Revenue growth accelerated to 12.4% in 2026Q1, while operating margins reached 20.3% as the company leveraged its decentralized service network.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.44B | 8.2B | 7.55B | 7.35B | 6.98B | 6.01B | 5.65B | 5.33B | 4.97B | 4.39B | 3.96B | 3.87B | 3.73B | 3.33B | 3.13B | 2.77B | 2.27B | 1.93B | 2.34B | 2.06B | 1.81B | 1.52B | 1.24B | 994.93M | 905.44M | 818.28M | 745.74M | 609.2M | 503.1M | 398M | 287.7M |
| Revenue Growth % | 10.94% | 8.67% | 2.71% | 5.24% | 16.13% | 6.44% | 5.88% | 7.42% | 13.09% | 10.81% | 2.4% | 3.63% | 12.25% | 6.14% | 13.25% | 21.92% | 17.57% | -17.52% | 13.51% | 13.95% | 18.77% | 23% | 24.48% | 9.88% | 10.65% | 9.73% | 22.41% | 21.09% | 26.41% | 38.34% | 29.25% |
| Cost of Goods Sold | 4.65B | 4.51B | 4.14B | 3.99B | 3.76B | 3.23B | 3.08B | 2.82B | 2.57B | 2.23B | 2B | 1.92B | 1.84B | 1.61B | 1.52B | 1.33B | 1.09B | 946.89M | 1.1B | 1.01B | 901.66M | 765.23M | 614.16M | 505.86M | 456.96M | 405.86M | 345.2M | 277.9M | 227.6M | 179.6M | 127.3M |
| COGS % of Revenue | - | 54.99% | 54.92% | 54.34% | 53.93% | 53.8% | 54.53% | 52.84% | 51.68% | 50.72% | 50.41% | 49.63% | 49.18% | 48.3% | 48.48% | 48.17% | 48.23% | 49.05% | 47.19% | 49.19% | 49.83% | 50.23% | 49.59% | 50.84% | 50.47% | 49.6% | 46.29% | 45.62% | 45.24% | 45.13% | 44.25% |
| Gross Profit | 3.79B | 3.69B | 3.4B | 3.35B | 3.22B | 2.78B | 2.57B | 2.52B | 2.4B | 2.16B | 1.96B | 1.95B | 1.9B | 1.72B | 1.61B | 1.43B | 1.17B | 983.43M | 1.24B | 1.05B | 907.67M | 758.1M | 624.33M | 489.07M | 448.48M | 412.43M | 400.54M | 331.3M | 275.5M | 218.4M | 160.4M |
| Gross Margin % | 44.89% | 45.01% | 45.08% | 45.66% | 46.07% | 46.2% | 45.47% | 47.16% | 48.32% | 49.28% | 49.59% | 50.37% | 50.82% | 51.7% | 51.52% | 51.83% | 51.77% | 50.95% | 52.81% | 50.81% | 50.17% | 49.77% | 50.41% | 49.16% | 49.53% | 50.4% | 53.71% | 54.38% | 54.76% | 54.87% | 55.75% |
| Gross Profit Growth % | - | 8.5% | 1.41% | 4.31% | 15.79% | 8.15% | 2.08% | 4.86% | 10.88% | 10.12% | 0.82% | 2.72% | 10.35% | 6.5% | 12.58% | 22.07% | 19.46% | -20.44% | 18% | 15.41% | 19.73% | 21.43% | 27.66% | 9.05% | 8.74% | 2.97% | 20.9% | 20.25% | 26.14% | 36.16% | 28.94% |
| Operating Expenses | 2.08B | 2.04B | 1.89B | 1.83B | 1.76B | 1.56B | 1.43B | 1.46B | 1.4B | 1.28B | 1.17B | 1.12B | 1.11B | 1.01B | 941.24M | 859.37M | 745.11M | 687.64M | 785.86M | 671.25M | 587.61M | 490.24M | 417.18M | 353.93M | 329.25M | 300.7M | 270.98M | 225.6M | 188.4M | 151.2M | 107M |
| OpEx % of Revenue | - | 24.82% | 25.07% | 24.85% | 25.24% | 25.95% | 25.28% | 27.36% | 28.2% | 29.22% | 29.52% | 28.99% | 29.75% | 30.29% | 30.04% | 31.06% | 32.83% | 35.62% | 33.58% | 32.56% | 32.48% | 32.18% | 33.68% | 35.57% | 36.36% | 36.75% | 36.34% | 37.03% | 37.45% | 37.99% | 37.19% |
