Global Industrial Co.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 24 February 2026: press release. The quarter’s numbers.

Key takeaways

Fourth-quarter sales grew 14.3%: Sales were $345.6 million against $302.3 million a year earlier, the company reported. Source
Full-year sales rose 4.8%: Sales were $1,379.1 million against $1,315.9 million in 2024. Source
Fourth-quarter gross margin rose: Gross margin was 34.5% against 33.8% a year earlier, and below the 35.6% reported in the third-quarter release. Source
Fourth-quarter daily sales growth drivers: Management said the increase in average daily sales came from both volume and price improvements, and cited good momentum across the business. Source
Business model transformation under way: Management described a shift to a more customer-centric organization and a reframed go-to-market strategy to meet customer needs. No quantified targets were given. Source
Full-year operating cash flow rose: Operating cash flow from continuing operations was $77.7 million against $50.4 million. The change in working capital was a use of $10.9 million against $22.3 million. Source
Quarterly dividend raised 7.7%: The Board declared a $0.28 quarterly cash dividend, up from $0.26; management described it as the 11th consecutive annual increase. Source

“2025 was a year of solid execution and significant progress for Global Industrial, with revenue growing 4.8% to $1.38 billion.”
Anesa Chaibi, Chief Executive Officer

What changed from last quarter

New: Quarterly dividend raised to $0.28 from $0.26 in the third-quarter release. Source
New: Share repurchases of about 326,000 shares in the fourth quarter, not reported in the third-quarter release. Source

Fourth-quarter and full-year results

Fourth-quarter sales grew 14.3%: Sales were $345.6 million against $302.3 million a year earlier, the company reported. Source
Quarterly operating income rose: Operating income from continuing operations was $19.6 million against $14.5 million in the fourth quarter of 2024. Source
Quarterly diluted EPS rose: Diluted EPS from continuing operations was $0.38 against $0.27, and net income from continuing operations was $14.6 million against $10.6 million. Source
Full-year sales rose 4.8%: Sales were $1,379.1 million against $1,315.9 million in 2024. Source
Full-year operating income and EPS rose: Operating income from continuing operations was $97.6 million against $80.5 million; diluted EPS from continuing operations was $1.85 against $1.57. Source
Reporting periods include an extra week: The fourth quarter had 14 weeks against 13 a year earlier, and 2025 had 53 weeks against 52. The documents do not quantify the effect of the extra week. Source

Costs, margins and tax

Fourth-quarter gross margin rose: Gross margin was 34.5% against 33.8% a year earlier, and below the 35.6% reported in the third-quarter release. Source
Full-year gross margin was higher: Gross margin for 2025 was 35.5% against 34.3% in 2024. Source
Selling, general and administrative costs rose: Fourth-quarter costs were $99.5 million against $87.8 million, and full-year costs were $392.6 million against $371.5 million. Source
Tax provision increased: Provision for income taxes was $5.0 million in the fourth quarter against $3.5 million, and $25.6 million for 2025 against $19.1 million. Source
Operating margin widened: Operating margin was 5.7% in the fourth quarter against 4.8%, and 7.1% for 2025 against 6.1% for 2024. Source

“We continue to make progress on our strategic initiatives, which we believe will enable us to drive profitable top-line growth, and scale the business in 2026 and beyond.”
Anesa Chaibi, Chief Executive Officer

Demand and volume

Fourth-quarter daily sales growth drivers: Management said the increase in average daily sales came from both volume and price improvements, and cited good momentum across the business. Source
Fourth-quarter selling days increased: The company counts 66 selling days in the U.S. and Canada in the fourth quarter against 62, and calculates average daily sales on selling days. Source
Full-year selling days were higher: U.S. selling days were 257 against 253, and Canadian selling days were 254 against 250, for the full year. Source

Strategy and customer focus

Business model transformation under way: Management described a shift to a more customer-centric organization and a reframed go-to-market strategy to meet customer needs. No quantified targets were given. Source
CRM and services platforms funded in 2025: Management said the investment gives deeper customer insights and aligns services and solutions to provide more value to customers. Source
Go-to-market reframing carried over from Q3: The third-quarter release described the same reframing, with a more intentional approach to attracting customers and an expanded set of solutions and products.

