W.W. Grainger (GWW) official guidance

Lastly, rounding out our guide, you can see EPS is expected to be between $45.50 and $47.25, or up over 17% year-over-year at the midpoint.

Our updated operating margin range has increased versus the prior guide to 15.8%-16.2%.

We expect operating margins will be down sequentially in the third quarter compared to the second quarter, largely driven by the lap of tariff refunds. With this, we anticipate third quarter operating margins will be in the mid 15% range for the total company.

On the top line, this translates to expected daily organic constant currency sales growth between 11.5% and 13%, reflecting our second quarter performance and expectations for continued solid MRO market demand in the second half.

What we're doing in September will add about a point annually, so less than that, obviously, for the balance of the year, maybe 40 basis points or something like that. For the whole year will be around 4%. We originally said 3%-4%. We're going to be at the high end of that given those increases.

This start supports our expectation for third quarter sales north of $5 billion, or up over 12% on a daily organic constant currency basis, which is 380 basis points lower on a reported basis when normalizing for the U.K. market exit and currency headwinds.

| CapEx (cash basis) | $0.55 - $0.65 billion | $0.575 - $0.65 billion |

| Effective Tax Rate | ~25.0% | ~25.0% |

| Diluted Earnings per Share | $44.25 - $46.25 | $45.50 - $47.25 |

| Gross Profit Margin | 39.2% - 39.5% | 39.3% - 39.6% |

| Operating Cash Flow | $2.2 - $2.4 billion | $2.25 - $2.4 billion |

| Endless Assortment | 10.2% - 10.6% | 10.4% - 10.8% |

| High-Touch Solutions - N.A. | 17.0% - 17.4% | 17.2% - 17.6% |

| Net Sales | $19.2 - $19.6 billion | $19.4 - $19.7 billion |

| Sales growth | 6.7% - 9.1% | 8.4% - 10.0% |

| Share Buyback | $0.95 - $1.05 billion | $0.975 - $1.05 billion |

That gets you to about a point of the difference between the 40% gross margin and about the 39%.

Market outlook is 0 to 1-ish somewhere in there. We think it's gonna be positive for the year for volume growth.

Yeah, 5.5%, I think, is kinda what we kinda look at, 5.5%-6%. I think for the rest of the year that's a fair number.

All told, we anticipate second-quarter operating margins will be in the low 15% range for the total company.