What changed in this filing

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Item 1. Financial Statements

2025-10-16 compared with 2025-07-17 · 210 added, 188 removed, 1124 unchanged (26% of the section changed)

3 unchanged sentences

(Amounts in millions, except per share data)

Three Months Ended Six Months Ended

June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Three Months Ended Nine Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Net sales $ 1,190.8 $ 1,147.0 $ 3,511.3 $ 3,508.7

26 unchanged sentences

(Amounts in millions)

Three Months Ended Six Months Ended

June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Three Months Ended Nine Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Comprehensive income (loss):

4 unchanged sentences

Defined benefit pension and postretirement plans:

Amortization of net unrecognized losses

Amortization of net unrecognized losses and prior service costs

5.3 2.0 15.9 6.0

11 unchanged sentences

(Amounts in millions, except share data)

September 27,

2025 December 28, 2024

27 unchanged sentences

(Amounts in millions, except share data)

September 27,

2025 December 28, 2024

35 unchanged sentences

(Amounts in millions, except share data)

The following summarizes the changes in total equity for the three month period ended June 28, 2025:

The following summarizes the changes in total equity for the three month period ended September 27, 2025:

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

Balance at March 29, 2025 $ 67.5 $ 543.5 $ 7,712.4 $ ( 499.5 ) $ ( 2,303.1 ) $ 23.3 $ 5,544.1

Net earnings for the three months ended June 28, 2025

Balance at June 28, 2025 $ 67.5 $ 563.3 $ 7,850.5 $ ( 402.5 ) $ ( 2,363.3 ) $ 24.0 $ 5,739.5

Net earnings for the three months ended September 27, 2025

— — 265.4 — — 6.4 271.8

6 unchanged sentences

Other — — ( 0.5 ) — — ( 5.6 ) ( 6.1 )

Balance at June 28, 2025 $ 67.5 $ 563.3 $ 7,850.5 $ ( 402.5 ) $ ( 2,363.3 ) $ 24.0 $ 5,739.5

The following summarizes the changes in total equity for the six month period ended June 28, 2025:

Balance at September 27, 2025 $ 67.5 $ 572.4 $ 8,003.9 $ ( 393.7 ) $ ( 2,431.1 ) $ 24.8 $ 5,843.8

The following summarizes the changes in total equity for the nine month period ended September 27, 2025:

Shareholders’ Equity Attributable to Snap-on Incorporated

7 unchanged sentences

Balance at December 28, 2024 $ 67.5 $ 557.7 $ 7,584.3 $ ( 575.0 ) $ ( 2,240.4 ) $ 22.9 $ 5,417.0

Net earnings for the six months ended June 28, 2025

Net earnings for the nine months ended September 27, 2025

— — 756.2 — — 19.1 775.3

6 unchanged sentences

Other — — ( 1.1 ) — — ( 17.2 ) ( 18.3 )

Balance at June 28, 2025 $ 67.5 $ 563.3 $ 7,850.5 $ ( 402.5 ) $ ( 2,363.3 ) $ 24.0 $ 5,739.5

Balance at September 27, 2025 $ 67.5 $ 572.4 $ 8,003.9 $ ( 393.7 ) $ ( 2,431.1 ) $ 24.8 $ 5,843.8

See Notes to Condensed Consolidated Financial Statements.

The following summarizes the changes in total equity for the three month period ended June 29, 2024:

The following summarizes the changes in total equity for the three month period ended September 28, 2024:

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

Balance at March 30, 2024 $ 67.5 $ 527.4 $ 7,113.1 $ ( 493.3 ) $ ( 2,073.7 ) $ 22.3 $ 5,163.3

Net earnings for the three months ended June 29, 2024

Balance at June 29, 2024 $ 67.5 $ 542.8 $ 7,286.0 $ ( 504.8 ) $ ( 2,105.2 ) $ 22.6 $ 5,308.9

Net earnings for the three months ended September 28, 2024

— — 251.1 — — 6.4 257.5

Other comprehensive loss — — — ( 11.5 ) — — ( 11.5 )

Other comprehensive income — — — 80.1 — — 80.1

Cash dividends – $ 1.86 per share

4 unchanged sentences

Other — — ( 0.2 ) — — ( 6.3 ) ( 6.5 )

Balance at June 29, 2024 $ 67.5 $ 542.8 $ 7,286.0 $ ( 504.8 ) $ ( 2,105.2 ) $ 22.6 $ 5,308.9

The following summarizes the changes in total equity for the six month period ended June 29, 2024:

Balance at September 28, 2024 $ 67.5 $ 549.0 $ 7,439.0 $ ( 424.7 ) $ ( 2,155.8 ) $ 22.7 $ 5,497.7

The following summarizes the changes in total equity for the nine month period ended September 28, 2024:

Shareholders’ Equity Attributable to Snap-on Incorporated

7 unchanged sentences

Balance at December 30, 2023 $ 67.5 $ 545.5 $ 6,948.5 $ ( 449.5 ) $ ( 2,040.7 ) $ 22.1 $ 5,093.4

Net earnings for the six months ended June 29, 2024

Net earnings for the nine months ended September 28, 2024

— — 785.8 — — 18.9 804.7

Other comprehensive loss — — — ( 55.3 ) — — ( 55.3 )

Other comprehensive income — — — 24.8 — — 24.8

Cash dividends – $ 5.58 per share

4 unchanged sentences

Other — — ( 1.2 ) — — ( 18.3 ) ( 19.5 )

Balance at June 29, 2024 $ 67.5 $ 542.8 $ 7,286.0 $ ( 504.8 ) $ ( 2,105.2 ) $ 22.6 $ 5,308.9

Balance at September 28, 2024 $ 67.5 $ 549.0 $ 7,439.0 $ ( 424.7 ) $ ( 2,155.8 ) $ 22.7 $ 5,497.7

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Amounts in millions)

Six Months Ended

June 28, 2025 June 29, 2024

Nine Months Ended

September 27, 2025 September 28, 2024

Operating activities:

6 unchanged sentences

Stock-based compensation expense 21.7 21.5

Deferred income tax provision (benefit) 0.1 ( 4.4 )

Deferred income tax benefit ( 0.7 ) ( 7.2 )

Gain on sales of assets ( 0.1 ) ( 0.5 )

15 unchanged sentences

Financing activities:

Net increase in other short-term borrowings 4.0 0.4

Net increase (decrease) in other short-term borrowings 7.9 ( 0.9 )

Cash dividends paid ( 335.5 ) ( 294.1 )

17 unchanged sentences

These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Snap-on’s 2024 Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (“2024 year end”).

The company’s 2025 fiscal second quarter ended on June 28, 2025, and its 2024 fiscal second quarter ended on June 29, 2024.

The company’s 2025 and 2024 fiscal second quarters each contained 13 weeks of operating results.

The company’s 2025 fiscal third quarter ended on September 27, 2025, and its 2024 fiscal third quarter ended on September 28, 2024.

The company’s 2025 and 2024 fiscal third quarters each contained 13 weeks of operating results.

The company’s 2025 fiscal year, which ends on January 3, 2026, will contain 53 weeks of operating results, with the additional week occurring in the fourth quarter.

1 unchanged sentence

Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and six month periods ended June 28, 2025, and June 29, 2024, have been made.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and nine month periods ended September 27, 2025, and September 28, 2024, have been made.

Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.

7 unchanged sentences

New accounting standards:

In September 2025, the FASB issued ASU No.

2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software , which removes all references to software development project stages so that the guidance is neutral to different software development methods.

Therefore, under the ASU, software capitalization will begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended.

2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

The guidance is to be applied on a prospective basis, or on a modified transition approach or a retrospective transition approach;

this ASU allows for early adoption.

The adoption of this ASU is not expected to have a material impact on Snap-on’s Condensed Consolidated Financial Statements.

In July 2025, the FASB issued ASU No.

2025-05, Financial Instruments-Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which allows entities to elect a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset.

2025-05 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.

The guidance is to be applied on a prospective basis;

this ASU allows for early adoption.

The adoption of this ASU is not expected to have a material impact on Snap-on’s Condensed Consolidated Financial Statements.

In November 2024, the FASB issued ASU No.

5 unchanged sentences

The adoption of this ASU is not expected to have a material impact on Snap-on’s Condensed Consolidated Financial Statements.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

In December 2023, the FASB issued ASU No.

6 unchanged sentences

Snap-on recognizes revenue from the sale of tools, diagnostics, equipment, and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Revenue Disaggregation:

The following table shows the consolidated revenues by revenue source:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Revenue from contracts with customers $ 1,182.1 $ 1,139.3 $ 3,486.3 $ 3,486.5

10 unchanged sentences

The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:

For the Three Months Ended June 28, 2025

For the Three Months Ended September 27, 2025

Commercial Snap-on Repair Systems

10 unchanged sentences

Total revenue $ 367.7 $ 506.0 $ 464.8 $ 101.1 $ ( 147.7 ) $ 1,291.9

For the Six Months Ended June 28, 2025

* North America is comprised of the United States, Canada and Mexico.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Nine Months Ended September 27, 2025

Commercial Snap-on Repair Systems

9 unchanged sentences

Total revenue $ 1,059.4 $ 1,459.9 $ 1,409.3 $ 304.9 $ ( 417.3 ) $ 3,816.2

* North America is comprised of the United States, Canada and Mexico.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Three Months Ended June 29, 2024

For the Three Months Ended September 28, 2024

Commercial Snap-on Repair Systems

9 unchanged sentences

Total revenue $ 365.7 $ 500.5 $ 422.7 $ 100.4 $ ( 141.9 ) $ 1,247.4

For the Six Months Ended June 29, 2024

For the Nine Months Ended September 28, 2024

Commercial Snap-on Repair Systems

13 unchanged sentences

The following tables represent external net sales disaggregated by customer type:

For the Three Months Ended June 28, 2025

For the Three Months Ended September 27, 2025

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 367.7 $ 506.0 $ 464.8 $ 101.1 $ ( 147.7 ) $ 1,291.9

For the Six Months Ended June 28, 2025

For the Nine Months Ended September 27, 2025

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 1,059.4 $ 1,459.9 $ 1,409.3 $ 304.9 $ ( 417.3 ) $ 3,816.2

For the Three Months Ended June 29, 2024

For the Three Months Ended September 28, 2024

Commercial Snap-on Repair Systems

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Six Months Ended June 29, 2024

For the Nine Months Ended September 28, 2024

Commercial Snap-on Repair Systems

23 unchanged sentences

Contracts with customers are comprised of customer purchase orders, invoices and written contracts.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For certain performance obligations related to software subscriptions, extended warranty and other subscription agreements that are settled over time, Snap-on has elected not to disclose the value of unsatisfied performance obligations for:

3 unchanged sentences

The remaining duration of these unsatisfied performance obligations range from one month up to 60 months.

Snap-on had $ 197.7 million of long-term contracts that have fixed consideration that extends beyond one year as of June 28, 2025.

