fast-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025, or


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission file number 0-16125

FASTENAL COMPANY

(Exact name of registrant as specified in its charter)


Minnesota						41-0948415
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


2001 Theurer Boulevard, Winona, Minnesota						55987-1500
(Address of principal executive offices)						(Zip Code)


			(507) 454-5374
			(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $.01 per share	FAST	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ý No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

As of July 11, 2025, there were approximately 1,147,636,617 shares of the registrant's common stock outstanding.

Table of Contents

FASTENAL COMPANY

INDEX


		Page
PART I	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Income	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Stockholders' Equity	4

	Condensed Consolidated Statements of Cash Flows	5

	Notes to Condensed Consolidated Financial Statements	6

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	29

ITEM 4.	CONTROLS AND PROCEDURES	30

PART II	OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	31

ITEM 1A.	RISK FACTORS	31

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	31

ITEM 5.	OTHER INFORMATION	31

ITEM 6.	EXHIBITS	31

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

FASTENAL COMPANY

Condensed Consolidated Balance Sheets

(Amounts in millions except share and per share information)

(Unaudited)


Assets	June 30, 2025		December 31, 2024
Current assets:
Cash and cash equivalents	$	237.8	255.8
Trade accounts receivable, net of allowance for credit losses of $4.7 and $5.2, respectively	1,324.2		1,108.6
Inventories	1,726.3		1,645.0
Prepaid income taxes	14.5		18.8
Other current assets	158.9		183.7
Total current assets	3,461.7		3,211.9

Property and equipment, net	1,101.0		1,056.6
Operating lease right-of-use assets	308.3		279.2
Other assets	145.2		150.3

Total assets	$	5,016.2	4,698.0

Liabilities and Stockholders' Equity
Current liabilities:
Current portion of debt	$	130.0	75.0
Accounts payable	319.3		287.7
Accrued expenses	257.1		225.6
Current portion of operating lease liabilities	106.1		98.8
Income taxes payable	7.8		—
Total current liabilities	820.3		687.1

Long-term debt	100.0		125.0
Operating lease liabilities	209.1		186.6
Deferred income taxes	70.3		68.9
Other long-term liabilities	9.1		14.1

Commitments and contingencies (Notes 3, 5, 6, and 8)
Stockholders' equity:
Preferred stock: $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding	—		—
Common stock: $0.01 par value, 1,600,000,000 shares authorized, 1,147,617,563 and 1,146,640,904 shares issued and outstanding, respectively	11.5		11.5
Additional paid-in capital	104.2		82.8
Retained earnings	3,743.3		3,613.5
Accumulated other comprehensive loss	(51.6)		(91.5)
Total stockholders' equity	3,807.4		3,616.3
Total liabilities and stockholders' equity	$	5,016.2	4,698.0

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

FASTENAL COMPANY

Condensed Consolidated Statements of Income

(Amounts in millions except income per share)

(Unaudited)


	Six Months Ended June 30,			Three Months Ended June 30,
	2025		2024	2025		2024
Net sales	$	4,039.7	3,811.3	$	2,080.3	1,916.2
Cost of sales	2,213.0		2,086.2	1,137.5		1,052.7
Gross profit	1,826.7		1,725.1	942.8		863.5

Selling, general, and administrative expenses	996.7		948.0	506.7		476.6
Operating income	830.0		777.1	436.1		386.9

Interest income	3.6		2.9	2.7		1.3
Interest expense	(3.8)		(3.8)	(2.2)		(1.8)
Income before income taxes	829.8		776.2	436.6		386.4

Income tax expense	200.9		185.8	106.3		93.7
Net income	$	628.9	590.4	$	330.3	292.7

Basic net income per share	$	0.55	0.52	$	0.29	0.26
Diluted net income per share	$	0.55	0.51	$	0.29	0.25

Basic weighted average shares outstanding	1,147.2		1,144.9	1,147.5		1,145.2
Diluted weighted average shares outstanding	1,149.8		1,148.2	1,150.1		1,148.2

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

FASTENAL COMPANY

Condensed Consolidated Statements of Comprehensive Income

(Amounts in millions)

(Unaudited)


	Six Months Ended June 30,			Three Months Ended June 30,
	2025		2024	2025		2024
Net income	$	628.9	590.4	$	330.3	292.7
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	39.9		(19.7)	31.1		(7.8)
Comprehensive income	$	668.8	570.7	$	361.4	284.9

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

FASTENAL COMPANY

Condensed Consolidated Statements of Stockholders' Equity

(Amounts in millions except per share information)

(Unaudited)


	Six Months Ended June 30,		Three Months Ended June 30,
	2025	2024	2025	2024
Common stock
Bal

SEC Form 10-Q filed by Fastenal Company