Fastenal (FAST) FY2024 results: revenue $7.5 billion, up 2.7% on the year

Fastenal Co. (FAST) reported revenue of $7.5 billion for fiscal 2024, the year ended 31 December 2024, up 2.7% on the year before. Net income was $1.2 billion, down 0.4%, and diluted earnings per share $1.00. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2025.

Revenue

$7.5 billion

+2.7% on the year

FY2017FY2024

Operating margin

20.0%

20.8% a year earlier

FY2017FY2024

Net income

$1.2 billion

-0.4% on the year

FY2017FY2024

Diluted EPS

$1.00

-1.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,546	7,347	6,981	+2.7%
Cost of revenue	4,144	3,992	3,765	+3.8%
Gross profit	3,402	3,354	3,216	+1.4%
Gross margin	45.1%	45.7%	46.1%
Selling, general and administrative	1,892	1,826	1,762	+3.6%
Operating income	1,510	1,529	1,454	-1.2%
Operating margin	20.0%	20.8%	20.8%
Interest expense	7.3	10.8	14.3	-32.4%
Pre-tax income	1,508	1,522	1,440	-0.9%
Income tax	358	367	353	-2.6%
Effective tax rate	23.7%	24.1%	24.5%
Net income	1,151	1,155	1,087	-0.4%
Net margin	15.2%	15.7%	15.6%
Diluted EPS	$1.00	$1.01	$0.94	-1.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,173	1,433	941	-18.1%
Capital expenditure	226	173	174	+31.1%
Free cash flow	947	1,260	767	-24.9%
Free cash flow margin	12.5%	17.1%	11.0%
Cash from investing	-214	-161	-163
Cash from financing	-914	-1,282	-775
Depreciation and amortisation	175	177	177	-1.1%
Share-based compensation	8.0	7.3	7.2	+9.6%
Buybacks	0.0	0.0	238
Dividends paid	893	1,017	711	-12.1%
Dividend per share	$0.78	$0.89	$0.62	-12.4%
Diluted shares, weighted	1,149m	1,146m	1,151m	+0.2%
Shares outstanding at period end	1,147m	1,144m	1,142m	+0.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,616	3,349	3,163	+8.0%
Debt	200	260	555	-23.1%
Operating lease liabilities	187	179	155	+4.4%
Other liabilities	695	675	675	+2.9%
Total liabilities and equity	4,698	4,463	4,549	+5.3%
Fixed assets	1,057	1,011	1,010	+4.5%
Cash and equivalents	256	221	230	+15.6%
Receivables	1,109	1,088	1,013	+1.9%
Inventory	1,645	1,523	1,708	+8.0%
Other assets	632	620	587	+1.9%
Total assets	4,698	4,463	4,549	+5.3%

10-K for the year ended 31 December 2024, filed 6 February 2025: the filing.