What changed in this filing

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Item 1. Financial Statements

2026-04-23 compared with 2025-10-16 · 226 added, 453 removed, 881 unchanged (44% of the section changed)

3 unchanged sentences

(Amounts in millions, except per share data)

Three Months Ended Nine Months Ended

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

Three Months Ended

2026 March 29,

Net sales $ 1,207.2 $ 1,141.1

26 unchanged sentences

(Amounts in millions)

Three Months Ended Nine Months Ended

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

Comprehensive income (loss):

Three Months Ended

2026 March 29,

Comprehensive income:

Net earnings $ 253.5 $ 246.7

1 unchanged sentence

Foreign currency translation ( 23.9 ) 72.0

Reclassification of cash flow hedges to net earnings, net of tax ( 0.4 ) ( 0.4 ) ( 1.2 ) ( 1.2 )

Reclassification of cash flow hedges to net earnings ( 0.4 ) ( 0.4 )

Defined benefit pension and postretirement plans:

Amortization of net unrecognized losses and prior service costs

5.3 2.0 15.9 6.0

Amortization of net unrecognized losses

Income tax benefit

( 1.1 ) ( 1.3 )

4.0 1.5 11.9 4.6

Total comprehensive income 232.4 322.2

7 unchanged sentences

(Amounts in millions, except share data)

September 27,

2025 December 28, 2024

2026 January 3, 2026

Current assets:

26 unchanged sentences

(Amounts in millions, except share data)

September 27,

2025 December 28, 2024

2026 January 3, 2026

LIABILITIES AND EQUITY

Current liabilities:

Notes payable $ 21.3 $ 13.7

Notes payable and current maturities of long-term debt $ 316.2 $ 16.2

Accounts payable 253.6 229.1

31 unchanged sentences

(Amounts in millions, except share data)

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

Shareholders’ Equity Attributable to Snap-on Incorporated

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Loss Treasury

Stock Noncontrolling

Interests Total

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

Other comprehensive income — — — 8.8 — — 8.8

Cash dividends – $ 2.14 per share

— — ( 111.5 ) — — — ( 111.5 )

Stock compensation plans — 9.1 — — 14.2 — 23.3

Share repurchases – 250,000 shares

— — — — ( 82.0 ) — ( 82.0 )

Other — — ( 0.5 ) — — ( 5.6 ) ( 6.1 )

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

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Loss Treasury

Stock Noncontrolling

Interests Total

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 nine months ended September 27, 2025

— — 756.2 — — 19.1 775.3

Other comprehensive income — — — 181.3 — — 181.3

Cash dividends – $ 6.42 per share

— — ( 335.5 ) — — — ( 335.5 )

Stock compensation plans — 14.7 — — 57.5 — 72.2

Share repurchases – 760,000 shares

— — — — ( 248.2 ) — ( 248.2 )

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

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 September 28, 2024:

The following summarizes the changes in total equity for the three month period ended April 4, 2026:

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

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

Balance at January 3, 2026 $ 67.5 $ 578.5 $ 8,137.5 $ ( 354.8 ) $ ( 2,496.9 ) $ 25.0 $ 5,956.8

Net earnings for the three months ended April 4, 2026

— — 247.0 — — 6.5 253.5

Other comprehensive income — — — 80.1 — — 80.1

Other comprehensive loss — — — ( 21.1 ) — — ( 21.1 )

Cash dividends – $ 2.44 per share

4 unchanged sentences

Other — — ( 0.3 ) — — ( 6.5 ) ( 6.8 )

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:

Balance at April 4, 2026 $ 67.5 $ 575.1 $ 8,257.4 $ ( 375.9 ) $ ( 2,566.0 ) $ 25.0 $ 5,983.1

The following summarizes the changes in total equity for the three month period ended March 29, 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 nine months ended September 28, 2024

Net earnings for the three months ended March 29, 2025

— — 240.5 — — 6.2 246.7

6 unchanged sentences

Other — — ( 0.2 ) — — ( 5.8 ) ( 6.0 )

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

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

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Amounts in millions)

Nine Months Ended

September 27, 2025 September 28, 2024

Three Months Ended

2026 March 29,

Operating activities:

6 unchanged sentences

Stock-based compensation expense 6.8 4.5

Deferred income tax benefit ( 0.7 ) ( 7.2 )

Gain on sales of assets ( 0.1 ) ( 0.5 )

Changes in operating assets and liabilities, net of effects of acquisitions:

Deferred income tax provision 3.8 3.7

Loss on sales of assets 0.1 —

Changes in operating assets and liabilities, net of effects of the acquisition:

Trade and other accounts receivable ( 17.1 ) ( 33.4 )

9 unchanged sentences

Capital expenditures ( 21.2 ) ( 22.9 )

Acquisition of business, net of cash acquired ( 5.1 ) —

Disposals of property and equipment 0.4 0.1

2 unchanged sentences

Financing activities:

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

Net increase in other short-term borrowings 0.4 4.5

Cash dividends paid ( 126.8 ) ( 112.2 )

16 unchanged sentences

The Condensed Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly-owned and majority-owned subsidiaries (collectively, “Snap-on” or the “company”).

