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2025 THIRD QUARTER INVESTOR TELECONFERENCE OCTOBER 13, 2025 1
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2 SAFE HARBOR STATEMENT All statements made herein that are not historical facts (e.g., future operating results, long-term share gains, and business activity, as well as expectations regarding operations, including gross and operating income margin, future inventory levels, pricing, weighted FMI device signings, operating costs (including SG&A), capital expenditures, sales through our digital footprint, cash flow generation, the potential impact of our growth drivers and sales trends with customers, the declaration and payment of dividends, the imposition of tariffs and the related impact on our pricing strategy, and supply chain matters) are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. More information regarding such risks can be found in the most recent annual and quarterly reports of Fastenal Company ('Fastenal,' 'we,' 'our,' or 'us') filed with the Securities and Exchange Commission. Any numerical or other representations in this presentation do not represent guidance by management and should not be construed as such. The appendix to the following presentation includes non-GAAP financial measures. Information required by Regulation G with respect to such non-GAAP financial measures can be found in the appendix including a comparison and reconciliation to the comparable GAAP measures.
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3 2,731 2,890 3,266 3,518 1Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 2,000 2,400 2,800 3,200 3,600 • 3Q25 net sales were +11.7%, largely reflecting market share gains supported by our key account strategy and new contract signings. Market conditions remained sluggish providing minimal contribution. Price contributed 240 to 270 basis points, which was lower than expected, but pricing actions continue to progress. • The 3Q25 DSR followed sequential trends. Intra-quarter results were impacted by the July 4th holiday landing on a Friday. This resulted in July DSR exceeding historical sequential trends and August and September DSR falling below sequential trends. Our growth from January to September was 15.9%, well above the 9.5% historical sequential trend. • During 3Q25, we continued to focus and align on our three strategic objectives: increasing sales effectiveness, enhancing our services, and expanding our total addressable market. This has resulted in increased contract counts and allowed us to continue to gain market share. • Looking at our Customer Site data (see page four), we had growth of 8.1% in the number of our $10K+ sites, led by our 50K+ sites, a subset of the 10K+ and which we consider Onsite-like sites (+15.4%). The $10K+ sites accounted for 82.1% of sales in 3Q25, up from 79.4% in 3Q24. Average sales per customer site rose in every category, including our $50K+ manufacturing sites. 9.1% 5.9% 4.0%3.7% 1.9%1.8%1.9%2.1% 5.0% 8.6% 11.7% 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 0% 2% 4% 6% 8% 10% 12% Total Contract Count Daily Sales Rate (DSR) Growth CSO AND PRESIDENT MESSAGES ON 3Q25
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(1) Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. (2) Customer sites are an average of the number of customer sites calculated each month. (3) Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. 4 3Q25 3Q24 Customer Sites (#) (1) (2) Sales ($MM) Mo. Sales per Customer Site (3) Customer Sites (#) (1) (2) Sales ($MM) Mo. Sales per Customer Site (3) Manufacturing $50k+/Mo. (4) 2,304 $971.8 $140,596 2,025 $827.9 $136,280 $10k+/Mo. 8,913 1,411.5 52,788 8,318 1,240.2 49,699 $5k-$10k/Mo. 4,472 96.1 7,163 4,465 95.5 7,130 <$5k/Mo. 28,936 100.8 1,161 31,245 103.6 1,105 Other sales (5) — 2.2 — — 11.7 — Total manufacturing 42,321 $1,610.6 $12,668 44,028 $1,451.0 $10,897 Non-manufacturing $50k+/Mo. (4) 467 $170.1 $121,413 376 $122.9 $108,954 $10k+/Mo. 3,282 340.5 34,583 2,962 277.0 31,173 $5k-$10k/Mo. 2,852 60.4 7,059 2,862 60.5 7,046 <$5k/Mo. 50,368 110.1 729 56,424 113.5 671 Other sales (5) — 11.7 — — 8.2 — Total non-manufacturing 56,502 $522.7 $3,015 62,248 $459.2 $2,415 Total $50k+/Mo. (4) 2,771 $1,141.9 $137,363 2,401 $950.8 $132,001 $10k+/Mo. 12,195 1,752.0 47,888 11,280 1,517.2 44,835 $5k-$10k/Mo. 7,324 156.5 7,123 7,327 156.0 7,097 <$5k/Mo. 79,304 210.9 886 87,669 217.1 825 Other sales (5) — 13.9 — — 19.9 — Total 98,823 $2,133.3 $7,149 106,276 $1,910.2 $5,929 (4) $50k+ customer sites are disclosed as a representation of Onsite-like customers and are also a subset of $10k+ customer sites. (5) Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. CUSTOMER SITE PERFORMANCE