“We are pleased with our performance and excited about our growth strategy.”
Anesa Chaibi, Chief Executive Officer

Cash flow and balance sheet

Full-year operating cash flow rose: Operating cash flow from continuing operations was $77.7 million against $50.4 million. The change in working capital was a use of $10.9 million against $22.3 million. Source
Fourth-quarter operating cash flow: Operating cash flow from continuing operations in the quarter was approximately $20.0 million, against $22.6 million in the third quarter. Source
Year-end working capital and cash: At December 31, 2025 the company reported working capital of $218.0 million, cash of $67.5 million, and about $120.5 million of excess credit availability, unchanged from the third quarter. Source
Receivables and inventory increased: Accounts receivable were $139.6 million against $126.5 million, and inventories $174.6 million against $167.1 million, at year-end. Source
Capital expenditure fell for the year: Purchases of property, plant and equipment were $3.1 million for 2025 against $3.8 million for 2024. Source

Returns to shareholders

Quarterly dividend raised 7.7%: The Board declared a $0.28 quarterly cash dividend, up from $0.26; management described it as the 11th consecutive annual increase. Source
Dividends paid rose for the year: Dividends paid were $40.3 million for 2025 against $38.4 million for 2024. Source
Fourth-quarter share repurchases: About 326,000 shares were repurchased in the fourth quarter for $9.3 million; the third-quarter release did not report repurchases. Source
Full-year treasury share purchases: Purchases of treasury shares were $9.1 million in the 2025 cash flow statement and none in 2024. Source

Coming up, as management said on 24 February 2026

Dividend record and payment dates: The $0.28 dividend is payable March 16, 2026 to holders of record at the close of business on March 9, 2026. Source

Figures management reported

Figure	Reported
Average daily sales growth, fourth quarter Source	7.4%
Average daily sales growth, full year Source	3.2%

Earlier plans management reported on

Not stated: Management said continued progress on strategic initiatives is meant to drive profitable top-line growth. Source
Not stated: Management anticipates continuing a regular quarterly dividend; no amount or timing beyond the current declaration was given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

GLOBAL INDUSTRIAL REPORTS FOURTH QUARTER AND

FULL YEAR 2025 FINANCIAL RESULTS

Fourth Quarter Sales Increased 14.3%; Operating Income Improved 35.2%; EPS Grew 40.7%

Full Year Sales of $1.38 Billion, Increased 4.8%; Operating Income Improved 21.2%

Quarterly Dividend Increased by 7.7% to $0.28

PORT WASHINGTON, NY, February 24, 2026 - Global Industrial Company (NYSE: GIC), a value-added distributor and source for industrial equipment and supplies, today announced financial results for the fourth quarter ended December 31, 2025.

Performance Summary*(U.S. dollars in millions, except per share data)
Highlights	Quarter Ended December 31,				Year Ended December 31,
		2025		2024		2025		2024
Net sales	$345.6		$302.3		$1,379.1		$1,315.9
Gross profit	$119.1		$102.3		$490.2		$452.0
Gross margin	34.5%		33.8%		35.5%		34.3%
Operating income from continuing operations	$19.6		$14.5		$97.6		$80.5
Operating margin	5.7%		4.8%		7.1%		6.1%
Net income from continuing operations	$14.6		$10.6		$72.0		$60.7
Net income per diluted share from continuing operations	$0.38		$0.27		$1.85		$1.57
Net income from discontinued operations	$0.0		$0.1		$0.1		$0.3
Net income per diluted share from discontinued operations	$0.00		$0.00		$0.00		$0.01
*	Global Industrial Company manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal fourth quarter ended on January 3, 2026 and December 28, 2024, respectively. The fourth quarter of 2025 included 14 weeks and the full year of 2025 included 53 weeks. The fourth quarter of 2024 included 13 weeks and the full year of 2024 included 52 weeks. Average daily sales is calculated based upon the number of selling days in each period, with Canadian sales converted to U.S. dollars using the current year's average exchange rate. There were 66 selling days in the U.S. and Canada in the fourth quarter of 2025 and 62 selling days in the U.S. and Canada in the fourth quarter of 2024. There were 257 selling days in the U.S. in 2025 and 253 selling days in 2024 and 254 selling days in Canada in 2025 and 250 selling days in Canada in 2024.

