Grainger earnings: guidance and next results
Grainger's next results are expected on November 4, 2026. Watch whether Grainger can preserve margins after the tariff refund fades.
What has Grainger guided for 2026?
For 2026, management guides to $19.4–$19.7 billion in sales. It guides to $45.50–$47.25 in diluted EPS. The target operating margin is 15.8%–16.2%. Operating cash flow is targeted at $2.25–$2.4 billion.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Net Sales | Year to Dec 2026 | 19.4 | 19.7 | Aug 4, 2026 |
| Sales growth | Year to Dec 2026 | 8.4% | 10.0% | Aug 4, 2026 |
| Gross Profit Margin | Year to Dec 2026 | 39.3% | 39.6% | Aug 4, 2026 |
| Operating Margin | Year to Dec 2026 | 15.8% | 16.2% | Aug 4, 2026 |
| Diluted Earnings per Share | Year to Dec 2026 | 45.50 | 47.25 | Aug 4, 2026 |
| Operating Cash Flow | Year to Dec 2026 | 2.25 | 2.4 | Aug 4, 2026 |
What this means. The daily impact, foreign currency exchange, and business divestiture or closure figures are assumptions used to explain sales growth, not separate amounts of sales.
Has Grainger kept its past promises?
The takeaway is straightforward: Grainger’s system offers formal alignment, and recent payouts show some discipline, but shareholders still must judge the measures, the dilution and the board’s willingness to hold management accountable.
How has Grainger's revenue and profit changed over the last eight quarters?
The June 2026 quarter showed stronger demand. Reported sales growth was 10.3%, while daily, organic constant-currency growth was 13.7%; the difference reflects selling days, currency and exited businesses. Volume and price pass-through helped High-Touch, while Zoro and MonotaRO drove Endless Assortment. Prebuying at MonotaRO may not repeat, so the next question is whether growth becomes profit.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,021 | 4,742 | 4,425 | 4,657 | 4,554 | 4,306 | 4,233 | 4,388 |
| Gross margin | 39.5% | 40.0% | 39.5% | 38.6% | 38.5% | 39.7% | 39.6% | 39.2% |
| Operating income | 807 | 793 | 634 | 511 | 678 | 672 | 633 | 686 |
| Net income | 570 | 555 | 451 | 294 | 482 | 479 | 475 | 486 |
| EPS, diluted | 12.01 | 11.65 | 9.44 | 6.12 | 9.97 | 9.86 | 9.71 | 9.87 |
| = Free cash flow | 333 | 569 | 269 | 339 | 202 | 521 | 170 | 523 |
What this means. The June 2026 gross margin is unusually high because the company received forty-three million dollars back in tariff refunds.
What should investors watch in Grainger's next results?
November 4, 2026, Q3 results test demand and margins as the tariff refund fades, alongside guidance through the CFO transition. In Q4 2026, Nampa distribution center operations are expected to begin. Across results, the decisive signals are High-Touch volume outgrowth, online retention and margins, and operating cash after working capital and capital spending.