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 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.

The company’s 2024 fiscal year contained 52 weeks of operating results.

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 nine month periods ended September 27, 2025, and September 28, 2024, have been made.

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 2025 Annual Report on Form 10-K for the fiscal year ended January 3, 2026 (“2025 year end”).

The company’s 2026 fiscal first quarter ended on April 4, 2026, and its 2025 fiscal first quarter ended on March 29, 2025.

The company’s 2026 and 2025 fiscal first quarters each contained 13 weeks of operating results.

The company’s 2026 fiscal year, which ends on January 2, 2027, will contain 52 weeks of operating results.

The company’s 2025 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter.

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 month periods ended April 4, 2026, and March 29, 2025, 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.

In the first quarter of 2026, Snap-on adopted, on a prospective basis, 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.

Under the ASU, software capitalization begins 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.

The adoption of this ASU did not have a significant impact on Snap-on’s Condensed Consolidated Financial Statements.

In November 2024, the FASB issued ASU No.

4 unchanged sentences

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.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

In December 2023, the FASB issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.

2023-09 is effective for annual periods beginning after December 15, 2024.

The guidance is to be applied on a prospective basis with the option to apply the standard retrospectively.

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

The adoption of this ASU is being evaluated by the company and is not expected to have a material impact on Snap-on’s Condensed Consolidated Financial Statements.

Revenue Recognition

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 Nine Months Ended

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Revenue from contracts with customers $ 1,198.0 $ 1,133.3

4 unchanged sentences

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.

Information Group operating segments based on segment net sales and segment operating earnings.

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.

1 unchanged sentence

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

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

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

For the Three Months Ended September 27, 2025

For the Three Months Ended April 4, 2026

Commercial Snap-on Repair Systems

13 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Nine Months Ended September 27, 2025

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

North America* $ 448.9 $ 1,255.8 $ 917.1 $ — $ — $ 2,621.8

Europe 232.0 122.5 190.6 — — 545.1

All other 182.8 81.6 80.0 — — 344.4

External net sales 863.7 1,459.9 1,187.7 — — 3,511.3

Intersegment net sales 195.7 — 221.6 — ( 417.3 ) —

Total net sales 1,059.4 1,459.9 1,409.3 — ( 417.3 ) 3,511.3

Financial services revenue — — — 304.9 — 304.9

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

For the Three Months Ended September 28, 2024

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

North America* $ 155.2 $ 434.0 $ 273.9 $ — $ — $ 863.1

Europe 72.2 37.4 58.7 — — 168.3

All other 61.3 29.1 25.2 — — 115.6

External net sales 288.7 500.5 357.8 — — 1,147.0

Intersegment net sales 77.0 — 64.9 — ( 141.9 ) —

Total net sales 365.7 500.5 422.7 — ( 141.9 ) 1,147.0

Financial services revenue — — — 100.4 — 100.4

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

For the Nine Months Ended September 28, 2024

For the Three Months Ended March 29, 2025

Commercial Snap-on Repair Systems

10 unchanged sentences

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

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

For the Three Months Ended September 27, 2025

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

Vehicle service professionals $ 19.5 $ 506.0 $ 387.0 $ — $ — $ 912.5

All other professionals 278.3 — — — — 278.3

External net sales 297.8 506.0 387.0 — — 1,190.8

Intersegment net sales 69.9 — 77.8 — ( 147.7 ) —

Total net sales 367.7 506.0 464.8 — ( 147.7 ) 1,190.8

Financial services revenue — — — 101.1 — 101.1

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

For the Nine Months Ended September 27, 2025

For the Three Months Ended April 4, 2026

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 381.0 $ 486.0 $ 485.3 $ 101.1 $ ( 145.1 ) $ 1,308.3

For the Three Months Ended September 28, 2024

For the Three Months Ended March 29, 2025

Commercial Snap-on Repair Systems

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Nine Months Ended September 28, 2024