Snap-on had $ 199.1 million of long-term contracts that have fixed consideration that extends beyond one year as of September 27, 2025.

Snap-on expects to recognize approximately 55 % of these contracts as revenue by the end of fiscal 2026, an additional 40 % by the end of fiscal 2028, and the balance thereafter.

2 unchanged sentences

The timing of payment is typically on a monthly, quarterly or annual basis.

The balance of total contract liabilities was $ 76.7 million and $ 63.8 million at June 28, 2025, and December 28, 2024, respectively.

The balance of total contract liabilities was $ 74.7 million and $ 63.8 million at September 27, 2025, and December 28, 2024, respectively.

The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion of such liabilities is included in “Other long-term liabilities” on the accompanying Condensed Consolidated Balance Sheets.

During the three and six months ended June 28, 2025, Snap-on recognized $ 11.1 million and $ 48.1 million of revenue that was included in the contract liability balance at December 28, 2024, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

During the three and nine months ended September 27, 2025, Snap-on recognized $ 6.3 million and $ 54.4 million of revenue that was included in the contract liability balance at December 28, 2024, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Trade and other accounts receivable:

Snap-on’s trade and other accounts receivable primarily arise from the sale of tools, diagnostics, and equipment products to a broad range of industrial and commercial customers and to Snap-on’s independent franchise van channel with payment terms generally ranging from 30 to 120 days.

The components of Snap-on’s trade and other accounts receivable as of June 28, 2025, and December 28, 2024, are as follows:

(Amounts in millions) June 28,

The components of Snap-on’s trade and other accounts receivable as of September 27, 2025, and December 28, 2024, are as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

2 unchanged sentences

Total trade and other accounts receivable – net $ 925.7 $ 815.6

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and six month periods ended June 28, 2025, and June 29, 2024:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and nine month periods ended September 27, 2025, and September 28, 2024:

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Allowances for credit losses:

6 unchanged sentences

End of period $ 41.2 $ 38.1 $ 41.2 $ 38.1

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Finance and contract receivables:

6 unchanged sentences

Finance and contract receivables are generally secured by the underlying tools, diagnostics and/or equipment products financed and, for contracts to franchisees, other franchisee assets.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of Snap-on’s current finance and contract receivables as of June 28, 2025, and December 28, 2024, are as follows:

(Amounts in millions) June 28,

The components of Snap-on’s current finance and contract receivables as of September 27, 2025, and December 28, 2024, are as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

20 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 28, 2025, and December 28, 2024, are as follows:

(Amounts in millions) June 28,

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 27, 2025, and December 28, 2024, are as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

33 unchanged sentences

However, customer receivables are monitored prior to becoming 30 days past due.

The amortized cost basis of finance and contract receivables by origination year as of June 28, 2025, and charge-offs recorded in the six months ended June 28, 2025, by origination year, are as follows:

The amortized cost basis of finance and contract receivables by origination year as of September 27, 2025, and charge-offs recorded in the nine months ended September 27, 2025, by origination year, are as follows:

(Amounts in millions) 2025 2024 2023 2022 2021 Prior Total

37 unchanged sentences

The allowances for credit losses are adjusted each period for changes in the credit risk and expected lifetime credit losses.

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six month periods ended June 28, 2025, and June 29, 2024:

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and nine month periods ended September 27, 2025, and September 28, 2024:

Three Months Ended

June 28, 2025 Six Months Ended

June 28, 2025

September 27, 2025 Nine Months Ended

September 27, 2025

(Amounts in millions) Finance

12 unchanged sentences

Three Months Ended

June 29, 2024 Six Months Ended

June 29, 2024

September 28, 2024 Nine Months Ended

September 28, 2024

(Amounts in millions) Finance Receivables Contract Receivables Finance Receivables Contract Receivables

13 unchanged sentences

In limited instances, Snap-on’s financial services business may modify certain receivables.

The amount and number of finance and contract receivable modifications as of June 28, 2025, and December 28, 2024, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

The amount and number of finance and contract receivable modifications as of September 27, 2025, and December 28, 2024, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The aging of finance and contract receivables as of June 28, 2025, and December 28, 2024, is as follows:

The aging of finance and contract receivables as of September 27, 2025, and December 28, 2024, is as follows:

(Amounts in millions) 30-59

2 unchanged sentences

Past Due Total Greater

June 28, 2025:

September 27, 2025:

Finance receivables $ 24.7 $ 15.5 $ 27.1 $ 67.3 $ 1,923.7 $ 1,991.0 $ 23.1

17 unchanged sentences

Such finance and contract receivables are covered by the company’s respective allowances for credit losses and are written-off against the allowances when appropriate.

The amount of finance and contract receivables on nonaccrual status as of June 28, 2025, and December 28, 2024, is as follows:

(Amounts in millions) June 28,

The amount of finance and contract receivables on nonaccrual status as of September 27, 2025, and December 28, 2024, is as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

4 unchanged sentences

Inventories by major classification are as follows:

(Amounts in millions) June 28,

(Amounts in millions) September 27,

2025 December 28, 2024

5 unchanged sentences

Total inventories – net $ 1,024.5 $ 943.4

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 62 % and 57 % of total inventories as of June 28, 2025, and December 28, 2024, respectively.

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 63 % and 57 % of total inventories as of September 27, 2025, and December 28, 2024, respectively.

The company accounts for its non-U.S.

inventory on the FIFO method.

As of June 28, 2025, approximately 40 % of the company’s U.S.

