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Record net sales of $5.21 billion, up 13% sequentially, with record tons sold up 4.3% EPS of $7.84; non-GAAP EPS of $8.02, up 120% year-over-year, significantly exceeding expectationsPretax income of $531.9 million, up 115% year-over-yearIncreased share repurchase program to $2.5 billion PHOENIX, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (“Reliance,” the “Company,” “we,” “our,” or “us”) today reported its financial results for the third quarter ended September 30, 2026.

                             (in millions, except tons sold in thousands, per ton and per share amounts)                            Seq.
  Nine Months Ended
September 30,   YoY      YoY  Q3 2026
  Q2 2026
   Chg
  2026  2025   Chg Q3 2025
   Chg Income Statement Summary:                            Net sales$5,213.2  $4,630.0   12.6%  $13,869.2  $10,795.7   28.5% $3,651.2   42.8% Gross profit1$1,453.9  $1,300.5   11.8%  $3,926.3  $3,152.8   24.5% $1,031.6   40.9% Gross profit margin1 27.9%   28.1%   (0.2) pts   28.3%   29.2%   (0.9) pts  28.3%   (0.4) pts Non-GAAP gross profit margin1,2 28.0%   28.1%   (0.1) pts   28.4%   29.3%   (0.9) pts  28.3%   (0.3) pts LIFO expense (% of sales) 3.6%   2.4%   1.2 pts   2.4%   0.7%   1.7 pts  0.6%   3.0 pts Non-GAAP gross profit margin – FIFO1,2 31.6%   30.5%   1.1 pts   30.8%   30.0%   0.8 pts  29.0%   2.6 pts Pretax income$531.9  $429.8   23.8%  $1,311.2  $814.4   61.0% $247.7   114.7% Non-GAAP pretax expense (income) adjustments2$12.3  $(1.1)     $15.5  $7.1     $3.7     Non-GAAP pretax income2$544.2  $428.7   26.9%  $1,326.7  $821.5   61.5% $251.4   116.5% LIFO expense$187.5  $112.5      $337.5  $75.0     $25.0     Non-GAAP pretax income – FIFO2$731.7  $541.2   35.2%  $1,664.2  $896.5   85.6% $276.4   164.7% Pretax income margin 10.2%   9.3%   0.9 pts   9.5%   7.5%   2.0 pts  6.8%   3.4 pts Non-GAAP pretax income margin2 10.4%   9.3%   1.1 pts   9.6%   7.6%   2.0 pts  6.9%   3.5 pts Non-GAAP pretax income margin – FIFO2 14.0%   11.7%   2.3 pts   12.0%   8.3%   3.7 pts  7.6%   6.4 pts Net income – Reliance$402.9  $322.9   24.8%  $990.7  $622.9   59.0% $189.5   112.6% Diluted EPS$7.84  $6.29   24.6%  $19.21  $11.74   63.6% $3.59   118.4% Non-GAAP diluted EPS2$8.02  $6.27   27.9%  $19.43  $11.84   64.1% $3.64   120.3% LIFO expense per diluted share2$2.74  $1.64      $4.91  $1.06     $0.35     Non-GAAP diluted EPS – FIFO2$10.76  $7.91   36.0%  $24.34  $12.90   88.7% $3.99   169.7%                              Balance Sheet and Cash Flow Data:                            Cash provided by operations$212.0  $162.2   30.7%  $525.6  $555.3   (5.3)% $261.8   (19.0)% Free cash flow2$133.0  $68.8   93.3%  $289.0  $299.6   (3.5)% $180.6   (26.4)% Net debt / total capital2 15.3%   16.2%       15.3%   13.3%      13.3%     Net debt / EBITDA2 0.8x   0.9x       0.8x   0.9x      0.9x     Total debt / EBITDA2 0.9x   1.1x       0.9x   1.1x      1.1x                                  Capital Allocation Data:                            Acquisitions, net$–  $–      $–  $2.8     $–     Capital expenditures$79.0  $93.4      $236.6  $255.7     $81.2     Dividends$63.8  $63.8      $194.2  $191.2     $62.9     Share repurchases$44.7  $–      $278.9  $394.0     $60.9                                  Key Business Metrics:                            Tons sold 1,867.2   1,790.1   4.3%   5,330.0   4,859.4   9.7%  1,615.5   15.6% Average selling price per ton sold$2,815  $2,602   8.2%  $2,618  $2,229   17.5% $2,271   24.0%                              Please refer to the footnotes at the end of this press release for additional information.
    Management Commentary
“Reliance delivered an exceptional third quarter with record quarterly net sales and our third-highest quarterly earnings per share. We capitalized on a favorable market environment, characterized by continued healthy demand and tight supply, leading to increased price levels for most carbon steel products. Our long-term strategy of supporting both our valued customers and key domestic mill partners positioned us particularly well to benefit from these dynamics,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Our scale, product diversification, expansive value-added processing capabilities, and ability to source the inventory our customers need, led by the strong execution of our teams in the field, drove our exceptional results. The U.S. Department of Homeland Security border wall contract we were awarded earlier this year continued to ramp and delivered another meaningful contribution to third quarter earnings. Our smart, profitable growth strategy once again produced record quarterly tons shipped, contributing to non-GAAP diluted earnings per share of $8.02, up 120% year-over-year.”

Mrs. Lewis continued, “Our strong balance sheet and ample liquidity continue to provide us the flexibility to concurrently invest in our businesses, pursue strategic growth opportunities, and return capital to our stockholders. Looking ahead, we believe Reliance remains exceptionally well positioned as customer optimism remains high and strengthens across infrastructure, semiconductor, general manufacturing, and aerospace. Together, our proven business model, outstanding team, and current market dynamics give us confidence in our ability to gain market share and invest through cycles to continue driving profitable growth and strong stockholder returns.”

Third Quarter 2026 Financial Highlights
Earnings per share were $7.84 and non‑GAAP earnings per diluted share were $8.02, significantly exceeding management’s guidance of $6.40 to $6.60 and up 120% year-over-year. Results also include $2.74 per share of LIFO expense compared to management’s expectation of $1.10, representing an incremental $1.64 per share negative impact, primarily due to higher-than-anticipated carbon steel product costs. In addition, third quarter earnings include a $0.74 per share contribution from the U.S. border wall project, exceeding management’s expectation of approximately $0.60 per share.

Quarterly tons sold increased 4.3% sequentially, including a 3.7% contribution from the U.S. border wall project. Excluding the border wall project, tons sold increased 0.6% sequentially, exceeding management’s expectation of a 2% to 4% decline. Reliance’s third quarter year-over-year growth in tons sold of 15.6% includes a 9.4% contribution from the border wall project and exceeds the industry-wide increase of 10.1% reported by the Metals Service Center Institute (“MSCI”).

