{"schemaVersion":1,"research":true,"symbol":"gww","name":"W.W. Grainger","topic":"moat","path":"/stock/gww/moat","status":"stale","version":6,"updatedAt":"2026-10-19T11:04:34.767Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Grainger has a narrow moat centered on embedded purchasing and inventory workflows in its High-Touch business. Direct eProcurement connections, onsite KeepStock services and shared distribution infrastructure provide practical procurement benefits and some switching friction; reported multiyear share gains support their commercial relevance. Relative cost superiority and exceptional durability remain unproven. Pricing power is demonstrated but bounded: tariff-related price increases accompanied volume growth in both first-half 2026 quarters, following unfavorable price/cost timing in 2025. Transparent pricing, purchasing-group bargaining and competing distribution channels constrain the advantage.","advantages":[{"mechanism":"switching_costs","claim":"Existing eProcurement connections and onsite inventory management embed Grainger in complex customer purchasing workflows. Replacing these arrangements plausibly requires operational adjustment, supporting modest switching costs. The integrations are disclosed current operations; the magnitude of switching friction is an analytical inference.","durability":"Similar integrations and onsite services are disclosed for 2024 and 2025, while issuer-reported share gains span 2023–2025. This supports an established advantage, but does not establish contractual lock-in or exceptional long-term durability.","risks":"Customers can use alternative distributors and direct suppliers. Endless Assortment customers have simpler purchasing requirements and emphasize transparent pricing, so the switching-cost argument is strongest in High-Touch. Digital competitors could reduce integration and service differences.","invalidation":"The thesis would weaken materially if integrated or KeepStock customers showed sustained purchasing declines or departures, if replacements required little operational adjustment, or if persistent share losses showed that embedded services no longer influenced supplier selection.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10"]},{"mechanism":"cost_advantage","claim":"A shared North American distribution network serving multiple businesses, including Zoro, provides an existing infrastructure-sharing benefit. Broad supplier coverage also reduces individual supplier dependence. These support the moat, but comparative purchasing and fulfillment cost superiority is not established.","durability":"Existing infrastructure and continued investment can sustain service breadth and spread infrastructure costs. Further capacity expansion is potential reinforcement rather than proof of improved returns or an independently established cost moat.","risks":"Competing distributors and online businesses can invest in similar capabilities, while suppliers can sell directly. Distribution investment requires continuing capital, and tariff timing and operating expenses have already pressured results.","invalidation":"The supporting cost thesis would fail if shared fulfillment generated no measurable efficiency benefit, if rivals matched availability and service at lower total cost, or if sustained investment produced deteriorating service, utilization and cash returns.","competitors":[],"evidenceIds":["e11","e12","e13","e14"],"counterEvidenceIds":["e8","e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business: High-Touch customer purchasing complexity","excerpt":"In the High-Touch Solutions N.A. segment, customers are typically mid-size and large businesses with complex purchasing operations and processes."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business: customer eProcurement connections","excerpt":"Customers in this segment utilize sophisticated electronic purchasing platforms that communicate directly with Grainger's systems through eProcurement technology."},{"id":"e3","sourceId":"filing-1","location":"Item 1, Business: onsite KeepStock inventory management","excerpt":"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."},{"id":"e4","sourceId":"filing-4","location":"Item 1, Business: 2024 customer eProcurement connections","excerpt":"Customers in this segment utilize sophisticated electronic purchasing platforms that communicate directly with Grainger.com through eProcurement technology."},{"id":"e5","sourceId":"filing-4","location":"Item 1, Business: 2024 onsite KeepStock services","excerpt":"KeepStock®, Grainger's inventory management solution, serves customers on site, offering valuable insights to drive efficiencies and cost savings."