As of September 27, 2025, approximately 41 % of the company’s U.S.

inventory was accounted for using the FIFO method and 59 % was accounted for using the last-in, first-out (“LIFO”) method.

There were no LIFO inventory liquidations in the three and six month periods ended June 28, 2025, and June 29, 2024.

There were no LIFO inventory liquidations in the three and nine month periods ended September 27, 2025, and September 28, 2024.

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by segment for the six months ended June 28, 2025, are as follows:

The changes in the carrying amount of goodwill by segment for the nine months ended September 27, 2025, are as follows:

(Amounts in millions) Commercial

4 unchanged sentences

Currency translation 31.7 — 17.3 49.0

Balance as of June 28, 2025 $ 344.7 $ 12.4 $ 745.5 $ 1,102.6

Balance as of September 27, 2025 $ 347.3 $ 12.4 $ 746.1 $ 1,105.8

Additional disclosures related to other intangible assets are as follows:

June 28, 2025 December 28, 2024

September 27, 2025 December 28, 2024

(Amounts in millions) Gross Carrying Value Accumulated

15 unchanged sentences

Provisions for the impairment of goodwill and/or other intangible assets could arise in a future period due to significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, changes in key personnel or litigation, a sustained decrease in share price and/or other events.

As of June 28, 2025, the company had no accumulated impairment losses.

As of September 27, 2025, the company had no accumulated impairment losses.

The weighted-average amortization periods related to other intangible assets are as follows:

4 unchanged sentences

Intangible asset renewal costs are expensed as incurred.

The aggregate amortization expense was $ 5.9 million and $ 11.6 million for the respective three and six month periods ended June 28, 2025, and $ 6.4 million and $ 12.7 million for the respective three and six month periods ended June 29, 2024.

The aggregate amortization expense was $ 5.7 million and $ 17.3 million for the respective three and nine month periods ended September 27, 2025, and $ 6.3 million and $ 19.0 million for the respective three and nine month periods ended September 28, 2024.

Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $ 23.0 million in 2025, $ 19.6 million in 2026, $ 17.1 million in 2027, $ 13.3 million in 2028, $ 8.5 million in 2029, and $ 8.2 million in 2030.

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.3 % and 22.4 % in the first six months of fiscal 2025 and 2024, respectively.

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.4 % and 22.6 % in the first nine months of fiscal 2025 and 2024, respectively.

Snap-on and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions.

5 unchanged sentences

Short-term and Long-term Debt

Short-term and long-term debt as of June 28, 2025, and December 28, 2024, consisted of the following:

(Amounts in millions) June 28,

Short-term and long-term debt as of September 27, 2025, and December 28, 2024, consisted of the following:

(Amounts in millions) September 27,

2025 December 28, 2024

11 unchanged sentences

The Credit Facility contains an accordion feature that, subject to certain customary conditions, may allow the maximum commitment to be increased by up to $ 450 million with the approval of the lenders providing additional commitments.

No amounts were borrowed or outstanding under the Credit Facility during the six months ended and as of June 28, 2025.

No amounts were borrowed or outstanding under the Credit Facility during the nine months ended and as of September 27, 2025.

Borrowings under the Credit Facility bear interest at varying rates based on either:

4 unchanged sentences

Snap-on may, up to two times during any five-year period during the term of the Credit Facility (including any extensions thereof), elect to increase the maximum Leverage Ratio to 0.65 to 1.00 and/or increase the maximum Consolidated Net Debt to EBITDA Ratio to 4.00 to 1.00 for four consecutive fiscal quarters in connection with certain material acquisitions (as defined in the related credit agreement).

As of June 28, 2025, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.03 ) and ( 0.11 ), respectively.

As of September 27, 2025, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.04 ) and ( 0.16 ), respectively.

Both ratios are within the permitted ranges set forth in this financial covenant.

Snap-on generally issues commercial paper to fund its financing needs on a short-term basis and uses the Credit Facility as back-up liquidity to support such commercial paper issuances.

As of June 28, 2025, there were no commercial paper issuances outstanding.

As of September 27, 2025, there were no commercial paper issuances outstanding.

Financial Instruments

31 unchanged sentences

The change in the fair value of the derivative is recorded in “Long-term debt” on the accompanying Condensed Consolidate d Balance Sheets.

T here were no outstanding interest rate swaps as of both June 28, 2025, and December 28, 2024 .

T here were no outstanding interest rate swaps as of both September 27, 2025, and December 28, 2024 .

Treasury locks:

3 unchanged sentences

Upon the issuance of debt, the related amount in Accumulated OCI is released over the term of the debt and recognized as an adjustment to interest expense on the Condensed Consolidated Statements of Earnings.

There were no treasury locks outstanding as of both June 28, 2025, and December 28, 2024.

There were no treasury locks outstanding as of both September 27, 2025, and December 28, 2024.

See Note 15 for additional information on Other income (expense) – net.

3 unchanged sentences

Since stock-based deferred compensation liabilities increase as the company’s stock price rises and decrease as the company’s stock price declines, the equity forwards are intended to mitigate the potential impact on deferred compensation expense that may result from such mark-to-market changes.

As of June 28, 2025, and December 28, 2024, Snap‑on had equity forwards in place intended to manage market risk with respect to 72,500 shares and 68,100 shares, respectively, of Snap-on common stock associated with its deferred compensation plans.

As of September 27, 2025, and December 28, 2024, Snap‑on had equity forwards in place intended to manage market risk with respect to 72,500 shares and 68,100 shares, respectively, of Snap-on common stock associated with its deferred compensation plans.

