Subtext

W.W. Grainger, Inc. GWW

SectorIndustrials
Transcripts62
Date range2008-04-14 – 2025-05-01
Calls charted62

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-22-11+0+11+222008 Q12011 Q42013 Q42015 Q42017 Q42019 Q42021 Q42023 Q42008 Q1 · Overall: +3.42008 Q2 · Overall: +9.62008 Q4 · Overall: -4.52009 Q2 · Overall: -5.72009 Q3 · Overall: +5.32009 Q4 · Overall: +4.32011 Q2 · Overall: +18.92011 Q3 · Overall: +13.22011 Q4 · Overall: +5.32012 Q1 · Overall: +12.72012 Q2 · Overall: +15.52012 Q3 · Overall: +4.32012 Q4 · Overall: -8.82013 Q1 · Overall: -3.32013 Q2 · Overall: +3.22013 Q3 · Overall: -4.02013 Q4 · Overall: -9.32014 Q1 · Overall: -3.12014 Q2 · Overall: -2.82014 Q3 · Overall: -6.42014 Q4 · Overall: -11.62015 Q1 · Overall: -6.52015 Q2 · Overall: -4.02015 Q3 · Overall: -12.42015 Q4 · Overall: -4.72016 Q1 · Overall: -7.82016 Q2 · Overall: +2.42016 Q3 · Overall: +0.42016 Q4 · Overall: +3.82017 Q1 · Overall: +4.62017 Q2 · Overall: +2.52017 Q3 · Overall: +2.22017 Q4 · Overall: +7.92018 Q1 · Overall: +8.32018 Q2 · Overall: +3.42018 Q3 · Overall: +4.42018 Q4 · Overall: +10.62019 Q1 · Overall: +5.42019 Q2 · Overall: +7.32019 Q3 · Overall: +10.02019 Q4 · Overall: +12.72020 Q1 · Overall: +1.22020 Q2 · Overall: +7.32020 Q3 · Overall: +5.12020 Q4 · Overall: +12.22021 Q1 · Overall: +10.32021 Q2 · Overall: +7.32021 Q3 · Overall: +8.12021 Q4 · Overall: +12.32022 Q1 · Overall: +8.82022 Q2 · Overall: +8.72022 Q3 · Overall: +7.92022 Q4 · Overall: +14.32023 Q1 · Overall: +16.52023 Q2 · Overall: +6.32023 Q3 · Overall: +10.02023 Q4 · Overall: +10.72024 Q1 · Overall: +2.32024 Q2 · Overall: +6.12024 Q3 · Overall: +10.82024 Q4 · Overall: +11.92025 Q1 · Overall: +3.6
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-34-17+0+17+342008 Q12011 Q42013 Q42015 Q42017 Q42019 Q42021 Q42023 Q42016 Q4 · CEO: +11.42017 Q1 · CEO: +13.32017 Q2 · CEO: +10.12017 Q3 · CEO: +8.62017 Q4 · CEO: +18.12018 Q1 · CEO: +21.42018 Q2 · CEO: +12.92018 Q3 · CEO: +17.72018 Q4 · CEO: +19.62019 Q1 · CEO: +21.02019 Q2 · CEO: +14.62019 Q3 · CEO: +22.62019 Q4 · CEO: +29.22020 Q1 · CEO: +4.72020 Q2 · CEO: +18.62020 Q3 · CEO: +11.22020 Q4 · CEO: +18.12021 Q1 · CEO: +16.12021 Q2 · CEO: +11.02021 Q3 · CEO: +11.22021 Q4 · CEO: +18.92022 Q2 · CEO: +15.12022 Q3 · CEO: +13.02022 Q4 · CEO: +22.12023 Q1 · CEO: +25.02023 Q2 · CEO: +18.22023 Q3 · CEO: +21.12023 Q4 · CEO: +21.92024 Q1 · CEO: +14.32024 Q2 · CEO: +14.22024 Q3 · CEO: +25.52024 Q4 · CEO: +28.12025 Q1 · CEO: +7.32016 Q4 · CFO: +3.82017 Q1 · CFO: +5.32017 Q2 · CFO: +3.52017 Q3 · CFO: -2.02017 Q4 · CFO: -3.52018 Q1 · CFO: +0.02018 Q2 · CFO: +3.32018 Q3 · CFO: +10.22018 Q4 · CFO: +18.02019 Q1 · CFO: +9.42019 Q2 · CFO: +7.42019 Q3 · CFO: +2.82019 Q4 · CFO: +4.02020 Q1 · CFO: -0.32020 Q2 · CFO: -3.72020 Q3 · CFO: +5.82020 Q4 · CFO: +10.72021 Q1 · CFO: +13.32021 Q2 · CFO: +14.32021 Q3 · CFO: +18.12021 Q4 · CFO: +16.72022 Q1 · CFO: +19.62022 Q2 · CFO: +16.12022 Q3 · CFO: +16.62022 Q4 · CFO: +21.12023 Q1 · CFO: +20.52023 Q2 · CFO: +12.62023 Q3 · CFO: +10.92023 Q4 · CFO: +7.52024 Q1 · CFO: -1.82024 Q2 · CFO: +10.52024 Q3 · CFO: +9.52024 Q4 · CFO: +8.72025 Q1 · CFO: +7.