GWW · 10-Q · 2026Q3 · Full report
Operating Income and Margins
W.W. GRAINGER, INC. · 2026-11-04 · Importance 69 · Surprise 64 · In source text
Third-quarter operating earnings increased 62% to $828 million, while adjusted operating earnings rose 18% to $836 million. For the first nine months, operating earnings increased 30.5% to $2,428 million and adjusted operating earnings rose 18% to $2,436 million. Nine-month operating margin increased to 16.2% from 13.8%, a 2.4 percentage-point improvement; the 2025 comparison included U.K. exit-related charges, including a $186 million Cromwell impairment and $10 million Zoro U.K. closure expense.
Key facts
- For the three months ended September 30, 2026, operating earnings were $828 million, up $317 million or 62%; adjusted operating earnings were $836 million, up $129 million or 18%. source
- For the nine months ended September 30, 2026, operating earnings were $2,428 million, up $567 million or 31%; adjusted operating earnings were $2,436 million, up $379 million or 18%. source
- For the three months ended September 30, 2026, High-Touch Solutions N.A. operating earnings were $706 million, up $82 million or 13%; adjusted operating earnings were $714 million, up $90 million or 14%. source
- For the nine months ended September 30, 2026, High-Touch Solutions N.A. operating earnings were $2,080 million, up $267 million or 15%; adjusted operating earnings were $2,088 million, up $275 million or 15%. source
- For the three months ended September 30, 2026, Endless Assortment operating earnings were $122 million, up $40 million or 49%; adjusted operating earnings increased $30 million or 33%. source
- For the nine months ended September 30, 2026, Endless Assortment operating earnings were $348 million, up $102 million or 42%; adjusted operating earnings increased $92 million or 36%. source
- For the three months ended September 30, 2026, diluted EPS was $12.42, up 103% from $6.12; adjusted diluted EPS was $12.54, up 23% from $10.21. source
- For the nine months ended September 30, 2026, diluted EPS was $36.08, up 39% from $25.97; adjusted diluted EPS was $36.20, up 21% from $30.03. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +10.9% | For the nine months ended September 30, 2026, operating earnings were $2,428 million, up $567 million or 31%; adjusted operating earnings… |
| operating_income | positive | realized | +2.0% | For the nine months ended September 30, 2026, Endless Assortment operating earnings were $348 million, up $102 million or 42%; adjusted… |
| operating_income | positive | realized | +1.8% | For the nine months ended September 30, 2026, Endless Assortment operating earnings were $348 million, up $102 million or 42%; adjusted… |