Counterparty risk:

6 unchanged sentences

The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows:

June 28, 2025 December 28, 2024

September 27, 2025 December 28, 2024

(Amounts in millions) Carrying

10 unchanged sentences

Significant inputs to the fair value measurements of the receivables are unobservable and, as such, are classified as Level 3.

• Fair value of long-term debt is estimated, using Level 2 fair value measurements, based on quoted market values of Snap-on’s publicly traded senior debt.

• The fair value of long-term debt is estimated, using Level 2 fair value measurements, based on quoted market values of Snap-on’s publicly traded senior debt.

The carrying value of long-term debt includes unamortized debt issuance costs and issuance discounts.

2 unchanged sentences

Pension Plans

Snap-on’s net periodic pension benefit included the following components:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Snap-on’s net periodic pension cost (benefit) included the following components:

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Service cost $ 4.9 $ 5.0 $ 14.7 $ 15.0

2 unchanged sentences

Amortization of unrecognized loss 5.5 2.3 16.7 6.9

Amortization of prior service cost 0.1 — 0.1 —

Net periodic pension cost (benefit) $ 4.2 $ ( 1.8 ) $ 12.5 $ ( 5.2 )

6 unchanged sentences

Postretirement Health Care Plans

Snap-on’s net periodic postretirement health care cost included the following components:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Snap-on’s net periodic postretirement health care benefit included the following components:

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Interest cost $ 0.4 $ 0.5 $ 1.3 $ 1.4

1 unchanged sentence

Amortization of unrecognized gain ( 0.3 ) ( 0.3 ) ( 0.9 ) ( 0.9 )

Net periodic postretirement health care cost $ — $ — $ — $ —

The components of net periodic postretirement health care cost, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings.

Net periodic postretirement health care benefit $ ( 0.1 ) $ — $ ( 0.1 ) $ —

The components of net periodic postretirement health care cost (benefit), other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings.

See Note 15 for additional information on Other income (expense) – net.

1 unchanged sentence

The 2011 Incentive Stock and Awards Plan (the “2011 Plan”) provides for the grant of stock options, performance share units (“PSUs”), stock appreciation rights (“SARs”) and restricted stock awards (which may be designated as “restricted stock units” or “RSUs”).

As of June 28, 2025, the 2011 Plan had 1,718,543 shares available for future grants.

As of September 27, 2025, the 2011 Plan had 1,728,635 shares available for future grants.

The company uses treasury stock to deliver shares under the 2011 Plan.

Net stock-based compensation expense was $ 8.5 million and $ 13.0 million for the respective three and six month periods ended June 28, 2025, and $ 6.0 million and $ 15.8 million for the respective three and six month periods ended June 29, 2024.

Cash received from stock purchase plans and stock option exercises totaled $ 26.9 million and $ 45.2 million during the respective three and six month periods ended June 28, 2025, and $ 23.4 million and $ 51.7 million during the respective three and six month periods ended June 29, 2024.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 2.2 million and $ 10.5 million for the respective three and six month periods ended June 28, 2025, and $ 1.4 million and $ 11.1 million for the respective three and six month periods ended June 29, 2024.

Net stock-based compensation expense was $ 8.7 million and $ 21.7 million for the respective three and nine month periods ended September 27, 2025, and $ 5.7 million and $ 21.5 million for the respective three and nine month periods ended September 28, 2024.

Cash received from stock purchase plans and stock option exercises totaled $ 14.8 million and $ 60.0 million during the respective three and nine month periods ended September 27, 2025, and $ 9.9 million and $ 61.6 million during the respective three and nine month periods ended September 28, 2024.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 2.5 million and $ 13.0 million for the respective three and nine month periods ended September 27, 2025, and $ 1.8 million and $ 12.9 million for the respective three and nine month periods ended September 28, 2024.

Stock options:

7 unchanged sentences

treasury yield curve on the grant date for the expected term of the stock option.

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

Six Months Ended

June 28, 2025 June 29, 2024

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the nine month periods ended September 27, 2025, and September 28, 2024, using the Black-Scholes valuation model:

Nine Months Ended

September 27, 2025 September 28, 2024

Expected term of stock option (in years)

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock option activity as of and for the six months ended June 28, 2025:

Below is a summary of stock option activity as of and for the nine months ended September 27, 2025:

(in thousands)

5 unchanged sentences

Forfeited or expired ( 18 ) 282.28

Outstanding at June 28, 2025 1,705 209.48 5.4 $ 178.9

Exercisable at June 28, 2025 1,299 181.06 4.3 168.9

Outstanding at September 27, 2025 1,611 211.71 5.3 $ 209.7

Exercisable at September 27, 2025 1,209 182.24 4.1 193.1

* Weighted-average

The weighted-average grant date fair value of stock options granted during the respective six month periods ended June 28, 2025, and June 29, 2024, was $ 70.62 and $ 55.07 .

The intrinsic value of stock options exercised was $ 8.9 million and $ 24.6 million during the respective three and six month periods ended June 28, 2025, and $ 5.6 million and $ 22.7 million during the respective three and six month periods ended June 29, 2024.

The fair value of stock options vested was $ 10.4 million and $ 9.5 million during the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, there was $ 20.7 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 2.0 years.

The weighted-average grant date fair value of stock options granted during the respective nine month periods ended September 27, 2025, and September 28, 2024, was $ 70.62 and $ 55.07 .

The intrinsic value of stock options exercised was $ 14.7 million and $ 39.3 million during the respective three and nine month periods ended September 27, 2025, and $ 7.3 million and $ 30.0 million during the respective three and nine month periods ended September 28, 2024.