Average selling price per ton sold increased 8.2% sequentially, which includes a 1.7% product mix-related reduction attributable to the U.S. border wall project, exceeding management’s expectation of flat to up 2.0% due to stronger-than-anticipated carbon steel pricing.

Gross profit of $1.45 billion represented the second-highest quarterly result in the Company’s history, as gross profit dollars per ton continued to increase in the third quarter across carbon and stainless steel products and remained historically strong for aluminum products. Gross profit margin of 27.9% decreased 20 basis points sequentially due to increased LIFO expense associated with carbon steel costs rising significantly more than anticipated and product mix impact associated with the U.S. border wall project. Non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased 110 basis points sequentially to 31.6% despite a 60 basis point year-over-year reduction attributable to the U.S. border wall project. The project’s below-average operating costs per ton contributed 40 basis points of year-over-year pretax income margin expansion during the third quarter, despite its dilutive impact on gross profit margin.

Higher shipments and improved gross profit per ton, supported by pricing discipline and continued market share gains, together with the contribution from the U.S. border wall project, drove a 116% year-over-year increase in non-GAAP pretax income to $544.2 million.

End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the third quarter of 2025. Strong demand from data centers, energy infrastructure and public infrastructure projects continued to offset softness in various non-residential construction sectors. The Company expects non-residential construction demand levels to remain solid in the fourth quarter of 2026, subject to normal seasonality and potential headwinds from supply availability.

Demand across the broader manufacturing end market Reliance serves improved compared to the third quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the fourth quarter of 2026 subject to the customary seasonal slowdown.

Demand in aerospace improved compared to the third quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the fourth quarter of 2026, with gradual build-rate increases and growing backlogs supporting continued improvement. Demand in the defense and space-related portions of Reliance’s aerospace business is expected to remain robust in the fourth quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market improved from the third quarter of 2025. The Company expects demand for automotive toll processing to remain at healthy levels in the fourth quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the third quarter of 2025, supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the fourth quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of September 30, 2026, Reliance had $246.0 million of cash and cash equivalents and total debt of $1.6 billion, including $495 million outstanding under its $1.5 billion revolving credit facility. Cash flow from operations was $212.0 million in the third quarter of 2026, despite a significant investment in working capital driven by robust shipment volumes and higher metals prices.

The Company returned approximately $109 million to its stockholders in the third quarter of 2026 paying dividends of $64 million and repurchasing $45 million of its shares at an average price of approximately $395 per share. Reliance’s 2026 share repurchases have reduced outstanding common shares by 3% year-over-year. On October 20, 2026, Reliance’s Board of Directors approved an amendment to Reliance’s existing share repurchase plan, increasing the repurchase authorization to $2.5 billion without a set expiration date. Since 2021, Reliance has repurchased $3.4 billion of its common stock at an average price of approximately $236 per share, reducing issued and outstanding common shares by 23%.

On October 20, 2026, the Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on December 4, 2026 to stockholders of record as of November 20, 2026.

Fourth Quarter 2026 Business Outlook
Reliance anticipates fourth quarter 2026 demand to remain at healthy levels across its key products and end markets, despite ongoing domestic and international trade policy uncertainty and the continued conflicts in Iran and Ukraine, which could pose supply availability and macroeconomic risks.

Excluding the impact of the border wall project, the Company estimates tons sold in the fourth quarter of 2026 will be up 4.0% to 6.0% compared to the fourth quarter of 2025, and, consistent with seasonal trends, down 5.5% to 7.5% compared to the third quarter of 2026. Including an estimated 9.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 13.5% to 15.5% compared to the fourth quarter of 2025.

Reliance expects its average selling price per ton sold for the fourth quarter of 2026 will be up 1.0% to 3.0% compared to the third quarter of 2026.

Based on these assumptions, and inclusive of LIFO expense of $112.5 million, or $1.64 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $7.40 to $7.60 for the fourth quarter of 2026, up over 200% year‑over‑year. This outlook includes approximately $0.70 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.

Conference Call Details
Reliance will host a conference call and simultaneous webcast to discuss its third quarter 2026 financial results and business outlook on Thursday, October 22, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13762971. A live listen-only webcast of the conference call will be available in the Investors section of the Company’s website at investor.reliance.com.

For those unable to participate during the live webcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on November 5, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13762971. A replay of the webcast will remain available at investor.reliance.com for 90 days.

About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry-leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management’s estimates, projections and assumptions as of today’s date that may not prove to be accurate. 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 Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including 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 Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. 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, or 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.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:         
(213) 576-2428
[email protected]

or Addo Investor Relations
(310) 829-5400

(Tables to follow)