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

Vehicle service professionals $ 61.4 $ 1,482.6 $ 1,141.4 $ — $ — $ 2,685.4

All other professionals 823.3 — — — — 823.3

External net sales 884.7 1,482.6 1,141.4 — — 3,508.7

Intersegment net sales 212.9 — 199.9 — ( 412.8 ) —

Total net sales 1,097.6 1,482.6 1,341.3 — ( 412.8 ) 3,508.7

Financial services revenue — — — 300.5 — 300.5

Total revenue $ 1,097.6 $ 1,482.6 $ 1,341.3 $ 300.5 $ ( 412.8 ) $ 3,809.2

Nature of goods and services:

13 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:

2 unchanged sentences

and (iii) contracts with variable consideration related to unsatisfied performance obligations.

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

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

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

Snap-on had $ 216.3 million of long-term contracts that have fixed consideration that extends beyond one year as of April 4, 2026.

Snap-on expects to recognize approximately 70 % of these contracts as revenue by the end of fiscal 2027, an additional 25 % by the end of fiscal 2029, 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 $ 74.7 million and $ 63.8 million at September 27, 2025, and December 28, 2024, respectively.

The balance of total contract liabilities was $ 80.7 million and $ 73.5 million at April 4, 2026, and January 3, 2026, 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 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.

During the three months ended April 4, 2026, Snap-on recognized $ 37.9 million of revenue that was included in the contract liability balance at January 3, 2026, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

On February 3, 2026, Snap-on acquired certain assets of Car-O-Liner Australia Pty Ltd (“Car-O-Liner Australia”), a former independent distributor, for a cash purchase price of $ 5.1 million.

Car-O-Liner Australia, based in Unanderra, Australia, distributes and services vehicle collision equipment in Australia.

In the first quarter of 2026, the company recorded, on a preliminary basis, the $ 2.1 million excess of the purchase price over the fair value of the net assets acquired in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets.

The company does not expect that the goodwill will be tax deductible.

The company anticipates completing the purchase accounting for the acquired net assets of Car-O-Liner Australia in the first half of 2026.

For segment reporting purposes, the results of operations and assets of Car-O-Liner Australia have been included in the Commercial & Industrial Group since the acquisition date.

Pro forma financial information has not been presented for the acquisition as the net effects were not significant to Snap-on’s results of operations or financial position.

See Note 6 for additional information on goodwill and other intangible assets.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 September 27, 2025, and December 28, 2024, are as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

The components of Snap-on’s trade and other accounts receivable as of April 4, 2026, and January 3, 2026, are as follows:

(Amounts in millions) April 4,

2026 January 3, 2026

Trade and other accounts receivable $ 931.1 $ 921.8

1 unchanged sentence

Total trade and other accounts receivable – net $ 890.7 $ 881.4

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

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three month periods ended April 4, 2026, and March 29, 2025:

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Allowances for credit losses:

2 unchanged sentences

( 4.6 ) ( 3.3 )

— 0.1 0.4 0.2

Currency translation

— 0.5 1.0 ( 0.3 )

End of period $ 40.4 $ 39.2

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.

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

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of Snap-on’s current finance and contract receivables as of April 4, 2026, and January 3, 2026, are as follows:

(Amounts in millions) April 4,

2026 January 3, 2026

Finance installment receivables $ 595.6 $ 588.0

19 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 September 27, 2025, and December 28, 2024, are as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 4, 2026, and January 3, 2026, are as follows:

(Amounts in millions) April 4,

2026 January 3, 2026

Finance installment receivables $ 1,287.1 $ 1,313.8

32 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 September 27, 2025, and charge-offs recorded in the nine months ended September 27, 2025, by origination year, are as follows:

The amortized cost basis of finance and contract receivables by origination year as of April 4, 2026, and charge-offs recorded in the three months ended April 4, 2026, by origination year, are as follows:

(Amounts in millions) 2026 2025 2024 2023 2022 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 nine month periods ended September 27, 2025, and September 28, 2024:

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three month periods ended April 4, 2026, and March 29, 2025:

Three Months Ended

September 27, 2025 Nine Months Ended

September 27, 2025

April 4, 2026 Three Months Ended

March 29, 2025

(Amounts in millions) Finance

9 unchanged sentences

End of period $ 73.4 $ 7.0 $ 73.1 $ 7.3

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended

September 28, 2024 Nine Months Ended

September 28, 2024

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

Allowances for credit losses:

Beginning of period $ 71.1 $ 6.8 $ 67.8 $ 6.7

Provisions for credit losses 15.2 0.7 50.6 1.6

Charge-offs ( 17.7 ) ( 0.8 ) ( 54.7 ) ( 1.8 )

Recoveries 2.2 0.1 7.2 0.3

Currency translation 0.2 0.1 0.1 0.1

End of period $ 71.0 $ 6.9 $ 71.0 $ 6.9

Depending on the contract, payments for finance and contract receivables are due on a monthly or weekly basis.

