FAST Thoughts Post Q2 EPS

研报英文原文证据摘录

FAST Thoughts Post Q2 EPS

Update

July 15, 2026 12:03 PM GMT

Morgan Stanley & Co. LLCMFastenal Co. | North America Christopher Snyder, CFA

Equity Analyst

FAST Thoughts Post Q2 EPS Chris.Snyder@morganstanley.com +1 212 761-4470

Fastenal Co. (FAST.O, FAST US)

Multi-Industry | United States of America

Stock Rating Equal-weight

Exhibit 1: FAST market outgrowth (quarterly ADS vs US IP + PPI): Inflecting on Industry View Attractive

Price target $48.00

the leading edge and debate is on the durability of market outgrowth Shr price, close (Jul 14, 2026) $45.74

Mkt cap, curr (mm) $52,642

52-Week Range $50.63-38.97

Source: Morgan Stanley, Company Reports

FAST quarterly results always drive a high number of incomings – the company is a

proxy for US industrial activity and as the first reporter every EPS season,

provides an early read on what is to come... but the trick is separating the signal

from the noise. Below we discuss the key questions received over the last 24 hours

on FAST, distributor peers and the US industrial economy more broadly. We exit Q2

EPS more constructive - FAST outpaced June seasonality on idiosyncratic drivers,

implemented ~100 bps of intra quarter price, drove a Q2 gross margin seasonal beat

and while the company spoke cautiously on 2H'26 incremental margins, we see

scope for upside and positive revisions to follow. But first FAST faces July ADS

which brings seasonal headwinds. Longer-term the debate remains on the ability to

sustain MSD+ structural market outgrowth - raising questions about contract

signings over the near-term and Int'l expansion plans over the longer-term. We

discuss all in detail below.

Why did FAST share sell off during the Q2 CC? FAST shares were trading +3%

prior to the CC and finished the CC down 2% due to softer than expected