W.W. Grainger (GWW) FY2016 results: revenue $10.1 billion, up 1.6% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $10.1 billion for fiscal 2016, the year ended 31 December 2016, up 1.6% on the year before. Net income was $606 million, down 21.2%, and diluted earnings per share $9.87. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2017.
Revenue
$10.1 billion
+1.6% on the year
FY2009FY2016
Operating margin
11.0%
13.0% a year earlier
FY2009FY2016
Net income
$606 million
-21.2% on the year
FY2009FY2016
Diluted EPS
$9.87
-14.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
10,137
9,973
9,965
+1.6%
Cost of revenue
6,023
5,742
5,651
+4.9%
Gross profit
4,115
4,231
4,314
-2.8%
Gross margin
40.6%
42.4%
43.3%
Selling, general and administrative
3,002
2,931
2,967
+2.4%
Operating income
1,113
1,300
1,347
-14.4%
Operating margin
11.0%
13.0%
13.5%
Interest expense
76.0
33.6
10.1
+126.4%
Pre-tax income
1,019
1,251
1,334
-18.5%
Income tax
386
466
522
-17.0%
Effective tax rate
37.9%
37.2%
39.1%
Net income
606
769
802
-21.2%
Net margin
6.0%
7.7%
8.0%
Diluted EPS
$9.87
$11.58
$11.45
-14.8%
$ million except per share. Read moreFree 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,024
1,036
960
-1.2%
Capital expenditure
284
374
387
-24.0%
Free cash flow
740
662
572
+11.7%
Free cash flow margin
7.3%
6.6%
5.7%
Cash from investing
-262
-843
-384
Cash from financing
-776
-109
-758
Depreciation and amortisation
223
207
190
+7.6%
Share-based compensation
36.0
46.9
49.0
-23.2%
Buybacks
790
1,400
525
-43.6%
Dividends paid
303
306
291
-1.1%
Dividend per share
$4.83
$4.59
$4.17
+5.2%
Diluted shares, weighted
61m
66m
69m
-7.5%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,798
2,267
3,210
-20.7%
Non-controlling interest
108
86.1
74.2
+25.3%
Debt
2,247
1,989
484
+13.0%
Other liabilities
1,541
1,516
1,517
+1.7%
Total liabilities and equity
5,694
5,858
5,284
-2.8%
Fixed assets
1,421
1,431
1,324
-0.7%
Goodwill
527
582
507
-9.5%
Intangible assets
586
648
264
-9.5%
Cash and equivalents
274
290
227
-5.5%
Receivables
1,223
1,210
1,173
+1.1%
Inventory
1,406
1,414
1,356
-0.5%
Other assets
256
282
433
-9.1%
Total assets
5,694
5,858
5,284
-2.8%
10-K for the year ended 31 December 2016, filed 28 February 2017: the filing.