Financial Analysis

Note 9. Debt Commitments Credit Facility, Notes Payable, and Commitments Debt obligations and letters of credit outstanding at year end consisted of the following: Average Interest Rate at December 31, 2025 Debt Outstanding Maturity Date 2025 2024 Unsecured revolving credit facility 4.73 % September 28, 2027 $ Senior unsecured promissory notes payable, Series D 2.66 % May 15, 2025 75.0 Senior unsecured promissory notes payable, Series E 2.72 % May 15, 2027 50.0 50.0 Senior unsecured promissory notes payable, Series G 2.13 % June 24, 2026 25.0 25.0 Senior unsecured promissory notes payable, Series H 2.50 % June 24, 2030 50.0 50.0 Total 125.0 200.0 Less: Current portion of debt (25.0) (75.0) Long-term debt $ 100.0 125.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 29.7 31.2 Unsecured Revolving Credit Facility We have an $835.0 committed unsecured revolving Credit Facility with an uncommitted accordion option to increase the aggregate revolving commitment by an additional $365.0 for a total of $1,200.0. The Credit Facility includes a committed letter of credit subfacility of $55.0. Any borrowings outstanding under the Credit Facility for which we have the ability and intent to pay using cash within the next 12 months will be classified as a current liability. The Credit Facility contains certain financial and other covenants, and our right to borrow under the Credit Facility is conditioned upon, among other things, our complia …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Our revenues related to the following geographic areas were as follows for the periods ended December 31: Twelve-month Period 2025 2024 2023 United States $ 6,818.9 6,273.1 6,139.8 % of revenues 83.2 % 83.1 % 83.6 % Canada and Mexico 1,110.2 1,035.6 981.9 % of revenues 13.5 % 13.7 % 13.4 % All other foreign countries 271.4 237.3 225.0 % of revenues 3.3 % 3.2 % 3.0 % Total revenues $ 8,200.5 7,546.0 7,346.7 The percentages of our sales by end market were as follows for the periods ended December 31: Twelve-month Period 2025 2024 2023 Manufacturing 75.9 % 75.0 % 74.3 % Non-residential construction 8.1 % 8.5 % 9.1 % Other 16.0 % 16.5 % 16.6 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended December 31: Twelve-month Period Type Introduced 2025 2024 2023 Fasteners (1) 1967 30.5 % 30.7 % 32.4 % Tools 1993 8.3 % 8.4 % 8.5 % Cutting tools 1996 5.2 % 5.3 % 5.3 % Hydraulics & pneumatics 1996 6.9 % 6.7 % 6.7 % Material handling 1996 5.7 % 5.6 % 5.6 % Janitorial supplies 1996 9.0 % 8.8 % 8.4 % Electrical supplies 1997 4.7 % 4.7 % 4.6 % Welding supplies 1997 4.3 % 4.2 % 4.1 % Safety supplies 1999 22.2 % 22.2 % 21.2 % Other 3.2 % 3.4 % 3.2 % 100.0 % 100.0 % 100.0 % (1) The fastener product line represents fasteners and miscellaneous supplies.

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Note 7. Income Taxes Income before income taxes were derived from the following sources: 2025 2024 2023 Domestic $ 1,515.2 1,390.6 1,392.7 Foreign 139.8 117.5 129.3 Income before income taxes $ 1,655.0 1,508.1 1,522.0 Components of income tax expense (benefit) were as follows: 2025 2024 2023 Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 276.6 6.8 283.4 265.6 (3.0) 262.6 273.3 (9.2) 264.1 State 63.5 0.7 64.2 56.1 (0.1) 56.0 59.6 (1.3) 58.3 Foreign 50.3 (1.3) 49.0 39.6 (0.7) 38.9 44.9 (0.3) 44.6 Income tax expense $ 390.4 6.2 396.6 361.3 (3.8) 357.5 377.8 (10.8) 367.0 Income taxes paid were as follows: 2025 2024 2023 Federal $ 276.4 269.6 276.8 State 60.5 54.6 60.9 Foreign 61.9 36.3 51.5 Total income taxes paid $ 398.8 360.5 389.2 Income taxes paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions: 2025 2024 2023 Mexico 36.5 * 20.1 * Jurisdiction below the threshold for the period presented. Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows: 2025 (1) 2024 (2) 2023 (3) Amount Percent Amount Percent Amount Percent U.S. federal income tax expense at statutory rate $ 347.5 21.0 % 316.7 21.0 % 319.6 21.0 % Increase (decrease) attributed to State and local income taxes 50.7 3.1 % 43.4 2.9 % 45.1 3.0 % Foreign tax effects 18.9 1.1 % 14.2 0.9 % 17.4 1.1 % Effect of cross-border tax laws (6.4) -0.4 % (5.7) -0.4 % (5.6) -0.4 …