| Selling, General & Admin | 2.08B | 2.04B | 1.89B | 1.83B | 1.76B | 1.56B | 1.43B | 1.46B | 1.4B | 1.28B | 1.17B | 1.12B | 1.11B | 1.01B | 941.24M | 859.37M | 745.11M | 686.79M | 785.69M | 671.25M | 587.61M | 489.79M | 416.52M | 353.61M | 334.88M | 300.7M | 259M | 213.6M | 177.2M | 141.7M | 99.5M |
| SG&A % of Revenue | - | 24.82% | 25.07% | 24.85% | 25.24% | 25.95% | 25.25% | 27.34% | 28.2% | 29.22% | 29.52% | 28.99% | 29.75% | 30.29% | 30.04% | 31.06% | 32.83% | 35.58% | 33.57% | 32.56% | 32.48% | 32.15% | 33.63% | 35.54% | 36.98% | 36.75% | 34.73% | 35.06% | 35.22% | 35.6% | 34.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 1.2M | -500K | -1M | -500K | -1.4M | -964K | -643K | 0 | 0 | 0 | 850K | 167K | 0 | 0 | 447K | 652K | 317K | -5.63M | 0 | 11.98M | 12M | 11.2M | 9.5M | 7.5M |
| Operating Income | 1.71B | 1.66B | 1.51B | 1.53B | 1.45B | 1.22B | 1.14B | 1.06B | 999.2M | 881.8M | 795.8M | 828.75M | 787.59M | 712.66M | 673.69M | 574.61M | 429.72M | 295.79M | 450.24M | 376.33M | 320.06M | 267.86M | 207.16M | 135.14M | 119.23M | 111.73M | 129.56M | 105.7M | 87.1M | 67.2M | 53.4M |
| Operating Margin % | 20.25% | 20.19% | 20.01% | 20.81% | 20.82% | 20.25% | 20.22% | 19.82% | 20.12% | 20.08% | 20.09% | 21.42% | 21.1% | 21.43% | 21.5% | 20.77% | 18.93% | 15.32% | 19.24% | 18.25% | 17.69% | 17.58% | 16.73% | 13.58% | 13.17% | 13.65% | 17.37% | 17.35% | 17.31% | 16.88% | 18.56% |
| Operating Income Growth % | - | 9.65% | -1.22% | 5.17% | 19.4% | 6.62% | 8% | 5.8% | 13.31% | 10.81% | -3.98% | 5.23% | 10.51% | 5.78% | 17.24% | 33.72% | 45.28% | -34.3% | 19.64% | 17.58% | 19.49% | 29.3% | 53.29% | 13.34% | 6.71% | -13.76% | 22.57% | 21.35% | 29.61% | 25.84% | 17.11% |
| EBITDA | 1.89B | 1.83B | 1.69B | 1.71B | 1.63B | 1.39B | 1.3B | 1.21B | 1.14B | 1.01B | 899.85M | 915.36M | 860.26M | 776.85M | 727.74M | 619.32M | 470.48M | 335.88M | 489.5M | 413.73M | 353.66M | 296.94M | 230.87M | 155.65M | 136.24M | 126.7M | 141.53M | 117.7M | 98.3M | 76.7M | 60.9M |
| EBITDA Margin % | 22.37% | 22.38% | 22.34% | 23.22% | 23.35% | 23.09% | 23.09% | 22.61% | 22.91% | 22.99% | 22.71% | 23.66% | 23.04% | 23.36% | 23.22% | 22.38% | 20.73% | 17.4% | 20.92% | 20.07% | 19.55% | 19.49% | 18.64% | 15.64% | 15.05% | 15.48% | 18.98% | 19.32% | 19.54% | 19.27% | 21.17% |
| EBITDA Growth % | 11.7% | 8.87% | -1.21% | 4.65% | 17.44% | 6.43% | 8.15% | 6.02% | 12.7% | 12.15% | -1.69% | 6.4% | 10.74% | 6.75% | 17.51% | 31.64% | 40.07% | -31.38% | 18.32% | 16.98% | 19.1% | 28.62% | 48.33% | 14.24% | 7.53% | -10.48% | 20.25% | 19.74% | 28.16% | 25.94% | 19.41% |
| D&A (Non-Cash Add-back) | 179.2M | 179.2M | 175.4M | 177.3M | 176.6M | 170.7M | 162.4M | 148.7M | 138.2M | 127.4M | 104.05M | 86.6M | 72.67M | 64.19M | 54.05M | 44.71M | 40.76M | 40.09M | 39.27M | 37.4M | 33.6M | 29.07M | 23.71M | 20.51M | 17.01M | 14.97M | 11.98M | 12M | 11.2M | 9.5M | 7.5M |
