固安捷 (GWW) 2025 Q4 法說會逐字稿

Greetings, and welcome to the W.W. Grainger fourth quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 W.W. Grainger 2025 年第四季財報電話會議及網路直播。（操作說明）提醒各位，本次會議正在錄音。（操作說明）

It's now my pleasure to introduce your host, Kyle Bland, Vice President, Investor Relations. Kyle, please go ahead.

現在，我很高興向大家介紹主持人，投資者關係副總裁凱爾布蘭德。凱爾，請繼續。

Good morning. Welcome to Grainger's fourth quarter and full year 2025 earnings call. With me are DG Macpherson, Chairman and CEO; and Dee Merriwether, Senior Vice President and CFO. As a reminder, some of our comments today may include forward-looking statements that are subject to various risks and uncertainties.

早安.歡迎參加 Grainger 2025 年第四季及全年財報電話會議。與我一同出席的有董事長兼執行長 DG Macpherson，以及資深副總裁兼財務長 Dee Merriwether。再次提醒各位，我們今天的一些評論可能包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響。

Additional information regarding factors that could cause actual results to differ materially is included in the company's most recent Form 8-K and other periodic reports filed with the SEC. This morning's call includes non-GAAP financial measures, which reflect certain adjustments in previous periods as noted in the presentation. There were no adjusting items in the fourth quarter 2025 period. We have also included organic revenue adjustments in the presentation, which normalized sales growth to reflect our exit from the UK market, including the Cromwell divestiture and the closure of Zoro UK.

有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱公司最新的 8-K 表格以及向美國證券交易委員會提交的其他定期報告。今天早上的電話會議包括非GAAP財務指標，這些指標反映了簡報中提到的前幾個時期的某些調整。2025 年第四季期間沒有調整項目。我們在簡報中也加入了有機收入調整，使銷售成長正常化，以反映我們退出英國市場的情況，包括剝離 Cromwell 和關閉 Zoro UK。

Definitions and full reconciliations of our non-GAAP financial measures with their corresponding GAAP measures are found in the tables at the end of this presentation and in our earnings release, both of which are available on our IR website. We will also show results related to MonotaRO. Please remember that MonotaRO is a public company that follows Japanese GAAP, which differs from US GAAP and is reported in our results one month in arrears.

本簡報末尾的表格和我們的獲利報告中提供了非GAAP財務指標的定義和與其對應的GAAP指標的完整調節表，這兩份文件均可在我們的投資者關係網站上找到。我們還將展示與 MonotaRO 相關的結果。請記住，MonotaRO 是一家上市公司，遵循日本會計準則，這與美國會計準則不同，我們的業績報告會落後一個月公佈。

As a result, the numbers discussed will differ from MonotaRO's public statements. Now I will turn it over to DG.

因此，所討論的數字將與 MonotaRO 的公開聲明有所不同。現在我將把它交給DG。

Thanks, Kyle. Good morning, everyone, and thank you for joining. Despite the macroeconomic uncertainty and challenging environment in 2025, the Grainger team continued to execute against our strategy, delivering exceptional service and a best-in-class experience for our customers. During 2025, we made strong progress. We leveraged our technology capabilities and MRO know-how to strengthen our competitive advantage in each segment.

謝謝你，凱爾。各位早安，感謝各位的參與。儘管 2025 年宏觀經濟情勢不明朗，環境充滿挑戰，但 Grainger 團隊繼續執行我們的策略，為客戶提供卓越的服務和一流的體驗。2025年，我們取得了顯著進展。我們運用自身的技術能力和MRO（維修、維修和大修）專業知識，增強了我們在各個領域的競爭優勢。

We streamlined our portfolio by exiting the UK market. We invested in new supply chain capacity to extend our service leadership. We lived the Grainger Edge each day to foster a workplace environment where team members can build a rewarding career. And we delivered on our financial commitments for the year.

我們透過退出英國市場精簡了我們的產品組合。我們投資了新的供應鏈產能，以鞏固我們在服務領域的領先地位。我們每天都實踐 Grainger Edge 理念，營造一個讓團隊成員能夠建立有意義職業生涯的工作環境。我們履行了本年度的財務承諾。

Overall, this progress positions us well as we move into 2026. Before I dive into these 2025 accomplishments in more detail, I thought it would be helpful to reiterate our go-to-market strategy and how each of our operating models addresses the needs of MRO customers, providing a flawless experience and delivering tangible value.

總體而言，這一進展使我們在邁向 2026 年時處於有利地位。在更詳細地介紹這些 2025 年的成就之前，我認為有必要重申我們的市場進入策略，以及我們的每種營運模式如何滿足 MRO 客戶的需求，提供完美的體驗並帶來切實的價值。

This context is important as it drives most of the incremental investment we are making across the business and prioritizing the work our team does every day. Over the last several years, we have invested heavily to build marketing data and technology capabilities. This includes core product and customer information assets, which have taken on even greater importance as AI accelerates and creates new opportunities to unlock additional value.

這個背景非常重要，因為它決定了我們在整個業務中進行的大部分增量投資，並決定了我們團隊每天工作的優先順序。過去幾年，我們投入大量資金建設行銷數據和技術能力。這包括核心產品和客戶資訊資產，隨著人工智慧的加速發展並創造釋放更多價值的新機遇，這些資產的重要性日益凸顯。

These data assets underpin our five strategic growth engines and fuel our ability to gain share within our High-Touch Solutions segment. In 2025, we made great progress across these five areas. In merchandising, we have consistently gained share through this important initiative and focus on building a highly curated product assortment.

這些數據資產支撐著我們的五大策略成長引擎，並推動我們在高端解決方案領域獲得市場份額。2025年，我們在這五個領域都取得了巨大進展。在商品銷售方面，我們透過這項重要措施和專注於打造精心挑選的產品系列，不斷提升市場佔有率。

This includes continued work across our category review process and the expanded use of the Grainger brand name within our private label offer. Our category reviews focus on improving product search, organization and content, and have more recently had an increasing emphasis on new product introductions, including expansion into new categories.

這包括繼續推進我們的品類審查流程，以及在我們的自有品牌產品中擴大 Grainger 品牌名稱的使用。我們的品類審查著重於改進產品搜尋、組織和內容，最近也越來越重視新產品的推出，包括擴展到新的品類。

Recent examples include efforts to build out a relevant offer to support data center customers as well as an expanded breadth of factory automation products such as sensors, machine controls and actuators. In total, our merchandising efforts in 2025 resulted in net assortment growth of over 85,000 SKUs, our largest net SKU growth for the High-Touch segment in nearly a decade.

近期的例子包括努力建立相關的產品和服務以支援資料中心客戶，以及擴大工廠自動化產品的範圍，例如感測器、機器控制和執行器。2025 年，我們的商品銷售工作總體上實現了淨商品種類增長超過 85,000 個 SKU，這是我們近十年來在高接觸領域實現的最大淨 SKU 增長。

In marketing, the team remains focused on delivering strong returns while also finding ways to improve program effectiveness to deliver better outcomes for the dollars we're spending. During 2025, we found new and creative ways to further leverage our advantaged information assets to increase personalization and improve our marketing investment strategy.

在行銷方面，團隊始終專注於實現強勁的回報，同時不斷尋找提高專案效率的方法，以期用我們投入的每一分錢獲得更好的結果。2025年，我們找到了新的、創意的方法來進一步利用我們的優勢資訊資產，以提高個人化程度並改善我們的行銷投資策略。

On the latter, we are leveraging our know-how and machine learning to optimize investment at the SKU level based on our knowledge of relative pricing, product availability and customer lifetime value. The success we continue to see across this space supports further incremental investment in 2026 and beyond.

在後者方面，我們正在利用我們的專業知識和機器學習，根據我們對相對定價、產品可用性和客戶終身價值的了解，在 SKU 層級優化投資。我們在該領域持續取得的成功，為2026年及以後的進一步增量投資提供了支持。

Pivoting to our seller coverage initiative, we continue to leverage our improved customer data to expand our sales force with a focus on underserved business locations. After slowing our pace and adjusting our approach with this initiative in 2023 and 2024, we added around 110 new sellers across two geographies in 2025. This brings our total program expansion to over 300 sellers across six geographies since 2022, more than 10% increase in our US-based sales team. The collective performance to date at these geographies has been in line with expectations, and we are planning to address two more regions in 2026.

為了推進我們的賣家覆蓋計劃，我們將繼續利用改進的客戶數據來擴大銷售隊伍，並專注於服務不足的商業地點。在 2023 年和 2024 年放慢步伐並調整了該計劃的方法之後，我們在 2025 年在兩個地區新增了約 110 名賣家。自 2022 年以來，我們的專案總規模已擴展至六個地區的 300 多名銷售人員，美國銷售團隊規模成長超過 10%。到目前為止，這些地區的整體表現符合預期，我們計劃在 2026 年再拓展兩個地區。

Our sellers are crucial to providing value for our customers and generating demand, and we remain committed to investing in tools and resources to increase their effectiveness. In 2025, we saw a strong usage of our new seller insights platform.

我們的銷售人員對於為客戶創造價值和創造需求至關重要，我們將繼續致力於投資工具和資源，以提高他們的效率。2025年，我們看到了我們新的賣家洞察平台的強勁使用率。

As you may recall, this platform integrates with existing Grainger data sources to provide sellers with a one-stop shop for customer insights. In 2026, we'll leverage AI on this platform to deliver actionable insights, identify new customer contacts and strengthen leader coaching opportunities. We're just scratching the surface of our potential in this area and we're excited about the path ahead.

您可能還記得，該平台與 Grainger 現有的資料來源集成，為賣家提供一站式客戶洞察服務。2026 年，我們將利用該平台上的人工智慧來提供可操作的見解，識別新的客戶聯絡人，並加強領導者輔導機會。我們在這個領域的潛力才剛開始發揮，我們對未來的道路感到興奮。

Lastly, we continue to see increased demand for value-added services as labor scarcity and cost savings initiatives become customer imperatives. In KeepStock specifically, this has resulted in new customer installations and product category expansions, driving further embeddedness and deeper share of wallet.

最後，隨著勞動力短缺和成本節約措施成為客戶的迫切需求，我們對加值服務的需求持續成長。具體到 KeepStock，這帶來了新的客戶安裝和產品類別擴展，從而進一步增強了產品嵌入度和更深的錢包份額。

Additionally, the KeepStock team made progress over the past year further developing customer-facing tools, and we anticipate a broader rollout of these new capabilities to begin in 2026. These tools provide customers access to enhanced data and insights aimed at improving their user experience and driving procurement cost savings. While it's already a critical part of our offer, we expect KeepStock to become even more valuable going forward.

