W.W. Grainger
GWW · NYSEWholesale-Durable Goods · Fiscal year ends Dec 31
W.W. Grainger reported revenue of $17.9B in the fiscal year ended Dec 2025, up 4.5% from the year before. Operating income was $2.5B, an operating margin of 13.9%, and net income was $1.7B. Operating cash flow of $2B less capital expenditure of $684M left free cash flow of $1.3B. Net debt was $1.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13B | $15.2B | $16.5B | $17.2B | $17.9B |
| Cost of revenue | $8.3B | $9.4B | $10B | $10.4B | $10.9B |
| Gross profit | $4.7B | $5.8B | $6.5B | $6.8B | $7B |
| Selling, general & admin | $3.2B | $3.6B | $3.9B | $4.1B | $4.5B |
| Operating income | $1.5B | $2.2B | $2.6B | $2.6B | $2.5B |
| Net interest incomeBanks | −$87M | −$93M | −$93M | −$77M | – |
| Interest expense | – | – | $93M | $77M | $81M |
| Pre-tax income | $1.5B | $2.1B | $2.5B | $2.6B | $2.4B |
| Income tax | $371M | $533M | $597M | $595M | $622M |
| Net income | $1B | $1.5B | $1.8B | $1.9B | $1.7B |
| Diluted EPS | 19.84 | 30.06 | 36.23 | 38.71 | 35.40 |
| Diluted shares | 52M | 51M | 50M | 49M | 48M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $241M | $325M | $660M | $1B | $585M |
| Receivables | $1.8B | $2.1B | $2.2B | $2.2B | $2.3B |
| Inventory | $1.9B | $2.3B | $2.3B | $2.3B | $2.4B |
| Current assets | $4B | $5B | $5.3B | $5.7B | $5.5B |
| Net PP&E | $1.4B | $1.5B | $1.7B | $1.9B | $2.3B |
| Goodwill | $384M | $371M | $370M | $355M | $360M |
| Total assets | $6.6B | $7.6B | $8.1B | $8.8B | $9B |
| Current liabilities | $1.5B | $2B | $1.8B | $2.3B | $1.9B |
| Short-term debt | $0 | $35M | $34M | $499M | $126M |
| Long-term debt | $2.4B | $2.3B | $2.3B | $2.3B | $2.4B |
| Shareholders' equity | $1.9B | $2.4B | $3.1B | $3.4B | $3.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $937M | $1.3B | $2B | $2.1B | $2B |
| Capital expenditure | $255M | $256M | $445M | $541M | $684M |
| Free cash flow | $682M | $1.1B | $1.6B | $1.6B | $1.3B |
| Depreciation & amortisation | $173M | $206M | $277M | $311M | $330M |
| Stock-based compensation | $42M | $48M | $62M | $62M | $64M |
| Share buybacks | $695M | $603M | $850M | $1.2B | $1B |
| Dividends paid | $357M | $370M | $392M | $421M | $467M |
| Dividend per share | 6.39 | 6.78 | 7.30 | 8.01 | 8.83 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.9% | 8.2% | 4.2% | 4.5% |
| Operating income growth (YoY) | – | 43.2% | 15.8% | 2.8% | −5.4% |
| EPS growth (YoY) | – | 51.5% | 20.5% | 6.8% | −8.6% |
| Gross margin | 36.2% | 38.4% | 39.4% | 39.4% | 39.1% |
| Operating margin | 11.9% | 14.5% | 15.6% | 15.4% | 13.9% |
| Net margin | 8.0% | 10.2% | 11.1% | 11.1% | 9.5% |
| Return on equityBlank when equity is negative | 55.7% | 63.4% | 58.7% | 56.8% | 45.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 30.5% | 39.7% | 40.6% | 40.4% | 35.5% |
| Free cash flow margin | 5.2% | 7.1% | 9.6% | 9.1% | 7.4% |
| Cash conversion (CFO ÷ net income) | 0.90x | 0.86x | 1.11x | 1.11x | 1.18x |
| Receivable days | 49 | 51 | 49 | 47 | 47 |
| Inventory days | 82 | 88 | 83 | 81 | 80 |
| Interest cover | – | – | 27.6x | 34.2x | 30.8x |
| Debt ÷ equity | 1.26x | 0.95x | 0.74x | 0.83x | 0.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.1B | $2B | $1.6B | $1.7B | $1.9B |
| Current ratio | 2.63x | 2.48x | 2.88x | 2.49x | 2.83x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.