},{"id":"e6","sourceId":"filing-3","location":"Executive Compensation: reported 2023–2025 U.S. share-gain performance","excerpt":"share gain performance for 2023 (+518 bps), 2024 (+97 bps) and 2025 (+235 bps)."},{"id":"e7","sourceId":"filing-1","location":"Item 1, Business: Endless Assortment customer pricing preferences","excerpt":"Customers purchasing through the endless assortment platforms are focused on transparent pricing and an easy-to-navigate procurement process."},{"id":"e8","sourceId":"filing-1","location":"Item 1, Business: competing distribution channels","excerpt":"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."},{"id":"e9","sourceId":"filing-1","location":"Item 1A, Risk Factors: competing digital experiences","excerpt":"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."},{"id":"e10","sourceId":"filing-2","location":"Note 2, Revenue: product-delivery performance obligations","excerpt":"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."},{"id":"e11","sourceId":"filing-1","location":"Item 1, Business: shared North American distribution services","excerpt":"Grainger’s North American distribution network supplies inventory planning and management, transportation and distribution services to all Grainger businesses in the North American region."},{"id":"e12","sourceId":"filing-1","location":"Item 1, Business: Zoro use of existing distribution network","excerpt":"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."},{"id":"e13","sourceId":"filing-1","location":"Item 1A, Risk Factors: supplier breadth and purchase concentration","excerpt":"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."},{"id":"e14","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows: first-half 2026 spending, financing and cash generation","excerpt":"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."},{"id":"e15","sourceId":"filing-9","location":"2025 results, Gross Profit Margin: unfavorable tariff price/cost timing","excerpt":"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."},{"id":"e16","sourceId":"filing-9","location":"2025 results: adjusted operating-margin decline and causes","excerpt":"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."},{"id":"e17","sourceId":"filing-1","location":"MD&A, Results of Operations: losses on U.K. divestiture and closure","excerpt":"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."},{"id":"e18","sourceId":"filing-8","location":"First-quarter 2026 results, Revenue: volume growth and tariff cost pass-through","excerpt":"Results for the segment were driven by volume growth and price inflation as tariff costs are passed."},{"id":"e19","sourceId":"filing-7","location":"Second-quarter 2026 results, Revenue: volume growth and tariff cost pass-through","excerpt":"Results for the segment were driven by volume growth and price inflation as tariff costs are passed."},{"id":"e20","sourceId":"filing-8","location":"First-quarter 2026 Financial Summary: realized gross and operating margins","excerpt":"Grainger, Inc.\n$555\n$479\n15.9%\nDiluted Earnings Per Share\n$11.65\n$9.86\n18.2%\nGross Profit Margin\n40.0%\n39.7%\n30 bps\nOperating Margin\n16.7%\n15.6%\n110 bps\nEffective Tax Rate\n25.1%\n23.9%\n(120) bps\n(1) Results are consistent on a reported and adjusted basis."},{"id":"e21","sourceId":"filing-7","location":"Second-quarter 2026 Highlights: margin improvement inclusive of tariff refunds","excerpt":"•Achieved operating margin of 16.1%, up 120 basis points, inclusive of IEEPA tariff refunds"},{"id":"e22","sourceId":"filing-1","location":"Item 1A, Risk Factors: existing negotiated GPO contracts","excerpt":"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."},{"id":"e23","sourceId":"filing-1","location":"Item 1A, Risk Factors: government contract termination and modification rights","excerpt":"In addition, Grainger’s government contracts may provide for termination, reduction or modification by the government at any time, with or without cause."},{"id":"e24","sourceId":"filing-3","location":"Executive Compensation: 2023–2025 Endless Assortment growth performance","excerpt":"​ (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%)."},{"id":"e25","sourceId":"filing-9","location":"2025 results, Cash Flow: capital expenditures and free cash flow","excerpt":"The Company invested $684 million in capital expenditures, resulting in free cash flow of $1.3 billion in 2025."},{"id":"e26","sourceId":"filing-9","location":"2025 results, Cash Flow: shareholder distributions","excerpt":"During the year, the Company returned $1.5 billion to Grainger shareholders through dividends and share repurchases."