此外，KeepStock 團隊在過去一年中進一步開發了客戶導向的工具，我們預計這些新功能將於 2026 年開始更廣泛地推出。這些工具為客戶提供更豐富的數據和更深入的見解，旨在改善使用者體驗並降低採購成本。雖然 KeepStock 已經是我們產品和服務的重要組成部分，但我們預計它在未來會變得更有價值。

We're excited about the progress we've made across these five strategic growth engines and remain confident in our ability to drive share gain as we execute against these important initiatives. Now given the critical role that technology is playing in our space, I thought it would be helpful to provide a few use cases of how we are leveraging AI and machine learning across the business.

我們對這五大策略成長引擎的進展感到興奮，並且對透過執行這些重要措施來推動市場佔有率成長的能力充滿信心。鑑於科技在我們領域中扮演的關鍵角色，我認為提供一些我們如何在整個業務中利用人工智慧和機器學習的用例會很有幫助。

While the ramp curves differ by initiatives, as these efforts mature, they could help increase productivity, enhance service and create revenue opportunities over time. We have broad experience with AI and machine learning, and when underpinned by our differentiated data assets, we can create tremendous value. I've already touched on how machine learning is optimizing our marketing investment strategy and how AI is helping us improve seller effectiveness.

雖然不同措施的進展曲線各不相同，但隨著這些措施的成熟，​​它們可以隨著時間的推移幫助提高生產力、改善服務並創造收入機會。我們在人工智慧和機器學習方面擁有豐富的經驗，再加上我們獨特的數據資產，我們可以創造巨大的價值。我已經談到了機器學習如何優化我們的行銷投資策略，以及人工智慧如何幫助我們提高銷售人員的效率。

On the slide, you can see several other areas of the business where these new technologies are fueling advancements. The point here is to show how prevalent these powerful tools have become and highlight how we can leverage our data assets to create solutions that add real value to our customers or to our bottom line. We've learned a great deal in the past two years about AI and feel well positioned to accelerate these efforts moving forward.

從幻燈片中可以看到，這些新技術正在推動企業其他幾個領域的進步。重點在於展示這些強大的工具已經變得多麼普遍，並強調我們如何利用我們的數據資產來創造能夠為我們的客戶或我們的利潤帶來真正價值的解決方案。過去兩年，我們對人工智慧有了很多了解，並感覺自己已做好充分準備，加快未來在這方面的努力。

Moving to Endless Assortment segment. We made great progress propelling both businesses forward in 2025. At Zoro, the team has regained its growth momentum, focusing on driving improved repeat purchase rates through an enhanced customer experience. Their progress during the year included optimizing the assortment to improve delivery times, launching Zoro branded private label products, improving the quality of customer acquisitions to enable better repeat rates, enhancing direct marketing capabilities through better analytics and improving the customer experience through more accurate delivery communication.

進入無限品類板塊。我們在推動兩家企業在 2025 年向前發展方面取得了巨大進展。Zoro 團隊已重拾成長勢頭，專注於透過提升客戶體驗來提高復購率。他們在這一年中取得的進展包括：優化產品組合以縮短交貨時間；推出 Zoro 品牌自有品牌產品；提高客戶獲取品質以實現更高的複購率；透過更好的分析增強直接行銷能力；以及透過更準確的交貨溝通改善客戶體驗。

These actions helped reaccelerate sales growth back into the high teens for the full year. At MonotaRO, the team continues to execute well, driving strong results, including 25% growth with enterprise customers. They continue to improve and expand their distribution capabilities by extending the reach of same-day shipping to regions beyond Tokyo and Osaka, while also planning for the future with the groundbreaking of the new Mito DC outside Tokyo.

這些措施有助於全年銷售成長重新加速至接近 10% 的水平。MonotaRO 團隊持續保持良好的執行力，取得了強勁的業績，包括企業客戶 25% 的成長。他們不斷改進和擴大分銷能力，將當日送達服務擴展到東京和大阪以外的地區，同時也在東京郊外破土動工建設新的水戶配送中心，為未來做規劃。

Similar to High-Touch, we have also progressed our AI and ML capabilities across both EA businesses. It's still early innings, but we are using these technologies to drive productivity and accelerate our momentum across the flywheel, and we have included a few examples on the slide. All told, we delivered great results across the Endless Assortment segment in 2025 and are positioned well to continue this momentum into the new year.

與 High-Touch 類似，我們也提升了 EA 兩大業務領域的 AI 與 ML 能力。雖然還處於早期階段，但我們正在利用這些技術來提高生產力，並加速整個飛輪的運轉，我們在幻燈片中列舉了一些例子。總而言之，我們在 2025 年的無限品類細分市場取得了優異的成績，並已做好充分準備，將這一勢頭延續到新的一年。

Turning to slide 9, I'm very pleased with the continued progress we're making across our distribution network as we stay focused on extending our industry-leading ability to deliver next-day complete orders to customers across both segments. Notably, we made meaningful progress on three new facilities across the US and Japan.

翻到第 9 張投影片，我對我們在分銷網絡中取得的持續進展感到非常滿意，我們將繼續專注於擴大我們行業領先的能力，為兩個細分市場的客戶提供次日送達的完整訂單服務。值得一提的是，我們在美國和日本的三個新設施建設方面取得了實質進展。

The Northwest DC, which is located outside of Portland, is set to start full outbound operations later this year. This building will improve our service and reduce transportation costs throughout the Northwest. We also continue to make great progress with our Houston distribution center and expect inbound operations to begin in the second half of 2027, with outbound following a few quarters later.

位於波特蘭郊外的西北配送中心將於今年稍後開始全面開展出貨業務。這棟建築將改善我們的服務，並降低整個西北地區的運輸成本。我們的休士頓配送中心也持續取得巨大進展，預計將於 2027 年下半年開始入庫運營，出庫營運將在幾個季度後啟動。

In Japan, MonotaRO is making great progress on their new highly-automated DC in Mito, scheduled to open in 2028. This facility when complete will nearly double the shipping capacity that MonotaRO has in the country. Outside of new capacity investments, the supply chain team has also worked hard and leveraged inventory and transportation solutions to improve service in certain markets, including Florida and Canada.

在日本，MonotaRO 在水戶市新建的高度自動化配送中心取得了巨大進展，該配送中心計劃於 2028 年開放。該設施建成後，將使 MonotaRO 在該國的運輸能力幾乎翻倍。除了新增產能投資外，供應鏈團隊還努力利用庫存和運輸解決方案來改善某些市場（包括佛羅裡達州和加拿大）的服務。

Overall we continue to invest across our supply chain to make sure that we maintain and extend our leading position in customer fulfillment. The heart of our organization remains our people who work hard every day to fulfill our purpose to keep the world working. As you can see on slide 10, our culture was again recognized externally during 2025.

總體而言，我們將繼續增加對整個供應鏈的投資，以確保我們保持並擴大在客戶滿意度方面的領先地位。我們組織的核心仍然是我們的員工，他們每天努力工作，以實現我們讓世界正常運作的目標。正如你在第 10 張幻燈片中看到的那樣，我們的文化在 2025 年再次得到了外部認可。

We were recertified as a Great Place to Work in the US, Canada and Mexico, affirming our commitment to being an employer of choice and a place where every team member feels valued and empowered. We were honored for the first time as one of the World's Most Ethical Companies, named once again as one of Fortune's Most Admired Companies and recognized by Glassdoor as a Best Place to Work.

我們再次獲得美國、加拿大和墨西哥「最佳工作場所」認證，這肯定了我們致力於成為首選雇主，並讓每位團隊成員都感到自身價值得到認可和充分發揮能力的承諾。我們首次榮獲「全球最具商業道德企業」稱號，再次被《財星》雜誌評為「最受尊敬公司」之一，並被 Glassdoor 評為「最佳工作場所」。

These recognitions are a testament to the culture we've built over almost a century in this industry. Grainger will always be a place where every team member can have a fulfilling and meaningful career if they're willing to work hard to serve our customers.

這些榮譽證明了我們在這個行業近一個世紀以來所建立的文化。在固安捷，只要團隊成員願意努力工作為客戶服務，就能獲得充實而有意義的職業生涯，這裡將始終是一個讓每位團隊成員都能有所作為的地方。

Now turning to our full year financials, 2025 certainly had its share of challenges between shifting tariff dynamics, soft MRO market demand and the government shutdown. Despite these challenging macro headwinds, we still delivered total company sales growth of 4.5% on a reported basis or 4.9% on a daily organic constant currency basis, with total sales finishing the year at $17.9 billion.

現在來看看我們全年的財務狀況，2025 年確實面臨諸多挑戰，包括關稅動態變化、MRO 市場需求疲軟以及政府停擺。儘管面臨這些具有挑戰性的宏觀不利因素，我們仍然實現了公司總銷售額成長 4.5%（按報告基準計算）或 4.9%（以每日有機固定匯率計算），全年總銷售額達到 179 億美元。

Growth for the year included continued share gain from our High-Touch Solutions US business, which finished the year with roughly 250 basis points of outgrowth on a volume basis. In Endless Assortment, the segment showed significant top line improvement with daily organic constant currency sales up 15.6%. Both Zoro and MonotaRO continue to win with their core B2B customer base and drive improved repeat purchase rates, positioning them well for the future.

本年度的成長包括我們美國高觸感解決方案業務的持續市場份額增長，該業務在銷量方面實現了約 250 個基點的超額增長。在「無限商品系列」板塊，該板塊的營收顯著增長，每日有機銷售額（以固定匯率計算）增長了 15.6%。Zoro 和 MonotaRO 都繼續贏得其核心 B2B 客戶群的青睞，並推動重複購買率的提高，從而為未來發展奠定了良好的基礎。

Alongside the solid top line, the team also did a nice job managing strong margins despite LIFO headwinds, with operating margin finishing at 15% for the year. We delivered adjusted EPS growth of 1.3% or $39.48 per share. ROIC finished at 39.1%. And operating cash flow was $2 billion, which allowed us to return $1.5 billion to Grainger shareholders through dividends and share repurchases.

除了穩健的營收成長外，儘管面臨後進先出法的不利因素，該團隊也很好地控制了利潤率，全年營業利潤率達到 15%。我們實現了調整後每股收益成長1.3%，即每股39.48美元。ROIC最終為39.1%。經營現金流為 20 億美元，這使我們能夠透過股利和股票回購向 Grainger 股東返還 15 億美元。

Overall, I'm proud of what we accomplished in 2025. We continue to focus on improving in core areas of the business to perform well over the long term. With that, I will turn it over to Dee to review our fourth quarter results.