3 unchanged sentences

Removal from delinquent status occurs when the cumulative amount of monthly contractual payments then due have been received by the company.

It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications.

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 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 September 27, 2025, and December 28, 2024, is as follows:

It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications.

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 April 4, 2026, and January 3, 2026, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

The aging of finance and contract receivables as of April 4, 2026, and January 3, 2026, is as follows:

(Amounts in millions) 30-59

2 unchanged sentences

Past Due Total Greater

September 27, 2025:

April 4, 2026:

Finance receivables $ 20.2 $ 13.5 $ 26.7 $ 60.4 $ 1,884.5 $ 1,944.9 $ 21.9

Contract receivables 1.4 1.1 1.3 3.8 548.2 552.0 0.3

December 28, 2024:

January 3, 2026:

Finance receivables $ 25.6 $ 15.7 $ 27.9 $ 69.2 $ 1,893.3 $ 1,962.5 $ 23.7

1 unchanged sentence

SOC maintains the accrual of interest income during the progression through the various stages of delinquency prior to processing for write-off.

At the time of write-off, the entire balance including the accrued but unpaid interest income amount is recorded as a loss.

At the time of write-off, the entire balance including the accrued but unpaid interest income amount is written off against the allowances.

Finance receivables are generally placed on nonaccrual status (nonaccrual of interest and other fees):

10 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 September 27, 2025, and December 28, 2024, is as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

The amount of finance and contract receivables on nonaccrual status as of April 4, 2026, and January 3, 2026, is as follows:

(Amounts in millions) April 4,

2026 January 3, 2026

Finance receivables $ 14.3 $ 13.1

3 unchanged sentences

Inventories by major classification are as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

(Amounts in millions) April 4,

2026 January 3, 2026

Finished goods $ 898.3 $ 902.7

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Total inventories – net $ 1,020.5 $ 1,025.2

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.

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 61 % and 62 % of total inventories as of April 4, 2026, and January 3, 2026, respectively.

The company accounts for its non-U.S.

inventory on the FIFO method.

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

As of April 4, 2026, approximately 39 % of the company’s U.S.

inventory was accounted for using the FIFO method and 61 % was accounted for using the last-in, first-out (“LIFO”) method.

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

There were no LIFO inventory liquidations in the three month periods ended April 4, 2026, and March 29, 2025.

Goodwill and Other Intangible Assets

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

The changes in the carrying amount of goodwill by segment for the three months ended April 4, 2026, are as follows:

(Amounts in millions) Commercial

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& Information

Balance as of December 28, 2024 $ 315.6 $ 12.4 $ 728.8 $ 1,056.8

Balance as of January 3, 2026 $ 349.4 $ 12.4 $ 747.7 $ 1,109.5

Currency translation ( 5.8 ) — ( 3.7 ) ( 9.5 )

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

Acquisition 2.1 — — 2.1

Balance as of April 4, 2026 $ 345.7 $ 12.4 $ 744.0 $ 1,102.1

Goodwill of $ 1,102.1 million as of April 4, 2026, included $ 2.1 million from the acquisition of Car-O-Liner Australia, on a preliminary basis, and is reported in the Commercial & Industrial Group segment.

See Note 3 for additional information on the acquisition.

Additional disclosures related to other intangible assets are as follows:

September 27, 2025 December 28, 2024

April 4, 2026 January 3, 2026

(Amounts in millions) Gross Carrying Value Accumulated

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2025, the results of which did not result in any impairment.

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

Provisions for 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 April 4, 2026, the company had no accumulated impairment losses.

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

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Intangible asset renewal costs are expensed as incurred.

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.

The aggregate amortization expense was $ 5.3 million and $ 5.7 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $ 19.0 million in 2026, $ 16.8 million in 2027, $ 13.7 million in 2028, $ 11.8 million in 2029, $ 10.6 million in 2030, and $ 6.7 million in 2031.

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’s effective income tax rate on earnings attributable to Snap-on was 22.0 % and 22.2 % in the first three months of fiscal 2026 and 2025, respectively.

