Fastenal (FAST) FY2025 results: revenue $8.2 billion, up 8.7% on the year

Fastenal distributes industrial and construction supplies, almost all of it business to business. It began as a partnership in 1967 selling threaded fasteners through a branch network, was incorporated in Minnesota in 1968, and now sells more than nine major product lines. At the end of 2025 it had 1,595 branch locations in 25 countries, supported by 15 distribution centres in North America, two in Asia and two in Europe, and it employed 24,489 people.

Sites and service models

From 2025 the company reports Sites rather than public branches and customer-dedicated Onsites. A Site is a distinct location of a customer's operations where Fastenal holds inventory tailored to local demand, supported by the regional distribution network. Each Site may carry one or more service models: Fastenal Managed Inventory programmes, integrated supply programmes, eBusiness capabilities and advanced manufacturing services. The stated priority is customer sites with monthly sales potential of $50,000 or more.

Vending and bins

Industrial vending, sold as FASTVend, was introduced in 2008 and finished 2025 with approximately 124,000 devices in the field. The portfolio runs to 21 different vending devices, 16 of them in a helix or locker format, the most used being the helix-based FAST 5000 and the 12 and 18-door lockers. The company estimates the market could support as many as 1.7 million vending units. FASTStock is bin stock held in a customer's facility, organised into digital plan-o-grams and scanned when a bin reaches its minimum level, and FASTBin, introduced in 2019, is the electronic version of it, monitoring inventory continuously and replenishing automatically.

Distribution

Fifteen regional distribution centres in North America, 12 in the United States, two in Canada and one in Mexico, plus two in Asia and two in Europe, giving approximately 5.3 million square feet of distribution capacity. They are placed to allow deliveries two to five times a week to the selling locations using the company's own trucks, with approximately 79% of North American selling locations receiving service four to five times a week. Indiana and Kansas act as master hubs and California and North Carolina as secondary hubs. Twelve of the North American centres run automated storage and retrieval systems and handle approximately 96% of picking activity.

Own manufacture and supply

Approximately 96% of consolidated net sales in 2025 came from products manufactured by other companies. The remaining 4% came from products manufactured, modified or repaired in-house, mostly non-standard sizes of threaded fasteners and hardware made to customer specification at one of nine manufacturing locations, or standard sizes under the Holo-Krome, Cardinal Fasteners and Spensall lines, together approximately 8% of fastener sales. The industrial services group adds tool and hoist repair, chain sling and hose fabrication, band saw blade welding, packaging and other light fabrication. Suppliers are diverse, with one supplier accounting for more than 5% of inventory purchases in 2025 and all others below that, but fastener and private label supply is heavily concentrated in Asia, principally China and Taiwan.

Customers and contracts

Approximately 71% to 76% of customers sit in manufacturing end markets: heavy machinery, fabricated products, process industries such as oil and gas, petrochemical, mining and pulp and paper, and transportation components including automotive and aerospace. The remaining 24% to 29% are mostly non-residential construction, resellers, transportation services and state and local government including schools and universities. That orientation makes the business cyclical, though the filing notes that the larger part of sales goes into maintaining facilities rather than into final products, and that this part moves less sharply. Approximately 74% of consolidated sales in 2025 were with customers whose spend was under a contractual agreement, and national accounts alone accounted for 65% of consolidated sales.

From Fastenal's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 5 February 2026: read the full 10-K.