W.W. Grainger, Inc. Q4 FY2023 results: revenue $4.0 billion, up 5.1% on the year

W.W. Grainger, Inc. (GWW) reported revenue of $4.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 5.1% on the same quarter a year earlier. Net income was $395 million, up 2.9% on the year, and diluted earnings per share $7.91. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$4.0 billionup 5.1%

Net income$395 millionup 2.9%

Diluted EPS$7.91

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,997	4,208	n/a	n/a
Cost of revenue	2,434	2,553	n/a	n/a
Gross profit	1,563	1,655	n/a	n/a
Gross margin	39.1%	39.3%	n/a
Selling, general and administrative	1,006	988	n/a	n/a
Operating income	557	667	n/a	n/a
Operating margin	13.9%	15.9%	n/a
Pre-tax income	541	652	n/a	n/a
Income tax	129	159	n/a	n/a
Effective tax rate	23.8%	24.4%	n/a
Net income	395	476	n/a	n/a
Net margin	9.9%	11.3%	n/a
Diluted EPS	$7.91	$9.43	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	604	523	n/a	n/a
Capital expenditure	127	125	n/a	n/a
Free cash flow	477	398	n/a	n/a
Free cash flow margin	11.9%	9.5%	n/a
Depreciation and amortisation	52.0	56.0	n/a	n/a
Share-based compensation	13.0	18.0	n/a	n/a
Buybacks	344	193	n/a	n/a
Dividends paid	92.0	106	n/a	n/a
Dividend per share	n/a	$1.86	n/a	n/a
Diluted shares, weighted	50m	50m	n/a	n/a
Shares outstanding at period end	49m	50m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	8,147	8,140	n/a	n/a
Cash and equivalents	660	601	n/a	n/a
Receivables	2,192	2,444	n/a	n/a
Inventory	2,266	2,196	n/a	n/a
Goodwill	370	364	n/a	n/a
Long-term debt	2,266	2,260	n/a	n/a
Borrowings, as the company tags them	2,319	2,313	n/a	n/a
Operating lease liabilities	381	361	n/a	n/a
Shareholders' equity	3,115	3,090	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,208	3,997	4,235	4,312	4,388	4,233	4,306	4,554	4,657	4,425	4,742	5,021
Cost of revenue	2,553	2,434	2,567	2,618	2,668	2,557	2,596	2,799	2,859	2,679	2,846	3,037
Gross profit	1,655	1,563	1,668	1,694	1,720	1,676	1,710	1,755	1,798	1,746	1,896	1,984
Gross margin	39%	39%	39%	39%	39%	40%	40%	39%	39%	39%	40%	40%
SG&A	988	1,006	999	1,045	1,034	1,043	1,038	1,077	1,287	1,112	1,103	1,177
Operating income	667	557	669	649	686	633	672	678	511	634	793	807
Operating margin	16%	14%	16%	15%	16%	15%	16%	15%	11%	14%	17%	16%
Pre-tax income	652	541	655	636	671	622	657	661	492	620	775	798
Tax rate	24%	24%	24%	23%	25%	20%	24%	23%	35%	23%	25%	25%
Net income	476	395	478	470	486	475	479	482	294	451	555	570
Net margin	11%	10%	11%	11%	11%	11%	11%	11%	6%	10%	12%	11%
Diluted EPS	$9.43	$7.91	$9.62	$9.51	$9.87	$9.71	$9.86	$9.97	$6.12	$9.45	$11.65	$12.01
Operating cash flow	523	604	661	411	611	428	646	377	597	395	739	444
Capital expenditure	125	127	119	76.0	88.0	258	125	175	258	126	170	111
Free cash flow	398	477	542	335	523	170	521	202	339	269	569	333
Buybacks	193	344	268	244	227	462	281	226	291	247	237	224
Dividends paid	106	92.0	105	101	115	100	115	110	133	109	108	145
Shares outstanding	50m	49m	49m	49m	49m	48m	48m	48m	48m	47m	47m	47m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0000277135-24-000011: the filing on EDGAR. All of W.W. Grainger, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install