[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","j4wtwlwstxxb78g9a48bhf7vo","revision",2,"title","Fastenal 2026年第三季度及前三季度财报发布","originalTitle","FASTENAL CO (0000815556) (Filer)","summary","Fastenal 2026年前三季度净销售额70.52亿美元，同比增长14.2%；净收入11.24亿美元，同比增长16.4%。2026年第三季度净销售额24.63亿美元，同比增长15.5%；净利润4.02亿美元，同比增长19.7%。公司面临宏观经济波动、贸易政策不确定性及通胀压力等风险。","reason","Fastenal 2026年第三季度及前三季度营收和利润均实现同比增长，但毛利率有所下降，同时面临宏观经济波动、贸易政策及通胀等风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-19T14:40:32.000Z","discoveredAt","2026-10-19T14:54:34.366Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",79,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fH_DqkEbLKt0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","78d99da9-1449-4d54-b6bf-756c1865c2f3","Fastenal 2026年财报发布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

(选择一项)


☒	根据《1934 年证券交易法》第 13 或 15(d) 条的季度报告

截至 2026 年 9 月 30 日的季度，或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条的过渡报告

从 __________ 到 __________

委员会文件编号 0-16125

FASTENAL 公司

(注册人章程中指定的全名)


明尼苏达州		41-0948415
(注册地或组织地)		(美国国税局雇主识别号)


明尼苏达州温诺纳市 Theurer 大道 2001 号		55987-1500
(主要执行办公室地址)		(邮政编码)


	(507) 454-5374
	(注册人的电话号码，包括区号)

不适用

(如自上次报告以来名称、地址或财政年度有所更改，请注明)

根据《法案》第 12(b) 条注册的证券：


每类证券的名称	交易符号	每种证券的注册交易所
面值为每股 0.01 美元的普通股	FAST	纳斯达克股票市场有限责任公司

通过复选框表明注册人是否：(1) 在过去 12 个月（或注册人需提交此类报告的较短期间）内提交了所有根据《证券交易法》第 13 或 15(d) 条应提交的报告，并且 (2) 在过去 90 天内已受此类提交要求的约束。是 ý 否 ☐

通过复选框表明注册人是否在前 12 个月（或注册人需提交此类文件的较短期间）内提交了根据规章 S-T 第 405 条（本章第 232.405 条）应提交的每个交互式数据文件。是 ý 否 ☐

通过复选框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

加速提交者

☐

非加速提交者

☐

较小的报告公司

☐

新兴成长公司

☐

如果是一家新兴成长公司，请通过复选框表明注册人是否已选择不使用根据《交易法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。 ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

As of October 13, 2026, there were approximately 1,147,301,488 shares of the registrant's common stock outstanding.

Table of Contents

FASTENAL COMPANY

INDEX


		Page
PART I	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Income	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Stockholders' Equity	4

	Condensed Consolidated Statements of Cash Flows	5

	Notes to Condensed Consolidated Financial Statements	6

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	28

ITEM 4.	CONTROLS AND PROCEDURES	29

PART II	OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	30

ITEM 1A.	RISK FACTORS	30

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	30

ITEM 5.	OTHER INFORMATION	30

ITEM 6.	EXHIBITS	31

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

FASTENAL COMPANY

Condensed Consolidated Balance Sheets

(Amounts in millions except share and per share information)

(Unaudited)


Assets	September 30, 2026		December 31, 2025
Current assets:
Cash and cash equivalents	$	211.9			276.8
Trade accounts receivable, net of allowance for credit losses of $6.2 and $5.3, respectively	1,615.2			1,245.3
Inventories	1,776.6			1,748.0
Prepaid income taxes	9.3			20.1
Other current assets	215.8			181.9
Total current assets	3,828.8			3,472.1

Property and equipment, net	1,188.2			1,131.6
Operating lease right-of-use assets	343.4			309.0
Other assets	134.1			140.2

Total assets	$	5,494.4			5,052.9

Liabilities and Stockholders' Equity
Current liabilities:
Current portion of debt	$	50.0			25.0
Accounts payable	445.8			316.8
Accrued expenses	335.5			264.7
Current portion of operating lease liabilities	113.5			106.1
Income taxes payable	29.4			3.0
Total current liabilities	974.2			715.6

Long-term debt	50.0			100.0
Operating lease liabilities	238.2			210.8
Deferred income taxes	65.9			67.4
Other long-term liabilities	16.9			15.5

Commitments and contingencies (Notes 3, 5, 6, and 8)
Stockholders' equity:
Preferred stock: $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding	—			—
普通股：面值0.01美元，授权发行16亿股，已发行和流通11.4726461亿股和11.48057473亿股	11.5			11.5
额外 paid-in 资本	60.0			115.5
留存收益	4,142.8			3,867.7
其他综合亏损累计	(65.0)			(51.1)
股东权益总额	4,149.2			3,943.6
总负债和股东权益	$	5,494.4			5,052.9

参见附注：简要合并财务报表。

FASTENAL 公司

简要合并损益表

（每股收益除外金额以百万计）

（未审计）


	截至9月30日的九个月		截至9月30日的三个月
	2026		2025		2026	2025
净销售额	$	7,051.9			6,173.1		$	2,463.3		2,133.3
销售成本	3,900.6			3,380.6		1,358.6			1,167.5
毛利	3,151.3			2,792.5		1,104.7			965.8

销售、一般及行政费用	1,671.1			1,521.1		573.9			524.3
营业利润	1,480.2			1,271.4		530.8			441.5

利息收入	4.3			4.3		1.2			0.7
利息支出	(2.9)			(5.3)		(0.8)			(1.6)
税前收入	1,481.6			1,270.4		531.2			440.6

所得税费用	357.4			306.0		129.6			105.1
净收入	$	1,124.2			964.4		$	401.6		335.5

基本每股净收益	$	0.98			0.84		$	0.35		0.29
稀释每股净收益	$	0.98			0.84		$	0.35		0.29

基本加权平均股数	1,147.6			1,147.4		1,147.2			1,147.9
稀释加权平均股数	1,150.4			1,150.3		1,150.1			1,151.0

参见附注：简要合并财务报表。

FASTENAL 公司

简要合并综合收益表

（金额以百万计）

（未审计）


	截至9月30日的九个月		截至9月30日的三个月
	2026		2025		2026	2025
净收入	$	1,124.2			964.4		$	401.6		335.5
其他综合（损失）收入，税后：
外币折算调整	(13.9)			35.3		(2.2)			(4.6)
综合收益	$	1,110.2			999.7		$	399.3		330.9

参见附注：简要合并财务报表。

FASTENAL 公司

简要合并股东权益表

（每股信息除外金额以百万计）

（未审计）


	截至9月30日的九个月		截至9月30日的三个月
	2026		2025		2026	2025
普通股
期初余额	$	11.5			11.5		$	11.5		11.5
普通股购买	0.0			—		0.0			—
股票期权行权	0.0			0.0		0.0			0.0
期末余额	11.5			11.5		11.5			11.5
额外 paid-in 资本
期初余额	115.5			82.8		80.7			104.2
普通股购买	(80.8)			—		(30.5)			—
股票期权行权	17.5			23.9		7.2			6.6
基于股票的补偿	7.8			6.2		2.6			2.1
期末余额	60.0			112.9		60.0			112.9
留存收益
期初余额	3,867.7			3,613.5		4,039.4			3,743.3
净收入	1,124.2			964.4		401.6			335.5
现金股息支付	(849.1)			(751.6)		(298.2)			(252.5)
期末余额	4,142.8			3,826.3		4,142.8			3,826.3
其他综合亏损累计
期初余额	(51.1)			(91.5)		(62.7)			(51.6)
其他综合（损失）收入	(13.9)			35.3		(2.2)			(4.6)
期末余额	(65.0)			(56.2)		(65.0)			(56.2)
股东权益总额	$	4,149.2			3,894.5		$	4,149.2		3,894.5

普通股每股现金股息	$	0.740			0.655		$	0.260		0.220

参见附注：简要合并财务报表。

FASTENAL 公司

简要合并现金流量表

（金额以百万计）

（未审计）


	截至9月30日的九个月		截至9月30日的三个月
	2026		2025		2026	2025
经营活动产生的现金流量：
净收入	$	1,124.2			964.4		$	401.6		335.5
调整项目以将净利润调节为经营活动提供的净现金:
固定资产折旧	126.9			126.7		42.1			42.3
出售固定资产的损失（收益）	0.1			(2.6)		(0.1)			(1.0)
坏账费用	4.2			3.5		0.9			1.6
递延所得税	(1.4)			(6.1)		0.2			(7.4)
基于股票的薪酬	7.8			6.2		2.6			2.1
无形资产摊销	8.2			8.0		2.8			2.7
经营性资产和负债的变化:
净应收票据	(379.1)			(233.2)		(58.9)			(26.8)
存货	(34.2)			(66.3)		(41.9)			1.4
其他流动资产	(34.4)			5.9		(36.8)			(19.8)
应付账款	127.5			50.3		43.4			25.6
应计费用	77.4			35.4		48.7			5.4
所得税	37.2			34.8		13.0			22.3
其他	1.4			0.8		3.9			3.0
经营活动提供的净现金	1,065.7			927.8		421.6			386.9

投资活动产生的现金流量:
购买固定资产	(197.0)			(185.3)		(74.0)			(60.3)
出售固定资产所得	7.0			12.5		2.2			5.6
其他	(2.1)			(0.3)		(0.2)			(0.1)
投资活动使用的净现金	(192.1)			(173.1)		(72.0)			(54.8)

筹资活动产生的现金流量:
债务义务的所得	722.0			1,040.0		315.0			365.0
债务义务的支付	(747.0)			(1,045.0)		(335.0)			(400.0)
股票期权行权所得	17.5			23.9		7.2			6.6
购买普通股	(80.8)			—		(30.5)			—
支付的现金股利	(849.1)			(751.6)		(298.2)			(252.5)
筹资活动使用的净现金	(937.4)			(732.7)		(341.5)			(280.9)