                      Q3 2026 Major Commodity Metrics        Tons Sold (tons in thousands; % chg) Avg. Selling Price per Ton Sold (% chg)  Q3 2026
  Q2 2026
  Seq. Chg
  Q3 2025
  YoY Chg
  Seq. Chg
  YoY Chg
 Carbon steel 1,570.4   1,480.2   6.1%   1,326.1   18.4%   12.1%   29.5% Aluminum 85.5   86.0   (0.6%)  80.4   6.3%   3.5%   30.4% Stainless steel 81.6   81.3   0.4%   75.9   7.5%   6.5%   20.6% Alloy 30.2   36.6   (17.5%)  29.7   1.7%   21.6%   15.0% Copper & brass 5.8   5.8   —   5.6   3.6%   4.4%   20.2%                        Sales ($ in millions; % chg)        Q3 2026
  Q2 2026
  Seq. Chg
  Q3 2025
  YoY Chg
        Carbon steel$3,119.3  $2,621.4   19.0%  $2,032.5   53.5%        Aluminum$861.7  $837.9   2.8%  $621.5   38.6%        Stainless steel$634.9  $595.2   6.7%  $489.9   29.6%        Alloy$186.8  $186.2   0.3%  $159.6   17.0%        Copper & brass$129.1  $123.7   4.4%  $102.6   25.8%                              Year-to-Date (9 Months) Major Commodity Metrics        Tons Sold (tons in thousands; % chg) Avg. Selling Price per Ton Sold (% chg)           2026  2025  YoY Chg
  YoY Chg
           Carbon steel 4,434.5   3,996.9   10.9%   20.0%           Aluminum 256.6   248.3   3.3%   28.6%           Stainless steel 241.1   227.4   6.0%   12.6%           Alloy 99.8   92.3   8.1%   5.5%           Copper & brass 16.5   16.1   2.5%   22.0%                                  Sales ($ in millions; % chg)              2026  2025  YoY Chg
              Carbon steel$7,958.8  $5,980.9   33.1%              Aluminum$2,454.2  $1,847.0   32.9%              Stainless steel$1,769.1  $1,482.3   19.3%              Alloy$553.6  $485.5   14.0%              Copper & brass$354.7  $283.2   25.2%                                     Sales by Product          Nine Months Ended
                  September 30,
         Q3 2026
  Q2 2026
  Q3 2025
  2026  2025        Carbon steel structurals 13%   12%   12%   12%   12%        Carbon steel tubing 13%   12%   9%   12%   9%        Carbon steel plate 12%   11%   12%   12%   12%        Hot-rolled steel sheet & coil 9%   9%   9%   9%   9%        Galvanized steel sheet & coil 5%   5%   5%   5%   5%        Carbon steel bar 4%   4%   5%   4%   5%        Cold-rolled steel sheet & coil 2%   2%   2%   2%   2%        Carbon steel 58%   55%   54%   56%   54%                              Heat-treated aluminum plate 5%   5%   5%   5%   5%        Common alloy aluminum sheet & coil 5%   5%   5%   5%   5%        Aluminum bar & tube 4%   5%   5%   5%   5%        Common alloy aluminum plate 1%   1%   1%   1%   1%        Heat-treated aluminum sheet & coil 1%   1%   1%   1%   1%        Aluminum 16%   17%   17%   17%   17%                              Stainless steel bar & tube 6%   6%   6%   6%   6%        Stainless steel sheet & coil 4%   4%   5%   4%   5%        Stainless steel plate 2%   2%   2%   2%   2%        Stainless steel 12%   12%   13%   12%   13%                              Alloy 3%   4%   4%   4%   4%                              Copper & brass 2%   3%   3%   2%   3%                              Miscellaneous* 5%   5%   5%   5%   5%        Toll processing & logistics 4%   4%   4%   4%   4%        Other 9%   9%   9%   9%   9%                              Total 100%   100%   100%   100%   100%                              * Includes titanium, fabricated parts, PVC pipe and scrap.               RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME(in millions, except shares in thousands and per share amounts)              Three Months Ended
  Nine Months Ended
  September 30,
  September 30,
  2026  2025  2026  2025 Net sales$5,213.2  $3,651.2  $13,869.2  $10,795.7              Costs and expenses:            Cost of sales (exclusive of depreciation and amortization shown below) 3,759.3   2,619.6   9,942.9   7,642.9 Warehouse, delivery, selling, general and administrative (“SG&A”) 829.7   701.3   2,353.9   2,097.5 Depreciation and amortization 70.1   70.5   208.8   208.9 Impairment 2.0   –   2.0   –   4,661.1   3,391.4   12,507.6   9,949.3              Operating income 552.1   259.8   1,361.6   846.4              Other (income) expense:            Interest expense 18.4   14.4   52.0   40.2 Other expense (income), net 1.8   (2.3)  (1.6)  (8.2)Income before income taxes 531.9   247.7   1,311.2   814.4 Income tax provision 128.5   57.7   318.6   189.7 Net income 403.4   190.0   992.6   624.7 Less: net income – noncontrolling interests 0.5   0.5   1.9   1.8 Net income – Reliance$402.9  $189.5  $990.7  $622.9              Earnings per share:            Basic$7.90  $3.61  $19.34  $11.82 Diluted$7.84  $3.59  $19.21  $11.74              Weighted average shares outstanding:            Basic 51,019   52,482   51,232   52,720 Diluted 51,388   52,817   51,577   53,044              Cash dividends declared per common share$1.25  $1.20  $3.75  $3.60                     RELIANCE, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS(in millions, except shares in thousands and par value)  September 30,
  December 31,
  2026  2025*
 Assets     Current assets:     Cash and cash equivalents$246.0  $216.6 Accounts receivable, less allowance for credit losses of $23.4 and $22.1 2,477.2   1,539.9 Inventories 2,482.5   2,187.8 Prepaid expenses and other current assets 169.7   165.6 Income taxes receivable 4.8   31.2 Total current assets 5,380.2   4,141.1 Property, plant and equipment, net 2,671.1   2,633.3 Operating lease right-of-use assets 321.3   315.2 Goodwill 2,173.8   2,169.9 Intangible assets, net 935.7   960.1 Cash surrender value of life insurance policies, net 30.2   48.0 Other long-term assets 102.8   105.7 Total assets$11,615.1  $10,373.3       Liabilities and Equity     Current liabilities:     Accounts payable$649.4  $375.2 Accrued expenses 190.0   150.0 Accrued compensation and retirement benefits 257.2   198.1 Accrued insurance costs 62.5   56.4 Current maturities of long-term debt –   0.7 Current maturities of operating lease liabilities 67.9   67.7 Income taxes payable 80.1   – Total current liabilities 1,307.1   848.1 Long-term debt 1,639.3   1,420.2 Operating lease liabilities 259.0   250.9 Long-term retirement benefits 27.1   24.9 Other long-term liabilities 75.1   74.1 Deferred income taxes 574.1   575.6 Total liabilities 3,881.7   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—50,942 and 51,735 0.1   0.1 Retained earnings 7,813.1   7,257.6 Accumulated other comprehensive loss (89.5)  (87.6)Total Reliance stockholders’ equity 7,723.7   7,170.1 Noncontrolling interests 9.7   9.4 Total equity 7,733.4   7,179.5 Total liabilities and equity$11,615.1  $10,373.3       * Derived from audited financial statements.            RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Nine Months Ended
  September 30,
  2026  2025 Operating activities:     Net income$992.6  $624.7 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 208.8   208.9 Impairment 2.0   – Stock-based compensation 55.6   43.2 Other 8.6   (9.1)Changes in operating assets and liabilities:     Accounts receivable (938.6)  (331.0)Inventories (293.3)  (275.4)Prepaid expenses and other assets 80.6   154.4 Accounts payable and other liabilities 409.3   139.6 Net cash provided by operating activities 525.6   555.3       Investing activities:     Acquisitions –   (2.8)Purchases of property, plant and equipment (236.6)  (255.7)Proceeds from sales of property, plant and equipment 16.2   13.8 Other 4.5   12.0 Net cash used in investing activities (215.9)  (232.7)      Financing activities:     Proceeds from long-term debt borrowings 2,248.0   2,062.0 Principal payments on long-term debt (2,030.7)  (1,824.0)Cash dividends and dividend equivalents (194.2)  (191.2)Share repurchases (278.9)  (394.0)Taxes paid on net-settled restricted stock units (15.3)  (11.8)Excise tax on repurchase of common shares (5.4)  (10.0)Other (4.2)  (18.2)Net cash used in financing activities (280.7)  (387.2)Effect of exchange rate changes on cash and cash equivalents 0.4   7.7 Increase (decrease) in cash and cash equivalents 29.4   (56.9)Cash and cash equivalents, beginning balance 216.6   318.1 Cash and cash equivalents, ending balance$246.0  $261.2       Supplemental cash flow information:     Interest paid$49.2  $37.8 Income taxes paid, net$213.6  $115.7                    RELIANCE, INC.NON-GAAP RECONCILIATION(in millions, except per share amounts) Net Income Diluted EPSThree Months Ended
September 30,
  June 30,
  September 30,
  September 30,
  June 30,
  September 30,
 2026    2026    2025    2026    2026    2025 Net income – Reliance$402.9  $322.9  $189.5  $7.84  $6.29  $3.59 Impairment and restructuring charges 2.4   1.1   1.2   0.05   0.02   0.02 Settlement charges 9.9   1.5   2.2   0.19   0.03   0.04 Debt financing expenses –   –   0.3   –   –   0.01 Gains on non-core asset sales –   (3.7)  –   –   (0.07)  – Income tax (benefit) expense on adjustments (3.1)  0.3   (0.9)  (0.06)  –   (0.02)Non-GAAP net income – Reliance 412.1   322.1   192.3   8.02   6.27   3.64 LIFO expense, net of tax 140.6   84.4   18.8   2.74   1.64   0.35 Non-GAAP net income – FIFO$552.7  $406.5  $211.1  $10.76  $7.91  $3.99                       Net Income Diluted EPS   Nine Months Ended
   September 30,
  September 30,
  September 30,
  September 30,
       2026    2025    2026    2025    Net income – Reliance   $990.7  $622.9  $19.21  $11.74    Impairment and restructuring charges    7.3   13.7   0.14   0.26    Settlement charges    11.9   2.2   0.23   0.04    Debt financing expenses    –   0.3   –   –    Gains on non-core asset sales    (3.7)  (9.1)  (0.07)  (0.17)   Income tax benefit on adjustments    (3.9)  (1.7)  (0.08)  (0.03)   Non-GAAP net income – Reliance    1,002.3   628.3   19.43   11.84    LIFO expense, net of tax    253.1   56.3   4.91   1.06    Non-GAAP net income – FIFO   $1,255.4  $684.6  $24.34  $12.90                       Three Months Ended Nine Months Ended    September 30,
  June 30,
  September 30,
  September 30,
  September 30,
     2026  2026  2025  2026  2025    Pretax income$531.9  $429.8  $247.7  $1,311.2  $814.4    Impairment and restructuring charges 2.4   1.1   1.2   7.3   13.7    Settlement charges 9.9   1.5   2.2   11.9   2.2    Debt financing expenses –   –   0.3   –   0.3    Gains on non-core asset sales –   (3.7)  –   (3.7)  (9.1)   Total non-GAAP pretax expense (income) adjustments 12.3   (1.1)  3.7   15.5   7.1    Non-GAAP pretax income 544.2   428.7   251.4   1,326.7   821.5    LIFO expense 187.5   112.5   25.0   337.5   75.0    Non-GAAP pretax income – FIFO$731.7  $541.2  $276.4  $1,664.2  $896.5                       Three Months Ended Nine Months Ended    September 30,
  June 30,
  September 30,
  September 30,
  September 30,
     2026    2026    2025    2026  2025    Gross profit – LIFO$1,453.9  $1,300.5  $1,031.6  $3,926.3  $3,152.8    Settlement charge 4.4   –   –   4.4   –    Restructuring charges –   0.4   0.8   1.4   8.9    Non-GAAP gross profit 1,458.3   1,300.9   1,032.4   3,932.1   3,161.7    LIFO expense 187.5   112.5   25.0   337.5   75.0    Non-GAAP gross profit – FIFO$1,645.8  $1,413.4  $1,057.4  $4,269.6  $3,236.7                      Gross profit margin – LIFO 27.9%     28.1%     28.3%     28.3%   29.2%    Settlement charges (% of sales) 0.1%   –   –   0.1%   –    Restructuring charges (% of sales) –   –   –   –   0.1%    Non-GAAP gross profit margin 28.0%   28.1%   28.3%   28.4%   29.3%    LIFO expense (% of sales) 3.6%   2.4%   0.6%   2.4%   0.7%    Non-GAAP gross profit margin – FIFO 31.6%   30.5%   29.0%   30.8%   30.0%                      Certain percentages may not calculate due to rounding.                                    September 30,
  June 30,
  September 30,
         2026  2026  2025        Total debt$1,645.0  $1,670.0  $1,389.1          Less: unamortized discounts and costs (5.7)  (6.1)  (7.3)         Carrying amount of debt 1,639.3   1,663.9   1,381.8          Less: cash and cash equivalents (246.0)  (235.4)  (261.2)         Net debt 1,393.3   1,428.5   1,120.6          Total Reliance stockholders’ equity 7,723.7   7,401.5   7,305.3          Total capital$9,117.0  $8,830.0  $8,425.9                            Net debt / total capital 15.3%   16.2%   13.3%                            Twelve Months Ended
September 30,
  June 30,
  September 30,
          2026  2026  2025          Net income$1,109.5  $896.1  $730.7          Depreciation and amortization 278.1   278.5   279.5          Impairment 11.9   9.9   11.7          Interest expense 67.5   63.5   50.2          Income taxes 356.5   285.7   217.2          EBITDA$1,823.5  $1,533.7  $1,289.3                            Net debt / EBITDA 0.8x   0.9x   0.9x          Total debt / EBITDA 0.9x   1.1x   1.1x                             Three Months Ended Nine Months Ended    September 30,
  June 30,
  September 30,
  September 30,
  September 30,
     2026  2026  2025  2026  2025    Cash provided by operations$212.0  $162.2  $261.8  $525.6  $555.3    Less: capital expenditures (79.0)  (93.4)  (81.2)  (236.6)  (255.7)   Free cash flow$133.0  $68.8  $180.6  $289.0  $299.6                    Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges, including the resolution of certain customs duty matters, non-recurring debt financing expenses related to a term loan agreement, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods. Reliance uses first‑in, first‑out (“FIFO”) gross profit, FIFO gross profit margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders.

               Footnotes                             1 Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance’s orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance’s earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.2 See accompanying Non-GAAP Reconciliation.

California State Teachers Retirement System lifted its stake in shares of Reliance, Inc. (NYSE:RS – Free Report) by 20,857.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,965,343 shares of the industrial products company’s stock after acquiring an additional 32,808,048 shares during the period. California State Teachers Retirement System owned 64.56% of Reliance worth $12,315,852,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HB Wealth Management LLC lifted its holdings in Reliance by 23.7% in the 2nd quarter. HB Wealth Management LLC now owns 1,854 shares of the industrial products company’s stock valued at $693,000 after purchasing an additional 355 shares in the last quarter. Saudi Central Bank raised its position in shares of Reliance by 85.4% in the second quarter. Saudi Central Bank now owns 3,578 shares of the industrial products company’s stock valued at $1,337,000 after buying an additional 1,648 shares during the last quarter. Compass Financial Management LLC purchased a new position in shares of Reliance during the second quarter valued at approximately $46,000. AlphaGrep UK Ltd purchased a new position in shares of Reliance during the second quarter valued at approximately $488,000. Finally, denkapparat Operations GmbH acquired a new stake in Reliance during the second quarter worth approximately $400,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling In related news, SVP William A. Smith II sold 2,353 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total value of $974,636.13. Following the sale, the senior vice president owned 19,394 shares of the company’s stock, valued at approximately $8,033,188.74. This trade represents a 10.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 2,200 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $410.11, for a total value of $902,242.00. Following the completion of the sale, the chief financial officer directly owned 14,640 shares in the company, valued at approximately $6,004,010.40. This trade represents a 13.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.40% of the company’s stock.

