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GWWW. W. Grainger

Industrials · Industrial Distribution · NYSE

W.W. Grainger, Inc., incorporated in the State of Illinois in 1928, is a broad line, distributor of maintenance, repair and operating (MRO) products and services with operations primarily in North America, Japan and the United Kingdom (U.K.). 10-K, Item 1

GWW quote by TradingView
Headquarters
Lake Forest, IL
CEO
D.G. Macpherson
Next results
around Feb 2, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)45.51Sales (ttm)19.4BNet income (ttm)2.2BSales growth+4.5%EPS growth-8.6%Sales Q/Q+11.3%
Free cash flow1.7BGross margin39.4%Oper. margin15.8%Net margin11.2%FCF margin8.9%ROE49.8%
ROA21.4%R&D / sales-Dividend8.83Debt/Eq0.67Curr. ratio2.61Cash768.0M
Op. cash flow (ttm)2.2BEBITDA2.8BEBITDA margin15.7%Net debt2.1BQuick ratio1.60Interest cover30.80
ROIC25.6%Payout ratio24.9%Tax rate25.6%Stock pay / sales0.4%Shares out.46.8MShares Y/Y-2.0%
Book / share92.73Cash / share16.41Sales / share413.74Asset turnover1.91Inventory turns4.57Days sales out.47
Sales 3Y CAGR+5.6%Sales 5Y CAGR+8.7%EPS 3Y CAGR+5.6%EPS 5Y CAGR+22.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

GWW against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
GWWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.5%43rd of 82 · median +4.8%
Net margin
11.2%50th of 82 · median 13.0%
Return on equity
49.8%10th of 77 · median 24.9%
Free cash flow margin
8.9%60th of 79 · median 13.0%
Debt / equity (less is better)
0.6735th of 72 · median 0.72
GWW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
GWW W. W. Grainger$19.4B +4.5%39.4%11.2%49.8%8.9%0.67
EME Emcor$19.8B +16.6%19.6%7.8%36.1%7.5%-
RSG Republic Services$19.7B +3.3%36.7%11.3%18.2%13.0%1.15
EMR Emerson Electric$19.0B +5.4%53.4%14.2%13.0%18.6%0.59
CHRW C.H. Robinson$18.2B -8.4%-3.7%42.3%2.9%1.18
LDOS Leidos$17.8B +3.1%17.3%8.0%27.4%11.0%1.17

From $13.0B of sales to $1.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.7BRevenue to Cost of revenue: $8.3BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $504.0M Revenue: $13.0B Revenue$13.0B +10% Y/Y Gross profit: $4.7B · 36% margin Gross profit$4.7B36% margin +11% Y/Y Cost of revenue: $8.3B · 64% of revenue Cost of revenue$8.3B64% of revenue Operating profit: $1.5B · 12% margin Operating profit$1.5B12% margin +52% Y/Y Operating expenses: $3.2B · 24% of revenue Operating expenses$3.2B24% of revenue Net profit: $1.0B · 8% margin Net profit$1.0B8% margin +50% Y/Y Tax & other: $504.0M · 4% of revenue Tax & other$504.0M4% of revenue

Swipe sideways for the whole flow →

From $15.2B of sales to $1.5B of profit

FY2022, from the 10-K income statement and revenue by segment
High Touch Solutions NA to Revenue: $12.2BEndless Assortment to Revenue: $2.8BRevenue to Gross profit: $5.8BRevenue to Cost of revenue: $9.4BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $3.6BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $668.0M High Touch Solutions NA: $12.2B · 81% High Touch Solutions NA$12.2B81% Endless Assortment: $2.8B · 19% Endless Assortment$2.8B19% Revenue: $15.2B Revenue$15.2B +17% Y/Y Gross profit: $5.8B · 38% margin Gross profit$5.8B38% margin +24% Y/Y Cost of revenue: $9.4B · 62% of revenue Cost of revenue$9.4B62% of revenue Operating profit: $2.2B · 15% margin Operating profit$2.2B15% margin +43% Y/Y Operating expenses: $3.6B · 24% of revenue Operating expenses$3.6B24% of revenue Net profit: $1.5B · 10% margin Net profit$1.5B10% margin +48% Y/Y Tax & other: $668.0M · 4% of revenue Tax & other$668.0M4% of revenue

