Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 23/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité100
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 5.14
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.57
Solidité financière93
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 87.58
- netDebtEbitGrade
- 84.75
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 100.00
- Debt / FCF (x)
- 1.87
- Net debt / operating income (x)
- 0.76
- Interest coverage (x)
- 30.80
- Current ratio (x)
- 2.83
Allocation du capital96
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 48.61
- 3-year average dilution (%)
- -2.00
- 3-year average SBC / revenue (%)
- 0.36
- cashConversionGrade
- 82.42
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
In the High-Touch Solutions N.A. segment, customers are typically mid-size and large businesses with complex purchasing operations and processes.
Item 1, Business: High-Touch customer purchasing complexity · Dépôt 19/02/2026
Customers in this segment utilize sophisticated electronic purchasing platforms that communicate directly with Grainger's systems through eProcurement technology.
Item 1, Business: customer eProcurement connections · Dépôt 19/02/2026
Additionally, Grainger offers comprehensive inventory management through its KeepStock® program which provides onsite industry expertise, flexible storage solutions and intuitive customer tools powered by proprietary processes and technology.
Item 1, Business: onsite KeepStock inventory management · Dépôt 19/02/2026
Customers in this segment utilize sophisticated electronic purchasing platforms that communicate directly with Grainger.com through eProcurement technology.
Item 1, Business: 2024 customer eProcurement connections · Dépôt 20/02/2025
KeepStock®, Grainger's inventory management solution, serves customers on site, offering valuable insights to drive efficiencies and cost savings.
Item 1, Business: 2024 onsite KeepStock services · Dépôt 20/02/2025
share gain performance for 2023 (+518 bps), 2024 (+97 bps) and 2025 (+235 bps).
Executive Compensation: reported 2023–2025 U.S. share-gain performance · Dépôt 10/03/2026
Customers purchasing through the endless assortment platforms are focused on transparent pricing and an easy-to-navigate procurement process.
Item 1, Business: Endless Assortment customer pricing preferences · Dépôt 19/02/2026
Grainger faces competition from a variety of competitors, including manufacturers (including some of its own suppliers) that sell directly to certain segments of the market, wholesale distributors, retailers and internet-based businesses.
Item 1, Business: competing distribution channels · Dépôt 19/02/2026
If Grainger’s customer-facing technology systems are perceived as more difficult or less compelling for customers to use than those of Grainger’s competitors, or if digital marketing efforts are unsuccessful or if Grainger is otherwise unsuccessful at realizing the benefits of these investments, its reputation, financial condition and operating results may be adversely affected.
Item 1A, Risk Factors: competing digital experiences · Dépôt 19/02/2026
The majority of Company revenue originates from contracts with a single performance obligation to deliver products, whereby performance obligations are satisfied when control of the product is transferred to the customer per the arranged shipping terms.
Note 2, Revenue: product-delivery performance obligations · Dépôt 04/08/2026
Grainger’s North American distribution network supplies inventory planning and management, transportation and distribution services to all Grainger businesses in the North American region.
Item 1, Business: shared North American distribution services · Dépôt 19/02/2026
Zoro leverages the High-Touch Solution N.A.'s DC network and third-party drop shipments to deliver seamless service and product fulfillment to customers.
Item 1, Business: Zoro use of existing distribution network · Dépôt 19/02/2026
Grainger's products are purchased from more than 5,000 primary suppliers located in various countries around the world, not one of which accounted for more than 5% of total purchases in the year ended December 31, 2025.
Item 1A, Risk Factors: supplier breadth and purchase concentration · Dépôt 19/02/2026
5 W.W. Grainger, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of dollars) (Unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net earnings $ 1,181 $ 1,008 Adjustments to reconcile net earnings to net cash provided by operating activities: Provision for credit losses 13 13 Deferred income taxes and tax uncertainties 31 1 Depreciation and amortization 128 125 Non-cash lease expense 40 41 Stock-based compensation 39 35 Change in operating assets and liabilities: Accounts receivable (510) (212) Inventories 14 (19) Prepaid expenses and other assets (32) (33) Trade accounts payable 312 231 Operating lease liabilities (48) (53) Accrued liabilities 21 (60) Income taxes – net (4) (37) Other non-current liabilities (2) (17) Net cash provided by operating activities 1,183 1,023 Cash flows from investing activities: Capital expenditures (281) (300) Proceeds from sale of assets — 4 Other – net (13) 13 Net cash used in investing activities (294) (283) Cash flows from financing activities: Short-term borrowings (repayments), original maturities of 90 days or less, net (125) — Proceeds from debt 52 63 Payments of debt (4) (503) Proceeds from stock options exercised 8 2 Payments for employee taxes withheld from stock awards (30) (30) Purchases of treasury stock (461) (507) Purchases of noncontrolling interests (70) — Cash dividends paid (253) (225) Other – net 9 (1) Net cash used in financing activities (874) (1,201) Exchange rate effect on cash and cash equivalents (11) 22 Net change in cash and cash equivalents 4 (439) Cash and cash equivalents at beginning of year 585 1,036 Cash and cash equivalents at end of period $ 589 $ 597 The accompanying notes are an integral part of these financial statements.
