Fastenal Co. Files 2024 10-K Report

Ticker: FAST · Form: 10-K · Filed: Feb 6, 2025

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

FAST 2024 10-K is in. Full financials for FY24 out.

AI Summary

Fastenal Co. filed its 2024 10-K report on February 6, 2025, detailing its fiscal year ending December 31, 2024. The company, headquartered in Winona, MN, operates in the retail building materials, hardware, and garden supply sector. The filing covers financial data for the fiscal years 2022, 2023, and 2024, including common stock and additional paid-in capital figures.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Fastenal's financial performance and position for the fiscal year 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What were Fastenal's total revenues for the fiscal year 2024?

The provided text does not contain specific revenue figures for 2024.

What is Fastenal's primary business segment?

Fastenal Co. is in the RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY sector.

When was the 10-K filing submitted?

The 10-K filing was submitted on February 6, 2025.

What is the company's IRS number?

Fastenal Co.'s IRS number is 410948415.

In which state was Fastenal incorporated?

Fastenal Co. was incorporated in MN (Minnesota).

Filing Stats: 4,656 words · 19 min read · ~16 pages · Grade level 12.6 · Accepted 2025-02-06 12:30:33

Filing Documents

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 30 Item 6. Reserved 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 76 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III Item 10. Directors, Executive Officers, and Corporate Governance 77 Item 11.

Executive Compensation

Executive Compensation 77 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 PART IV Item 15. Exhibits and Financial Statement Schedules 79 Item 16. Form 10-K Summary 81

Signatures

Signatures 82 Table of Contents DOCUMENTS INCORPORATED BY REFERENCE Portions of our Proxy Statement relating to our 2025 annual meeting of shareholders (Proxy Statement) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Our Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K, or in our other reports and other written and oral statements we made from time to time, 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, 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 regarding the business environment in which we operate, our projections of future performance and opportunities for growth based on potential market opportunities, our perceived marketplace opportunities, our strategies, goals, mission and vision, historical sequential trends and sales changes, and our expectations about matters including capital expenditures, tax rates, inventory levels, liquidity, declaration and payment of dividends, liabilities from tax positions, the performance of our fastener business in comparison to our non-fastener business, openings and closing of in-market locations and signings of Onsite locations and new machine equivalent units for Fastenal Managed Inventory (FMI) (including bin stock and industrial vending) and the competitive advantages they offer, our digital solutions and other product offerings (including new product lines), national accounts as a percentage of overall sales, the advantages of our integrated physical and virtual model, growth

BUSINESS

ITEM 1. BUSINESS Note – Information in this section is as of year end unless otherwise noted. The year end is December 31, 2024 unless additional years are included or noted. Overview Fastenal Company (together with our subsidiaries, hereinafter referred to as Fastenal or by terms such as we, our, or us) began as a partnership in 1967, and was incorporated under the laws of Minnesota in 1968. We opened our first branch in 1967 in Winona, Minnesota, a city with a population today of approximately 26,000. We began with a marketing strategy of supplying threaded fasteners to customers through a branch network in small, medium, and, in subsequent years, large cities. Over time, how and where we engage our customers has expanded and evolved. Today we sell a broader range of industrial and construction supplies spanning more than nine major product lines through a global network of in-market locations utilizing diverse technologies such as vending devices, bin stock devices, and eBusiness. The large majority of our transactions are business-to-business. We provide additional descriptions of our product lines and market channels later in this document. At the end of 2024, we had 3,628 in-market locations (defined in the table below) in 25 countries supported by 15 distribution centers in North America, with 12 in the United States (U.S.), two in Canada, and one in Mexico; one in Asia; and two in Europe, and we employed 23,702 people. We believe our success can be attributed to the high quality of our employees and their convenient proximity to our customers, and our ability to offer customers a full range of products and services to reduce their total cost of procurement. Our Channels to Market We engage our customers primarily through branch and Onsite locations. Branches and Onsites exist very close to our customers, usually within miles of, and often within or immediately proximate to, our customers' physical operations. Together, these constitute our 'in-market' n

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