W.W. GRAINGER, INC. GWW
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.). In the fourth quarter of 2025, Grainger exited the U.K. market by completing the sale of the Cromwell business and closing the Zoro U.K. business. In this report, the words "Grainger" or "Company" mean W.W. Grainger, Inc. and its subsidiaries, except where the context makes it clear that the reference is only to W.W. Grainger, Inc. itself and not its subsidiaries.
For financial information regarding the Company, see the Consolidated Financial Statements and Notes included in Part II, Item 8: Financial Statements and Supplementary Data of this Form 10-K.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.94B | $17.17B | $16.48B | $15.23B | $13.02B | $11.80B | $11.49B | $11.22B | $10.43B | $10.14B |
| Cost of revenue | $10.93B | $10.41B | $9.98B | $9.38B | $8.30B | $7.56B | $7.09B | $6.87B | $6.33B | $6.02B |
| Gross profit | $7.01B | $6.76B | $6.50B | $5.85B | $4.72B | $4.24B | $4.40B | $4.35B | $4.10B | $4.12B |
| SG&A | $4.51B | $4.12B | $3.93B | $3.63B | $3.17B | $3.22B | $3.13B | $3.19B | $3.06B | $3.00B |
| Operating income | $2.50B | $2.64B | $2.56B | $2.21B | $1.55B | $1.02B | $1.26B | $1.16B | $1.03B | $1.11B |
| Interest expense | $81.0M | $77.0M | $93.0M | $93.0M | $87.0M | $93.0M | $79.0M | $82.0M | $86.0M | $76.0M |
| Pre-tax income | $2.43B | $2.58B | $2.50B | $2.15B | $1.49B | $947.0M | $1.21B | $1.08B | $936.0M | $1.02B |
| Income tax | $622.0M | $595.0M | $597.0M | $533.0M | $371.0M | $192.0M | $314.0M | $258.0M | $313.0M | $386.0M |
| Net income | $1.71B | $1.91B | $1.83B | $1.55B | $1.04B | $695.0M | $849.0M | $782.0M | $586.0M | $606.0M |
| EPS, basic | 35.47 | 38.84 | 36.39 | 30.22 | 19.94 | 12.88 | 15.39 | 13.82 | 10.07 | 9.94 |
| EPS, diluted | 35.40 | 38.71 | 36.23 | 30.06 | 19.84 | 12.82 | 15.32 | 13.73 | 10.02 | 9.87 |
| Shares, diluted (wtd. avg.) | $48.0M | $49.0M | $50.1M | $51.1M | $52.2M | $53.7M | $54.9M | $56.5M | $58.0M | $60.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $585.0M | $1.04B | $660.0M | $325.0M | $241.0M | $585.0M | $360.0M | $538.0M | $327.0M | $274.0M |
| Receivables | $2.33B | $2.23B | $2.19B | $2.13B | $1.75B | $1.47B | $1.43B | $1.39B | $1.32B | $1.22B |
| Inventory | $2.39B | $2.31B | $2.27B | $2.25B | $1.87B | $1.73B | $1.66B | $1.54B | $1.43B | $1.41B |
| Total current assets | $5.48B | $5.74B | $5.27B | $4.98B | $4.01B | $3.92B | $3.56B | $3.56B | $3.21B | $3.02B |
| Property, plant and equipment | $2.27B | $1.93B | $1.66B | $1.46B | $1.42B | $1.40B | $1.40B | $1.35B | $1.39B | $1.42B |
| Goodwill | $360.0M | $355.0M | $370.0M | $371.0M | $384.0M | $391.0M | $429.0M | $424.0M | $544.0M | $527.0M |
| Other intangibles | $265.0M | $243.0M | $234.0M | $232.0M | $238.0M | $228.0M | $304.0M | $460.0M | $569.0M | $586.1M |
| Total assets | $8.96B | $8.83B | $8.15B | $7.59B | $6.59B | $6.29B | $6.00B | $5.87B | $5.80B | $5.69B |
| Short-term debt | $126.0M | $499.0M | $34.0M | $35.0M | $0 | $8.0M | $246.0M | $81.0M | $39.0M | $20.0M |
| Total current liabilities | $1.94B | $2.31B | $1.83B | $2.01B | $1.53B | $1.44B | $1.68B | $1.50B | $1.51B | $1.63B |
| Long-term debt | $2.36B | $2.28B | $2.27B | $2.28B | $2.36B | $2.39B | $1.91B | $2.09B | $2.25B | $1.84B |
| Retained earnings | $14.96B | $13.68B | $12.16B | $10.70B | $9.50B | $8.78B | $8.40B | $7.87B | $7.41B | $7.11B |
| Total equity | $3.74B | $3.36B | $3.44B | $2.73B | $2.16B | $2.09B | $2.06B | $2.09B | $1.83B | $1.91B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.02B | $2.11B | $2.03B | $1.33B | $937.0M | $1.12B | $1.04B | $1.06B | $1.06B | $1.02B |
| Depreciation and amortisation | $330.0M | $311.0M | $277.0M | $206.0M | $173.0M | $169.0M | $210.0M | $162.0M | $170.0M | $166.0M |
| Stock-based compensation | $64.0M | $62.0M | $62.0M | $48.0M | $42.0M | $46.0M | $40.0M | $47.0M | $33.0M | $36.0M |
| Capital expenditure | $684.0M | $541.0M | $445.0M | $256.0M | $255.0M | $197.0M | $221.0M | $239.0M | $237.0M | $284.0M |
| Investing cash flow | -$645.0M | -$520.0M | -$422.0M | -$263.0M | -$226.0M | -$179.0M | -$202.0M | -$166.0M | -$146.0M | -$262.0M |
| Financing cash flow | -$1.82B | -$1.18B | -$1.28B | -$972.0M | -$1.04B | -$726.0M | -$1.02B | -$670.0M | -$867.0M | -$776.0M |
| Dividends paid | $467.0M | $421.0M | $392.0M | $370.0M | $357.0M | $338.0M | $328.0M | $316.0M | $304.0M | $303.0M |
| Buybacks | $1.04B | $1.20B | $850.0M | $603.0M | $695.0M | $601.0M | $700.0M | $425.0M | $605.0M | $790.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000277135-26-000011.
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