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5 Insightful Analyst Questions From Fastenal’s Q3 Earnings Call

By: StockStory

FAST Cover Image

Fastenal’s third quarter was met with a negative market reaction, with shares trading lower following the company’s earnings release. Management attributed the results to solid execution in a sluggish industrial environment, highlighting double-digit top-line growth that was largely self-driven through market share gains, particularly with national accounts and expansion into new customer segments. CEO Daniel Florness described the operating context as “a pretty fluid environment,” noting that delayed pricing actions and ongoing tariff uncertainty weighed on segment performance. The company emphasized improved product availability, especially in fasteners, and cited effective cost management as key to maintaining operating margins despite end-market weakness.

Is now the time to buy FAST? Find out in our full research report (it’s free for active Edge members).

Fastenal (FAST) Q3 CY2025 Highlights:

  • Revenue: $2.13 billion vs analyst estimates of $2.13 billion (11.7% year-on-year growth, in line)
  • Adjusted EPS: $0.29 vs analyst estimates of $0.30 (in line)
  • Adjusted EBITDA: $485.5 million vs analyst estimates of $495.9 million (22.8% margin, 2.1% miss)
  • Operating Margin: 20.7%, in line with the same quarter last year
  • Sales Volumes rose 8.7% year on year (11.8% in the same quarter last year)
  • Market Capitalization: $48.75 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Fastenal’s Q3 Earnings Call

  • David Manthey (Baird): Asked about the slower pace of pricing increases and whether the company expects to push previously planned increases into next year. CEO Daniel Florness explained the delay was due to better customer negotiations, but acknowledged the risk of ongoing price fatigue and said, “there might be some that didn’t agree to a price change three months ago or six months ago that we have to go back and have that discussion again.”
  • Ryan Merkel (William Blair): Questioned the significant reset in bonus and performance pay and its impact on expenses. Florness detailed that higher participation in bonus programs followed improved results, adding, “We probably underestimated the impact of some of the new programs.”
  • Tommy Moll (Stephens): Inquired about end-market demand and whether pent-up demand could materialize with greater policy clarity. President Jeffery Watts responded that customers expect a muted environment through year-end, with potential improvement not likely until 2026.
  • Nigel Coe (Wolfe Research): Asked about “price fatigue” and whether increased competition is affecting price discipline. Florness responded that competitive dynamics are stable, but customers are pausing on larger decisions due to cost structure uncertainty from tariffs.
  • Stephen Volkmann (Jefferies): Sought clarity on gross margin expectations for the fourth quarter. CFO Sheryl Lisowski said a seasonal drop is likely, but full-year gross profit percentage should remain flat, supported by fastener expansion and supplier initiatives.

Catalysts in Upcoming Quarters

In the quarters ahead, the StockStory team will be watching (1) the pace and effectiveness of incremental pricing actions as trade policy evolves, (2) the continued adoption of Fastenal’s digital and vending solutions among large and nontraditional customers, and (3) whether margin discipline can be maintained amid higher labor costs and inventory investments. The company’s ability to diversify its customer base and manage supply chain volatility will also be critical markers of execution.

Fastenal currently trades at $42.60, down from $45.80 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

The Best Stocks for High-Quality Investors

When Trump unveiled his aggressive tariff plan in April 2025, markets tanked as investors feared a full-blown trade war. But those who panicked and sold missed the subsequent rebound that’s already erased most losses.

Don’t let fear keep you from great opportunities and take a look at Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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