W.W. Grainger (GWW) FY2018 results: revenue $11.2 billion, up 7.6% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $11.2 billion for fiscal 2018, the year ended 31 December 2018, up 7.6% on the year before. Net income was $782 million, up 33.5%, and diluted earnings per share $13.73. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$11.2 billion
+7.6% on the year
FY2011FY2018
Operating margin
10.3%
9.9% a year earlier
FY2011FY2018
Net income
$782 million
+33.5% on the year
FY2011FY2018
Diluted EPS
$13.73
+37.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,221
10,425
10,137
+7.6%
Cost of revenue
6,873
6,327
6,023
+8.6%
Gross profit
4,348
4,098
4,115
+6.1%
Gross margin
38.7%
39.3%
40.6%
Selling, general and administrative
3,190
3,063
3,002
+4.1%
Operating income
1,158
1,035
1,113
+11.9%
Operating margin
10.3%
9.9%
11.0%
Interest expense
88.0
89.0
76.0
-1.1%
Pre-tax income
1,081
935
1,019
+15.6%
Income tax
258
313
386
-17.5%
Effective tax rate
23.9%
33.5%
37.9%
Net income
782
586
606
+33.5%
Net margin
7.0%
5.6%
6.0%
Diluted EPS
$13.73
$10.02
$9.87
+37.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,057
1,057
1,024
+0.0%
Capital expenditure
239
237
284
+0.7%
Free cash flow
818
819
740
-0.2%
Free cash flow margin
7.3%
7.9%
7.3%
Cash from investing
-166
-146
-262
Cash from financing
-670
-867
-776
Depreciation and amortisation
257
241
223
+6.8%
Share-based compensation
47.0
33.0
36.0
+42.4%
Buybacks
425
605
790
-29.8%
Dividends paid
316
304
303
+3.8%
Dividend per share
$5.36
$5.06
$4.83
+5.9%
Diluted shares, weighted
57m
58m
61m
-2.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,921
1,690
1,798
+13.7%
Non-controlling interest
172
138
108
+24.6%
Debt
2,220
2,343
2,247
-5.2%
Other liabilities
1,560
1,633
1,541
-4.5%
Total liabilities and equity
5,873
5,804
5,694
+1.2%
Fixed assets
1,352
1,392
1,421
-2.9%
Goodwill
424
544
527
-22.0%
Intangible assets
460
569
586
-19.2%
Cash and equivalents
538
327
274
+64.6%
Receivables
1,385
1,325
1,223
+4.5%
Inventory
1,541
1,429
1,406
+7.8%
Other assets
173
218
256
-20.6%
Total assets
5,873
5,804
5,694
+1.2%
10-K for the year ended 31 December 2018, filed 20 February 2020: the filing.