總的來說，我對我們在2025年所取得的成就感到自豪。我們將繼續專注於提升業務核心領域，以實現長期良好業績。接下來，我將把時間交給迪伊，讓她回顧我們第四季的業績。

Thanks, DG I want to echo DG's sentiment on our 2025 performance. Not only did we make progress on a number of strategic initiatives, but the team was also able to drive top and bottom line results within the original 2025 outlook we provided a year ago, a strong outcome despite the challenging macro environment we faced.

謝謝DG，我完全同意DG對我們2025年業績的看法。我們不僅在多項策略措施上取得了進展，團隊還實現了我們在一年前提出的 2025 年展望目標，儘管面臨充滿挑戰的宏觀環境，但這一成果依然十分強勁。

Now turning to our fourth quarter results. We had another solid quarter to finish the year with results roughly in line with expectations. For the total company, daily sales grew 4.5% or 4.6% on a daily organic constant currency basis, which included growth in both segments.

現在來看我們第四季的業績。我們又迎來了一個穩健的季度，為這一年畫上了圓滿的句號，業績基本上符合預期。該公司整體日銷售額成長 4.5%，以每日有機固定匯率計算成長 4.6%，其中包括兩個業務部門的成長。

Sales were healthy in the period despite softness during the start of the quarter from the government shutdown and the lapping of a prior year hurricane-related sales benefit. If you were to normalize these events, sales for the total company would have been up approximately 6.5% for the quarter on a daily organic constant currency basis.

儘管本季初由於政府停擺和去年颶風帶來的銷售利好因素導致銷售疲軟，但本季銷售額依然保持健康。如果將這些事件正常化，以每日有機成長固定匯率計算，該公司本季的總銷售額將成長約 6.5%。

Total company gross margins for the quarter were strong, ending at 39.5%, down about 10 basis points over the prior year period, driven by segment mix headwinds from faster-growing Endless Assortment. Operating margins were down 70 basis points year-over-year due to increased SG&A expense, which came in higher than expected in the period due to unforeseen health care costs above our normal run rate and a softer top line in the High-Touch Solutions segment. Overall we delivered diluted EPS for the quarter of $9.44, which was down 2.8% versus the fourth quarter of 2024, but above the midpoint of our implied fourth quarter guide.

本季公司整體毛利率表現強勁，達到 39.5%，比上年同期下降約 10 個基點，主要原因是成長迅速的「無限品類」業務對細分市場組合造成了不利影響。由於銷售、一般及行政費用增加，營業利潤率較去年同期下降 70 個基點。該費用高於預期，原因是醫療保健成本超出正常水平，以及高觸感解決方案部門的收入疲軟。本季整體稀釋後每股收益為 9.44 美元，比 2024 年第四季下降 2.8%，但高於我們隱含的第四季業績指引的中點。

Moving to segment level results. The High-Touch Solutions segment delivered sales growth of 2.2% on a reported basis or 2.1% on a daily constant currency basis. Results included nearly 3 points of price inflation for this segment, showing meaningful sequential improvement as tariff costs continued to be passed. From an end market perspective, our indicators suggest the MRO market gained momentum sequentially but remained muted in the period.

接下來查看細分市場層面的結果。以報告基準計算，高觸感解決方案部門的銷售額成長了 2.2%，以每日固定匯率計算成長了 2.1%。該細分市場的價格上漲了近 3 個百分點，顯示隨著關稅成本的持續轉嫁，價格出現了顯著的環比改善。從終端市場角度來看，我們的指標顯示，MRO 市場成長率逐年加快，但在此期間仍保持低迷。

For Grainger specifically, we saw a strong performance with contractor and manufacturing customers, which helped to offset slower growth in other areas of the business, including year-over-year softness in the government end market.

具體到 Grainger 而言，我們在承包商和製造業客戶方面表現出色，這有助於抵消業務其他領域成長放緩的影響，包括政府終端市場較去年同期疲軟。

If you were to normalize government sales for the impact of the shutdown and the prior year hurricane-related sales benefit, sales for the High-Touch segment would have been up roughly 4.5% for the quarter on a daily constant currency basis.

如果將政府銷售額按停擺的影響和上一年颶風相關的銷售利好進行正常化處理，那麼按每日固定匯率計算，高接觸細分市場的銷售額在本季度將增長約 4.5%。

On profitability, gross margin finished the quarter at 42.3%, flat versus the prior year. We continue to see tariff-related inflation, which caused further LIFO inventory valuation headwinds, although the magnitude of these charges came in favorable to our expectations. These charges were offset by positive mix and a number of other smaller tailwinds.

在獲利能力方面，本季毛利率為 42.3%，與去年同期持平。我們繼續看到與關稅相關的通貨膨脹，這進一步對後進先出法（LIFO）庫存估值造成了不利影響，儘管這些費用的金額符合我們的預期。這些不利因素被正面的市場成分和其他一些較小的利多因素所抵消。

Price, cost on a LIFO basis remains negative, but improved in the quarter as our pricing actions took hold. Similar to last quarter, if we excluded the LIFO headwind and we wanted to compare ourselves to our peer set which report on FIFO, our implied FIFO gross margin rate would have increased year-over-year, with price, cost roughly neutral on this basis.

以後進先出法計算的價格和成本仍然為負，但隨著我們的定價措施生效，本季有所改善。與上個季度類似，如果我們排除後進先出法 (LIFO) 的不利因素，並想與採用先進先出法 (FIFO) 的同行進行比較，那麼我們隱含的先進先出法毛利率將同比增長，在此基礎上，價格和成本大致保持不變。

On SG&A, margins delevered in the period as payroll and higher-than-expected health care costs, along with continued marketing investment, were only partially offset by productivity. We also saw a softer top line in the period due to the impact of the government shutdown, which further weighed on margins. Taking all this together, operating margin for the segment finished at 15.8%, down 120 basis points versus the prior year quarter.

銷售、一般及行政費用方面，由於工資支出和高於預期的醫療保健成本，以及持續的營銷投資，利潤率在本期有所下降，但這些成本僅部分被生產力提高所抵消。受政府停擺的影響，該期間的營收也出現下滑，進一步打壓了利潤率。綜合所有因素，該業務部門的營業利潤率為 15.8%，比上年同期下降 120 個基點。

Before moving on, I want to share a brief update on where we are with tariffs. In the fourth quarter, we remain engaged in active dialogue with our supplier partners and took modest price increases in November to help offset continued cost pressure. These actions were on top of the price increases in May and September when we began to pass through tariff-related costs.

在繼續討論之前，我想先簡單介紹一下關稅方面的最新進展。第四季度，我們繼續與供應商夥伴保持積極對話，並在 11 月小幅漲價，以幫助抵消持續的成本壓力。這些措施是在 5 月和 9 月價格上漲的基礎上採取的，當時我們開始將與關稅相關的成本轉嫁出去。

In January of this year, we passed further price in response to previously delayed tariff inflation and to offset annually negotiated cost increases with our suppliers, which were largely in effect as of February 1. These actions are net of a partial rollback on certain Chinese tariffs announced at the end of last year.

今年 1 月，我們進一步上調了價格，以應對先前延遲的關稅上漲，並抵消與供應商協商的年度成本上漲，這些成本上漲大多從 2 月 1 日起生效。這些措施是在去年底宣布部分取消對中國徵收的關稅之後採取的。

As we look ahead, we've passed the majority of known tariff-related costs to date, but the situation still remains fluid. Importantly, our team is staying agile and we remain confident in our ability to adhere to our core tenets to reach price, cost neutrality over time while maintaining competitive pricing.

展望未來，我們已經度過了迄今為止已知的與關稅相關的絕大部分成本，但情況仍然瞬息萬變。重要的是，我們的團隊保持敏捷，我們仍然有信心堅持我們的核心原則，在保持價格競爭力的同時，隨著時間的推移實現價格和成本中立。

Turning to slide 16. We wanted to share an update on our volume outgrowth for the High-Touch US business. When we last spoke about outgrowth in detail, it was during the first quarter of 2025 as we observed a meaningful inflection in the underlying single-factor IP benchmark that we use to measure MRO market volume.

翻到第16張幻燈片。我們想和大家分享我們面向美國市場的高觸達業務的銷售成長。我們上次詳細討論成長是在 2025 年第一季度，當時我們觀察到，我們用來衡量 MRO 市場規模的基礎單因子 IP 基準出現了一個重要的轉折點。

This inflection was misaligned with what we're seeing on the ground with our MRO customers and likely caused by shifting macroeconomic dynamics. These dynamics are driving bifurcation across industries where tariffs are impacting demand in some industries while others are experiencing a tailwind, notably those tied to aircraft manufacturing and data center build-outs.

這個轉折點與我們從MRO客戶那裡實際看到的情況不符，很可能是由宏觀經濟動態的變化所造成的。這些動態正在導致各行業分化，關稅影響了一些行業的需求，而其他行業則受益於關稅，特別是與飛機製造和資料中心建設相關的行業。

As we've been discussing over the past few years, we built a separate market model back in late 2023 after a sustained period of dislocation between what we were hearing from customers and what the single-factor model was implying about market volume growth. This multifactor model was developed after testing over 1,000 publicly available economic indicators to find the best combination of explanatory factors with a high correlation to underlying US, economic census data for MRO products.

正如我們在過去幾年裡一直在討論的那樣，在經歷了從客戶那裡聽到的與單因素模型對市場規模增長的暗示之間持續的脫節之後，我們在 2023 年末建立了一個獨立的市場模型。這個多因素模型是在測試了 1000 多個公開可用的經濟指標後開發的，目的是找到與美國經濟普查數據高度相關的、對 MRO 產品具有高度相關性的最佳解釋因素組合。

Specifically, the model pulls in several different supply and demand factors, including net core capital good shipments, import, export dynamics and end-user activity to formulate a comprehensive view of the MRO landscape. When comparing the two model inputs side by side, while neither model mirrors the exact weight of Grainger's customer end markets, the multifactor model does capture a broader base of end market activities outside of manufacturing while also eliminating non-MRO product categories.

具體來說，該模型納入了幾個不同的供需因素，包括淨核心資本貨物出貨量、進出口動態和最終用戶活動，從而形成對 MRO 格局的全面了解。並排比較這兩個模型的輸入，雖然這兩個模型都不能完全反映 Grainger 客戶終端市場的權重，但多因素模型確實捕捉到了製造業之外更廣泛的終端市場活動，同時也排除了非 MRO 產品類別。

Further, the multifactor model captures a more dynamic view of the economy, relevant trade flows, and shows a stronger correlation to underlying MRO product consumption data. And while the inner workings of the multifactor model are less accessible externally and no model is perfect, the comprehensive nature of the model would suggest it more accurately reflects the performance of our markets, specifically in periods of economic disruption or change.