汇率变动对现金及现金等价物的影响	(1.1)			10.3		(1.0)			(0.9)

现金及现金等价物的净（减少）增加	(64.9)			32.3		7.1			50.3

期初现金及现金等价物	276.8			255.8		204.7			237.8
期末现金及现金等价物	$	211.9			288.1		$	211.9		288.1

补充信息:
支付的利息现金	$	2.9			5.7		$	0.9		1.5
支付的所得税净额	$	317.4			274.4		$	114.4		89.1
以新经营租赁负债换取的租赁资产	$	122.0			109.5		$	58.9		36.4

参见附注中的简要合并财务报表。

FASTENAL COMPANY

简要合并财务报表附注

（金额以百万美元计，除非另有说明或特别指出）

2026年9月30日和2025年

（未经审计）

（1）报告基础

附带的未经审计的简要合并财务报表由Fastenal Company及其子公司（“公司”、“Fastenal”、“我们”、“我们的”或“我们”）编制，根据美国（U.S.）通用会计准则（GAAP）对中期财务信息进行编制。它们不包含根据美国GAAP要求的完整财务报表所需的所有信息和脚注。然而，除本文所述外，我们截至2025年12月31日的合并财务报表中包含的合并财务报表附注中披露的信息没有重大变化。管理层认为，为公允列报所必需的所有调整（包括正常重复性调整）均已包括在内。基于非四舍五入的美元金额的百分比、数值和美元变化计算，由于这些美元金额的四舍五入，可能无法使用本文中的美元金额重新计算或合计。

最近发布的会计准则

2024年11月，财务会计准则委员会（FASB）发布了会计准则更新（ASU）2024-03，利润表费用分解（DISE），该更新规定了新的披露要求，包括某些利润表费用项目（如库存采购、员工薪酬和“其他费用”）的构成，以及单独披露销售费用。该变更适用于2026年12月15日之后开始的财年以及2027年12月15日之后开始的中期期间，但允许提前采用。我们目前正在评估采用ASU 2024-03对我们合并财务报表和披露的影响，并预计将在2027年采用。

（2）收入

收入确认

净销售额包括产品和运输及搬运费用，扣除产品退货的预估金额和任何相关销售激励。收入按我们期望通过转让产品而收到的对价金额进行计量。所有收入在我们履行合同中的履约义务时或之时确认。我们通过将承诺的产品控制权转移给客户来确认收入，这主要发生在产品交付或客户提取时。我们在产品交付或客户提取时确认运输及搬运费用。我们根据历史退货率和滞后情况估计产品退货。通过概率评估，我们估计合同期间预期支付的销售激励。我们大多数合同只有一个履约义务，且具有短期性质。在外国司法管辖区收取并转交政府机构的销售税和增值税按净额核算，因此不包含在净销售额中。

FASTENAL公司

简要合并财务报表附注

（金额以百万美元计，除非另有说明或特别指出）

截至2026年9月30日和2025年9月30日

（未经审计）

收入分解

收入根据销售发生地的国家进行归类。截至2026年9月30日止期间，我们以下地理区域的收入如下：


	九个月期间		三个月期间
	2026		2025		2026	2025
美国	$	5,821.2			5,140.1		$	2,035.2			1,777.9
收入百分比	82.5	%		83.3	%	82.6	%		83.3	%
加拿大和墨西哥	982.0			835.1		342.1			284.8
收入百分比	13.9	%		13.5	%	13.9	%		13.4	%
所有其他外国国家	248.6			197.9		86.1			70.6
收入百分比	3.5	%		3.2	%	3.5	%		3.3	%
总收入	$	7,051.9			6,173.1		$	2,463.3			2,133.3

截至2026年9月30日止期间，我们按最终市场划分的销售百分比如下：


	九个月期间		三个月期间
	2026		2025		2026	2025
制造业	76.3	%		76.0	%	76.6	%	75.9	%
非住宅建筑	8.1	%		8.1	%	8.0	%	8.3	%
其他	15.6	%		15.9	%	15.4	%	15.8	%
	100.0	%		100.0	%	100.0	%	100.0	%

截至2026年9月30日止期间，我们按产品线划分的销售百分比如下：


		九个月期间		三个月期间
类型	推出	2026		2025		2026	2025
紧固件 (1)	1967	30.7	%		30.6	%	30.4	%	31.0	%
工具	1993	8.5	%		8.3	%	8.6	%	8.2	%
切割工具	1996	5.2	%		5.2	%	5.2	%	5.1	%
液压与气动	1996	7.0	%		6.9	%	7.1	%	6.9	%
物料搬运	1996	5.8	%		5.7	%	5.8	%	5.7	%
清洁用品	1996	8.6	%		9.1	%	8.7	%	9.0	%
电气用品	1997	4.8	%		4.7	%	4.9	%	4.6	%
焊接材料	1997	4.4	%		4.2	%	4.5	%	4.3	%
安全用品	1999	21.6	%		22.1	%	21.4	%	22.1	%
其他		3.4	%		3.2	%	3.3	%	3.1	%
		100.0	%		100.0	%	100.0	%	100.0	%

(1) 紧固件产品线代表紧固件和杂项用品。

FASTENAL 公司

简要合并财务报表附注

（金额以百万美元计，除非另有说明，或在其他情况下说明）

2026 年 9 月 30 日和 2025 年 9 月 30 日

（未经审计）

(3) 股东权益

股息

2026 年 10 月 13 日，我们的董事会宣布，将向普通股股东支付每股 0.26 美元的季度股息，于 2026 年 11 月 25 日以现金支付，支付对象为 2026 年 10 月 28 日收盘时的股东。

下表列示了我们的董事会之前支付或宣布的现金股息，按 2026 年和 2025 年的每股金额进行未来支付：


	2026		2025
第一季度	$	0.240			$	0.215
第二季度	0.240			0.220
第三季度	0.260			0.220
第四季度	0.260			0.220
总计	$	1.000			$	0.875

股票期权

下表总结了截至 2026 年 9 月 30 日仍在有效期内的股票期权计划中授予的期权详情，以及用于计算这些授予价值的假设。所有此类授予均在授予日收盘时生效。


	授予的期权	期权行权价		授予日收盘价		2026 年 9 月 30 日
授予日			尚未行权的期权		可行使的期权
2026 年 1 月 2 日	1,508,081		$	41.00			$	40.440		1,429,866	169,011
2025 年 1 月 2 日	1,366,636		$	36.00			$	35.555		1,179,969	271,975
2024 年 1 月 2 日	1,629,824		$	32.00			$	31.775		1,303,903	485,773
2023 年 1 月 3 日	2,143,886		$	24.00			$	23.700		1,431,561	719,509
2022 年 1 月 3 日	1,426,876		$	31.00			$	30.990		857,731	585,625
2021 年 1 月 4 日	1,483,020		$	24.00			$	23.825		733,683	617,611
2020 年 1 月 2 日	1,804,526		$	19.00			$	18.615		669,769	567,753
2019 年 1 月 2 日	2,633,848		$	13.00			$	12.853		442,330	372,414
2018 年 1 月 2 日	2,175,872		$	13.75			$	13.635		224,977	224,977
2017 年 1 月 3 日	3,059,156		$	11.75			$	11.738		50,189	50,189
总计	19,231,725						8,323,978		4,064,837

FASTENAL 公司

简要合并财务报表附注

（金额以百万美元计，除非另有说明，或在其他情况下说明）

2026 年 9 月 30 日和 2025 年 9 月 30 日

（未经审计）


授予日	无风险利率		期权预期有效期（年）		预期股息收益率		预期股票波动率	股票期权的估计公允价值
2026 年 1 月 2 日	3.7	%		5.00		2.2	%	23.79	%	$	8.52
2025 年 1 月 2 日	4.3	%		5.00		2.2	%	27.36	%	$	8.86
2024 年 1 月 2 日	3.8	%		5.00		2.2	%	28.44	%	$	7.94
2023 年 1 月 3 日	4.0	%		5.00		2.6	%	29.58	%	$	5.81
2022 年 1 月 3 日	1.3	%		5.00		1.7	%	28.52	%	$	6.84
2021 年 1 月 4 日	0.4	%		5.00		2.0	%	29.17	%	$	4.79
2020 年 1 月 2 日	1.7	%		5.00		2.4	%	25.70	%	$	3.41
2019 年 1 月 2 日	2.5	%		5.00		2.9	%	23.96	%	$	2.20
2018 年 1 月 2 日	2.2	%		5.00		2.3	%	23.45	%	$	2.51
2017 年 1 月 3 日	1.9	%		5.00		2.6	%	24.49	%	$	2.10

上表中的所有期权在最多八年期内归属并可行使。每项期权将在授予日之后约十年终止。

每项基于股票的期权的公允价值是在授予日使用上述假设列出的Black-Scholes估值方法进行估算的。无风险利率基于授予日期权预期寿命期内的美国国债利率。预期寿命是预计员工群体行使期权的平均时间长度，扣除取消部分，这基于类似授予的历史经验。股息收益率是根据当前股息支付、历史股息支付和预期未来现金股息，在期权预期寿命期内进行估算的。预期股票波动率是基于期权预期寿命内我们股票价格的最新历史期间的波动情况。

所有这些奖励的补偿费用等于授予日的公允价值，并在归属期内确认。截至2026年9月30日和2025年9月30日的九个月期间，股票薪酬费用分别为7.8亿和6.2亿，而2026年和2025年第三季度的股票薪酬费用分别为2.6亿和2.1亿。截至2026年9月30日，尚未归属的股票期权相关的未确认股票薪酬费用为22.4亿，预计将在加权平均3.67年内确认。任何未来预计的取消变化都将影响该金额。