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5 • EPS of $0.29 in 3Q25 improved 12.3% from $0.26 in 3Q24. • During 3Q25, we continued to smartly expand the stocking of fasteners in our distribution centers. Increased fastener product availability has resulted in increased sales and improved our gross profit margin. We continue to align sales resources to drive growth in fastener sales with our production customers. • Employee-related expenses increased 12.9% in 3Q25 when compared to 3Q24. Base pay leveraged, but was more than offset by increases in bonuses and commissions. This reflects the reset of bonus programs as our financial performance improved. • All other SG&A expenses leveraged and our operating margin improved to 20.7% in 3Q25 from 20.3% in 3Q24. This resulted in an incremental margin of 23.9% in 3Q25. • On October 10, 2025, we declared a $0.22 dividend payable in 4Q25. We continue to remain confident in our ability to generate strong cash flow and will return more than $1B in dividends to shareholders in 2025. 9.1% 5.9% 4.0%3.7% 1.9%1.8%1.9%2.1% 5.0% 8.6% 11.7% 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 0% 2% 4% 6% 8% 10% 12% Net Income Per Share (1) (Fully Diluted) Daily Sales Rate (DSR) Growth CSO AND PRESIDENT MESSAGES ON 3Q25 $0.26 $0.26 $0.29 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 (1) Adjusted for a 2-for-1 stock split effective at the close of business on May 21, 2025
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• FMI Technology: We signed 7,050 weighted devices (110/day) in 3Q25, versus 7,281 (114/day) in 3Q24. Our installed base was 133,910 weighted devices, +8.7% from 3Q24. Activity through our FMI technology platform represented 45.3% of sales in 3Q25, versus 43.0% and 40.7% in 3Q24 and 3Q23, respectively. Our signings goal in 2025 remains between 25,000 to 26,000 MEUs. • eBusiness: Daily sales rose 8.0% in 3Q25. • Sales through our Digital Footprint (FMI technology plus non-FMI-related eBusiness) was 61.3% of total sales in 3Q25, versus 61.1% and 57.1% in 3Q24 and 3Q23, respectively. Our Digital Footprint goal in 2025 is revised to 61%-62% (our previous goal was 63%-64%). Signings Installations 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 0K 2K 4K 6K 8K 10K 12K 0K 20K 40K 60K 80K 100K 120K 140K 160K Weighted FMI Device Signings and Installations (MEUs) (1) 3Q25 SUPPLEMENTAL DATA UPDATE 0 0 6 (1) Machine equivalent units (MEUs) 5,969 7,281 110,191 123,193 41.3% 25.6% 8.0% 24.5% 30.1% 29.1% Daily Sales % of Sales 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 0% 10% 20% 30% 40% 50% 60% 70% 80% 0% 5% 10% 15% 20% 25% 30% 35% eBusiness Daily Sales Rate (DSR) Growth and eBusiness % of Sales 133,910 7,050
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• U.S. PMI averaged 48.6 in 3Q25. U.S. Industrial Production was +1.1% in Jul./Aug. 2025 over 3Q24. Heavier production series, like Fabricated Metal (+0.5%) and Electrical Equipment ( -3.7%), were relatively weaker. • Our DSR in 3Q25 was +11.7%. Regional leadership continues to believe our growth is due more to customer wins and share gains than the overall market, which remains subdued. Customer sentiment remains favorable, but uncertainty related to trade policy and tariffs continues to impact overall demand. • Manufacturing end markets outperformed due to growth with key account customers and our fastener expansion initiative. Other end markets benefited from growth with non-residential construction, education and healthcare, transportation, and data center customers. • During 3Q25, fastener product line performance outperformed non-fastener product lines. The fastener category experienced improved growth in 3Q25 due to easier comparisons, increased contribution from large customer signings, better availability of product in our distribution centers, and pricing actions implemented in 2025. Heavy Mfg (43.1% of Sales) All Other Mfg (32.8% of Sales) All Other End Markets (24.1% of Sales) 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 -10% 0% 10% 20% Fasteners (31.0% of Sales) Safety Supplies (22.1% of Sales) Remaining Products (46.9% of Sales) 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 -10% 0% 10% 20% End Market Daily Sales Rate (DSR) Growth Product Category Daily Sales Rate (DSR) Growth 3Q25 BUSINESS CADENCE 7 12.9% 12.4% 8.4% 14.4% 10.7% 9.8%
