3 unchanged sentences
(Amounts in millions except share and per share information)
−Removed: Assets March 31,
+Added: Assets June 30,
2025 December 31,
38 unchanged sentences
(Amounts in millions except income per share)
−Removed: Three Months Ended
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2025 2024 2025 2024
Net sales $ 4,039.7 3,811.3 $ 2,080.3 1,916.2
16 unchanged sentences
(Amounts in millions)
−Removed: Three Months Ended
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2025 2024 2025 2024
Net income $ 628.9 590.4 $ 330.3 292.7
6 unchanged sentences
(Amounts in millions except per share information)
−Removed: Three Months Ended
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2025 2024 2025 2024
Balance at beginning of period $ 11.5 11.5 $ 11.5 11.5
20 unchanged sentences
(Amounts in millions)
−Removed: Three Months Ended
+Added: Six Months Ended
+Added: June 30, Three Months Ended
+Added: 2025 2024 2025 2024
Cash flows from operating activities:
8 unchanged sentences
Changes in operating assets and liabilities:
−Removed: Trade accounts receivable ( 170.0 ) ( 127.6 )
+Added: Trade accounts receivable, net ( 206.4 ) ( 120.9 ) ( 36.4 ) 6.7
Inventories ( 67.7 ) 12.2 ( 41.2 ) ( 9.7 )
28 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
+Added: June 30, 2025 and 2024
(1) Basis of Presentation
−Removed: The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (collectively referred to as 'Fastenal' or by terms such as 'we', 'our', or 'us') have been prepared in accordance with U.S.
+Added: The accompanying unaudited condensed consolidated financial statements of Fastenal Company and subsidiaries (the 'Company', 'Fastenal', 'we', 'our', or 'us') have been prepared in accordance with U.S.
generally accepted accounting principles (GAAP) for interim financial information.
3 unchanged sentences
In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement have been included.
+Added: On April 23, 2025, the Company announced a two -for-one stock split of its outstanding common stock.
+Added: Holders of the Company's common stock, par value $ 0.01 per share, at the close of business on May 5, 2025, received one additional share of common stock for every share of common stock they owned.
+Added: The stock split took effect at the close of business on May 21, 2025.
+Added: All historical common stock share, per share information, stock option awards, and stockholders' equity balances for all periods presented in the accompanying Condensed Consolidated Financial Statements and Notes thereto in this quarterly report on Form 10-Q have been retroactively adjusted to reflect the two-for-one stock split.
Recently Issued Accounting Pronouncements
21 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
+Added: June 30, 2025 and 2024
Disaggregation of Revenue
Revenues are attributable to countries based on the selling location from which the sale occurred.
−Removed: Our revenues related to the following geographic areas were as follows for the periods ended March 31:
−Removed: Three-month Period
+Added: Our revenues related to the following geographic areas were as follows for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2025 2024 2025 2024
United States $ 3,362.2 $ 3,173.0 $ 1,732.8 1,594.1
5 unchanged sentences
Total revenues $ 4,039.7 $ 3,811.3 $ 2,080.3 1,916.2
−Removed: The percentages of our sales by end market were as follows for the periods ended March 31:
−Removed: Three-month Period
+Added: The percentages of our sales by end market were as follows for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2025 2024 2025 2024
Manufacturing 76.1 % 75.3 % 75.9 % 75.5 %
2 unchanged sentences
100.0 % 100.0 % 100.0 % 100.0 %
−Removed: The percentages of our sales by product line were as follows for the periods ended March 31:
−Removed: Three-month Period
+Added: The percentages of our sales by product line were as follows for the periods ended June 30:
+Added: Six-month Period Three-month Period
Type Introduced 2025 2024 2025 2024
15 unchanged sentences
(Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
+Added: June 30, 2025 and 2024
(3) Stockholders' Equity
−Removed: On April 10, 2025, our board of directors declared a quarterly dividend of $ 0.44 per share of common stock to be paid in cash on May 23, 2025 to shareholders of record at the close of business on April 25, 2025.
