该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
GWW (W.W. Grainger) grew FY2025 revenue 4.5% to $17.94B, but net income fell 10.6% to $1.71B as SG&A expenses surged 9.5% and operating margin compressed by ~150 basis points to 13.9%.
营收
179.42亿美元
同比 +4.51%
每股收益（稀释）
35.40美元
同比 -8.55%
毛利率
39.1%
同比 -0.3 个百分点
营业利润
24.95亿美元
同比 -5.38%
SEC XBRL 原值
W.W. Grainger (GWW) FY2025 营收 179.42亿美元，同比增长 4.5%。 营业利润率 13.9%，较去年同期的 15.4% 收窄 1.5 个百分点。 经营活动现金流 20.15亿美元，同比下降 4.5%。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 12.01 | 11.42 | 超预期 +5.2% |
| 2026年3月 | 11.65 | 10.31 | 超预期 +13.0% |
| 2025年12月本次财报 | 9.44 | 9.56 | 不及预期 -1.2% |
| 2025年9月 | 10.21 | 10.05 | 超预期 +1.6% |
2025年12月 实际 EPS 9.44美元，分析师一致预期 9.56美元，不及预期 -1.2%。
由 AI 基于本次 SEC 报告整理
Total revenue increased 4.5% year-over-year to $17.94B in FY2025 (from $17.17B in FY2024), reflecting continued demand for maintenance, repair, and operations (MRO) products across Grainger's distribution network.
来源: 10-K Income Statement (XBRL Financial Data)
Selling, General & Administrative expenses rose sharply by 9.5% to $4.51B, outpacing revenue growth of 4.5%, which was the primary driver of operating income declining 5.4% to $2.50B and operating margin contracting from 15.4% to 13.9%.
来源: 10-K Income Statement (XBRL Financial Data)
Gross profit grew 3.7% to $7.01B, with gross margin holding nearly flat at 39.1% (vs. 39.4% prior year), suggesting cost of goods sold management was adequate but the cost increase of 5.0% slightly outpaced revenue growth.
来源: 10-K Income Statement (XBRL Financial Data)
Grainger repurchased $1.05B in shares during FY2025 and had financing cash outflows of $1.83B, reflecting continued commitment to returning capital, though buyback activity declined 13.0% from the prior year's $1.20B.
来源: 10-K Cash Flow Statement (XBRL Financial Data)
Long-term debt declined 10.4% to $2.49B and stockholders' equity grew 11.3% to $3.74B, while the current ratio improved to 2.83x from 2.49x, indicating a stronger near-term liquidity position despite a 43.5% drop in cash to $585M.
来源: 10-K Balance Sheet (XBRL Financial Data)
由 AI 基于本次 SEC 报告整理 · 高 2 中 2 低 1
SG&A expenses grew 9.5% to $4.51B in FY2025, significantly outpacing revenue growth of 4.5%. If this cost trajectory continues without corresponding revenue acceleration, operating margins — already compressed from 15.4% to 13.9% — could deteriorate further, pressuring earnings.
来源: 10-K Income Statement (XBRL Financial Data)
Net income fell 10.6% to $1.71B and diluted EPS dropped 8.6% to $35.40, despite top-line growth. This disconnect between revenue growth and bottom-line performance signals that cost management is a critical near-term challenge for the company.
来源: 10-K Income Statement (XBRL Financial Data)
Cash and equivalents declined 43.5% year-over-year to $585M from $1.04B, driven partly by aggressive share buybacks ($1.05B) and higher financing outflows ($1.83B). While the current ratio remains healthy at 2.83x, the sharp reduction in liquid reserves could limit financial flexibility in a downturn.
来源: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Operating cash flow fell 4.5% to $2.02B in FY2025, and free cash flow (operating cash flow minus investing cash flow of -$645M) was approximately $1.37B, down from roughly $1.59B in the prior year. Sustained pressure on operating cash generation could constrain future capital allocation options.
来源: 10-K Cash Flow Statement (XBRL Financial Data)
Gross margin edged down approximately 30 basis points to 39.1% as cost of revenue grew faster (5.0%) than revenue (4.5%). In a competitive MRO distribution environment, further pricing pressure or supply chain cost increases could accelerate this compression.
来源: 10-K Income Statement (XBRL Financial Data)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 179.42 亿美元 | 171.68 亿美元 | +4.51% |
营业成本 亿美元 | 109.33 亿美元 | 104.10 亿美元 | +5.02% |
毛利润 亿美元 | 70.09 亿美元 | 67.58 亿美元 | +3.71% |
营业利润 亿美元 | 24.95 亿美元 | 26.37 亿美元 | -5.38% |
净利润 亿美元 | 17.06 亿美元 | 19.09 亿美元 | -10.63% |
每股收益（基本） 美元 | 35.47 美元 | 38.84 美元 | -8.68% |
每股收益（稀释） 美元 | 35.40 美元 | 38.71 美元 | -8.55% |
销售及管理费用 亿美元 | 45.14 亿美元 | 41.21 亿美元 | +9.54% |
答案基于本次 SEC 报告与本页数据