},{"id":"e27","sourceId":"filing-1","location":"Note 10, Capital Stock: issuance, settlements and net share reduction","excerpt":"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."},{"id":"e28","sourceId":"filing-3","location":"Executive Compensation: historical PSU performance metrics","excerpt":"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."},{"id":"e29","sourceId":"filing-3","location":"Executive Compensation: approved historical PSU payout","excerpt":"Therefore, the Committee approved the payout for these PSUs at 90% of target.(1)\n TABLE OF CONTENTS​​​​\n 2025 Long-Term Incentive Equity Mix"},{"id":"e30","sourceId":"filing-3","location":"Executive Compensation: actual 2025 long-term incentive equity mix","excerpt":"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."},{"id":"e31","sourceId":"filing-3","location":"Corporate Governance: existing shareholder rights, committee independence and ownership policies","excerpt":"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."},{"id":"e32","sourceId":"filing-3","location":"Executive Compensation: existing double-trigger equity vesting provisions","excerpt":"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)."},{"id":"e33","sourceId":"filing-1","location":"Independent auditor report: unqualified internal-control opinion","excerpt":"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."},{"id":"e34","sourceId":"filing-3","location":"Delinquent Section 16 Reports: late filing caused by administrative error","excerpt":"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."},{"id":"e35","sourceId":"filing-2","location":"Condensed Consolidated Statements of Earnings: first-half 2026 operating results","excerpt":"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."},{"id":"e36","sourceId":"filing-3","location":"Executive Compensation: recruitment-related guaranteed incentive payout","excerpt":"To facilitate recruitment, the Committee approved a guaranteed payout equal to 100% of Ms."},{"id":"e37","sourceId":"filing-3","location":"Executive Compensation: guaranteed payout covers the full 2025 performance year","excerpt":"Tinto’s MIP target opportunity for the full 2025 performance year."}],"changes":["Changed uncertain to narrow after weighing existing eProcurement integration and onsite inventory services, their recurrence across annual disclosures, and reported multiyear share gains together. The conclusion rests on modest workflow switching costs, not margins or asserted cultural superiority.","Pricing is assessable: first- and second-quarter 2026 disclosures explicitly report tariff cost pass-through alongside volume growth. The prior conclusion that realized pricing was undisclosed no longer fits the supplied evidence.","Management alignment and governance are assessable from historical compensation arrangements, an approved PSU payout, shareholder rights and control disclosures; the advisory compensation vote is not treated as proof of subsequent approval."],"limitations":["No operating competitors are named as such in the supplied passages. Competitor arrays are empty; employers, compensation comparators, subsidiaries and litigation parties are not substituted for competitors.","Switching costs are inferred from disclosed operational integration. Customer departure rates, implementation costs, exclusive commitments and comparative service metrics are absent.","Share-gain measures and operating explanations are issuer-reported. Financial-statement audits do not independently validate claims of competitive superiority or customer savings.","Pricing contribution, elasticity and customer-level purchasing persistence are not quantified. Two quarters of cost pass-through do not establish unrestricted or exceptionally durable pricing power.","Second-quarter 2026 margin improvement includes tariff refunds; U.K. exits also affect comparisons. Neither benefit is treated as recurring pricing power.","The proxy supplies actual compensation designs and historical payouts, but the supplied excerpts omit comprehensive executive ownership amounts and ownership-guideline compliance.","All supplied source dates have dateKind filed. Assessment uses disclosed results through June 2026 and does not treat guidance as realized performance."