# FASTENAL CO (FAST)

Informational only - not investment advice.

CIK: 0000815556
SIC: 5200 Retail-Building Materials, Hardware, Garden Supply
SIC breadcrumb: [Retail Trade](/division/G/) > [Building Materials, Hardware, Garden Supply, And Mobile Home Dealers](/major-group/52/) > [SIC 5200 Retail-Building Materials, Hardware, Garden Supply](/industry/5200/)
Latest 10-K filed: 2026-02-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=815556
Filing source: https://www.sec.gov/Archives/edgar/data/815556/000081555626000009/fast-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-05 · accession 0000815556-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000815556.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 8,200,500,000 USD | 2025 | verified |
| Net income | 1,258,400,000 USD | 2025 | verified |
| Assets | 5,052,900,000 USD | 2025 | verified |
| Free cash flow | 1,050,600,000 USD | 2025 | computed |
| Net margin | 15.35% | 2025 | computed |
| Operating margin | 20.19% | 2025 | computed |
| Revenue YoY | +8.67% | 2025 | computed |
| ROE | 31.91% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.


## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 8200500000 | USD | 2025 | 2026-02-05 |
| Net income | 1258400000 | USD | 2025 | 2026-02-05 |
| Assets | 5052900000 | USD | 2025 | 2026-02-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000815556.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 3,962,000,000 | 4,390,500,000 | 4,965,100,000 | 5,333,700,000 | 5,647,300,000 | 6,010,900,000 | 6,980,600,000 | 7,346,700,000 | 7,546,000,000 | 8,200,500,000 |
| Net income |  | 499,400,000 | 578,600,000 | 751,900,000 | 790,900,000 | 859,100,000 | 925,000,000 | 1,086,900,000 | 1,155,000,000 | 1,150,600,000 | 1,258,400,000 |
| Operating income |  | 795,800,000 | 881,800,000 | 999,200,000 | 1,057,200,000 | 1,141,800,000 | 1,217,400,000 | 1,453,600,000 | 1,528,700,000 | 1,510,000,000 | 1,655,700,000 |
| Gross profit |  | 1,964,800,000 | 2,163,600,000 | 2,398,900,000 | 2,515,400,000 | 2,567,800,000 | 2,777,200,000 | 3,215,800,000 | 3,354,500,000 | 3,401,900,000 | 3,691,200,000 |
| Diluted EPS |  | 1.73 | 1.00 | 1.31 | 1.38 | 1.49 | 1.60 | 1.89 | 1.01 | 1.00 | 1.09 |
| Operating cash flow |  | 519,900,000 | 585,200,000 | 674,200,000 | 842,700,000 | 1,101,800,000 | 770,100,000 | 941,000,000 | 1,432,700,000 | 1,173,300,000 | 1,295,900,000 |
| Capital expenditures |  | 189,500,000 | 119,900,000 | 176,300,000 | 246,400,000 | 168,100,000 | 156,600,000 | 173,800,000 | 172,800,000 | 226,500,000 | 245,300,000 |
| Dividends paid |  | 346,600,000 | 369,100,000 | 441,900,000 | 498,600,000 | 803,400,000 | 643,700,000 | 711,300,000 | 1,016,800,000 | 893,300,000 | 1,004,200,000 |
| Share buybacks | 292,900,000 | 59,500,000 | 82,600,000 | 103,000,000 | 0.00 | 52,000,000 | 0.00 | 237,800,000 | 0.00 | 0.00 |  |
| Assets |  | 2,668,900,000 | 2,910,500,000 | 3,321,500,000 | 3,799,900,000 | 3,964,700,000 | 4,299,000,000 | 4,548,600,000 | 4,462,900,000 | 4,698,000,000 | 5,052,900,000 |
| Stockholders' equity |  | 1,933,100,000 | 2,096,900,000 | 2,302,700,000 | 2,665,600,000 | 2,733,200,000 | 3,042,200,000 | 3,163,200,000 | 3,348,800,000 | 3,616,300,000 | 3,943,600,000 |
| Cash and cash equivalents |  | 112,700,000 | 116,900,000 | 167,200,000 | 174,900,000 | 245,700,000 | 236,200,000 | 230,100,000 | 221,300,000 | 255,800,000 | 276,800,000 |
| Free cash flow |  | 330,400,000 | 465,300,000 | 497,900,000 | 596,300,000 | 933,700,000 | 613,500,000 | 767,200,000 | 1,259,900,000 | 946,800,000 | 1,050,600,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 12.60% | 13.18% | 15.14% | 14.83% | 15.21% | 15.39% | 15.57% | 15.72% | 15.25% | 15.35% |
| Operating margin |  | 20.09% | 20.08% | 20.12% | 19.82% | 20.22% | 20.25% | 20.82% | 20.81% | 20.01% | 20.19% |
| Return on equity |  | 25.83% | 27.59% | 32.65% | 29.67% | 31.43% | 30.41% | 34.36% | 34.49% | 31.82% | 31.91% |
| Return on assets |  | 18.71% | 19.88% | 22.64% | 20.81% | 21.67% | 21.52% | 23.90% | 25.88% | 24.49% | 24.90% |
| Liabilities / equity |  | 0.38 | 0.39 | 0.44 | 0.43 | 0.45 | 0.41 | 0.44 | 0.33 | 0.30 | 0.28 |
| Current ratio |  | 6.24 | 5.51 | 5.30 | 4.51 | 4.08 | 4.19 | 3.96 | 4.57 | 4.67 | 4.85 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FAST/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000815556.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.50 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.52 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.52 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,845,900,000 | 295,500,000 | 0.52 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,758,600,000 | 266,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,895,100,000 | 297,700,000 | 0.52 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,916,200,000 | 292,700,000 | 0.51 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,910,200,000 | 298,100,000 | 0.52 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,824,500,000 | 262,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,959,400,000 | 298,700,000 | 0.52 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,080,300,000 | 330,300,000 | 0.29 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,133,300,000 | 335,500,000 | 0.29 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,027,400,000 | 294,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,201,700,000 | 339,800,000 | 0.30 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,386,900,000 | 382,800,000 | 0.33 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FAST's latest 10-K: [/company/FAST/business/](/company/FAST/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FAST's latest 10-K: [/company/FAST/risk-factors/](/company/FAST/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/815556/000081555626000041/fast-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-16
Report date: 2026-06-30

ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying condensed consolidated financial statements and should be read in conjunction with those condensed consolidated financial statements. Dollar amounts are stated in millions except for share and per share amounts and where otherwise noted. Percentages, values, and dollar change calculations, which are based on non-rounded dollar values, may not be able to be recalculated or footed using the dollar values in this document due to the rounding of those dollar values. References to daily sales rate (DSR) change may reflect either growth (positive) or contraction (negative) for the applicable period.

Business

Fastenal is a global leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of approximately 1,600 branch locations. Our largest end market is manufacturing. Sales to these customers include products for both direct materials, where our products are consumed in the final products of our customers, and indirect materials, where our products are consumed to support the facilities and ongoing operations of our customers. We also service general and commercial contractors in non-residential end markets as well as farmers, truckers, railroads, oil exploration companies, oil production and refinement companies, mining companies, federal, state, and local government entities, schools, warehouse and storage, data centers, and certain retail trades. Geographically, our selling locations and customers are primarily located in North America, though we continue to grow our non-North American presence as well.

Our motto is Growth Through Customer Service® and our tagline is Where Industry Meets Innovation™. We are a customer- and growth-centric organization focused on identifying unique technologies, capabilities, and supply chain solutions that get us closer to our customers and reduce the total cost of their global supply chain. We believe this close-to-the-customer, 'high-touch, high-tech' partnership approach is differentiated in the marketplace and allows us to gain market share in what remains a fragmented industrial distribution market.

The global economy continues to experience elevated levels of volatility and uncertainty, including within the commodity, labor, and transportation markets, driven by a combination of geopolitical developments and macroeconomic factors. Recent imposition of new and expanded tariffs have further contributed to disruptions in global capital markets and global supply chains. These developments may impact our operations, financial condition, and results of operations. We are actively monitoring economic conditions in the U.S. and internationally, including evolving trade policies, changes in interest rates, foreign currency exchange rate fluctuations, inflationary pressures, and the risk of a global or regional economic recession.

In response to these factors, we have implemented various strategies designed to mitigate certain adverse effects of changing inflationary conditions and supply chain challenges, while continuing to maintain market price competitiveness and price/cost neutrality. Historically, our broad and diverse customer base combined with our ability to innovate with our customers have provided a degree of resilience during periods of economic contraction in the industrial market. However, the ultimate impact of ongoing macroeconomic conditions, including recent tariff-related developments, remains uncertain and cannot be predicted at this time.

