Fastenal (FAST) FY2025 10-K Annual Report
Fastenal (FAST) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fastenal FY2025 10-K Analysis
Business Overview
- • Core business model: Industrial and construction supplies distribution, focusing on fasteners and related products
- • No new products, services, or segments introduced or highlighted in this filing year
- • Continued emphasis on corporate governance, with updates to compensation and security ownership disclosures by reference to Proxy Statement
- • Latest filing includes restated corporate governance documents dated 2024 and 2025, reflecting updated company policies and charters
- • Noteworthy fact: Dual independent auditor reports included from PricewaterhouseCoopers LLP and KPMG LLP for fiscal year-end 2025 consolidated financial statements
Management Discussion & Analysis
- • Revenue $8,200.5M, up 8.7% YoY; daily sales $32.3M up 9.1% driven by share gains and key account growth
- • Operating margin 20.2% vs 20.0%; gross margin 45.0% vs 45.1%; SG&A expense margin improved to 24.8% from 25.1%
- • Best performing segment: Direct materials up 10.6%, 38.7% of sales; worst performing: Non-manufacturing customers 5.2% growth vs manufacturing 10.4%
- • Operating cash flow $1,083.8M (104.8% of net income); capex $230.6M (2.8% of sales), dividends paid $1,004.2M (79.8% of net income), no share buybacks
- • 2026 capex guidance $310M-$330M to upgrade hub facilities, increase trucking and IT spend; risks include tariff volatility, inflation, and macroeconomic uncertainty
Risk Factors
- • Tariff risk from U.S. administration on imports from Asia, with potential impact growing as low-tariff inventory depletes in subsequent quarters
- • Significant exposure to foreign currency fluctuations in Canadian dollar and Mexican peso against USD; impact immaterial in 2025 despite USD strengthening
- • Supply chain vulnerability due to lengthy import routes and shipping cost fluctuations affecting product gross profit
- • Commodity steel price increases in 2025, exposure delayed due to long supply chain but affects steel fasteners market segment
- • Floating interest rate exposure on Credit Facility debt; 1% rate hike would increase interest expense by $0.4 million
Fastenal FY2025 Key Financial MetricsXBRL
Revenue
$8.2B
▲ +8.7% YoY
Net Income
$1.3B
▲ +9.4% YoY
Gross Margin
45.0%
▼ -7bp YoY
Operating Margin
20.2%
▲ +18bp YoY
Net Margin
15.3%
▲ +10bp YoY
ROE
31.9%
▲ +9bp YoY
Total Assets
$5.1B
▲ +7.6% YoY
EPS (Diluted)
$1.09
▼ -45.5% YoY
Operating Cash Flow
$1.3B
▲ +10.4% YoY
Source: XBRL data from Fastenal FY2025 10-K filing on SEC EDGAR. All figures in USD.
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