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• 3Q25 gross margi n increased to 45.3% fro m 44.9% in 3Q24. This increase was primarily driven by our fastener expansion project, other supplier-focused initiatives, and improvements in customer and supplier incentives. These benefits were partially offset by continued customer mix dilution and higher organizational/overhead costs. • We continue to expect the benefits from our inventory investments to positively impact gross margin in the fourth quarter of 2025. The success of this effort will also depend on the pace of improvement in demand and its impact on product mix. • In 3Q25, price/cost had a neutral impact on our gross profit margin. We continue to navigate the tariff environment and aim to defend our gross profit margin in this inflationary time period. • SG&A costs were 24.6% of net sales, which was consistent with 3Q24. Employee-related expenses increased faster than the rate of growth in net sales and were offset by leverage achieved in all other SG&A costs. • 3Q25 operati ng margin was 20.7%, up fr om 20.3% in 3Q24. 21.0% 20.3% 20.7% 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 16% 18% 20% 22% 24% 45.9% 44.9% 45.3% 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 35% 40% 45% 50% Gross Profit Margin Operating Income Margin 3Q25 MARGIN SUMMARY 8 8
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9 3Q25 CASH FLOW PROFILE Operating Cash Flow (OCF) (in millions) Percentages above the bar represent OCF as a % of Net Income 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 0 50 100 150 200 250 300 350 400 Net Capital Expenditures (in millions) Net Capital Expenditures = Property & Equipment, net of Proceeds from Sales $42.9 $55.8 $54.7 1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25 0 20 40 60 80 2025(E) Net CapEx: $235.0 to $255.0; 2024(A) Net CapEx: $214.1 • 3Q25 OCF was $386.9, or 115.3% of net income (99.6% in 3Q24). Despite the investment in inventory, cash generation was above traditional third quarter levels (five- year average of 104.2%). • Accounts receivable rose 12.2% f rom 3Q24 to support customer growth and from a continued shift in our sales mix toward larger customers, who tend to carry longer terms. Inventory rose 10.5% from 3Q24, reflecting additions to support projected overall growth and to a lesser extent, tariffs and general inflation. Accounts payable rose 14.3% fr om 3Q24, reflecting our inventory growth. • Net capital spending was $54.7 in 3Q25 vs. $55.8 in 3Q24. 3Q25 spend related to FMI hardware, facility construction and upgrades, information technology (IT), and vehicles. We expect our 2025 net capital spending to be within a range of $235.0 to $255.0, a decrease from our originally anticipated range ($265.0 to $285.0) and an increase from 2024. The expected growth from 2024 is due to higher investments in hub capacity and facility picking capabilities, FMI device purchases, and IT spending. • We returned $252.5 of capital to shareholders through dividends in 3Q25 versus $223.4 in 3Q24. 131.3% 99.6% 115.3%
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10 CEO MESSAGE ON 3Q25 2025 YTD Direct Materials % of Total Sales Total Direct Materials - Fasteners 20.9% Non-Fasteners Direct Materials Hydraulic and Pneumatics, Electrical, Material Handling, Tools, Other 12.8% Cutting Tools and Welding/Abrasives 5.1% Total Direct Materials - Non-Fasteners 17.9% Total Direct Material 38.8% Migrating to Direct vs. Indirect Materials Product Sales Categorization • Why? ◦ Better analytics and better visibility with customer data ◦ Great insights for direct vs. indirect materials ◦ Direction for field to identify opportunities for wallet share • Historical Original Equipment Manufacturing (Fasteners only, tax exempt, U.S.) • Direct materials will include: ◦ All fasteners and non-fasteners to production customers ◦ We are also expanding production customers to include international, as well as U.S. • Additional information will be provided in the Nov. press release of Oct. sales results
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11 APPENDIX Non-GAAP Financial Measures The appendix includes information on our Return on Invested Capital ('ROIC'), which is a non-GAAP financial measure. We define ROIC as net operating profit less income tax expense divided by average invested capital over the trailing 12 months ('TTM'). We believe ROIC is a useful financial measure for evaluating the efficiency and effectiveness of our use of capital and believe ROIC is an important driver of shareholder return over the long-term. Our method of determining ROIC may differ from the methods of other companies, and therefore may not be comparable to those used by other companies. Management does not use ROIC for any purpose other than the reasons stated above. ROIC is a measure of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. The tables that follow on page 12 include a reconciliation of the calculation of our return on total assets ('ROA') (which is the most closely comparable GAAP financial measure) to the calculation of our ROIC for the periods presented. Stock Split Share and per share information in this document has been adjusted to reflect a previously announced two-for-one stock split which took effect at the close of business on May 21, 2025.
