2Q26: meets high expectations, daily sales accelerate

研报英文原文证据摘录

2Q26: meets high expectations, daily sales accelerate

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Fastenal Company

2Q26: meets high expectations, daily sales

accelerate

Reiterate Rating: BUY | PO: 55.00 USD | Price: 45.74 USD

2Q26 EPS beats our estimate, daily sales up DD 15 July 2026

FAST reported 2Q26 earnings of $0.33 that slightly beat our forecast of $0.32 and in Equity

line with consensus estimates of $0.33. The company beat consensus on sales, gross

margin, and operating margin. EBIT of $502mn beat our $493mn estimate and $498mn

Key Changesconsensus. Key investor concerns into the print were on June daily sales and gross

margins, both of which came in ahead of consensus estimates. Heavy manufacturing (US$) Previous Current

remained the primary growth engine, while exposure to data centers, transportation, and 2026E Rev (m) 9,076.9 9,236.6

warehousing supported other end markets. Direct materials also outgrew indirect, 2027E Rev (m) 9,803.1 9,975.6

reinforcing the strength in manufacturing accounts. Management reiterated that 2028E Rev (m) 10,587.3 10,773.6

price/cost remains a priority, but the near-term focus is top-line growth and share gains. 2026E EPS 1.24 1.25

Pricing comps get tougher in 2H as FAST laps a ~2% tougher comp, although this should 2028E EPS 1.50 1.51

be partly offset by an inflationary environment. SG&A was a positive, declining 90bps 2026E DPS 0.98 1.00

y/y as a percentage of sales and offsetting GM pressure. Compensation, fuel, and

price/cost weighed on incrementals, however management reiterated its long-term Andrew Obin

Research Analyst

target of mid-20% incrementals, with CFO Max Tunnicliff noting that “you get to the BofAS

mid-20s when that (price/cost) net negative goes away.” We reiterate Buy. +1andrew.obin@bofa.com646 855 1817