On February 20, 2026, the United States Supreme Court issued a decision invalidating the broad-based tariffs imposed under the International Emergency Economic Powers Act (IEEPA). As a result, the United States Court of International Trade ordered the United States Customs and Border Protection to process refunds for tariffs collected under IEEPA. Because we are not the importer of record for most products we sell, our direct exposure to potential tariff refunds is limited. During the second quarter of 2026, we submitted claims for refunds of IEEPA tariffs previously paid on imports for which we were the importer of record. Refunds received through June 30, 2026 were not material. The ultimate availability, timing, and the amount of any additional refunds remain uncertain and subject to regulatory, legal, and administrative developments. Accordingly, as of June 30, 2026, we have not recorded a receivable related to such tariff refunds due to the aforementioned uncertainty; however, we may recognize additional benefits in future periods.

Following the Supreme Court's ruling on IEEPA tariffs, the United States Executive Branch introduced tariffs under a different statutory authority. Significant uncertainty remains regarding the scope and duration of current and potential tariffs. We continue to monitor and evaluate these developments and assess their potential impact on our business, financial condition, and results of operations.

13

Table of Contents

Executive Overview

The following table presents a performance summary of our results of operations for the six- and three-month periods ended June 30, 2026 and 2025.

[[GREPCENT_TABLE]]
[["","Six-month Period","","Three-month Period"],["","2026","","2025","","Change","","2026","","2025","","Change"],["Net sales","$","4,588.6","","","4,039.7","","","13.6","%","","$","2,386.9","","","2,080.3","","","14.7","%"],["Business days","127","","","127","","","","","64","","","64"],["Daily sales","$","36.1","","","31.8","","","13.6","%","","$","37.3","","","32.5","","","14.7","%"],["Gross profit","$","2,046.6","","","1,826.7","","","12.0","%","","$","1,063.6","","","942.8","","","12.8","%"],["% of net sales","44.6","%","","45.2","%","","","","44.6","%","","45.3","%"],["SG&A expenses","$","1,097.2","","","996.7","","","10.1","%","","$","561.8","","","506.7","","","10.9","%"],["% of net sales","23.9","%","","24.7","%","","","","23.5","%","","24.4","%"],["Operating income","$","949.4","","","830.0","","","14.4","%","","$","501.8","","","436.1","","","15.1","%"],["% of net sales","20.7","%","","20.5","%","","","","21.0","%","","21.0","%"],["Income before income taxes","$","950.4","","","829.8","","","14.5","%","","$","502.1","","","436.6","","","15.0","%"],["% of net sales","20.7","%","","20.5","%","","","","21.0","%","","21.0","%"],["Net income","$","722.6","","","628.9","","","14.9","%","","$","382.8","","","330.3","","","15.9","%"],["Diluted net income per share","$","0.63","","","0.55","","","14.8","%","","$","0.33","","","0.29","","","15.9","%"],["Note \u2013 Daily sales are defined as the total net sales for the period divided by the number of business days (in the U.S.) in the period."]]
[[/GREPCENT_TABLE]]

During the last twelve months, we increased our total full-time equivalent (FTE; based on 40 hours per week) employee headcount by 423. Our total FTE selling personnel increased by 136 to support growth and sales initiatives. We increased our distribution and transportation FTE personnel by 98 to support increased product throughput at our distribution facilities. We increased our remaining FTE personnel by 189, which related primarily to personnel investments in supply chain support.

The table below summarizes our absolute and FTE employee headcount at the end of the periods presented and the percentage change compared to the end of the prior periods.

[[GREPCENT_TABLE]]
[["","","","","Change Since:","","","","","","Change Since:","","","Change Since:"],["","Q2 2026","","Q1 2026","Q1 2026","","","","","Q4 2025","Q4 2025","","Q2 2025","Q2 2025"],["Selling personnel - absolute employee headcount","17,340","","","17,235","","0.6","%","","","","","17,166","","1.0","%","","17,192","","0.9","%"],["Selling personnel - FTE employee headcount","15,796","","","15,450","","2.2","%","","","","","15,439","","2.3","%","","15,660","","0.9","%"],["Total personnel - absolute employee headcount","24,795","","","24,675","","0.5","%","","","","","24,489","","1.2","%","","24,362","","1.8","%"],["Total personnel - FTE employee headcount","22,230","","","21,763","","2.1","%","","","","","21,602","","2.9","%","","21,807","","1.9","%"]]
[[/GREPCENT_TABLE]]