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(Amounts in millions) TTM 3Q25 TTM 3Q24 Operating Income $ 1,616.3 1,519.1 Income Tax Expense (388.0) (363.2) Net Operating Profit After Tax (NOPAT) $ 1,228.3 1,155.9 Total Current Assets $ 3,403.3 3,204.1 Cash and Cash Equivalents (290.2) (294.9) Accounts Payable (323.3) (288.4) Accrued Expenses (243.4) (230.8) Property & Equipment, Net 1,078.4 1,028.0 Other Assets 445.7 435.5 Invested Capital $ 4,070.6 3,853.5 ROIC 30.2% 30.0% (Amounts in millions) TTM 3Q25 TTM 3Q24 Net Income $ 1,226.6 1,154.9 Total Assets $ 4,927.4 4,667.5 ROA 24.9% 24.7% NOPAT $ 1,228.3 1,155.9 Add: Income Tax Expense 388.0 363.2 Operating Income 1,616.3 1,519.1 Add: Interest Income 5.5 6.5 Subtract: Interest Expense (7.2) (7.5) Subtract: Income Tax Expense (388.0) (363.2) Net Income $ 1,226.6 1,154.9 Invested Capital $ 4,070.6 3,853.5 Add: Cash and Cash Equivalents 290.2 294.9 Add: Accounts Payable 323.3 288.4 Add: Accrued Expenses 243.4 230.8 Total Assets $ 4,927.4 4,667.5 Calculation of Return on Invested Capital (ROIC) Reconciliation of ROIC to Return on Assets (ROA) * Amounts may not foot due to rounding differences. RETURN ON INVESTED CAPITAL* 12
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Daily Sales Rate (DSR) BENCHMARKS Cum. Chg., Jan. to Mar. Cum. Chg., Jan. to Jun. Cum. Chg., Jan. to Sep. Cum. Chg., Jan. to Oct.Jan.* Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. BENCHMARK** 0.2% 1.3% 2.9% 4.2% (1.5%) 2.7% 0.9% 6.4% (3.5%) 2.5% 4.0% 9.5% (2.2%) 7.1% (2.6%) (6.9%) 2025 DSR (1.6%) 5.8% 3.3% 9.2% (2.9%) 4.1% 2.0% 12.6% (2.7%) 2.1% 3.6% 15.9% Delta v. Benchmark (1.8%) 4.5% 0.4% 5.0% (1.4%) 1.4% 1.1% 6.2% 0.8% (0.4%) (0.4%) 6.4% 2024 DSR (0.7%) 2.7% 0.2% 2.8% (1.3%) 1.5% 1.6% 4.6% (5.3%) 3.0% 5.1% 7.2% (3.4%) 3.6% (1.9%) (8.4%) Delta v. Benchmark (0.9%) 1.4% (2.7%) (1.4%) 0.1% (1.2%) 0.7% (1.8%) (1.8%) 0.4% 1.2% (2.3%) (1.2%) (3.5%) 0.7% (1.5%) 2023 DSR (0.4%) 1.7% 1.0% 2.6% (0.2%) 0.7% (0.2%) 2.9% (2.6%) 1.3% 4.0% 5.5% (3.0%) 2.3% (2.5%) (5.3%) Delta v. Benchmark (0.6%) 0.3% (1.9%) (1.6%) 1.2% (2.0%) (1.1%) (3.5%) 0.8% (1.2%) 0.0% (3.9%) (0.8%) (4.8%) 0.1% 1.6% 2022 DSR 1.7% 3.1% 3.6% 6.9% (1.2%) 3.2% 0.2% 9.2% (1.6%) 1.3% 2.7% 11.8% (0.1%) 11.7% (4.3%) (6.6%) Delta v. Benchmark 1.5% 1.8% 0.7% 2.6% 0.3% 0.5% (0.7%) 2.8% 1.9% (1.2%) (1.3%) 2.4% 2.1% 4.6% (1.6%) 0.3% Days Count Total 2026 21 20 22 22 20 22 22 21 21 22 20 21 254 2025 22 20 21 22 21 21 22 21 21 23 19 21 254 2024 22 21 21 22 22 20 22 22 20 23 20 20 255 * The January average is based on the historical change in January vs. the prior year's October. All other months are sequential. ** The benchmark for each month is the average of the previous five years for that month. As COVID-19-related surge sales made sequential averages in 2020 unrepresentative, the benchmark uses a preceding five-year average that excludes 2020. Notes: ◦ Good Friday was in April of 2022 and 2023, March of 2024, and April of 2025. In 2026, Good Friday will be in April. ◦ Amounts may not foot due to rounding differences. SEQUENTIAL TRENDS* 13