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

It is reasonably possible that certain unrecognized tax benefits may either be settled with taxing authorities or the statutes of limitations for such items may lapse within the next 12 months, causing Snap-on’s gross unrecognized tax benefits to decrease by a range of zero to $ 0.6 million.

Over the next 12 months, Snap-on anticipates taking certain tax positions on various tax returns for which the related tax benefit does not meet the recognition threshold.

Accordingly, Snap-on’s gross unrecognized tax benefits may increase by a range of zero to $ 0.9 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings.

Accordingly, Snap-on’s gross unrecognized tax benefits may increase over the next 12 months for uncertain tax positions expected to be taken in future tax filings.

SNAP-ON INCORPORATED

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Short-term and Long-term Debt

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

Short-term and long-term debt as of April 4, 2026, and January 3, 2026, consisted of the following:

(Amounts in millions) April 4,

2026 January 3, 2026

3.25 % unsecured notes due 2027

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Total debt 1,203.1 1,202.6

Current maturities of long-term debt*

Notes payable

( 16.5 ) ( 16.2 )

Notes payable and current maturities of long-term debt ( 316.2 ) ( 16.2 )

Total long-term debt $ 886.9 $ 1,186.4

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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 nine months ended and as of September 27, 2025.

No amounts were borrowed or outstanding under the Credit Facility during the three months ended and as of April 4, 2026.

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

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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 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.

As of April 4, 2026, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.07 ) and ( 0.28 ), 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 September 27, 2025, there were no commercial paper issuances outstanding.

There was no commercial paper issued or outstanding during the three months ended and as of April 4, 2026.

Financial Instruments

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Gains or losses on derivative instruments in accumulated other comprehensive income (loss) (“Accumulated OCI”) are reclassified to earnings in the period in which earnings are affected by the underlying hedged item.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The criteria used to determine if hedge accounting treatment is appropriate are:

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Snap-on does not use derivative instruments for speculative or trading purposes.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price.

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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 September 27, 2025, and December 28, 2024 .

T here were no outstanding interest rate swaps as of both April 4, 2026, and January 3, 2026 .

Treasury locks:

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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 September 27, 2025, and December 28, 2024.

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

There were no treasury locks outstanding as of both April 4, 2026, and January 3, 2026.

Stock-based deferred compensation risk management:

2 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 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.

As of April 4, 2026, and January 3, 2026, Snap‑on had equity forwards in place intended to manage market risk with respect to 73,500 shares and 73,000 shares, respectively, of Snap-on common stock associated with its deferred compensation plans.

Counterparty risk:

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

September 27, 2025 December 28, 2024

April 4, 2026 January 3, 2026

(Amounts in millions) Carrying

2 unchanged sentences

Contract receivables – net 545.0 580.8 553.1 593.4

Long-term debt and notes payable

Long-term debt and notes payable and current maturities of long-term debt

1,203.1 954.1 1,202.6 967.8

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

• 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.

• The fair value of long-term debt and current maturities of long-term debt are 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 and current maturities of long-term debt includes unamortized debt issuance costs and issuance discounts.

The fair value of notes payable approximates such instruments’ carrying value due to their short-term nature.

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Pension Plans

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

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Service cost $ 5.2 $ 5.1

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Amortization of unrecognized loss 4.5 5.5

Amortization of prior service cost 0.1 — 0.1 —

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

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

Net periodic benefit cost $ 2.6 $ 4.2

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

See Note 16 for additional information on other income (expense) – net.

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Postretirement Health Care Plans

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

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Interest cost $ 0.4 $ 0.4

1 unchanged sentence

Amortization of unrecognized gain ( 0.2 ) ( 0.3 )

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.

Net periodic benefit cost $ — $ —

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

See Note 16 for additional information on Other income (expense) – net.

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

As of April 4, 2026, the 2011 Plan had 1,382,889 shares available for future grants.

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

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.

Net stock-based compensation expense was $ 6.8 million and $ 4.5 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

Cash received from stock purchase plans and stock option exercises totaled $ 30.6 million and $ 18.3 million during the respective three month periods ended April 4, 2026, and March 29, 2025.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 8.9 million and $ 8.3 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

Stock options:

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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 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

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:

Three Months Ended

2026 March 29,

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 nine months ended September 27, 2025:

Below is a summary of stock option activity as of and for the three months ended April 4, 2026:

(in thousands)

1 unchanged sentence

(in millions)

Outstanding at December 28, 2024 1,670 $ 190.73

Outstanding at January 3, 2026 1,528 $ 214.14

Granted 199 378.55

1 unchanged sentence

Forfeited or expired ( 3 ) 314.22

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

Outstanding at April 4, 2026 1,578 235.12 5.6 $ 208.4

Exercisable at April 4, 2026 1,181 197.55 4.4 198.5

* Weighted-average

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.