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Note 11. Legal Contingencies We are involved in certain legal actions, including those that are ordinary routine litigation incidental to our business. The outcomes of these legal actions are not within our complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, that could require significant expenditures or result in lost sales. We record a liability for these legal actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. As of December 31, 2025, there were no litigation matters that we consider to be probable or reasonably possible to have a material adverse impact on our consolidated financial statements.

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Note 8. Operating Leases We lease space under non-cancelable operating leases for several distribution centers, several manufacturing locations, and certain branch locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. We also lease certain semi-tractors, pick-up trucks, and computer equipment under operating leases. Certain operating leases for pick-up trucks contain residual value guarantee provisions which would generally become due at the expiration of the operating lease agreement if the fair valu e of the leased vehicles is less than the guaranteed residual value. The aggregate residual value guarantee related to these leases was approximately $124.2. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote. The cost components of our operating leases were as follows for the periods ended December 31: 2025 2024 2023 Leased Facilities and Equipment Leased Vehicles Total Leased Facilities and Equipment Leased Vehicles Total Leased Facilities and Equipment Leased Vehicles Total Operating lease cost $ 103.5 24.6 128.1 101.1 22.0 123.1 99.4 18.2 117.6 Variable lease cost 16.4 1.6 18.0 14.0 1.4 15.4 10.5 1.6 12.1 Short-term lease cost 39.3 39.3 32.6 32.6 23.7 23.7 Total $ 119.9 65.5 185.4 115.1 56.0 171.1 109.9 43.5 153.4 Variable lease costs are exclude …

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Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('ASU') 2023-09, Improvements to Income Tax Disclosures (Topic 740), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the income tax rate reconciliation, as well as further disaggregation of income taxes paid. We adopted ASU 2023-09 for the year ended December 31, 2025 and have applied the guidance retrospectively for all periods presented within the notes to the consolidated financial statements. The adoption of ASU 2023-09 did not have a material impact on our consolidated financial statements for the year ended December 31, 2025, but did require additional disclosures. Refer to Note 7 for additional information. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) , which specifies additional disclosure requirements, including the composition of certain income statement expense line items (such as purchases of inventory, employee compensation, and 'other expenses') and a separate disclosure for selling expenses. This change is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, however, early adoption is pe …

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Note 6. Retirement Savings Plan The Fastenal Company and Subsidiaries 401(k) and Employee Stock Ownership Plan covers all of our employees in the U.S. Our employees in Canada may participate in a Registered Retirement Savings Plan. The general purpose of both of these plans is to provide additional financial security during retirement by providing employees with an incentive to make regular savings contributions. In addition to the participation of our employees, we make annual profit sharing contributions based on an established formula. The expense recorded under this profit sharing formula was approximately $23.5, $20.8, and $23.1 for 2025, 2024, and 2023, respectively.