Reliance Stock Down 0.5% Shares of NYSE:RS opened at $398.56 on Wednesday. The firm has a market cap of $20.35 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 1.03 and a beta of 0.96. The company has a fifty day simple moving average of $397.95 and a 200 day simple moving average of $364.69. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22. Reliance, Inc. has a 12-month low of $260.31 and a 12-month high of $433.02. Reliance (NYSE:RS – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping analysts’ consensus estimates of $5.47 by $0.80. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same period last year, the firm earned $4.43 earnings per share. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, equities research analysts anticipate that Reliance, Inc. will post 22.23 EPS for the current fiscal year.

Reliance Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, August 14th. Reliance’s dividend payout ratio (DPR) is presently 29.07%.

Analysts Set New Price Targets RS has been the subject of several recent analyst reports. KeyCorp lifted their target price on shares of Reliance from $378.00 to $418.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. JPMorgan Chase & Co. reduced their price target on Reliance from $378.00 to $376.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. BMO Capital Markets raised their price objective on Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Zacks Research raised Reliance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Finally, Wells Fargo & Company dropped their target price on Reliance from $398.00 to $391.00 and set an “equal weight” rating for the company in a research note on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Reliance has an average rating of “Hold” and an average price target of $377.50.

Read Our Latest Research Report on RS

About Reliance (Free Report)

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.

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- Net sales of $4.63 billion, up 15% sequentially with record tons sold up 7.0% 
- EPS of $6.29; non-GAAP EPS of $6.27, up 42% year-over-year, exceeding expectations
- Pretax income of $429.8 million, up 41% year-over-year

PHOENIX, July 22, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (‘Reliance,’ the ‘Company,’ ‘we,’ ‘our,’ or ‘us’) today reported its financial results for the second quarter ended June 30, 2026.

(in millions, except tons sold in thousands, per ton and per share amounts)
                            Seq.  Six Months Ended
June 30,
  YoY     YoY  Q2 2026
  Q1 2026
  Chg  2026  2025  Chg  Q2 2025
  Chg Income Statement Summary:                    Net sales$4,630.0  $4,026.0  15.0%  $8,656.0  $7,144.5  21.2%  $3,659.8  26.5% Gross profit1$1,300.5  $1,171.9  11.0%  $2,472.4  $2,121.2  16.6%  $1,087.9  19.5% Gross profit margin1 28.1%   29.1%  (1.0) pts   28.6%   29.7%  (1.1) pts   29.7%  (1.6) pts Non-GAAP gross profit margin1,2 28.1%   29.1%  (1.0) pts   28.6%   29.8%  (1.2) pts   29.9%  (1.8) pts Non-GAAP gross profit margin – FIFO1,2 30.5%   30.1%  0.4 pts   30.3%   30.5%  (0.2) pts   30.6%  (0.1) pts LIFO expense$112.5  $37.5     $150.0  $50.0     $25.0   LIFO expense (% of sales) 2.4%   0.9%  1.5 pts   1.7%   0.7%  1.0 pts   0.7%  1.7 pts LIFO expense per diluted share, net of tax$1.64  $0.54    $2.17  $0.71    $0.35   Non-GAAP pretax (income) expense adjustments2$(1.1) $4.3    $3.2  $3.4    $1.1   Pretax income$429.8  $349.5  23.0%  $779.3  $566.7  37.5%  $304.3  41.2% Non-GAAP pretax income2$428.7  $353.8  21.2%  $782.5  $570.1  37.3%  $305.4  40.4% Non-GAAP pretax income – FIFO2$541.2  $391.3  38.3%  $932.5  $620.1  50.4%  $330.4  63.8% Pretax income margin 9.3%   8.7%  0.6 pts   9.0%   7.9%  1.1 pts   8.3%  1.0 pts Non-GAAP pretax income margin2 9.3%   8.8%  0.5 pts   9.0%   8.0%  1.0 pts   8.3%  1.0 pts Non-GAAP pretax income margin – FIFO2 11.7%   9.7%  2.0 pts   10.8%   8.7%  2.1 pts   9.0%  2.7 pts Net income – Reliance$322.9  $264.9  21.9%  $587.8  $433.4  35.6%  $233.7  38.2% Diluted EPS$6.29  $5.10  23.3%  $11.38  $8.15  39.6%  $4.42  42.3% Non-GAAP diluted EPS2$6.27  $5.16  21.5%  $11.42  $8.20  39.3%  $4.43  41.5% Non-GAAP diluted EPS – FIFO2$7.91  $5.70  38.8%  $13.59  $8.91  52.5%  $4.78  65.5%                      Balance Sheet and Cash Flow Data:                    Cash provided by operations$162.2  $151.4  7.1%  $313.6  $293.5  6.8%  $229.0  (29.2%)Free cash flow2$68.8  $87.2  (21.1%) $156.0  $119.0  31.1%  $141.4  (51.3%)Net debt / total capital2 16.2%   16.9%     16.2%   14.1%     14.1%   Net debt / EBITDA2 0.9x   1.0x     0.9x   0.9x     0.9x   Total debt / EBITDA2 1.1x   1.2x     1.1x   1.1x     1.1x                        Capital Allocation Data:                    Acquisitions$—  $—    $—  $2.8    $2.8   Capital expenditures$93.4  $64.2    $157.6  $174.5    $87.6   Dividends$63.8  $66.6    $130.4  $128.3    $63.1   Share repurchases$—  $234.2    $234.2  $333.1    $79.9                        Key Business Metrics:                    Tons sold 1,790.1   1,672.7  7.0%   3,462.8   3,243.9  6.7%   1,615.0  10.8% Average selling price per ton sold$2,602  $2,414  7.8%  $2,511  $2,208  13.7%  $2,273  14.5%                      Please refer to the footnotes at the end of this press release for additional information.
               Management Commentary
“Reliance delivered another excellent quarter, building on the positive momentum of the first quarter,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Market conditions remained constructive, supported by improving customer activity, extended mill lead times, and strong pricing across our broad product portfolio. We achieved the second highest quarterly revenue in our history, as well as record quarterly tons sold, and continued to outperform industry shipment trends. In April, we began to see initial contributions from the U.S. Department of Homeland Security border wall contract we were awarded earlier this year with activity levels well above our expectations delivering a meaningful contribution to our second quarter earnings. Elevated pricing levels, along with strong execution by our teams, also drove meaningful growth in our profitability, including a 40% increase in non-GAAP pretax income year-over-year and non-GAAP earnings per share of $6.27, our highest results since the second quarter of 2023.”

