Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in Part 1, Item 1A: Risk Factors in the Company's 2024 Form 10-K.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities – Second Quarter 2025


Period	Total Number of Shares Purchased(1)	Average Price Paid per Share(2)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(3)	Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs
Apr. 1 – Apr. 30	95,367	$976.31	95,367	3,808,931
May 1 – May 31	76,555	$1,072.07	76,555	3,732,376
Jun. 1 – Jun. 30	48,872	$1,053.04	48,872	3,683,504
Total	220,794		220,794

(1)There were no shares withheld to satisfy tax withholding obligations.

(2)Average price paid per share excludes excise tax and commissions of $0.02 per share paid.
(3)Purchases were made pursuant to a share repurchase program approved by Grainger's Board of Directors and announced April 24, 2024 (2024 Program). The 2024 Program authorized the Company to repurchase an aggregate amount of up to five million shares in the open market, through privately negotiated transactions and block transactions, pursuant to a trading plan or otherwise with no expiration date.