gic-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER 1-13792

Global Industrial Company

(Exact name of registrant as specified in its charter)


Delaware						11-3262067
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

11 Harbor Park Drive

Port Washington, New York 11050

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (516) 608-7000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($.01 par value)	GIC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐						Accelerated filer ☒
Non-accelerated filer ☐						Smaller reporting company ☐
						Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock as of July 31, 2026 was 38,108,341.

TABLE OF CONTENTS


Available Information

Part I	Financial Information
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34

Part II	Other Information
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
	Signatures	38


	June 30, 2026		December 31, 2025
	(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents	$	86.7	$	67.5
Accounts receivable, net	186.8		139.6
Inventories	163.6		174.6
Prepaid expenses and other current assets	12.2		14.8

Total current assets	449.3		396.5

Property, plant and equipment, net	17.8		18.5
Operating lease right-of-use assets	88.7		91.8
Deferred income taxes	7.4		7.4
Goodwill and intangible assets	62.7		64.3
Other assets	2.5		2.3

Total assets	$	628.4	$	580.8

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	120.3	$	108.7

Accrued expenses and other current liabilities	65.6		53.7

Operating lease liabilities	14.4		16.1
Total current liabilities	200.3		178.5

Operating lease liabilities	84.5		87.5
Other liabilities	0.9		1.6
Total liabilities	285.7		267.6

Commitments and contingencies

Shareholders’ equity:
Preferred stock, par value $0.01 per share, authorized 25 million shares; issued none	0.0		0.0
Common stock, par value $0.01 per share, authorized 150 million shares; issued 39,283,136 and 39,248,275 shares; outstanding 38,108,341 and 38,198,641 shares	0.4		0.4
Additional paid-in capital	215.1		212.8
Treasury stock at cost - 1,174,795 and 1,049,634 shares	(26.2)		(22.1)
Retained earnings	152.3		120.3
Accumulated other comprehensive income	1.1		1.8
Total shareholders’ equity	342.7		313.2
Total liabilities and shareholders’ equity	$	628.4	$	580.8


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net sales	$	386.6	$	358.9	$	737.0	$	679.9
Cost of sales	231.2		225.9		459.7		434.8
Gross profit	155.4		133.0		277.3		245.1
Selling, general & administrative expenses	106.1		99.5		207.4		193.4

Operating income from continuing operations	49.3		33.5		69.9		51.7

Interest and other (income) expense, net	(1.0)		(0.3)		(1.1)		(0.2)
Income from continuing operations before income taxes	50.3		33.8		71.0		51.9
Provision for income taxes	13.2		8.7		18.6		13.3
Net income from continuing operations	37.1		25.1		52.4		38.6
Net income from discontinued operations, net of tax	0.0		0.0		1.3		0.1
Net income	$	37.1	$	25.1	$	53.7	$	38.7

Net income per common share from continuing operations:
Basic	$	0.96	$	0.65	$	1.35	$	1.00
Diluted	$	0.96	$	0.65	$	1.35	$	0.99
Net income per common share from discontinued operations:
Basic	$	0.00	$	0.00	$	0.03	$	0.00
Diluted	$	0.00	$	0.00	$	0.03	$	0.00
Net income per common share:
Basic	$	0.96	$	0.65	$	1.38	$	1.00
Diluted	$	0.96	$	0.65	$	1.38	$	0.99

Weighted average common and common equivalent shares:
Basic	38.2		38.4		38.2		38.4
Diluted	38.2		38.4		38.3		38.4

Dividends declared	$	0.28	$	0.26	$	0.56	$	0.52


	Common Stock
	Number of Shares Outstanding	Amount		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income		Total Equity
Balances, January 1, 2026	38,199	$	0.4	$	212.8	$	(22.1)	$	120.3	$	1.8	$	313.2
Stock-based compensation expense				1.4								1.4
Issuance of restricted stock	59			(1.3)		1.3						0.0
Stock withheld for employee taxes	(27)			(0.3)		(0.6)						(0.9)
Proceeds from issuance of common stock	16			0.1		0.3						0.4
Issuance of shares under employee stock purchase plan	35			0.9								0.9
Dividends								(10.8)				(10.8)
Purchase of treasury shares	(21)					(0.6)						(0.6)

Change in cumulative translation adjustment										(0.3)		(0.3)
Net income								16.6				16.6
Balances, March 31, 2026	38,261	$	0.4	$	213.6	$	(21.7)	$	126.1	$	1.5	$	319.9
Stock-based compensation expense				1.7								1.7
Issuance of restricted stock	8			(0.2)		0.2						0.0
Stock withheld for employee taxes	(1)			0.0		0.0						0.0


Dividends								(10.9)				(10.9)
Purchase of treasury shares	(160)					(4.7)						(4.7)
Change in cumulative translation adjustment										(0.4)		(0.4)
Net income								37.1				37.1
Balances, June 30, 2026	38,108	$	0.4	$	215.1	$	(26.2)	$	152.3	$	1.1	$	342.7


	June 30,		December 31,
	2026		2025
Goodwill	$	40.6	$	40.6
Definite-lived intangibles	21.4		23.0
Indefinite-lived intangibles	0.7		0.7
Balance	$	62.7	$	64.3


	Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted Average Useful Life
Client lists	10 yrs	$	26.8	$	9.7	$	17.1	6.9
Trademarks	10 yrs	6.2		1.9		4.3		6.9
Total		$	33.0	$	11.6	$	21.4	6.9


2026 remainder	$	1.5
2027	3.1
2028	3.1
2029	3.1
2030	3.1
Thereafter	7.5
Total	$	21.4


	June 30, 2026
Balance at beginning of period	$	2.3

Current period provision	1.2
Write-offs - trade accounts receivable	(0.8)
Balance at end of period	$	2.7


	December 31, 2025
Balance at beginning of period	$	2.8
Current period provision	0.9
Write-offs - trade accounts receivable	(1.4)
Balance at end of period	$	2.3


	Six Months Ended June 30,			Year Ended December 31,
	2026			2025
Weighted Average Remaining Lease Term
Operating and finance leases	5.8 years			6.2 years

Weighted Average Discount Rate
Operating and finance leases	5.6		%	5.5		%

ROU assets obtained in exchange for operating and finance lease obligations (in millions)	$	5.8		$	32.9


Year Ending December 31	Operating Leases
2026 (adjusted for six months of payments)	$	9.1
2027	20.7
2028	20.1
2029	19.0
2030	17.0
2031	17.5
Thereafter	13.9
Total lease payments	117.3
Less: interest	(18.4)
Total present value of lease liabilities	$	98.9


Level 1 -			Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 -			Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly.
Level 3 -			Unobservable inputs which are supported by little or no market activity.