+Added: On July 11, 2025, our board of directors declared a quarterly dividend of $ 0.22 per share of common stock to be paid in cash on August 26, 2025 to shareholders of record at the close of business on July 29, 2025.
The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis:
5 unchanged sentences
Stock Options
−Removed: The following tables summarize the details of options granted under our stock option plans that were outstanding as of March 31, 2025, and the assumptions used to value those grants.
+Added: The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2025, and the assumptions used to value those grants.
All such grants were effective at the close of business on the grant date.
Granted Option Exercise
−Removed: Price Closing Stock Price on Grant Date March 31, 2025
+Added: Price Closing Stock Price on Grant Date June 30, 2025
Date of Grant Options
9 unchanged sentences
January 3, 2017 3,059,156 $ 11.75 $ 11.738 217,192 217,192
−Removed: April 19, 2016 1,690,880 $ 23.00 $ 22.870 24,943 24,943
Total 17,723,644 8,484,835 4,032,123
−Removed: FASTENAL COMPANY
−Removed: Notes to Condensed Consolidated Financial Statements
−Removed: (Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
Date of Grant Risk-free
13 unchanged sentences
January 3, 2017 1.9 % 5.00 2.6 % 24.49 % $ 2.10
−Removed: April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 4.09
+Added: FASTENAL COMPANY
+Added: Notes to Condensed Consolidated Financial Statements
+Added: (Amounts in millions except share and per share information and where otherwise noted)
+Added: June 30, 2025 and 2024
All of the options in the tables above vest and become exercisable over a period of up to eight years .
6 unchanged sentences
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period.
−Removed: The stock-based compensation expense for each of the three-month periods ended March 31, 2025 and 2024 was $ 2.0 .
−Removed: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2025 was $ 26.2 and is expected to be recognized over a weighted average period of 4.45 years.
+Added: The stock-based compensation expense for the six-month periods ended June 30, 2025 and 2024 was $ 4.1 and $ 4.0 , respectively, while the second quarter of 2025 and 2024 was $ 2.0 and $ 2.0 , respectively.
+Added: There is no incremental stock-based compensation expense as a result of the stock split described in Note 1.
+Added: Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2025 was $ 23.5 and is expected to be recognized over a weighted average period of 4.29 years.
Any future changes in estimated forfeitures will impact this amount.
1 unchanged sentence
The following tables present a reconciliation of the denominators used in the computation of basic and diluted net income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted net income per share calculation because they were anti-dilutive:
−Removed: Three-month Period
+Added: Six-month Period Three-month Period
Reconciliation 2025 2024 2025 2024
2 unchanged sentences
Diluted weighted average shares outstanding 1,149,827,083 1,148,206,892 1,150,100,651 1,148,227,216
−Removed: Three-month Period
+Added: Six-month Period Three-month Period
Summary of Anti-dilutive Options Excluded 2025 2024 2025 2024
2 unchanged sentences
Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding.
−Removed: FASTENAL COMPANY
−Removed: Notes to Condensed Consolidated Financial Statements
−Removed: (Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
(4) Income Taxes
3 unchanged sentences
federal examinations, and with limited exceptions, before 2019 in the case of foreign, state, and local examinations.
−Removed: During the first quarter of 2025, there were no material changes in unrecognized tax benefits.
+Added: During the first six months of 2025, there were no material changes in unrecognized tax benefits.
+Added: On July 4, 2025, the U.S.
+Added: 1 "A bill to provide for reconciliation pursuant to Title II of H.
+Added: 14", commonly referred to as the One Big Beautiful Bill Act (OBBBA).
+Added: Changes in tax laws may affect recorded deferred tax assets and deferred tax liabilities and our effective tax rate in the future and we continue to evaluate the impacts the new legislation will have on the Condensed Consolidated Financial Statements.
+Added: As a result of the enactment of H.R.
+Added: 1, we anticipate an impact to the deferred tax liability and the income tax payable related to the provisions for 100% bonus depreciation for assets placed in service after January 19, 2025 and full expensing of domestic research and experimental expenditures.
+Added: We do not expect any material change to our ongoing tax rate as a result of this legislation.