Fourth Quarter 2025 Financial Summary:

Consolidated sales increased 14.3% to $345.6 million in U.S. dollars compared to $302.3 million last year and average daily sales increased 7.4% compared to prior year.
Consolidated gross margin increased to 34.5% compared to 33.8% last year.
Consolidated operating income from continuing operations increased 35.2% to $19.6 million compared to $14.5 million last year.
Net income per diluted share from continuing operations increased 40.7% to $0.38 compared to $0.27 last year.

Year Ended 2025 Financial Summary:

Consolidated sales increased 4.8% to $1.38 billion in U.S. dollars compared to $1.32 billion last year and average daily sales increased 3.2% compared to prior year.
Consolidated gross margin increased to 35.5% compared to 34.3% last year.
Consolidated operating income from continuing operations increased 21.2% to $97.6 million compared to $80.5 million last year.
Net income per diluted share from continuing operations increased 17.8% to $1.85 compared to $1.57 last year.

Anesa Chaibi, Chief Executive Officer, said "2025 was a year of solid execution and significant progress for Global Industrial, with revenue growing 4.8% to $1.38 billion. We ended the year with good momentum across the business, highlighted by a 7.4% increase in average daily sales in the fourth quarter, driven by both volume and price improvements. We also delivered strong margin performance, generated healthy cash flows, and today announced an increase in the quarterly recurring dividend for the 11 consecutive year. In addition, during the fourth quarter we repurchased approximately 326,000 shares of our stock."

"We continue to make progress on our strategic initiatives, which we believe will enable us to drive profitable top-line growth, and scale the business in 2026 and beyond. This includes transforming our business model to become a more customer-centric organization along with reframing our go-to-market strategy to better meet the needs of our customers. In 2025, we invested in our CRM and services platforms to gain deeper insights, allowing us to enhance the alignment of our services and solutions to provide increased value for our customers. We are pleased with our performance and excited about our growth strategy."

At December 31, 2025, the Company had total working capital of $218.0 million, cash and cash equivalents of $67.5 million, and excess availability under its credit facility of approximately $120.5 million. Operating cash flow generated by continuing operations in the quarter was approximately $20.0 million. During the fourth quarter of 2025, the Company repurchased approximately 326,000 shares of its common stock at an aggregate purchase price of $9.3 million. The Company’s Board of Directors has declared a cash dividend of $0.28 per share to common stock shareholders of record at the close of business on March 9, 2026, payable on March 16, 2026. The Company anticipates continuing a regular quarterly dividend in the future.

Earnings Conference Call Details

Global Industrial Company will host a conference call and question and answer session on its fourth quarter 2025 results today, February 24, 2026 at 5:00 p.m. Eastern Time. A live webcast of the call will be available on the Company’s website at https://investors.globalindustrial.com in the events section. The webcast will also be archived on the website for approximately 90 days.

About Global Industrial Company

Global Industrial Company (NYSE: GIC) is a leading distributor of high-quality, industrial-strength equipment and supplies, serving organizations of all sizes across a wide range of industries. With more than 75 years of experience, customers rely on Global Industrial for its broad portfolio of national and private brands, trusted service, and focus on value. We help customers keep their operations running by delivering the right products when they need them, because We Can Supply ThatTM. Visit Globalindustrial.com, and follow us on Facebook, Instagram, and LinkedIn.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections and are not guarantees of future performance. When used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this report are based on the Company’s beliefs and expectations as of the date of this report and are subject to risks and uncertainties which may have a significant impact on the Company’s business, operating results or financial condition. Investors are cautioned that these forward-looking statements are inherently uncertain and undue reliance should not be placed on them. Important risk factors that may affect our future results of operations and financial condition are detailed from time to time in our Securities and Exchange Commission filings. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected events, except as may be required by applicable law.