Swipe sideways for the whole flow →

From $16.5B of sales to $1.8B of profit

FY2023, from the 10-K income statement and revenue by segment
High Touch Solutions NA to Revenue: $13.3BEndless Assortment to Revenue: $2.9BRevenue to Gross profit: $6.5BRevenue to Cost of revenue: $10.0BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $3.9BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $736.0M High Touch Solutions NA: $13.3B · 82% High Touch Solutions NA$13.3B82% Endless Assortment: $2.9B · 18% Endless Assortment$2.9B18% Revenue: $16.5B Revenue$16.5B +8% Y/Y Gross profit: $6.5B · 39% margin Gross profit$6.5B39% margin +11% Y/Y Cost of revenue: $10.0B · 61% of revenue Cost of revenue$10.0B61% of revenue Operating profit: $2.6B · 16% margin Operating profit$2.6B16% margin +16% Y/Y Operating expenses: $3.9B · 24% of revenue Operating expenses$3.9B24% of revenue Net profit: $1.8B · 11% margin Net profit$1.8B11% margin +18% Y/Y Tax & other: $736.0M · 4% of revenue Tax & other$736.0M4% of revenue

Swipe sideways for the whole flow →

From $17.2B of sales to $1.9B of profit

FY2024, from the 10-K income statement and revenue by segment
High Touch Solutions NA to Revenue: $13.7BEndless Assortment to Revenue: $3.1BRevenue to Gross profit: $6.8BRevenue to Cost of revenue: $10.4BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $4.1BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $728.0M High Touch Solutions NA: $13.7B · 81% High Touch Solutions NA$13.7B81% Endless Assortment: $3.1B · 19% Endless Assortment$3.1B19% Revenue: $17.2B Revenue$17.2B +4% Y/Y Gross profit: $6.8B · 39% margin Gross profit$6.8B39% margin +4% Y/Y Cost of revenue: $10.4B · 61% of revenue Cost of revenue$10.4B61% of revenue Operating profit: $2.6B · 15% margin Operating profit$2.6B15% margin +3% Y/Y Operating expenses: $4.1B · 24% of revenue Operating expenses$4.1B24% of revenue Net profit: $1.9B · 11% margin Net profit$1.9B11% margin +4% Y/Y Tax & other: $728.0M · 4% of revenue Tax & other$728.0M4% of revenue

Swipe sideways for the whole flow →

From $17.9B of sales to $1.7B of profit

FY2025, from the 10-K income statement and revenue by segment
High Touch Solutions NA to Revenue: $14.0BEndless Assortment to Revenue: $3.6BRevenue to Gross profit: $7.0BRevenue to Cost of revenue: $10.9BGross profit to Operating profit: $2.5BGross profit to Operating expenses: $4.5BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $789.0M High Touch Solutions NA: $14.0B · 79% High Touch Solutions NA$14.0B79% Endless Assortment: $3.6B · 21% Endless Assortment$3.6B21% Revenue: $17.9B Revenue$17.9B +5% Y/Y Gross profit: $7.0B · 39% margin Gross profit$7.0B39% margin +4% Y/Y Cost of revenue: $10.9B · 61% of revenue Cost of revenue$10.9B61% of revenue Operating profit: $2.5B · 14% margin Operating profit$2.5B14% margin −5% Y/Y Operating expenses: $4.5B · 25% of revenue Operating expenses$4.5B25% of revenue Net profit: $1.7B · 10% margin Net profit$1.7B10% margin −11% Y/Y Tax & other: $789.0M · 4% of revenue Tax & other$789.0M4% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median11.2% vs 13.0%
  • ✓
    Gross margin up over 5 years35.9% → 39.1%
  • ✓
    Return on equity above 15%49.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 6.0% → 9.5%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 30.8× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.67 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.61
  • ✓
    Net debt under 3 years of free cash flow$2.1B net debt, 1.2 years
Debt / equity at each year end, FY2016 to FY2025: 1.26 → 0.70
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.3B last year
  • ✓
    Share count down over 5 years−10.6%
  • ✓
    Dividend per share up over 5 years$5.94 → $8.83
  • ✓
    Cash from operations above net income$2.0B vs $1.7B
Free cash flow, FY2016 to FY2025: 740.0M → 1.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $2.9B Debt$2.9B Long-term debt: $2.5B · 84% Long-term debt$2.5B · 84% Due within a year: $227.0M · 8% Due within a year$227.0M · 8% Commercial paper: $225.0M · 8% Commercial paper$225.0M · 8%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $125.0M Not stated $2.3B

Line, as the company names itKindRateFixed or floatingAmount
Senior notesTotal of the lines–not stated$2.4B
Unsecured Senior Notes, 4.60% (Senior Notes)Secured4.60%not stated$1.0B
Unsecured Senior Notes, 4.45% (Senior Notes)Secured4.45%not stated$500.0M
Unsecured Senior Notes, 3.75% (Senior Notes)Secured3.75%not stated$400.0M
Unsecured Senior Notes, 4.20% (Senior Notes)Secured4.20%not stated$400.0M
Commercial PaperCommercial paper3.84%floating$125.0M

