, combined with our scale, diverse product offerings, extensive value-added processing capabilities, and high levels of customer service supported our tons sold increase in the third quarter of 2025 which surpassed the industry performance reported by the MSCI by approximately nine percentage points.
Current report
On August 14, 2025, we entered into a $400.0 million unsecured Term Loan Agreement (“Term Loan”) maturing August 14, 2028. The proceeds from the Term Loan were used to repay our $400.0 million senior unsecured notes maturing August 15, 2025.
Removed paragraphs (10)
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Second Quarter and Six Months Ended June 30, 2025 Compared to Second Quarter and Six Months Ended June 30, 2024
Previous report
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.
Previous report
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.
Previous report
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
Reworded paragraphs (31)
Previous wording
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.
Current wording
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 including inflation, U.S. and foreign trade policies, slowing economic growth or other macroeconomic factors 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.
Previous wording
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):
Current wording
The following sets forth certain income statement data for the three and nine months ended September 30, 2025 and 2024, respectively (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding):
Previous wording
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.
Current wording
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 nine months ended September 30, 2025 and 2024 were combined net sales of $294.3 million and $203.9 million, respectively, from our 2024 acquisitions.
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
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.
Previous wording
Our 2024 acquisitions did not significantly impact the selling prices of our major commodity products.
Current wording
Our 2024 acquisitions did not significantly impact the mix of our total sales and selling prices of our major commodity products.
Previous wording
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.
Current wording
The changes in gross profit for the third quarter and nine months ended September 30, 2025 compared to the same periods in 2024 were mainly due to changes in our average selling price per ton sold.
Previous wording
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.
Current wording
We record, in cost of sales, non-cash adjustments to our LIFO method inventory valuation reserve that, in effect, reflect cost of sales at current replacement costs. The changes in LIFO expense (income) were due to the rising metals pricing environment in the nine months ended September 30, 2025 compared to the declining metals pricing trend in the same period in 2024. As of September 30, 2025, the inventory caption in our consolidated balance sheet includes a LIFO method inventory valuation reserve of $509.9 million.
Previous wording
See*“Net Sales”*above for trends in both demand and costs of our products, and product pricing.
Current wording
See “Overview” above for discussion of ongoing North American trade policy uncertainty and its impact on our gross profit margin and*“Net Sales”*above for discussion of trends in both demand and costs of our products, and product pricing.
Previous wording
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.
Current wording
Our same-store SG&A expense increases reflected inflationary wage adjustments and increased variable warehousing and delivery expenses associated with increases in our tons sold. The increase in our same-store SG&A expense for the third quarter of 2025 also included higher incentive-based compensation due to an approximately 30% increase in FIFO pretax income profitability. On a per ton basis, our same-store SG&A expense for the third quarter and nine months ended September 30, 2025 declined 0.5% and 1.8%, respectively, compared to the same periods in 2024.
Previous wording
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.
Current wording
Our same-store SG&A margin increased in the nine months ended September 30, 2025 compared to the same period in 2024 due to an increase in same-store SG&A expense and flat net sales.
Previous wording
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.
Current wording
Operating income for the third quarter of 2025 declined year-over-year mainly due to a decline in gross profit margin that outweighed an increase in tons sold. Operating income for the nine months ended September 30, 2025 declined from the same period in 2024 mainly due to lower metals pricing and decline in gross profit margin that outweighed an increase in tons sold.
Previous wording
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.
Current wording
Our operating income margin for the third quarter of 2025 declined year-over-year mainly due to a lower gross profit margin. Our operating income margin for the nine months ended September 30, 2025 declined from the same period in 2024 due to lower average selling price per ton sold and decline in gross profit margin that outweighed improved operational leverage.
Previous wording
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.
Current wording
Our effective income tax rate for the third quarters and nine months ended September 30, 2025 and 2024 was 23.3%. The difference between our effective income tax rate and the U.S. federal statutory rate of 21.0% was mainly due to state income taxes.
Previous wording
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.
Current wording
Net cash provided by operations of $555.3 million in the nine months ended September 30, 2025 decreased $401.2 million from $956.5 million in the same period in 2024. The decrease was mainly due to an increase in working capital. The rising metals pricing environment in the nine months ended September 30, 2025 required a greater working capital investment than in the same period in 2024 during which metals prices were declining.