此外，多因素模型能夠更動態地反映經濟狀況和相關貿易流動，並且與潛在的MRO產品消費數據有更強的相關性。雖然多因素模型的內部運作機制不太容易被外界了解，而且沒有哪個模型是完美的，但該模型的全面性表明，它能更準確地反映我們市場的表現，尤其是在經濟動盪或變革時期。

With this context in mind, if you turn to slide 17, we've charted the historical results for both models, starting at the point at which economic inputs were first published for the multifactor model. As you can see, the two models are highly correlated. And over this 20-plus-year period, the average annual growth rate is nearly identical.

考慮到這種背景，如果您翻到第 17 張投影片，我們已經繪製了兩種模型的歷史結果圖表，從多因素模型首次發布經濟投入的點開始。如您所見，這兩個模型高度相關。在這二十多年的時間裡，平均年增率幾乎相同。

However, the models do experience disconnects during periods of macroeconomic shifts. Typically, when the multifactor model trails the single-factor model or vice versa, it eventually catches up, but the duration of these dislocations is unpredictable.

然而，在宏觀經濟變化期間，這些模型確實會出現脫節。通常情況下，當多因素模型落後於單因素模型或反之亦然時，它最終會趕上，但這些差距的持續時間是無法預測的。

As you see, we've experienced a prolonged period of dislocation since the pandemic, including each model moving in opposite directions after new tariffs were enacted in early 2025. It's unclear to us how long this divergence will last.

正如你所看到的，自從疫情爆發以來，我們經歷了一段漫長的混亂時期，包括2025年初新關稅實施後，每個模型都朝著相反的方向發展。我們尚不清楚這種分歧會持續多久。

With this, given its comprehensive nature and the fact that we've studied each model exhaustively over the last couple of years, we are more confident in the demand signals from the multifactor model, and we'll use it to measure our outgrowth progress going forward.

鑑於其全面性，以及我們在過去幾年中對每個模型進行了詳盡的研究，我們對多因素模型的需求訊號更有信心，我們將用它來衡量我們未來的成長進展。

On this basis, turning to slide 18 and using our multifactor MRO model, we estimate that Grainger finished full year 2025 with roughly 250 basis points of outgrowth on a volume basis, as our High-Touch Solutions US business grew volume by 1.4% compared to our multifactor MRO model which was down between 1.5% and 0.5% for the year.

基於此，翻到第 18 張幻燈片，並使用我們的多因素 MRO 模型，我們估計 Grainger 在 2025 年全年銷量方面實現了約 250 個基點的超額增長，因為我們的美國高觸感解決方案業務的銷量增長了 1.4%，而我們的多因素 MRO 模型預測該年度銷量下降了 10.5%。

Albeit short of our 400 basis points to 500 basis points long-term target, we're continuing to take healthy share. Marketing and merchandising remain our largest contributors to outgrowth. And on a go-forward basis, we're anticipating a more consistent impact from seller coverage and seller effectiveness as new geographies ramp and seller tools mature. Overall we remain confident in our strategic growth engines and their ability to drive share over the long term, and continue to target 400 basis points to 500 basis points of average annual outgrowth over time.

儘管距離我們400至500個基點的長期目標還有一段距離，但我們仍在繼續佔據健康的市場份額。行銷和商品銷售仍然是我們實現成長的最大貢獻者。展望未來，隨著新地區的拓展和賣家工具的成熟，我們預期賣家覆蓋範圍和賣家效率將產生更穩定的影響。總體而言，我們仍然對我們的策略成長引擎及其在長期內推動市場份額的能力充滿信心，並繼續以平均每年增長 400 至 500 個基點為目標。

Now focusing on the Endless Assortment segment. Sales increased 14.3% on a reported basis or 15.7% on a daily organic constant currency basis, which normalizes for the FX headwinds realized in the period and the closure of our Zoro UK business. Zoro US was up 16%, while MonotaRO achieved 18.4% growth in local days local constant currency.

現在專注於「無限品類」板塊。按報告數據計算，銷售額增長了 14.3%；以每日有機固定匯率計算，銷售額增長了 15.7%，這已對該期間發生的匯率不利因素以及我們關閉 Zoro 英國業務的影響進行了調整。Zoro US 上漲了 16%，而 MonotaRO 以當地固定匯率計算，在當地交易日內實現了 18.4% 的成長。

At a business level, Zoro continues its momentum driving strong growth from its core B2B customers along with improving customer retention rates. At MonotaRO, sales remained strong with continued growth from enterprise customers coupled with solid acquisition and repeat purchase rates with small and midsized businesses.

在業務層面，Zoro 持續保持強勁的成長勢頭，其核心 B2B 客戶實現了強勁成長，同時客戶留存率也在不斷提高。MonotaRO 的銷售業績依然強勁，企業客戶的持續成長以及中小企業客戶的穩健獲取率和重複購買率都為其增值。

Additionally, MonotaRO experienced increased web traffic stemming from a competitor's cyber outage, which provided a tailwind to sales in the period. On profitability, operating margins increased by 200 basis points to 10.6%, with favorability across the segment.

此外，由於競爭對手的網路中斷，MonotaRO 的網路流量有所增加，這為該時期的銷售帶來了推動作用。在獲利能力方面，營業利潤率提高了 200 個基點，達到 10.6%，各業務板塊均呈現良好成長動能。

MonotaRO margins remained strong at 13.6%, up 100 basis points, and Zoro margins improved to 6.3%, up 260 basis points, with both businesses benefiting from gross margin flow-through and healthy top line leverage. Overall we're proud of the exceptional performance throughout 2025 within the Endless Assortment segment and look to continue the momentum this year.

MonotaRO 的利潤率保持強勁，達到 13.6%，成長 100 個基點；Zoro 的利潤率提高到 6.3%，成長 260 個基點，兩項業務均受益於毛利率的傳遞和健康的營收槓桿。總體而言，我們對 2025 年在無限商品系列領域的出色表現感到自豪，並希望今年能繼續保持這一勢頭。

Moving into our outlook for 2026. At the total company level, we expect revenue to be between $18.7 billion and $19.1 billion, driven by growth in both segments. This translates to daily organic constant currency sales between 6.5% and 9%, which is 230 basis points higher than reported sales growth at the midpoint after adjusting for FX headwinds and the impact of our exit from the UK market.

接下來展望2026年。該公司整體營收預計在 187 億美元至 191 億美元之間，這主要得益於兩個業務部門的成長。這意味著每日有機銷售額（以固定匯率計算）成長 6.5% 至 9%，比調整外匯不利因素和我們退出英國市場的影響後公佈的銷售成長率中點高出 230 個基點。

Within our High-Touch Solutions segment, we expect daily constant currency sales growth between 5% and 7.5%. In the US, we anticipate continued demand pressure as tariff-related price increases weigh on market volumes. And while we expect industry-specific tailwinds in certain areas of the economy will persist, many of these green shoots are outside of core MRO product categories.

在我們的高觸感解決方案領域，我們預期每日以固定匯率計算的銷售額將成長在 5% 到 7.5% 之間。在美國，我們預期由於關稅相關的價格上漲對市場銷售造成壓力，需求將持續承壓。雖然我們預期某些經濟領域的產業特定利好因素將持續存在，但這些復甦跡像大多不在核心MRO產品類別之內。

1With this, while we acknowledge falling interest rates and other macro factors could reverse the multiyear volume contraction in our industry, we're conservatively modeling the market to be down 1.5% to flat. On share gain, we're assuming outgrowth improves through the year as we ramp investment and gain traction with our growth drivers. We expect this will deliver outgrowth at or below our long-term target range in 2026.

1.儘管我們承認利率下降和其他宏觀因素可能會扭轉我們行業多年來的銷售萎縮趨勢，但我們保守地預測市場將下降 1.5% 或持平。關於市場佔有率成長，我們假設隨著我們加強投資並利用我們的成長動力取得進展，年內成長將有所改善。我們預計這將導致 2026 年的成長達到或低於我們的長期目標範圍。

Lastly, we expect meaningful price contribution to revenue, which includes the wrap of 2025 actions and incremental price this year to fully catch up on the costs we're seeing from suppliers. This price contribution factors into the partial rollback on certain Chinese tariffs announced in November of last year, but excludes any impact from future unknown tariffs or rollbacks that may or may not occur in 2026.

最後，我們預期價格將對收入產生實質貢獻，其中包括 2025 年各項措施的收尾工作以及今年為完全彌補供應商成本而採取的增量價格措施。這項價格因素已納入去年 11 月宣布的中國部分關稅下調的影響，但不包括 2026 年可能發生或不發生的未知關稅或下調措施的影響。

In the Endless Assortment segment, we anticipate daily organic constant currency sales to grow between 12.5% and 15%, in the range of their long-term framework. This segment-level growth will be roughly 230 basis points lower on a reported basis when you normalize for the expected foreign currency exchange headwinds and the closure of our Zoro UK business.

在「無限品類」板塊，我們預計每日有機銷售額（以固定匯率計算）將成長 12.5% 至 15%，在其長期框架範圍內。考慮到預期的外匯匯率不利因素和 Zoro 英國業務的關閉，按報告基準計算，該細分市場層面的成長將下降約 230 個基點。

At the business unit level, Zoro is anticipated to grow in low teens as they continue their momentum in driving higher repeat rates, consistent service and improvement marketing. MonotaRO is also expected to grow in the low teens in local days and local currency, which normalizes for one less Japanese selling day in 2026 and expected FX headwinds from the yen.

在業務單位層面，Zoro 預計將實現兩位數左右的成長，因為他們將繼續保持提高重複購買率、提供持續服務和改善行銷的勢頭。MonotaRO 預計在當地交易日和當地貨幣交易中也將實現兩位數左右的增長，這已考慮到 2026 年日本交易日減少一天以及日元匯率預期帶來的不利影響。

This strong performance is fueled by growth with new and enterprise customers, strong repeat rates with core B2B customers, and a carryover benefit from the competitor's cyber outage. Moving to our margin expectations, we expect total company operating margins to range between 15.4% and 15.9%, up 40 to 90 basis points compared to 2025. This reflects improvements in both segments as well as a 45 basis points tailwind from our exit of the UK market split roughly evenly between gross margin and SG&A leverage.