14

Table of Contents

SECOND QUARTER OF 2026 VERSUS SECOND QUARTER OF 2025

Results of Operations

The following table sets forth condensed consolidated statements of income information (as a percentage of net sales) for the periods ended June 30:

[[GREPCENT_TABLE]]
[["","Three-month Period"],["","2026","","2025"],["Net sales","100.0","%","","100.0","%"],["Gross profit","44.6","%","","45.3","%"],["SG&A expenses","23.5","%","","24.4","%"],["Operating income","21.0","%","","21.0","%"],["Net interest","0.0","%","","0.0","%"],["Income before income taxes","21.0","%","","21.0","%"]]
[[/GREPCENT_TABLE]]

Sales

The table below sets forth net sales and daily sales for the periods ended June 30, and changes in such sales from the prior period to the more recent period:

[[GREPCENT_TABLE]]
[["","Three-month Period"],["","2026","","2025"],["Net sales","$","2,386.9","","","2,080.3"],["Percentage change","14.7","%","","8.6","%"],["Business days","64","","","64"],["Daily sales","$","37.3","","","32.5"],["Percentage change","14.7","%","","8.6","%"],["Daily sales impact of currency fluctuations","0.1","%","","0.1","%"]]
[[/GREPCENT_TABLE]]

Net sales increased $306.6, or 14.7%, in the second quarter of 2026 when compared to the second quarter of 2025 (both periods had the same number of selling days). Sales performance reflects the contribution from improved customer contract signings since the first quarter of 2024, product pricing, and a modest improvement in industrial production in the first half of 2026. Foreign exchange rates contributed approximately 10 basis points to sales growth in both periods. The impact of product pricing on net sales in the second quarter of 2026 was an increase of approximately 290 basis points, compared to an increase of 140 to 170 basis points in the second quarter of 2025.

From a product portfolio standpoint, we classify our offerings into four primary categories: fasteners, safety supplies, cutting tools and other product lines. 'Other product lines' encompasses seven smaller product segments, including tools and janitorial supplies.

Beginning in the fourth quarter of 2025, we expanded our reporting to provide a more comprehensive view of direct (original equipment manufacturing/production) and indirect (maintenance, repair, and operations/facilities maintenance) business across product categories. Direct materials generally include products incorporated into finished goods or that directly support customers' production processes, while indirect materials support customers' facility operations, maintenance, and safety needs. During the second quarter of 2026, direct materials slightly outpaced indirect materials, reflecting greater contribution from fastener sales and continued strength with manufacturing customers.

15

Table of Contents

The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/815556/000081555626000009/fast-20251231.htm
Complete FY 2025 MD&A: /company/FAST/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-05
Report date: 2025-12-31

ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements and should be read in conjunction with those consolidated financial statements. This section of the Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between the years. Discussions of 2023 comparisons can be found in our 2024 Annual Report filed with the SEC.

Business and Operational Overview

Fastenal is a global leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of approximately 1,600 branch locations. Our largest end market is manufacturing. Sales to these customers include products for both direct materials, where our products are consumed in the final products of our customers, and indirect materials, where our products are consumed to support the facilities and ongoing operations of our customers. We also service general and commercial contractors in non-residential end markets as well as farmers, truckers, railroads, oil exploration companies, oil production and refinement companies, mining companies, federal, state, and local government entities, schools, warehouse and storage, data centers, and certain retail trades. Geographically, our selling locations and customers are primarily located in North America, though we continue to grow our non-North American presence as well.

It is helpful to appreciate several aspects of our marketplace: First, it is big and fragmented. We estimate the North American marketplace for industrial supplies is in excess of $140 billion per year (and we have expanded beyond North America) and no company has a significant portion of this market. Second, many of the products we sell are individually inexpensive, but the cost and time to manage, procure, and transport these products can be quite meaningful. Third, many customers prefer to reduce their number of indirect and direct suppliers to simplify their business, while also utilizing various technologies and models (including our local branches when they need something quickly or unexpectedly) to improve availability and reduce waste. Lastly, we believe the markets are efficient. In our view, this means that companies who grow market share are those that develop differentiated capabilities that provide the greatest value to the customer.