每股净收益

以下表格展示了计算基本每股净收益和稀释每股净收益所使用的分母的调节情况，以及排除在稀释每股净收益计算之外的购买普通股期权的总结：


	九个月期间	三个月期间
调节	2026	2025		2026	2025
基本加权平均流通股数	1,147,628,672		1,147,437,856		1,147,190,302	1,147,871,234
假设行使股票期权的加权股数	2,799,555		2,814,160		2,912,053	3,165,397
稀释加权平均流通股数	1,150,428,227		1,150,252,016		1,150,102,355	1,151,036,631


	九个月期间		三个月期间
排除的反稀释期权总结	2026		2025		2026	2025
购买普通股的期权	1,262,311			1,188,640		55,459			—
期权的加权平均行权价格	$	41.00			36.00		$	41.00		—

上述任何稀释影响总结了当我们的股票平均市场价格超过当时待行权的潜在稀释性股票期权的行权价格时的期间。

FASTENAL公司

简要合并财务报表附注

（金额以百万美元计，除非另有说明，且不包括每股和每股信息）

截至2026年9月30日和2025年9月30日

（未经审计）

（4）所得税

我们在美国联邦司法管辖区、所有州以及各种地方和外国司法管辖区提交所得税申报表。在联邦所得税审查方面，我们不再受2023年以前纳税年度的税务审查，而在外国、州和地方审查方面，除有限例外情况外，不再受2020年以前纳税年度的税务审查。在2026年前九个月中，未发生与未确认税项利益相关的重大变化。

（5）经营租赁

某些皮卡的经营租赁包含残值担保条款，如果租赁车辆的公允价值低于担保的残值，这些条款通常会在经营租赁协议到期时到期。截至2026年9月30日，与这些租赁相关的总残值担保约为128.3美元。我们认为，在任何经营租赁协议条款下履行担保义务的可能性都很小。

(6) 债务承诺

信用额度、应付票据和承诺

每个期间结束时的债务义务和未付信用证包括以下内容：


	截至2026年9月30日的平均利率			未偿债务
		到期日期	2026年9月30日		2025年12月31日
无担保循环信用额度	4.87	%	2031年6月18日		$	—			—
高级无担保应付票据，系列E	2.72	%	2027年5月15日		50.0			50.0
高级无担保应付票据，系列G	2.13	%	2026年6月24日		—			25.0
高级无担保应付票据，系列H	2.50	%	2030年6月24日		50.0			50.0
总计				100.0			125.0
减：债务的流动部分				(50.0)			(25.0)
长期债务				$	50.0			100.0

无担保循环信用额度下的未付信用证 - 或有义务				$	0.2			29.7

无担保循环信用额度

2026年6月18日，我们与 Wells Fargo Bank, National Association（作为贷款人各方的代理）签订了第二份修订和重述的信用协议（经修订和重述，称为信用协议），修订和重述了我们现有的无担保修订和重述的信用协议，该协议于2022年9月28日签订，经修订。信用协议修订和重述，除其他事项外：(i) 重新确认信用协议下的总循环信用承诺，增加未承诺的循环选择金额（如下文进一步描述），(ii) 将循环信用到期日延长至2031年6月18日，(iii) 修改财务条款，(x) 取消合并EBITDA条款，(y) 增加我们需遵守的利息覆盖率条款，(iv) 根据我们的合并总杠杆比率调整信用协议下的承诺费和借款适用利率，(v) 做出其他条款和违约事件的修改。

根据信贷协议，我们与一家公司签订了835.0万美元的承诺无担保循环信用额度（信贷额度），并有一个未承诺的可增加额度选项，可额外增加500.0万美元，如果完全行使未承诺的可增加额度选项，可能的总承诺金额为1,335.0万美元。信贷额度包括一个55.0万美元的承诺信用证子额度。在2026年第一季度，我们将大部分相关信用证或有义务替换为担保债券安排，该安排仅在我们未能履行相关保险义务时才会被使用。对于我们在信贷额度下尚未偿还的借款，如果我们有能力并有意在接下来的12个月内用现金偿还，这些借款将被归类为流动负债。信贷额度包含某些财务和其他约定，我们使用信贷额度的借款权利取决于我们遵守这些约定，以及其他事项。截至2026年9月30日，我们已遵守这些约定。

FASTENAL COMPANY

合并中期财务报表附注

（金额以百万美元计，除非另有说明或单独注明）

2026年9月30日和2025年

（未经审计）

信贷额度下的借款通常按年利率计息，该利率等于每日简单SOFR或期限SOFR（由我们选择）加上适用的利差，该利差根据我们每个财季结束时的合并总杠杆率在1.00%至1.375%之间波动，截至2026年9月30日，信贷额度下的任何未偿还借款适用的利差为1.00%。我们对信贷额度未使用的部分支付承诺费，该费用根据我们每个财季结束时的合并总杠杆率在每年0.10%至0.175%之间波动，截至2026年9月30日，信贷额度未使用部分适用的承诺费为0.10%。

应付高级无担保本票

2026年6月18日，我们修订了2016年7月20日签订的现有主本票协议（经修订，称为主本票协议），与大都会人寿保险公司、NYL投资者有限责任公司和PGIM公司以及主本票协议下的其他购买方签订了协议。主本票协议修订内容包括：（i）将主本票协议下不时可能发行的本票总本金金额从最高900.0万美元减少至600.0万美元；（ii）解除PGIM公司作为主本票协议下的购买方和投资者集团代表；（iii）将发行期延长至2031年6月18日；（iv）修改财务约定，（x）取消合并EBITDA约定；（y）增加我们需遵守的利息覆盖率约定；以及（v）对约定和违约事件作出某些修改。

截至2026年9月30日，我们根据主票据协议发行了总额为100.0美元的高级无担保票据。根据主票据协议，可能发行的票据本金总额为600.0美元；然而，该协议项下的机构投资者并未承诺购买该等票据。这些票据在到期日前不进行摊销，利息每季度支付。根据我们的主票据协议发行的票据，包括每一系列票据的到期日和年固定利率，均包含在上面的表格中。主票据协议包含某些财务和其他约定，截至2026年9月30日，我们遵守了这些约定。

(7) 分部报告

每个地理区域（美国、加拿大、墨西哥、中美洲和南美洲、欧洲、亚洲和东南亚）都从事可能产生销售并发生费用的业务活动。通过我们的内部资产回报率（ROA）报告，可以在地理区域层面获得单独的财务信息。ROA报告是一项销售地点损益表，包含ROA计算，结果按地理区域汇总。ROA税前利润衡量财务表现并驱动薪酬计划。

截至2026年7月16日，我们的首席运营决策者（CODM）是由我们的首席执行官（CEO）和总裁/首席销售官组成的小组。自2026年7月16日起，我们的总裁兼CEO成为我们的唯一CODM。我们认为每个地理区域都是一个经营分部。CODM定期审查ROA税前利润，以做出关于地理区域层面资源分配的决策。经营分部的重要费用类别和金额并未定期由或提供给我们的CODM。分部费用是净销售额与ROA税前利润之间的差额，包括销售成本以及销售、一般及行政（SG&A）费用。然而，我们的CODM会审查合并费用信息以管理业务运营。

鉴于我们美国以外的经营分部单独来看均不到我们总经营分部净销售额、ROA税前利润和ROA资产的10%，我们不将其视为报告分部。因此，我们如下所述报告我们唯一报告分部（美国）的结果。我们重大会计政策的进一步详情可在我们最近提交的年度报告10-K的第1号附注中找到，这些政策适用于整个公司。

我们的分部利润或亏损的衡量标准是ROA税前利润，我们的资产衡量标准是ROA资产。ROA税前利润不是按照GAAP计算的财务指标，并排除了公司间交易。

下表列示了截至2026年9月30日的外部客户报告分部净销售额：


	九个月期间		三个月期间
	2026		2025	2026	2025
美国外部客户净销售额	$	5,821.2		5,140.1		$	2,035.2	1,777.9

FASTENAL公司

简要合并财务报表附注

（金额以百万美元计，除非另有说明或另有注明）

截至2026年9月30日和2025年9月30日

（未经审计）

The following table presents a reconciliation of reportable segment ROA pre-tax profit to consolidated income before income taxes for the periods ended September 30:


	Nine-month Period		Three-month Period
	2026		2025		2026	2025
U.S. ROA pre-tax profit	$	1,271.8			1,100.2		$	456.9		380.5
Other operating segment pre-tax profit (1)	209.7			170.2		74.3			60.1
Income before income taxes	$	1,481.6			1,270.4		$	531.2		440.6

(1) Other operating segment pre-tax profit includes ROA pre-tax profit for all other operating segments that are below the reportable segment quantitative threshold and immaterial allocations excluded from ROA pre-tax profit.

The following table presents reportable segment ROA assets for the periods ended:


	September 30, 2026		December 31, 2025
U.S. ROA assets (1)	$	2,745.9		2,446.8

(1) Operating segment ROA assets primarily include accounts receivable, inventory, selling location vehicles, and exclude certain centrally managed assets.

Other Segment Disclosures

Interest revenue and interest expense included in the ROA pre-tax profit are not material. The following table presents reportable segment ROA pre-tax profit depreciation and amortization expense for the periods ended September 30:


	Nine-month Period		Three-month Period
	2026		2025	2026	2025
U.S. ROA pre-tax profit depreciation and amortization expense	$	127.4		121.8		$	43.2	41.1

(8) Legal Contingencies

The nature of our potential exposure to legal contingencies is described in our 2025 annual report on Form 10-K in Note 11 of the Notes to Consolidated Financial Statements. As of September 30, 2026, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse impact on our Condensed Consolidated Financial Statements.

(9) Subsequent Events

We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the Condensed Consolidated Financial Statements or disclosure in the Notes to Condensed Consolidated Financial Statements, with the exception of the dividend declaration disclosed in Note 3 'Stockholders' Equity'.

Table of Contents

ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying condensed consolidated financial statements and should be read in conjunction with those condensed consolidated financial statements. Dollar amounts are stated in millions except for share and per share amounts and where otherwise noted. Percentages, values, and dollar change calculations, which are based on non-rounded dollar values, may not be able to be recalculated or footed using the dollar values in this document due to the rounding of those dollar values. References to daily sales rate (DSR) change may reflect either growth (positive) or contraction (negative) for the applicable period.

Business

Fastenal 是工业和建筑用品批发分销领域的全球领导者。我们通过遍布全球的 1500 多个分支机构网络来分销这些物资。我们最大的终端市场是制造业。对这些客户的销售包括直接材料和间接材料，其中直接材料是指我们的产品被消耗在客户最终产品中的产品，而间接材料是指我们的产品被消耗以支持客户设施和持续运营的产品。我们还为非住宅终端市场的通用和商业承包商以及农民、卡车司机、铁路、石油勘探公司、石油生产与精炼公司、矿业公司、联邦、州和地方政府机构、学校、仓储和存储、数据中心以及某些零售行业提供服务。从地理上看，我们的销售地点和客户主要位于北美，尽管我们也在继续扩大在北美以外地区的业务。

我们的座右铭是通过客户服务实现增长®，我们的标语是工业与创新的交汇点™。我们是一个以客户和增长为中心的组织，专注于发现独特的技术、能力和供应链解决方案，使我们更接近客户并降低客户全球供应链的总成本。我们认为这种贴近客户的“高接触、高科技”合作方式在市场中具有差异化优势，使我们能够在仍为分散的工业分销市场中获得市场份额。

全球经济持续经历高水平的波动和不确定性，包括商品、劳动力和运输市场，这由地缘政治发展和宏观经济因素共同驱动。最近新实施和扩大征收的关税进一步加剧了全球资本市场和全球供应链的中断。这些发展可能会影响我们的运营、财务状况和经营成果。我们正在积极监测美国及国际上的经济状况，包括不断演变的贸易政策、利率变化、外汇汇率波动、通货膨胀压力以及全球或地区经济衰退的风险。

针对这些因素，我们已实施多种策略，旨在缓解不断变化的通胀条件和供应链挑战带来的某些不利影响，同时继续维持市场价格竞争力和价格/成本中性。历史上，我们广泛的多样化客户群，加上我们与客户共同创新的能力，在工业市场出现经济收缩时期提供了某种程度的韧性。然而，持续的宏观经济状况（包括最近的关税相关发展）的最终影响目前仍不确定，目前无法预测。

贸易政策发展，包括在 2026 年实施的关税措施，继续在全球供应链和工业终端市场中造成不确定性。我们正在积极监测这些发展，并评估其对采购成本、客户需求、定价和库存管理的影响。

2026年期间，美国最高法院推翻了根据《国际紧急经济权力法》（IEEPA）之前实施的关税。由于我们不是我们销售的大多数产品的进口商，因此我们对潜在关税退款的直接暴露仍然有限。截至2026年9月30日收到的退款和待处理的索赔并不重大，我们尚未确认未来可能收回的应收款。

在IEEPA关税被推翻后，美国根据其他法定授权实施了关税。因此，目前和潜在未来关税计划的范围、持续时间和潜在经济影响仍然存在不确定性。我们继续采用各种采购、库存和定价策略，旨在保持市场竞争力，并在减轻潜在供应链中断的同时支持价格/成本中性。

执行摘要

下表展示了我们截至九月和三月结束的期间的运营结果业绩摘要，截止日期为 2026年9月30日和 2025年。


	九个月期间		三个月期间
	2026		2025		变化	2026		2025		变化
净销售额	$	7,051.9			6,173.1		14.2	%		$	2,463.3		2,133.3	15.5	%
营业天数	191			191				64			64
日销售额	$	36.9			32.3		14.2	%		$	38.5		33.3	15.5	%
毛利润	$	3,151.3			2,792.5		12.8	%		$	1,104.7		965.8	14.4	%
% of net sales	44.7	%		45.2	%			44.8	%		45.3	%
销售、一般及行政费用	$	1,671.1			1,521.1		9.9	%		$	573.9		524.3	9.4	%
% of net sales	23.7	%		24.6	%			23.3	%		24.6	%
运营收入	$	1,480.2			1,271.4		16.4	%		$	530.8		441.5	20.2	%
% of net sales	21.0	%		20.6	%			21.5	%		20.7	%
税前收入	$	1,481.6			1,270.4		16.6	%		$	531.2		440.6	20.6	%
% of net sales	21.0	%		20.6	%			21.6	%		20.7	%
净收入	$	1,124.2			964.4		16.6	%		$	401.6		335.5	19.7	%
稀释后每股净收入	$	0.98			0.84		16.5	%		$	0.35		0.29	19.8	%

注 – 日销售额定义为期间总净销售额除以期间内的营业天数（在美国）。

在过去十二个月中，我们的总全职等效（FTE；基于每周40小时）员工人数增加了181人。我们的总FTE销售人员人数减少了82人，主要是由于兼职销售人员工作时数的减少。我们增加了105名分销和运输FTE员工，以支持我们分销设施的产品吞吐量增加。我们增加了158名其他FTE员工，这主要与供应链支持的人力资源投资有关。

下表总结了所列期间结束时我们的绝对员工人数和FTE员工人数，以及与前一期间结束时相比的百分比变化。


			变化自：				变化自：		变化自：
	Q3 2026	Q2 2026	Q2 2026			Q4 2025	Q4 2025	Q3 2025	Q3 2025
销售人员 - 绝对员工人数	17,117		17,340	-1.3	%			17,166		-0.3	%	17,196	-0.5	%
销售人员 - FTE员工人数	15,332		15,796	-2.9	%			15,439		-0.7	%	15,414	-0.5	%
总人员 - 绝对员工人数	24,679		24,795	-0.5	%			24,489		0.8	%	24,438	1.0	%
总人员 - FTE员工人数	21,749		22,230	-2.2	%			21,602		0.7	%	21,568	0.8	%

2026年第三季度与2025年第三季度对比

运营结果

下表列示了截至9月30日各期间的合并收入简表（占净销售额的百分比）：


	三个月期间
	2026		2025
净销售额	100.0	%		100.0	%
毛利润	44.8	%		45.3	%
销售及一般行政费用	23.3	%		24.6	%
运营收入	21.5	%		20.7	%
净利息	0.0	%		0.0	%
税前收入	21.6	%		20.7	%

销售额

下表列示了截至9月30日的各期间的净销售额和日均销售额，以及与前一期间相比的销售额变化情况：


	三个月期间
	2026		2025
净销售额	$	2,463.3			2,133.3
百分比变化	15.5	%		11.7	%
营业日	64			64
日均销售额	$	38.5			33.3
百分比变化	15.5	%		11.7	%
汇率波动对日均销售额的影响	-0.1	%		0.1	%

与2025年第三季度相比，2026年第三季度的净销售额增加了330.0，增长了15.5%（两个期间的营业日数量相同）。销售表现反映了自2024年第一季度以来改善的客户合同签约、产品定价，以及2026年前九个月工业生产的适度改善。与2025年第三季度相比，2026年第三季度的外汇汇率对销售额增长的负面影响约为10个基点，而2025年第三季度的外汇汇率对销售额增长的贡献约为10个基点。产品定价对2026年第三季度净销售额的影响是增加了约240个基点，而2025年第三季度的增幅为240至270个基点。

从产品组合的角度来看，我们将产品分为四个主要类别：紧固件、安全用品、切割工具和其他产品线。'其他产品线'包括七个较小的产品细分，包括工具和清洁用品。

从2025年第四季度开始，我们扩大了报告范围，以提供更全面的视角，涵盖产品类别中的直接（原始设备制造/生产）和间接（维护、修理和运营/设施维护）业务。直接材料通常包括纳入最终产品或直接支持客户生产过程的产品，而间接材料则支持客户的设施运营、维护和安全需求。在2026年第三季度，直接材料超过了间接材料，这反映了紧固件销售的更大贡献以及与制造客户的持续强劲表现。

DSR与去年同期相比的变化以及当期销售额的百分比如下：


	DSR变化三个月期间		销售额百分比三个月期间
	2026	2025		2026	2025
直接紧固件/五金	16.8	%	15.3	%		21.0	%	20.9	%
直接切割工具和磨料	19.5	%	13.4	%		5.4	%	5.2	%
直接非紧固件/五金	21.2	%	12.9	%		13.3	%	12.8	%
直接材料总计	18.6	%	14.2	%		39.8	%	38.9	%
间接紧固件/五金	7.6	%	15.3	%		9.3	%	10.0	%
间接安全	13.0	%	10.6	%		20.8	%	21.4	%
间接非紧固件/五金和非安全	17.5	%	8.7	%		30.1	%	29.7	%
间接材料总计	14.3	%	10.4	%		60.2	%	61.1	%

从终端市场角度来看，我们有四个类别：重工业、其他制造业、非住宅建筑和其他，后者包括经销商、政府/教育、交通运输、仓储和数据中心。我们的制造业终端市场增长主要得益于我们与具有大量管理支出的关键客户之间的相对优势，我们的服务模式和技术在这些客户中尤其有影响力。非住宅建筑终端市场已连续第六个季度实现增长。其他终端市场的销售因交通运输和经销商客户的增长而受益。

DSR变化与去年同期相比以及当期销售额的百分比如下：


	DSR变化三个月期间		销售额百分比三个月期间
	2026	2025		2026	2025
重工业	20.2	%	12.4	%		44.6	%	43.1	%
其他制造业	13.2	%	12.9	%		32.0	%	32.8	%
总制造业	17.2	%	12.7	%		76.6	%	75.9	%
非住宅建筑	12.0	%	7.5	%		8.0	%	8.3	%
其他终端市场	12.4	%	8.9	%		15.4	%	15.8	%
总非制造业	12.3	%	8.4	%		23.4	%	24.1	%

从客户角度来看，我们有两个类别：1）合同客户，包括具有显著收入潜力的全国性多地点、本地和区域客户以及政府客户，2）非合同客户。我们与合同客户的销售继续表现优异，因为我们实现了自2024年第一季度以来达成的客户签约所带来的增量销售。非合同客户通常规模较小，使用我们的工具和能力较少，因此获得市场份额的途径较少，因此更紧密地反映了整体业务趋势。

DSR变化与去年同期相比以及当期销售额的百分比如下：


	DSR变化三个月期间		销售额百分比三个月期间
	2026	2025		2026	2025
合同销售	18.8	%	13.2	%		76.5	%	73.8	%
非合同销售	7.8	%	7.2	%		23.5	%	26.2	%

补充数据

客户现场和销售细分

我们通过在客户业务内部或附近提供服务和解决方案（现场）来与本地市场客户互动。现场代表我们保持针对本地需求定制库存的独立客户地点，由我们的区域分销网络支持。我们的策略优先考虑月销售额潜力为5万美元或以上的客户现场。按支出水平进行细分有助于了解通过我们的网络服务的客户关系的规模和潜力。下表总结了按月支出范围划分的平均客户现场数量及相关销售指标。


	三个月期间 2026		三个月期间 2025
	现场数量 (#) (1) (2)	销售额	现场月销售额 (3)		现场数量 (#) (1) (2)	销售额	现场月销售额 (3)
制造业
$50k+/月. (4)	2,730	$	1,239.4		$	151,331		2,304	$	971.8	$	140,596

$10k+/月.	9,534	1,693.4		59,206			8,913	1,411.5	52,788
$5k+/月.	14,023	1,789.9		42,547			13,385	1,507.6	37,545
其他销售 (5)	26,527	95.2		1,196			28,936	103.0	1,187
总制造业	40,550	$	1,885.1		$	15,496		42,321	$	1,610.6	$	12,668

非制造业
$50k+/月. (4)	558	$	217.1		$	129,689		467	$	170.1	$	121,413

$10k+/月.	3,601	403.3		37,332			3,282	340.5	34,583
$5k+/月.	6,534	465.2		23,732			6,134	400.9	21,786
其他销售 (5)	43,675	113.1		863			50,368	121.8	806
总非制造业	50,209	$	578.2		$	3,839		56,502	$	522.7	$	3,015

总计
$50k+/月. (4)	3,288	$	1,456.6		$	147,668		2,771	$	1,141.9	$	137,363

10k+/月	13,135	2,096.7		53,209			12,195	1,752.0	47,888
5k+/月	20,557	2,255.0		36,565			19,519	1,908.5	32,592
其他销售 (5)	70,202	208.3		989			79,304	224.8	945
总计	90,759	$	2,463.3		$	9,047		98,823	$	2,133.3	$	7,149

(1)站点代表由我们网络服务的客户地点数量。拥有多个地点的客户将拥有多个客户站点。

(2)站点数量反映了活跃站点数量的月平均值。

(3)每个站点的月销售额未四舍五入到百万美元，代表确切的美元金额。

(4)50k+ 站点作为现场类似客户的代表披露，同时也是 10k+ 和 5k+ 站点的一个子集。

(5)其他销售代表每月销售额低于 5k 的站点销售以及与特定站点无关的销售。这包括某些服务费用、现金销售、直送销售等。

数字技术

Fastenal 管理库存 (FMI®) 技术包括我们的 FASTStock℠（扫描库存位置）、FASTBin®（红外线、RFID、分级托盘和 FASTBin® - 点击）以及 FASTVend®（自动售货设备）产品。FASTStock 的履行处理技术不是嵌入式的，部署成本相对较低，应用高度灵活，并使用我们的专有移动技术进行交付。FASTBin 和 FASTVend 结合了高效且强大的嵌入式数据跟踪和履行处理技术。下面的第一个统计数据是一个加权 FMI 指标，它将 FASTBin 和 FASTVend 的签约和安装数量结合在一起，以标准化的机器等效单位 (MEU) 表示，基于每种设备的预期输出。我们不将 FASTStock 包含在此测量中，因为扫描库存位置可以有多种形式，例如托盘、架子、柜子、托盘等，这些无法转换为标准化的 MEU。

我们在 2026 年第三季度签署了 7,484 个加权 FASTBin 和 FASTVend 设备。我们 2026 年加权 FASTBin 和 FASTVend 设备签约目标在 27,000 到 29,000 个 MEU 之间（我们之前的目標是 28,000 到 30,000 个 MEU）。

第二个统计数据是通过 FMI 技术的销售额，它结合了通过 FASTStock、FASTBin 和 FASTVend 的销售额。FMI 销售额增长的很大一部分，特别是 FASTStock 和 FASTBin，反映了产品从低效的非数字库存位置向更高效的数字库存位置的迁移。

下表总结了我们 FMI 设备的签约和安装情况以及通过我们的 FMI 设备、eBusiness (1)工具和数字足迹 (2)的销售额。


	三个月期间
	2026		2025		DSR 变化 (3)
加权 FASTBin/FASTVend 签约 (MEUs)	7,484			7,050		6.2	%
每日签约数	117			110
加权 FASTBin/FASTVend 安装 (MEUs; 期末)	143,878			133,910		7.4	%

FASTStock 销售额	$	294.2			274.8		7.0	%
销售额占比	11.7	%		12.7	%
FASTBin/FASTVend 销售额	$	827.2			703.6		17.6	%
销售额占比	33.0	%		32.6	%
FMI 销售额	$	1,121.3			978.4		14.6	%
FMI 每日销售额	$	17.5			15.3
销售额占比	44.8	%		45.3	%

eBusiness 销售额	$	721.5			628.7		14.8	%
销售额占比	28.8	%		29.1	%

减：eBusiness 和 FMI 销售额重叠	$	306.4			283.3		8.2	%
销售额占比	12.2	%		13.1	%

数字足迹销售额	$	1,536.5			1,323.8		16.1	%
% 的销售额	61.4	%		61.3	%

(1)我们的电子业务包括电子采购活动，这些是集成交易，包括电子数据交换（EDI）和电子商务（交易网站销售）。

(2)数字足迹是我们通过 FMI（FASTStock、FASTBin 和 FASTVend）的销售额，加上我们电子业务销售额中不表示 FMI 服务计费的部分。

(3)加权的 FASTBin/FASTVend 签约和安装反映了与前一年同期相比的百分比变化。

毛利润

Gross profit, as a percentage of net sales, decreased approximately 40 basis points to 44.8% in the third quarter of 2026 from 45.3% in the third quarter of 2025. A continued shift in customer mix toward larger customers reduced gross margin by approximately 50 basis points. While these relationships typically carry lower gross margins, they generate higher absolute profit dollars and are accretive to operating margin through fixed-cost leverage, higher volumes, and operating efficiencies. Price/cost reduced gross margin by approximately 30 basis points, an improvement of approximately 10 basis points from the second quarter of 2026. Gross margin benefited from several factors, including direct sourcing savings, supplier rebates, and tariff refunds. Approximately 20 basis points of the benefit reflected favorable timing.

Our gross margin decreased approximately 75 basis points in the second quarter of 2026 to 44.6% of net sales, from 45.3% in the second quarter of 2025. Gross margin improved from the second quarter of 2026 to the third quarter of 2026.

SG&A Expenses

SG&A expenses, as a percentage of net sales, were 23.3% in the third quarter of 2026 versus 24.6% in the third quarter of 2025, an improvement of 130 basis points.

Table of Contents

The approximate change as a percentage of net sales in employee-related, occupancy-related, and all other SG&A expenses compared to the same period in the preceding year is outlined in the table below:


	Approximate Percentage of Total SG&A Expenses	Three-month Period
	2026
Employee-related expenses	70% to 75%	-90 bps
Occupancy-related expenses	14% to 19%	-50 bps
All other SG&A expenses	10% to 15%	10 bps

Employee-related expenses include: (1) payroll (which includes cash compensation, stock option expense, and profit sharing), (2) health care, (3) personnel development, and (4) social taxes.

In the third quarter of 2026, our employee-related expenses improved 90 basis points as a percentage of net sales when compared to the third quarter of 2025. Base pay leveraged through increased labor productivity, while bonuses and commissions grew faster than sales as a result of improved business activity and financial performance versus the same period in the prior year.

The table below summarizes our FTE headcount at the end of the periods presented and the percentage change compared to the end of the prior periods:


			Change Since:		Change Since:
	Q3 2026	Q2 2026	Q2 2026	Q3 2025	Q3 2025
Selling personnel (1)	15,332		15,796	-2.9	%	15,414	-0.5	%
Distribution/Transportation personnel	3,162		3,196	-1.1	%	3,057	3.4	%
Manufacturing personnel	1,016		995	2.1	%	973	4.4	%
Organizational support personnel (2)	2,239		2,243	-0.2	%	2,124	5.4	%
Total personnel	21,749		22,230	-2.2	%	21,568	0.8	%


(1)	Of our Selling personnel, 80%-85% are attached to a specific location.
(2)	Organizational support personnel consists of: (1) Sales Support personnel (37% to 42% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) Information Technology (IT) personnel (33% to 38% of category); and (3) Administrative Support personnel (22% to 27% of category), which includes human resources, Fastenal School of Business, accounting and finance, senior management, etc.

Occupancy-related expenses include: (1) building rent and depreciation, (2) building utility costs, (3) equipment related to our selling and distribution locations, and (4) industrial vending equipment and bins utilized as part of FMI services (we consider this hardware to be a logical extension of our operations and classify the depreciation and repair costs as occupancy expenses).

In the third quarter of 2026, our occupancy-related expenses improved 50 basis points as a percentage of net sales when compared to the third quarter of 2025, driven mainly by fixed cost leverage.

All other SG&A expenses include: (1) selling-related transportation, (2) IT expenses, (3) general corporate expenses, which consist of legal expenses, general insurance expenses, travel and marketing expenses, etc., and (4) sales of property and equipment.

Combined, all other SG&A expenses increased 10 basis points as a percentage of net sales when compared to the third quarter of 2025. This slight increase was driven mainly by higher fuel and general insurance expense, partially offset by increased joint marketing efforts with our suppliers.

Operating Income

Operating income as a percentage of net sales increased to 21.5% in the third quarter of 2026, compared to 20.7% in the third quarter of 2025.

Net Interest

Net interest income was $0.4 in the third quarter of 2026, compared to net interest expense of $0.9 in the third quarter of 2025, primarily from lower debt balances.

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Income Taxes

We recorded income tax expense of $129.6 in the third quarter of 2026, or 24.4% of income before income taxes. Income tax expense was $105.1 in the third quarter of 2025, or 23.9% of income before income taxes. We believe our ongoing tax rate, absent any discrete tax items or broader changes to tax law, will be approximately 24.6%.

Net Income

Net income was $401.6 in the third quarter of 2026, an increase of 19.7% compared to the third quarter of 2025. Diluted net income per share was $0.35 compared to $0.29 in the third quarter of 2025.

Liquidity and Capital Resources

Cash flow activity was as follows for the periods ended September 30:


	Three-month Period
	Five-Year Average (1)		2026		2025	Change
Net cash provided by operating activities			$	421.6		386.9		9.0	%
% of net income	101.1	%		105.0	%	115.3	%
Net cash used in investing activities			$	72.0		54.8		31.3	%
% of net income	16.8	%		17.9	%	16.3	%
Net cash used in financing activities			$	341.5		280.9		21.5	%

(1) Five-year average includes third quarter average for 2021 to 2025.

Net Cash Provided by Operating Activities

Net cash provided by operating activities increased $34.7 in the third quarter of 2026 when compared to the third quarter of 2025. The decrease as a percentage of net income was primarily driven by a larger use of cash for accounts receivable and inventory, reflecting strong sales growth. This is a common dynamic for a distribution business. This was partially offset by higher accounts payable balances mainly attributable to an increase in inventory spending and an increase in accrued expenses related to incentive compensation and customer rebates from improved business performance.

The dollar and percentage change in accounts receivable, net, inventories, and accounts payable as of September 30, 2026 when compared to September 30, 2025 were as follows:


	September 30	Twelve-month Dollar Change	Twelve-month Percentage Change
	2026		2025		2026	2026
Accounts receivable, net	$	1,615.2			1,347.3		$	267.9			19.9	%
Inventories	1,776.6			1,722.8		53.8			3.1	%
Accounts payable	445.8			344.8		101.0			29.3	%
Trade working capital, net	$	2,946.0			2,725.3		$	220.8			8.1	%

Net sales in last three months	$	2,463.3			2,133.3		$	330.0			15.5	%

The increase in our accounts receivable balance in the third quarter of 2026 was mainly attributable to sales growth, including relative growth with larger customers that tend to carry longer payment terms.

The slight increase in our inventory balance in the third quarter of 2026, despite double-digit sales growth, reflects disciplined inventory management.

The increase in our accounts payable balance in the third quarter of 2026 was mainly attributable to an increase in inventory spending to support growth.

Net Cash Used in Investing Activities

Net cash used in investing activities increased $17.1 in the third quarter of 2026 when compared to the third quarter of 2025. Our investments were directed toward facility construction and upgrades, IT spend, and industrial vending equipment.

Our capital spending typically falls into five categories: (1) purchases related to FMI hardware, (2) purchases of property and equipment related to expansion of and enhancements to distribution centers, owned or leased branch properties, and other company facilities, (3) spending on software and hardware for our information processing systems, (4) the addition of fleet vehicles, and (5) the addition of manufacturing equipment. Proceeds from the sales of property and equipment, typically for the

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planned disposition of pick-up trucks as well as distribution vehicles and trailers in the normal course of business, are netted against these purchases and additions. During the third quarter of 2026, our net capital expenditures (purchases of property and equipment, net of proceeds from sales of property and equipment) were $71.8 (2.9% of net sales), which was an increase from $54.7 (2.6% of net sales) in the third quarter of 2025. Our five- and ten-year annual average as a percent of net sales was 2.5% and 3.1%, respectively.

Cash requirements for capital expenditures were satisfied from cash generated from operations, available cash and cash equivalents, our borrowing capacity, and the proceeds of disposals. For 2026, we continue to expect our net capital expenditures to be between $310.0 and $330.0, an increase from $230.6 in 2025. The expected growth on a year-over-year basis reflects three items. First, we expect increased spending to replace our Atlanta hub facility and improve our picking capacity and efficiency across our hub network. Second, we expect elevated IT spending as projects that were expected in 2025 experienced delays and are expected to continue throughout 2026. Third, we expect increased trucking spend.

Net Cash Used in Financing Activities

Net cash used in financing activities increased $60.5 in the third quarter of 2026 when compared to the third quarter of 2025. In the third quarter of 2026, we had lower average borrowings and a smaller proportion of those balances were part of a facility that was eligible for repayment. In contrast, during the third quarter of 2025, we had higher average borrowings outstanding and were using capital to reduce those balances. As a result, we allocated less capital to debt reduction in the third quarter of 2026 relative to the third quarter of 2025.

During the third quarter of 2026, we returned $328.4, or 81.8% of net income, to our shareholders in the form of dividends ($298.2) and share repurchases ($30.2), compared to the third quarter of 2025 when we returned $252.5, or 75.3% of net income, in the form of dividends. Over the past five years, we have returned an average of 76.0% of net income to shareholders in the third quarter. During the third quarter of 2026, we purchased 650,000 shares of our common stock at an average price of approximately $46.49 per share. We did not purchase any shares of our common stock in the third quarter of 2025.

We have authority to purchase up to 10,675,000 shares of our common stock under the July 12, 2022 authorization. This authorization does not have an expiration date.

Our material cash requirements for known contractual obligations include capital expenditures, debt, and lease obligations, each of which is discussed in more detail earlier in this report in the Notes to Condensed Consolidated Financial Statements and in our 2025 annual report on Form 10-K. We believe that cash generated from operations, together with our available cash and cash equivalents and borrowing capacity under our Credit Facility (as defined in Note 6 of the Notes to Condensed Consolidated Financial Statements) will be sufficient to meet our working capital, capital expenditure, debt service, dividend, and share repurchase requirements for the foreseeable future.

An overview of our cash dividends paid or declared in 2026 and 2025 is contained in Note 3 of the Notes to Condensed Consolidated Financial Statements.

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NINE MONTHS ENDED SEPTEMBER 30, 2026 VERSUS NINE MONTHS ENDED SEPTEMBER 30, 2025

Results of Operations

The following table sets forth condensed consolidated statements of income information (as a percentage of net sales) for the periods ended September 30:


	Nine-month Period
	2026		2025
Net sales	100.0	%		100.0	%
Gross profit	44.7	%		45.2	%
SG&A expenses	23.7	%		24.6	%
Operating income	21.0	%		20.6	%
Net interest	0.0	%		0.0	%
Income before income taxes	21.0	%		20.6	%

Sales

The table below sets forth net sales and daily sales for the periods ended September 30, and changes in such sales from the prior period to the more recent period:


	Nine-month Period
	2026		2025
Net sales	$	7,051.9			6,173.1
Percentage change	14.2	%		7.9	%
Business days	191			191
Daily sales	$	36.9			32.3
Percentage change	14.2	%		8.5	%
Daily sales impact of currency fluctuations	0.2	%		-0.1	%

Net sales increased $878.8, or 14.2%, in the first nine months of 2026 when compared to the first nine months of 2025 (both periods had the same number of business days). Sales performance reflects the contribution from improved customer contract signings since the first quarter of 2024, as well as a modest improvement in industrial production in the first nine months of 2026. Foreign exchange rates positively affected sales in the first nine months of 2026 by approximately 20 basis points as compared to negatively affecting sales in the first nine months of 2025 by approximately 10 basis points. The impact of product pricing on net sales in the first nine months of 2026 was an increase of approximately 290 basis points, compared to the first nine months of 2025, which experienced an increase of 130 to 160 basis points.

From a product portfolio standpoint, we classify our offerings into four primary categories: fasteners, safety supplies, cutting tools, and other product lines. 'Other product lines' encompasses seven smaller product segments, including tools and janitorial supplies.

Beginning in the fourth quarter of 2025, we expanded our reporting to provide a more comprehensive view of direct (original equipment manufacturing/production) and indirect (maintenance, repair, and operations/facilities maintenance) business across product categories. Direct materials generally include products incorporated into finished goods or that directly support customers' production processes, while indirect materials support customers' facility operations, maintenance, and safety needs. During the first nine months of 2026, direct materials slightly outpaced indirect materials, reflecting greater contribution from fastener sales and continued strength with manufacturing customers.

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The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:


	DSR Change Nine-month Period		% of Sales Nine-month Period
	2026	2025		2026	2025
Direct fasteners/hardware	16.1	%	9.1	%		21.0	%	20.8	%
Direct cutting tools and abrasives	15.2	%	8.7	%		5.2	%	5.2	%
Direct non-fasteners/hardware	16.9	%	11.3	%		13.0	%	12.8	%
Total direct materials	16.2	%	9.8	%		39.3	%	38.7	%
Indirect fasteners/hardware	12.7	%	7.5	%		9.6	%	9.8	%
Indirect safety	12.1	%	9.4	%		20.9	%	21.4	%
Indirect non-fasteners/hardware and non-safety	15.0	%	7.6	%		30.2	%	30.1	%
Total indirect materials	13.6	%	8.2	%		60.7	%	61.3	%

From an end market standpoint, we have four categories: heavy manufacturing, other manufacturing, non-residential construction, and other, the latter of which includes reseller, government/education, transportation, warehousing and storage, and data centers. Our heavy manufacturing end markets are outperforming primarily due to the relative strength we are experiencing with key account customers with significant managed spend where our service model and technology are particularly impactful. This disproportionately benefits manufacturing customers. Non-manufacturing end markets are improving primarily as a result of strength with transportation, warehousing/storage, and construction.

The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:


	DSR Change Nine-month Period		% of Sales Nine-month Period
	2026	2025		2026	2025
Heavy manufacturing	17.6	%	8.2	%		44.2	%	43.1	%
Other manufacturing	11.3	%	11.4	%		32.0	%	32.9	%
Total manufacturing	14.9	%	9.6	%		76.3	%	76.0	%
Non-residential construction	15.3	%	2.4	%		8.1	%	8.1	%
Other end markets	12.6	%	6.2	%		15.6	%	15.9	%
Total non-manufacturing	13.5	%	4.9	%		23.7	%	24.0	%

From a customer standpoint, we have two categories: 1) contracts, which include national multi-site, local and regional, and government customers with significant revenue potential, and 2) non-contracts. Sales with our contract customers continue to outperform as we realize incremental sales from implementing customer signings that we have achieved since the first quarter of 2024. Non-contract customers tend to be smaller and utilize fewer of our tools and capabilities, providing fewer avenues for share gains and therefore more closely reflect overall business trends.

The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:


	DSR Change Nine-month Period		% of Sales Nine-month Period
	2026	2025		2026	2025
Contract sales	17.1	%	11.0	%		75.9	%	73.4	%
Non-contract sales	7.3	%	2.0	%		24.1	%	26.6	%

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We signed 21,428 weighted FASTBin and FASTVend devices in the first nine months of 2026.

The table below summarizes signings and installations of our FMI devices and sales through our FMI devices, eBusiness(1) tools, and Digital Footprint(2).


	Nine-month Period
	2026		2025		DSR Change (3)
Weighted FASTBin/FASTVend signings (MEUs)	21,428			19,925		7.5	%
Signings per day	112			104
Weighted FASTBin/FASTVend installations (MEUs; end of period)	143,878			133,910		7.4	%

FASTStock sales	$	873.6			777.2		12.4	%
% of sales	12.2	%		12.4	%
FASTBin/FASTVend sales	$	2,330.2			1,988.8		17.2	%
% of sales	32.6	%		31.8	%
FMI sales	$	3,203.8			2,766.0		15.8	%
FMI daily sales	$	16.8			14.5
% of sales	44.8	%		44.3	%

eBusiness sales	$	2,082.2			1,868.3		11.4	%
% of sales	29.1	%		29.9	%

Less: eBusiness and FMI sales overlap	$	884.7			817.8		8.2	%
% of sales	12.4	%		13.1	%

Digital Footprint sales	$	4,401.2			3,816.5		15.3	%
% of sales	61.5	%		61.1	%

(1)Our eBusiness includes eProcurement activities, which are integrated transactions, including electronic data interchange (EDI), and eCommerce (transactional website sales).

(2)Digital Footprint is a combination of our sales through FMI (FASTStock, FASTBin, and FASTVend) plus that portion of our eBusiness sales that does not represent billings of FMI services.

(3)Weighted FASTBin/FASTVend signings and installations reflect the percent change compared to the same period in the prior year.

Gross Profit

Our gross profit, as a percentage of net sales, decreased to 44.7% in the first nine months of 2026 from 45.2% in the first nine months of 2025, driven primarily by unfavorable price/cost of approximately 40 basis points and headwinds from customer mix. Customer mix continued to shift toward larger customers, consistent with our strategic focus. While these relationships typically carry lower gross margins, they generate higher absolute profit dollars and are accretive to operating margin through fixed-cost leverage, higher volumes, and operating efficiencies.

SG&A Expenses

Our SG&A expenses, as a percentage of net sales, were 23.7% in the first nine months of 2026, down from 24.6% in the first nine months of 2025. Efforts to control growth in operating expenses in the first nine months of 2026 produced a 9.9% expansion of total SG&A expenses in the period. Growth in net sales was above growth in SG&A expenses, resulting in our leveraging of costs in the first nine months of 2026.


	Approximate Percentage of Total SG&A Expenses	Nine-month Period
	2026
Employee-related expenses	70% to 75%	-60 bps
Occupancy-related expenses	14% to 19%	-40 bps
All other SG&A expenses	10% to 15%	0 bps

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In the first nine months of 2026, our employee-related expenses improved 60 basis points when compared to the first nine months of 2025. Bonus and commission expense grew faster than the increase in net sales, as a result of improved sales and profit growth versus the prior year period. This was offset by leverage we experienced in employee base pay due to higher average FTE and average wages during the period growing less than sales.

The table below summarizes our FTE headcount at the end of the periods presented and the percentage change compared to the end of the prior period:


			Change Since:
	Q3 2026	Q4 2025	Q4 2025
Selling personnel (1)	15,332		15,439	-0.7	%
Distribution/Transportation personnel	3,162		3,056	3.5	%
Manufacturing personnel	1,016		958	6.1	%
Organizational support personnel (2)	2,239		2,149	4.2	%
Total personnel	21,749		21,602	0.7	%


(1)	Of our Selling personnel, 80%-85% are attached to a specific location.
(2)	Organizational support personnel consists of: (1) Sales Support personnel (37% to 42% of category), which includes sourcing, purchasing, supply chain, product development, etc.; (2) IT personnel (33% to 38% of category); and (3) Administrative Support personnel (22% to 27% of category), which includes human resources, Fastenal School of Business, accounting and finance, senior management, etc.

In the first nine months of 2026, our occupancy-related expenses improved 40 basis points when compared to the first nine months of 2025, driven mainly by fixed cost leverage.

Combined, all other SG&A expenses, as a percentage of net sales, were flat when compared to the first nine months of 2025.

Operating Income

Operating income, as a percentage of net sales, increased to 21.0% in the first nine months of 2026 from 20.6% in the first nine months of 2025.

Net Interest

We had consistent interest income in the first nine months of 2026 and lower interest expense in the first nine months of 2026. The decrease in interest expense resulted in net interest income of $1.4 in the first nine months of 2026, compared to net interest expense of $1.0 in the first nine months of 2025.

Income Taxes

We recorded income tax expense of $357.4 in the first nine months of 2026, or 24.1% of income before income taxes. Income tax expense was $306.0 in the first nine months of 2025, or 24.1% of income before income taxes. Our tax rate in the first nine months of 2026 was below our expected ongoing tax rate due to return-to-provision adjustments and the tax benefits associated with the exercise of stock options during the first nine months of 2026. We believe our ongoing tax rate, absent any discrete tax items or broader changes to tax law, will be approximately 24.6%.

Net Income

Net income was $1,124.2 in the first nine months of 2026, an increase of 16.6% compared to the first nine months of 2025. Our diluted net income per share was $0.98 in the first nine months of 2026, compared to $0.84 in the first nine months of 2025.

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Liquidity and Capital Resources

Cash flow activity was as follows for the periods ended September 30:


	Nine-month Period
	Five-Year Average (1)		2026		2025	Change
Net cash provided by operating activities			$	1,065.7		927.8		14.9	%
% of net income	96.4	%		94.8	%	96.2	%
Net cash used in investing activities			$	192.1		173.1		11.0	%
% of net income	16.0	%		17.1	%	17.9	%
Net cash used in financing activities			$	937.4		732.7		27.9	%

(1) Five-year average includes 2021 to 2025.

Net Cash Provided by Operating Activities

Net cash provided by operating activities increased $138.0 in the first nine months of 2026 when compared to the first nine months of 2025. The decrease in operating cash flow, as a percent of net income, primarily reflects increased working capital associated with accounts receivable, which was partially offset by inventory efficiencies and higher payable balances due to increased purchasing activity.

Net Cash Used in Investing Activities

Net cash used in investing activities increased $19.0 in the first nine months of 2026 when compared to the first nine months of 2025.

During the first nine months of 2026, our net capital expenditures were $190.0, which was an increase from $172.8 in the first nine months of 2025. This primarily related to an increase in spending on facility construction and upgrades, industrial vending equipment, IT, and trucking.

Net Cash Used in Financing Activities

Net cash used in financing activities increased $204.7 in the first nine months of 2026 when compared to the first nine months of 2025. This was primarily due to increased capital returned to shareholders through dividends and share repurchases in the period. We also reduced our net indebtedness slightly more in the first nine months of 2026 than we did in the first nine months of 2025.

During the first nine months of 2026, we returned $929.2, or 82.7% of net income, to our shareholders in the form of dividends ($849.1) and purchases of our common stock ($80.0). During the first nine months of 2025, we returned $751.6, or 77.9% of net income, to our shareholders, all in the form of dividends. During the first nine months of 2026, we purchased 1,725,000 shares of our common stock at an average price of approximately $46.39 per share. During the first nine months of 2025, we did not purchase any shares of our common stock. During the first nine months of each of the past five years, we have returned an average of 74.2% of net income to shareholders.

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Critical Accounting Policies and Estimates – A discussion of our critical accounting policies and estimates is contained in our 2025 annual report on Form 10-K. There have been no material changes from the critical accounting policies and estimates disclosed in our annual report on Form 10-K.

Recently Issued and Adopted Accounting Pronouncements – A description of recently issued and adopted accounting pronouncements, if any, is contained in Note 1 of the Notes to Condensed Consolidated Financial Statements.