Condensed Consolidated Statements of Cash Flows: first-half 2026 spending, financing and cash generation · Dépôt 04/08/2026
The decrease in gross profit margin was primarily driven by tariff-related inflation which caused unfavorable price / cost timing and last-in, first-out (LIFO) inventory valuation headwinds in the High-Touch Solutions - N.A.
2025 results, Gross Profit Margin: unfavorable tariff price/cost timing · Dépôt 03/02/2026
Adjusted operating margin of 15.0% decreased 50 basis points compared to 2024 due primarily to lower gross margin, higher operating expenses, and slower sales growth in the High-Touch Solutions - N.A.
2025 results: adjusted operating-margin decline and causes · Dépôt 03/02/2026
As discussed in the "Non-GAAP Measures" section, we have adjusted the current year results to exclude one-time losses recorded in SG&A expenses of $186 million within Other and $10 million within Endless Assortment related to the Cromwell divestiture and closure of Zoro U.K., respectively.
MD&A, Results of Operations: losses on U.K. divestiture and closure · Dépôt 19/02/2026
Results for the segment were driven by volume growth and price inflation as tariff costs are passed.
First-quarter 2026 results, Revenue: volume growth and tariff cost pass-through · Dépôt 08/05/2026
Results for the segment were driven by volume growth and price inflation as tariff costs are passed.
Second-quarter 2026 results, Revenue: volume growth and tariff cost pass-through · Dépôt 04/08/2026
Grainger, Inc.
$555
$479
15.9%
Diluted Earnings Per Share
$11.65
$9.86
18.2%
Gross Profit Margin
40.0%
39.7%
30 bps
Operating Margin
16.7%
15.6%
110 bps
Effective Tax Rate
25.1%
23.9%
(120) bps
(1) Results are consistent on a reported and adjusted basis.
First-quarter 2026 Financial Summary: realized gross and operating margins · Dépôt 08/05/2026
•Achieved operating margin of 16.1%, up 120 basis points, inclusive of IEEPA tariff refunds
Second-quarter 2026 Highlights: margin improvement inclusive of tariff refunds · Dépôt 04/08/2026
In addition, Grainger has entered, and may in the future continue to enter, into contracts with group purchasing organizations (GPOs) that aggregate the buying power of their member customers in negotiating selling prices.
Item 1A, Risk Factors: existing negotiated GPO contracts · Dépôt 19/02/2026
In addition, Grainger’s government contracts may provide for termination, reduction or modification by the government at any time, with or without cause.
Item 1A, Risk Factors: government contract termination and modification rights · Dépôt 19/02/2026
(3) Based on three-year average Endless Assortment daily, organic constant currency sales growth performance in local days for 2023 (9.3%), 2024 (12.5%) and 2025 (16.1%).
Executive Compensation: 2023–2025 Endless Assortment growth performance · Dépôt 10/03/2026
The Company invested $684 million in capital expenditures, resulting in free cash flow of $1.3 billion in 2025.
2025 results, Cash Flow: capital expenditures and free cash flow · Dépôt 03/02/2026
During the year, the Company returned $1.5 billion to Grainger shareholders through dividends and share repurchases.
2025 results, Cash Flow: shareholder distributions · Dépôt 03/02/2026
The activity related to outstanding common stock and common stock held in treasury was as follows: 2025 2024 2023 Outstanding Common Stock Treasury Stock Outstanding Common Stock Treasury Stock Outstanding Common Stock Treasury Stock Balance at beginning of period 48,332,870 61,326,349 49,317,402 60,341,817 50,256,323 59,402,896 Exercise of stock options 45,618 (45,618) 113,274 (113,274) 139,189 (139,189) Settlement of restricted stock units – net of 26,078, 39,118 and 32,800 shares retained, respectively 64,422 (64,422) 79,400 (79,400) 83,795 (83,795) Settlement of performance share units – net of 8,596, 9,629 and 18,521 shares retained, respectively 14,380 (14,380) 15,110 (15,110) 28,135 (28,135) Purchase of treasury shares (1,038,509) 1,038,509 (1,192,316) 1,192,316 (1,190,040) 1,190,040 Balance at end of period 47,418,781 62,240,438 48,332,870 61,326,349 49,317,402 60,341,817 NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE EARNINGS (LOSSES) (AOCE) The components of AOCE consisted of the following (in millions of dollars): Foreign Currency Translation and Other Defined Postretirement Benefit Plan Other Employment-related Benefit Plans Total Foreign Currency Translation Attributable to Noncontrolling Interests AOCE Attributable to W.W.