INVESTOR/MEDIA CONTACTS:

Mike Smargiassi / Collin Dreizen

The Plunkett Group

212-739-6729 mike@theplunkettgroup.com / collin@theplunkettgroup.com

GLOBAL INDUSTRIAL COMPANY

Condensed Consolidated Statements of Operations - Unaudited

(In millions, except per share amounts)

	Quarter Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024
Net sales	$345.6	$302.3	$1,379.1	$1,315.9
Cost of sales	226.5	200.0	888.9	863.9
Gross profit	119.1	102.3	490.2	452.0
Gross margin	34.5%	33.8%	35.5%	34.3%
Selling, general and administrative expenses	99.5	87.8	392.6	371.5
Operating income from continuing operations	19.6	14.5	97.6	80.5
Operating margin	5.7%	4.8%	7.1%	6.1%
Interest and other expense, net	0.0	0.4	0.0	0.7
Income from continuing operations before income taxes	19.6	14.1	97.6	79.8
Provision for income taxes	5.0	3.5	25.6	19.1
Net income from continuing operations	14.6	10.6	72.0	60.7
Net income from discontinued operations	0.0	0.1	0.1	0.3
Net income	$14.6	$10.7	$72.1	$61.0
Net income per common share from continuing operations:
Basic	$0.38	$0.27	$1.86	$1.58
Diluted	$0.38	$0.27	$1.85	$1.57
Net income per common share from discontinued operations:
Basic	$0.00	$0.00	$0.00	$0.01
Diluted	$0.00	$0.00	$0.00	$0.01
Net income per common share:
Basic	$0.38	$0.27	$1.86	$1.59
Diluted	$0.38	$0.27	$1.85	$1.58
Weighted average common and common equivalent shares:
Basic	38.4	38.3	38.4	38.3
Diluted	38.5	38.4	38.4	38.4

GLOBAL INDUSTRIAL COMPANY

Condensed Consolidated Balance Sheets - Unaudited

(In millions)

	December 31,	December 31,
	2025	2024
Current assets:
Cash and cash equivalents	$67.5	$44.6
Accounts receivable, net	139.6	126.5
Inventories	174.6	167.1
Prepaid expenses and other current assets	14.8	14.4
Total current assets	396.5	352.6
Property, plant and equipment, net	18.5	19.1
Operating lease right-of-use assets	91.8	72.7
Goodwill and intangibles	64.3	65.7
Other assets	9.7	10.6
Total assets	$580.8	$520.7
Current liabilities:
Accounts payable and accrued expenses	$162.4	$154.3
Operating lease liabilities	16.1	14.1
Total current liabilities	178.5	168.4
Operating lease liabilities	87.5	69.0
Other liabilities	1.6	2.2
Shareholders’ equity	313.2	281.1
Total liabilities and shareholders’ equity	$580.8	$520.7

GLOBAL INDUSTRIAL COMPANY

Condensed Consolidated Statements of Cash Flows - Unaudited

(In millions)

	Year Ended December 31,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continuing operations	$72.0	$60.7
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	7.7	7.6
Stock-based compensation	7.4	2.8
Provision (benefit) for deferred taxes	0.6	(0.5)
Change in working capital	(10.9)	(22.3)
Other, net	0.9	2.1
Net cash provided by operating activities from continuing operations	77.7	50.4
Net cash provided by operating activities from discontinued operations	0.1	0.3
Net cash provided by operating activities	77.8	50.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(3.1)	(3.8)
Acquisition	(4.0)	0.0
Net cash used in investing activities from continuing operations	(7.1)	(3.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(40.3)	(38.4)
Stock-based compensation share issuances, net	1.9	1.7
Purchase of treasury shares	(9.1)	0.0
Net cash used in financing activities from continuing operations	(47.5)	(36.7)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(0.3)	0.0
NET INCREASE IN CASH	22.9	10.2
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	44.6	34.4
CASH AND CASH EQUIVALENTS - END OF PERIOD	$67.5	$44.6