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Note 2. Revenue Disaggregation of Revenue Revenues are attributed to countries based on the selling location from which the sale occurred. During 2025, 2024, and 2023, no single customer represented 5% or more of our consolidated net sales. Our revenues related to the following geographic areas were as follows for the periods ended December 31: Twelve-month Period 2025 2024 2023 United States $ 6,818.9 6,273.1 6,139.8 % of revenues 83.2 % 83.1 % 83.6 % Canada and Mexico 1,110.2 1,035.6 981.9 % of revenues 13.5 % 13.7 % 13.4 % All other foreign countries 271.4 237.3 225.0 % of revenues 3.3 % 3.2 % 3.0 % Total revenues $ 8,200.5 7,546.0 7,346.7 The percentages of our sales by end market were as follows for the periods ended December 31: Twelve-month Period 2025 2024 2023 Manufacturing 75.9 % 75.0 % 74.3 % Non-residential construction 8.1 % 8.5 % 9.1 % Other 16.0 % 16.5 % 16.6 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended December 31: Twelve-month Period Type Introduced 2025 2024 2023 Fasteners (1) 1967 30.5 % 30.7 % 32.4 % Tools 1993 8.3 % 8.4 % 8.5 % Cutting tools 1996 5.2 % 5.3 % 5.3 % Hydraulics & pneumatics 1996 6.9 % 6.7 % 6.7 % Material handling 1996 5.7 % 5.6 % 5.6 % Janitorial supplies 1996 9.0 % 8.8 % 8.4 % Electrical supplies 1997 4.7 % 4.7 % 4.6 % Welding supplies 1997 4.3 % 4.2 % 4.1 % Safety supplies 1999 22.2 % 22.2 % 21.2 % Other 3.2 % 3.4 % 3.2 % 100.0 % 100.0 % 100.0 % (1) The fastener product l …

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Note 10. Segment Reporting Each of our geographic regions (U.S., Canada, Mexico, Central & South America, Europe, Asia, and SE Asia) are engaged in business activities for which they may earn sales and incur expenses. Discrete financial information is available at the geographic region level through our internal Return on Asset (ROA) reporting. The ROA reporting is ultimately a selling location income statement with an ROA calculation and the results are compiled by geographic region. ROA pre-tax profit measures financial performance and drives compensation programs. Our Chief Operating Decision Maker (CODM) is a group consisting of our Chief Executive Officer and President/Chief Sales Officer. We consider each geographic region to be an operating segment. The CODM regularly reviews ROA pre-tax profit to make decisions about the allocation of resources at the geographic region level. Operating segment significant expense categories and amounts are not regularly reviewed by or provided to our CODM. Segment expenses represent the difference between net sales and ROA pre-tax profit and consist of cost of sales and SG&A expenses. However, our CODM reviews consolidated expense information to manage the operations of the business. Considering our operating segments outside of the U.S. individually represent less than 10% of our total operating segment net sales, ROA pre-tax profit, and ROA assets, we do not consider them reportable segments. Therefore, we report the results …

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Note 1. Business Overview and Summary of Significant Accounting Policies Business Overview Fastenal is a leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of selling locations located primarily in North America. Principles of Consolidation The consolidated financial statements include the accounts of Fastenal Company and its subsidiaries (the 'Company,' 'Fastenal,' 'we,' 'our,' or 'us'). All material intercompany balances and transactions have been eliminated in consolidation. Stock Split On April 23, 2025, we announced a two-for-one stock split of our outstanding common stock. 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. The stock split took effect at the close of business on May 21, 2025. All historical common stock share, per share information, stock option awards, and stockholders' equity balances for all periods presented have been retroactively adjusted to reflect the two-for-one stock split. Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when or as we satisfy our performance obligations under the contract. W …

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Note 5. Stockholders' Equity Dividends On January 16, 2026, our board of directors declared a quarterly dividend of $0.24 per share of common stock to be paid in cash on February 26, 2026 to shareholders of record at the close of business on January 29, 2026. In 2025, we paid aggregate annual cash dividends per share of $0.875. We paid aggregate annual cash dividends per share of $0.78 and $0.89 in 2024 and 2023, respectively. In 2023, this included a special dividend of $0.19 per share paid in the fourth quarter. Stock Options Effective January 2, 2026, the compensation committee of our board of directors granted to our employees options to purchase a total of 1,339,070 shares of our common stock at an exercise price of $41.00 per share. On the same date, certain of our non-employee directors received options to acquire a total of 169,011 shares of our common stock at an exercise price of $41.00 per share. The closing stock price on the effective date of the grants was $40.44 per share. The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 2025, and the assumptions used to value those grants. All such grants were effective at the close of business on the grant date. Options Granted Option Exercise Price Closing Stock Price on Grant Date December 31, 2025 Grant Date Options Outstanding Options Exercisable January 2, 2025 1,366,636 $ 36.00 $ 35.555 1,279,650 88,028 January 2, 2024 1,629,824 $ 3 …

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Note 12. Subsequent Events We evaluated all subsequent event activity and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to Consolidated Financial Statements, with the exception of the dividend declaration and stock option activities disclosed in Note 5.

