W.W. GRAINGER, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data W.W. GRAINGER, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,137	10,425	11,221	11,486	11,797	13,022	15,228	16,478	17,168	17,942
Cost of revenue	6,022	6,327	6,873	7,089	7,559	8,302	9,379	9,982	10,410	10,933
Gross profit	4,115	4,098	4,348	4,397	4,238	4,720	5,849	6,496	6,758	7,009
Selling, general and administrative	3,002	3,063	3,190	3,135	3,219	3,173	3,634	3,931	4,121	4,514
Operating income	1,113	1,035	1,158	1,262	1,019	1,547	2,215	2,565	2,637	2,495
Interest expense	76	89	88					93	77	81
Interest income	1	3	6
Other non-operating income	-94	-99	-77	-53	-72	-62	-69	-65	-53	-65
Pre-tax income	1,019	936	1,081	1,209	947	1,485	2,146	2,500	2,584	2,430
Income tax	386	313	258	314	192	371	533	597	595	622
Net income to minority interests	27	37	41	46	60	71	66	74	80	102
Net income	606	586	782	849	695	1,043	1,547	1,829	1,909	1,706
EBITDA	1,336	1,276	1,415	1,472	1,188	1,720	2,421	2,842	2,948	2,825
EPS, basic	9.94	10.07	13.82	15.39	12.88	19.94	30.22	36.39	38.84	35.47
EPS, diluted	9.87	10.02	13.73	15.32	12.82	19.84	30.06	36.23	38.71	35.40
Shares, basic (weighted)	60.4	57.7	56.1	54.7	53.5	51.9	50.9	49.9	48.9	47.9
Shares, diluted (weighted)	60.8	58	56.5	54.9	53.7	52.2	51.1	50.1	49	48
Dividend per share	4.83	5.06	5.36	5.68	5.94	6.39	6.78	7.30	8.01	8.83

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	274	327	538	360	585	241	325	660	1,036	585
Receivables	1,223	1,325	1,385	1,425	1,474	1,754	2,133	2,192	2,232	2,329
Inventory	1,406	1,429	1,541	1,655	1,733	1,870	2,253	2,266	2,306	2,394
Other current assets	81.8	87	83	104	127	146	266	156	163	176
Total current assets	3,020	3,206	3,557	3,555	3,919	4,011	4,977	5,274	5,737	5,484
Property, plant and equipment	1,421	1,392	1,352	1,400	1,395	1,424	1,461	1,658	1,927	2,268
Lease right-of-use assets				223	210	393	367	429	371	345
Goodwill	527	544	424	429	391	384	371	370	355	360
Intangible assets	586	569	460	304	228	238	232	234	243	265
Other non-current assets	75.1	71	68	306	152	142	180	182	196	240
Total assets	5,694	5,804	5,873	6,005	6,295	6,592	7,588	8,147	8,829	8,962
Accrued liabilities	213	254	262	228	307	319	334	327	324	343
Short-term debt	20	39	81	246	8	0	35	34	499	126
Total current liabilities	1,629	1,507	1,501	1,678	1,441	1,528	2,010	1,831	2,305	1,940
Long-term debt	1,841	2,248	2,090	1,914	2,389	2,362	2,284	2,266	2,279	2,362
Lease liabilities				171	162	334	318	381	327	301
Total liabilities	3,789	3,976	3,780	3,945	4,202	4,432	4,853	4,706	5,126	4,821
Total debt	1,880	2,287	2,171	2,160	2,397	2,362	2,319	2,300	2,778	2,488
Paid-in capital	1,030	1,041	1,134	1,182	1,239	1,270	1,310	1,355	1,399	1,446
Retained earnings	7,114	7,405	7,869	8,405	8,779	9,500	10,700	12,162	13,677	14,958
Treasury stock	-6,128	-6,676	-6,966	-7,633	-8,184	-8,855	-9,445	-10,285	-11,499	-12,558
Other comprehensive income	-272	-135	-171	-154	-61	-96	-180	-172	-274	-165
Shareholders' equity	1,798	1,690	1,921	1,855	1,828	1,874	2,440	3,115	3,358	3,736
Minority interests	108	138	172	205	265	286	295	326	345	405
Total equity	1,905	1,828	2,093	2,060	2,093	2,160	2,735	3,441	3,703	4,141
Total liabilities and equity	5,694	5,804	5,873	6,005	6,295	6,592	7,588	8,147	8,829	8,962

