Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the five-year period, W.W. Grainger’s top-line revenue showed a consistent upward trend, rising from USD 13,022 million in 2021 to USD 17,942 million in 2025. This growth, approximately 38% overall, was mirrored by improvements in gross profit, which increased from USD 4,720 million to USD 7,009 million. The jump between 2021 and 2022 was particularly notable, with revenue and operating income growing sharply—from USD 13,022 million to USD 15,228 million in revenue and from USD 1,547 million to USD 2,215 million in operating income—suggesting strong operational leverage during that period. Additionally, net income exhibited similar upward movement, climbing from USD 1,043 million in 2021 to a peak of USD 1,909 million in 2024, reflecting solid profitability improvements during the initial four years. However, it is important to note that both operating income and net income experienced declines from 2024 to 2025, with operating income dropping from USD 2,637 million to USD 2,495 million and net income falling from USD 1,909 million to USD 1,706 million. While these year-over-year declines—approximately 5–10%—do not exceed the 20% threshold for dramatic swings, they do signal potential headwinds, such as increased operational costs or market pressures impacting margins. Given Grainger’s position as a key distributor in the maintenance, repair, and operating supplies industry, its sustained revenue and gross profit growth over most of the period underscores overall financial health. The slight dip in later profitability metrics calls for closer monitoring but does not fundamentally undermine the company’s long-term sustainability based on these income statement metrics.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
Snapshot
W.W. Grainger, Inc.'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
+8.3%Compound growth, FY2021 to FY2025
Gross profit
+10.4%Compound growth, FY2021 to FY2025
Operating Income
+12.7%Compound growth, FY2021 to FY2025
Net income
+13.1%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
W.W. Grainger, Inc. headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for W.W. Grainger, Inc., from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
W.W. Grainger, Inc. expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for W.W. Grainger, Inc..
Margins
How much of W.W. Grainger, Inc.'s revenue survives through gross profit, operating income, and net income.
Gross margin
+282 bpsFY2025, versus FY2021
Operating Margin
+203 bpsFY2025, versus FY2021
Net income margin
+150 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
W.W. Grainger, Inc. margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of W.W. Grainger, Inc.'s statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Op. income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
W.W. Grainger, Inc. year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Op. income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