Our approach to addressing these aspects of our marketplace is captured in our motto Growth Through Customer Service® and our tagline Where Industry Meets Innovation™. The concept of growth is simple: find more customers every day that value the services we provide and increase our activity with them. However, execution is hard work. First, we recruit service-minded individuals to support customers and empower them to operate in a decentralized fashion to maximize their flexibility to solve customer problems. We support these customer-facing resources with a supply chain capability that is speedy, efficient, and cost-effective. This has formed the foundation of our high-touch model since inception. Second, we invest in, develop, and deploy capabilities that allow us to illuminate and provide greater control over a customer's supply chain. These capabilities range from service models that take advantage of our local presence and/or our ability to more efficiently manage complex procurement needs, to hardware and software technologies that promote actionable data capture, improve operating efficiencies, and reduce supply chain risk. Third, we strive to generate strong profits, which produce the cash flow necessary to support our growth, our product and technology development, and the needs of our customers.

The ultimate aim of this 'high-touch, high-tech' approach to gaining market share is to allow us to get closer to our customers, going so far as to be right to the point of consumption within customers' facilities. Marrying our presence, capabilities and technologies deepens our relationships and our understanding of our customers' day-to-day opportunities and obstacles. This, in turn, enhances our ability to provide innovative and comprehensive solutions to our customers' challenges. By doing these things every day, Fastenal remains a growth-centric organization.

The global economy continues to experience elevated levels of volatility and uncertainty, including within the commodity, labor, and transportation markets, driven by a combination of geopolitical developments and macroeconomic factors. Recent imposition of new and expanded tariffs have further contributed to disruptions in global capital markets and global supply chains. These developments may impact our operations, financial condition, and results of operations. We are actively monitoring economic conditions in the U.S. and internationally, including the potential ramifications of evolving trade policies, changes in interest rates, foreign currency exchange rate fluctuations, inflationary pressures, and the risk of a global or regional economic recession. In response to these factors, we have implemented various strategies designed to mitigate certain adverse effects of changing inflationary conditions and supply chain challenges, while continuing to maintain market price competitiveness and price/cost neutrality. Historically, our broad and diverse customer base combined with our ability to innovate with our customers have provided a degree of resilience during periods of economic contraction in the industrial market. However, the ultimate impact of ongoing macroeconomic conditions, including recent tariff-related developments, remains uncertain and cannot be predicted at this time.

30

Table of Contents

Executive Overview

The following table presents a performance summary of our results of operations for the periods ended December 31.

[[GREPCENT_TABLE]]
[["","2025","","2024","","YOY Change"],["Net sales","$","8,200.5","","","7,546.0","","","8.7","%"],["Business days","254","","","255"],["Daily sales","$","32.3","","","29.6","","","9.1","%"],["Gross profit","$","3,691.2","","","3,401.9","","","8.5","%"],["% of net sales","45.0","%","","45.1","%"],["SG&A expenses","$","2,035.5","","","1,891.9","","","7.6","%"],["% of net sales","24.8","%","","25.1","%"],["Operating income","$","1,655.7","","","1,510.0","","","9.6","%"],["% of net sales","20.2","%","","20.0","%"],["Income before income taxes","$","1,655.0","","","1,508.1","","","9.7","%"],["% of net sales","20.2","%","","20.0","%"],["Net income","$","1,258.4","","","1,150.6","","","9.4","%"],["Diluted net income per share","$","1.09","","","1.00","","","9.2","%"],["Note \u2013 Daily sales are defined as the total net sales for the period divided by the number of business days (in the U.S.) in the period."]]
[[/GREPCENT_TABLE]]

Market conditions were sluggish in our key markets in 2025. The Institute for Supply Management's Purchasing Manager's Index (PMI) for the U.S. averaged 48.9 for the full year and remained below 50, the threshold demarcating manufacturing growth or contraction, in 10 out of 12 months. Business activity as measured by U.S. Industrial Production increased 1.2% in the first 11 months of 2025 over 2024. In 2025, the market provided minimal contribution, tariff related pricing contributed 170 to 200 basis points, and the primary factor contributing to our daily sales growth of 9.1% was share gains. In 2025, our growth was the result of improved customer contract signings with large key account customers and fastener products. We continued to expand our installed base of FMI technology and lift the proportion of sales that run through our Digital Footprint. In a fluid tariff environment, our gross profit was well managed. We improved our profitability, which resulted in higher incentive compensation and we invested in technology solutions to drive efficiency; however, we leveraged our SG&A expenses resulting in a 20 basis point improvement in operating margin. Asset efficiency improved from the preceding year and we generated good cash flow.

The table below summarizes our absolute and full time equivalent (FTE; based on 40 hours per week) employee headcount, number of branch locations, number of customer sites summarized by monthly spend band, and weighted FMI devices at the end of the periods presented and the percentage change compared to the end of the prior period.

