Margins
← Отчётные звонки
01
02
03
04 05 06
Тон
Капзатраты
A1 A2 A3 A4
FAST
FY2026 Q1
Улучшается
Отчётный звонок Fastenal Company
Вывод Buzzberg
Pricing actions fell short of cost increases in Q1
Fastenal reported a strong Q1 2026 with 12.4% daily sales growth, driven by market share gains and broad-based end-market strength, particularly in non-residential construction. While gross margin faced pressure from tariff-related pricing lags, operating margin expanded due to SG&A leverage and the company reaffirmed its confidence in future growth and its 2026 capex plan. Q1 daily sales grew 12.4%, the third consecutive quarter of double-digit growth, with operating margin improving 20 bps to 20.3%.
Вывод Buzzberg Pricing actions fell short of cost increases in Q1 Fastenal reported a strong Q1 2026 with 12.4% daily sales growth, driven by market share gains and broad-based end-market strength, particularly in non-residential construction. While gross margin faced pressure from tariff-related pricing lags, operating margin expanded due to SG&A leverage and the company reaffirmed its confidence in future growth and its 2026 capex plan. Q1 daily sales grew 12.4%, the third consecutive quarter of double-digit growth, with operating margin improving 20 bps to 20.3%. Читать полный анализСвернуть анализ
Fastenal reported a strong Q1 2026 with 12.4% daily sales growth, driven by market share gains and broad-based end-market strength, particularly in non-residential construction. While gross margin faced pressure from tariff-related pricing lags, operating margin expanded due to SG&A leverage and the company reaffirmed its confidence in future growth and its 2026 capex plan. Q1 daily sales grew 12.4%, the third consecutive quarter of double-digit growth, with operating margin improving 20 bps to 20.3%.
- Non-residential construction sales accelerated to 17% growth, a major turnaround from recent quarters.
- Gross margin remained ~40 bps below target due to pricing actions lagging tariff-related cost increases; management expects to regain price-cost neutrality over coming quarters.
- International business grew ~24% in March, signaling accelerating growth outside the US.
Выручка$2.2017B+9% к/к
EPS$0.30+15% к/к
Валовая маржа44.64%Факт
Операционная маржа20.33%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Pricing
Q2 pricing continues challenging with expected recovery in H2
International
International business accelerating with 24% March growth
Показать ещё 3 тезиса
Capex
Capex expected at 3.5% of sales in 2026
Technology
FMI driving stickier customer relationships
Capital Allocation
Share repurchases to offset dilution going forward
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $2.2017B | +9% к/к |
| EPS | $0.30 | +15% к/к |
| Валовая маржа | 44.64% | Факт |
| Операционная маржа | 20.33% | Факт |
| Свободный денежный поток | $0.3195B | +4% к/к |
| Капзатраты | $0.0589B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $320M | $320M | Подтверждён |
| ОбъёмCONTRACT_SIGNINGS | FY2026 | 250 | 250 | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed confidence in continued market share gains and strategic execution, despite acknowledging near-term pricing and macro challenges.
Инвестиции и мощности
For full year 2026, management continues to expect net capex of approximately $320 million, investing at the higher end of their historical range, with investments focused on strengthening hub capacity, automation, IT infrastructure, and FMI device capabilities.
Внешние сигналы
Альфа цепочки поставок · 4с момента звонка
Fastenal's non-residential construction business grew 17% in Q1, a sharp acceleration from ~4% growth in 2025, indicating a strong turnaround in this end market.
Доказательства
“Through 2025, it grew about 4%. We exited the year growing almost 10. And in the first quarter, that business is growing 17%.”
Branded suppliers in categories like safety and cutting tools have been aggressively raising prices over the past 6-7 months, creating margin pressure for distributors like Fastenal that carry these brands.
Доказательства
“Our safety margin is challenged because some of the branded presence. Our cutting tool margin is challenged because some of the branded presence.”
Fastenal's gross margin was ~40 bps below target due to pricing actions not keeping up with cost increases, particularly tariff-related costs moving through the P&L faster than pricing.
Доказательства
“What impacted us this quarter, Q1, was pricing versus cost. Tariff-related costs moved through the P&L faster than our pricing, leaving us approximately 40 basis points short of our own targets.”
Fastenal's international business, primarily Europe and Asia, grew almost 24% in March, outpacing overall company growth significantly.
Доказательства
“In March, the international business, primarily Europe and Asia, grew almost 24%. And even though today they're a smaller piece of the pie, this performance is exactly what we want to see as we continue to invest in our global expansion.”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 0. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.