What changed in this filing

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Item 1. Business

2026-03-02 compared with 2025-02-19 · 112 added, 102 removed, 211 unchanged (50% of the section changed)

ITEM 1—BUSINESS

Company Overview

Sturm, Ruger & Company, Inc.

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in the United States and almost all product content is domestic.

The Company has been in business since 1949 and

was incorporated in its present form under the laws of Delaware in 1969.

The Company primarily offers products in three industry product

categories – rifles, pistols, and revolvers.

The Company has been in business since 1949 and was

incorporated in its present form under the laws of Delaware in 1969.

The Company primarily offers products in four industry product categories

– rifles, pistols, shotguns, and revolvers.

The Company’s firearms are sold through independent wholesale distributors, principally

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of the Company's net sales for the aforementioned periods was attributable to its castings operations.

Firearms Products

The Company presently manufactures firearm products,

The Company presently offers firearm products,

under the “Ruger” name and trademark, in the following industry categories:

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Centerfire autoloading

In addition, the Company manufactures lever-action

rifles under the “Marlin” name and trademark.

In addition, the Company offers lever-action rifles

under the “Marlin” name and trademark and bolt-action rifles under the “Glenfield” name and trademark.

Most firearms are available in several models

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of revenues for the years 2025, 2024, and 2023, respectively.

A shotgun is a long gun with a smooth barrel interior

which fires lead or steel pellets.

Sales of shotguns by the Company accounted for approximately $0.1 million of revenues for 2025.

sales were de minimis for 2024 and 2023.

The Company also manufactures and sells accessories

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the years 2025, 2024, and 2023, respectively.

Castings Products

Net sales attributable to the Company’s

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at the Mayodan, North Carolina facility.

Some rifle models are manufactured at the Hebron, Kentucky facility, which was acquired in July

Many of the basic metal component parts of the

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See "Manufacturing- Investment Castings and Metal Injected Moldings" below for a description of these processes.

Company believes that investment castings and MIM parts provide greater design flexibility and result in component parts which are generally

close to their ultimate shape and, therefore, require less machining than processes requiring machining a

solid billet of metal to obtain

Through the use of investment castings and MIM parts, the Company endeavors to produce durable and less costly component parts

for its firearms.

believes that investment castings and MIM parts provide greater design flexibility and result in component parts which are generally close

to their ultimate shape and, therefore, require less machining than processes requiring machining a solid billet of metal to obtain a

Through the use of investment castings and MIM parts, the Company endeavors to produce durable and less costly component parts for

its firearms.

All assembly, inspection, and testing of firearms

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manufactured by the Company, is test-fired prior to shipment.

Investment Castings and Metal Injection Moldings

Castings and Metal Injection Moldings

To produce a product by the investment casting

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high volume production while eliminating many of the wastes of traditional metal working methods, yielding net shape and near net shape

Marketing and Distribution

and Distribution

The Company's firearms are primarily marketed

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Lipsey’s – 28%;

Davidson’s - 19%;

and Sports South

Sports South - 18%;

and Davidson’s

In 2023, the Company’s largest customers

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Because the ultimate demand for the Company's firearms comes from end

users rather than from the independent wholesale distributors, the Company believes that the loss

of any distributor would not have a

users rather than from the independent wholesale distributors, the Company believes that the loss of any distributor would not have a

material, long-term adverse effect on the Company, but may have a material adverse effect on the Company’s financial results for

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Foreign sales were 5%, 5%, and 6% of the Company’s consolidated net sales for 2025, 2024, and 2023, respectively.

Investment Castings and Metal Injection Moldings

Castings and Metal Injection Moldings

The castings segment provides castings and MIM

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The Company believes that it can compete effectively with all of its present

Investment Castings and Metal Injection Moldings

Castings and Metal Injection Moldings

There are a large number of investment castings

and MIM manufacturers, both domestic and foreign, with which the Company competes.

Competition varies based on the type of investment

castings products and the end use of the product.

Companies offering alternative methods of manufacturing such as wire electric discharge

machining (EDM) and advancements in computer numeric controlled (CNC) machining also compete with the Company’s castings segment.

Many of these competitors are larger corporations than the Company with substantially greater financial resources than the Company, which

could affect the Company’s ability to compete with these competitors.

The principal methods of competition in the industry are quality,

price, and production lead time.

Human Capital

Competition varies by product type and end use.

offering alternative manufacturing methods, such as wire electric discharge machining (EDM) and computer numeric controlled (CNC) machining,

also compete with the Company’s castings segment.

Many of these competitors are larger corporations than the Company and have substantially

greater financial resources, which could affect the Company’s ability to compete with them.

The principal methods of competition

in the industry are quality, price, and production lead time.

is an equal opportunity employer dedicated to the attraction, development, and retention of our employees by providing a preferred work

environment that promotes and celebrates our core values of Integrity, Respect, Innovation and Teamwork.

Our goal is to develop, motivate,

retain and reward passionate and dedicated employees.

environment that promotes and

our core values of Integrity, Respect, Innovation and Teamwork.

Our goal is to develop, motivate, retain and reward passionate and dedicated

As of February 9, 2026, the Company employed approximately

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by offering competitive compensation packages, which include:

● Base wages,

Profit sharing,

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skills of each employee, and

● Allow employees to positively change their own

lives while creating value for all Ruger stakeholders.

Allow employees to positively change their own lives

while creating value for all Ruger stakeholders.

In addition to providing a competitive compensation

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Program” are two active programs that guide the Company’s practices to achieve these goals.

To assess and improve employee retention and engagement,

the Company surveys employees on an annual basis with the assistance of a third-party consultant, and takes actions to address areas of

employee concern and build on the competencies that are important for our future success.

Research and Development

and Development

In 2025, 2024, and 2023, the Company spent approximately

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approximately 55 employees whose primary responsibilities were research and development activities.

Patents and Trademarks

and Trademarks

The Company owns various United States and foreign

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It is the policy of the Company

to apply for patents and trademarks whenever new products or processes deemed commercially

valuable are developed or marketed by the Company.

to apply for patents and trademarks whenever new products or processes deemed commercially valuable are developed or marketed by the Company.

The Company deems its patents and trademarks to be valuable and therefore works to police and protect them.

Environmental Matters

Environmental

The Company is committed to achieving high standards

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but could have a material adverse effect on the financial results for a particular period.

Information about our Executive Officers

about our Executive Officers

Set forth below are the names, ages, and positions

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Officers serve at the discretion of the Board of Directors of the Company.

Position With Company

Christopher J.

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(effective March 1, 2025)

Senior Vice President, Treasurer, and Chief Financial Officer

Vice President, General Counsel, and Corporate Secretary

Vice President, Sales

Vice President, Administration

Vice President of Manufacturing Operations

Vice President of New Product Development

Senior Vice President, Treasurer,

and Chief Financial Officer

Vice President, General Counsel,

and Corporate Secretary (until May 29, 2025)

Senior Vice President, Corporate

Secretary and General Counsel (effective May 29, 2025)

Senior Vice President of Sales and

Product Strategy

Senior Vice President of Operations

and Engineering

Werkmeister, Jr.

Vice President of Marketing

Senior Vice President of Marketing

and Customer Experience

Senior Vice President of Strategy

and Business Development

Vice President of Manufacturing

Operations (until September 30, 2025)

Christopher J.

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Killoy originally joined the Company in 2003 as Executive

Director of Sales and Marketing, and subsequently served as Vice

President of Sales and Marketing from

November 1, 2004 to January 25, 2005.

Killoy will step down as President & Chief Executive Officer on March 1, 2025 and then

serve as a Special Advisor through his planned retirement from the Company in May 2025.

Seyfert will become President & Chief

Executive Officer on March 1, 2025.

Director of Sales and Marketing, and subsequently served as Vice President of Sales and Marketing from November 1, 2004 to January 25,

Killoy stepped down as President & Chief Executive Officer on March 1, 2025 and served as a Special Advisor through his

planned retirement from the Company in May 2025.

Killoy currently serves on the Company’s Board of Directors.

Seyfert became President & Chief Executive

Officer on March 1, 2025.

Previously, Mr.

Seyfert served as the President of Segment Land Vehicles Americas at Dometic Group

AB since January 2024.

Seyfert served as the President of Segment Land Vehicles Americas at Dometic Group AB since

January 2024.

Prior to that Mr.

Seyfert served as the Chief Executive Officer of FeraDyne Outdoors, LLC, a leading manufacturer

of premium archery and hunting products from February 2016 through May 2023.

Seyfert served as the Chief Executive Officer of FeraDyne Outdoors, LLC, a leading manufacturer of premium

archery and hunting products from February 2016 through May 2023.

Dineen became Senior Vice President

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in July 2001 as an Assistant General Counsel.

Leska became Vice President, Sales on

November 6, 2015.

Leska joined the Company in 1989 and has served in a variety of positions in the sales department.

Most recently,

Reid stepped down as General Counsel, and Corporate Secretary as of May 29, 2025 and

as Vice President on June 30, 2025 and will serve as Senior Counsel to the Company until his planned retirement from the Company on June

Colbert became Senior Vice President, Corporate

Secretary and General Counsel on February 11, 2026 after previously being appointed Vice President, Corporate Secretary, and General Counsel

on May 29, 2025.

She previously served as Vice President of Administration since June 1, 2017.

Colbert has served the Company in various

human resource and legal capacities since joining the Company in 2011.

