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Reliance 8-K Report, Financial Results (Jul 23, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 23, 2025
Period End
July 23, 2025
Security
RS
In the record · 2016–202610-K1110-Q338-K74

RS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 74 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’16Oct ’16
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Oct ’24Oct ’24

01—Abstract

Summary

Summary of the 8-K filed July 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Reliance, Inc. (NYSE: RS) reported second-quarter 2025 results for the quarter ended June 30, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K.

Net sales were $3.66 billiona, up 5.0% sequentially from $3.48 billion in Q1 2025 and up 0.5% year-over-year from $3.64 billion. Record second-quarter tons sold of 1,615.0 thousand rose 4.0% year-over-year, while average selling price per ton increased 6.1% sequentially to $2,273. Diluted EPS was $4.42 and non-GAAP diluted EPS was $4.43, up 17.5% from Q1 2025.

Non-GAAP gross profit margin was 29.9%, within the company's stated sustainable range of 29% to 31%. Cash flow improved sequentially, with cash provided by operations of $229.0 millionb in Q2 versus $64.5 million in Q1, and free cash flow of $141.4 million. Six-month operating cash flow of $293.5 million fell 40.4% from $492.6 million a year earlier.

Reliance repurchased $79.9 millionc of common stock in the quarter and declared a quarterly dividend of $1.20 per share. Total debt rose to $1.43 billion, and net debt-to-EBITDA was 0.9x.

Management guided third-quarter 2025 tons sold down 1.0% to 3.0% sequentially, average selling price per ton down 1.0% to up 1.0%, and non-GAAP diluted EPS of $3.60 to $3.80d, including $25.0 million of LIFO expense. Management said it expects some weakness in the third quarter, with carbon steel pricing lower and semiconductor demand still depressed.

02—Key points

Key Highlights

  1. Net sales of $3.66 billion, up 5.0% sequentially and up 0.5% year-over-year; six-month net sales of $7.14 billion were down 2.0% year-over-year.
  2. Record second-quarter tons sold of 1,615.0 thousand, up 4.0% year-over-year, which management says outperformed the industry's 3.1% decline reported by the Metals Service Center Institute.
  3. Diluted EPS of $4.42 and non-GAAP diluted EPS of $4.43, up 18.2% and 17.5% sequentially, respectively, versus $3.74 and $3.77 in Q1 2025.
  4. Non-GAAP gross profit margin of 29.9%, versus 29.7% in Q1 2025, within the company's stated sustainable range of 29% to 31%.
  5. Pretax income of $304.3 million, up 16.0% sequentially, though down 13.0% from $349.7 million in Q2 2024.
  6. Q3 2025 outlook: non-GAAP diluted EPS of $3.60 to $3.80, with tons sold guided down 1.0% to 3.0% sequentially and average selling price per ton guided down 1.0% to up 1.0%.
  7. Balance sheet and capital returns: cash of $239.5 million, total debt of $1.43 billion, $79.9 million of share repurchases in Q2, and a quarterly dividend of $1.20 per share payable August 29, 2025.

03—Questions

Frequently Asked Questions

  1. How did Reliance perform in the second quarter of 2025?

    Net sales were $3.66 billion, and diluted EPS was $4.42, with non-GAAP diluted EPS of $4.43. Record second-quarter tons sold rose 4.0% year-over-year, and average selling price per ton increased 6.1% sequentially.

  2. What is the company's outlook for the third quarter of 2025?

    Reliance expects tons sold to be down 1.0% to 3.0% sequentially and average selling price per ton to be down 1.0% to up 1.0%, primarily due to lower carbon steel prices. It projects non-GAAP diluted EPS of $3.60 to $3.80, including $25.0 million of LIFO expense.

  3. How strong was the company's cash flow and balance sheet?

    Cash provided by operations was $229.0 million in Q2 2025, and free cash flow was $141.4 million. Total debt was $1.43 billion against cash of $239.5 million, and net debt-to-EBITDA was 0.9x.

  4. What capital returns did Reliance make?

    Reliance repurchased $79.9 million of common stock in Q2 2025 and declared a quarterly dividend of $1.20 per share, payable August 29, 2025 to holders of record as of August 15, 2025. About $1.02 billion remained available under its share repurchase program as of June 30, 2025.

  5. What end markets drove demand and where did management see weakness?

    Demand improved for non-residential construction and broader manufacturing versus Q2 2024, and aerospace was stable. Management expects mildly weaker commercial aerospace demand and continued depressed semiconductor demand in Q3 2025, with a seasonal slowdown in manufacturing.

04—Continue

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