NYSE: RS
RELIANCE, INC.CIK 0000861884 · Industrials · SIC 5051 · Wholesale-Metals Service Centers & Offices
Reliance operates a network of companies providing diversified metal solutions and is the largest metals service center company in North America (U.S. and Canada) based on revenues, with 2025 net sales of $14.29 billion. About this business →
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Latest financial statements
From 10-Q filed Jul 28, 2026 (period ending Jun 30, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q3 ended Sep 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 4,026 | 3,651 |
| Operating expenses: | ||
| Selling, general and administrative | 734.8 | 701.3 |
| Total operating expenses | 3,658 | 3,391 |
| Operating income | 367.9 | 259.8 |
| Other income/(expense), net | (3.0) | 2.3 |
| Income before income taxes | 349.5 | 247.7 |
| Income tax expense/(benefit) | 83.9 | 57.7 |
| Net income | 264.9 | 189.5 |
| Basic earnings per share | 5.13 | 3.61 |
| Diluted earnings per share | 5.10 | 3.59 |
Consolidated Balance Sheets (Unaudited)
| Description | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 249.7 | 216.6 |
| Accounts receivable, net | 1,954 | 1,540 |
| Inventories | 2,235 | 2,188 |
| Prepaid expenses and other current assets | 135.2 | 165.6 |
| Total current assets | 4,573 | 4,141 |
| Property, plant and equipment, net | 2,631 | 2,633 |
| Operating lease right-of-use assets, net | 331.5 | 315.2 |
| Finite-lived intangible assets, net | 162.4 | |
| Identifiable intangible assets, net | 953.0 | 960.1 |
| Goodwill | 2,175 | 2,170 |
| Deferred income taxes and other assets | 103.4 | 105.7 |
| TOTAL ASSETS | 10,809 | 10,373 |
| Current liabilities: | ||
| Current portion of long-term debt | 0.7 | |
| Accounts payable | 552.1 | 375.2 |
| Current portion of operating lease liabilities | 69.2 | 67.7 |
| Accrued liabilities | 152.5 | 150.0 |
| Income taxes payable | 41.1 | |
| Other current liabilities | 227.9 | 254.5 |
| Total current liabilities | 1,043 | 848.1 |
| Long-term debt | 1,694 | 1,420 |
| Operating lease liabilities | 266.3 | 250.9 |
| Deferred income taxes and other liabilities | 574.9 | 575.6 |
| Other long-term liabilities | 99.7 | 99.0 |
| Total liabilities | 3,677 | 3,194 |
| Shareholders' equity: | ||
| Accumulated other comprehensive income (loss) | (95.7) | (87.6) |
| Retained earnings (deficit) | 7,218 | 7,258 |
| Total shareholders' equity | 7,123 | 7,170 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 10,809 | 10,373 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Nine months ended Sep 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 151.4 | 555.3 |
| Investing Activities: | ||
| Net cash from investing activities | (70.0) | (232.7) |
| Financing Activities: | ||
| Net cash from financing activities | (46.6) | (387.2) |
| Net increase/(decrease) in cash | 33.1 | (56.9) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
About RELIANCE, INC.
Source: Item 1 (Business) from the 10-K filed February 26, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
Reliance operates a network of companies providing diversified metal solutions and is the largest metals service center company in North America (U.S. and Canada) based on revenues, with 2025 net sales of $14.29 billion.
We have been in business over 85 years since our original organization on February 3, 1939, operating a single metals service center in Los Angeles, California fabricating steel reinforcing bar. Our common stock has traded on the New York Stock Exchange (“NYSE”) for over 30 years under the symbol “RS” since our September 16, 1994 initial public offering.
We believe we have a unique and sustainable business model predicated on the following key attributes:
● Diversity of Products, Customers and Services
As of December 31, 2025, we operated through a network of approximately 310 locations in 41 U.S. states and 10 foreign countries. We distribute a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products.
We service more than 125,000 customers in a variety of industries, including consumer products, general manufacturing, non-residential construction (including infrastructure and renewable energy), transportation (rail, truck trailer and shipbuilding), aerospace (commercial, military, defense and space), energy (oil and natural gas), electronics and semiconductor fabrication, industrial machinery and heavy industry (agricultural, construction and mining equipment). We also service the auto industry, primarily through our toll processing operations where we process customer-owned metal for a fee.
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We believe that our diversification by product, end market and geography help mitigate volatility in metals pricing and changing end market conditions. We are not dependent on any particular customer or industry because we process and distribute a broad variety of metals. This diversity of product type and material reduces our exposure to fluctuations or other weaknesses in the financial stability of particular customers or industries. We are also less dependent on any particular suppliers as a result of our product diversification. We believe our diversification strategy has contributed to our ability to remain profitable every year since our initial public offering in 1994, even during recessions and a global pandemic. In 2025, our net sales increased 3.3% compared to 2024 and our tons sold increased 6.2%. The increase in the Company’s tons sold in 2025 significantly outperformed the industry-wide decline of 1.0% reported by the Metals Service Center Institute (“MSCI”) by over 7 percentage points. We believe our ability to continue to grow our tons sold even in periods where overall industry volumes decline has been supported by our scale, processing capabilities, customer service levels, product and geographic diversity.
● Customer Relationships
We believe that our focus on small order sizes and customer service, including inventory availability and quick turnaround, earns customer loyalty, and, along with our growth and diversification strategy, has been instrumental in our ability to produce industry-leading operating results. In 2025, we delivered approximately 40% of our orders within 24 hours and maintained a high level of customer retention, with over 90% of our sales orders received from repeat customers.
