W.W. Grainger (GWW) FY2020 results: revenue $11.8 billion, up 2.7% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $11.8 billion for fiscal 2020, the year ended 31 December 2020, up 2.7% on the year before. Net income was $695 million, down 18.1%, and diluted earnings per share $12.82. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$11.8 billion
+2.7% on the year
FY2013FY2020
Operating margin
8.6%
11.0% a year earlier
FY2013FY2020
Net income
$695 million
-18.1% on the year
FY2013FY2020
Diluted EPS
$12.82
-16.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,797
11,486
11,221
+2.7%
Cost of revenue
7,559
7,089
6,873
+6.6%
Gross profit
4,238
4,397
4,348
-3.6%
Gross margin
35.9%
38.3%
38.7%
Selling, general and administrative
3,219
3,135
3,190
+2.7%
Operating income
1,019
1,262
1,158
-19.3%
Operating margin
8.6%
11.0%
10.3%
Interest expense
n/a
n/a
88.0
Pre-tax income
947
1,209
1,081
-21.7%
Income tax
192
314
258
-38.9%
Effective tax rate
20.3%
26.0%
23.9%
Net income
695
849
782
-18.1%
Net margin
5.9%
7.4%
7.0%
Diluted EPS
$12.82
$15.32
$13.73
-16.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,123
1,042
1,057
+7.8%
Capital expenditure
197
221
239
-10.9%
Free cash flow
926
821
818
+12.8%
Free cash flow margin
7.8%
7.1%
7.3%
Cash from investing
-179
-202
-166
Cash from financing
-726
-1,023
-670
Depreciation and amortisation
169
210
257
-19.5%
Share-based compensation
46.0
40.0
47.0
+15.0%
Buybacks
601
700
425
-14.1%
Dividends paid
338
328
316
+3.0%
Dividend per share
$5.94
$5.68
$5.36
+4.6%
Diluted shares, weighted
54m
55m
57m
-2.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,828
1,855
1,921
-1.5%
Non-controlling interest
265
205
172
+29.3%
Short-term borrowings
0.0
n/a
n/a
Debt
2,397
2,215
2,220
+8.2%
Operating lease liabilities
162
171
n/a
-5.3%
Other liabilities
1,643
1,559
1,560
+5.4%
Total liabilities and equity
6,295
6,005
5,873
+4.8%
Fixed assets
1,395
1,400
1,352
-0.4%
Goodwill
391
429
424
-8.9%
Intangible assets
228
304
460
-25.0%
Cash and equivalents
585
360
538
+62.5%
Receivables
1,474
1,425
1,385
+3.4%
Inventory
1,733
1,655
1,541
+4.7%
Other assets
489
432
173
+13.2%
Total assets
6,295
6,005
5,873
+4.8%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.