The weighted-average grant date fair value of stock options granted during the respective three month periods ended April 4, 2026, and March 29, 2025, was $ 73.31 and $ 70.62 .

The intrinsic value of stock options exercised was $ 24.8 million and $ 15.7 million during the respective three month periods ended April 4, 2026, and March 29, 2025.

The fair value of stock options vested was $ 11.8 million and $ 10.4 million during the respective three month periods ended April 4, 2026, and March 29, 2025.

As of April 4, 2026, there was $ 25.7 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 2.2 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 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.

The weighted-average grant date fair value of PSUs granted during the three month periods ended April 4, 2026, and March 29, 2025, was $ 378.55 and $ 339.73 , respectively.

PSUs related to 38,082 shares and 62,171 shares were paid out during the three month periods ended April 4, 2026, and March 29, 2025, 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 nine months ended September 27, 2025, are as follows:

Changes to the company’s non-vested PSUs during the three months ended April 4, 2026, are as follows:

(in thousands)

Non-vested PSUs at December 28, 2024 113 $ 257.95

Non-vested PSUs at January 3, 2026 80 $ 305.17

Granted 43 378.55

Performance assumption change** ( 18 ) 310.20

Cancellations and other ( 1 ) 278.22

Non-vested PSUs at September 27, 2025 127 285.12

Non-vested PSUs at April 4, 2026 105 334.06

* Weighted-average

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

As of April 4, 2026, there was $ 23.0 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 1.9 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:

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in recent years, forfeitures have not been significant.

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:

The weighted-average grant date fair value of RSUs granted during the three month periods ended April 4, 2026, and March 29, 2025, was $ 378.55 and $ 339.73 , respectively.

Changes to the company’s non-vested RSUs during the three months ended April 4, 2026, are as follows:

(in thousands)

Non-vested RSUs at December 28, 2024 70 $ 242.63

Non-vested RSUs at January 3, 2026 63 $ 282.28

Granted 19 378.55

Vested ( 23 ) 249.34

Cancellations and other ( 1 ) 280.38

Non-vested RSUs at September 27, 2025 63 282.05

Non-vested RSUs at April 4, 2026 59 326.56

* Weighted-average

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.

As of April 4, 2026, there was $ 12.2 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 1.8 years.

Stock appreciation rights:

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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 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

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:

Three Months Ended

2026 March 29,

Expected term of stock-settled SARs (in years)

2 unchanged sentences

Risk-free interest rate 3.67 % 4.39 %

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

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock-settled SARs as of and for the three months ended April 4, 2026:

Stock-settled

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(in millions)

Outstanding at December 28, 2024 311 $ 207.64

Outstanding at January 3, 2026 309 $ 233.57

Granted 52 378.55

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Forfeited or expired ( 13 ) 234.56

Outstanding at September 27, 2025 327 230.97 6.3 $ 36.3

Exercisable at September 27, 2025 215 194.32 5.0 31.7

Outstanding at April 4, 2026 339 256.89 6.5 $ 37.5

Exercisable at April 4, 2026 232 215.43 5.3 34.8

* Weighted-average

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

The weighted-average grant date fair value of stock-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, was $ 71.23 and $ 68.11 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 1.6 million and $ 2.0 million during the respective three month periods ended April 4, 2026, and March 29, 2025.

The fair value of stock-settled SARs vested was $ 3.1 million and $ 2.8 million during the respective three month periods ended April 4, 2026, and March 29, 2025.

As of April 4, 2026, there was $ 6.7 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 2.2 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:

Three Months Ended

2026 March 29,

Expected term of cash-settled SARs (in years)

2 unchanged sentences

Risk-free interest rate 3.99 % 3.98 %

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:

The intrinsic value of cash-settled SARs exercised was $ 0.3 million for the three month period ended April 4, 2026, and zero for the three month period ended March 29, 2025.

The fair value of cash-settled SARs vested was $ 0.1 million for both the three month periods ended April 4, 2026, and March 29, 2025.

Changes to the company’s non-vested cash-settled SARs during the three months ended April 4, 2026, are as follows:

(in thousands)

Non-vested cash-settled SARs at December 28, 2024 2 $ 108.41

Non-vested cash-settled SARs at January 3, 2026 2 $ 79.24

Granted 1 63.59

Vested ( 1 ) 97.00

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

Non-vested cash-settled SARs at April 4, 2026 2 72.33

* Weighted-average

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.