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-34-17+0+17+342008 Q12011 Q42013 Q42015 Q42017 Q42019 Q42021 Q42023 Q42008 Q1 · Prepared remarks: +3.42008 Q2 · Prepared remarks: +9.62008 Q4 · Prepared remarks: -4.52009 Q2 · Prepared remarks: -5.72009 Q3 · Prepared remarks: +5.32009 Q4 · Prepared remarks: +4.32011 Q2 · Prepared remarks: +18.92011 Q3 · Prepared remarks: +13.22011 Q4 · Prepared remarks: +5.32012 Q1 · Prepared remarks: +12.72012 Q2 · Prepared remarks: +15.52012 Q3 · Prepared remarks: +4.32012 Q4 · Prepared remarks: -8.82013 Q1 · Prepared remarks: -3.32013 Q2 · Prepared remarks: +3.22013 Q3 · Prepared remarks: -4.02013 Q4 · Prepared remarks: -9.32014 Q1 · Prepared remarks: -3.12014 Q2 · Prepared remarks: -2.82014 Q3 · Prepared remarks: -6.42014 Q4 · Prepared remarks: -11.62015 Q1 · Prepared remarks: -6.52015 Q2 · Prepared remarks: -4.02015 Q3 · Prepared remarks: -12.42015 Q4 · Prepared remarks: -4.72016 Q1 · Prepared remarks: -7.82016 Q2 · Prepared remarks: +2.42016 Q3 · Prepared remarks: +0.42016 Q4 · Prepared remarks: +5.12017 Q1 · Prepared remarks: +14.12017 Q2 · Prepared remarks: +11.52017 Q3 · Prepared remarks: +10.52017 Q4 · Prepared remarks: +21.32018 Q1 · Prepared remarks: +21.12018 Q2 · Prepared remarks: +11.92018 Q3 · Prepared remarks: +20.72018 Q4 · Prepared remarks: +27.82019 Q1 · Prepared remarks: +16.22019 Q2 · Prepared remarks: +14.32019 Q3 · Prepared remarks: +14.22019 Q4 · Prepared remarks: +23.42020 Q1 · Prepared remarks: -1.32020 Q2 · Prepared remarks: +4.92020 Q3 · Prepared remarks: +15.12020 Q4 · Prepared remarks: +21.02021 Q1 · Prepared remarks: +16.02021 Q2 · Prepared remarks: +11.62021 Q3 · Prepared remarks: +17.22021 Q4 · Prepared remarks: +22.52022 Q1 · Prepared remarks: +16.12022 Q2 · Prepared remarks: +22.12022 Q3 · Prepared remarks: +15.02022 Q4 · Prepared remarks: +29.82023 Q1 · Prepared remarks: +29.12023 Q2 · Prepared remarks: +19.82023 Q3 · Prepared remarks: +16.72023 Q4 · Prepared remarks: +18.82024 Q1 · Prepared remarks: +10.82024 Q2 · Prepared remarks: +12.22024 Q3 · Prepared remarks: +17.12024 Q4 · Prepared remarks: +23.92025 Q1 · Prepared remarks: +9.52016 Q4 · Q&A responses: +7.32017 Q1 · Q&A responses: +9.12017 Q2 · Q&A responses: +9.72017 Q3 · Q&A responses: +4.92017 Q4 · Q&A responses: +10.62018 Q1 · Q&A responses: +19.02018 Q2 · Q&A responses: +8.82018 Q3 · Q&A responses: +12.02018 Q4 · Q&A responses: +9.02019 Q1 · Q&A responses: +13.62019 Q2 · Q&A responses: +12.02019 Q3 · Q&A responses: +13.42019 Q4 · Q&A responses: +10.52020 Q1 · Q&A responses: +6.82020 Q2 · Q&A responses: +15.62020 Q3 · Q&A responses: +5.02020 Q4 · Q&A responses: +8.32021 Q1 · Q&A responses: +13.22021 Q2 · Q&A responses: +12.22021 Q3 · Q&A responses: +10.82021 Q4 · Q&A responses: +11.32022 Q1 · Q&A responses: +8.52022 Q2 · Q&A responses: +10.42022 Q3 · Q&A responses: +12.92022 Q4 · Q&A responses: +12.22023 Q1 · Q&A responses: +15.12023 Q2 · Q&A responses: +6.62023 Q3 · Q&A responses: +14.82023 Q4 · Q&A responses: +5.12024 Q1 · Q&A responses: +9.12024 Q2 · Q&A responses: +7.92024 Q3 · Q&A responses: +15.22024 Q4 · Q&A responses: +8.22025 Q1 · Q&A responses: +5.0
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$8.29$26.48$44.672008 Q12011 Q42013 Q42015 Q42017 Q42019 Q42021 Q42023 Q42014 Q1: $13.062014 Q2: $13.482014 Q3: $13.702014 Q4: $13.502015 Q1: $13.312015 Q2: $13.272015 Q3: $13.092015 Q4: $11.702016 Q1: $11.972016 Q2: $12.442016 Q3: $12.242016 Q4: $11.882017 Q1: $12.212017 Q2: $10.812017 Q3: $10.802017 Q4: $11.122018 Q1: $14.142018 Q2: $15.842018 Q3: $17.562018 Q4: $18.052019 Q1: $18.482019 Q2: $18.712019 Q3: $18.642019 Q4: $18.762020 Q1: $18.712020 Q2: $15.592020 Q3: $17.382020 Q4: $18.402021 Q1: $19.212021 Q2: $21.252021 Q3: $21.802021 Q4: $23.372022 Q1: $25.342022 Q2: $27.832022 Q3: $29.222022 Q4: $30.752023 Q1: $34.052023 Q2: $37.222023 Q3: $37.912023 Q4: $38.642024 Q1: $40.222024 Q2: $41.062024 Q3: $41.262024 Q4: $42.16