| EBIT | 1.71B | 1.66B | 1.52B | 1.53B | 1.45B | 1.22B | 1.14B | 1.06B | 999.6M | 882.2M | 796.23M | 829.13M | 788.35M | 713.58M | 674.15M | 575.08M | 429.72M | 296.64M | 451.17M | 376.43M | 319.84M | 267.86M | 207.16M | 135.14M | 119.23M | 111.73M | 129.56M | 105.7M | 87.1M | 67.2M | 53.4M |
| Net Interest Income | 2.3M | -700K | -1.9M | -6.7M | -13.6M | -9.6M | -9.1M | -13.5M | -12.2M | -8.7M | -6.1M | -2.7M | -156K | 811K | 464K | 472K | 951K | 1.7M | 930K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.2M | 5.5M | 5.4M | 4.1M | 700K | 100K | 600K | 400K | 400K | 400K | 394K | 373K | 759K | 924K | 464K | 472K | 951K | 1.7M | 930K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.9M | 6.2M | 7.3M | 10.8M | 14.3M | 9.7M | 9.7M | 13.9M | 12.6M | 9.1M | 6.5M | 3.1M | 915K | 113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 600K | -700K | -1.9M | -6.7M | -13.6M | -9.6M | -9.1M | -13.5M | -12.2M | -8.7M | -6.1M | -2.65M | -156K | 811K | 464K | 472K | 916K | 1.7M | 930K | 1.57M | 964K | 1.19M | 1.18M | 1.2M | 1.98M | 1.9M | 1.87M | 800K | -900K | 100K | 1M |
| Pretax Income | 1.71B | 1.66B | 1.51B | 1.52B | 1.44B | 1.21B | 1.13B | 1.04B | 987M | 873.1M | 789.7M | 826.1M | 787.43M | 713.47M | 674.15M | 575.08M | 430.64M | 297.49M | 451.17M | 377.9M | 321.03M | 269.06M | 208.34M | 136.34M | 121.21M | 113.63M | 131.43M | 106.5M | 86.2M | 67.3M | 54.4M |
| Pretax Margin % | 20.26% | 20.18% | 19.99% | 20.72% | 20.63% | 20.09% | 20.06% | 19.57% | 19.88% | 19.89% | 19.93% | 21.35% | 21.09% | 21.45% | 21.51% | 20.78% | 18.98% | 15.41% | 19.28% | 18.33% | 17.74% | 17.66% | 16.82% | 13.7% | 13.39% | 13.89% | 17.62% | 17.48% | 17.13% | 16.91% | 18.91% |
| Income Tax | 410.5M | 396.6M | 357.5M | 367M | 353.1M | 282.8M | 273.6M | 252.8M | 235.1M | 294.5M | 290.3M | 309.7M | 293.28M | 264.83M | 253.62M | 217.15M | 165.28M | 113.13M | 171.46M | 145.28M | 121.99M | 102.24M | 77.35M | 52.22M | 46.38M | 43.52M | 50.7M | 41M | 33.2M | 26.5M | 21.9M |
| Effective Tax Rate % | 24% | 23.96% | 23.71% | 24.11% | 24.52% | 23.41% | 24.15% | 24.22% | 23.82% | 33.73% | 36.76% | 37.49% | 37.25% | 37.12% | 37.62% | 37.76% | 38.38% | 38.03% | 38% | 38.44% | 38% | 38% | 37.13% | 38.3% | 38.27% | 38.3% | 38.58% | 38.5% | 38.52% | 39.38% | 40.26% |
| Net Income | 1.3B | 1.26B | 1.15B | 1.16B | 1.09B | 925M | 859.1M | 790.9M | 751.9M | 578.6M | 499.4M | 516.4M | 494.15M | 448.64M | 420.54M | 357.93M | 265.36M | 184.36M | 279.7M | 232.62M | 199.04M | 166.81M | 130.99M | 84.12M | 75.54M | 70.11M | 80.73M | 65.5M | 53M | 40.8M | 32.5M |
