MSC Industrial Direct (MSM) delivered $891.7 million in Q2 2025 revenue, down 4.7% year over year and roughly flat to down mid-single digits on a quarterly basis after a soft December. Gross margin stood at 41.0%, down ~50 basis points from a year earlier, while GAAP operating margin was 7.0% (7.1% on an adjusted basis), reflecting higher prices for aged inventory and a negative mix impact from national accounts and in-plant/vending activities. Net income was $39.3 million and basic diluted EPS was $0.70, down 36% year over year and 16% quarter over quarter. Management underscored a deliberate turnaround playbook centered on: (1) expanding high-touch solutions (in-plant and vending) to drive long‑term stickiness, (2) accelerating e-commerce and website upgrades to improve conversion and discovery, and (3) a tariff/productivity framework built around Made in USA sourcing and supplier productivity to offset tariff headwinds. The company reaffirmed its Q3 guidance of modest top-line decline (down 2% to flat) with an adjusted operating margin in a range of 8.7% to 9.3%, and projected full-year free cash flow at approximately 100% of net income. While near-term visibility remains constrained by macro uncertainty and tariff dynamics, MSM positioned itself to monetize a potential demand rebound through its expanded solutions footprint, an enhanced online experience, and structural cost savings targeted for FY26. Near-term risk remains around continued end-market softness, tariff evolution, and the potential for mix-shift pressures as in-plant/vending programs scale.