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Existing electronic purchasing connections, onsite inventory services and shared fulfillment provide a concrete embedded-service advantage, corroborated by reported multiyear share gains. Relative cost superiority is unproven.","evidenceIds":["e1","e2","e3","e6","e11","e12"]},{"criterion":"durability","grade":2,"rationale":"Integration and onsite services recur across 2024 and 2025 disclosures, and share gains span three years. Competing channels remain available and no long-term lock-in or exceptional replication barrier is established.","evidenceIds":["e2","e3","e4","e5","e6","e8"]},{"criterion":"customer_dependency","grade":2,"rationale":"Complex procurement connections and onsite inventory support create practical reliance. Predominantly product-delivery obligations and transparent-price shopping limit evidence of deeper dependency; customer retention rates are unavailable.","evidenceIds":["e1","e2","e3","e7","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Reported share gains and 2026 growth and pass-through demonstrate resilience. Realized 2025 price/cost pressure and margin contraction show limits; generic digital risks describe possible erosion rather than realized losses.","evidenceIds":["e6","e15","e16","e18","e19","e35"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Both first-half 2026 quarters report price inflation from tariff cost pass-through alongside volume growth, demonstrating realized pricing without an accompanying aggregate volume decline in that segment. The price contribution is unquantified, and 2025 timing pressure limits durability.","evidenceIds":["e18","e19","e15"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from embedded procurement workflows, multiyear share gains and sustained Endless Assortment growth. These support continuing customer engagement but cannot separate repeat purchasing from new-customer acquisition or establish retention after price increases.","evidenceIds":["e2","e3","e6","e24"]},{"criterion":"margin_resilience","grade":2,"rationale":"2026 margins recovered after 2025 price/cost timing and operating-expense pressure. First-quarter improvement supports resilience, but second-quarter tariff refunds and the effects of business exits prevent attributing the recovery entirely to pricing.","evidenceIds":["e15","e16","e20","e21"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Predominantly transaction-based product sales and demonstrated pass-through support some pricing flexibility. Existing GPO negotiations and government modification rights constrain terms; detailed price-reset clauses are not supplied.","evidenceIds":["e10","e18","e19","e22","e23"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $1,183 million covered $281 million of capital expenditures and $714 million of dividends and repurchases, while outstanding shares declined across the annual periods. However, 2025 distributions exceeded free cash flow and U.K. exits incurred losses. Investment returns and repurchase valuation discipline remain incompletely established.","evidenceIds":["e14","e25","e26","e27","e17"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Historical PSUs used share gains, organic growth and operating margin, with an approved payout at 90% of target. Actual 2025 equity mixes include substantial performance awards, supported by ownership policies and double-trigger vesting. Time-based awards and a recruitment-related guaranteed incentive temper alignment; executive ownership compliance is missing.","evidenceIds":["e28","e29","e30","e31","e32","e36","e37"]},{"criterion":"execution","grade":3,"rationale":"Reported multiyear share gains and Endless Assortment growth, followed by higher first-half 2026 sales, operating earnings and operating cash flow, demonstrate strong execution. This assessment uses operating outcomes indirectly rather than accepting management's service superlatives. U.K. exit losses and 2025 margin pressure prevent an exceptional grade.","evidenceIds":["e6","e24","e35","e14","e17","e16"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent committees, an independent lead director, annual elections, shareholder rights and double-trigger vesting provide substantive governance protections. The unqualified internal-control opinion supports functioning controls. A late Form 4 is a limited adverse event; nominee independence is not treated as proof of subsequent