What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-12 compared with 2025-02-13 · 20 added, 20 removed, 287 unchanged (12% of the section changed)

7 unchanged sentences

The company began with the development of the original Snap-on interchangeable socket set and subsequently pioneered mobile tool distribution in the automotive repair market, where well-stocked vans sell to professional vehicle technicians at their place of business.

Today, Snap-on defines its value proposition more broadly, extending its reach “beyond the garage” to deliver a broad array of unique solutions that make work easier for serious professionals.

The company’s “coherent growth” strategy focuses on developing and expanding its professional customer base in its legacy automotive market, as well as in adjacent markets, additional geographies and other areas, including in critical industries, where the cost and penalties for failure can be high.

Since that time, our principal value-creating mechanism has been to observe work and translate the insights gained into creative solutions that make essential tasks easier, meeting the needs of rapidly-evolving workplaces.

Today, Snap-on extends its reach “beyond the garage,” and the company’s “coherent growth” strategy focuses on developing and expanding its professional customer base in its legacy automotive market, as well as in adjacent markets, additional geographies and other areas, including in critical industries, where the cost and penalties for failure are high.

In addition to its coherent growth strategy, Snap-on is committed to its “Value Creation Processes” – a set of strategic principles and processes designed to create value and employed in the areas of (i) safety;

24 unchanged sentences

See Note 19 to the Consolidated Financial Statements for information on operating segments and foreign operations.

Snap-on evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment net sales and segment operating earnings while the Financial Services operating segment is evaluated based on segment revenue and segment operating earnings.

The Snap-on Tools Group segment net sales reflect external net sales, while the Commercial & Industrial Group and the Repair Systems & Information Group segment net sales include both external and intersegment net sales.

The segment net sales of the Snap‑on Tools Group reflect external net sales, while the segment net sales of the Commercial & Industrial Group and the Repair Systems & Information Group include both external and intersegment net sales.

Snap-on accounts for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments.

The Financial Services operating segment is evaluated based on financial services revenue and segment operating earnings.

Identifiable assets by segment are those assets used in the respective reportable segment’s operations.

2 unchanged sentences

Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

Recent Acquisitions

Snap-on has continued to broaden its business through a series of coherent acquisitions, which have expanded and enhanced Snap-on’s capabilities in a variety of critical industries and in its business operations serving primarily owners and managers of independent repair shops and OEM dealerships.

For information regarding recent acquisitions, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 3 to the Consolidated Financial Statements.

For information regarding acquisitions, see Note 3 to the Consolidated Financial Statements.

Information Available on the Company’s Website

24 unchanged sentences

The tools product category includes hand tools, power tools, tool storage products and other similar products.

Hand tools include wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments and other similar products.

Power tools include cordless (battery), pneumatic (air), hydraulic and corded (electric) tools, such as impact wrenches, ratchets, screwdrivers, drills, sanders, grinders and similar products.

Hand tools include wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque tools and other similar products.

Power tools include cordless (battery), pneumatic (air), hydraulic and corded (electric) tools, such as impact wrenches, ratchets, screwdrivers, drills, sanders, grinders and other similar products.

Tool storage includes tool chests, roll cabinets and other similar products.

35 unchanged sentences

Pro-Cut Brake service equipment and accessories

Sandflex Hacksaw blades, bandsaws, saw blades, hole saws and reciprocating saw blades

ShopKey Repair and service information, shop management systems and business services

54 unchanged sentences

(iii) distributors;

and (iv) e-commerce.

and (iv) digital commerce.

The following discussion summarizes Snap-on’s general approach for each channel and is not intended to be all-inclusive.

41 unchanged sentences

Diagnostics and equipment products are marketed through distributors in South America and Asia, and through both distributors and a direct sales force in Europe under the Snap-on, Blue-Point and Sun brands.

Snap-on offers current and prospective customers online access to research and purchase products through its public website, www.snapon.com .

The site features an online catalog of Snap-on hand tools, power tools, tool storage units and diagnostic equipment available to customers in the United States, the United Kingdom, Canada and Australia.