[[GREPCENT_TABLE]]
[["","Q4 2025","","Q4 2024","","Twelve-month % Change"],["Selling personnel - absolute employee headcount (1)","17,166","","","16,669","","3.0","%"],["Selling personnel - FTE employee headcount (1)","15,439","","","15,014","","2.8","%"],["Total personnel - absolute employee headcount","24,489","","","23,702","","3.3","%"],["Total personnel - FTE employee headcount","21,602","","","20,958","","3.1","%"],["Number of branch locations","1,595","","","1,597","","-0.1","%"],["Number of $50k+ customer sites","2,657","","","2,330","","14.0","%"],["Number of $10k+ customer sites","11,712","","","10,837","","8.1","%"],["Number of $5k-$10k customer sites","7,067","","","6,948","","1.7","%"],["Number of $5k customer sites","73,357","","","82,650","","-11.2","%"],["Weighted FMI devices (MEU installed count)","136,638","","","126,957","","7.6","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","In the fourth quarter of 2024, we realigned certain employees as a result of a routine review of our organizational structure. While there was no change to total absolute or total FTE headcount, it produced minor shifts between headcount categories. Historical numbers have been adjusted to reflect this realignment."]]
[[/GREPCENT_TABLE]]

31

Table of Contents

During the last twelve months, we increased our total FTE employee headcount by 644. Our total FTE selling personnel increased by 425 to support growth and sales initiatives to target customer acquisition. We had an increase in our distribution and transportation FTE personnel of 59 to support increased product throughput at our distribution facilities. We had an increase in our remaining FTE personnel of 160, which related primarily to personnel investments in IT, quality control, and supply chain support.

CURRENT YEAR RESULTS ENDED 2025

Results of Operations

The following table sets forth consolidated statements of income information (as a percentage of net sales) for the periods ended December 31:

[[GREPCENT_TABLE]]
[["","2025","","2024"],["Net sales","100.0","%","","100.0","%"],["Gross profit","45.0","%","","45.1","%"],["SG&A expenses","24.8","%","","25.1","%"],["Operating income","20.2","%","","20.0","%"],["Net interest","0.0","%","","0.0","%"],["Income before income taxes","20.2","%","","20.0","%"],["Note \u2013 Amounts may not foot due to rounding."]]
[[/GREPCENT_TABLE]]

Sales

The table below sets forth net sales and daily sales for the periods ended December 31, and changes in such sales from the prior period to the more recent period:

[[GREPCENT_TABLE]]
[["","2025","","2024"],["Net sales","$","8,200.5","","","7,546.0"],["Percentage change","8.7","%","","2.7","%"],["Business days","254","","","255"],["Daily sales","$","32.3","","","29.6"],["Percentage change","9.1","%","","1.9","%"],["Daily sales impact of currency fluctuations","0.0","%","","-0.1","%"]]
[[/GREPCENT_TABLE]]

The increase in net sales noted above for 2025 was primarily due to higher unit sales of Direct (OEM/Production) materials, Indirect (MRO/Facilities Maintenance) materials, and construction supplies. We believe higher unit sales in 2025 were primarily a result of our ability to gain market share, as most measures of industrial activity were flat to slightly up throughout the period. Despite this challenging environment, in 2025 we produced net sales growth of 8.7% and, owing to one l

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FAST/mda/fy2025/
All MD&A years: /company/FAST/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FAST/mda/fy2024/): filed 2025-02-06; accession 0000815556-25-000065 (https://www.sec.gov/Archives/edgar/data/815556/000081555625000065/fast-20241231.htm)
- [FY 2023 MD&A](/company/FAST/mda/fy2023/): filed 2024-02-06; accession 0000815556-24-000009 (https://www.sec.gov/Archives/edgar/data/815556/000081555624000009/fast-20231231.htm)
- [FY 2022 MD&A](/company/FAST/mda/fy2022/): filed 2023-02-07; accession 0000815556-23-000009 (https://www.sec.gov/Archives/edgar/data/815556/000081555623000009/fast-20221231.htm)
- [FY 2021 MD&A](/company/FAST/mda/fy2021/): filed 2022-02-07; accession 0000815556-22-000009 (https://www.sec.gov/Archives/edgar/data/815556/000081555622000009/fast-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5200 Retail-Building Materials, Hardware, Garden Supply) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FAST.md · JSON record: /company/FAST.json · verified financials: /company/FAST/financials.json / /company/FAST/financials.csv · machine TOC for the whole site: /llms.txt