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	633	623	823	895	755	1,114	1,613	1,903	1,989	1,808
Depreciation and amortization	223	241	257	210	169	173	206	277	311	330
Stock-based compensation	36	33	47	40	46	42	48	62	62	64
Deferred income tax	12	14	13	13	-20	23	4	-15	18	17
Change in receivables	-46	-103	-79	-42	-121	-324	-436	-98	-110	-190
Change in inventory	-4	-5	-129	-106	-158	-152	-412	-16	-77	-147
Cash from operations	1,024	1,057	1,057	1,042	1,123	937	1,333	2,031	2,111	2,015
Capital expenditures	-284	-237	-239	-221	-197	-255	-256	-445	-541	-684
Acquisitions	-0.16	0
Cash from investing	-262	-146	-166	-202	-179	-226	-263	-422	-520	-645
Debt issued	516	401	0	0	1,584	0	16	7	503	91
Debt repaid	-263	-39	-96	-42	-1,370	-8	-15	-37	-39	-506
Stock issued	34	47	181	49	70	48	26	34	30	15
Share buybacks	-790	-605	-425	-700	-601	-695	-603	-850	-1,201	-1,045
Dividends paid	-303	-304	-316	-328	-338	-357	-370	-392	-421	-467
Cash from financing	-776	-867	-670	-1,023	-726	-1,039	-972	-1,278	-1,180	-1,825
Exchange rate effect	-2	9	-10	5	7	-16	-14	4	-35	4
Net change in cash	-16	53	211	-178	225	-344	84	335	376	-451
Free cash flow	740	820	818	821	926	682	1,077	1,586	1,570	1,331
Interest paid	63	78	86	84	94	87	91	109	111	106
Income taxes paid	360	335	229	322	180	377	479	615	606	610

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,243.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.4%	Gross profit / revenue.
Operating margin	14.6%	Operating income / revenue.
EBITDA margin	16.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	9.9%	Net income / revenue.
FCF margin	8.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Effective tax rate	26.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.4%	Net income / average total assets.
Return on invested capital (ROIC)	34.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-5.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-10.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-8.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.81x	Current assets / current liabilities.
Quick ratio	1.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.58x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.0%	Total debt / total assets.
Liabilities / assets	53.1%	Total liabilities / total assets.
Net debt	$1.82B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$3.86B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.51B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.96x	Revenue / average total assets.
Fixed asset turnover	7.85x	Revenue / average property, plant and equipment.
Inventory turnover	4.82x	Cost of revenue / average inventory.
Days inventory	76 days	365 x average inventory / cost of revenue.
Receivables turnover	6.67x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
FCF conversion	80.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$39.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$399.26	Revenue / diluted weighted shares.
FCF per share	$31.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	$46.08	Cash from operations / diluted weighted shares.
Book value per share	$87.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$74.26	Tangible book value / shares outstanding.
Cash per share	$12.48	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	66.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.55B	Share price x shares outstanding.
Enterprise value	$60.37B	Market cap + total debt - cash - short-term investments.
P/E	31.3x	Market cap / net income. Only when net income is positive.
P/S	3.11x	Market cap / revenue.
P/B	14.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.7x	Market cap / tangible book value, when positive.
P/FCF	38.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.9x	Market cap / cash from operations, when positive.
EV/Sales	3.20x	Enterprise value / revenue.
EV/EBIT	22.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.6%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	5.59x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was W.W. GRAINGER, INC.'s revenue in fiscal 2025?

W.W. GRAINGER, INC. reported revenue of $17.94B for fiscal 2025, 4.5% higher than the year before.

Was W.W. GRAINGER, INC. profitable in fiscal 2025?

Yes. Net income was $1.71B, a net margin of 9.5%.

How much free cash flow did W.W. GRAINGER, INC. generate in fiscal 2025?

Cash from operations of $2.02B minus capital expenditures of $684.0M left free cash flow of $1.33B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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