這一強勁的業績得益於新客戶和企業客戶的成長、核心 B2B 客戶的高複購率，以及競爭對手網路故障帶來的持續收益。展望利潤率預期，我們預期公司整體營業利潤率將在 15.4% 至 15.9% 之間，比 2025 年成長 40 至 90 個基點。這反映了兩個業務部門的改善，以及我們退出英國市場帶來的 45 個基點的利好，這部分利好大致平均分配在毛利率和銷售、管理及行政費用槓桿率上。

In the High-Touch Solutions segment, we expect operating margins between 16.9% and 17.4%, up 35 basis points at the midpoint. Gross margin will improve as price, cost normalizes and LIFO inventory valuation headwinds subside in the back half of the year. This favorability is partially offset by a modest headwind from our private label portfolio where tariff dynamics have changed competitiveness on certain SKUs.

在高觸感解決方案領域，我們預期營業利潤率在 16.9% 至 17.4% 之間，中間值比預期高出 35 個基點。隨著價格和成本恢復正常，以及後進先出法（LIFO）庫存估值不利因素在下半年減弱，毛利率將會提高。這種有利因素部分被我們自有品牌產品組合帶來的輕微不利因素所抵消，因為關稅動態已經改變了某些 SKU 的競爭力。

We expect SG&A leverage to improve as the accelerating top line and our productivity efforts offset ramping investment across our demand generators. In Endless Assortment, we anticipate operating margin will continue to ramp between 10% to 10.5%, up 20 basis points to 70 basis points versus 2025.

我們預計，隨著營收加速成長和生產力提升，抵銷了需求創造業務的投資增加，銷售、一般及行政費用槓桿率將有所改善。在「無限品類」領域，我們預期營業利潤率將持續在 10% 至 10.5% 之間成長，比 2025 年成長 20 至 70 個基點。

Gross margins are expected to be down slightly at the midpoint, and we expect continued healthy operating leverage improvement in both businesses. Our closure of Zoro UK is also positively contributing to segment-level operating margin.

預計毛利率將略有下降（取中間值），我們預期兩項業務的經營槓桿將持續健康改善。關閉 Zoro UK 也對業務部門的營業利潤率產生了積極影響。

Turning now to capital allocation. Our business is positioned to generate strong cash flow in 2026 with expected operating cash of approximately $2.1 billion to $2.3 billion, reflecting conversion of around 100%. Our capital allocation priorities remain consistent and largely unchanged from prior years. We'll continue to invest in the business with CapEx in the range of $550 million to $650 million, supporting supply chain initiatives, construction of new facilities in the US and Japan, and ongoing technology and data investments.

接下來討論資本配置。我們的業務預計在 2026 年產生強勁的現金流，預計營運現金約為 21 億美元至 23 億美元，轉換率約為 100%。我們的資本配置重點與往年保持一致，基本上沒有改變。我們將繼續投資該業務，資本支出在 5.5 億美元至 6.5 億美元之間，用於支援供應鏈計劃、在美國和日本建設新設施以及持續的技術和數據投資。

We'll pursue selected inorganic opportunities while maintaining strategic and price discipline. And beyond investment, we expect to return excess cash to shareholders through dividends and share repurchases. We'll formally set the 2026 dividend in the second quarter, but again anticipate high single to low double-digit annual increases.

我們將在保持策略和價格紀律的同時，尋求一些特定的非有機成長機會。除了投資之外，我們還計劃透過分紅和股票回購將多餘的現金回饋給股東。我們將在第二季正式確定 2026 年的股息，但預計年增率將達到個位數高點至兩位數低點。

Share repurchases related to Grainger common stock are expected to be around $1 billion for the year. Overall, our return-focused philosophy gives us flexibility to invest efficiently while delivering strong returns for our shareholders over the long term.

與 Grainger 普通股相關的股票回購預計今年將達到約 10 億美元。總體而言，我們以回報為導向的理念使我們能夠靈活且有效率地進行投資，同時在長期內為股東帶來強勁的回報。

In summary, at the total company level, we plan to grow top line by 4.2% to 6.7% on a reported basis or 6.5% to 9% on a daily organic constant currency basis which normalizes for FX headwinds and our exit of the UK market. You can see margin improvement through the P&L, which reflects the previously mentioned tailwinds from the UK exit, High-Touch gross margin recovery and healthy leverage in both segments.

總而言之，在公司整體層面，我們計劃按報告基準實現營收成長 4.2% 至 6.7%，或按每日有機固定匯率基準實現營收成長 6.5% 至 9%（已剔除匯率不利因素和我們退出英國市場的影響）。從損益表中可以看出利潤率有所改善，這反映了先前提到的英國退出帶來的利好因素、高觸達毛利率的恢復以及兩個業務板塊的健康槓桿率。

These margin benefits will be partially offset by continued segment mix headwinds as Endless Assortment grows faster than High-Touch. We're expecting the effective tax rate in 2026 to be roughly 25%, about 130 basis points unfavorable versus the prior year adjusted rate, mainly due to the impact of recent federal tax law changes and the lap of onetime tax planning initiatives that won't recur in 2026.

由於無盡商品系列的成長速度快於高觸達服務，持續的細分市場組合不利因素將部分抵銷這些利潤優勢。我們預計 2026 年的實際稅率約為 25%，比上一年的調整稅率不利約 130 個基點，這主要是由於近期聯邦稅法變更的影響以及一次性稅務規劃措施的結束，這些措施在 2026 年不會再次出現。

Taking all this together, including our share repurchase outlook, we expect EPS of $42.25 to $44.75 per share, up over 10% at the midpoint. From a seasonality perspective, we expect year-over-year sales growth to be relatively consistent as we move throughout the year on a daily organic constant currency basis.

綜合考慮所有這些因素，包括我們的股票回購預期，我們預計每股收益為 42.25 美元至 44.75 美元，中點值將上漲超過 10%。從季節角度來看，我們預計全年每日有機銷售額年增率將相對穩定，以固定匯率計算。

Gross margin will deviate from its normal seasonality given LIFO and price, cost dynamics as we comp over tariff headwinds in the prior year and reflect the impact of this year's annual Grainger Show meeting. With this, first half gross margins will be at or slightly below our annual guide, before rebounding in the back half of the year as the tariff-related impacts subside.

由於我們比較了上一年關稅逆風的影響，並反映了今年 Grainger 年度展會的影響，毛利率將因後進先出法和價格、成本動態而偏離正常的季節性規律。因此，上半年毛利率將達到或略低於我們年度預期，之後隨著關稅相關影響的消退，下半年毛利率將反彈。

Operating margin will follow a similar trajectory where the first half is at or below our full year guide, before rebounding in the back half of the year. The first quarter is off to a strong start with preliminary January sales up over 10% on a daily organic constant currency basis. This start supports our expectation for the first quarter sales of around $4.5 billion to $4.6 billion, up north of 7.5% on a daily organic constant currency basis or roughly 200 basis points lower on a reported basis.

營業利潤率也將呈現類似的趨勢，上半年將達到或低於我們全年的預期，然後在下半年反彈。第一季開局強勁，1 月初步銷售額以每日有機成長率（以固定匯率計算）成長超過 10%。這一開局符合我們對第一季銷售額約為 45 億美元至 46 億美元的預期，以每日有機固定匯率計算增長超過 7.5%，或按報告匯率計算下降約 200 個基點。

First quarter gross margins will remain healthy, but decline sequentially versus the fourth quarter of 2025. This differs from our normal seasonal pattern as we continue to face tariff-related pressures and reflect the impact from the Grainger Sales Meeting, which flips to a gross margin headwind in 2026. This gross margin pressure will be offset by sequential leverage improvement and we anticipate first quarter operating margins will be just north of 15% for the total company.

第一季毛利率將保持良好水平，但與 2025 年第四季相比將環比下降。這與我們正常的季節性模式不同，因為我們繼續面臨關稅相關的壓力，並反映了 Grainger 銷售會議的影響，該會議將於 2026 年轉為毛利率的不利因素。毛利率壓力將被槓桿率的逐步改善所抵消，我們預計公司第一季的營業利潤率將略高於 15%。

Lastly, as I've consistently done at the end of the past few years, I've included our long-term earnings framework for reference. The only change from the last time I shared this framework is a modest change to our go-forward tax rate assumption to reflect new federal legislation. Importantly, all the core operating tenets of this framework remain intact and we are well positioned to deliver great results for our shareholders for years to come.

最後，正如我過去幾年在結尾所做的那樣，我附上了我們的長期收益框架供參考。與我上次分享此框架時相比，唯一的變化是對我們未來稅率假設進行了一些小幅調整，以反映新的聯邦立法。重要的是，該框架的所有核心營運原則都保持不變，我們完全有能力在未來幾年為股東帶來豐厚的回報。

With that, I'll turn it back to DG for some closing remarks.

接下來，我會把麥克風交給DG，請他作總結發言。

Thanks, Dee. Before I open it up for questions, I want to acknowledge our nearly 25,000 Grainger team members who consistently demonstrate our principles and drive strong performance for Grainger. Every day they show up, start with the customer and compete with urgency to deliver on our purpose and create an exceptional experience.

謝謝你，迪。在開放提問環節之前，我想感謝我們近 25,000 名 Grainger 團隊成員，他們始終實踐我們的原則，並為 Grainger 帶來強勁的業績。他們每天都準時到崗，以客戶為中心，爭分奪秒地實現我們的目標，創造卓越的體驗。

Looking ahead, I'm excited about how 2026 is shaping up and confident in our ability to extend our advantage for the long term. Regardless of the environment, we will continue to provide a best-in-class MRO offer while investing in the core of our business, an industry-leading distribution network and innovative technology capabilities.

展望未來，我對 2026 年的發展前景感到興奮，並對我們長期保持優勢的能力充滿信心。無論環境如何，我們都將繼續提供一流的MRO服務，同時投資於我們業務的核心——業界領先的分銷網絡和創新技術能力。

By staying focused on what matters most to our customers and creating a great workplace for our team members, we are poised to deliver continued growth, share gain and strong returns for our stakeholders. With that, I will open it up for Q&A.

透過始終專注於客戶最關心的事情，並為團隊成員創造良好的工作環境，我們必將為利害關係人帶來持續成長、市場份額提升和豐厚回報。接下來，我將開放問答環節。

(Operator Instructions)

（操作說明）

David Manthey, Baird.

David Manthey，Baird。

My first question is -- statement really, 10% growth, daily organic constant currency in January. Looks pretty good. As we're looking at slide 21 and thinking about your guidance for the High-Touch business, it looks like share gain is similar to 2025. Pricing is a key delta there at up about 300 basis points. But you also have market growth at minus 1.5% to flat, which is the same backdrop you had in 2025.