Forward-Looking Statements – Certain statements contained in this quarterly report on Form 10-Q do not relate strictly to historical or current facts. As such, they are considered 'forward-looking statements' that provide current expectations or forecasts of future events. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of terminology such as anticipate, believe, should, estimate, expect, intend, may, will, plan, goal, project, hope, trend, target, opportunity, continue, outlook, potential, would, could, and similar words or expressions, or by references to typical outcomes. Any statement that is not a purely historical fact, including estimates, projections, trends, and the outcome of events that have not yet occurred, is a forward-looking statement. Our forward-looking statements generally relate to our expectations and beliefs regarding the business environment in which we operate, our projections of future performance, our perceived marketplace opportunities, our strategies, goals, mission and vision, our expectations related to future capital expenditures, future investment in property and equipment, future tax rates, including anticipated tax impacts from recent legislation, future inventory levels, the declaration and payment of dividends, pricing, weighted FMI device signings, the impact of inflation on our cost of goods or SG&A expenses, the impact of price increases on overall sales growth or margin performance, and our ability to grow our business through the enhancement of sales through our Digital Footprint. Readers should understand that forward-looking statements involve a variety of risks and uncertainties, known and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. Factors that could cause our actual results to differ from those discussed in the forward-looking statements include, but are not limited to, economic downturns, weakness in the manufacturing or commercial construction industries or any of our end markets, competitive pressure on selling prices, changes in our current mix of products, customers, or geographic locations, changes in our average branch size, changes in our purchasing patterns, changes in customer needs, changes in fuel or commodity prices, inclement weather, changes in foreign currency exchange rates, difficulty in adapting our business model to different foreign business environments and the challenges of operating in foreign business environments, failure to accurately predict the market potential of our business strategies, the introduction or expansion of new business strategies, weak acceptance or adoption of our FMI offering, increased competition in FMI, difficulty in maintaining installation quality as our FMI business expands, the leasing to customers of a significant number of additional FMI devices, the failure to meet our goals and expectations regarding branch openings, branch closings, or expansion of our FMI offering, the failure to realize expected benefits from the completion of our strategic rationalization, changes in the implementation objectives of our business strategies, challenges in developing and expanding our digital capabilities, difficulty in hiring, relocating, training, or retaining qualified personnel, difficulty in controlling SG&A expenses, including FTE growth, difficulty in collecting receivables or accurately predicting future inventory needs, dramatic changes in sales trends, changes in supplier production lead times, short-term inefficiencies in our supply chain may not normalize or result in certain warehousing customer growth, changes in our cash position or our need to make capital expenditures, credit market volatility, changes in tax law or the impact of any such changes on future tax rates, changes in tariffs or the impact of any such changes on our financial results including any changes resulting from the U.S. Supreme Court decision affecting tariffs imposed under the IEEPA and new tariffs implemented after that decision, changes in the availability or price of commercial real estate, changes in the nature, price, or availability of distribution, supply chain, or other technology (including software licensed from third parties) and services related to that technology, cyber-security incidents, potential liability and reputational damage that can arise if our products are defective, difficulties measuring the contribution of price increases on sales growth, acts of war, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission, including our most recent annual and quarterly reports. Each forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any such statement to reflect events or circumstances arising after such date.

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ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks from changes in tariffs and import shipping costs, commodity steel prices, commodity energy prices, foreign currency exchange rates, and interest rates. Changes in these factors cause fluctuations in our income and cash flows. We evaluate and manage exposure to these market risks as follows:

Tariffs and import shipping costs – We import a significant quantity of our products from foreign suppliers, primarily from Asia. These imports are both direct, where we procure directly from a foreign producer, and indirect, where we purchase from a domestic supplier that produces or supplies the product we purchase from foreign locations. The current U.S. presidential administration has implemented tariffs on imports from a number of countries which have increased the cost of our products. Additionally, we incur costs related to shipping charges, duties, harbor fees, and sundry other expenses involved in the movement of product for sale in North America and our other global locations. These costs are embedded in our product values and significant fluctuations can affect our product gross profit. Fluctuations in the cost of tariffs and overseas shipping containers can be affected by the length of our supply chain, contractually agreed upon rates, or differences in rates between routes. We endeavor to offset these impacts in our business by appropriately considering them in our pricing and operational models. We estimate the effect on our net income related to tariffs and import shipping costs was immaterial in the first nine months of 2026; however, our tariff exposure and import shipping costs may become more impactful in subsequent quarters as our lower tariff inventory is depleted and replaced with inventory that is subject to new and expanded tariffs.

Commodity steel prices – We buy and sell various types of steel products; these products consist primarily of different types of fasteners and related hardware. We are exposed to the impacts of commodity steel pricing and our related ability to pass through the impacts to our end customers. During the first nine months of 2026, the price of steel as reflected in many market indexes most relevant to our business was higher than the prior year period. Due to our long supply chain, changes in the cost of steel can take a number of quarters to be reflected in our financial results. Further, the cost of the raw material is generally a smaller part of the total value of the steel products that we sell, which can also diminish the impact of cost changes for the raw material. We estimate the effect on our net income related to commodity steel prices was immaterial in the first nine months of 2026.

Commodity energy prices – We have market risk for changes in prices of oil, gasoline, diesel fuel, natural gas, and electricity, largely due to our consumption of fuel in our vehicles and utility costs at our facilities. As reflected in many market indexes, energy prices during the first nine months of 2026 were above the prior year period. Total direct fuel consumption is a relatively smaller cost to us and, as a result, we estimate the effect on our net income related to commodity energy prices was immaterial in the first nine months of 2026.

Fossil fuels are also often a key feedstock for chemicals and plastics that comprise a key raw material for many products that we sell. During the first nine months of 2026, prices for fossil fuels were above the prior year period. The cost of the raw material is generally a smaller part of the total value of the products that we sell, which can diminish the impact of cost changes for the raw material. As a result, we estimate the effect on our net income related to materials for which fossil fuels are a feedstock was immaterial in the first nine months of 2026.

Foreign currency exchange rates – Foreign currency fluctuations can affect our operations in countries other than the U.S., and/or the value of income and assets denominated in foreign currencies. Our primary currency exposures are the Canadian dollar and the Mexican peso against the U.S. dollar, reflecting the scale of those operations relative to the size of our business. Changes in foreign currency rates have not historically had a material effect on our results due to certain jurisdictions conducting some portion of their transactions in U.S. dollars and our foreign operations typically having sales and expenses denominated in the applicable local currency. As a result, we have not historically hedged our foreign currency risk. The dollar weakened in the first nine months of 2026 relative to other foreign currencies in which we operate. However, the effect of these changes in foreign currencies to our net income was immaterial in the first nine months of 2026.

Interest rates – Loans under our Credit Facility bear interest at floating rates. As a result, changes in such rates can affect our operating results and liquidity to the extent we do not have effective interest rate swap arrangements in place. Our debt levels are relatively small; therefore, we have not historically used interest rate swap arrangements to hedge the variable interest rates under our Credit Facility. A one percentage point increase to our floating rate debt in the first nine months of 2026 would have resulted in approximately $0.1 of additional interest expense. A description of our Credit Facility is contained in Note 6 of the Notes to Condensed Consolidated Financial Statements.

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ITEM 4 — CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures – As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Securities Exchange Act)). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective as of September 30, 2026. Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting – There have been no changes in internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1 — LEGAL PROCEEDINGS

A description of our legal proceedings, if any, is contained in Note 8 of the Notes to Condensed Consolidated Financial Statements. The description of legal proceedings, if any, in Note 8 is incorporated herein by reference.

ITEM 1A — RISK FACTORS

There have been no material changes from the risk factors described in Part I, Item 1A, Risk Factors of our most recently filed annual report on Form 10-K.

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The table below sets forth information regarding purchases of our common stock during the third quarter of 2026:


Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1-31, 2026		650,000			$46.49	650,000	10,675,000
August 1-31, 2026		0			$0.00	0	10,675,000
September 1-30, 2026		0			$0.00	0	10,675,000
Total		650,000			$46.49	650,000	10,675,000


(1)	As of September 30, 2026, we had remaining authority to repurchase 10,675,000 shares of our common stock under the July 12, 2022 authorization, which originally authorized the repurchase of up to 16,000,000 shares. This authorization does not have an expiration date.

ITEM 5 — OTHER INFORMATION

None of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act) adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fiscal quarter ended September 30, 2026.

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ITEM 6 — EXHIBITS

INDEX TO EXHIBITS


Exhibit Number		Description of Document

3.1		Restated Articles of Incorporation of Fastenal Company, as amended (incorporated by reference to Exhibit 3.2 to Fastenal Company's Form 8-K dated as of April 24, 2025)

3.2		Restated By-Laws of Fastenal Company dated as of February 2, 2024 (incorporated by reference to Exhibit 3.2 to Fastenal Company's Form 10-K for the fiscal year ended December 31, 2023)

10.1		Fastenal Company Employee Restricted Stock Unit Plan (incorporated by reference to Exhibit 99.1 to Fastenal Company's Form S-8 dated as of July 16, 2026)

10.2		Fastenal Company Non-Employee and Director Stock and Restricted Stock Unit Plan (incorporated by reference to Exhibit 99.2 to Fastenal Company's Form S-8 dated as of July 16, 2026)

31		Certifications under Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)

32		Certification under Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		The following information from the quarterly report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, (vi) Notes to Condensed Consolidated Financial Statements, and (vii) the information set forth in Part II, Item 5.

104		The cover page from the quarterly report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		FASTENAL COMPANY


Date: October 19, 2026	By:	/s/ Max H. Tunnicliff
		Max H. Tunnicliff
		Senior Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)



Date: October 19, 2026	By:	/s/ Sheryl A. Lisowski
		Sheryl A. Lisowski
		Executive Vice President - Chief Accounting Officer and Treasurer
		(Duly Authorized Officer and Principal Accounting Officer)

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