● Value-Added Solutions Provider
We provide a wide variety of processing services to meet our customers’ specifications and deliver products to fabricators, manufacturers and other end users. We believe that few other metals service centers offer the breadth of processing services and metals that we provide. Our primary processing services range from cutting, leveling or sawing to more complex processes such as machining or electropolishing. We typically stock standard size and grade metal products that can be processed into many different sizes to meet the needs of many different customers, and we generally only process specific metals to non-standard sizes pursuant to customer purchase order specifications.
2025 Form 10-K / 1
Over the past several years, we have increased the amount of value-added processing services we provide through acquisitions and significant investments in new equipment. We believe expanding our value-added capabilities (including toll processing) and increasing the mix of higher margin orders that include value-added processing can mitigate volatility in our profitability during periods of unfavorable metals demand and/or raw material pricing.
● Industry Leader
According to the MSCI reporting of industry tons sold in the U.S., our 2025 tons sold from our U.S. locations represented approximately 17% of the total tons sold by the U.S. metals service center industry compared to approximately 15% for 2024, reflecting our position as the industry leader in a highly fragmented market. We believe our relatively low market share in the highly fragmented metals service center industry leaves significant opportunity for further strategic growth.
● Pricing Power
We primarily operate in the spot market for both the purchase and sale of our products. We believe we have the ability to quickly adjust our selling prices in response to increases in raw material costs that are demand-driven in order to maintain consistency in our gross profit margin as only a small portion of our business is subject to long-term contractual pricing arrangements.
● Purchasing Power
We strategically source the vast majority of our metal purchases from domestic producers and believe we are one of the largest customers of the North American primary metals producers (“mills”). We believe that our significant scale and long-standing relationships with our mill suppliers enable significant purchasing power and product availability in all market conditions and promote effective management of our inventories.
● Collaboration
We promote collaboration across our operations and encourage our businesses to work together to leverage the larger Reliance resources and capabilities to pursue and grow commercial and sales opportunities, better manage inventories, provide career advancement opportunities for our employees, and share best practices.
Our business is relationship-based, and we operate under the following trade names:
Number of
Trade Name
Locations
Acero Prime Feralloy Sinton Processing Center
Acero Prime, S. de R.L. de C.V.
Admiral Metals Servicenter Company, Incorporated
Affiliated Metals
Alaska Steel Company
Aleaciones Especiales de Mexico, S. de R.L. de C.V.
All Metal Services (Malaysia) Sdn. Bhd.
All Metal Services France
All Metal Services Limited (United Kingdom)
All Metals
Allegheny Steel Distributors
American Alloy Steel
American Metals
American Steel
AMI Metals
AMI Metals Europe SRL (Belgium)
AMI Metals France, SAS
AMI Metals UK Limited
Best Manufacturing, Inc.
2 / 2025 Form 10-K
Number of
Trade Name
Locations
Bralco Metals
CCC Steel
Central Plains Steel Co.
Chapel Steel Canada, Ltd.
Chapel Steel Corp.
Chatham Steel Corporation
Clayton Metals, Inc.
Continental Alloys & Services (Malaysia) Sdn. Bhd.
Continental Alloys & Services Limited (UK)
Continental Alloys & Services Middle East FZE (Dubai)
Continental Alloys & Services Pte. Ltd. (Singapore)
Cooksey Steel Company
Crest Steel Corporation
Custom Fab Company
Delta Steel
Diamond Manufacturing
DuBose National Energy Fasteners & Machined Parts, Inc.
DuBose National Energy Services, Inc.
Durrett Sheppard Steel Co., Inc.
Earle M. Jorgensen
Earle M. Jorgensen (Canada)
East Tennessee Steel Supply Company
Encore Metals
Feralloy
Feralloy PDM Steel Service
Feralloy Processing Company
Ferguson Perforating Company
FerrouSouth
Fox Metals and Alloys, Inc.
Fry Steel Company
GH Metal Solutions
Good Metals Company
Gregor Technologies
Hagerty Steel & Aluminum Company
Haskins Steel Company
IMS Steel Co.
Indiana Pickling and Processing Company (56%-owned)
Infra-Metals
Infra-Metals / IMS Steel / Georgia Steel Company
i-Solutions
KMS
Lampros Steel
Liebovich Steel & Aluminum Company
LSI Plate
Lynch Metals
McKey Perforating Co.
Metals USA
Metalweb Limited
MidWest Materials
National Specialty Alloys
Northern Illinois Steel Supply Co.
Nu-Tech Precision Metals Inc.
Olympic Metals
2025 Form 10-K / 3
Number of
Trade Name
Locations
Oregon Feralloy Partners (40%-owned)
Pacific Metal Company
PDM Steel Service Centers
Perforated Metals Plus
Phoenix Metals Company
Plate Sales
Port City Metal Services
Precision Flamecutting and Steel, Inc.
Precision Strip Inc.
Reliance Metalcenter
Reliance Metalcenter Asia Pacific Pte. Ltd. (Singapore)
Reliance Steel Company
Rotax Metals
Service Steel Aerospace
Siskin Steel
Smith Pipe & Steel Company
Southern Steel Supply
Steel Bar
Sugar Steel
Team Tube
The Richardson Trident Company, LLC
The Steel Store
Tube Service Co.
Tubular Steel
United Pipe & Steel Corp.
Valex
Valex Korea Co., Ltd. (96%-owned)
Valex Semiconductor Materials (Zhejiang) Co., Ltd.
Viking Materials, Inc.
Yarde Metals
Total
We have one reportable segment—metals service centers. Further information about our reportable segment, including geographic information, appears in Note 19—“Segment Information” to our consolidated financial statements in