The fair value of stock options vested was $ 10.4 million and $ 9.5 million during the respective nine month periods ended September 27, 2025, and September 28, 2024.

As of September 27, 2025, there was $ 17.5 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.

Performance share units:

5 unchanged sentences

in recent years, forfeitures have not been significant.

The weighted-average grant date fair value of PSUs granted during the six month periods ended June 28, 2025, and June 29, 2024, was $ 339.73 and $ 269.00 , respectively.

PSUs related to 62,171 shares and 137,096 shares were paid out during the six month periods ended June 28, 2025, and June 29, 2024, respectively.

The weighted-average grant date fair value of PSUs granted during the nine month periods ended September 27, 2025, and September 28, 2024, was $ 339.73 and $ 269.00 , respectively.

PSUs related to 62,171 shares and 137,096 shares were paid out during the nine month periods ended September 27, 2025, and September 28, 2024, respectively.

Earned PSUs vest and are generally paid out following the conclusion of the applicable performance period upon approval by the Organization and Executive Compensation Committee of the company’s Board of Directors (the “Board”).

Changes to the company’s non-vested PSUs during the six months ended June 28, 2025, are as follows:

Changes to the company’s non-vested PSUs during the nine months ended September 27, 2025, are as follows:

(in thousands)

3 unchanged sentences

Cancellations and other ( 1 ) 278.22

Non-vested PSUs at June 28, 2025 127 285.20

Non-vested PSUs at September 27, 2025 127 285.12

* Weighted-average

** Reflects the number of PSUs adjusted based on performance metrics.

As of June 28, 2025, there was $ 19.1 million of unrecognized compensation cost related to non-vested PSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.5 years.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of September 27, 2025, there was $ 16.0 million of unrecognized compensation cost related to non-vested PSUs, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.2 years.

Restricted stock units:

3 unchanged sentences

in recent years, forfeitures have not been significant.

The weighted-average grant date fair value of RSUs granted during the six month periods ended June 28, 2025, and June 29, 2024, was $ 339.73 and $ 269.00 , respectively.

Changes to the company’s non-vested RSUs during the six months ended June 28, 2025, are as follows:

The weighted-average grant date fair value of RSUs granted during the nine month periods ended September 27, 2025, and September 28, 2024, was $ 339.73 and $ 269.00 , respectively.

Changes to the company’s non-vested RSUs during the nine months ended September 27, 2025, are as follows:

(in thousands)

3 unchanged sentences

Cancellations and other ( 1 ) 280.38

Non-vested RSUs at June 28, 2025 64 282.12

Non-vested RSUs at September 27, 2025 63 282.05

* Weighted-average

As of June 28, 2025, there was $ 9.6 million of unrecognized compensation cost related to non-vested RSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.6 years.

As of September 27, 2025, there was $ 8.1 million of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.3 years.

Stock appreciation rights:

13 unchanged sentences

treasury yield curve in effect as of the grant date (for stock-settled SARs) or reporting date (for cash-settled SARs) for the expected term of the SARs.

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

Six Months Ended

June 28, 2025 June 29, 2024

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the nine month periods ended September 27, 2025, and September 28, 2024, using the Black-Scholes valuation model:

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Nine Months Ended

September 27, 2025 September 28, 2024

Expected term of stock-settled SARs (in years)

2 unchanged sentences

Risk-free interest rate 4.39 % 4.22 %

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock-settled SARs as of and for the six months ended June 28, 2025:

Below is a summary of stock-settled SARs as of and for the nine months ended September 27, 2025:

Stock-settled

6 unchanged sentences

Forfeited or expired ( 30 ) 232.64

Outstanding at June 28, 2025 332 231.59 6.5 $ 28.1

Exercisable at June 28, 2025 216 194.16 5.2 25.3

Outstanding at September 27, 2025 327 230.97 6.3 $ 36.3

Exercisable at September 27, 2025 215 194.32 5.0 31.7

* Weighted-average

The weighted-average grant date fair value of stock-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, was $ 68.11 and $ 52.12 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 0.2 million and $ 2.2 million during the respective three and six month periods ended June 28, 2025, and $ 0.1 million and $ 1.4 million during the respective three and six month periods ended June 29, 2024.

The fair value of stock-settled SARs vested was $ 2.8 million and $ 2.3 million during the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, there was $ 5.7 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 2.0 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

Six Months Ended

June 28, 2025 June 29, 2024

The weighted-average grant date fair value of stock-settled SARs granted during the nine month periods ended September 27, 2025, and September 28, 2024, was $ 68.11 and $ 52.12 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 0.1 million and $ 2.3 million during the respective three and nine month periods ended September 27, 2025, and $ 0.3 million and $ 1.7 million during the respective three and nine month periods ended September 28, 2024.

The fair value of stock-settled SARs vested was $ 2.8 million and $ 2.3 million during the respective nine month periods ended September 27, 2025, and September 28, 2024.

As of September 27, 2025, there was $ 4.7 million of unrecognized compensation cost related to non-vested stock-settled SARs, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the nine month periods ended September 27, 2025, and September 28, 2024, using the Black-Scholes valuation model:

Nine Months Ended

September 27, 2025 September 28, 2024

Expected term of cash-settled SARs (in years)

2 unchanged sentences

Risk-free interest rate 3.66 % 3.49 %

The intrinsic value of cash-settled SARs exercised was zero for both the three and six month periods ended June 28, 2025, and June 29, 2024.