Leska became Senior Vice President of Sales

and Product Strategy on February 11, 2026.

Previously, he served as Vice President of Sales and Product Strategy since July 16, 2025 and

Vice President, Sales since November 6, 2015.

Leska joined the Company in 1989 and has served in a variety of positions in the sales

Most recently, Mr.

Leska served as Director of Sales since 2011.

Colbert became Vice President of Administration

on June 1, 2017.

Colbert has served the Company in various human resource and legal capacities since joining the Company in 2011.

Lowney became Vice President of Manufacturing

Operations on June 15, 2023.

Previously, he served as the Company’s Vice President of Operations for Newport, Prescott and RPM Manufacturing

since June 15, 2023.

Lowney joined the Company in January 2007.

Wilson became Vice President of New

Product Development on April 1, 2024.

Previously, he served as the Company’s Vice President of Operations for New Product Development,

Product Engineering and Mayodan Manufacturing since June 15, 2023.

Wilson became Senior Vice President of

Operations and Engineering on February 11, 2026.

Previously, he served as Vice President of New Product Development since May 21, 2025,

Vice President of Operations and Engineering since

April 1, 2024 and Vice President of Operations for New Product Development, Product Engineering and Mayodan Manufacturing since June 15,

Wilson joined the Company in July 2007.

Werkmeister, Jr.

became Vice President

of Marketing upon joining the Company on June 1, 2017.

Werkmeister has served as the Company’s Director of Marketing since January

2013 as President and founder of Symbolic, Inc., a full-service marketing agency.

While with Symbolic, Rob began working with Ruger as

a client in 2002 and has been the primary strategic marketing driver for the Ruger account since 2007.

Where You Can Find More Information

became Senior Vice President

of Marketing and Customer Experience on February 11, 2026.

Werkmeister had served as the Company’s Vice President of Marketing

and Customer Experience since July 11, 2025, Vice President of Marketing since joining the Company on June 1, 2017 and Director of Marketing

since January 2013 as President and founder of Symbolic, Inc., a full-service marketing agency.

While with Symbolic, Rob began working

with Ruger as a client in 2002 and has been the primary strategic marketing driver for Ruger since 2007.

Quinn was named Senior Vice President

of Strategy and Business Development on February 11, 2026 after recently being appointed Vice President of Strategy and Business Development

on April 14, 2025.

Before joining Ruger, Mr.

Quinn held high-impact roles at organizations such as United Airlines, Strategy&

(PwC's global strategy consulting business), and most recently, as Director of Strategic Initiatives at Dometic Corporation.

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The Company is subject to the informational requirements

of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and accordingly, files its Annual Report on Form

10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements, Current Reports on Form 8-K, and

other information with the Securities

10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements, Current Reports on Form 8-K, and other information with the Securities

and Exchange Commission (the “SEC”).

As an electronic filer, the Company's public filings are maintained on the SEC's Internet

site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the

As an electronic filer, the Company's public filings are maintained on the SEC's website

that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The address of that website is http://www.sec.gov.

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Quarterly Reports on Form 10-Q, Definitive Proxy Statements, Current Reports on Form 8-K and amendments to those reports filed or furnished

pursuant to Section 13(a) or 15(d) of the Exchange Act accessible free of charge through the Company's Internet site after the Company

has electronically filed such material with, or furnished it to, the SEC.

pursuant to Section 13(a) or 15(d) of the Exchange Act accessible free of charge through the Company's website after the Company has electronically

filed such material with, or furnished it to, the SEC.

The address of that website is http://www.ruger.com.

such reports may not be accessible through the Company's website as promptly as they are accessible on the SEC’s website.

However, such reports may

not be accessible through the Company's website as promptly as they are accessible on the SEC’s website.

Additionally, the Company’s corporate governance

materials, including its Corporate Governance Guidelines, the charters of the Audit, Compensation, Nominating and Corporate Governance,

Risk Oversight and Capital Policy committees, and the Code of Business Conduct and Ethics may also be found under the “Investor

Relations” subsection of the “Corporate” section of the Company’s Internet site at http://www.ruger.com/corporate.

A copy of the foregoing corporate governance materials is available upon written request to the Corporate Secretary at Sturm, Ruger &

Company, Inc., 1 Lacey Place, Southport, Connecticut 06890.

materials, including its Corporate Governance Guidelines, the charters of the Audit, Compensation, and Nominating and Corporate Governance

committees, and the Code of Business Conduct and Ethics may also be found under the “Investor Relations” subsection of the

“Corporate” section of the Company’s website at http://www.ruger.com/corporate.

A copy of the foregoing corporate governance

available upon written request to the Corporate

Secretary at Sturm, Ruger & Company, Inc., 1 Lacey Place, Southport, Connecticut 06890.

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.

What changed 10-K

Item 1. Business