E-commerce and certain other system enhancement initiatives are designed to improve productivity and further leverage the one-on-one relationships and service Snap-on has with its current and prospective customers.

Sales through the company’s e-commerce distribution channel were not significant in any of the last three years.

Digital Commerce

Snap-on communicates with current and prospective customers through its digital ecosystem including websites (such as www.snapon.com ), apps, and social media channels across its businesses.

For select customers served by the Commercial & Industrial Group and the Repair Systems & Information Group, the company provides a variety of specific digital platforms to accommodate research and the direct purchase of products and services.

Snap-on competes on the basis of its product quality and performance, product line breadth and depth, service, brand awareness and imagery, technological innovation and availability of financing (through SOC or its international finance subsidiaries).

37 unchanged sentences

Expenditures on environmental and governmental matters through EH & SMS have not had a material effect upon Snap-on’s capital expenditures, earnings or competitive position.

However, the increasing global focus on climate change is resulting in new and/or more stringent environmental or climate-related regulations or standards.

However, the global focus on climate change is resulting in new and/or more stringent environmental or sustainability-related regulations or standards.

While such regulations have historically created select opportunities for our business operations, the company continually monitors developments in this area.

Human Capital Management

As of December 28, 2024, Snap-on employed approximately 13,000 people worldwide, of which approximately 7,300 were employed in the United States and approximately 5,700 were outside the United States.

As of January 3, 2026, Snap-on employed approximately 13,000 people worldwide, of which approximately 7,300 were employed in the United States and approximately 5,700 were outside the United States.

Recently filed EEO-1 data is available under “ESG Reporting” in the “Investors” section of the company’s website at www.snapon.com .

32 unchanged sentences

Snap-on has adopted policies that seek to eliminate human trafficking, slavery, forced labor and child labor from its global supply chain, and has formalized its commitment to protecting human rights in the company’s Human Rights Policy.

Snap-on prioritizes continuous improvement in all facets of its operations, including environmental matters and health and safety.

The company strives to protect environmental quality and human welfare in its workplaces and in its communities by implementing sound policies designed to prevent, mitigate and reduce the company’s impact on the environment.

The company has voluntarily reported Scope 1 and Scope 2 greenhouse gas (“GHG”) emissions to the CDP (formerly known as the Carbon Disclosure Project) on an annual basis since 2008.

In 2024 , the company’s total Scope 1 and Scope 2 GHG emissions of 89,085 metric tons of carbon dioxide equivalent (“CO2e”) reflected an intensity of 18.9 (metric tons of CO2e, divided by net sales in millions).

For over 105 years, Snap-on has remained steadfast in connecting with customers, the people of work, and in creating products that solve the most critical tasks.

The company’s offerings serve these professionals and society by providing productivity-enhancing solutions that are integral to the repair and maintenance of the equipment and systems that move our world forward, potentially prolonging useful lives and extending the replacement cycle.

The company prioritizes continuous improvement in all facets of its operations, including environmental matters and health and safety.

Snap-on strives to protect environmental quality and human welfare in its workplaces and in its communities by implementing sound policies designed to prevent, mitigate and reduce the company’s impact on the environment.

SNAP-ON INCORPORATED

1 unchanged sentence

Snap-on’s SASB Index is available under “ESG Reporting” in the “Investors” section of the company’s website at www.snapon.com .

In addition, the company has voluntarily reported Scope 1 and Scope 2 greenhouse gas (“GHG”) emissions to the CDP (formerly known as the Carbon Disclosure Project) on an annual basis since 2008.

In 2025, the company’s total Scope 1 and Scope 2 GHG emissions of 89,041 metric tons of carbon dioxide equivalent (“CO2e”) reflected an intensity of 18.8 (metric tons of CO2e, divided by net sales in millions).

Feedback on the evaluation of risks and/or opportunities related to ESG matters identified by the company’s internal Environmental, Social and Governance Committee (the “ESGC”) and by the company’s operating units is included and discussed as part of the company’s quarterly operations reviews with senior management.

6 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-K

Item 1. Business