As of April 4, 2026, 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 2.2 years.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 nine month periods ended September 27, 2025, and September 28, 2024.

The company awarded 4,680 shares and 4,437 shares of restricted stock to non-employee directors for the respective three month periods ended April 4, 2026, and March 29, 2025.

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.

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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 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.

There were no shares issued under this plan for both the three month periods ended April 4, 2026, and March 29, 2025.

As of April 4, 2026, 505,119 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 5.5 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 $ 0.5 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.

Compensation expense for plan participants was $ 0.4 million and $ 0.3 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

Franchisee stock purchase plan:

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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 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.

There were no shares issued under this plan for both the three month periods ended April 4, 2026, and March 29, 2025.

As of April 4, 2026, 92,531 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 11.2 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 $ 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)

The company recognized mark-to-market expense of $ 0.7 million and $ 0.2 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

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 Nine Months Ended

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

Three Months Ended

2026 March 29,

Weighted-average common shares outstanding 51,876,330 52,359,633

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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 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.

As of April 4, 2026, there were 251,001 awards outstanding that were anti-dilutive.

As of March 29, 2025, 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

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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 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

Snap-on’s product warranty accrual activity for the three month periods ended April 4, 2026, and March 29, 2025, is as follows:

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Warranty reserve:

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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 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 September 27, 2025, and December 28, 2024, is as follows:

(Amounts in millions) September 27,

2025 December 28, 2024

Supplemental balance sheet information related to leases as of April 4, 2026, and January 3, 2026, is as follows:

(Amounts in millions) April 4,

2026 January 3, 2026

Finance leases:

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

Three Months Ended Nine Months Ended

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Interest income $ 14.0 $ 13.9

Net foreign exchange loss ( 0.1 ) ( 0.6 )

Net periodic pension and postretirement benefits – non-service 0.8 6.8 2.3 20.2

Pension and postretirement net periodic benefit credits – non-service 2.6 0.9

Other 0.3 0.2

Total other income (expense) – net $ 16.8 $ 14.4

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 September 27, 2025:

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended April 4, 2026:

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

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

Other comprehensive income before reclassifications 5.2 — — 5.2

Balance as of January 3, 2026 $ ( 138.3 ) $ 2.3 $ ( 218.8 ) $ ( 354.8 )

Other comprehensive loss before reclassifications ( 23.9 ) — — ( 23.9 )

Amounts reclassified from Accumulated OCI — ( 0.4 ) 3.2 2.8

Net other comprehensive income (loss) ( 23.9 ) ( 0.4 ) 3.2 ( 21.1 )

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:

Balance as of April 4, 2026 $ ( 162.2 ) $ 1.9 $ ( 215.6 ) $ ( 375.9 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended March 29, 2025:

(Amounts in millions) Foreign

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Net other comprehensive income (loss) 72.0 ( 0.4 ) 3.9 75.5

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

Translation Cash Flow

Hedges Defined

Postretirement

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 September 28, 2024 $ ( 190.4 ) $ 4.5 $ ( 238.8 ) $ ( 424.7 )

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

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 nine months ended September 28, 2024:

(Amounts in millions) Foreign

Translation Cash Flow

Hedges Defined

Postretirement

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

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 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:

The reclassifications out of Accumulated OCI for the three month periods ended April 4, 2026, and March 29, 2025, are as follows:

Amount Reclassified from Accumulated OCI

Three Months Ended Nine Months Ended

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

2025 Statement of Earnings

Gains on cash flow hedges:

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Net of tax 0.4 0.4

Amortization of net unrecognized losses and prior service costs

Amortization of net unrecognized losses

$ ( 4.3 ) $ ( 5.2 ) See footnote below*

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see Note 10 and Note 11 for additional information.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on’s operating segments, which represent Snap-on’s reportable segments , are based on the organizational structure used by the Chief Executive Officer, its chief operating decision maker (“CODM”), to make operating and investment determinations and to assess performance.

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Financial Data by Segment:

Three Months Ended September 27, 2025

Commercial & Snap-on Repair Systems

Industrial Tools & Information Financial Total

(Amounts in millions) Group Group Group Services Segments

External net sales $ 297.8 $ 506.0 $ 387.0 $ — $ 1,190.8

Intersegment net sales 69.9 — 77.8 — 147.7

Segment net sales 367.7 506.0 464.8 — 1,338.5

Segment cost of goods sold ( 217.2 ) ( 269.2 ) ( 246.2 ) — ( 732.6 )

Segment gross profit 150.5 236.8 218.6 — 605.9

Financial services revenue — — — 101.1 101.1

Segment operating and financial services expenses

Personnel ( 54.7 ) ( 48.4 ) ( 65.7 ) ( 9.1 )

Shipping and handling costs ( 7.5 ) ( 19.4 ) — —

Depreciation and amortization ( 1.5 ) ( 1.9 ) ( 4.9 ) ( 0.2 )

Provisions for credit losses — — — ( 18.4 )

Other segment expenses* ( 29.3 ) ( 57.2 ) ( 6.8 ) ( 4.5 )

Total segment operating and financial services expenses ( 93.0 ) ( 126.9 ) ( 77.4 ) ( 32.2 ) ( 329.5 )

Segment operating earnings $ 57.5 $ 109.9 $ 141.2 $ 68.9 $ 377.5

Reconciliation of segment net sales to total net sales and total revenues:

Segment net sales $ 1,338.5

Intersegment eliminations ( 147.7 )

Total net sales 1,190.8

Financial services revenue 101.1

Total revenues $ 1,291.9

Reconciliation of segment cost of goods sold to cost of goods sold:

Segment cost of goods sold $ ( 732.6 )

Intersegment eliminations 147.7

Cost of goods sold $ ( 584.9 )

Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:

Segment operating earnings $ 377.5

Corporate operating expenses ( 30.1 )

Operating earnings 347.4

Interest expense ( 12.4 )

Other income (expense) – net 14.3

Earnings before income taxes $ 349.3

* Other segment expenses primarily include:

Commercial & Industrial Group - shared service allocations;

technology, travel and marketing expenses.

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

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

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

Financial Services - customer support and technology expenses.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Financial Data by Segment (continued):

Nine Months Ended September 27, 2025

Commercial & Snap-on Repair Systems

Industrial Tools & Information Financial Total

(Amounts in millions) Group Group Group Services Segments

External net sales $ 863.7 $ 1,459.9 $ 1,187.7 $ — $ 3,511.3

Intersegment net sales 195.7 — 221.6 — 417.3

Segment net sales 1,059.4 1,459.9 1,409.3 — 3,928.6

Segment cost of goods sold ( 623.2 ) ( 771.4 ) ( 754.1 ) — ( 2,148.7 )

Segment gross profit 436.2 688.5 655.2 — 1,779.9

Financial services revenue — — — 304.9 304.9

Segment operating and financial services expenses

Personnel ( 166.4 ) ( 143.6 ) ( 195.7 ) ( 27.0 )

Shipping and handling costs ( 22.6 ) ( 57.8 ) — —

Depreciation and amortization ( 4.9 ) ( 5.6 ) ( 13.9 ) ( 0.6 )

Provisions for credit losses — — — ( 56.5 )

Other segment expenses* ( 84.7 ) ( 162.5 ) ( 62.5 ) ( 13.4 )

Total segment operating and financial services expenses ( 278.6 ) ( 369.5 ) ( 272.1 ) ( 97.5 ) ( 1,017.7 )

Segment operating earnings $ 157.6 $ 319.0 $ 383.1 $ 207.4 $ 1,067.1

Reconciliation of segment net sales to total net sales and total revenues:

Segment net sales $ 3,928.6

Intersegment eliminations ( 417.3 )

Total net sales 3,511.3

Financial services revenue 304.9

Total revenues $ 3,816.2

Reconciliation of segment cost of goods sold to cost of goods sold:

Segment cost of goods sold $ ( 2,148.7 )

Intersegment eliminations 417.3

Cost of goods sold $ ( 1,731.4 )

Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:

Segment operating earnings $ 1,067.1

Corporate operating expenses ( 79.0 )

Operating earnings 988.1

Interest expense ( 37.1 )

Other income (expense) – net 43.0

Earnings before income taxes $ 994.0

* Other segment expenses primarily include:

Commercial & Industrial Group - shared service allocations;

technology, travel and marketing expenses.

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

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

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

Financial Services - customer support and technology expenses.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Financial Data by Segment (continued):

Three Months Ended September 28, 2024

Three Months Ended April 4, 2026

Commercial & Snap-on Repair Systems

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Financial Data by Segment (continued):

Nine Months Ended September 28, 2024

Three Months Ended March 29, 2025

Commercial & Snap-on Repair Systems

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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.

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Financial Data by Segment (continued):

(Amounts in millions) September 27,

2025 December 28, 2024

(Amounts in millions) April 4,

2026 January 3, 2026

Commercial & Industrial Group $ 1,298.5 $ 1,318.1

10 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