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Fastenal (FAST) investor relations material
Fastenal Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Jul, 2025
Executive summary
Net sales grew 8.6% year-over-year in Q2 2025, surpassing $2 billion for the first time, driven by contract customer growth, improved contract signings, and strategic initiatives despite sluggish market conditions.
Net income increased 12.8% year-over-year to $330.3 million, with diluted EPS up 12.7% to $0.29, reflecting higher sales, improved gross margin, and productivity gains.
Operating margin improved to 21.0% from 20.2% in Q2 2024, with SG&A leverage and cost controls offsetting higher employee-related expenses.
Growth was led by contract customers and manufacturing end markets, with non-fastener product lines outpacing fasteners.
Strong cash flow from operations supported increased dividends and capital investments, with no share repurchases in the quarter.
Financial highlights
Q2 2025 net sales: $2,080.3 million (+8.6% YoY); gross profit margin: 45.3% (up from 45.1%); operating income margin: 21.0% (up from 20.2%).
Q2 2025 net income: $330.3 million (+12.8% YoY); diluted EPS: $0.29 (+12.7% YoY).
Operating cash flow was $278.6 million (84.4% of net income), above the five-year Q2 average.
Net capital expenditures were $64.3 million, with full-year 2025 guidance of $250–$270 million.
Dividends paid in Q2 2025 totaled $252.5 million, up from $223.3 million a year ago.
Outlook and guidance
2025 net capital expenditures expected at $250–$270 million, down from prior guidance but up from 2024.
Weighted FASTBin/FASTVend device signings goal for 2025 revised to 25,000–26,000 MEUs.
Digital Footprint sales goal for 2025 revised to 63–64% of total sales.
Additional pricing actions anticipated in H2 2025 to support margin, with inventory growth likely to remain elevated.
Ongoing tax rate expected to be approximately 24.5%, with no material change from recent U.S. tax legislation.
Why was the 2025 FMI goal revised?
Explain inventory increase in Q2 2025.
Discuss manufacturing end market outperformance.
Assess impact of tariff uncertainty on pipeline.
Explain fastener inventory's effect on margins.
Quantify spot buy opportunity from existing customers.
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Next Fastenal earnings date
Q3 202513 Oct, 2025
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Frequently asked questions
Industrial and Construction Supplies
Fastenal is an American company and a global distributor of industrial and construction supplies. Well known for its vast inventory, the company specializes in providing an extensive range of fasteners, such as nuts, bolts, and screws, catering to various industries including manufacturing, construction, and engineering. Besides this, the company also offers a variety of services for customers. Fastenal is active all across the Americas, as well as in Europe and Asia. Fastenal is headquartered in Winona, Minnesota, and its shares are listed on the Nasdaq.
Vending Machines for Nuts and Bolts
Fastenal was founded in 1967 by Bob Kierlin and four friends in Winona, Minnesota, with an initial investment of just $30,000. The company's business idea was to provide a diverse array of fasteners, such as nuts, bolts, and screws, via a vending machine model. This unique approach simplified the procurement process for businesses. Fastenal's first storefront opened in 1967, marking the beginning of its transition from a vending machine model to a retail approach. Since then, Fastenal has experienced significant growth, expanding its product range beyond fasteners to include various industrial and construction supplies. Today, the company is one of the largest of its kind and competes against other companies in the sector such as WESCO, W.W. Grainger, and MSC Industrial.
Products and Services
Their extensive product lineup includes fasteners like bolts, nuts, and screws, which are foundational to their inventory. However, their offerings extend far beyond fastening solutions. Fastenal also supplies a variety of tools, safety equipment, cutting tools, abrasives, and material handling products, among others, to address the broad needs of its clients. In terms of services, Fastenal is well known for its tailored supply chain and inventory management solutions. One of their notable innovations is the industrial vending machine program, which simplifies tool and supply distribution. Additionally, they offer services like tool repair, manufacturing, and custom product development.
The Retail Locations
Fastenal adopts a localized approach to its store network, emphasizing proximity and responsiveness to its customers. Each store functions not just as a retail outlet, but as a service hub, tailored to the specific requirements of the local community and businesses. This strategy enables Fastenal to offer personalized service and rapid delivery, ensuring that customers have quick and easy access to a wide range of industrial and construction supplies.
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