W.W. Grainger, Inc.

NYSE-GWW

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	1,826	1,989	1,903	1,613	1,114	755	895	823	623	633	785.2
Net Earnings
Depreciation & Amortization	252	237	214	205	187	182	229	257	264	249	228
Depreciation and Amortization
Capitalized Software and Other Intangibles
Share-Based Compensation Expense	63	62	62	48	42	46	40	47	33	36	46.9
Stock-Based Compensation
Other Adjustments	115	99	107	83	89	310	133	164	67	74	28.8
Provision for Credit Losses
Deferred Income Taxes and Tax Uncertainties
Impairment of Goodwill, Intangible and Other Assets
Non-Cash Lease Expense
Net Gains from Sales of Assets and Business Divestitures
Income from Unconsolidated Entities - Net
Impairment Loss and Net Losses from Business Divestitures
Tax Benefit of Stock Incentive Plans
Net Gains on Sales of Property, Buildings and Equipment
Income from Equity Method Investment
Gain on Sale of Unconsolidated Entity
Changes in Trade Receivables	-179	-110	-98	-436	-324	-121	-42	-79	-103	-46	-3.1
Change in Accounts Receivable
Changes in Inventories	-190	-77	-16	-412	-152	-158	-106	-129	-5	-4	-37.7
Inventories
Changes in Accounts Payable	106	20	-65	225	54	80	32	-51	72	73	23.1
Trade Accounts Payable
Changes in Accrued Expenses	-12	20	-91	218	59	15	-84	18	113	-4	-24.1
Change in Accrued Liabilities
Changes in Income Taxes Payable	19	-3	-4	42	-26	24	-3	36	4	-4	6.9
Income Taxes - Net
Changes in Other Operating Activities	-148	-126	19	-253	-106	-10	-52	-29	-11	17	-17.8
Prepaid Expenses and Other Assets
Operating Lease Liabilities
Change in Accrued Employment-Related Benefits Costs
Employment-Related and Other Liabilities
Other - Net
Change in Accrued Employment-Related Benefits Cost
Other Non-Current Liabilities
Cash from Operating Activities	2,048	2,111	2,031	1,333	937	1,123	1,042	1,057	1,057	1,024	1,036.1
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-816	-541	-445	-256	-255	-197	-221	-239	-237	-284	-373.9
Additions to Property, Buildings and Equipment - Net of Dispositions
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	5	3	21	28	29	20	17	—	120	55	14.9
Proceeds from Sales of Assets and Business Divestitures
Purchases of Intangible Assets	—	—	—	—	—	—	—	—	—	—	—
Additions to Capitalized Software
Purchases of Investments	—	—	—	—	—	—	—	—	—	—	—
Purchase of Marketable Securities
Payments for Business Acquisitions	—	—	—	—	—	—	—	—	—	—	-464.4
Cash Paid for Business Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	86	—	—	—
Net Proceeds of Business Acquisitions, Divestitures and Sales of Assets
Other Investing Activities	—	18	2	-35	—	-2	2	-13	-29	-33	-19.9
Equity Method Investment
Investments In and Loan Repayment from Unconsolidated Entities
Equity Method Proceeds
Other - Net
Cash from Investing Activities	-801	-520	-422	-263	-226	-179	-202	-166	-146	-262	-843.4
Net Cash Used in Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	—	—	—	—	—	20	26	-296	76	379.8
Change in Commercial Paper
Borrowings Under Lines of Credit
Repayments of Short-Term Debt	—	—	—	—	—	—	-15	-31	-43	-37	-78.6
Payments Against Lines of Credit
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	5	-5	-339	39	301.2
Issuance of Long-Term Debt	90	503	7	16	—	1,596	—	—	401	516	1,307.2
Proceeds from Debt
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-504	-39	-37	-15	-8	-1,435	-42	-96	-39	-263	-52.8
Payments of Debt
Payments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-414	464	-30	1	-8	161	-42	-96	362	253	1,254.3
Issuance of Common Shares	7	30	34	26	48	70	49	181	47	34	60.9
Proceeds from Stock Options Exercised
Repurchases of Common Shares	-1,297	-1,251	-887	-626	-725	-619	-711	-437	-633	-811	-1,446.3
Payments for Employee Taxes Withheld from Stock Awards
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	-1,290	-1,221	-853	-600	-677	-549	-662	-256	-586	-777	-1,385.4
Common Share Dividends Paid	-458	-421	-392	-370	-357	-338	-328	-316	-304	-303	-306.5
Cash Dividends Paid
Other Financing Activities	-1	-2	-3	-3	3	—	4	3	—	12	27.6
Excess Tax Benefits from Stock-Based Compensation
Other - Net
Cash from Financing Activities	-2,164	-1,180	-1,278	-972	-1,039	-726	-1,023	-670	-867	-776	-108.8
Net Cash Used in Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	1,232	1,570	1,586	1,077	682	926	821	818	820	740	662.2
NOPAT	1,864.3	2,018.3	1,938.4	1,652.3	1,147	802.8	919.5	879	698.2	691.4	816.3
Levered Free Cash Flow	495	1,855	1,355	1,269	746	750	555	534	835	941	2,129.1
Unlevered Free Cash Flow	1,075.3	1,548.3	1,550.4	1,421.3	908	738.8	714.5	742	898.2	734.4	620.9
Net Change in Cash	-917	411	331	98	-328	218	-183	221	44	-14	84