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Absolute Count FTE Count (1) HEADCOUNT STATISTICS 3Q25 2Q25 Change Since 2Q25 4Q24 (2) Change Since 4Q24 3Q24 (2) Change Since 3Q24 3Q25 2Q25 Change Since 2Q25 4Q24 (2) Change Since 4Q24 3Q24 (2) Change Since 3Q24 Selling personnel (3) 17,196 17,192 0.0% 16,669 3.2% 16,620 3.5% 15,414 15,660 (1.6%) 15,014 2.7% 15,035 2.5% Distribution/ Transportation personnel 3,985 4,006 (0.5%) 3,953 0.8% 3,846 3.6% 3,057 3,098 (1.3%) 2,997 2.0% 2,951 3.6% Manufacturing personnel 1,072 1,037 3.4% 1,010 6.1% 1,000 7.2% 973 966 0.7% 936 4.0% 914 6.5% Organizational support personnel (4) 2,185 2,127 2.7% 2,070 5.6% 2,052 6.5% 2,124 2,083 2.0% 2,011 5.6% 1,994 6.5% Total personnel 24,438 24,362 0.3% 23,702 3.1% 23,518 3.9% 21,568 21,807 (1.1%) 20,958 2.9% 20,894 3.2% NOTES: (1) FTE – "Full-Time Equivalent". FTE is based on 40 hours per week. (2) In the fourth quarter of 2024, we realigned certain employees as a result of a routine review of our organizational structure. While there was no change to total absolute or total FTE headcount, it produced minor shifts between headcount categories. Historical numbers have been adjusted to reflect this realignment. (3) Of our Selling personnel, 80%-85% are attached to a specific in-market location. (4) Organizational support personnel consists of: (1) Sales Support personnel ( 37% to 42% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) IT personnel (35% to 40% of category); and (3) Administrative Support personnel (22% to 27% of category), which includes human resources, Fastenal School of Business, accounting and finance, senior management, etc. EMPLOYEE STATISTICS 14
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15 MAJOR SEGMENT GROWTH Year- to-date (YTD) Full Year (YTD)(Daily Sales Rates) Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. Heavy 2025 1.8% 4.8% 7.9% 4.6% 8.6% 9.2% 13.6% 11.7% 11.8% 8.2% Manufacturing 2024 3.3% 3.1% 2.0% 1.9% 1.5% 2.2% (1.0%) 2.3% 1.0% 1.7% 3.1% 4.1% (2.6%) 1.7% All Other 2025 6.7% 10.4% 12.0% 9.7% 12.8% 12.1% 14.2% 12.5% 11.8% 11.4% Manufacturing 2024 0.7% 3.6% 3.4% 2.2% 2.9% 7.1% 4.5% 6.6% 7.5% 4.2% 4.9% 7.1% 4.4% 4.5% All Other 2025 (3.7%) (1.0%) 3.0% 5.7% 6.1% 8.4% 9.0% 10.7% 5.3% 4.9% End Markets 2024 (0.5%) 0.9% (0.2%) (2.9%) (0.3%) 0.3% (2.9%) (3.2%) 2.1% (0.8%) 0.2% (1.0%) (0.2%) (0.7%) END MARKET PROFILE Heavy Manufacturing, 43.0% All Other Manufacturing, 32.0% Non-Residential Construction, 8.5% Reseller, 5.2% Gov't/Education, 3.8% Transportation/ Warehousing, 5.2% Other, 2.3% End Market Mix - Full Year 2024
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16 THANK YOU