| Net Margin % | 15.39% | 15.35% | 15.25% | 15.72% | 15.57% | 15.39% | 15.21% | 14.83% | 15.14% | 13.18% | 12.6% | 13.35% | 13.24% | 13.49% | 13.42% | 12.94% | 11.69% | 9.55% | 11.95% | 11.28% | 11% | 10.95% | 10.58% | 8.45% | 8.34% | 8.57% | 10.83% | 10.75% | 10.53% | 10.25% | 11.3% |
| Net Income Growth % | 12.86% | 9.37% | -0.38% | 6.27% | 17.5% | 7.67% | 8.62% | 5.19% | 29.95% | 15.86% | -3.29% | 4.5% | 10.14% | 6.68% | 17.49% | 34.89% | 43.94% | -34.09% | 20.24% | 16.87% | 19.32% | 27.35% | 55.72% | 11.36% | 7.74% | -13.15% | 23.25% | 23.58% | 29.9% | 25.54% | 18.61% |
| Net Income (Continuing) | 1.3B | 1.26B | 1.15B | 1.16B | 1.09B | 925M | 859.1M | 790.9M | 751.9M | 578.6M | 499.4M | 516.4M | 494.15M | 448.64M | 420.54M | 357.93M | 265.36M | 184.36M | 279.7M | 232.62M | 199.04M | 166.81M | 130.99M | 84.12M | 74.83M | 70.11M | 80.73M | 65.5M | 53M | 40.8M | 32.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.13 | 1.09 | 1.00 | 1.01 | 0.94 | 0.80 | 0.75 | 0.69 | 0.66 | 0.50 | 0.44 | 0.45 | 0.42 | 0.38 | 0.36 | 0.31 | 0.23 | 0.16 | 0.24 | 0.20 | 0.17 | 0.14 | 0.11 | 0.07 | 0.07 | 0.06 | 0.07 | 0.06 | 0.04 | 0.03 | 0.03 |
| EPS Growth % | 14% | 9% | -0.99% | 7.45% | 17.5% | 6.67% | 8.7% | 5.34% | 31% | 14.94% | -2.25% | 7.23% | 9.21% | 7.04% | 16.39% | 35.56% | 45.16% | -34.04% | 20.51% | 18.18% | 17.86% | 27.27% | 57.14% | 7.69% | 8.33% | -7.69% | 18.18% | 25.71% | 29.63% | 25.46% | 19.56% |
| EPS (Basic) | - | 1.10 | 1.00 | 1.01 | 0.95 | 0.80 | 0.75 | 0.69 | 0.66 | 0.50 | 0.44 | 0.45 | 0.42 | 0.38 | 0.36 | 0.31 | 0.23 | 0.16 | 0.24 | 0.20 | 0.17 | 0.14 | 0.11 | 0.07 | 0.07 | 0.06 | 0.07 | 0.06 | 0.04 | 0.03 | 0.03 |
| Diluted Shares Outstanding | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.16B | 1.17B | 1.19B | 1.19B | 1.19B | 1.18B | 1.18B | 1.19B | 1.19B | 1.2B | 1.21B | 1.21B | 1.22B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B |
| Basic Shares Outstanding | 1.15B | 1.15B | 1.15B | 1.14B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B | 1.16B | 1.17B | 1.19B | 1.19B | 1.18B | 1.18B | 1.18B | 1.19B | 1.19B | 1.2B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B | 1.21B |
| Dividend Payout Ratio | - | 79.8% | 77.64% | 88.03% | 65.44% | 69.59% | 93.52% | 63.04% | 58.77% | 63.79% | 69.4% | 63.34% | 60.02% | 52.93% | 87.34% | 53.57% | 68.89% | 58.01% | 42% | 28.47% | 30.42% | 28.14% | 23.17% | 18.94% | 5.02% | 4.87% | 3.76% | 2.29% | 1.51% | 1.96% | 2.46% |
Margin dilution from mix
According to the most recent quarterly financial data, Fastenal has demonstrated a notable acceleration in top-line performance, with revenue growth reaching 12.4% in 2026Q1, a significant improvement from the low-single-digit growth rates observed throughout the 2024 fiscal year as the company scales its national account footprint.
