W.W. Grainger Inc.
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+ FollowMarket Cap$64.02B
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Earnings Call Q2 2026
August 4, 2026 - AI Summary
Strong Q2 performance; raising full-year outlook
- Total reported sales +10.3% YoY (or +13.7% on a daily organic constant-currency basis).
- Operating margin: 16.1% (+120 bps YoY). Diluted EPS: $12.01 (up >20% YoY).
- Operating cash flow: $444M; returned $341M to shareholders via dividends + share repurchases.
- Positive momentum continues into the third quarter: preliminary July sales >13% (daily organic constant currency).
Tariff refund benefit helped margins; guidance raised but with “puts and takes”
- Q2 gross margin 39.5% (+100 bps YoY) and operating margin benefited from ~90 bps of IEEPA tariff refund tailwind; management said results were in line with verbal guide once normalized.
- Raised outlook:
- FY daily organic constant-currency sales growth: 11.5% to 13% (reflects Q2 performance + ongoing demand).
- FY operating margin range: 15.8% to 16.2% (includes tariff refund benefit, partially offset by mix/cost timing ahead of September pricing).
- FY EPS: $45.50 to $47.25 (up >17% YoY at the midpoint), +$1+ improvement at midpoint vs prior guidance.
- Refund expectations: management said the vast majority already accrued/received; back-half refund impact expected to be “fairly immaterial”.
Segment strength: High-Touch accelerating; Endless Assortment delivering leverage
- High-Touch Solutions: sales +11.9% reported / +11.7% daily constant currency. Operating margin 17.3% (+70 bps YoY).
- End-market demand improving; notable strength in manufacturing + government and strong contractor/retail activity tied to data center buildout.
- Endless Assortment: sales +13.5% reported / +20.6% daily organic constant currency (normalizes UK exit + FX).
- MonotaRO: +24% local days in local constant currency.
- Zoro U.S.: +18.4% on a daily basis.
- Endless operating margin 11.5% (+160 bps YoY) with margin improvements across the segment.
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$638.61
57.2% downside
Current Fair Value
57.2% downsideOvervalued by 57.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $64.02 Billion |
|---|---|
| Enterprise Value | $66.27 Billion |
| Annual dividend | $9.50 |
| Dividend yield | 0.70% |
| Earnings per Share | $35.47 |
| Beta | 1.01 |
| Outstanding Shares | 47,300,000 |
Return
| Return on Equity | 42.90% |
|---|---|
| Return on Assets | 18.42% |
| Return on Invested Capital | 36.58% |
Valuation & Multiples
| P/E Ratio | 34.64 |
|---|---|
| PEG | 189.72 |
| Price to Sales | 3.75 |
| Price to Book Ratio | 15.7 |
| Enterprise Value to Revenue | 3.52 |
| Enterprise Value to EBIT | 24.22 |
| Enterprise Value to Net Income | 37 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.69 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$11.68
Consensus analyst estimateRevenue Estimate
$5.08 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$11.16
Consensus analyst estimateRevenue Estimate
$4.84 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 45.23% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.97%▼ 69.80% |
|---|---|
| Total Invested | $3.15B▼ 93.49% |
| Investors Holding | 504▼ 921.00% |
About W.W. Grainger Inc.
25,000 employees
CEO: Donald Macpherson
W.W. Grainger, Inc. is a leading provider of maintenance, repair, and operational (MRO) products and services, serving markets in the United States, Japan, Canada, the United Kingdom, and globally. The company's business model is organiz...