+Added: FASTENAL COMPANY
+Added: Notes to Condensed Consolidated Financial Statements
+Added: (Amounts in millions except share and per share information and where otherwise noted)
+Added: June 30, 2025 and 2024
(5) Operating Leases
5 unchanged sentences
Debt obligations and letters of credit outstanding at the end of each period consisted of the following:
−Removed: Average Interest Rate at March 31, 2025
+Added: Average Interest Rate at June 30, 2025
Debt Outstanding
−Removed: Date March 31,
+Added: Date June 30,
2025 December 31,
17 unchanged sentences
This fee is either 0.10 % or 0.125 % per annum based on our usage of the Credit Facility.
−Removed: FASTENAL COMPANY
−Removed: Notes to Condensed Consolidated Financial Statements
−Removed: (Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
Senior Unsecured Promissory Notes Payable
−Removed: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 200.0 as of March 31, 2025.
+Added: We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $ 125.0 as of June 30, 2025.
Our aggregate borrowing capacity under the Master Note Agreement is $ 900.0 ;
6 unchanged sentences
Discrete financial information is available at the geographic region level through our internal Return on Asset (ROA) reporting.
−Removed: The ROA reporting is ultimately a selling location income statement with an ROA calculation and the results are compiled by geographic region.
+Added: The ROA reporting is ultimately a selling location income
+Added: FASTENAL COMPANY
+Added: Notes to Condensed Consolidated Financial Statements
+Added: (Amounts in millions except share and per share information and where otherwise noted)
+Added: June 30, 2025 and 2024
+Added: statement with an ROA calculation and the results are compiled by geographic region.
ROA pre-tax profit measures financial performance and drives compensation programs.
11 unchanged sentences
ROA pre-tax profit is not a financial measure calculated in accordance with GAAP and excludes inter-company transactions.
−Removed: The following table presents reportable segment net sales from external customers for the periods ended March 31:
−Removed: Three-month Period
+Added: The following table presents reportable segment net sales from external customers for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2025 2024 2025 2024
net sales from external customers $ 3,362.2 3,173.0 $ 1,732.8 1,594.1
−Removed: The following table presents a reconciliation of reportable segment ROA pre-tax profit to condensed consolidated income before income taxes for the periods ended March 31:
−Removed: Three-month Period
+Added: The following table presents a reconciliation of reportable segment ROA pre-tax profit to consolidated income before income taxes for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2025 2024 2025 2024
ROA pre-tax profit $ 719.7 673.3 $ 379.3 335.1
Other operating segment pre-tax profit (1)
+Added: 110.1 102.9 57.3 51.3
Income before income taxes $ 829.8 776.2 $ 436.6 386.4
(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.
−Removed: FASTENAL COMPANY
−Removed: Notes to Condensed Consolidated Financial Statements
−Removed: (Amounts in millions except share and per share information and where otherwise noted)
−Removed: March 31, 2025 and 2024
The following table presents reportable segment ROA assets for the periods ended:
5 unchanged sentences
Interest revenue and interest expense included in the ROA pre-tax profit are not material.
−Removed: The following table presents reportable segment ROA pre-tax profit depreciation and amortization expense for the periods ended March 31:
−Removed: Three-month Period
+Added: The following table presents reportable segment ROA pre-tax profit depreciation and amortization expense for the periods ended June 30:
+Added: Six-month Period Three-month Period
+Added: 2025 2024 2025 2024
ROA pre-tax profit depreciation and amortization expense $ 80.8 72.7 $ 40.5 36.6
+Added: FASTENAL COMPANY
+Added: Notes to Condensed Consolidated Financial Statements
+Added: (Amounts in millions except share and per share information and where otherwise noted)
+Added: June 30, 2025 and 2024
(8) Legal Contingencies
The nature of our potential exposure to legal contingencies is described in our 2024 annual report on Form 10-K in Note 11 of the Notes to Consolidated Financial Statements.
−Removed: As of March 31, 2025, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
+Added: As of June 30, 2025, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse outcome.
(9) Subsequent Events
−Removed: 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'.
+Added: 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' and the new tax legislation disclosed in Note 4 ' Income Taxes'.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.