Fastenal Company · NASDAQ:FAST
Fastenal — Q4 2025 Earnings Presentation
18 slides from Fastenal's earnings presentation, Jan 20, 2026
Slide 1: Fourth Quarter Investor Teleconference
2025 Fourth Quarter Investor Teleconference January 20, 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement All statements made herein that are not historical facts (e.g., future operating results, net sales growth, long-term share gains, and business activity, as well as expectations regarding operations, including gross and operating income margin, eBusiness DSR sales growth, weigh
Slide 3: 4Q25: Strategic Progress & Key Initiatives
4Q25: Strategic Progress & Key Initiatives Daily Sales Rate (DSR) Growth 12% 11.1% Continued progress on strategic objectives. 10% • Increasing sales effectiveness - Share gains driven by key account strategy and new contracts. 8% • Enhancing our services - Expanded FMI device base 6% and digital fo
Slide 4: 4Q25: Customer Site Growth & Performance
4Q25: Customer Site Growth & Performance 4Q25 4Q24 Customer Sites Mo. Sales per Customer Sites Mo. Sales per (#) (1) (2) Sales ($MM) Customer Site (3) (#) (1) (2) Sales ($MM) Customer Site (3) Manufacturing $50k+/Mo. (4) 2,194 $912.3 $138,605 1,945 $779.4 $133,573 $10k+/Mo. 8,514 1,331.2 52,118 7,92
Slide 5: 4Q25: Technology Update
4Q25: Technology Update FMI Device Signings per Day FMI technology signings down 12.1% - We signed 95 and Total Installations (MEUs) (1) 200 160K weighted devices per day (5,966 total) in 4Q25, versus 136,638 108 per day (6,790 total) in 4Q24. Although a large YOY 175 126,957 140K 150 113,138 120K d
Slide 6: 4Q25: Business Trends & Market Drivers
4Q25: Business Trends & Market Drivers End Market Daily Sales Rate (DSR) Growth 20% • U.S. PMI and industrial production remained 13.0% mixed, with non-manufacturing segments showing 10% 12.6% relative weakness. PMI averaged 48.3 for 4Q25, 6.3% while industrial production was slightly positive in Oc
Slide 7: 4Q25: Margin Performance & Drivers
4Q25: Margin Performance & Drivers Gross Profit Margin Gross margin decreased 50 basis points in 4Q25 from last year, 50% driven by timing elements. • This margin decrease was due to a higher COGS impact in 45.5% 4Q25, due to timing factors. As certain inventory-related 44.8% 45% 44.3% working capit
Slide 8: 4Q25: Cash Flow & Capital Allocation
4Q25: Cash Flow & Capital Allocation Operating Cash Flow (OCF) (in millions) Cash Flow & Working Capital 400 125.2% 350 132.9% • Operating cash flow was $368.1M in 4Q25, representing 125.2% of net income (vs. 107.9% last year). Cash 300 107.9% generation remains strong. 250 200 • Accounts receivable
Slide 9: CEO Summary / Recap
CEO Summary / Recap Market Outlook • Broader market conditions remain mixed, with ongoing challenges in industrial production. • Ongoing focus on pricing neutrality and managing tariff impacts to defend profitability. • Anticipated double-digit net sales growth in 2026, supported by FMI technology a
Slide 10: Company Strategy
=, COMPANY i STRATEGY 10%+ MARKET SHARE GAINS $15B COMPANY ©. STRATEGIC OBJECTIVES Increase Sales Effectiveness Sell more of what we sell today and focus sales efforts on customers a district with sales (or the potential for sales) of at least $5K+ per mo Enhance Our Services Improve the value propo
Slide 11: Appendix: Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures The appendix includes information on our Return on Invested Capital ('ROIC'), which is a non-GAAP financial measure. We define ROIC as net operating profit less income tax expense divided by average invested capital over the trailing 12 months ('TTM'). We believe
Slide 12: Return on Invested Capital
Return on Invested Capital* Calculation of Return on Invested Capital (ROIC) Reconciliation of ROIC to Return on Assets (ROA) TTM TTM TTM TTM (Amounts in millions) 4Q25 4Q24 (Amounts in millions) 4Q25 4Q24 Operating Income $ 1,655.7 1,510.0 Net Income $ 1,258.4 1,150.6 Income Tax Expense (396.6) (35
Slide 13: Sequential Trends
Sequential Trends* Cum. Cum. Cum. Cum. Chg., Chg., Chg., Chg., Jan. Jan. Jan. Jan. Daily Sales Rate (DSR) to to to to BENCHMARKS Jan.* Feb. Mar. Mar. Apr. May Jun. Jun. Jul. Aug. Sep. Sep. Oct. Oct. Nov. Dec. 2026 BENCHMARK** 0.0% 2.2% 2.7% 4.9% (1.6%) 3.0% 1.0% 7.5% (3.1%) 2.2% 4.0% 10.7% (1.8%) 8.
Slide 14: Employee Statistics
Employee Statistics Absolute Count FTE Count (1) Change Change Change Change HEADCOUNT Since Since Since Since STATISTICS 4Q25 3Q25 3Q25 4Q24 (2) 4Q24 4Q25 3Q25 3Q25 4Q24 (2) 4Q24 Selling personnel (3) 17,166 17,196 (0.2%) 16,669 3.0% 15,439 15,414 0.2% 15,014 2.8% Distribution/Transportation person
Slide 15: End Market Profile
End Market Profile End Market Mix - Full Year 2025 End Market Mix - Full Year 2024 Transportation/ Other, 2.6% Transportation/ Other, 2.3% Warehousing, 5.3% Warehousing, 5.2% Gov't/Education, 3.8% Heavy Gov't/Education, 3.8% Heavy Manufacturing, 43.0% Manufacturing, 43.0% Reseller, 4.4% Reseller, 5.
Slide 16: Channels to Market - Supplemental
Channels to Market - Supplemental Note: We are providing the next two 'Channels to Market' slides as a supplemental disclosure to support users' transition to our new reporting format that we anticipate transitioning to in our next Form 10-K. The legacy tables, which segmented sales market channels,
Slide 17: Channels to Market - Supplemental
Channels to Market - Supplemental North America Outside North America Central & South U.S. (1) Canada Mexico Subtotal America (2) Asia (3) Europe (4) Subtotal Total In-Market Locations - 12/31/23 2,783 283 197 3,263 20 47 89 156 3,419 Starting Branches 1,277 164 69 1,510 5 25 57 87 1,597 Opened Bran
Slide 18: Thank You
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