Previous wording
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.
Current wording
In the nine months ended September 30, 2025, we paid income taxes of $115.7 million compared to $197.1 million in the same period in 2024. The decrease was mainly due to decreased pretax income, the impact of prior year tax overpayments and the 100% bonus depreciation included in the One Big Beautiful Bill Act enacted on July 4, 2025.
Previous wording
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.
Current wording
Net cash used in investing activities was $232.7 million in the nine months ended September 30, 2025, a decrease of $440.7 million from $673.4 million in the same period in 2024. The decrease was mainly due to $366.7 million spent on four acquisitions in the 2024 nine-month period. No acquisitions were completed in 2025. Our investments in capital expenditures also declined $64.0 million year-over-year. The majority of our capital expenditures in the nine months ended September 30, 2025 and 2024 related to growth activities.
Previous wording
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.
Current wording
Net cash used in financing activities of $387.2 million in the nine months ended September 30, 2025 decreased $661.5 million from $1.05 billion in the same period in 2024. The decrease was mainly the result of decreased share repurchases and increased net debt borrowings under our revolving credit facility. In the nine months ended September 30, 2025, we repurchased $394.0 million of our common stock compared to $951.3 million in the same period in 2024. Net debt borrowings were $238.0 million in the nine months ended September 30, 2025 compared to $125.0 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 $191.2 million in the nine months ended September 30, 2025 were only slightly higher than the $188.5 million paid in the same period in 2024 as a result of a reduction in outstanding shares due to share repurchase activity.
Previous wording
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.
Current wording
On October 10, 2025, our Board of Directors declared the 2025 fourth 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.
Previous wording
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.
Current wording
As of September 30, 2025, we had remaining authorization to repurchase $963.6 million 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.
Previous wording
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.
Current wording
We have a $1.5 billion unsecured revolving credit facility (“Credit Agreement”) with $238.0 million of outstanding borrowings as of September 30, 2025. Theunsecured revolving credit facility had no outstanding borrowings as of December 31, 2024.
Previous wording
See* Note 7—“Debt*” to our consolidated financial statements for further information on our amended credit agreement and indentures governing our debt securities.
Current wording
See* Note 7—“Debt*” to our consolidated financial statements for further information on our Credit Agreement, Term Loan and indentures governing our debt securities.
Previous wording
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
Current wording
We believe our primary sources of liquidity, including funds generated from operations, cash and cash equivalents and our $1.5 billion revolving credit facility, will be sufficient to satisfy our cash requirements and stockholder return activities over the next 12 months and beyond. As of September 30, 2025, we had $261.2 million in cash and cash equivalents and our net debt-to-total capital ratio was 13.3%, up from 10.2% as of December 31, 2024.
Previous wording
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.
Current wording
As of September 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.
Previous wording
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.
Current wording
We believe that we will continue to have sufficient liquidity to fund our future operating needs. In addition to funds generated from operations and $1.26 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.
Previous wording
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.
Current wording
The Credit Agreement, Term Loan and indentures governing our debt securities include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement and Term Loan include, among other things, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio.
Previous wording
We were in compliance with the financial maintenance covenant under our Credit Agreement as of June 30, 2025.
Current wording
We were in compliance with the financial maintenance covenant under our Credit Agreement and Term Loan as of September 30, 2025.
Previous wording
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.
Current wording
Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.
Previous wording
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.
Current wording
Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $2.17 billion as of September 30, 2025, or approximately 21% of total assets and 30% of total equity. Additionally, other intangible assets, net amounted to $977.6 million as of September 30, 2025, or approximately 9% of total assets and 13% 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
Previous wording
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
Current wording
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 are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.
Previous wording
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 atwww.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 athttps://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.
Current wording
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 atwww.reliance.com, and our investors relations website,https://investor.reliance.com. At our investor relations website,https://investor.reliance.com, we make available, free of charge, a variety of information for investors, including access to our financial reports after we file or furnish them with the SEC and they are available on the SEC's website at www.sec.gov. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Investor Email Alerts” section under “Resources” athttps://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 or in any other report or document we file with the SEC.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
As of September 30, 2025, we had an aggregate of $750.0 million principal amount of senior unsecured note obligations with maturities in 2030 and 2036, issued under indentures.
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.