8 unchanged sentences
dollar value resulting from anticipated currency transactions and net monetary asset and liability positions.
−Removed: At December 27, 2024, the currencies to which the Company had the most significant balance sheet exchange rate exposure were the euro, Swiss franc, Canadian dollar, British pound, Japanese yen, Australian dollar, Chinese renminbi, South Korean won and Indian rupee.
+Added: At December 26, 2025, the currencies to which the Company had the most significant balance sheet exchange rate exposure were the euro, Swiss franc, Canadian dollar, British pound, Japanese yen, Australian dollar, Chinese renminbi, South Korean won, Brazilian real and Indian rupee.
It is not possible to determine the true impact of currency rate changes;
however, the direct translation effect on net sales and net earnings can be estimated.
−Removed: In 2024, changes in currency translation rates reduced sales by approximately $6 million and reduced net earnings by approximately $3 million.
+Added: In 2025, changes in currency translation rates increased sales by approximately $13 million and increased net earnings by approximately $3 million.
In 2024, changes in currency translation rates reduced sales by approximately $3 million and reduced net earnings by approximately $3 million.
−Removed: Entering 2025, overall incoming order rates remain steady in an uncertain macroeconomic environment.
−Removed: Demand in China and for semiconductor products appear to have stabilized.
−Removed: The Company's reorganization into global businesses, centered around common customers and distributors, has been completed and is designed with the intention of driving incremental profitable growth.
−Removed: The Company remains committed to its core growth strategies of developing new products, expanding distribution, seeking adjacent markets and new geographies, and pursuing strategic acquisitions.
−Removed: As a result, the Company's outlook for 2025 is low single-digit revenue growth on an organic, constant currency basis.
−Removed: At January 31, 2025 exchange rates, assuming the same volumes, mix of products and mix of business by currency as in 2024, the movement in foreign currencies would have an unfavorable impact of approximately 1 percentage point on net sales and 2 percentage points on net earnings for 2025.
+Added: Entering 2026, Graco remains committed to its key initiatives:
+Added: driving product innovation, pursuing strategic acquisitions, and advancing the One Graco operating model.
+Added: For 2026, the Company expects low single‑digit organic sales growth on a constant‑currency basis and mid‑single‑digit sales growth on a constant‑currency basis including acquisitions.
+Added: At January 26, 2026 exchange rates, assuming the same volumes, mix of products and mix of business by currency as in 2025, the movement in foreign currencies would have a favorable impact of approximately 1 percentage point on net sales and net earnings for 2026.
The Company's backlog is not a good indicator of future long-term business levels.
2 unchanged sentences
The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so.
−Removed: From time to time various forms filed by our Company with the Securities and Exchange Commission, including this Form 10-K and our Form 10-Qs and Form 8-Ks, and other disclosures, including our overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements.
+Added: From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our 2025 Overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements.
Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future.
3 unchanged sentences
Future results could differ materially from those expressed, due to the impact of changes in various factors.
−Removed: These risk factors include, but are not limited to, risks relating to the demand for our products and the level of commercial and industrial activity worldwide;
+Added: These risk factors include, but are not limited to, risks relating to the demand for our products and the level of commercial, industrial and construction activity worldwide;
changes in currency translation rates;
−Removed: international and domestic political instability;
+Added: international and domestic instability;
interest rate fluctuations and changes in credit markets;
global sourcing of materials;
+Added: inflationary cost pressures and our ability to raise prices without decreasing demand for our products;
interruptions of or intrusions into our information systems;
intellectual property rights;
−Removed: the use of generative artificial intelligence;
+Added: the use of generative artificial intelligence and other emerging technologies;
conducting business internationally;
11 unchanged sentences
compliance with anti-corruption and trade laws;
−Removed: changes in tax rates or the adoption of new tax legislation;
−Removed: costs associated with legal proceedings;
+Added: changes in tax or tariff rates or the adoption of new tax or tariff legislation;
+Added: and costs associated with legal proceedings;
and other risks and uncertainties including those discussed in Item 1A of this Form 10-K.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.