W.W. GRAINGER, INC. Revenue Disclosure
| Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Industry(1) | High-Touch Solutions N.A. | Endless Assortment | Total Company (2) | High-Touch Solutions N.A. | Endless Assortment | Total Company (2) | High-Touch Solutions N.A. | Endless Assortment | Total Company (2) | ||||||||||||||||||||||||||||||||||||||||||||
| Manufacturing | 30 | % | 30 | % | 30 | % | 31 | % | 29 | % | 31 | % | 30 | % | 30 | % | 30 | % | |||||||||||||||||||||||||||||||||||
| Government | 19 | % | 3 | % | 15 | % | 19 | % | 3 | % | 16 | % | 19 | % | 3 | % | 16 | % | |||||||||||||||||||||||||||||||||||
| Wholesale | 7 | % | 18 | % | 9 | % | 7 | % | 18 | % | 9 | % | 7 | % | 16 | % | 9 | % | |||||||||||||||||||||||||||||||||||
| Commercial Services | 7 | % | 12 | % | 8 | % | 7 | % | 12 | % | 8 | % | 7 | % | 12 | % | 8 | % | |||||||||||||||||||||||||||||||||||
| Contractors | 6 | % | 12 | % | 7 | % | 5 | % | 12 | % | 6 | % | 5 | % | 12 | % | 6 | % | |||||||||||||||||||||||||||||||||||
| Healthcare | 7 | % | 2 | % | 6 | % | 7 | % | 2 | % | 6 | % | 7 | % | 2 | % | 6 | % | |||||||||||||||||||||||||||||||||||
| Transportation | 4 | % | 2 | % | 5 | % | 4 | % | 2 | % | 4 | % | 4 | % | 2 | % | 4 | % | |||||||||||||||||||||||||||||||||||
| Retail | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | |||||||||||||||||||||||||||||||||||
| Utilities | 3 | % | 2 | % | 3 | % | 3 | % | 2 | % | 3 | % | 3 | % | 2 | % | 3 | % | |||||||||||||||||||||||||||||||||||
| Warehousing | 3 | % | — | % | 2 | % | 3 | % | — | % | 2 | % | 4 | % | — | % | 3 | % | |||||||||||||||||||||||||||||||||||
Other(3) | 10 | % | 15 | % | 11 | % | 10 | % | 16 | % | 11 | % | 10 | % | 17 | % | 11 | % | |||||||||||||||||||||||||||||||||||
| Total net sales | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||
| Percent of total company revenue | 78 | % | 20 | % | 100 | % | 80 | % | 18 | % | 100 | % | 81 | % | 18 | % | 100 | % | |||||||||||||||||||||||||||||||||||
(1)Customer industry results for the twelve months ended December 31, 2025, 2024 and 2023 primarily use the North American Industry Classification System (NAICS). As customers' businesses evolve, industry classifications may change. When these changes occur, Grainger does not recast the customer classification for prior periods as the industry used in the prior period was appropriate at the point-in-time. As a result, year-over-year changes may be impacted. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(2)Total Company includes Other, which includes the Cromwell business. The Cromwell business was sold in December 2025. For further details on the sale, see Note 2. Other accounted for approximately 2%, 2% and 1% of Total Company revenue for the twelve months ended December 31, 2025, 2024 and 2023, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(3)Other primarily includes revenue from industries and customers that are not material individually, including hospitality, restaurants, property management and natural resources. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.