From the debt note in the 10-K's XBRL (0000277135-26-000011), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 17.9B Net income 1.7B
FY2016 revenue 10.1B · SalesRevenueNet, 0000277135-19-000010 FY2016 net income 606.0M · NetIncomeLoss, 0000277135-19-000010 10.1B FY2016 FY2017 revenue 10.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-20-000007 FY2017 net income 586.0M · NetIncomeLoss, 0000277135-20-000007 10.4B FY2017 FY2018 revenue 11.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-21-000007 FY2018 net income 782.0M · NetIncomeLoss, 0000277135-21-000007 11.2B FY2018 FY2019 revenue 11.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-22-000012 FY2019 net income 849.0M · NetIncomeLoss, 0000277135-22-000012 11.5B FY2019 FY2020 revenue 11.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-23-000014 FY2020 net income 695.0M · NetIncomeLoss, 0000277135-23-000014 11.8B FY2020 FY2021 revenue 13.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-24-000011 FY2021 net income 1.0B · NetIncomeLoss, 0000277135-24-000011 13.0B FY2021 FY2022 revenue 15.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-25-000010 FY2022 net income 1.5B · NetIncomeLoss, 0000277135-25-000010 15.2B FY2022 FY2023 revenue 16.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-26-000011 FY2023 net income 1.8B · NetIncomeLoss, 0000277135-26-000011 16.5B FY2023 FY2024 revenue 17.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-26-000011 FY2024 net income 1.9B · NetIncomeLoss, 0000277135-26-000011 17.2B FY2024 FY2025 revenue 17.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000277135-26-000011 FY2025 net income 1.7B · NetIncomeLoss, 0000277135-26-000011 17.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

GWW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue17.9B
FY2016: 10.1BFY2017: 10.4BFY2018: 11.2BFY2019: 11.5BFY2020: 11.8BFY2021: 13.0BFY2022: 15.2BFY2023: 16.5BFY2024: 17.2BFY2025: 17.9B FY2017FY2019FY2021FY2023FY2025
Net income1.7B
FY2016: 606.0MFY2017: 586.0MFY2018: 782.0MFY2019: 849.0MFY2020: 695.0MFY2021: 1.0BFY2022: 1.5BFY2023: 1.8BFY2024: 1.9BFY2025: 1.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.3B
FY2016: 740.0MFY2017: 820.0MFY2018: 818.0MFY2019: 821.0MFY2020: 926.0MFY2021: 682.0MFY2022: 1.1BFY2023: 1.6BFY2024: 1.6BFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)35.40
FY2016: 9.87FY2017: 10.02FY2018: 13.73FY2019: 15.32FY2020: 12.82FY2021: 19.84FY2022: 30.06FY2023: 36.23FY2024: 38.71FY2025: 35.40 FY2017FY2019FY2021FY2023FY2025
Dividend per share8.83
FY2016: 4.83FY2017: 5.06FY2018: 5.36FY2019: 5.68FY2020: 5.94FY2021: 6.39FY2022: 6.78FY2023: 7.30FY2024: 8.01FY2025: 8.83 FY2017FY2019FY2021FY2023FY2025
Diluted shares48.0M
FY2016: 60.8MFY2017: 58.0MFY2018: 56.5MFY2019: 54.9MFY2020: 53.7MFY2021: 52.2MFY2022: 51.1MFY2023: 50.1MFY2024: 49.0MFY2025: 48.0M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
High Touch Solutions NA 14.0B78.0% +2.0%
Endless Assortment 3.6B20.2% +15.7%

10-K 0000277135-26-000011, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
UNITED STATES 14.4B80.5% +3.5%
Japan 2.2B12.1% +14.8%
Canada 683.0M3.8% +3.3%
Other foreign countries 645.0M3.6% -3.3%