Mrs. Lewis continued, “Our balance sheet and liquidity remain key competitive advantages, supporting disciplined capital deployment including strategic growth investments and ongoing returns to stockholders. Additionally, our scale, processing expertise, and strong mill partnerships are increasingly important as lead times extend and inventories tighten, ensuring dependable material availability and positioning us to better serve our existing customers and capture new opportunities. As customer optimism builds and activity strengthens across infrastructure, semiconductor, general manufacturing and aerospace, Reliance remains exceptionally well positioned to capitalize on the many meaningful opportunities that will continue to emerge throughout the second half of 2026 and into next year.”

Second Quarter 2026 Financial Highlights
Earnings per share of $6.29 and non‑GAAP earnings per share of $6.27 exceeded the high end of management’s guidance range of $5.15 to $5.35 and were up 42% year-over-year. Results included $1.64 per share of LIFO expense compared to management’s expectation of $0.54, representing an incremental $1.10 per share negative impact, primarily due to higher-than-anticipated carbon steel and aluminum product costs. Earnings also included a $0.41 per share contribution from the U.S. border wall project, more than doubling our expectation of $0.15 to $0.20 per share.

Quarterly tons sold increased 7.0% sequentially, exceeding management’s expectation of a 1.0% to 3.0% increase. Notably, the sequential increase in second quarter tons sold included a 5.1% contribution from the U.S. border wall project. Reliance’s second quarter year-over-year growth in tons sold of 10.8% outperformed the industry-wide increase of 5.5% reported by the Metals Service Center Institute (“MSCI”) by over 5 percentage points.

Average selling price per ton sold increased 7.8% sequentially, also surpassing management’s expectation of a 1.5% to 3.5% increase, supported by higher carbon steel and aluminum pricing. The U.S. border wall project impacted our product mix, offsetting the sequential growth in average selling price per ton sold by 1.6% due to higher than anticipated shipment levels during the quarter.

Gross profit dollars per ton continued to rise across the majority of our product categories. However, gross profit margin of 28.1% decreased 100 basis points sequentially mainly due to increased LIFO expense and the impact of the border wall project. Excluding LIFO, non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased sequentially to 30.5% from 30.1% in the first quarter of 2026, including the negative impact of 40 basis points attributable to the U.S. border wall project. Importantly, the project’s below-average operating costs per ton more than offset its impact on gross profit margin, adding approximately 30 basis points of expansion to pretax income margin in the second quarter.

Higher shipments and improved gross profit dollars per ton, supported by strong pricing discipline, continued market share gains, and contributions from the U.S. border wall project, drove strong growth in pretax income of 41% year-over-year to $429.8 million.

End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the second quarter of 2025. The Company expects non-residential construction demand to continue to improve, with potential headwinds from supply availability in the third quarter of 2026, supported by strong activity across data centers, energy infrastructure, and public infrastructure projects.

Demand across the broader manufacturing end market Reliance serves improved compared to the second quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the third quarter of 2026 and experience its customary seasonal decline from the second quarter.

Demand in aerospace improved compared to the second quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the third quarter of 2026 with gradual build-rate increases and growing backlogs supporting continued improvement throughout the year. Demand in the defense and space related portions of Reliance’s aerospace business is expected to remain robust in the third quarter of 2026.

Demand for the toll processing services Reliance provides to the automotive market improved from the second quarter of 2025. The Company expects demand for automotive toll processing to remain relatively steady at healthy levels in the third quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.

Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the second quarter of 2025 supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the third quarter of 2026.

Balance Sheet, Cash Flow and Stockholder Returns
As of June 30, 2026, Reliance had $235.4 million of cash and cash equivalents and total debt of $1.7 billion, including $520 million outstanding under its $1.5 billion revolving credit facility. We generated $162.2 million of cash flow from operations in the second quarter of 2026, despite a significant working capital increase related to strong shipment volume and higher metals pricing.

Reliance returned $63.8 million to stockholders through dividend payments in the second quarter of 2026. Although no shares were repurchased during the second quarter, Reliance has repurchased $3.4 billion of its common stock since 2021 at an average price of approximately $234 per share, reducing shares outstanding by 22%. As of June 30, 2026, approximately $529 million remained available under our share repurchase program.

On July 17, 2026, our Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on August 28, 2026 to stockholders of record as of August 14, 2026.

Third Quarter 2026 Business Outlook
Reliance anticipates third quarter 2026 demand and pricing to remain generally consistent at healthy to improving levels across the key products and end markets it serves, despite ongoing domestic and international trade policy uncertainty and the continued conflict in Iran, which could pose supply availability and macroeconomic risks.

Excluding the impact of the border wall project, the Company expects third quarter tons sold to be down 2% to 4% compared to the second quarter of 2026 due to normal seasonality and average selling price per ton sold to be up 1% to 3%.

Including an estimated 2% sequential and 7.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 9% to 11% compared to the third quarter of 2025. Additionally, we anticipate our average selling price per ton sold in the third quarter to be flat to up 2.0% compared to the second quarter of 2026, which includes an estimated mix-related 1% reduction in consolidated average selling price per ton sold attributable to the U.S. border wall project.

Based on these assumptions, and inclusive of LIFO expense of $75.0 million, or $1.10 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $6.40 to $6.60 for the third quarter of 2026, representing year‑over‑year growth ranging from 76% to 81%. This outlook includes approximately $0.60 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.

Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s second quarter 2026 financial results and business outlook will be held on Thursday, July 23, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13761219. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.

For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on August 6, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13761219. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.

About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.

These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. 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 Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including 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 Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. 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, or 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.

The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.