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(6) Debt Commitments Credit Facility, Notes Payable, and Commitments Debt obligations and letters of credit outstanding at the end of each period consisted of the following: Average Interest Rate at June 30, 2026 Debt Outstanding Maturity Date June 30, 2026 December 31, 2025 Unsecured revolving credit facility 4.62 % June 18, 2031 $ 20.0 Senior unsecured promissory notes payable, Series E 2.72 % May 15, 2027 50.0 50.0 Senior unsecured promissory notes payable, Series G 2.13 % June 24, 2026 25.0 Senior unsecured promissory notes payable, Series H 2.50 % June 24, 2030 50.0 50.0 Total 120.0 125.0 Less: Current portion of debt (70.0) (25.0) Long-term debt $ 50.0 100.0 Outstanding letters of credit under unsecured revolving credit facility - contingent obligation $ 0.2 29.7 Unsecured Revolving Credit Facility On June 18, 2026, we entered into a Second Amended and Restated Credit Agreement (as amended and restated, the Credit Agreement) with Wells Fargo Bank, National Association, as administrative agent for the lenders party thereto, which amended and restated our existing unsecured revolving Amended and Restated Credit Agreement dated September 28, 2022, as amended. The Credit Agreement was amended and restated to, among other things: (i) renew the aggregate revolving credit commitment under the Credit Agreement, increasing the uncommitted accordion option amount (as further described below), (ii) extend the revolving credit maturity date to June 18, 2031, (iii) modify the financ …

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Revenues are attributable to countries based on the selling location from which the sale occurred. Our revenues related to the following geographic areas were as follows for the periods ended June 30: Six-month Period Three-month Period 2026 2025 2026 2025 United States $ 3,786.1 3,362.2 $ 1,969.8 1,732.8 % of revenues 82.5 % 83.2 % 82.5 % 83.3 % Canada and Mexico 640.0 550.3 333.7 281.4 % of revenues 14.0 % 13.6 % 14.0 % 13.5 % All other foreign countries 162.5 127.2 83.4 66.1 % of revenues 3.5 % 3.2 % 3.5 % 3.2 % Total revenues $ 4,588.6 4,039.7 $ 2,386.9 2,080.3 The percentages of our sales by end market were as follows for the periods ended June 30: Six-month Period Three-month Period 2026 2025 2026 2025 Manufacturing 76.1 % 76.1 % 75.9 % 75.9 % Non-residential construction 8.2 % 8.0 % 8.2 % 8.1 % Other 15.7 % 15.9 % 15.9 % 16.0 % 100.0 % 100.0 % 100.0 % 100.0 % The percentages of our sales by product line were as follows for the periods ended June 30: Six-month Period Three-month Period Type Introduced 2026 2025 2026 2025 Fasteners (1) 1967 30.8 % 30.4 % 30.7 % 30.5 % Tools 1993 8.4 % 8.4 % 8.5 % 8.3 % Cutting tools 1996 5.1 % 5.2 % 5.1 % 5.1 % Hydraulics & pneumatics 1996 6.9 % 6.9 % 7.0 % 6.9 % Material handling 1996 5.8 % 5.7 % 5.8 % 5.7 % Janitorial supplies 1996 8.6 % 9.1 % 8.5 % 9.1 % Electrical supplies 1997 4.8 % 4.8 % 4.8 % 4.8 % Welding supplies 1997 4.3 % 4.2 % 4.4 % 4.2 % Safety supplies 1999 21.6 % 22.1 % 21.7 % 22.2 % Other 3.7 % 3.2 % 3.5 % 3.2 % 100.0 …

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(4) Income Taxes We file income tax returns in the U.S. federal jurisdiction, all states, and various local and foreign jurisdictions. We are no longer subject to income tax examinations by taxing authorities for taxable years before 2022 in the case of U.S. federal examinations, and with limited exceptions, before 2020 in the case of foreign, state, and local examinations. During the first six months of 2026, there were no material changes in unrecognized tax benefits.

