Short answer
Fastenal (FAST) filed its fiscal 2025 10-K annual report with the SEC on Feb 5, 2026. It reported revenue of $8.2B (+8.7% year over year) and net income of $1.3B.
- Top risk flagged: Tariff risk from U.S. administration on imports from Asia, with potential impact growing as low-tariff inventory depletes in subsequent quarters
FY2025 key financial metrics · XBRL
- Revenue
- $8.2B
- +8.7% YoY
- Net income
- $1.3B
- +9.4% YoY
- Operating margin
- 20.2%
- +0.2 pp YoY
- Gross margin
- 45.0%
- −0.1 pp YoY
- EPS (diluted)
- $1.09
- −45.5% YoY
- ROE
- 31.9%
- +0.1 pp YoY
- Operating cash flow
- $1.3B
- +10.4% YoY
Source: XBRL data from the Fastenal (FAST) FY2025 10-K on SEC EDGAR. USD.
Fastenal FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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