Fastenal Co

fastenal.com

What Do They Do?

Sells fasteners and other industrial and construction supplies to manufacturers, contractors, and other businesses.

How Do They Make Money?

Customers pay for products, with payment generally due after delivery or pickup; most contracts are short-term and have a single product obligation.

revenue

Segment	Share	Revenue	How money arrives
U.S. reportable segment Sold outright	83% FY2022: 84%		Sold outright
Other operating segment Sold outright	17% FY2022: 16%		Sold outright

Who Are Their Customers?

Manufacturers are the largest customer group, with contractors and businesses in reseller, transportation, government, education, and other markets also buying supplies. Customers are served through Fastenal’s locations and digital purchasing channels.

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Operating income, FY2025

20% of revenue

▲ +10% vs FY2024 ($1.5B, 20%)

Net income, FY2025

15% of revenue

▲ +9% vs FY2024 ($1.2B, 15%)

Free cash flow, FY2025

13% of revenue

▲ +11% vs FY2024 ($946.8M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +15%; vs $2.1B in Q3 FY2025
Net income: ▲ +20%; vs $335.5M in Q3 FY2025

U.S. reportable segment share of revenue vs 100.0% in Q3 FY2025

Growing. Revenue grew 36% in 4 years, from $6B in FY2021 to $8.2B in FY2025, about 8% a year.

Customer-site service model The latest report describes distinct customer Sites with inventory tailored to local demand and multiple service models; the older report describes branches and Onsites as the main in-market network.

Revenue over time

U.S. reportable segment Other operating segment

$10B$5B$0

FY2022 FY2023 FY2024 FY2025

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