我的第一個問題是——聲明確實如此，1 月份每日有機增長率為 10%（以固定匯率計算）。看起來不錯。當我們查看第 21 頁投影片並思考您對高接觸業務的指導意見時，看起來市佔率的成長與 2025 年類似。價格是關鍵差異點，大約高出 300 個基點。但同時，市場成長率也將達到-1.5%或持平，與2025年的背景相同。

And given other industry participants and what you're seeing in January, could you just talk about what drives your cautiousness for the year overall?

鑑於其他行業參與者以及您在 1 月看到的情況，您能否談談是什麼讓您對今年的整體情況保持謹慎？

Yes. So thanks for the question. So as we planned, we always start planning relatively conservatively. We try to. There's no advantage in planning for growth that we haven't seen yet.

是的。謝謝你的提問。所以，正如我們所計劃的那樣，我們總是從相對保守的規劃開始。我們盡力了。制定成長計劃並沒有帶來我們尚未看到的優勢。

What I would say about January, certainly, it was strong across the board, but we did get a bit of a tailwind from the competitive outage in Japan, that adds a little bit to that total as well. But as Dee described, we're pretty confident in sort of that 7.5% number for the year. So we feel like we're off to maybe a little bit better start than we expected, and we may be wrong on the market, but that's always a variable that we have.

要說一月份的情況，那肯定是整體表現強勁，但日本的競爭對手停駛也為我們帶來了一些順風，這也對總業績起到了一定的推動作用。但正如迪伊所描述的那樣，我們對今年的7.5%這個數字相當有信心。所以我們感覺我們的開局可能比預期的要好一些，我們可能對市場的判斷是錯誤的，但這始終是我們需要考慮的變數。

Yes. Sounds good. And then I wonder if you could give us an update on digital channels. A few years ago, you told us KeepStock was 16%, website 30% and EDI, ePro was 25% of order origination. I don't know if you have those offhand, or we could take it offline.

是的。聽起來不錯。那麼，您能否為我們介紹一下數位管道的最新情況呢？幾年前，你們告訴我們，KeepStock 佔訂單發起的 16%，網站佔 30%，EDI 和 ePro 佔 25%。我不知道你手邊有沒有這些資料，或者我們可以線下討論。

Yes, sure. So what I would say is everything direct connection to customers has become more of a share. So actually, EDI, ePro is the biggest share we have at this point, closer to 40% at this point. G-com is still a big part of that and then KeepStock has grown a little bit as well as a percentage of the total. So the vast majority of our contract customers now have a combination of ePro and KeepStock on site. And so that's a big part of what we do in terms of creating stickiness and creating value for our customers.

當然可以。所以我想說的是，與客戶直接聯繫的一切變得越來越重要。所以實際上，EDI 和 ePro 目前是我們最大的市場份額，接近 40%。G-com 仍然是其中很大一部分，而 KeepStock 在總份額中也略有增長。因此，我們絕大多數的合約客戶現在同時在現場部署了 ePro 和 KeepStock。因此，這是我們在增強客戶黏著度和為客戶創造價值方面所做的重要工作之一。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

Maybe just thinking about David's question a little bit of a different way, DG If you talk to your customers, your large customers, can you just give us a sense of what the tone of those conversations have been like? Because it certainly feels like we've seen some sort of cyclical inflection this quarter, obviously, ISM, for example. But just trying to get a sense of when you talk to the CEOs, your peers, what the tone of those conversations are like, particularly if we're talking more of the rate-sensitive end markets, not necessarily aerospace or data center?

DG，或許我們可以換個角度思考David的問題：如果你和你的客戶，特別是你的大客戶交談，你能否讓我們了解一下這些談話的語氣是怎樣的？因為很明顯，我們本季確實看到了某種週期性轉折，例如 ISM 指數。但我想了解一下，當你和CEO、同行們交談時，談話的語氣是怎樣的，特別是如果我們談論的是對價格敏感的終端市場，而不是航空航天或資料中心？

Yes. I think the tone hasn't changed too much. There's no -- I'd say there's no panic, but there's not really enormous tailwinds that people are seeing from a volume perspective. I think everybody is seeing price, which obviously helps with the revenue numbers.

是的。我認為語氣並沒有太大變化。我覺得沒有恐慌，但從交易量的角度來看，人們並沒有看到任何巨大的利多因素。我認為大家都在關注價格，這顯然有助於提高營收。

But generally, it's very, very industry-specific at this point. So you can run the gamut from very high optimism to fairly strong pessimism as well. Overall, I think the mood is okay, but not expecting huge market growth.

但總的來說，目前這很大程度取決於具體行業。所以，你的情緒可以從非常樂觀到相當悲觀，各種程度都可能出現。整體而言，我認為市場情緒尚可，但預計不會大幅成長。

Okay. That's helpful. And just on the medium customer front, it seems like there's been quite an acceleration there the last couple of quarters. And I'm not sure if that's a structural change in how you're approaching those customers or maybe there's just some price in there. But maybe you could speak to what's really driving that?

好的。那很有幫助。就中型客戶而言，過去幾季似乎出現了相當大的成長。我不確定這是否是你們對待顧客方式的結構性改變，或是只是價格上的考量。但或許您可以談談真正驅動這種情況的原因是什麼？

Yes. I mean it's a little bit of acceleration. There were some comps that we had that make it look a little bit favorable. We certainly are focused on growing with midsize customers, and a lot of things we do in marketing and merchandising help those efforts. So it's good to see a little bit of traction, but it's not a huge inflection point, although we expect to continue to grow midsize faster than the rest.

是的。我的意思是，速度稍微加快了一些。我們有一些對比數據，這些數據看起來對我們有利一些。我們當然專注於與中型客戶共同發展，我們在行銷和商品銷售方面所做的許多事情都有助於實現這些目標。所以很高興看到取得了一些進展，但這並不是一個巨大的轉折點，儘管我們預計中型企業的成長速度將繼續快於其他企業。

Ryan Merkel, William Blair.

瑞安·默克爾，威廉·布萊爾。

I wanted to start with gross margins, I guess a two-part question. First, gross margins in 4Q were a little bit better than we were thinking. Where did the upside come from there? And then secondly, can you put a finer point on first quarter gross margins? I think you said down sequentially. And just what was the reason?

我想先從毛利率談起，我想這應該是個包含兩個部分的問題。首先，第四季的毛利率比我們預想的要好一些。那部分收益是從哪裡來的？其次，您能否更詳細分析第一季的毛利率？我想你說的是依序向下。究竟是什麼原因呢？

Yes. The main headwind that we received in the quarter was really related to LIFO. So we had kind of laid out that LIFO would be a little bit more negative than what it actually came in, still increase but softer than that. So that helped us out from a gross margin perspective. And then as we continue to talk about, we did continue to take price.

是的。本季我們遇到的主要不利因素實際上與後進先出法（LIFO）有關。所以我們之前已經預估，後進先出法（LIFO）的實際結果會比預估結果略微負面一些，雖然仍然會增長，但幅度會小一些。從毛利率的角度來看，這對我們很有幫助。然後，隨著我們繼續討論，我們也繼續進行價格評估。

So price helped offset that a little bit in the quarter. So those were the two largest things that impacted Q4 from a gross margin perspective.

因此，價格在一定程度上抵消了本季的負面影響。因此，從毛利率的角度來看，這兩件事是影響第四季業績的最主要因素。

And then in Q1, we do expect some of those LIFO costs to shift into Q1 as well.

然後，我們預計第一季部分後進先出法（LIFO）成本也會轉移到第一季。

Correct.

正確的。

Okay. So it's really LIFO which is why gross margins are down sequentially into 1Q?

好的。所以實際上是後進先出法（LIFO），這就是為什麼第一季毛利率環比下降的原因嗎？

Yes.

是的。

Yes.

是的。

All right.

好的。

The other piece in the first quarter is related to, as you heard in the prepared remarks, we discussed the Grainger Sales Meeting. And so any time we have customers attend the Grainger Sales Meeting, which is every other year, then our supplier rebates, due to our accounting methodologies, allow us to offset a portion of those rebates in SG&A. So therefore, it becomes a headwind on GM. And so that's going to happen in Q1 of 2026 as well.

第一季的另一部分內容與你們在準備好的演講稿中聽到的內容有關，我們討論了 Grainger 銷售會議。因此，每當我們有客戶參加每兩年一次的 Grainger 銷售會議時，由於我們的會計方法，我們的供應商回饋可以讓我們抵銷部分銷售、一般及行政費用。因此，這對通用汽車來說是一個不利因素。所以，這種情況在 2026 年第一季也會發生。

So it's a headwind to GP and a positive to SG&A, yes.

所以這對毛利來說是不利因素，但對銷售、管理及行政費用來說是利好因素，沒錯。

Net-net neutral, at operating margin.

淨利潤率持平，以營業利益率計算。

Okay. That's great. And then for the '26 margin guide, it doesn't look like there's a lot of organic margin lift ex Cromwell. For example, at the bottom end of the guide, I think margins are flat. So what are some of the key factors on the margin guide? And I think you said gross margins for the year are going to be flat to down.

好的。那太棒了。至於 2026 年的利潤率預期，除克倫威爾之外，似乎不會有太多的自然利潤率提升。例如，我認為指南底部的邊距是平的。那麼，頁邊距指南的關鍵因素有哪些呢？我想您說過，今年的毛利率將持平或下降。

Yes. If you look at it year-over-year '25 to '26, don't forget, EA is going to continue to grow faster than High-Touch, and that's a headwind for us of about 10 basis points. As you noted, the UK market exit is going to be a tailwind for us. And then when you look at High-Touch, there's a lot of puts and takes there.

是的。如果從 2025 年到 2026 年的同比數據來看，別忘了，EA 的成長速度將繼續超過 High-Touch，這對我們來說是一個大約 10 個基點的不利因素。正如您所指出的，退出英國市場對我們來說將是一個利好因素。然後，當你觀察高接觸式服務時，你會發現其中有很多付出和收穫。

We talked a little bit about Grainger Sales Meeting, price, cost and the LIFO tailwind that we will get mostly in the second half, that's going to contribute about 20 basis points. So when you add all that together, that's the 30 basis points difference between where we ended in 2025 to where we believe we will end in 2026.

我們稍微談了一下 Grainger 銷售會議、價格、成本以及我們將在下半年主要獲得的 LIFO 利好因素，這將貢獻大約 20 個基點。所以，把所有這些加起來，就是 2025 年結束時的情況與我們認為 2026 年結束時的情況之間的 30 個基點的差異。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Just in terms of the continued outgrowth for HTS, obviously, it's been resilient in some very varied macro environments. But just curious what you think is really behind the differential in the current trend line versus the long-term expectation?

