GWW FY2025 Q4 개선

W.W. Grainger, Inc. 실적 발표

Feb 03, 2026 · 11:00 ET D.J. McPhersonDean MerriweatherKyle Bland earningscall_biz

Buzzberg 분석

January sales up over 10% daily organic constant currency

Grainger reported solid Q4 2025 results, with total sales growth of ~4.5% and EPS of $9.44, in line with expectations. The company provided an upbeat 2026 outlook, guiding for revenue of $18.7-19.1B, EPS of $42.25-44.75, and operating margins of 15.4-15.9%, driven by strong pricing power and market share gains. Grainger expects 2026 revenue of $18.7-$19.1B and EPS of $42.25-$44.75, up over 10% year-over-year.

Buzzberg 분석 January sales up over 10% daily organic constant currency Grainger reported solid Q4 2025 results, with total sales growth of ~4.5% and EPS of $9.44, in line with expectations. The company provided an upbeat 2026 outlook, guiding for revenue of $18.7-19.1B, EPS of $42.25-44.75, and operating margins of 15.4-15.9%, driven by strong pricing power and market share gains. Grainger expects 2026 revenue of $18.7-$19.1B and EPS of $42.25-$44.75, up over 10% year-over-year. 전체 분석 보기분석 접기

Guidance includes continued market share gains across segments, with high-touch solutions growing 5-7.5% and Endless Assortment growing 12.5-15% (organic).
Demonstrated strong pricing power by passing through tariff costs with price contribution north of 3% in 2026, and aiming for price/cost neutrality over time.
Repositioning its measurement of MRO market to a multi-factor model, which it believes more accurately reflects demand, especially during economic disruptions.

매출$4.425B-5% 전분기 대비

주당순이익(EPS)$9.44-8% 전분기 대비

매출총이익률39.46%보고값

영업이익률14.33%보고값

근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

Guidance

January sales up over 10% daily organic constant currency

Share Gain

Market share outgrowth target lowered to 400-500 bps average

Pricing

Pricing actions taken to pass through tariff costs

핵심 내용 3개 더 보기

Capex

Monotaro new DC to nearly double shipping capacity by 2028

Guidance

Endless Assortment segment to grow 12.5-15% in 2026

Margins

2026 operating margin guidance 15.4-15.9%

보고 기간

보고 실적

지표	보고값	변화
매출	$4.425B	-5% 전분기 대비
주당순이익(EPS)	$9.44	-8% 전분기 대비
매출총이익률	39.46%	보고값
영업이익률	14.33%	보고값
잉여현금흐름	$0.269B	-21% 전분기 대비
자본지출	$0.126B	보고값

향후 전망

향후 가이던스

지표	기간	범위	중간값	상태
자본지출	FY2026	550–650	600	제시
주당순이익(EPS)	FY2026	$42.25–$44.75	$43.50	제시
잉여현금흐름	FY2026	$2.1B–$2.3B	$2.2B	제시
영업이익률	FY2026	15.4%–15.9%	15.65%	제시
매출	FY2026	$18.7B–$19.1B	$18.9B	제시

AI, 자본지출 및 수요 분석

경영진 분석

톤

Confident

Management expressed confidence in strategy execution and long-term share gains, citing strong January sales, progress on growth engines, and reiterating long-term targets despite a conservative 2026 outlook.

경영진의 AI 분석

Management emphasized AI and machine learning as key tools across the business, noting that while it's 'still early innings,' they are using these technologies to drive productivity and accelerate momentum, with specific plans to leverage AI in 2026 for seller insights and actionable recommendations.

자본지출

투자 및 생산능력

Grainger continues to invest in supply chain capacity, with three new facilities underway: the Northwest DC (Portland) starting outbound operations later this year, the Houston DC beginning inbound operations in 2H 2027, and Monotaro's new automated DC in Mito opening in 2028, which will nearly double shipping capacity. CapEx guidance for 2026 is $550-650 million.

아래에 언급된 기업 3개 모두 표시

기업발표 이후 수익률

고객

BA +0.9%

고객

Grainger highlights strong tailwinds in aircraft manufacturing and data center build-outs, two areas where Boeing and large tech companies are key customers, suggesting strong MRO demand from these sectors.

근거

“These dynamics are driving bifurcation across industries where tariffs are impacting demand in some industries while others are experiencing a tailwind, notably those tied to aircraft manufacturing and data center build-outs.”

Dean Merriweather

경쟁사

FAST +8.3%

경쟁사

Grainger's comparison to peer set (which includes Fastenal) suggests its gross margin performance is strong relative to those that do not have the LIFO headwind; Fastenal may be facing similar tariff/LIFO issues, but Grainger highlights that its FIFO margins are expanding.

근거

“Similar to last quarter, if we excluded the LIFO headwind and we wanted to compare ourselves to our peer set which report on LIFO, on FIFO, our implied FIFO gross margin rate would have increased year over year with price costs roughly”

Dean Merriweather

공급망

Grainger indicates that demand is bifurcating: some manufacturing areas (like aerospace and data centers) are strong, while others are weak. This suggests companies feeding those specific robust end-markets may be outperforming.

근거

“From an in-market perspective, our indicators suggest the MRO market gained momentum sequentially but remained muted in the period. For Grainger specifically, we saw strong performance with contractor and manufacturing customers...”

D.J. McPherson

외부 신호

공급망 알파 · 2발표 이후 수익률

Grainger anticipates SG&A leverage to improve as accelerating top line and productivity efforts offset ramping investment in demand generators; the company expects margins to expand despite the faster-growing lower-margin endless assortment segment.

Dean Merriweather

근거

“We expect SG&A leverage to improve as the accelerating top line and our productivity efforts offset ramping investment across our demand generators.”

Grainger management is making a significant change in its internal market measurement model, switching from a single-factor model to a multi-factor model that it believes better reflects MRO consumption during periods of economic disruption.

Dean Merriweather

근거

“With this context in mind, if you turn to slide 17, we charted the historical results for both models, starting with the point at which economic input were first published for the multifactor model.”

방법론 및 범위

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