CONTACT:         
(213) 576-2428
[email protected]

or Addo Investor Relations
(310) 829-5400

(Tables to follow)

                     Q2 2026 Major Commodity Metrics                            Tons Sold (tons in thousands; % chg) Avg. Selling Price per Ton
Sold (% chg) Q2 2026
  Q1 2026
  Seq. Chg
  Q2 2025
  YoY Chg
  Seq. Chg
  YoY Chg
 Carbon steel 1,480.2   1,383.9   7.0%   1,326.4   11.6%   10.5%   14.9% Aluminum 86.0   85.1   1.1%   83.8   2.6%   9.8%   31.7% Stainless steel 81.3   78.2   4.0%   75.5   7.7%   6.1%   13.0% Alloy 36.6   33.0   10.9%   31.1   17.7%   (7.0%)  (5.4%)Copper & brass 5.8   4.9   18.4%   5.5   5.5%   3.9%   19.3%                       Sales ($'s in millions; % chg)       Q2 2026
  Q1 2026
  Seq. Chg
  Q2 2025
  YoY Chg
       Carbon steel$2,621.4  $2,218.1   18.2%  $2,044.2   28.2%       Aluminum$837.9  $754.6   11.0%  $619.9   35.2%       Stainless steel$595.2  $539.0   10.4%  $489.2   21.7%       Alloy$186.2  $180.6   3.1%  $167.5   11.2%       Copper & brass$123.7  $101.9   21.4%  $98.9   25.1%                            Year-to-Date (6 Months) Major Commodity Metrics       Tons Sold (tons in thousands; % chg) Avg. Selling
Price per Ton
Sold (% chg)          2026
  2025
  YoY Chg
  YoY Chg
          Carbon steel 2,864.1   2,670.8   7.2%   14.3%          Aluminum 171.1   167.9   1.9%   27.5%          Stainless steel 159.5   151.5   5.3%   8.6%          Alloy 69.6   62.6   11.2%   1.3%          Copper & brass 10.7   10.5   1.9%   22.9%                                Sales ($'s in millions; % chg)             2026
  2025
  YoY Chg
             Carbon steel$4,839.5  $3,948.4   22.6%             Aluminum$1,592.5  $1,225.5   29.9%             Stainless steel$1,134.2  $992.4   14.3%             Alloy$366.8  $325.9   12.5%             Copper & brass$225.6  $180.6   24.9%                                   Sales by Product         Six Months Ended
                 June 30,
        Q2 2026
  Q1 2026
  Q2 2025
  2026
  2025
       Carbon steel structurals 12%   12%   12%   12%   12%       Carbon steel tubing 12%   9%   10%   11%   9%       Carbon steel plate 11%   11%   12%   11%   12%       Hot-rolled steel sheet & coil 9%   9%   8%   9%   8%       Galvanized steel sheet & coil 5%   5%   5%   5%   5%       Carbon steel bar 4%   5%   5%   4%   5%       Cold-rolled steel sheet & coil 2%   2%   2%   2%   2%       Carbon steel 55%   53%   54%   54%   53%                            Heat-treated aluminum plate 5%   6%   5%   6%   5%       Aluminum bar & tube 5%   5%   5%   5%   5%       Common alloy aluminum sheet & coil 5%   5%   4%   5%   5%       Common alloy aluminum plate 1%   1%   1%   1%   1%       Heat-treated aluminum sheet & coil 1%   1%   1%   1%   1%       Aluminum 17%   18%   16%   18%   17%                            Stainless steel bar & tube 6%   6%   6%   6%   6%       Stainless steel sheet & coil 4%   5%   5%   5%   5%       Stainless steel plate 2%   2%   2%   2%   2%       Stainless steel 12%   13%   13%   13%   13%                            Alloy 4%   4%   4%   4%   4%                            Copper & brass 3%   3%   3%   3%   3%                            Miscellaneous* 5%   5%   6%   4%   6%       Toll processing & logistics 4%   4%   4%   4%   4%       Other 9%   9%   10%   8%   10%                            Total 100%   100%   100%   100%   100%                            * Includes titanium, fabricated parts, PVC pipe and scrap.             RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME(in millions, except shares in thousands and per share amounts)                         Three Months Ended
  Six Months Ended
  June 30,
  June 30,
  2026  2025  2026  2025 Net sales$4,630.0  $3,659.8  $8,656.0  $7,144.5             Costs and expenses:           Cost of sales (exclusive of depreciation and amortization shown below) 3,329.5   2,571.9   6,183.6   5,023.3 Warehouse, delivery, selling, general and administrative ("SG&A") 789.4   706.0   1,524.2   1,396.2 Depreciation and amortization 69.5   69.7   138.7   138.4   4,188.4   3,347.6   7,846.5   6,557.9             Operating income 441.6   312.2   809.5   586.6             Other (income) expense:           Interest expense 18.2   14.3   33.6   25.8 Other income, net (6.4)  (6.4)  (3.4)  (5.9)Income before income taxes 429.8   304.3   779.3   566.7 Income tax provision 106.2   70.1   190.1   132.0 Net income 323.6   234.2   589.2   434.7 Less: net income – noncontrolling interests 0.7   0.5   1.4   1.3 Net income – Reliance$322.9  $233.7  $587.8  $433.4             Earnings per share:           Basic$6.33  $4.44  $11.45  $8.20 Diluted$6.29  $4.42  $11.38  $8.15             Weighted average shares outstanding:           Basic 51,050   52,610   51,340   52,841 Diluted 51,375   52,923   51,673   53,160             Cash dividends declared per common share$1.25  $1.20  $2.50  $2.40                    RELIANCE, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS(in millions, except shares in thousands and par value)  June 30,
  December 31,
  2026
  2025*
 AssetsCurrent assets:     Cash and cash equivalents$235.4  $216.6 Accounts receivable, less allowance for credit losses of $22.3 and $22.1 2,210.4   1,539.9 Inventories 2,325.4   2,187.8 Prepaid expenses and other current assets 152.2   165.6 Income taxes receivable —   31.2 Total current assets 4,923.4   4,141.1 Property, plant and equipment, net 2,652.1   2,633.3 Operating lease right-of-use assets 326.8   315.2 Goodwill 2,173.8   2,169.9 Intangible assets, net 945.0   960.1 Cash surrender value of life insurance policies, net 37.4   48.0 Other long-term assets 106.7   105.7 Total assets$11,165.2  $10,373.3       Liabilities and EquityCurrent liabilities:     Accounts payable$627.3  $375.2 Accrued expenses 160.8   150.0 Accrued compensation and retirement benefits 212.0   198.1 Accrued insurance costs 61.3   56.4 Current maturities of long-term debt —   0.7 Current maturities of operating lease liabilities 67.3   67.7 Income taxes payable 17.2   — Total current liabilities 1,145.9   848.1 Long-term debt 1,663.9   1,420.2 Operating lease liabilities 264.0   250.9 Long-term retirement benefits 26.4   24.9 Other long-term liabilities 79.4   74.1 Deferred income taxes 574.4   575.6 Total liabilities 3,754.0   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—51,053 and 51,735 23.4   0.1 Retained earnings 7,477.5   7,257.6 Accumulated other comprehensive loss (99.4)  (87.6)Total Reliance stockholders’ equity 7,401.5   7,170.1 Noncontrolling interests 9.7   9.4 Total equity 7,411.2   7,179.5 Total liabilities and equity$11,165.2  $10,373.3       * Derived from audited financial statements.            RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Six Months Ended
      June 30,  2026  2025 Operating activities:     Net income$589.2  $434.7 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 138.7   138.4 Stock-based compensation 36.7   28.1 Other (0.8)  (5.2)Changes in operating assets and liabilities:     Accounts receivable (673.3)  (326.8)Inventories (139.1)  (219.8)Prepaid expenses and other assets 86.0   117.6 Accounts payable and other liabilities 276.2   126.5 Net cash provided by operating activities 313.6   293.5       Investing activities:     Acquisitions —   (2.8)Purchases of property, plant and equipment (157.6)  (174.5)Proceeds from sales of property, plant and equipment 15.4   12.9 Other (4.6)  5.6 Net cash used in investing activities (146.8)  (158.8)      Financing activities:     Proceeds from long-term debt borrowings 1,577.0   1,063.0 Principal payments on long-term debt (1,334.7)  (781.0)Cash dividends and dividend equivalents (130.4)  (128.3)Share repurchases (234.2)  (333.1)Taxes paid on net-settled restricted stock units (14.8)  (11.6)Excise tax on repurchase of common shares (5.4)  (10.0)Other (3.7)  (21.0)Net cash used in financing activities (146.2)  (222.0)Effect of exchange rate changes on cash and cash equivalents (1.8)  8.7 Increase (decrease) in cash and cash equivalents 18.8   (78.6)Cash and cash equivalents, beginning balance 216.6   318.1 Cash and cash equivalents, ending balance$235.4  $239.5       Supplemental cash flow information:     Interest paid$32.7  $24.0 Income taxes paid, net$142.7  $71.0                    RELIANCE, INC.NON-GAAP RECONCILIATION(in millions, except per share amounts)                                     Net Income Diluted EPS June 30,
  March 31,
  June 30,
  June 30,
  March 31,
  June 30,
 Three Months Ended2026  2026  2025  2026  2026  2025 Net income – Reliance$322.9  $264.9  $233.7  $6.29  $5.10  $4.42 Restructuring charges 1.1   3.8   10.2   0.02   0.07   0.18 Settlement charges, net 1.5   0.5   —   0.03   0.01   — Gains on non-core asset sales (3.7)  —   (9.1)  (0.07)  —   (0.17)Income tax expense (benefit) on adjustments 0.3   (1.1)  (0.2)  —   (0.02)  — Non-GAAP net income – Reliance 322.1   268.1   234.6   6.27   5.16   4.43 LIFO expense, net of tax 84.4   28.1   18.8   1.64   0.54   0.35 Non-GAAP net income – FIFO$406.5  $296.2  $253.4  $7.91  $5.70  $4.78                       Net Income Diluted EPS       June 30,
  June 30,
  June 30,
  June 30,
    Six Months Ended   2026    2025    2026    2025    Net income – Reliance   $587.8  $433.4  $11.38  $8.15    Restructuring charges    4.9   12.5   0.09   0.24    Settlement charges, net    2.0   —   0.04   —    Gains on non-core asset sales    (3.7)  (9.1)  (0.07)  (0.17)   Income tax benefit on adjustments    (0.8)  (0.8)  (0.02)  (0.02)   Non-GAAP net income – Reliance    590.2   436.0   11.42   8.20    LIFO expense, net of tax    112.5   37.5   2.17   0.71    Non-GAAP net income – FIFO   $702.7  $473.5  $13.59  $8.91                       Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025  2026  2025    Pretax income$429.8  $349.5  $304.3  $779.3  $566.7    Restructuring charges 1.1   3.8   10.2   4.9   12.5    Settlement charges, net 1.5   0.5   —   2.0   —    Gains on non-core asset sales (3.7)  —   (9.1)  (3.7)  (9.1)   Non-GAAP pretax (income) expense adjustments (1.1)  4.3   1.1   3.2   3.4    Non-GAAP pretax income 428.7   353.8   305.4   782.5   570.1    LIFO expense 112.5   37.5   25.0   150.0   50.0    Non-GAAP pretax income – FIFO$541.2  $391.3  $330.4  $932.5  $620.1                       Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025    2026  2025    Gross profit – LIFO$1,300.5  $1,171.9  $1,087.9  $2,472.4  $2,121.2    Restructuring charges 0.4   1.0   6.3   1.4   8.1    Non-GAAP gross profit 1,300.9   1,172.9   1,094.2   2,473.8   2,129.3    LIFO expense 112.5   37.5   25.0   150.0   50.0    Non-GAAP gross profit – FIFO$1,413.4  $1,210.4  $1,119.2  $2,623.8  $2,179.3                      Gross profit margin – LIFO 28.1%     29.1%     29.7%     28.6%   29.7%    Restructuring charges (% of sales) —   —   0.2%   —   0.1%    Non-GAAP gross profit margin 28.1%   29.1%   29.9%   28.6%   29.8%    LIFO expense (% of sales) 2.4%   0.9%   0.7%   1.7%   0.7%    Non-GAAP gross profit margin – FIFO 30.5%   30.1%   30.6%   30.3%   30.5%                      Certain percentages may not calculate due to rounding.
                   June 30,
  March 31,
  June 30,
         2026  2026  2025        Total debt$1,670.0  $1,700.0  $1,433.1          Less: unamortized discounts and costs (6.1)  (6.5)  (7.4)         Carrying amount of debt 1,663.9   1,693.5   1,425.7          Less: cash and cash equivalents (235.4)  (249.7)  (239.5)         Net debt 1,428.5   1,443.8   1,186.2          Total Reliance stockholders' equity 7,401.5   7,122.9   7,234.1          Total capital$8,830.0  $8,566.7  $8,420.3                            Net debt / total capital 16.2%   16.9%   14.1%                             June 30,
  March 31,
  June 30,
          Twelve Months Ended2026  2026  2025          Net income$896.1  $806.7  $740.6          Depreciation and amortization 278.5   278.7   276.9          Impairment 9.9   9.9   11.7          Interest expense 63.5   59.6   46.7          Income taxes 285.7   249.6   220.1          EBITDA$1,533.7  $1,404.5  $1,296.0                            Net debt / EBITDA 0.9x   1.0x   0.9x          Total debt / EBITDA 1.1x   1.2x   1.1x                             Three Months Ended Six Months Ended    June 30,
  March 31,
  June 30,
  June 30,
  June 30,
     2026  2026  2025  2026  2025    Cash provided by operations$162.2  $151.4  $229.0  $313.6  $293.5    Less: capital expenditures (93.4)  (64.2)  (87.6)  (157.6)  (174.5)   Free cash flow$68.8  $87.2  $141.4  $156.0  $119.0                    Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges and credits, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods.
 Reliance uses first‑in, first‑out (“FIFO”) gross profit, margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders. Footnotes                             1 Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.2 See accompanying Non-GAAP Reconciliation.