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W W Grainger (GWW) investor relations material
W W Grainger Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Q3 2025 sales reached $4.7 billion, up 6.1% year-over-year, with both High-Touch Solutions N.A. and Endless Assortment segments contributing to growth.
Adjusted diluted EPS was $10.21, up 3.4% year-over-year; reported EPS was $6.12, down 38% due to a non-cash loss from the planned U.K. exit.
Operating cash flow was $597 million, with $399 million returned to shareholders via dividends and share repurchases.
The company is exiting the U.K. market, selling Cromwell and closing Zoro U.K., to focus on North America and Japan.
Digital and AI initiatives are enhancing customer experience and operational productivity.
Financial highlights
Net sales increased 6.1% to $4.657 billion; gross margin declined 60 bps to 38.6%.
Adjusted operating earnings grew 3.1% to $707 million; reported operating earnings fell 25.5% to $511 million due to U.K. exit costs.
Operating margin was 15.2% (down 40 bps year-over-year); adjusted ROIC at 40.3%.
Free cash flow for the quarter was $339 million.
SG&A expenses rose 25% to $1,287 million, mainly due to U.K. asset impairment and higher marketing costs.
Outlook and guidance
Full-year 2025 adjusted EPS guidance narrowed to $39.00–$39.75; net sales guidance updated to $17.8–$18.0 billion.
Daily organic constant currency sales growth expected at 4.4%–5.1%.
Gross profit margin expected at 38.9%–39.1%; adjusted operating margin at 15.0%–15.2%.
CapEx guidance raised to $625–$675 million per year through 2028.
Inflationary pressures, LIFO headwinds, and macroeconomic volatility expected to persist.
Why no tax benefit for UK exit loss?
What drives improved gross margin guidance?
Endless Assortment margin guidance decrease?
When will LIFO impact on GM normalize?
Lessons from U.K. exit for future strategy?
Key drivers of Endless Assortment profit growth?
Future focus post-UK market exit?
Why not switch from LIFO to FIFO accounting?
Key drivers of Zoro US performance?
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Next W W Grainger earnings date
Q4 20253 Feb, 2026
Next W W Grainger earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
Maintenance, Repair, and Operating Products
W.W. Grainger, Inc., most commonly referred to simply as Grainger, is an American company specializing in maintenance, repair, and operating (MRO) products. The company primarily operates in North America, offering products that include electrical and lighting equipment, material handling tools, and safety gear. The company supports its distribution through a combination of online platforms and a network of physical branches, facilitating timely delivery and accessibility of products. It is headquartered in Lake Forest, Illinois, and its shares are listed on the NYSE.
William Wallace Grainger
W.W. Grainger was founded in 1927 by William Wallace Grainger in Chicago. The company started as a wholesale electric motor sales and distribution business, eventually expanding its product line to include other electric and industrial supplies, driven by the demand of the time. The company continued to grow in the decades following its establishment and went public in 1967. Following the IPO the company increased its product offerings substantially, with its distribution network growing in tandem. This focus on increasing its portfolio offerings and getting products to customers quickly has been an important piece of the company’s growth story and continues to be an important aspect of the company’s strategy.
Extensive Product Portfolio
Grainger offers a vast array of products, including but not limited to safety and security items, electrical and lighting equipment, power and hand tools, HVAC (heating, ventilation, and air conditioning) components, and much, much more. Grainger serves a wide customer base, ranging from individual contractors to large institutions and government entities. While it can be difficult to pinpoint exactly how vast the portfolio is, the entire product catalog contains well over one and a half million components.
Some other companies operating in the same sector are Fastenal, WESCO, and MSC Industrial.
The Distribution Network
The company operates an extensive distribution network, including large distribution centers and a network of branches. As previously mentioned, the company has a focus on being able to deliver its products directly to its customers in an efficient and timely manner, which in turn has led to the construction of a sophisticated logistics network. This network includes numerous distribution centers strategically located to optimize the delivery process. In addition to this, Grainger also has a significant online presence.
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