就高通量定序的持續成長而言，顯然，它在各種不同的宏觀環境中都展現了強大的韌性。但我很好奇，您認為當前趨勢線與長期預期之間的差異背後真正的原因是什麼？

Yes, I think that I would point to you a couple of things. Certainly, some factors were out of our control. We have more exposure to government, and the government shutdown hurt share gain in this year. But we also, if you remember, paused some more seller adds a couple of years ago when they weren't -- when we weren't seeing the performance we needed to see, and adjusted. And now we are seeing the performance, we've reaccelerated that.

是的，我想指出幾點。當然，有些因素是我們無法控制的。我們與政府部門的關聯性較高，而政府停擺影響了今年的股價上漲。但如果你還記得的話，幾年前我們也暫停了一些賣家的增持，因為當時我們沒有看到預期的業績，並進行了調整。現在我們看到了成效，我們已經重新加速了這一進程。

But that's had an impact over the last couple of years as well. I would say that we're seeing good things on that front. We're seeing good things with seller effectiveness. We're seeing good things in on-site performance with KeepStock.

但過去幾年，這也產生了一定的影響。我認為我們在這方面看到了一些好兆頭。我們看到賣家效能方面出現了一些好轉跡象。我們看到 KeepStock 在網站效能方面取得了良好的效果。

And we also, along with marketing and merchandising, we're pretty bullish around net contracts that we've been seeing recently. So that's a positive for us as well. So we think all that's going to get us get that improvement that we want to see.

此外，除了行銷和商品銷售之外，我們對最近看到的淨合約也相當樂觀。所以這對我們來說也是個好消息。所以我們認為所有這些措施都會幫助我們達到我們想要看到的進步。

Great. And then on the comment on seeing improved Endless Assortment repeat rates, just wondering if you could double-click on that.

偉大的。關於「無限組合商品重複購買率有所提高」的評論，請問您能否雙擊查看一下？

Yes. I mean the business has been super focused on getting consistent purchases from core business customers. They've changed a lot. I won't go into the details as some of that's probably not worth sharing, other than to say the way we're acquiring customers, what we're doing with marketing, the way we're talking about service and communicating service delivery promise to customers, all that has helped. And they've seen significant increases in repeat rates over the last 18 months. So that's good to see.

是的。我的意思是，這家公司一直非常注重從核心企業客戶那裡獲得穩定的採購。他們變化很大。我不打算透露細節，因為其中一些可能不值得分享，但我只想說，我們獲取客戶的方式、我們的行銷策略、我們談論服務的方式以及我們向客戶傳達服務交付承諾的方式，所有這些都起到了幫助作用。在過去的 18 個月裡，他們的複診率顯著上升。那真是個好消息。

Great. And just a quick house cleaning, Dee, could you remind me what the January -- or the one -- first quarter guidance for organic ADS was?

偉大的。迪，還有一件事要簡單問一下，你能提醒我一月份（或一月份）第一季有機ADS的預期是多少嗎？

7.5%.

7.5%。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

DG, I wanted to follow up on your comment a second ago about the trend below your target for long-term outgrowth in recent years. Point taken on the pause that you've communicated previously on the seller adds. But if we just look high level here, you had outperformance versus your target pretty meaningfully during the years '22 and '23.

DG，我想就你剛才提到的近年來長期成長趨勢低於你的目標這一問題做個後續評論。我們已經注意到您之前提到的暫停賣家廣告發布的問題。但如果我們從宏觀角度來看，在 2022 年和 2023 年，你的業績已經顯著優於目標。

So I'd characterize what those had in common as an external stress on the supply chain just globally, where you had scale, your competitors lacked scale, that nets to your benefit. If we think about a lot of the other years, there's a more normalized environment where you're performing below that 400 to 500 target.

所以我認為這些情況的共同點是，全球供應鏈都面臨外部壓力，而你擁有規模優勢，你的競爭對手缺乏規模優勢，最終對你有利。如果我們回顧其他很多年份，就會發現那裡的環境更正常，你的表現通常會低於 400 到 500 的目標。

Is the simplest answer here not just that 400 to 500 is an average, but you're really going to punch above that in times of stress in the market, and in a more normalized environment, you're probably going to be a bit below the target?

最簡單的答案是不是：400 到 500 只是一個平均值，但在市場壓力較大的時候，你的表現會遠超這個平均值；而在市場環境較為正常的情況下，你的表現可能會略低於目標值？

I think that, certainly, we handled that supply stress well. I would definitely agree with that. It was a smaller portion of -- we had 875 basis points of outgrowth two years in a row, it was a small portion of that total. So I do think that that may be a general statement to make, that could be true. But I don't think -- I do think, we've averaged 540 basis points through the last five years of outgrowth, and we expect to be able to get to that 400 to 500 mark again. So I think that some of that is just our own execution and some of it's external factors, as I mentioned before.

我認為，我們確實很好地應對了供應壓力。我完全同意。這只是其中的一小部分——我們連續兩年實現了 875 個基點的成長，這只是總量的一小部分。所以我認為這可能是一個普遍適用的說法，而且可能是真的。但我認為——我認為，在過去五年的成長中，我們的平均成長率達到了 540 個基點，我們預計能夠再次達到 400 到 500 個基點。所以我覺得，一部分原因是我們自己的執行力，一部分原因是外在因素，正如我之前提到的。

On that execution point you mentioned for seller coverage you're going to add, I think you added two markets last year, add two more this year. If you look across the folks you're hiring in these roles, in an increasingly digital environment, are you targeting different types of sellers than you have historically? And if you think about the average tenure of the folks you're hiring in these new geos, does it skew perhaps below the average tenure of the rest of your sales force?

關於您提到的賣方覆蓋範圍的執行點，我認為您去年增加了兩個市場，今年再增加兩個。在日益數位化的環境中，如果你檢視一下你招募這些職位的人員，你會發現你所針對的銷售人員類型是否與以往有所不同？想想你在這些新地區招募的員工的平均任期，是否低於你其他銷售人員的平均任期？

I'd say that the process we use when we add sellers haven't changed all that much. We're looking for general selling skills and some sort of interest in the types of product we sell and the environments we sell in. And that hasn't changed much. I think there's a broader trend here that has been an important one from our customers, which is generally a lack of mechanical talent, I'd say. I'm not sure that's the right word, but I'd sort of say that.

我認為我們添加賣家時所採用的流程並沒有太大變化。我們正在尋找具備基本銷售技能，並且對我們銷售的產品類型和銷售環境有一定的興趣的人。這種情況並沒有太大改變。我認為這裡有一個更廣泛的趨勢，也是我們的客戶普遍反映的重要趨勢，那就是缺乏機械方面的人才。我不確定這個詞是否恰當，但我大概會這麼說。

There are fewer people who are mechanically inclined. And it's actually been good for us in many ways as customers have asked us to do more on site. And so that's a trend that we do see. But in terms of who we're hiring, we're still looking for a lot of the same skills we've looked for in the past.

懂機械的人越來越少了。實際上，這在許多方面對我們來說都是好事，因為客戶要求我們更多地在現場提供服務。所以，這的確是一種趨勢。但就招募對象而言，我們仍然在尋找與過去相同的技能。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

I guess, like you said, we've seen some nice market share gains and some optimization of what's within Grainger's control here the past couple of years. But just looking back at the market share numbers, it looks like we're guiding for a fifth consecutive year of contraction in the market. Maybe just does it imply we're in an impaired or shrinking market? Does that imply the reshoring is a bit of a mirage? Just maybe, DD, what do you see when you see that contraction five years running? What are you pulling out of that?

我想，正如你所說，過去幾年裡，我們看到了 Grainger 在市場份額方面取得的一些不錯增長，以及對其可控範圍內的一些優化。但僅從市佔率數據來看，我們預期市場將連續第五年萎縮。這是否意味著我們正處於一個疲軟或萎縮的市場？這是否意味著製造業回流只是幻象？DD，或許，當你看到這個收縮持續五年時，你看到了什麼？你從中得到了什麼？

I think if you look over a 30-year history, the reality is that manufacturing activity has been pretty stable in the US It hasn't been increasing much and employment has gone down. I think that sort of gives you a sense that long term, from a volume basis, our market has never been a fast-growing market. And so that's why we have the earnings algorithm we have, gain share consistently, a little bit of price, and then manage expenses and get SG&A. That's what we have to do.

我認為，縱觀過去30年的歷史，美國製造業活動其實相當穩定，成長幅度不大，就業人數卻有所下降。我認為這讓你感覺，從長期來看，從銷售來看，我們的市場從來都不是一個快速成長的市場。所以這就是為什麼我們有了現在的獲利演算法：持續獲得市場份額，稍微提高股價，然後控制支出並獲得銷售、一般及行政費用。我們必須這麼做。

I think in all industrial markets, you would see something similar, to be honest. And you studied industrial markets in the past, it's not -- most of them are not fast growth markets.

坦白說，我認為在所有工業市場中都會看到類似的情況。你以前研究過工業市場，它們中的大多數都不是快速成長的市場。

Fair, fair. I guess just shifting gears a bit to the digital investment. I know a lot of your peers look at clicks to success. Maybe just is that a metric you guys track? Any kind of color you can give us on improvements there? Is there a different KPI that you measure with the digital investment and the AI investments? Just any thoughts there.

公平，公平。我想我們得稍微調整一下方向，轉向數位化投資。我知道你們很多同行都把點擊量視為成功的關鍵。或許這只是你們追蹤的指標？您能否就這方面的改進提供一些建議？你們衡量數位投資和人工智慧投資的關鍵績效指標（KPI）是否不同？大家有什麼想法嗎？

Well, so are you asking about like online, how we measure success online?

所以，你是問像線上那樣，我們如何衡量線上的成功嗎？

Yes. Just how quickly customers kind of get to what they need digitally online, yes.

是的。是的，客戶確實可以很快地在網路上找到他們所需的東西。

Yes. So we look at a whole bunch of metrics. We track the process sort of soup to nuts as we look at it. And certainly, conversion rate, which is I think what you're talking about, is a big metric that we do look at, for sure. And we also do a lot of surveys to understand competitiveness and how we do competitively on a bunch of digital sort of journey factors. And so I'd say we're super well-measured in that space.

是的。所以我們考察了很多指標。我們會從頭到尾追蹤整個過程。當然，轉換率（我想這就是你所說的）是我們肯定會關注的重要指標。我們也做了很多調查，以了解競爭力以及我們在各種數位化旅程因素方面的競爭表現。所以我覺得我們在這領域做得非常到位。

Stephen Volkmann, Jefferies.

