W.W. Grainger (GWW) FY2023 results: revenue $16.5 billion, up 8.2% on the year
W.W. Grainger, Inc. (GWW) reported revenue of $16.5 billion for fiscal 2023, the year ended 31 December 2023, up 8.2% on the year before. Net income was $1.8 billion, up 18.2%, and diluted earnings per share $36.23. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$16.5 billion
+8.2% on the year
FY2016FY2023
Operating margin
15.6%
14.5% a year earlier
FY2016FY2023
Net income
$1.8 billion
+18.2% on the year
FY2016FY2023
Diluted EPS
$36.23
+20.5% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,031
1,333
937
+52.4%
Capital expenditure
445
256
255
+73.8%
Free cash flow
1,586
1,077
682
+47.3%
Free cash flow margin
9.6%
7.1%
5.2%
Cash from investing
-422
-263
-226
Cash from financing
-1,278
-972
-1,039
Depreciation and amortisation
277
206
173
+34.5%
Share-based compensation
62.0
48.0
42.0
+29.2%
Buybacks
850
603
695
+41.0%
Dividends paid
392
370
357
+5.9%
Dividend per share
$7.30
$6.78
$6.39
+7.7%
Diluted shares, weighted
50m
51m
52m
-2.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,115
2,440
1,874
+27.7%
Non-controlling interest
326
295
286
+10.5%
Debt
2,300
2,319
2,362
-0.8%
Operating lease liabilities
381
318
334
+19.8%
Other liabilities
2,025
2,216
1,736
-8.6%
Total liabilities and equity
8,147
7,588
6,592
+7.4%
Fixed assets
1,658
1,461
1,424
+13.5%
Goodwill
370
371
384
-0.3%
Intangible assets
234
232
238
+0.9%
Cash and equivalents
660
325
241
+103.1%
Receivables
2,192
2,133
1,754
+2.8%
Inventory
2,266
2,253
1,870
+0.6%
Other assets
767
813
681
-5.7%
Total assets
8,147
7,588
6,592
+7.4%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.