The fair value of cash-settled SARs vested was $ 0.1 million for both the six month periods ended June 28, 2025, and June 29, 2024.

Changes to the company’s non-vested cash-settled SARs during the six months ended June 28, 2025, are as follows:

The intrinsic value of cash-settled SARs exercised was zero for both the three and nine month periods ended September 27, 2025, and September 28, 2024.

The fair value of cash-settled SARs vested was $ 0.1 million for both the nine month periods ended September 27, 2025, and September 28, 2024.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Changes to the company’s non-vested cash-settled SARs during the nine months ended September 27, 2025, are as follows:

(in thousands)

2 unchanged sentences

Vested ( 1 ) 107.28

Non-vested cash-settled SARs at June 28, 2025 2 59.67

Non-vested cash-settled SARs at September 27, 2025 2 79.36

* Weighted-average

As of June 28, 2025, there was $ 0.1 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 2.0 years.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of September 27, 2025, there was $ 0.2 million of unrecognized compensation cost related to non-vested cash-settled SARs, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.

Restricted stock awards – non-employee directors:

The company awarded 4,437 shares and 5,391 shares of restricted stock to non-employee directors for the respective six month periods ended June 28, 2025, and June 29, 2024.

The company awarded 4,437 shares and 5,391 shares of restricted stock to non-employee directors for the respective nine month periods ended September 27, 2025, and September 28, 2024.

The fair value of the restricted stock awards is expensed over a one-year vesting period based on the fair value on the date of grant.

5 unchanged sentences

The company records compensation expense when Snap-on’s period-end stock price is greater than the plan purchase price.

There were 24,680 shares and 21,798 shares issued under this plan for the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, 505,119 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 0.5 million.

There were 24,680 shares and 21,798 shares issued under this plan for the respective nine month periods ended September 27, 2025, and September 28, 2024.

As of September 27, 2025, 505,119 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 2.0 million.

Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year.

Compensation expense for plan participants was $ 0.1 million and $ 0.4 million for the respective three and six month periods ended June 28, 2025.

The company recognized a $ 0.2 million compensation benefit and $ 0.1 million of compensation expense for plan participants during the respective three and six month periods ended June 29, 2024.

Compensation expense for plan participants was $ 0.1 million and $ 0.5 million for the respective three and nine month periods ended September 27, 2025, and $ 0.1 million and $ 0.2 million for the respective three and nine month periods ended September 28, 2024.

Franchisee stock purchase plan:

2 unchanged sentences

The company records mark-to-market expense when Snap-on’s period-end stock price is greater than the plan purchase price.

There were 43,518 shares and 42,687 shares issued under this plan for the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, 92,531 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 1.3 million.

There were 43,518 shares and 42,687 shares issued under this plan for the respective nine month periods ended September 27, 2025, and September 28, 2024.

As of September 27, 2025, 92,531 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 4.8 million.

Participants are able to withdraw from the plan at any time prior to the ending date and generally receive back all contributions made during the plan year.

The company recognized mark-to-market expense of zero and $ 0.2 million for the respective three and six month periods ended June 28, 2025, and a $ 0.6 million mark-to-market benefit and $ 0.1 million of mark-to-market expense during the respective three and six month periods ended June 29, 2024.

The company recognized mark-to-market expense of $ 0.3 million and $ 0.5 million for the respective three and nine month periods ended September 27, 2025, and $ 0.1 million and $ 0.2 million during the respective three and nine month periods ended September 28, 2024.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Earnings Per Share

The shares used in the computation of the company’s basic and diluted earnings per common share are as follows:

Three Months Ended Six Months Ended

June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Three Months Ended Nine Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Weighted-average common shares outstanding 52,074,491 52,577,687 52,215,268 52,660,264

3 unchanged sentences

The dilutive effect of the potential exercise of outstanding stock options and stock-settled SARs to purchase common shares is calculated using the treasury stock method.

As of June 28, 2025, there were 257,592 awards outstanding that were anti-dilutive.

As of June 29, 2024, there were no awards outstanding that were anti-dilutive.

As of September 27, 2025, there were 253,390 awards outstanding that were anti-dilutive.

As of September 28, 2024, there were no awards outstanding that were anti-dilutive.

Performance-based equity awards are included in the diluted earnings per share calculation based on the attainment of the applicable performance metrics to date.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Commitments and Contingencies

1 unchanged sentence

Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred.

Snap-on’s product warranty accrual activity for the three and six month periods ended June 28, 2025, and June 29, 2024, is as follows:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Snap-on’s product warranty accrual activity for the three and nine month periods ended September 27, 2025, and September 28, 2024, is as follows:

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Warranty reserve:

4 unchanged sentences

In the ordinary course of business, Snap-on is subject to legal disputes that are being litigated and/or settled.

The accompanying Condensed Consolidated Statements of Earnings for the three and six months ended June 29, 2024, include benefits in “Operating expenses” of $ 11.2 million and $ 22.5 million, respectively, for the final payments received associated with a legal matter.

The accompanying Condensed Consolidated Statements of Earnings for the three and nine month periods ended September 27, 2025, include a benefit in “Operating expenses” of $ 22.0 million for the settlement of a legal matter (the “2025 legal settlement”).

In addition, the accompanying Condensed Consolidated Statements of Earnings for the nine months ended September 28, 2024, include a benefit in “Operating expenses” of $ 22.5 million, for the final payments received associated with a separate legal matter (the “2024 legal payments”).