Stephen Volkmann，傑富瑞集團。

Most of mine has been answered, but I wanted to go back, Dee, to your slide around tariffs, which is helpful. But is the message that you've now priced for all the tariff increases that you've seen?

我的大部分問題都得到了解答，但是迪，我想再看看你關於關稅的幻燈片，它很有幫助。但您現在所聽到的信息是否已經考慮到了所有已出現的關稅上漲？

Yes. We have essentially passed through all known tariffs and working in this quarter to also correct for some of the Chinese tariffs that were rolled back in November. So based upon our annual cost negotiations that the team went through in the back half of 2025, we feel like we're fairly caught up in passing costs on to customers at this point in time.

是的。我們基本上已經解決了所有已知的關稅問題，並且在本季度還將努力糾正11月份取消的一些中國關稅問題。因此，根據我們團隊在 2025 年下半年進行的年度成本談判，我們感覺目前我們已經相當傾向於將成本轉嫁給客戶。

Now anything in the future that is unknown, whether for additional tariffs or further rollback, we have not included any estimates of that nature in our outlook.

對於未來任何未知的情況，無論是增加關稅還是進一步削減關稅，我們都沒有在展望中納入任何此類估計。

Okay. Great. And it seems like in some of the businesses that we follow, some producers have been pretty slow to pass these price increases through. Do you think your suppliers are kind of where they need to be? Or do you think there's a good chance that we'll see additional sort of pass-throughs as the year progresses?

好的。偉大的。在我們關注的一些行業中，一些生產商似乎遲遲未能將這些價格上漲轉嫁給消費者。你覺得你的供應商目前的狀況符合預期嗎？或者您認為隨著時間的推移，我們很有可能會看到更多類似的資金轉入交易？

So what I would say is suppliers had choices to make, and their choice was usually. Do I pass dollar amount or do I pass percentage? And so I think overall, we're somewhere between dollar and percent, is what I would say what we've seen from our suppliers. That doesn't mean necessarily that they need to add any more price. I don't think that would drive necessarily at this point.

所以我想說的是，供應商當時有很多選擇，而他們的選擇通常是…我應該填入美元金額還是百分比？所以我認為總體而言，我們從供應商那裡了解到的情況是，價格介於美元和百分比之間。但這並不代表他們一定要提高價格。我覺得目前來看，這未必是主要原因。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

I think last year, the growth in underlying operating expenses was 5%. It looks like the guidance for this year is better than that, like just under 4%. Is there any particular reason for that? Was that just a benefit of the Cromwell operating expenses dropping away? And I think the OpEx ratios were worse for Cromwell than the overall group. But you also said in the prepared remarks -- sorry -- yes. Maybe I'll let -- just leave it at that and let you just mention that before I follow up.

我認為去年基本營運費用的成長率為 5%。今年的預期似乎比這要好，接近 4%。有什麼特別的原因嗎？那是不是克倫威爾號營運費用下降帶來的好處？而且我認為克倫威爾的營運支出比率比集團整體情況更糟。但您在準備好的發言稿中也說過—抱歉—是的。也許我會就此打住，讓你提一下這件事，然後再跟進。

It's a lot of Cromwell, is the answer, and then there is more leverage in EA and High-Touch as well. But a lot of it is Cromwell.

答案是：這很大程度上是克倫威爾的風格，然後EA和High-Touch也提供了更多槓桿作用。但其中很多都是克倫威爾的功勞。

Okay. And you also said in your prepared remarks that marketing and merchandising is a big driver to outgrowth. So given that you're guiding to a much greater outgrowth this year than last year, I mean, should we assume that your OpEx has factored in that higher merchandising and marketing expense for 2026?

好的。您在事先準備好的演講稿中也提到，行銷和商品銷售是推動業務成長的重要因素。鑑於您預計今年的成長將比去年大得多，我的意思是，我們是否應該假設您的營運支出已經考慮到了 2026 年更高的商品銷售和行銷費用？

Yes.

是的。

Yes. That's right. That's right.

是的。這是正確的。這是正確的。

Christopher Snyder, Morgan Stanley.

克里斯多福‧史奈德，摩根士丹利。

I hopped on a little late, so I apologize if this got discussed. But could you provide the level of price embedded in the '26 guide? And then specifically, how much is wrap from the intra-year actions in '25? How much is new price? And has there been any growing pushback to price in the market from customers?

我來晚了，如果這個問題之前已經討論過了，我深感抱歉。但是您能否提供 2026 年指南中包含的價格水準？那麼具體來說，2025 年內採取的行動能帶來多少利益呢？新機價格是多少？市場上消費者對價格的抗拒情緒是否日益高漲？

Yes. So generally, we've noted in the prepared remarks that our price into 2026 is north of 3%. And then if you look at all the wrap and price that -- and run rate price that we've discussed previously, we believe that amounts to about 2.5% to 3% of that. So all of all in, in 2026, we're north of 3% for price.

是的。因此，總的來說，我們在準備好的演講稿中指出，我們預計到 2026 年的價格將超過 3%。然後，如果你看看所有的包裝和價格——以及我們之前討論過的運行價格，我們認為這大約佔其中的 2.5% 到 3%。綜上所述，到 2026 年，價格漲幅將超過 3%。

And we haven't seen tremendous pushback from customers. The elasticity has been what we generally expect at this point.

而且我們也沒有看到來自客戶的強烈反對。目前來看，彈性符合我們的預期。

I appreciate that. And then if I could follow up on the earlier point that gross margin would be down sequentially into Q1. Obviously, a different than normal seasonality. I'm not sure it's ever been down sequentially into Q1. I guess, can you just kind of maybe help unpack some of the moving parts there?

我很感激。然後，如果我能繼續闡述先前的觀點，即第一季的毛利率將環比下降。顯然，這與正常的季節性有所不同。我不確定它是否曾經連續下降到第一季。我想，您能不能幫忙把那裡的一些零件拆開看看？

Because it seems like the price, cost improved as Q4 went on following the November price action. So I would have just thought that you would have a continuation of that into Q1. And I would have also thought maybe Q1 would have the full realization of the benefit from Cromwell going away, that was probably not fully reflected in the Q4 gross margin. So just any color on some of the moving parts there would be helpful.

因為在經歷了 11 月的價格走勢之後，第四季的價格和成本似乎有所改善。所以我原本以為你會把這個話題延續到第一季。而且我還認為，克倫威爾離職帶來的好處可能會在第一季完全顯現，但這可能並沒有完全反映在第四季的毛利率中。所以，只要在一些活動部件上塗上任何顏色都會有幫助。

Sure. So again, LIFO, even in Q1 of 2026, will continue to be a headwind because, of course, we are passing and have received new costs from customers. That does subside as the year goes on. But Q4 to Q1, that is a headwind. We talked about the Grainger Sales Meeting, I don't know if you were on for that.

當然。所以，即使到了 2026 年第一季度，後進先出法仍將繼續構成不利因素，因為我們當然會收到來自客戶的新成本。隨著時間的推移，這種情況會逐漸緩解。但從第四季到第一季度，這是一個不利因素。我們聊到了固安捷銷售會議，我不知道你有沒有參加。

But that is a 20 basis points drag as well. This is the year where we have customers at the show, and supplier rebates that would normally remain up in gross margin, go down to SG&A to offset some of the SG&A costs.

但這也造成了20個基點的拖累。今年我們有客戶參加展會，供應商通常會支付的回扣會留在毛利率中，但會轉入銷售、管理及行政費用，以抵銷部分銷售、管理及行政成本。

So then that becomes a headwind this year, a tailwind in next year when we have no customers. And then you may have heard us talk, we haven't talked about it as much today, but our private label business with the tariff impacts and looking to remain competitive based upon where we actually manufacture those products. And being able to pass on the tariff increases, mostly we have done that great, like DG just noted.

所以，今年這會成為不利因素，但明年當我們沒有客戶時，這會成為有利因素。然後，您可能聽我們談過，雖然今天我們沒有過多談及，但我們的自有品牌業務受到關稅的影響，我們希望根據我們實際生產這些產品的地方保持競爭力。正如DG剛才指出的那樣，我們在將關稅上漲轉嫁出去方面做得非常好。

So that creates a headwind in gross margins for us, specifically as customers are transitioning to a national brand for some of those products. So that's also a drag. And then what you noted was like the normal seasonality recovery, price, cost favorability, things like that, that is accounted for as a positive, but it's only about 10 basis points. So all those things together take us from 39.5% to 39.1%, Q4 to Q1.

因此，這給我們的毛利率帶來了不利影響，特別是當客戶轉向購買某些產品的全國性品牌時。所以這也是個麻煩事。然後，正如你所指出的，正常的季節性復甦、價格、成本優勢等等，都被視為積極因素，但這只佔大約 10 個基點。因此，所有這些因素加在一起，使得第四季度到第一季度，這一比例從 39.5% 降至 39.1%。

Connor Cerniglia, Bernstein.

康納·切爾尼利亞，伯恩斯坦。

Just a quick one. On slide 8, you touched on the Zoro branded private label product. Can you talk a little bit about the progress you've seen so far, maybe just some customer feedback, repeat rates, et cetera? And then can you speak to the margin impact on the business overall?

就簡單問一下。在第 8 張投影片中，您提到了 Zoro 品牌的自有品牌產品。您能否談談目前為止的進展，例如顧客回饋、回頭客比例等等？那麼，您能否談談這對公司整體利潤率的影響？

It's not material enough at this point to have any impact on margins, but we have seen good early success in repeat rates. And that core business customer that Zoro serves really likes the Zoro private brand that we've launched so far.

目前來看，這還不足以對利潤率產生任何影響，但我們在復購率方面已經看到了良好的早期成效。Zoro 的核心企業客戶非常喜歡我們目前推出的 Zoro 自有品牌。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any or further closing comments.

我們的問答環節到此結束。我想把發言權交還給各位，請大家發表任何總結性意見或補充說明。

Great. Thanks, everyone, for joining today. Really appreciate it, and thanks for the questions. You'll have many opportunity for questions with our IR team after the meeting if we didn't get to you. I just want to reiterate the fact that we feel really good about how things are set up moving forward.

偉大的。感謝各位今天的參與。非常感謝，也謝謝你的提問。如果會後我們沒有機會向您提問，您還有很多機會向我們的投資人關係團隊提問。我只想重申，我們對未來的發展方向感到非常滿意。

We are hearing positive things from our customers. We're providing great service. And we're getting some of the growth drivers accelerated again. So I look forward to having a great year and look forward to seeing you around. Thanks so much.

我們收到了很多客戶的正面回饋。我們提供優質服務。我們正在再次加速一些成長動力。所以我期待著度過美好的一年，也期待與你們見面。非常感謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。