W.W. Grainger, Inc. (GWW) Earnings Call Transcripts

W.W. Grainger, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of fiscal year 2026, W.W. Grainger, Inc. reported a revenue increase of 10.3%, or 13.7% on a daily organic constant currency basis, driven by strong performance across both high-touch and endless assortment segments. Diluted EPS rose over 20% year-over-year to $12.01. Management raised their full-year guidance, now expecting daily organic constant currency sales growth between 11.5% and 13%, and EPS in the range of $45.50 to $47.25, reflecting improved operational execution and tariff refunds.

Reported metrics

Guidance from management

Management raised their full-year sales growth guidance to between 11.5% and 13% and increased EPS guidance to a range of $45.50 to $47.25, reflecting strong sales momentum and tariff refund benefits.

What management said

Yes. Again, the vast majority, as we noted would be -- have been approved for and were received. And so in the back half, we think it's going to be fairly immaterial based upon that, and it was very hard to estimate from a quarterly perspective. So we focus mostly on what we could estimate and what we felt was probable at this time, and that's what we booked in Q2.

Yes. So we talked about the puts and takes of May, and we basically had 0 price change overall for maybe we had some ups and downs. What we're doing in September will add about 1 point annually. So less than that, obviously, for the balance of the year, maybe 40 basis points or something like that. And for the whole year, we'll be around 4%. We originally said 3% to 4%, we're going to be the high end of that given th...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of gross margins, particularly given the mix of lower-margin project work and inflationary pressures from freight costs. There were also questions about the potential for additional tariff refunds in the future and how these might impact margins moving forward.

Main topics on the call

• Revenue Growth — Grainger reported a sales increase of 10.3% for the quarter, with a 13.7% rise on a daily organic constant currency basis. Management noted, "We are pleased with what we are seeing from our high-touch growth engine and f...
• Operating Margin Improvement — Operating margin improved to 16.1%, up 120 basis points year-over-year, benefiting from gross margin flow-through and leverage. Management stated, "Both gross margin and operating margin benefited from our exit of the U....
• Tariff Refund Impact — Grainger recognized a 90 basis point tailwind from EPA tariff refunds, contributing to gross margin expansion. However, management cautioned that the majority of these refunds were accounted for in Q2, with minimal expec...
• Guidance Increase — Management raised full-year guidance, now expecting daily organic constant currency sales growth between 11.5% and 13%. They also increased EPS guidance to a range of $45.50 to $47.25, up over 17% year-over-year at the m...

Read the full W.W. Grainger, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 33 W.W. Grainger, Inc. earnings call transcripts on record, spanning January 30, 2020 to August 4, 2026. Based on this history, W.W. Grainger, Inc. reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GWW

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Trading Companies and Distributors

Calls on record

33

First call

January 30, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly