# EDGAR Filing Document

**Accession Number:** 0000205402
**File Stem:** 0000205402-25-000045
**Filing Date:** 2025-10
**Character Count:** 106465
**Document Hash:** e58d6efcfcb416fff2719e1594c8b436
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000205402-25-000045.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000205402-25-000045

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRAYBAR ELECTRIC CO INC
- **CENTRAL INDEX KEY:** 0000205402
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES [5063]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 130794380
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-00255
- **FILM NUMBER:** 251419463

**BUSINESS ADDRESS:**
- **STREET 1:** 34 N MERAMEC AVE
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 3145739200

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 7231
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63177

?xml version='1.0' encoding='ASCII'? c402-20250930x10q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

![Picture 1](c402-20250930x10qg001.jpg)

**FORM 10-Q**

(Mark One)

---

| | |
|:---|:---|
|  | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

For the quarterly period ended September 30, 2025

or

---

| | |
|:---|:---|
|  | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

For the transition period from __________ to __________

Commission File Number: 000-00255

---

| | |
|:---|:---|
| **GRAYBAR ELECTRIC COMPANY, INC.** | **GRAYBAR ELECTRIC COMPANY, INC.** |
| *(Exact name of registrant as specified in its charter)* | *(Exact name of registrant as specified in its charter)* |
| **New York** | **13-0794380** |
| *(State or other jurisdiction of incorporation or organization)* | *(I.R.S. Employer Identification No.)* |
| **34 North Meramec Avenue, St. Louis, Missouri** | **63105** |
| *(Address of principal executive offices)* | *(Zip Code)* |

---

---

| |
|:---|
| **(314) 573 - 9200** |
| *(Registrant's telephone number, including area code)* |

---

  <br> <u>&nbsp;&nbsp;&nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act:</u>

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
| YES &nbsp;&nbsp;&nbsp;&nbsp; NO  |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit such files). |
| YES &nbsp;&nbsp;&nbsp;&nbsp; NO  |

---

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.<br>

---

| | |
|:---|:---|
| Large accelerated filer  | Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp; | Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;  |
|  | Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;  |

---

  <br> <u>&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </u>

  <br> <u>Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</u> <br> <u>YES &nbsp;&nbsp;&nbsp;&nbsp; NO </u>

  <br> <u>Common Stock Outstanding at October 15, 2025: 32,281,646</u> <br> <u>(Number of Shares)</u>

------

**Graybar Electric Company, Inc. and Subsidiaries**

**Quarterly Report on Form 10-Q**

**For the Period Ended September 30, 2025**

**(Unaudited)**

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
| **PART I.** | **FINANCIAL INFORMATION** | **FINANCIAL INFORMATION** | Page |
|  | **Item 1.** | Financial Statements |  |
|  |  | [<u>Condensed Consolidated Statements of Income</u>](#IS) | 3 |
|  |  | [<u>Condensed Consolidated Statements of Comprehensive Income</u>](#IS_Comp) | 4 |
|  |  | [<u>Condensed Consolidated Balance Sheets</u>](#BS) | 5 |
|  |  | [<u>Condensed Consolidated Statements of Cash Flows</u>](#CF) | 6 |
|  |  | [<u>Condensed Consolidated Statements of Changes in Shareholders' Equity</u>](#SE) | 7 |
|  |  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#Notes) | 9 |
|  | **Item 2.** | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#MDAA) | 18 |
|  | **Item 3.** | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#QuantandQual) | 22 |
|  | **Item 4.** | [<u>Controls and Procedures</u>](#ControlsandProcedures) | 22 |
| **PART II.** | **OTHER INFORMATION** | **OTHER INFORMATION** |  |
|  | **Item 2.** | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#UnregisteredSalesofEquitySec) | 24 |
|  | **Item 5.** | [<u>Other Information</u>](#Item_5_Other_Information) | 24 |
|  | **Item 6.** | [<u>Exhibits</u>](#Exhibits) | 25 |
|  | [<u>Signatures</u>](#Signatures) | [<u>Signatures</u>](#Signatures) | 26 |

---

‎

------

**PART I FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Graybar Electric Company, Inc. and Subsidiaries**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;**September 30,** | **Three Months Ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;**September 30,** | **Nine Months Ended** <br> **September 30,** | **Nine Months Ended** <br> **September 30,** |
| *(Stated in millions, except per share data)* | **2025** | 2024 | **2025** | 2024 |
| **Net Sales** | $**3298.8** | $2979.5 | $**9618.5** | $8717.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of merchandise sold | **(2660.0)** | (2382.3) | **(7764.9)** | (6986.5) |
| **Gross Margin** | **638.8** | 597.2 | **1853.6** | 1731.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **(449.8)** | (426.8) | **(1305.2)** | (1235.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(21.9)** | (20.2) | **(64.5)** | (59.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (expense) income, net | **(6.8)** | 1.1 | **1.6** | 8.7 |
| **Income from Operations** | **160.3** | 151.3 | **485.5** | 444.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses, net | **(0.3)** | (0.8) | **(3.2)** | (2.9) |
| **Income before Provision for Income Taxes** | **160.0** | 150.5 | **482.3** | 441.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **(40.4)** | (40.0) | **(123.2)** | (114.5) |
| **Net Income** | **119.6** | 110.5 | **359.1** | 326.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **(0.3)** | (0.3) | **(0.8)** | (0.8) |
| **Net Income attributable to Graybar Electric Company, Inc.** | $**119.3** | $110.2 | $**358.3** | $325.8 |
| **Net Income attributable to Graybar Electric Company, Inc. per share of Common Stock** | $**3.68** | $3.42 | $**11.04** | $10.08 |
| **Cash Dividends per share of Common Stock** | $**0.30** | $0.30 | $**0.90** | $0.90 |
| **Average Common Shares Outstanding** | **32.4** | 32.2 | **32.5** | 32.3 |

---

*The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.*

 *‎*

------

**Graybar Electric Company, Inc. and Subsidiaries**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended <br>‎September 30,** | **Three Months Ended <br>‎September 30,** | **Nine Months Ended <br>‎September 30,** | **Nine Months Ended <br>‎September 30,** |
| *(Stated in millions)* | **2025** | 2024 | **2025** | 2024 |
| **Net Income** | $**119.6** | $110.5 | $**359.1** | $326.6 |
| **Other Comprehensive (Loss) Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | **(4.3)** | 2.4 | **6.6** | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits liability adjustments (net of<br>‎&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; tax of $(0.7), $(0.5), $(1.9) and $(1.5) respectively) | **1.8** | 1.4 | **5.5** | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Comprehensive (Loss) Income** | **(2.5)** | 3.8 | **12.1** | 0.7 |
| **Comprehensive Income** | $**117.1** | $114.3 | $**371.2** | $327.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Comprehensive income attributable to noncontrolling<br>‎&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interests, net of tax | **0.2** | 0.4 | **1.1** | 0.8 |
| **Comprehensive Income attributable to Graybar Electric Company, Inc.** | $**116.9** | $113.9 | $**370.1** | $326.5 |

---

*The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.*

 *‎* 

------

**Graybar Electric Company, Inc. and Subsidiaries**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **September 30,** | December 31, |
| *(Stated in millions, except share and per share data)* | *(Stated in millions, except share and per share data)* |  | **2025** | 2024 |
| **ASSETS** |  |  | (Unaudited) |  |
| &nbsp;&nbsp;**Current Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |  | $**416.6** | $90.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables (less allowances of $14.5 and $15.2, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables (less allowances of $14.5 and $15.2, respectively) |  | **2100.6** | 1820.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventory |  |  | **959.1** | 902.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets |  |  | **134.6** | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets |  |  | **3610.9** | 2899.9 |
| &nbsp;&nbsp;**Property, at cost** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land |  |  | **95.2** | 95.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings |  |  | **589.0** | 577.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furniture and fixtures |  |  | **352.2** | 342.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  |  | **60.6** | 154.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance leases |  |  | **7.1** | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Property, at cost |  |  | **1104.1** | 1176.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization |  | **(627.6)** | (698.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Property |  |  | **476.5** | 477.9 |
| &nbsp;&nbsp;**Operating Lease Right-of-use Assets** |  |  | **240.4** | 232.9 |
| &nbsp;&nbsp;**Goodwill** |  |  | **235.1** | 232.2 |
| &nbsp;&nbsp;**Intangible Assets (less accumulated amortization of $81.5 and $62.1, respectively)** | &nbsp;&nbsp;**Intangible Assets (less accumulated amortization of $81.5 and $62.1, respectively)** | &nbsp;&nbsp;**Intangible Assets (less accumulated amortization of $81.5 and $62.1, respectively)** | **294.7** | 310.5 |
| &nbsp;&nbsp;**Other Non-current Assets** |  |  | **156.0** | 153.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** |  |  | $**5013.6** | $4307.2 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;**Current Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings |  |  | $**—** | $22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable |  |  | **1571.1** | 1294.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefit costs |  |  | **186.2** | 207.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities |  |  | **59.1** | 55.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  |  | **113.0** | 65.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities |  |  | **281.7** | 181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities |  |  | **2211.1** | 1825.7 |
| &nbsp;&nbsp;**Postretirement Benefits Liability** |  |  | **54.1** | 54.1 |
| &nbsp;&nbsp;**Pension Liability** |  |  | **97.8** | 129.0 |
| &nbsp;&nbsp;**Non-current Operating Lease Liabilities** |  |  | **201.5** | 194.9 |
| &nbsp;&nbsp;**Other Non-current Liabilities** |  |  | **52.3** | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** |  |  | **2616.8** | 2259.6 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |
|  | **Shares at** | **Shares at** |  |  |
| &nbsp;&nbsp;**Capital Stock** | **September 30, 2025** | December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common, stated value $20.00 per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized | **50000000** | 50000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to voting trustees | **27594050** | 26656527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders | **5692913** | 5533939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In treasury, at cost | **(901728)** | (57751) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Common Stock | **32385235** | 32132715 | **647.7** | 642.7 |
| &nbsp;&nbsp;**Advance Payments on Subscriptions to Common Stock** | &nbsp;&nbsp;**Advance Payments on Subscriptions to Common Stock** |  | **1.3** |  |
| &nbsp;&nbsp;**Retained Earnings** |  |  | **1943.9** | 1614.9 |
| &nbsp;&nbsp;**Accumulated Other Comprehensive Loss** |  |  | **(205.9)** | (217.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Graybar Electric Company, Inc. Shareholders' Equity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Graybar Electric Company, Inc. Shareholders' Equity** |  | **2387.0** | 2039.9 |
| &nbsp;&nbsp;**Noncontrolling Interests** |  |  | **9.8** | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** |  |  | **2396.8** | 2047.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** |  | $**5013.6** | $4307.2 |

---

*The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. ‎*

------

**Graybar Electric Company, Inc. and Subsidiaries**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | (Unaudited) | (Unaudited) |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| *(Stated in millions)* | **2025** | 2024 |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income | $**359.1** | $326.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **64.5** | 59.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | **47.1** | 44.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **17.0** | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of property | **(5.2)** | (6.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on impairment of assets | **0.3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings on investment in employee deferred compensation trust | **(0.9)** | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **(0.8)** | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | **(288.1)** | (133.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventory | **(55.8)** | 26.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **(46.7)** | (22.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | **(19.9)** | (44.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | **276.5** | 112.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefit costs | **(21.3)** | (19.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **155.9** | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities | **(72.9)** | (62.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments to net income | **49.7** | (22.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **408.8** | 304.2 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property | **6.0** | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for property | **(43.6)** | (37.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds from property claim | **10.4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to acquisitions | **(7.2)** | (146.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in employee deferred compensation trust | **(1.1)** | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | **(35.5)** | (171.1) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in short-term borrowings | **(22.0)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments under finance arrangements | **(0.7)** | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing fees | **(2.4)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of common stock | **23.2** | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of common stock | **(16.9)** | (19.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of noncontrolling interests' common stock | **1.6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of noncontrolling interests' common stock | **(0.6)** | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **(29.3)** | (29.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration paid | **—** | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by financing activities | **(47.1)** | (29.3) |
| **Net Increase in Cash** | **326.2** | 103.8 |
| **Cash, Beginning of Year** | **90.4** | 98.6 |
| **Cash, End of Period** | $**416.6** | $202.4 |
| **Non-cash Investing and Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of equipment under finance leases | $**0.6** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of assets under operating leases | $**54.6** | $47.3 |

---

*The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. ‎*

------

**Graybar Electric Company, Inc. and Subsidiaries**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *(Unaudited, stated in millions)* | *(Unaudited, stated in millions)* | *(Unaudited, stated in millions)* | *(Unaudited, stated in millions)* |  |  |
|  | **Graybar Electric Company, Inc. Shareholders' Equity** | **Graybar Electric Company, Inc. Shareholders' Equity** | **Graybar Electric Company, Inc. Shareholders' Equity** | **Graybar Electric Company, Inc. Shareholders' Equity** |  |  |
|  |  | **Common** |  | **Accumulated** |  |  |
|  |  | **Stock** |  | **Other** |  | **Total** |
|  | **Common** | **Subscribed,** | **Retained** | **Comprehensive** | **Noncontrolling** | **Shareholders'** |
|  | **Stock** | **Unissued** | **Earnings** | **Loss** | **Interests** | **Equity** |
| **December 31, 2024** | $642.7 | $— | $1614.9 | $(217.7) | $7.7 | $2047.6 |
| Net income |  |  | 100.9 |  | 0.2 | 101.1 |
| Other comprehensive income |  |  |  | 2.0 | 0.1 | 2.1 |
| Stock issued | 13.5 |  |  |  |  | 13.5 |
| Stock purchased | (4.1) |  |  |  | (0.5) | (4.6) |
| Advance payments |  | 1.4 |  |  |  | 1.4 |
| Dividends declared |  |  | (9.8) |  |  | (9.8) |
| **March 31, 2025** | $652.1 | $1.4 | $1706.0 | $(215.7) | $7.5 | $2151.3 |
| Net income |  |  | 138.1 |  | 0.3 | 138.4 |
| Other comprehensive income |  |  |  | 12.2 | 0.3 | 12.5 |
| Stock issued | 4.6 |  |  |  |  | 4.6 |
| Stock purchased | (8.3) |  |  |  |  | (8.3) |
| Advance payments |  | (0.1) |  |  |  | (0.1) |
| Dividends declared |  |  | (9.7) |  |  | (9.7) |
| **June 30, 2025** | $648.4 | $1.3 | $1834.4 | $(203.5) | $8.1 | $2288.7 |
| Net income |  |  | 119.3 |  | 0.3 | 119.6 |
| Other comprehensive loss |  |  |  | (2.4) | (0.1) | (2.5) |
| Stock issued | 3.8 |  |  |  | 1.6 | 5.4 |
| Stock purchased | (4.5) |  |  |  | (0.1) | (4.6) |
| Dividends declared |  |  | (9.8) |  |  | (9.8) |
| **September 30, 2025** | $647.7 | $1.3 | $1943.9 | $(205.9) | $9.8 | $2396.8 |

---

*The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.*

 *‎* 

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**Graybar Electric Company, Inc. and Subsidiaries**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *(Unaudited, stated in millions)* | *(Unaudited, stated in millions)* | *(Unaudited, stated in millions)* | *(Unaudited, stated in millions)* |  |  |
|  | **Graybar Electric Company, Inc. Shareholders' Equity** | **Graybar Electric Company, Inc. Shareholders' Equity** | **Graybar Electric Company, Inc. Shareholders' Equity** | **Graybar Electric Company, Inc. Shareholders' Equity** |  |  |
|  |  | **Common** |  | **Accumulated** |  |  |
|  |  | **Stock** |  | **Other** |  | **Total** |
|  | **Common** | **Subscribed,** | **Retained** | **Comprehensive** | **Noncontrolling** | **Shareholders'** |
|  | **Stock** | **Unissued** | **Earnings** | **Loss** | **Interests** | **Equity** |
| **December 31, 2023** | $641.3 | $— | $1417.1 | $(177.9) | $7.8 | $1888.3 |
| Net income |  |  | 105.2 |  | 0.3 | 105.5 |
| Other comprehensive loss |  |  |  | (2.9) | (0.1) | (3.0) |
| Stock issued | 13.5 |  |  |  |  | 13.5 |
| Stock purchased | (5.4) |  |  |  | (0.2) | (5.6) |
| Advance payments |  | 0.7 |  |  |  | 0.7 |
| Dividends declared |  |  | (9.7) |  |  | (9.7) |
| **March 31, 2024** | $649.4 | $0.7 | $1512.6 | $(180.8) | $7.8 | $1989.7 |
| Net income |  |  | 110.4 |  | 0.2 | 110.6 |
| Other comprehensive loss |  |  |  | (0.1) |  | (0.1) |
| Stock issued | 4.1 |  |  |  |  | 4.1 |
| Stock purchased | (8.3) |  |  |  | (0.3) | (8.6) |
| Advance payments |  | 0.7 |  |  |  | 0.7 |
| Dividends declared |  |  | (9.7) |  |  | (9.7) |
| **June 30, 2024** | $645.2 | $1.4 | $1613.3 | $(180.9) | $7.7 | $2086.7 |
| Net income |  |  | 110.2 |  | 0.3 | 110.5 |
| Other comprehensive income |  |  |  | 3.7 | 0.1 | 3.8 |
| Stock issued | 4.0 |  |  |  |  | 4.0 |
| Stock purchased | (5.5) |  |  |  |  | (5.5) |
| Dividends declared |  |  | (9.7) |  |  | (9.7) |
| **September 30, 2024** | $643.7 | $1.4 | $1713.8 | $(177.2) | $8.1 | $2189.8 |

---

*The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements.*

 *‎* 

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**Graybar Electric Company, Inc. and Subsidiaries**

**Notes to Condensed Consolidated Financial Statements**

(Stated in millions, except share and per share data)

(Unaudited)

**1. DESCRIPTION OF THE BUSINESS**

Graybar Electric Company, Inc. ("Graybar", "Company", "we", "our", or "us") is a New York corporation, incorporated in 1925. We are engaged in the distribution of electrical, industrial, and automation and connectivity products and are a provider of related supply chain management and logistics services. We primarily serve customers in the construction, commercial, institutional and government ("CIG"), and industrial & utility vertical markets, with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM"). In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell; however, one of our subsidiaries may contract to manufacture some of its private label lighting fixtures. Our business activity is primarily based in the United States ("U.S."). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Our accounting policies conform to generally accepted accounting principles in the U.S. ("GAAP") and are applied on a consistent basis among all years presented. The full summary of our significant accounting policies is included in our latest Annual Report on Form 10-K for the year ended December 31, 2024.

**Basis of Presentation**

The unaudited condensed consolidated financial statements included herein have been prepared by Graybar pursuant to the rules and regulations of the U.S. Securities and Exchange Commission applicable to interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information presented not misleading. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect reported amounts. Our condensed consolidated financial statements include amounts that are based on management's best estimates and judgments. Actual results could differ from those estimates. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, included in our latest Annual Report on Form 10-K.

In the opinion of management, this quarterly report includes all adjustments, consisting of normal recurring accruals and adjustments, necessary for the fair presentation of the condensed consolidated financial statements presented. Results for interim periods are not necessarily indicative of results to be expected for the full year.

**Principles of Consolidation**

The condensed consolidated financial statements include the accounts of Graybar and our subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and are accounted for and reported as noncontrolling interests.

**Reclassification**

A reclassification has been made to prior year's financial information to conform to the September 30, 2025 presentation. This change consisted of disaggregating deferred revenue from other current liabilities into a separate caption within the December 31, 2024 consolidated balance sheet. The reclassification had no effect on total assets or liabilities as of December 31, 2024.

**New Accounting Standards**

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU" or "Update") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires public entities to provide enhanced disclosures of significant segment expenses and other segment items. Public entities with a single reportable segment must provide all the disclosures required by Topic 280, including the significant segment expense disclosures. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that had been required annually. The guidance applies to all public entities and is effective for fiscal years beginning after December 15,

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2023, and for interim periods beginning after December 15, 2024. The guidance was applied retrospectively to all periods presented in the financial statements. The adoption of this Update did not have a material impact on consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency and decision usefulness of annual income tax disclosures. The guidance addresses investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of this Update on our consolidated financial statements and expect expansion of our annual income tax footnote disclosures.

In November 2024, the FASB issued ASU 2024-04, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. Public business entities are required to disclose purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. Specified expenses, gains or losses that are already disclosed under existing GAAP are required to be included in the disaggregated income statement expense line item disclosures, and any remaining amounts need to be described qualitatively. Separate disclosures of total selling expenses and an entity's definition of those expenses are also required. The guidance is effective for annual periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027. The guidance is required to be applied prospectively and may be applied retrospectively. We are currently evaluating the impact of this Update on our consolidated financial statements and notes thereto and will adopt it beginning in our December 31, 2027 consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" which amended the guidance in ASC 326 to simplify the estimation of credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The amendments allow all entities to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. Entities are required to disclose their practical expedient and accounting policy elections. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this Update on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" which clarifies and modernizes the accounting for costs related to internal-use software. The guidance removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. The guidance specifies that the property, plant and equipment disclosure requirements under ASC 360-10 apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted. We are currently evaluating the impact of this Update on our consolidated financial statements.

**3. REVENUE**

The following table summarizes the percentages of our net sales attributable to each of our vertical markets for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>‎September 30,** | **Three Months Ended <br>‎September 30,** | **Nine Months Ended <br>‎September 30,** | **Nine Months Ended <br>‎September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| Construction | **61.7%** | 60.3% | **61.1%** | 60.0% |
| CIG | **21.4** | 21.6 | **21.8** | 22.3 |
| Industrial & Utility | **16.9** | 18.1 | **17.1** | 17.7 |
| Total net sales | **100.0%** | 100.0% | **100.0%** | 100.0% |

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Certain reclassifications have been made to the vertical market assigned to customers in the prior year's information to conform to the September 30, 2025 presentation.

We had no material contract assets, contract liabilities, or deferred contract costs recorded on the condensed consolidated balance sheet as of September 30, 2025 and December 31, 2024. In addition, for the three and nine months ended September 30, 2025 and

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2024, revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period was not material.

**4. INCOME TAXES**

Our total provision for income taxes was $40.4 million and $123.2 million for the three and nine months ended September 30, 2025, respectively. We record our income tax provision using a full-year forecasted methodology, including discrete items in the period in which they occur. Our year-to-date effective tax rate was 25.5% for the nine months ended September 30, 2025 compared to 26.0% for the nine months ended September 30, 2024.

In 2021, the Organization for Economic Cooperation and Development ("OECD") introduced a framework, referred to as Pillar Two, creating a 15% global minimum effective tax rate for large multinational corporations. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates, effective beginning January 1, 2024. The Pillar Two effective rates in all jurisdictions in which the Company operates are above 15% and management is not currently aware of any circumstances under which this might change. Accordingly, based upon 2025 results and reporting structure, no top-up taxes have been recorded.

On July 4, 2025, President Trump signed legislation formally entitled "An Act to provide reconciliation pursuant to title II of H. Con. Res. 14.," but commonly known as the One Big Beautiful Bill Act or "OBBBA". This legislation, among many provisions, modified treatment of domestic research or experimental expenditures, fixed asset depreciation, and charitable contributions. The Company has reviewed the OBBBA and related guidance; impacts on deferred taxes reflected in the three months ended September 30, 2025, the period of enactment, are immaterial to the overall consolidated financial statements.

Our federal income tax returns for the tax years 2022 and forward are available for examination by the U.S. Internal Revenue Service ("IRS"). The statute of limitations for the 2021 federal return expired on October 15, 2025. Our state income tax returns for 2020 through 2024 remain subject to examination by various state authorities with the latest period closing on December 31, 2029. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2020.

**5. DEBT**

**Revolving Credit Facility**

At December 31, 2024, we, along with Graybar Canada Limited, our Canadian operating subsidiary ("Graybar Canada"), had an unsecured, five-year, $750.0 million committed revolving credit agreement maturing in August 2026 with Bank of America, N.A. and the other lenders named therein (the "Credit Agreement"), which included a combined letter of credit sub-facility of up to $25.0 million, a U.S. swing-line loan facility of up to $75.0 million, and a Canadian swing-line loan facility of up to $20.0 million. The Credit Agreement included a $100.0 million sublimit (in U.S. or Canadian dollars) available for borrowings by Graybar Canada. The Credit Agreement contained an accordion feature, which allowed us to request increases in the aggregate borrowing commitments or incremental term loans of up to $375.0 million.

On June 27, 2025, we, along with Graybar Canada, amended and extended the Credit Agreement, pursuant to the terms and conditions of a Sixth Amendment to the Credit Agreement, dated as of June 27, 2025 (the "Amended Credit Agreement"), by and among Graybar, as parent borrower, Graybar Canada, as a borrower, the guarantors named therein, the lenders party thereto, Bank of America, N.A. as Domestic Administrative Agent, Domestic Swing Line Lender and Domestic L/C Issuer and Bank of America, N.A., acting through its Canada Branch, as Canadian Administrative Agent, Canadian Swing Line Lender and Canadian L/C Issuer. The Amended Credit Agreement includes a combined letter of credit sub-facility of up to $35.0 million, a U.S. swing-line loan facility of up to $75.0 million, and a Canadian swing-line facility of up to $20.0 million. The Amended Credit Agreement includes a $100.0 million sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada. Our borrowing availability under the facility is reduced by the amount of borrowings by Graybar Canada, but we may use the sublimit amount to increase our borrowings, to the extent available. If we were to use available borrowings under the Amended Credit Agreement that included the sublimit amount, then Graybar Canada's available capacity would be reduced by our use of such amount. The Amended Credit Agreement contains an accordion feature, which allows us to request increases in the aggregate borrowing commitments or incremental term loans of up to $375.0 million.

Interest on the Company's borrowings under the Amended Credit Agreement will be based on, at the borrower's election, either (A) (i) the base rate (as defined in the Amended Credit Agreement), or (ii) term SOFR (as defined in the Amended Credit Agreement, in the case of U.S. dollar-denominated borrowings) or (B) (i) the base rate (as defined in the Amended Credit Agreement) or (ii) term CORRA (as defined in the Amended Credit Agreement, in the case of Graybar Canada as borrower with respect to Canadian dollar-denominated borrowings), in each case plus an applicable margin, as determined by the pricing grid set forth in the Amended Credit

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Agreement. In connection with such a borrowing, the applicable borrower will also select the term of the loan, up to six months, or automatically renew with the consent of the lenders. Swing-line loans, which are daily loans, will bear interest at a rate based on, at the borrower's election, either (i) the base rate or (ii) the SOFR daily floating rate (as defined in the Amended Credit Agreement), or in the case of Graybar Canada with respect to Canadian dollar-denominated borrowings, daily simple CORRA (as defined in the Amended Credit Agreement). In addition to interest payments, there are certain fees and obligations associated with borrowings, swing-line loans, letters of credit, term loans and other administrative matters.

The five-year Amended Credit Agreement matures in June 2030. Borrowings of Graybar Canada may be in U.S. Dollars or Canadian Dollars. The obligations of Graybar Canada are secured by the guaranty of Graybar, GBE Sub, LLC and any material domestic subsidiaries of Graybar (as defined). Under no circumstances will Graybar Canada use its borrowings to benefit Graybar or its operations, including without limitation to repay any of Graybar's obligations under the facility.

The Amended Credit Agreement provides for a quarterly facility fee ranging from 0.25% to 0.4% per annum, subject to adjustment based upon the consolidated leverage ratio for a fiscal quarter, and letter of credit fees ranging from 1.00% to 1.60% per annum payable quarterly, subject to such adjustment. Borrowings can be either base rate loans plus a margin ranging from 0.00% to 0.60% or term SOFR, term CORRA, SOFR daily floating rate, or daily simple CORRA rate loans plus a margin ranging from 1.00% to 1.60%, subject to adjustment based upon the consolidated leverage ratio. Availability under the Amended Credit Agreement is subject to the accuracy of representations and warranties and absence of a default and, in the case of Canadian borrowings denominated in Canadian dollars, the absence of a material adverse change in the national or international financial markets, which would make it impracticable to lend Canadian dollars.

The Amended Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on Graybar and all but certain of our subsidiaries with respect to indebtedness (with specified, limited exceptions), liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, as well as securitizations and transactions with sanctioned parties or in violation of certain US or Canadian anti-corruption and anti-money laundering laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which the Company is subject during the term of the Amended Credit Agreement.

The Amended Credit Agreement also provides for customary events of default, including a failure to pay principal, interest or fees when due, failure to comply with covenants, the fact that any representation or warranty made by any of the credit parties is materially incorrect, the occurrence of an event of default under certain other indebtedness of Graybar and its subsidiaries, the commencement of certain insolvency or receivership events affecting any of the credit parties, certain actions under the Employee Retirement Income Security Act of 1974 ("ERISA") and the occurrence of a change in control of any of the credit parties (subject to certain permitted transactions as described in the Amended Credit Agreement). Upon the occurrence of an event of default, the commitments of the lenders may be terminated and all outstanding obligations of the credit parties under the Amended Credit Agreement may be declared immediately due and payable.

Certain parties to the Amended Credit Agreement and certain of their respective affiliates have performed in the past, and may from time to time perform in the future, banking, investment banking and other advisory services for the Company and its affiliates for which they have received, and/or will receive, customary fees and expenses.

We were in compliance with all covenants under the Amended Credit Agreement and Credit Agreement, respectively, as of September 30, 2025 and December 31, 2024.

At September 30, 2025, we had total debt of $2.1 million, of which $1.1 million was long-term debt. At December 31, 2024, we had total debt of $2.2 million, of which $1.3 million was long-term debt. There were no short-term borrowings as of September 30, 2025 under the Amended Credit Agreement, compared to short-term borrowings of $22.0 million as of December 31, 2024 under the Credit Agreement.

Short-term borrowings outstanding during the nine months ended September 30, 2025 ranged from no short-term borrowings to a maximum of $37.0 million. Short-term borrowings outstanding during the nine months ended September 30, 2024 ranged from no short-term borrowings to a maximum of $38.0 million.

At September 30, 2025, we had unused lines of credit under the Amended Credit Agreement amounting to $744.2 million available, compared to $724.2 million at December 31, 2024 under the Credit Agreement. These lines are available to meet our short-term cash requirements and are subject to annual fees of up to 40 basis points (0.40%).

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We had interest income, net of $0.1 million for the three months ended September 30, 2025, compared to interest income, net of $0.6 million for the three months ended September 30, 2024. We had interest income, net of $0.5 million for the nine months ended September 30, 2025, compared to interest income, net of $1.6 million for the nine months ended September 30, 2024.

**Private Placement Shelf Agreements**

We have an uncommitted, unsecured $200.0 million private placement shelf agreement (the "Prudential Shelf Agreement") with PGIM, Inc., which is expected to allow us to issue senior promissory notes to affiliates of PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period ending in August 2026.

We also have an uncommitted, unsecured $200.0 million private placement shelf agreement (the "MetLife Shelf Agreement") with MetLife Investment Management, LLC (formerly known as MetLife Investment Advisors, LLC), and MetLife Investment Management Limited (collectively, "MetLife") and each other MetLife affiliate that becomes a party to the agreement. The MetLife Shelf Agreement is expected to allow us to issue senior promissory notes to MetLife at fixed or floating rate economic terms to be agreed upon at the time of any issuance during a three-year period ending in June 2027, and thereafter, for successive three-year periods until either party notifies the other party at least 30 days prior to the then applicable stated period end date of its intent not to extend.

We remain obligated under a most favored lender clause which is designed to ensure that any notes in the future under the Prudential Shelf Agreement and MetLife Shelf Agreement will continue to be of equal ranking with indebtedness under our Amended Credit Agreement.

No notes have been issued under either the Prudential Shelf Agreement or the MetLife Shelf Agreement as of September 30, 2025 and December 31, 2024.

Each shelf agreement contains representations and warranties of the Company and the applicable lender, events of default and affirmative and negative covenants, customary for agreements of this type. These covenants are substantially similar to those contained in the Amended Credit Agreement, subject to a number of exceptions and qualifications set forth in the applicable shelf agreement. All outstanding obligations of Graybar under one or both of these agreements may be declared immediately due and payable upon the occurrence of an event of default.

We were in compliance with all covenants under the Prudential Shelf Agreement and the MetLife Shelf Agreement as of September 30, 2025 and December 31, 2024.

**Letters of Credit**

We had total letters of credit of $10.8 million outstanding as of September 30, 2025, of which $5.8 million were issued under the Amended Credit Agreement. We had total letters of credit of $9.6 million as of December 31, 2024, of which $3.8 million were issued under the Credit Agreement. The letters of credit are issued primarily to support certain workers' compensation insurance policies and support performance under certain customer contracts.

**6. PENSION AND OTHER POSTRETIREMENT BENEFITS**

We have a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all employees first hired prior to July 1, 2015 after the completion of one year of service and 1,000 hours of service. The Pension Plan provides retirement benefits based on an employee's final average earnings and years of service. A supplemental benefit plan provides nonqualified pension benefits for compensation in excess of the IRS compensation limits applicable to the Pension Plan and eligible compensation deferred by a participant.

Our funding policy is to make contributions to the Pension Plan, provided that the total annual contributions will not be less than the ERISA and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review the contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by us from time to time. The assets of the Pension Plan are invested primarily in fixed income investments and equity securities. We pay nonqualified pension benefits when they are due according to the terms of the supplemental benefit plan. We have an employee deferred compensation trust to meet funding obligations for nonqualified pension benefits to certain participants in the supplemental benefit plan. The assets of the employee deferred compensation trust are invested in highly liquid money market funds and U.S. Treasury securities.

We provide certain postretirement healthcare and life insurance benefits to retired employees. Substantially all of our employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements

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of the retiree medical plan and retire on a pension (except a deferred pension) under the Pension Plan. Postretirement life insurance benefits are insured through an insurance company. We fund postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at September 30, 2025 and December 31, 2024.

The net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024 included the following components:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Components of Net Periodic Benefit Cost** | **2025** | 2024 | **2025** | 2024 |
| Selling, general and administrative expenses: |  |  |  |  |
| &nbsp;&nbsp;Service cost | $**5.3** | $5.7 | $**0.4** | $0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total selling, general and administrative expenses | $**5.3** | $5.7 | $**0.4** | $0.4 |
| Non-operating expenses, net: |  |  |  |  |
| &nbsp;&nbsp;Interest cost | $**8.5** | $8.0 | $**0.8** | $0.8 |
| &nbsp;&nbsp;Expected return on plan assets | **(8.8)** | (8.0) |  |  |
| &nbsp;&nbsp;Amortization of net actuarial loss | **2.5** | 1.9 | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating expenses, net | $**2.2** | $1.9 | $**0.8** | $0.8 |
| Net periodic benefit cost | $**7.5** | $7.6 | $**1.2** | $1.2 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| **Components of Net Periodic Benefit Cost** | **2025** | 2024 | **2025** | 2024 |
| Selling, general and administrative expenses: |  |  |  |  |
| &nbsp;&nbsp;Service cost | $**15.9** | $17.0 | $**1.0** | $1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total selling, general and administrative expenses | $**15.9** | $17.0 | $**1.0** | $1.1 |
| Non-operating expenses, net: |  |  |  |  |
| &nbsp;&nbsp;Interest cost | $**25.7** | $24.0 | $**2.5** | $2.4 |
| &nbsp;&nbsp;Expected return on plan assets | **(26.6)** | (24.0) | **—** |  |
| &nbsp;&nbsp;Amortization of net actuarial loss | **7.4** | 5.7 | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating expenses, net | $**6.5** | $5.7 | $**2.5** | $2.4 |
| Net periodic benefit cost | $**22.4** | $22.7 | $**3.5** | $3.5 |

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We made qualified and nonqualified pension contributions totaling $23.6 million during the three-month period ended September 30, 2025 and contributions totaling $20.0 million during the three-month period ended September 30, 2024. Contributions made during the nine-month periods ended September 30, 2025 and 2024 totaled $46.2 million and $41.1 million, respectively. No additional contributions are expected to be paid during the remainder of 2025, but may change at our discretion.

**7. CAPITAL STOCK**

Our common stock is 100% owned by active and retired employees, and there is no public trading market for our common stock. Since 1928, substantially all of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. A new Voting Trust Agreement was established effective March 3, 2017, which expires by its terms on March 1, 2027 because under applicable New York law, a voting trust may not have a term greater than ten years. At September 30, 2025, approximately 83% of our outstanding common stock was held in the voting trust. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. Shareholders may elect to participate in the voting trust at any time during the term of the voting trust.

No holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or "retirement" (as defined in our amended restated certificate of incorporation), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options, and we expect to continue

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to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $20.00 per share.

Cash dividends paid were $9.8 million and $9.7 million for the three months ended September 30, 2025 and 2024, respectively. Cash dividends paid were $29.3 million and $29.1 million for the nine months ended September 30, 2025 and 2024, respectively.

We also have authorized 10,000,000 shares of Delegated Authority Preferred Stock ("preferred stock"), par value one cent ($0.01). The preferred stock may be issued in one or more series, with the designations, relative rights, preferences, and limitations of shares of each such series being fixed by a resolution of our Board of Directors. There were no shares of preferred stock outstanding at September 30, 2025 and December 31, 2024.

**8. ACCUMULATED OTHER COMPREHENSIVE LOSS**

The following table represents amounts reclassified from accumulated other comprehensive loss for the three months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended <br>‎September 30, 2025** | **Three Months Ended<br>‎September 30, 2024** |
|  | **Amortization of Pension<br>‎and Other<br>‎Postretirement Benefits Items** | **Amortization of Pension<br>‎and Other<br>‎Postretirement Benefits Items** |
|  | **Actuarial<br>‎Losses<br>‎Recognized** | **Actuarial<br>‎Losses<br>‎Recognized** |
| Affected Line in Condensed Consolidated Statement of Income: |  |  |
| Non-operating expenses, net | $**2.5** | $1.9 |
| Tax benefit | **(0.7)** | (0.5) |
| Total reclassifications for the period, net of tax | $**1.8** | $1.4 |

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The following table represents amounts reclassified from accumulated other comprehensive loss for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>‎September 30, 2025** | **Nine Months Ended <br>‎September 30, 2024** |
|  | **Amortization of Pension<br>‎and Other<br>‎Postretirement Benefits Items** | **Amortization of Pension<br>‎and Other<br>‎Postretirement Benefits Items** |
|  | **Actuarial<br>‎Losses<br>‎Recognized** | **Actuarial<br>‎Losses<br>‎Recognized** |
| Affected Line in Condensed Consolidated Statement of Income: |  |  |
| Non-operating expenses, net | $**7.4** | $5.7 |
| Tax benefit | **(1.9)** | (1.5) |
| Total reclassifications for the period, net of tax | $**5.5** | $4.2 |

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The following table represents the activity included in accumulated other comprehensive loss for the three months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>‎September 30, 2025** | **Three Months Ended <br>‎September 30, 2025** | **Three Months Ended <br>‎September 30, 2025** | **Three Months Ended <br>‎September 30, 2024** | **Three Months Ended <br>‎September 30, 2024** | **Three Months Ended <br>‎September 30, 2024** |
|  | **Foreign<br>‎Currency** | **Pension and Other Postretirement<br>‎Benefits** | **Total** | **Foreign<br>‎Currency** | **Pension and Other Postretirement<br>‎Benefits** | **Total** |
| Beginning balance July 1, | $**(15.7)** | $**(187.8)** | $**(203.5)** | $(16.4) | $(164.5) | $(180.9) |
| Other comprehensive (loss) income before reclassifications | **(4.2)** | **—** | **(4.2)** | 2.3 |  | 2.3 |
| Amounts reclassified from accumulated other comprehensive income (net of tax $(0.7) and $(0.5)) | **—** | **1.8** | **1.8** |  | 1.4 | 1.4 |
| Net current-period other comprehensive (loss) income  | **(4.2)** | **1.8** | **(2.4)** | 2.3 | 1.4 | 3.7 |
| Ending balance September 30, | $**(19.9)** | $**(186.0)** | $**(205.9)** | $(14.1) | $(163.1) | $(177.2) |

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The following table represents the activity included in accumulated other comprehensive loss for the nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended <br>‎September 30, 2025** | **Nine Months Ended <br>‎September 30, 2025** | **Nine Months Ended <br>‎September 30, 2025** | **Nine Months Ended <br>‎September 30, 2024** | **Nine Months Ended <br>‎September 30, 2024** | **Nine Months Ended <br>‎September 30, 2024** |
|  | **Foreign<br>‎Currency** | **Pension and Other Postretirement<br>‎Benefits** | **Total** | **Foreign<br>‎Currency** | **Pension and Other Postretirement<br>‎Benefits** | **Total** |
| Beginning balance January 1, | $**(26.2)** | $**(191.5)** | $**(217.7)** | $(10.6) | $(167.3) | $(177.9) |
| Other comprehensive income (loss) before reclassifications | **6.3** | **—** | **6.3** | (3.5) |  | (3.5) |
| Amounts reclassified from accumulated other comprehensive income (net of tax $(1.9) and $(1.5)) | **—** | **5.5** | **5.5** |  | 4.2 | 4.2 |
| Net current-period other comprehensive income (loss) | **6.3** | **5.5** | **11.8** | (3.5) | 4.2 | 0.7 |
| Ending balance September 30, | $**(19.9)** | $**(186.0)** | $**(205.9)** | $(14.1) | $(163.1) | $(177.2) |

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**9. COMMITMENTS AND CONTINGENCIES**

We are subject to various claims, disputes, and administrative and legal matters incidental to our past and current business activities. As a result, contingencies arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss.

We have in place insurance coverage for litigation defense and claim settlement costs incurred in connection with our asbestos claims. We estimate the value of probable insurance recoveries associated with our asbestos reserve based on management's interpretations and estimates surrounding the available or applicable insurance coverage. We estimate the future payments for litigation defense and claim settlement costs based on our historical liabilities and current and projected caseloads. At September 30, 2025 and December 31, 2024, we had $2.7 million and $39.6 million of insurance receivables recorded in other current assets and other non-current assets, respectively, and $2.7 million and $39.6 million recorded in other current liabilities and other non-current liabilities, respectively, related to our asbestos litigation defense and claims settlement reserve.

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Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is a wide range. If we deem an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued. While we believe that none of these claims, disputes, administrative, and legal matters will have a material adverse effect on our financial position, these matters are uncertain and we cannot at this time determine whether the financial impact, if any, of these matters will be material to our results of operations in the period in which such matters are resolved or a better estimate becomes available.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion should be read in conjunction with our accompanying unaudited condensed consolidated financial statements and notes thereto, and our audited consolidated financial statements, notes thereto, and Management's Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K for such period as filed with the United States Securities and Exchange Commission (the "Commission"). The results shown herein are not necessarily indicative of the results to be expected in any future periods.*

*Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes", "projects", "expects", "anticipates", "estimates", "intends", "strategy", "plan", "may", "will", "would",* 

*"will be", "will continue", "will likely result", and other similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the PSLRA. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse impact on our operations and future prospects on a consolidated basis include, but are not limited to: general economic conditions, particularly in the commercial, industrial building, and residential construction industries; a sustained interruption in the operation of our information systems; business interruption due to our ERP system upgrade; cyber-attacks; volatility in the prices of industrial commodities; increased funding requirements and expenses related to our pension plan; disruptions in our sources of supply; the inability, or limitations on our ability, to borrow under our existing credit facilities or any replacements thereof; adverse legal proceedings or other claims; compliance with changing governmental regulations; a pandemic, epidemic, or other public health emergency; and the inability, or limitations on our ability, to raise debt or equity capital. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities law. Further information concerning our business, including additional factors that could materially impact our financial results, is included herein and in our other filings with the Commission. Actual results and the timing of events could differ materially from the forward-looking statements as a result of certain factors, a number of which are outlined in Item 1A., "Risk Factors", of our Annual Report on Form 10-K for the year ended December 31, 2024.*

All dollar amounts, except per share data, are stated in millions in the following discussion and accompanying tables.

**Background**

Graybar Electric Company, Inc. ("Graybar", "Company", "we", "our", or "us") is a New York corporation, incorporated in 1925. We are engaged in the distribution of electrical, industrial, automation and connectivity products and are a provider of related supply chain management and logistics services. We primarily serve customers in the construction, commercial, institutional and government ("CIG"), and industrial & utility vertical markets, with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM"). In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell; however, one of our subsidiaries may contract to manufacture some of its private label lighting fixtures. Our business activity is primarily based in the United States ("U.S."). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico.

Our common stock is 100% owned by active and retired employees, and there is no public trading market for our common stock. No holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer, or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or "retirement" (as defined in our amended restated certificate of incorporation), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options, and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $20.00 per share.

**Business Overview**

Our net sales for the third quarter of 2025 totaled $3,298.8 million, compared to $2,979.5 million for the third quarter of 2024, an increase of $319.3 million, or 10.7%. Gross margin for the third quarter of 2025 increased $41.6 million, or 7.0%, to $638.8 million,

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compared to gross margin of $597.2 million for the same three-month period ended September 30, 2024. Our gross margin rate decreased to 19.4% for the third quarter of 2025, compared to 20.0% for the third quarter of 2024, primarily due to competitive pricing pressures.

Selling, general and administrative ("SG&A") expenses increased $23.0 million, or 5.4%, to $449.8 million for the three months ended September 30, 2025 from $426.8 million for the three months ended September 30, 2024, primarily due to higher compensation, rent, and maintenance costs. SG&A as a percentage of net sales decreased to 13.6% for the third quarter of 2025, compared to 14.3% for the same three-month period in 2024.

Income from operations increased $9.0 million, or 5.9%, to $160.3 million for the three months ended September 30, 2025, from $151.3 million for the same three-month period last year. Net income attributable to Graybar for the three months ended September 30, 2025 increased by $9.1 million, or 8.3%, to $119.3 million for the three months ended September 30, 2025, compared to $110.2 million for the same three-month period last year.

Net sales for the nine months ended September 30, 2025 were $9,618.5 million, an increase of $901.0 million, or 10.3%, from net sales of $8,717.5 million for the same nine-month period last year. Gross margin for the nine months ended September 30, 2025 was $1,853.6 million, an increase of $122.6 million, or 7.1%, compared to gross margin of $1,731.0 million for the same nine-month period last year. Our gross margin rate decreased to 19.3% for the nine-month period ended September 30, 2025, compared to 19.9% for the nine months ended September 30, 2024, primarily due to competitive pricing pressures.

Net income attributable to Graybar for the nine months ended September 30, 2025 was $358.3 million, an increase of $32.5 million, or 10.0%, from net income attributable to Graybar of $325.8 million for the same nine-month period last year.

We continue to see demand for our products and services, particularly in areas such as data centers, electrification and industrial automation, even as economic conditions cause ongoing uncertainty in the markets we serve. We remain focused on serving our customers and managing our business wisely, while we prepare our company for the future. We successfully completed the transition to our upgraded ERP system and are accelerating progress through our Graybar Connect business transformation program, which will support our profitable long-term growth, enhance the value we bring to our customers, and reinforce our position as an industry leader.

**Consolidated Results of Operations**

**Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024**

The following table sets forth certain information relating to our operations stated in millions of dollars and as a percentage of net sales for the three months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>‎September 30, 2025** | **Three Months Ended <br>‎September 30, 2025** | Three Months Ended <br>‎September 30, 2024 | Three Months Ended <br>‎September 30, 2024 |
|  | **Dollars** | **Percent** | Dollars | Percent |
| **Net Sales** | $**3298.8** | **100.0%** | $2979.5 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of merchandise sold | **(2660.0)** | **(80.6)** | (2382.3) | (80.0) |
| **Gross Margin** | **638.8** | **19.4** | 597.2 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **(449.8)** | **(13.6)** | (426.8) | (14.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(21.9)** | **(0.7)** | (20.2) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating (expense) income, net | **(6.8)** | **(0.2)** | 1.1 | 0.1 |
| **Income from Operations** | **160.3** | **4.9** | 151.3 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses, net | **(0.3)** | **—** | (0.8) |  |
| **Income before Provision for Income Taxes** | **160.0** | **4.9** | 150.5 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **(40.4)** | **(1.3)** | (40.0) | (1.4) |
| **Net Income** | **119.6** | **3.6** | 110.5 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **(0.3)** | **—** | (0.3) |  |
| **Net Income attributable to Graybar Electric Company, Inc.** | $**119.3** | **3.6%** | $110.2 | 3.7% |

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Net sales increased to $3,298.8 million for the quarter ended September 30, 2025, compared to $2,979.5 million for the quarter ended September 30, 2024, an increase of $319.3 million, or 10.7%. For the three months ended September 30, 2025, net sales in our construction, CIG, and industrial & utility vertical markets increased by 13.4%, 9.7%, and 3.0%, respectively, when compared to the same three-month period of 2024.

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Gross margin increased $41.6 million, or 7.0%, to $638.8 million from $597.2 million for the three months ended September 30, 2025, compared to the same period of 2024. Our gross margin as a percentage of net sales was 19.4% for the three months ended September 30, 2025, down from 20.0% for the same three-month period in 2024, primarily due to competitive pricing pressures.

SG&A expenses increased $23.0 million, or 5.4%, to $449.8 million in the third quarter of 2025 from $426.8 million in the third quarter of 2024, primarily due to higher compensation, rent and maintenance costs. SG&A expenses as a percentage of net sales were 13.6% for the three months ended September 30, 2025, down from 14.3% for the three months ended September 30, 2024.

Depreciation and amortization for the three months ended September 30, 2025 increased $1.7 million, or 8.4%, to $21.9 million from $20.2 million, compared to the same period in 2024. Depreciation as a percentage of net sales remained constant at 0.7% for the three months ended September 30, 2025 and 2024.

Income before provision for income taxes totaled $160.0 million for the three months ended September 30, 2025, an increase of $9.5 million, or 6.3%, from $150.5 million for the three months ended September 30, 2024 primarily due to our increase in gross margin, partially offset by our increase in SG&A expenses.

Our total provision for income taxes increased $0.4 million, or 1.0%, to $40.4 million for the three months ended September 30, 2025, compared to $40.0 million for the same period of 2024. The increase in our provision for income taxes was due to higher pretax income. Our effective tax rate was 25.3% for the three months ended September 30, 2025, compared to 26.6% for the same period of 2024. The effective tax rate for the three months ended September 30, 2025 was higher than the 21.0% U.S. federal statutory rate primarily due to state, local and foreign income taxes.

Net income attributable to Graybar Electric Company, Inc. for the three months ended September 30, 2025 increased $9.1 million, or 8.3%, to $119.3 million from $110.2 million for the three months ended September 30, 2024.

**Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024**

The following table sets forth certain information relating to our operations stated in millions of dollars and as a percentage of net sales for the nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended <br>‎September 30, 2025** | **Nine Months Ended <br>‎September 30, 2025** | Nine Months Ended <br>‎September 30, 2024 | Nine Months Ended <br>‎September 30, 2024 |
|  | **Dollars** | **Percent** | Dollars | Percent |
| **Net Sales** | $**9618.5** | **100.0%** | $8717.5 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of merchandise sold | **(7764.9)** | **(80.7)** | (6986.5) | (80.1) |
| **Gross Margin** | **1853.6** | **19.3** | 1731.0 | 19.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **(1305.2)** | **(13.6)** | (1235.8) | (14.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(64.5)** | **(0.7)** | (59.9) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income, net | **1.6** | **—** | 8.7 | 0.1 |
| **Income from Operations** | **485.5** | **5.0** | 444.0 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses, net | **(3.2)** | **—** | (2.9) | (0.1) |
| **Income before Provision for Income Taxes** | **482.3** | **5.0** | 441.1 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **(123.2)** | **(1.3)** | (114.5) | (1.3) |
| **Net Income** | **359.1** | **3.7** | 326.6 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **(0.8)** | **—** | (0.8) |  |
| **Net Income attributable to Graybar Electric Company, Inc.** | $**358.3** | **3.7%** | $325.8 | 3.7% |

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Net sales increased to $9,618.5 million for the nine months ended September 30, 2025, compared to $8,717.5 million for the nine months ended September 30, 2024, an increase of $901.0 million, or 10.3%. Net sales in our construction, CIG, and industrial & utility vertical markets increased by 12.5%, 7.8%, and 6.3%, respectively, for the nine months ended September 30, 2025, compared to the same nine-month period of 2024.

Gross margin increased $122.6 million, or 7.1%, to $1,853.6 million from $1,731.0 million for the nine months ended September 30, 2025, compared to the same period of 2024. Our gross margin as a percentage of net sales was 19.3% for the nine months ended September 30, 2025, down from 19.9% for the same nine-month period in 2024 primarily due to competitive pricing pressures.

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SG&A expenses increased $69.4 million, or 5.6%, to $1,305.2 million, for the nine months ended September 30, 2025, compared to $1,235.8 million for the nine months ended September 30, 2024, mainly due to higher compensation, rent, and maintenance costs. SG&A expenses as a percentage of net sales were 13.6% for the nine months ended September 30, 2025, down from 14.2% for the nine months ended September 30, 2024.

Depreciation and amortization for the nine months ended September 30, 2025 increased $4.6 million, or 7.7%, to $64.5 million from $59.9 million for the same nine-month period in 2024, mainly due to higher depreciation expense related to capital and leasehold improvements and higher amortization expense of intangible assets associated with our acquisitions. Depreciation as a percentage of net sales remained constant at 0.7% for the nine months ended September 30, 2025 and 2024.

Income before provision for income taxes totaled $482.3 million for the nine months ended September 30, 2025, an increase of $41.2 million, or 9.3%, from $441.1 million for the nine months ended September 30, 2024. The increase was primarily due to our increase in gross margin, partially offset by our increase in SG&A expenses.

Our total provision for income taxes increased $8.7 million, or 7.6%, to $123.2 million for the nine months ended September 30, 2025, compared to $114.5 million for the same period in 2024. The increase in our provision for income taxes year over year resulted from increased pretax income. Our year-to-date effective tax rate was 25.5% for the nine months ended September 30, 2025 compared to 26.0% for 2024. The effective tax rate for the nine months ended September 30, 2025 was higher than the 21.0% U.S. federal statutory rate primarily due to state, local, and foreign income taxes.

Net income attributable to Graybar Electric Company, Inc. for the nine-month period ended September 30, 2025 increased $32.5 million, or 10.0%, to $358.3 million from $325.8 million for the nine months ended September 30, 2024.

**Financial Condition and Liquidity**

We manage our liquidity and capital levels so that we have the capability to invest in the growth of our business, meet debt service obligations, finance anticipated capital expenditures, finance information technology needs, pay dividends, make benefit payments, fund acquisitions, and finance other miscellaneous cash outlays. We believe that maintaining a strong company financial condition enables us to competitively access multiple financing channels and invest in strategic long-term growth plans.

We have historically funded our working capital requirements using cash flows generated from the collection of trade receivables and trade accounts payable terms with our suppliers, supplemented by short-term borrowings on our revolving credit facility, if necessary. Capital expenditures and acquisitions have been financed primarily with cash flows from operating activities and short-term borrowings on our revolving credit facility.

Our cash and cash equivalents at September 30, 2025 were $416.6 million, compared to $90.4 million at December 31, 2024, an increase of $326.2 million. The increase in cash on hand at September 30, 2025 from December 31, 2024 is reflective of strong cash flows from operating activities as a result of effective working capital management. As a result, we had no short-term borrowings at September 30, 2025, compared to short-term borrowings of $22.0 million under the Credit Agreement at December 31, 2024. Current assets exceeded current liabilities by $1,399.8 million at September 30, 2025, an increase of $325.6 million, or 30.3%, from $1,074.2 million at December 31, 2024.

<u>Operating Activities</u>

Net cash flows provided by operating activities for the nine months ended September 30, 2025 was $408.8 million, compared to net cash flows provided by operating activities of $304.2 million for the nine months ended September 30, 2024, an increase of $104.6 million. Net cash provided by operating activities for the nine months ended September 30, 2025 was primarily attributable to net income of $359.1 million, adjusted for non-cash depreciation and amortization expenses of $64.5 million, an increase in trade accounts payable of $276.5 million and an increase in other current liabilities of $155.9 million during the nine months ended September 30, 2025, partially offset by increases in trade receivables of $288.1 million and merchandise inventory levels of $55.8 million and a decrease in other non-current liabilities of $72.9 million from December 31, 2024 to September 30, 2025.

The average number of days of sales in trade receivables for the quarter ended September 30, 2025 increased moderately compared to the quarter ended September 30, 2024. The days in inventory improved modestly for the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024.

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<u>Investing Activities</u>

Net cash used by investing activities totaled $35.5 million for the nine months ended September 30, 2025, compared to net cash used by investing activities of $171.1 million for the same nine-month period in 2024, a decrease of $135.6 million. Cash used by investing activities for the nine months ended September 30, 2025 was primarily the result of capital expenditures of $43.6 million and amounts attributable to acquisitions of $7.2 million, partially offset by insurance proceeds received from a property claim of $10.4 million and proceeds from the disposal of property of $6.0 million. Cash used by investing activities for the nine months ended September 30, 2024 was primarily the result of amounts attributable to acquisitions of $146.3 million and capital expenditures of $37.9 million, partially offset by proceeds from the disposal of property of $13.7 million.

<u>Financing Activities</u>

Net cash used by financing activities for the nine months ended September 30, 2025 totaled $47.1 million, compared to net cash used by financing activities of $29.3 million for the nine months ended September 30, 2024. The increase in cash used was primarily due to net payments on short-term borrowings of $22.0 million during the nine months ended September 30, 2025, compared to no net change in short-term borrowings of for the nine months ended September 30, 2024. Cash dividends paid were $29.3 million during the nine months ended September 30, 2025, compared to $29.1 million during the nine months ended September 30, 2024.

<u>Liquidity</u>

Our cash and cash equivalents at September 30, 2025 were $416.6 million, compared to $90.4 million at December 31, 2024. We also had a $750.0 million unsecured, committed revolving credit facility ("Amended Credit Agreement") with $744.2 million in available capacity at September 30, 2025, compared to available capacity of $724.2 million at December 31, 2024 under the Credit Agreement. At September 30, 2025 and December 31, 2024, we also had two uncommitted, unsecured private placement shelf agreements ("Shelf Agreements"). One of the Shelf Agreements is expected to allow us to issue senior promissory notes up to $200.0 million to PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period ending in August 2026. Our other Shelf Agreement is expected to allow us to issue senior promissory notes up to $200.0 million to MetLife Investment Management, LLC, and MetLife Investment Management Limited (collectively, "MetLife") and each other MetLife affiliate that becomes party to the agreement at fixed or floating rate economic terms to be agreed upon at the time of any issuance during a three-year issuance period ending in June 2027, and thereafter, for successive three-year periods until either party notifies the other party at least 30 days prior to the then applicable stated period end date of its intent not to extend.

We have not issued any notes under the Shelf Agreements as of September 30, 2025 and December 31, 2024. For further discussion related to our Amended Credit Agreement and our Shelf Agreements, refer to Note 5, "Debt", of the notes to the condensed consolidated financial statements located in Item 1., "Financial Statements", of this Quarterly Report on Form 10-Q.

We had total letters of credit of $10.8 million outstanding at September 30, 2025, of which $5.8 million were issued under the Amended Credit Agreement. We had total letters of credit of $9.6 million at December 31, 2024, of which $3.8 million were issued under the Credit Agreement. The letters of credit are issued primarily to support certain workers' compensation insurance policies and support performance under certain customer contracts.

**New Accounting Standards Updates**

Our adoption of new accounting standards is discussed in Note 2, "Summary of Significant Accounting Policies", of the notes to the condensed consolidated financial statements located in Item 1., "Financial Statements", of this Quarterly Report on Form 10-Q.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

There have been no material changes in the policies, procedures, controls, or risk profile from those provided in Item 7A., "Quantitative and Qualitative Disclosures About Market Risk", of our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 4. Controls and Procedures.**

(a) Evaluation of disclosure controls and procedures

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2025, was performed under the supervision and with the participation of management. Based on that evaluation, our management, including the Principal Executive Officer and Principal Financial

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Officer, concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) Changes in internal control over financial reporting

We are in the process of completing a multi-year, strategic business transformation project, which included upgrading our ERP system. This ERP system upgrade has resulted in, and may continue to result in, changes to many of our existing operational, financial, and administrative business processes. We believe this upgrade will enhance our internal control over financial reporting due to improved operational functionality and further integration of related processes. In connection with the ERP system upgrade, we have automated, modified or implemented certain internal controls as appropriate. We will continue to monitor and modify, as needed, the design of our internal control over financial reporting processes to maintain operating effectiveness throughout the remainder of the implementation.

Except as described above, there were no other changes in our internal control over financial reporting during the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

‎

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**PART II – OTHER INFORMATION**

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

Our common stock is 100% owned by active and retired employees, and there is no public trading market for our common stock. Since 1928, substantially all of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. A new Voting Trust Agreement was established effective March 3, 2017, which expires by its terms on March 1, 2027, because under applicable New York law, a voting trust may not have a term greater than ten years. At September 30, 2025, approximately 83% of our outstanding common stock was held in the voting trust. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. Shareholders may elect to participate in the voting trust at any time during the term of the voting trust.

No holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer, or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any cause other than death or "retirement" (as defined in our amended restated certificate of incorporation), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options, and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $20.00 per share.

The following table sets forth information regarding purchases of common stock by the Company, all of which were made pursuant to the foregoing provisions:

**Issuer Purchases of Equity Securities**

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| | | | |
|:---|:---|:---|:---|
| **Period** | **Total Number of<br>‎Shares Purchased** | **Average<br>‎Price Paid<br>‎Per Share** | **Total Number of Shares<br>‎Purchased as Part of Publicly<br>‎Announced Plans or Programs** |
| July 1 - July 31, 2025 | 60654 | $20.00 | N/A |
| August 1 - August 31, 2025 | 75315 | $20.00 | N/A |
| September 1 - September 30, 2025 | 90152 | $20.00 | N/A |
| Total | 226121 | $20.00 | N/A |

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**Item 5. Other Information.** 

(a)On October 27, 2025, Dennis E. DeSousa announced his intent to retire, effective April 1, 2026. In connection with his retirement, Mr. DeSousa also decided not to stand for re-election as a director in 2026. Mr. DeSousa currently serves as Chief of Staff. He will continue to serve as a director of the Company until April 1, 2026.

(c)None of the Company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended September 30, 2025. Such arrangements would not apply to the Company because no holder of our shares may sell, transfer or otherwise dispose of our shares without first offering the Company the option to purchase those shares at the price at which they were issued.

 **‎** 

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**Item 6. Exhibits** **.**

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| | |
|:---|:---|
| 3.1 | [<u>Restated Certificate of Incorporation, as amended to date.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540224000039/c402-20240930xex3_1.htm) |
| 3.2 | [<u>By-laws as amended through June 11, 2025, filed as Exhibit 3.2 to the Company's Current Report on Form 8-K dated June 11, 2025 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540225000028/c402-20250611xex3_2.htm) |
| 4 | [<u>Voting Trust Agreement, dated as of March 3, 2017, a form of which is attached as Exhibit A to the Prospectus dated January 6, 2017, constituting a part of the Company's Registration Statement on Form S-1/A (Registration No. 333-214560), and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000162828017000010/amendmentno1to2017s-1forvo.htm) |
| 9 | Voting Trust Agreement dated as of March 3, 2017, included at Exhibit 4 above. |
| 31.1 | [<u>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Principal Executive Officer</u>](c402-20250930xex31_1.htm) |
| 31.2 | [<u>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Principal Financial Officer</u>](c402-20250930xex31_2.htm) |
| 32.1 | [<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Principal Executive Officer</u>](c402-20250930xex32_1.htm) |
| 32.2 | [<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Principal Financial Officer</u>](c402-20250930xex32_2.htm) |
| 101.INS | XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL contained in Exhibit 101) |

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‎

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
|  | GRAYBAR ELECTRIC COMPANY, INC. |
| October 27, 2025 | /s/ Kathleen M. Mazzarella |
| Date | Kathleen M. Mazzarella |
|  | President and Chief Executive Officer<br>(Principal Executive Officer) |
| October 27, 2025 | /s/ David M. Meyer |
| Date | David M. Meyer |
|  | Senior Vice President and Chief Financial Officer<br>(Principal Financial Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Kathleen M. Mazzarella, certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Graybar Electric Company, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 27, 2025

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| |
|:---|
| /s/ Kathleen M. Mazzarella |
| Kathleen M. Mazzarella |
| President, Chief Executive Officer and Principal Executive Officer |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, David M. Meyer, certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Graybar Electric Company, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 27, 2025

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| |
|:---|
| /s/ David M. Meyer |
| David M. Meyer |
| Senior Vice President and Chief Financial Officer |
| (Principal Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kathleen M. Mazzarella, President and Chief Executive Officer of Graybar Electric Company, Inc. (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Quarterly Report on Form 10-Q of the Company for the period ended September 30 , 202 5 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 27, 2025

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| |
|:---|
| /s/ Kathleen M. Mazzarella |
| Kathleen M. Mazzarella |
| President, Chief Executive Officer and Principal Executive Officer |

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David M. Meyer, Senior Vice President and Chief Financial Officer of Graybar Electric Company, Inc. (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Quarterly Report on Form 10-Q of the Company for the period ended September 30 , 202 5 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 27, 2025

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| |
|:---|
| /s/ David M. Meyer |
| David M. Meyer |
| Senior Vice President and Chief Financial Officer |
| (Principal Financial Officer) |

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