Forward P/E

11.5519.2526.952008 Q12011 Q42013 Q42015 Q42017 Q42019 Q42021 Q42023 Q42014 Q1: 19.142014 Q2: 19.242014 Q3: 18.272014 Q4: 18.082015 Q1: 17.912015 Q2: 18.092015 Q3: 17.002015 Q4: 16.822016 Q1: 18.432016 Q2: 17.682016 Q3: 18.302016 Q4: 19.782017 Q1: 20.272017 Q2: 16.382017 Q3: 15.612017 Q4: 20.172018 Q1: 19.812018 Q2: 19.932018 Q3: 20.002018 Q4: 15.432019 Q1: 16.212019 Q2: 14.652019 Q3: 15.692019 Q4: 17.732020 Q1: 12.612020 Q2: 19.912020 Q3: 20.522020 Q4: 22.092021 Q1: 20.832021 Q2: 21.122021 Q3: 18.902021 Q4: 21.992022 Q1: 19.392022 Q2: 17.002022 Q3: 18.762022 Q4: 18.732023 Q1: 19.612023 Q2: 19.542023 Q3: 18.072023 Q4: 21.192024 Q1: 24.232024 Q2: 22.512024 Q3: 24.552024 Q4: 25.89

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -3.6 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↑ +5.1 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.
  • 2015 Q4 tone ↑ +7.7 fwd EPS ↓ -1.39 Tone rose while the forward EPS estimate was cut.
  • 2016 Q1 tone ↓ -3.1 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↑ +3.4 fwd EPS ↓ -0.36 Tone rose while the forward EPS estimate was cut.
  • 2018 Q2 tone ↓ -4.9 fwd EPS ↑ +1.70 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -5.2 fwd EPS ↑ +0.43 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +6.1 fwd EPS ↓ -3.12 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↓ -2.2 fwd EPS ↑ +1.80 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -3.0 fwd EPS ↑ +2.05 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -3.5 fwd EPS ↑ +1.97 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -10.2 fwd EPS ↑ +3.17 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -8.4 fwd EPS ↑ +1.58 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+3.6——View →
2024 Q42025-01-31+11.9$42.1625.9View →
2024 Q32024-10-31+10.8$41.2624.6View →
2024 Q22024-08-01+6.1$41.0622.5View →
2024 Q12024-04-25+2.3$40.2224.2View →
2023 Q42024-02-02+10.7$38.6421.2View →
2023 Q32023-10-26+10.0$37.9118.1View →
2023 Q22023-07-27+6.3$37.2219.5View →