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Fastenal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Jan, 2026
Executive summary
Achieved 11.1% year-over-year Q4 sales growth and record annual sales of $8,200.5 million, with net income up 9.4% to $1,258.4 million, driven by key account expansion, digital and FMI technology, and pricing actions.
ROIC increased by 90 basis points year-over-year to 31.0%, reflecting strong capital efficiency.
Maintained balanced pricing and cost management, with pricing contributing 310-340 basis points to Q4 sales growth.
Focused on large, strategic customers, with ultra-high spend sites and contract customers now accounting for over half of revenues.
Broader market conditions remain mixed, with industrial production challenges and sluggish non-contract customer activity.
Financial highlights
Q4 net sales: $2,027.4 million, up 11.1% YoY; full-year net sales: $8,200.5 million, up 8.7% YoY.
Q4 net income: $294.1 million, up 12.2% YoY; full-year net income: $1,258.4 million, up 9.4% YoY.
Q4 gross margin: 44.3%, down 50 bps YoY due to timing factors; Q4 operating margin: 19.0%–20.1%, improved YoY.
SG&A was 25.4% of net sales in Q4, down from 25.9% YoY.
Operating cash flow in Q4 was ~$370 million (125% of net income); full-year operating cash flow was $1,295.9 million, up 10.4% YoY.
Outlook and guidance
Anticipates double-digit net sales growth in 2026, supported by FMI technology and digital solutions.
Capital expenditures for 2026 projected at $310.0–$330.0 million, up from $230.6 million in 2025.
Digital footprint goal for 2026 set at 66% of total sales; eBusiness DSR growth expected to outpace company average.
Incremental margins for 2026 expected in the high 20s, with modest annual gross margin contraction offset by SG&A efficiencies.
Weighted FASTBin and FASTVend device signings goal for 2026 is 28,000–30,000 MEUs, up from 25,892 in 2025.
Direct/indirect product split: future growth initiatives?
2026 capital spend: strategic priorities?
Strategies to mitigate gross margin pressure?
Large customer strategy: growth vs margin
What is Blue Ops/FASTCrib?
2026 non-fastener pricing strategy
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Next Fastenal earnings date
Q1 202613 Apr, 2026
Fastenal
Next Fastenal earnings date
Q1 202613 Apr, 2026
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Frequently asked questions
Industrial and Construction Supplies
Fastenal is an American company and a global distributor of industrial and construction supplies. Well known for its vast inventory, the company specializes in providing an extensive range of fasteners, such as nuts, bolts, and screws, catering to various industries including manufacturing, construction, and engineering. Besides this, the company also offers a variety of services for customers. Fastenal is active all across the Americas, as well as in Europe and Asia. Fastenal is headquartered in Winona, Minnesota, and its shares are listed on the Nasdaq.
Vending Machines for Nuts and Bolts
Fastenal was founded in 1967 by Bob Kierlin and four friends in Winona, Minnesota, with an initial investment of just $30,000. The company's business idea was to provide a diverse array of fasteners, such as nuts, bolts, and screws, via a vending machine model. This unique approach simplified the procurement process for businesses. Fastenal's first storefront opened in 1967, marking the beginning of its transition from a vending machine model to a retail approach. Since then, Fastenal has experienced significant growth, expanding its product range beyond fasteners to include various industrial and construction supplies. Today, the company is one of the largest of its kind and competes against other companies in the sector such as WESCO, W.W. Grainger, and MSC Industrial.
Products and Services
Their extensive product lineup includes fasteners like bolts, nuts, and screws, which are foundational to their inventory. However, their offerings extend far beyond fastening solutions. Fastenal also supplies a variety of tools, safety equipment, cutting tools, abrasives, and material handling products, among others, to address the broad needs of its clients. In terms of services, Fastenal is well known for its tailored supply chain and inventory management solutions. One of their notable innovations is the industrial vending machine program, which simplifies tool and supply distribution. Additionally, they offer services like tool repair, manufacturing, and custom product development.
The Retail Locations
Fastenal adopts a localized approach to its store network, emphasizing proximity and responsiveness to its customers. Each store functions not just as a retail outlet, but as a service hub, tailored to the specific requirements of the local community and businesses. This strategy enables Fastenal to offer personalized service and rapid delivery, ensuring that customers have quick and easy access to a wide range of industrial and construction supplies.
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