10-K 0000277135-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue10.1B10.4B11.2B11.5B11.8B13.0B15.2B16.5B17.2B17.9B
Cost of revenue6.0B6.3B6.9B7.1B7.6B8.3B9.4B10.0B10.4B10.9B
Gross profit4.1B4.1B4.3B4.4B4.2B4.7B5.8B6.5B6.8B7.0B
SG&A3.0B3.1B3.2B3.1B3.2B3.2B3.6B3.9B4.1B4.5B
Operating income1.1B1.0B1.2B1.3B1.0B1.5B2.2B2.6B2.6B2.5B
Interest expense76.0M89.0M88.0M84.0M94.0M87.0M91.0M93.0M77.0M81.0M
Pretax income1.0B936.0M1.1B1.2B947.0M1.5B2.1B2.5B2.6B2.4B
Income tax386.0M313.0M258.0M314.0M192.0M371.0M533.0M597.0M595.0M622.0M
Net income606.0M586.0M782.0M849.0M695.0M1.0B1.5B1.8B1.9B1.7B
EPS (diluted)9.8710.0213.7315.3212.8219.8430.0636.2338.7135.40
Diluted shares60.8M58.0M56.5M54.9M53.7M52.2M51.1M50.1M49.0M48.0M
Depreciation & amortization222.6M240.7M257.0M210.0M169.0M173.0M206.0M277.0M311.0M330.0M
EBITDA1.3B1.3B1.4B1.5B1.2B1.7B2.4B2.8B2.9B2.8B
Gross margin40.6%39.3%38.7%38.3%35.9%36.2%38.4%39.4%39.4%39.1%
Operating margin11.0%9.9%10.3%11.0%8.6%11.9%14.5%15.6%15.4%13.9%
Net margin6.0%5.6%7.0%7.4%5.9%8.0%10.2%11.1%11.1%9.5%
Revenue growth-+2.8%+7.6%+2.4%+2.7%+10.4%+16.9%+8.2%+4.2%+4.5%
EPS growth-+1.5%+37.0%+11.6%-16.3%+54.8%+51.5%+20.5%+6.8%-8.6%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash274.0M327.0M538.0M360.0M585.0M241.0M325.0M660.0M1.0B585.0M
Receivables1.2B1.3B1.4B1.4B1.5B1.8B2.1B2.2B2.2B2.3B
Inventory1.4B1.4B1.5B1.7B1.7B1.9B2.3B2.3B2.3B2.4B
Current assets3.0B3.2B3.6B3.6B3.9B4.0B5.0B5.3B5.7B5.5B
Property & equipment1.4B1.4B1.4B1.4B1.4B1.4B1.5B1.7B1.9B2.3B
Goodwill527.0M544.0M424.0M429.0M391.0M384.0M371.0M370.0M355.0M360.0M
Total assets5.7B5.8B5.9B6.0B6.3B6.6B7.6B8.1B8.8B9.0B
Current liabilities1.6B1.5B1.5B1.7B1.4B1.5B2.0B1.8B2.3B1.9B
Total debt2.3B2.3B2.2B2.2B2.4B2.4B2.3B2.3B2.8B2.6B
Shareholders' equity1.8B1.7B1.9B1.9B1.8B1.9B2.4B3.1B3.4B3.7B
Retained earnings7.1B7.4B7.9B8.4B8.8B9.5B10.7B12.2B13.7B15.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.0B1.1B1.1B1.0B1.1B937.0M1.3B2.0B2.1B2.0B
Capital spending284.0M237.0M239.0M221.0M197.0M255.0M256.0M445.0M541.0M684.0M
Free cash flow740.0M820.0M818.0M821.0M926.0M682.0M1.1B1.6B1.6B1.3B
Stock-based pay (added back)36.0M33.0M47.0M40.0M46.0M42.0M48.0M62.0M62.0M64.0M
Dividends paid303.0M304.0M316.0M328.0M338.0M357.0M370.0M392.0M421.0M467.0M
Buybacks790.0M605.0M425.0M700.0M601.0M695.0M603.0M850.0M1.2B1.0B
Acquisitions159K0--------
Debt raised516.0M401.0M001.6B016.0M7.0M503.0M91.0M
Debt repaid263.0M39.0M96.0M42.0M1.4B8.0M15.0M37.0M39.0M506.0M
Investing cash flow-262.0M-146.0M-166.0M-202.0M-179.0M-226.0M-263.0M-422.0M-520.0M-645.0M
Financing cash flow-776.0M-867.0M-670.0M-1.0B-726.0M-1.0B-972.0M-1.3B-1.2B-1.8B
Dividend per share4.835.065.365.685.946.396.787.308.018.83

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)36.0M33.0M47.0M40.0M46.0M42.0M48.0M62.0M62.0M64.0M
Stock-based pay / revenue0.4%0.3%0.4%0.3%0.4%0.3%0.3%0.4%0.4%0.4%
Operating lease cost-76.0M76.0M76.0M76.0M-----
Operating lease cash paid---67.0M69.0M68.0M76.0M88.0M96.0M104.0M
Right-of-use assets--208.0M223.0M210.0M393.0M367.0M429.0M371.0M345.0M
Operating lease liabilities--205.0M229.0M219.0M400.0M386.0M452.0M405.0M374.0M
Finance lease liabilities--205.0M-------

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on GWW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/GWW/export.csv") into a cell.