The recent surge in revenue suggests that the company's strategic pivot toward Onsite and vending-led distribution is successfully capturing larger market share within industrial accounts. Investors should monitor whether this growth is sustainable or if it reflects a temporary cyclical tailwind in industrial production that may normalize in subsequent periods.
As reported in the company's income statements, Fastenal has maintained a consistent gross margin profile hovering near 45%, which reflects the firm's ability to command pricing power through its decentralized, high-touch service model despite the ongoing shift toward lower-margin safety and MRO product categories.
The stability of these margins indicates that the value-add provided by point-of-use inventory management effectively offsets the potential dilutive impact of a changing product mix. However, the slight compression from historical peaks above 50% warrants further investigation into whether national account pricing pressure is becoming a permanent structural headwind.
Based on the provided financial figures, Fastenal has successfully translated revenue gains into operating income, with operating margins expanding to 20.3% in 2026Q1, suggesting that the company is achieving meaningful overhead efficiency as its decentralized network of Onsite locations and vending units continues to scale.
The ability to grow operating income faster than gross profit during periods of high revenue growth implies that the company's fixed-cost base is being leveraged effectively. This trend appears to validate the long-term investment in proprietary logistics and personnel, though it remains sensitive to future inflationary pressures on labor and fuel.
Analysis of the reported income statements reveals that Fastenal's net income growth is largely driven by core operational performance, with stock-based compensation remaining negligible at approximately $2.6 million in 2026Q1, indicating a high quality of earnings that is not artificially inflated by non-cash equity-based dilution.
The absence of significant non-operating items or aggressive accounting adjustments suggests that the reported EPS is a reliable indicator of the company's underlying profitability. Investors should continue to view the company's conservative capital structure and lack of R&D spending as evidence of a mature, cash-generative business model.
While the company shows strong growth, a critical look at the data suggests that the persistent shift toward lower-margin safety and MRO supplies may eventually erode profitability, as evidenced by the gross margin's inability to reclaim the 50% levels seen in previous years of operation.
Short-term revenue acceleration may mask a long-term risk where the company trades higher-margin fastener business for lower-margin national account volume. If the competitive landscape intensifies, the company may find it increasingly difficult to maintain its current margin profile without sacrificing the very service-based moat that currently supports its valuation.
Quick answers to the most common questions about buying FAST stock.
For fiscal year 2025, Fastenal Company (FAST) reported total revenue of $8.20B. This represents a 2750.4% increase compared to $287.7M in 1996.
Fastenal Company (FAST) is profitable, generating $1.26B in net income for the fiscal year ending 2025 with a net profit margin of 15.3%.
Fastenal Company (FAST) reported an operating income of $1.66B, resulting in an operating profit margin of 20.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Fastenal Company (FAST) generated $3.69B in gross profit for the year, representing a gross profit margin of 45.0%. This demonstrates the company's core pricing power and production efficiency.