FASTLOW SIGNALFINANCIAL10-K

Fastenal executed a two-for-one stock split in April 2025 while delivering modestly improved cash generation and meaningfully reduced debt levels.

The stock split doubled shares outstanding to approximately 1.15 billion, a cosmetic capital structure change with no fundamental impact on intrinsic value. Debt reduction of 37.5% signals disciplined balance sheet management, and the company's ability to grow operating cash flow while increasing shareholder returns reinforces financial stability. No material risks or deterioration are evident in this filing.

Comparing 2026-02-05 vs 2025-02-06View on EDGAR →
FINANCIAL ANALYSIS

Total debt declined 37.5% to $125.0M, reflecting active deleveraging that also drove a 24.5% reduction in interest expense to $10.8M — a meaningful improvement in financing costs. Accounts receivable grew 12.3% to $1.2B, broadly consistent with top-line expansion for a company of Fastenal's scale. Operating cash flow increased 10.4% to $1.3B, supporting a 12.4% rise in dividends paid to $1.0B, which together paint a picture of a financially healthy business returning growing amounts of capital to shareholders from organically generated cash.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-37.5%
$200.0M→$125.0M

Debt reduced 37.5% — deleveraging strengthens balance sheet and reduces financial risk.

Interest Expense
P&L
-24.5%
$14.3M→$10.8M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Dividends Paid
Cash Flow
+12.4%
$893.3M→$1.0B

Dividend payments increased 12.4% — management confidence in sustained cash generation.

Accounts Receivable
Balance Sheet
+12.3%
$1.1B→$1.2B

Receivables grew 12.3% — monitor days sales outstanding for collection efficiency.

Operating Cash Flow
Cash Flow
+10.4%
$1.2B→$1.3B

Operating cash flow grew 10.4% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-05
PRIOR — 2025-02-06
ADDED
For purposes of determining this number, all executive officers and directors of the registrant as of June 30, 2025 are considered to be affiliates of the registrant.
As of January 21, 2026, the registrant had 1,148,179,210 shares of Common Stock issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 1 3 .
Certain Relationships and Related Transactions, and Director Independence 66 Item 1 4 .
On April 23, 2025, Fastenal Company (together with our subsidiaries, hereinafter referred to as 'Fastenal,' 'the Company,' 'we,' 'our,' or 'us') announced a two-for-one stock split of its outstanding common stock.
Holders of the Company's common stock, par value $0.01 per share, at the close of business on May 5, 2025, received one additional share of common stock for every share of common stock they owned.
The stock split took effect at the close of business on May 21, 2025.
All historical common stock share, per share information, stock option awards, and stockholders' equity balances for all periods presented in the accompanying Consolidated Financial Statements and Notes thereto in this Annual Report on Form 10-K have been retroactively adjusted to reflect the two-for-one stock split.
Overview Fastenal began as a partnership in 1967, and was incorporated under the laws of Minnesota in 1968.
REMOVED
For purposes of determining this number, all executive officers and directors of the registrant as of June 28, 2024 are considered to be affiliates of the registrant.
As of January 21, 2025, the registrant had 573,419,704 shares of Common Stock issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13.
Beginning in the first quarter of 2024, references to 'net earnings', 'operating and administrative expenses', and 'earnings before income taxes' have been revised in our consolidated financial statements and financial reports, including this annual report on Form 10-K, to 'net income', 'selling, general, and administrative expenses (SG A)', and 'income before income taxes', respectively.
Overview Fastenal Company (together with our subsidiaries, hereinafter referred to as Fastenal or by terms such as we, our, or us) began as a partnership in 1967, and was incorporated under the laws of Minnesota in 1968.
At the end of 2024, we had 3,628 in-market locations (defined in the table below) in 25 countries supported by 15 distribution centers in North America, with 12 in the United States (U.S.), two in Canada, and one in Mexico; one in Asia; and two in Europe, and we employed 23,702 people.
Our Channels to Market We engage our customers primarily through branch and Onsite locations.
Branches and Onsites exist very close to our customers, usually within miles of, and often within or immediately proximate to, our customers' physical operations.
Many of our customers engage with us through eBusiness, but in most cases these customers are utilizing eBusiness to supplement our service through our other channels.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce's total debt grew substantially (up 71.2% YoY) while share buybacks a...
2026-03-02
UNHHIGHUnitedHealth Group's operating income declined sharply by over 40% year-over-yea...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →