W.W. Grainger (GWW) FY2019 results: revenue $11.5 billion, up 2.4% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $11.5 billion for fiscal 2019, the year ended 31 December 2019, up 2.4% on the year before. Net income was $849 million, up 8.6%, and diluted earnings per share $15.32. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$11.5 billion
+2.4% on the year
FY2012FY2019
Operating margin
11.0%
10.3% a year earlier
FY2012FY2019
Net income
$849 million
+8.6% on the year
FY2012FY2019
Diluted EPS
$15.32
+11.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,486
11,221
10,425
+2.4%
Cost of revenue
7,089
6,873
6,327
+3.1%
Gross profit
4,397
4,348
4,098
+1.1%
Gross margin
38.3%
38.7%
39.3%
Selling, general and administrative
3,135
3,190
3,063
-1.7%
Operating income
1,262
1,158
1,035
+9.0%
Operating margin
11.0%
10.3%
9.9%
Interest expense
n/a
88.0
89.0
Pre-tax income
1,209
1,081
935
+11.8%
Income tax
314
258
313
+21.7%
Effective tax rate
26.0%
23.9%
33.5%
Net income
849
782
586
+8.6%
Net margin
7.4%
7.0%
5.6%
Diluted EPS
$15.32
$13.73
$10.02
+11.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,042
1,057
1,057
-1.4%
Capital expenditure
221
239
237
-7.5%
Free cash flow
821
818
819
+0.4%
Free cash flow margin
7.1%
7.3%
7.9%
Cash from investing
-202
-166
-146
Cash from financing
-1,023
-670
-867
Depreciation and amortisation
210
257
241
-18.3%
Share-based compensation
40.0
47.0
33.0
-14.9%
Buybacks
700
425
605
+64.7%
Dividends paid
328
316
304
+3.8%
Dividend per share
$5.68
$5.36
$5.06
+6.0%
Diluted shares, weighted
55m
57m
58m
-2.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,855
1,921
1,690
-3.4%
Non-controlling interest
205
172
138
+19.2%
Debt
2,215
2,220
2,343
-0.2%
Operating lease liabilities
171
n/a
n/a
Other liabilities
1,559
1,560
1,633
-0.1%
Total liabilities and equity
6,005
5,873
5,804
+2.2%
Fixed assets
1,400
1,352
1,392
+3.6%
Goodwill
429
424
544
+1.2%
Intangible assets
304
460
569
-33.9%
Cash and equivalents
360
538
327
-33.1%
Receivables
1,425
1,385
1,325
+2.9%
Inventory
1,655
1,541
1,429
+7.4%
Other assets
432
173
218
+149.7%
Total assets
6,005
5,873
5,804
+2.2%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.