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(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 June 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.

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(5) Operating Leases Certain operating leases for pick-up trucks contain residual value guarantee provisions which would generally become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. The aggregate residual value guarantee related to these leases was approximately $124.2. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreements is remote.

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Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Disaggregation of Income Statement Expenses (DISE), which specifies new disclosure requirements, including the composition of certain income statement expense line items (such as purchases of inventory, employee compensation, and 'other expenses') and a separate disclosure for selling expenses. This change is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, however, early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and disclosures and anticipate adoption in 2027.

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(2) Revenue Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for product returns and any related sales incentives. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when or as we satisfy our performance obligations under the contract. We recognize revenue by transferring control of the promised products to the customer, which primarily occurs when products are delivered or picked up by the customer. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. We estimate product returns based on historical return rates and lag. Using probability assessments, we estimate sales incentives expected to be paid over the term of the contract. The majority of our contracts have a single performance obligation and are short-term in nature. Sales taxes and value-added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Disaggregation of Revenue Revenues are attributable to countries based on the selling location from which the sale occurred. Our revenues related to the following geographic areas were as follows for the periods ended June 30: Six-month Period Three-month Period 2026 2025 2026 2025 United States $ 3,786.1 3,362.2 $ 1,969.8 1,732.8 % of revenue …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(7) Segment Reporting Each geographic region (U.S., Canada, Mexico, Central & South America, Europe, Asia, and SE Asia) is engaged in business activities for which it may earn sales and incur expenses. Discrete financial information is available at the geographic region level through our internal Return on Asset (ROA) reporting. The ROA reporting is a selling location income statement with an ROA calculation and the results are compiled by geographic region. ROA pre-tax profit measures financial performance and drives compensation programs. Our Chief Operating Decision Maker (CODM) is a group consisting of our Chief Executive Officer and President/Chief Sales Officer. We consider each geographic region to be an operating segment. The CODM regularly reviews ROA pre-tax profit to make decisions about the allocation of resources at the geographic region level. Operating segment significant expense categories and amounts are not regularly reviewed by or provided to our CODM. Segment expenses represent the difference between net sales and ROA pre-tax profit and consist of cost of sales and selling, general, and administrative (SG&A) expenses. However, our CODM reviews consolidated expense information to manage the operations of the business. Considering our operating segments outside of the U.S. individually represent less than 10% of our total operating segment net sales, ROA pre-tax profit, and ROA assets, we do not consider them reportable segments. Therefore, we report …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(3) Stockholders' Equity Dividends On July 10, 2026, our board of directors declared a quarterly dividend of $0.26 per share of common stock to be paid in cash on August 25, 2026 to shareholders of record at the close of business on July 28, 2026. 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 during 2026 and 2025: 2026 2025 First quarter $ 0.240 $ 0.215 Second quarter 0.240 0.220 Third quarter 0.260 0.220 Fourth quarter 0.220 Total $ 0.740 $ 0.875 Stock Options The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2026, and the assumptions used to value those grants. All such grants were effective at the close of business on the grant date. Options Granted Option Exercise Price Closing Stock Price on Grant Date June 30, 2026 Grant Date Options Outstanding Options Exercisable January 2, 2026 1,508,081 $ 41.00 $ 40.440 1,475,168 169,011 January 2, 2025 1,366,636 $ 36.00 $ 35.555 1,229,344 277,746 January 2, 2024 1,629,824 $ 32.00 $ 31.775 1,334,186 497,610 January 3, 2023 2,143,886 $ 24.00 $ 23.700 1,463,710 736,066 January 3, 2022 1,426,876 $ 31.00 $ 30.990 883,885 607,739 January 4, 2021 1,483,020 $ 24.00 $ 23.825 771,959 654,947 January 2, 2020 1,804,526 $ 19.00 $ 18.615 736,101 633,169 January 2, 2019 2,633,848 $ 13.00 $ 12.853 598,386 527,798 January 2, 2018 2,175,872 $ 13.75 $ 13.635 279,483 279,48 …

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(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'.

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