election.","evidenceIds":["e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"c51890a804f9705e303f665debd109ca18d100b610c8095ece89274472c42115","updatedAt":"2026-10-19T11:04:34.767Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000011/gww-20251231.htm","publishedAt":"2026-02-19","sha256":"4b380a1c6299bad396a0f1b4e5fb275bb2a75a5b11fdcc0c762aef7ba49b8bb5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000079/gww-20260630.htm","publishedAt":"2026-08-04","sha256":"592359cd534334c016f0896972fc0ce26a32486c38f50710dc409e100080ec85","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/277135/000110465926025575/tm261342-1_def14a.htm","publishedAt":"2026-03-10","sha256":"7a2288a541bbf78cf5c101e77ddd908f2d04a658fbd4e1d0f2264f835e6f1d7f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713525000010/gww-20241231.htm","publishedAt":"2025-02-20","sha256":"4a44892515be7ea4a0f4b5c5fa24188bbac3e8973c7a177a9a39d2b025f9a4e3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713524000011/gww-20231231.htm","publishedAt":"2024-02-22","sha256":"1e72d6dd30985757a637a2861c8c5b6fd2a4e8dab71be1ef17ab3f103c9d04c1","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000053/gww-20260331.htm","publishedAt":"2026-05-07","sha256":"5d8fa347377498ad561a8e44af6b5672385465fa9434754139373d7e3fbe6eb6","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000076/gww8kex991q22026.htm","publishedAt":"2026-08-04","sha256":"03aed6ebcfcb07cacd4a427583ebb272a2f8d2922498bb92a8b8d9512e7f46a5","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000056/gww8kex991q12026.htm","publishedAt":"2026-05-08","sha256":"0a419f54f15480e5a1e6343a173e7163e45f0b752b1209d926ae3ecd1ed85b4c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000004/gww8kex991q42025.htm","publishedAt":"2026-02-03","sha256":"24390887e050b181c7f8fe4b60a764b7f829fb0175e494a81ea986f1740c7b21","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:3e2e1b9793583432cdd7f189ca534bc53ec23ed1b754f3f897c1c07881a306e6","usage":{"input_tokens":117538,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4181,"reasoning_output_tokens":251}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":36.24635232683151,"operating_margin":11.879895561357703,"roic":28.353541111909053,"fcf_margin":5.237290738749808,"sbc_revenue":0.3225311012133313},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":38.409508799579726,"operating_margin":14.545573942737064,"roic":36.955883128717915,"fcf_margin":7.072498029944839,"sbc_revenue":0.31520882584712373},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":39.42225998300765,"operating_margin":15.566209491443136,"roic":39.805871559633026,"fcf_margin":9.624954484767569,"sbc_revenue":0.3762592547639277},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":39.363932898415655,"operating_margin":15.359972041006523,"roic":38.56728201846055,"fcf_margin":9.144920782851818,"sbc_revenue":0.36113699906803354},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":39.06476424032995,"operating_margin":13.90591907256716,"roic":32.31546940408557,"fcf_margin":7.418348010255267,"sbc_revenue":0.3567049381339873},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000011/gww-20251231.htm","publishedAt":"2026-02-19","sha256":"4b380a1c6299bad396a0f1b4e5fb275bb2a75a5b11fdcc0c762aef7ba49b8bb5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000079/gww-20260630.htm","publishedAt":"2026-08-04","sha256":"592359cd534334c016f0896972fc0ce26a32486c38f50710dc409e100080ec85","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/277135/000110465926025575/tm261342-1_def14a.htm","publishedAt":"2026-03-10","sha256":"7a2288a541bbf78cf5c101e77ddd908f2d04a658fbd4e1d0f2264f835e6f1d7f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713525000010/gww-20241231.htm","publishedAt":"2025-02-20","sha256":"4a44892515be7ea4a0f4b5c5fa24188bbac3e8973c7a177a9a39d2b025f9a4e3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713524000011/gww-20231231.htm","publishedAt":"2024-02-22","sha256":"1e72d6dd30985757a637a2861c8c5b6fd2a4e8dab71be1ef17ab3f103c9d04c1","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000053/gww-20260331.htm","publishedAt":"2026-05-07","sha256":"5d8fa347377498ad561a8e44af6b5672385465fa9434754139373d7e3fbe6eb6","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000076/gww8kex991q22026.htm","publishedAt":"2026-08-04","sha256":"03aed6ebcfcb07cacd4a427583ebb272a2f8d2922498bb92a8b8d9512e7f46a5","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000056/gww8kex991q12026.htm","publishedAt":"2026-05-08","sha256":"0a419f54f15480e5a1e6343a173e7163e45f0b752b1209d926ae3ecd1ed85b4c","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/277135/000027713526000004/gww8kex991q42025.htm","publishedAt":"2026-02-03","sha256":"24390887e050b181c7f8fe4b60a764b7f829fb0175e494a81ea986f1740c7b21","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"history":[{"version":6,"updatedAt":"2026-10-23T19:05:13.947Z","verdict":"narrow","value":null},{"version":5,"updatedAt":"2026-10-22T22:17:09.215Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"queued","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}