Fastenal (FAST) FY2023 results: revenue $7.3 billion, up 5.2% on the year

Fastenal Co. (FAST) reported revenue of $7.3 billion for fiscal 2023, the year ended 31 December 2023, up 5.2% on the year before. Net income was $1.2 billion, up 6.3%, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2024.

Revenue

$7.3 billion

+5.2% on the year

FY2016FY2023

Operating margin

20.8%

20.8% a year earlier

FY2016FY2023

Net income

$1.2 billion

+6.3% on the year

FY2016FY2023

Diluted EPS

$1.01

+6.9% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	7,347	6,981	6,011	+5.2%
Cost of revenue	3,992	3,765	3,234	+6.0%
Gross profit	3,354	3,216	2,777	+4.3%
Gross margin	45.7%	46.1%	46.2%
Selling, general and administrative	1,826	1,762	1,560	+3.6%
Operating income	1,529	1,454	1,217	+5.2%
Operating margin	20.8%	20.8%	20.3%
Interest expense	10.8	14.3	9.7	-24.5%
Pre-tax income	1,522	1,440	1,208	+5.7%
Income tax	367	353	283	+3.9%
Effective tax rate	24.1%	24.5%	23.4%
Net income	1,155	1,087	925	+6.3%
Net margin	15.7%	15.6%	15.4%
Diluted EPS	$1.01	$0.94	$0.80	+6.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,433	941	770	+52.3%
Capital expenditure	173	174	157	-0.6%
Free cash flow	1,260	767	614	+64.2%
Free cash flow margin	17.1%	11.0%	10.2%
Cash from investing	-161	-163	-148
Cash from financing	-1,282	-775	-627
Depreciation and amortisation	177	177	171	+0.4%
Share-based compensation	7.3	7.2	5.6	+1.4%
Buybacks	0.0	238	0.0
Dividends paid	1,017	711	644	+42.9%
Dividend per share	$0.89	$0.62	$0.56	+43.5%
Diluted shares, weighted	1,146m	1,151m	1,154m	-0.5%
Shares outstanding at period end	1,144m	1,142m	1,151m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,349	3,163	3,042	+5.9%
Debt	260	555	390	-53.2%
Operating lease liabilities	179	155	156	+15.2%
Other liabilities	675	675	711	+0.0%
Total liabilities and equity	4,463	4,549	4,299	-1.9%
Fixed assets	1,011	1,010	1,019	+0.1%
Cash and equivalents	221	230	236	-3.8%
Receivables	1,088	1,013	900	+7.3%
Inventory	1,523	1,708	1,524	-10.8%
Other assets	620	587	620	+5.6%
Total assets	4,463	4,549	4,299	-1.9%

10-K for the year ended 31 December 2023, filed 6 February 2024: the filing.