Note 10, Capital Stock: issuance, settlements and net share reduction · Dépôt 19/02/2026
share gain (a relative metric), Endless Assortment daily, organic constant currency sales growth in local days, and total Company adjusted, constant currency operating margin performance, each equally weighted.
Executive Compensation: historical PSU performance metrics · Dépôt 10/03/2026
Therefore, the Committee approved the payout for these PSUs at 90% of target.(1)
TABLE OF CONTENTS
2025 Long-Term Incentive Equity Mix
Executive Compensation: approved historical PSU payout · Dépôt 10/03/2026
The equity mix for the 2025 long-term incentive program for the CEO was 60% PSUs and 40% time-vested RSUs; the other NEOs had an equity mix of 50% PSUs and 50% time-vested RSUs.
Executive Compensation: actual 2025 long-term incentive equity mix · Dépôt 10/03/2026
Key aspects include: • 11 of our 12 Director nominees are independent • Annual election of all Directors • 100% independent Board Committees • Majority voting with Director resignation policy • Proxy access in Grainger’s By-laws (“By-laws”) • Shareholders may call special meetings • No poison pill or shareholder rights plan • No “overboarded” Directors under the voting guidelines of Institutional Shareholder Services (“ISS”) • Board orientation and education programs • Active shareholder engagement • 33% of our Director nominees are women and 25% of our Director nominees are racially diverse • Skills/demographics matrix regularly reviewed and annually disclosed • Commitment to Board refreshment—six new Directors since 2020 • Well-defined Director recruitment strategy and process • Appropriate mix of Director tenures • Age 72 retirement guideline • Robust Director selection process • Onboarding orientation centered on strategy, competition, financial reporting, governance and risk management • Annual Board and Committee evaluations and Director self-assessments • Independent Lead Director, elected annually by and from the independent Directors • Regular executive sessions, where independent Directors meet without management present to allow for candid discussion of management performance, succession planning, and other sensitive matters • Active Board oversight of strategy, risk management, corporate culture, and Grainger Impact Program focus areas • Annual review of Enterprise Risk Management (“ERM”) programs • Committees assist in oversight of risk areas related to Committee responsibilities • Active role in succession planning and management development • Business Conduct Guidelines, Equity Award Agreement Clawback Provisions, NYSE-Compliant Clawback Policy, Equity Ownership Requirements, and Prohibition on Hedging/Pledging of Company Stock under the Company’s Insider Trading Policy • “One vote per share” on all matters, including director elections Operating Principles for the Board of Directors The Board recognizes that defining its role is an evolving process and has established Operating Principles for the Board of Directors (the “Operating Principles”) as a general framework to assist the Board in fulfilling its duties and responsibilities.
Corporate Governance: existing shareholder rights, committee independence and ownership policies · Dépôt 10/03/2026
Under the terms of the Company’s 2015 Incentive Plan and 2022 Incentive Plan, which are the sources for all equity awards granted after April 2015, “double-trigger” vesting provisions apply to all equity awards (i.e., both a change in control occurs and a participant is involuntarily terminated within one year of the change in control).
Executive Compensation: existing double-trigger equity vesting provisions · Dépôt 10/03/2026
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 19, 2026 expressed an unqualified opinion thereon.
Independent auditor report: unqualified internal-control opinion · Dépôt 19/02/2026
Due to an administrative error, such Form 4 was filed late with respect to a single transaction relating to the Company withholding 188 shares of common stock for her tax obligations upon the partial settlement of an RSU grant on February 1, 2025.
Delinquent Section 16 Reports: late filing caused by administrative error · Dépôt 10/03/2026
Grainger, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In millions of dollars and shares, except for per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net sales $ 5,021 $ 4,554 $ 9,763 $ 8,860 Cost of goods sold 3,037 2,799 5,883 5,395 Gross profit 1,984 1,755 3,880 3,465 Selling, general and administrative expenses 1,177 1,077 2,280 2,115 Operating earnings 807 678 1,600 1,350 Other expense (income): Interest expense – net 20 20 41 41 Other – net (11) (3) (14) (9) Total other expense – net 9 17 27 32 Earnings before income taxes 798 661 1,573 1,318 Income tax provision 198 153 392 310 Net earnings 600 508 1,181 1,008 Less net earnings attributable to noncontrolling interest 30 26 56 47 Net earnings attributable to W.W.
Condensed Consolidated Statements of Earnings: first-half 2026 operating results · Dépôt 04/08/2026
To facilitate recruitment, the Committee approved a guaranteed payout equal to 100% of Ms.
Executive Compensation: recruitment-related guaranteed incentive payout · Dépôt 10/03/2026
Tinto’s MIP target opportunity for the full 2025 performance year.
Executive Compensation: guaranteed payout covers the full 2025 performance year · Dépôt 10/03/2026
