固安捷 2025年度报告

2025 Annual Report About Us W.W. Grainger, Inc., is a leading broad line distributor with operations primarily in NorthAmerica and Japan. At Grainger, We Keep The World Working®by serving more than4.6 million customers worldwide with maintenance, repair and operating (MRO) productsand value-added solutions delivered through innovative technology and deep customerexpertise. Known for its commitment to service and purpose-driven culture, the Companyreported 2025 revenue of$17.9 billion. For more information, visit www.grainger.com. 2025 FINANCIAL SUMMARY During the year, the Company continued to drive its strategy forward by remaining focused on what matters most—providing our customers with a great experience and exceptional service. The result of this focus helped the Companydeliver strong results for 2025. Our Purpose SM We relentlessly expand our leadership position by being the go-to partnerfor people who build and run safe, sustainable and productive operations. Our Aspiration High-Touch Solutions model Endless Assortment model We deliver compelling value-added MROsolutions through our teams of specialistsand curated digital experiences. We make business supply purchasingremarkably easy through a streamlined andtransparent online relationship that providesaccess to everything a customer needs. Our Strategy •Advantaged MRO solutions•Differentiated sales and services•Unparalleled customer service •Expansive product assortment•Innovative customer acquisitionand retention capabilities The following principles are at the heart of how we work –our customers, suppliers and communities.with one another, Our Principles The Grainger Edge® Grainger Shareholders Despite a challenging macro environment in 2025, we navigated the yearin a way that honors who we are by executing well, strengthening ouradvantage and delivering on our financial commitments. Time and again, Grainger team members demonstrate an unwaveringcommitment to serving our customers and helping us deliver strong resultsfor our shareholders. Across both the High-Touch Solutions and EndlessAssortment segments, our teams worked hard to provide exceptional serviceand a best-in-class experience for our customers. 2025 Financial Highlights: D.G. MacphersonChairman of the Board andChief Executive Officer •Reported sales growth of 4.5% (4.9% in daily, organic constant currency)— Outgrew the U.S. MRO market by ~250 bps in High-Touch SolutionsU.S. on a volume basis— Drove 15.6% revenue growth in daily, organic constant currency inEndless Assortment •Delivered adjusted operating margins of 15.0% •Produced adjusted ROIC of 39.1% •Generated strong operating cash flow of$2.0 billion, returning$1.5 billion to shareholders through dividends and share repurchases In 2025, we invested in the things that help us extend our leadership positionand matter most to our customers. Our supply chain fuels advantage with our service, onsite and digitalcapabilities and enables us to deliver next-day complete orders to customersacross both segments. In 2025, we made meaningful progress on three newdistribution centers across the U.S. and Japan while leveraging inventory andtransportation solutions to improve service in other markets. We also continued to invest in building market-leading data and technologycapabilities. This includes core product and customer information assets,which have taken on even greater importance as AI accelerates and createsnew opportunities to unlock additional value. These data assets underpin ourfive strategic growth engines and fuel our ability to gain share. In 2025, wemade progress across our efforts in merchandising, marketing, seller coverageand effectiveness, and customer solutions, and remain confident in our abilityto drive continued growth over the long term with these initiatives. Additionally, we strengthened our focus on where we can win and deliver thegreatest long-term impact in North America and Japan, as we streamlined ourportfolio and exited the U.K. market. During the year, we were once again recognized as an industry leader, ahonored as one of the World’s Most Ethical Companies®byEthisphere, atestament to the culture we’ve built and our commitment to do the right thing.responsible company and a top place to work. For the first time, we were Making it all happen are the nearly 25,000 Grainger team members whowork together every day to fulfill our purpose –We Keep The World Working.®Grainger has and will always be a place that creates opportunities for teammembers who work hard and start with the customer. By staying focused onwhat matters most to ourcustomers and creatinga great workplace forour team members, weare poised to delivercontinued growth, sharegain and strong returnsfor our shareholders. Looking forward, I’m excited about what’s in store for 2026 and confidentin our ability to extend our advantage for the long term. Regardless of theenvironment, we will continue to provide a best-in-clas