Although it is not possible to predict the outcome of legal matters, management believes that the results of all legal matters will not have a material impact on Snap-on’s consolidated financial position, results of operations or cash flows.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Lessee accounting:

Supplemental balance sheet information related to leases as of June 28, 2025, and December 28, 2024, is as follows:

(Amounts in millions) June 28,

Supplemental balance sheet information related to leases as of September 27, 2025, and December 28, 2024, is as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

19 unchanged sentences

“Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

Interest income $ 15.0 $ 15.2 $ 43.0 $ 42.3

6 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended June 28, 2025:

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 27, 2025:

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

Balance as of March 29, 2025 $ ( 248.6 ) $ 3.6 $ ( 254.5 ) $ ( 499.5 )

Balance as of June 28, 2025 $ ( 155.2 ) $ 3.2 $ ( 250.5 ) $ ( 402.5 )

Other comprehensive income before reclassifications 5.2 — — 5.2

1 unchanged sentence

Net other comprehensive income (loss) 5.2 ( 0.4 ) 4.0 8.8

Balance as of June 28, 2025 $ ( 155.2 ) $ 3.2 $ ( 250.5 ) $ ( 402.5 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 28, 2025:

Balance as of September 27, 2025 $ ( 150.0 ) $ 2.8 $ ( 246.5 ) $ ( 393.7 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 27, 2025:

(Amounts in millions) Foreign

6 unchanged sentences

Net other comprehensive income (loss) 170.6 ( 1.2 ) 11.9 181.3

Balance as of June 28, 2025 $ ( 155.2 ) $ 3.2 $ ( 250.5 ) $ ( 402.5 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended June 29, 2024:

Balance as of September 27, 2025 $ ( 150.0 ) $ 2.8 $ ( 246.5 ) $ ( 393.7 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 28, 2024:

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

Balance as of March 30, 2024 $ ( 256.6 ) $ 5.3 $ ( 242.0 ) $ ( 493.3 )

Other comprehensive loss before reclassifications ( 12.8 ) — — ( 12.8 )

Balance as of June 29, 2024 $ ( 269.4 ) $ 4.9 $ ( 240.3 ) $ ( 504.8 )

Other comprehensive income before reclassifications 79.0 — — 79.0

Amounts reclassified from Accumulated OCI — ( 0.4 ) 1.5 1.1

Net other comprehensive income (loss) 79.0 ( 0.4 ) 1.5 80.1

Balance as of June 29, 2024 $ ( 269.4 ) $ 4.9 $ ( 240.3 ) $ ( 504.8 )

Balance as of September 28, 2024 $ ( 190.4 ) $ 4.5 $ ( 238.8 ) $ ( 424.7 )

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 29, 2024:

Below is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 28, 2024:

(Amounts in millions) Foreign

3 unchanged sentences

Balance as of December 30, 2023 $ ( 211.8 ) $ 5.7 $ ( 243.4 ) $ ( 449.5 )

Other comprehensive loss before reclassifications ( 57.6 ) — — ( 57.6 )

Other comprehensive income before reclassifications 21.4 — — 21.4

Amounts reclassified from Accumulated OCI — ( 1.2 ) 4.6 3.4

Net other comprehensive income (loss) 21.4 ( 1.2 ) 4.6 24.8

Balance as of June 29, 2024 $ ( 269.4 ) $ 4.9 $ ( 240.3 ) $ ( 504.8 )

The reclassifications out of Accumulated OCI for the three and six month periods ended June 28, 2025, and June 29, 2024, are as follows:

Balance as of September 28, 2024 $ ( 190.4 ) $ 4.5 $ ( 238.8 ) $ ( 424.7 )

The reclassifications out of Accumulated OCI for the three and nine month periods ended September 27, 2025, and September 28, 2024, are as follows:

Amount Reclassified from Accumulated OCI

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Statement of Earnings

Three Months Ended Nine Months Ended

(Amounts in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Statement of Earnings

Gains on cash flow hedges:

2 unchanged sentences

Net of tax 0.4 0.4 1.2 1.2

Amortization of net unrecognized losses:

Amortization of net unrecognized losses and prior service costs

$ ( 5.3 ) $ ( 2.0 ) $ ( 15.9 ) $ ( 6.0 ) See footnote below*

29 unchanged sentences

Financial Data by Segment:

Three Months Ended June 28, 2025

Three Months Ended September 27, 2025

Commercial & Snap-on Repair Systems

37 unchanged sentences

Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses;

shared service allocations.

shared service allocations and a $ 22.0 million benefit for the 2025 legal settlement.

Financial Services - customer support and technology expenses.

2 unchanged sentences

Financial Data by Segment (continued):

Six Months Ended June 28, 2025

Nine Months Ended September 27, 2025

Commercial & Snap-on Repair Systems

37 unchanged sentences

Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses;

shared service allocations.

shared service allocations and a $ 22.0 million benefit for the 2025 legal settlement.

Financial Services - customer support and technology expenses.

2 unchanged sentences

Financial Data by Segment (continued):

Three Months Ended June 29, 2024

Three Months Ended September 28, 2024

Commercial & Snap-on Repair Systems

42 unchanged sentences

Financial Data by Segment (continued):

Six Months Ended June 29, 2024

Nine Months Ended September 28, 2024

Commercial & Snap-on Repair Systems

35 unchanged sentences

technology, travel and marketing expenses.

Commercial & Industrial Group - shared service allocations;

technology, travel and marketing expenses.

Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.

5 unchanged sentences

Financial Data by Segment (continued):

(Amounts in millions) June 28,

(Amounts in millions) September 27,

2025 December 28, 2024

11 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.

What changed 10-Q

Item 1. Financial Statements