What changed in this filing

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Item 1. Financial Statements

2026-07-23 compared with 2026-04-23 · 408 added, 158 removed, 949 unchanged (37% of the section changed)

3 unchanged sentences

(Amounts in millions, except per share data)

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

Net sales $ 1,235.1 $ 1,179.4 $ 2,442.3 $ 2,320.5

26 unchanged sentences

(Amounts in millions)

Three Months Ended

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

Comprehensive income:

5 unchanged sentences

Amortization of net unrecognized losses

4.4 5.4 8.7 10.6

Income tax benefit

( 1.1 ) ( 1.4 ) ( 2.2 ) ( 2.7 )

3.3 4.0 6.5 7.9

Total comprehensive income 259.5 353.8 491.9 676.0

73 unchanged sentences

(Amounts in millions, except share data)

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

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

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

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

Net earnings for the three months ended July 4, 2026

— — 260.6 — — 5.6 266.2

Other comprehensive loss — — — ( 6.7 ) — — ( 6.7 )

Cash dividends – $ 2.44 per share

— — ( 126.4 ) — — — ( 126.4 )

Stock compensation plans — 20.0 — — 27.6 — 47.6

Share repurchases – 241,000 shares

— — — — ( 91.4 ) — ( 91.4 )

Other — — ( 0.5 ) — — ( 5.6 ) ( 6.1 )

Balance at July 4, 2026 $ 67.5 $ 595.1 $ 8,391.1 $ ( 382.6 ) $ ( 2,629.8 ) $ 25.0 $ 6,066.3

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

Shareholders’ Equity Attributable to Snap-on Incorporated

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Loss Treasury

Stock Noncontrolling

Interests Total

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

Net earnings for the six months ended July 4, 2026

— — 507.6 — — 12.1 519.7

6 unchanged sentences

Other — — ( 0.8 ) — — ( 12.1 ) ( 12.9 )

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:

Balance at July 4, 2026 $ 67.5 $ 595.1 $ 8,391.1 $ ( 382.6 ) $ ( 2,629.8 ) $ 25.0 $ 6,066.3

See Notes to Condensed Consolidated Financial Statements.

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

— — 250.3 — — 6.5 256.8

Other comprehensive income — — — 97.0 — — 97.0

Cash dividends – $ 2.14 per share

— — ( 111.8 ) — — — ( 111.8 )

Stock compensation plans — 19.8 — — 18.8 — 38.6

Share repurchases – 250,000 shares

— — — — ( 79.0 ) — ( 79.0 )

Other — — ( 0.4 ) — — ( 5.8 ) ( 6.2 )

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:

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 three months ended March 29, 2025

Net earnings for the six months ended June 28, 2025

— — 490.8 — — 12.7 503.5

6 unchanged sentences

Other — — ( 0.6 ) — — ( 11.6 ) ( 12.2 )

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

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

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Amounts in millions)

Three Months Ended

2026 March 29,

Six Months Ended

2026 June 28,

Operating activities:

7 unchanged sentences

Deferred income tax provision 6.8 0.1

Loss on sales of assets 0.1 —

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

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

Trade and other accounts receivable ( 67.5 ) ( 12.1 )

9 unchanged sentences

Capital expenditures ( 44.3 ) ( 42.6 )

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

Acquisitions of businesses, net of cash acquired ( 159.1 ) —

Disposals of property and equipment 0.8 0.6

23 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 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 second quarter ended on July 4, 2026, and its 2025 fiscal second quarter ended on June 28, 2025.

The company’s 2026 and 2025 fiscal second 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.

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 July 4, 2026, and June 28, 2025, have been made.

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

25 unchanged sentences

The following table shows the consolidated revenues by revenue source:

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

Revenue from contracts with customers $ 1,225.8 $ 1,170.9 $ 2,423.8 $ 2,304.2

10 unchanged sentences

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

For the Three Months Ended April 4, 2026

For the Three Months Ended July 4, 2026

Commercial Snap-on Repair Systems

10 unchanged sentences

Total revenue $ 395.8 $ 508.8 $ 480.3 $ 99.7 $ ( 149.8 ) $ 1,334.8

For the Six Months Ended July 4, 2026

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

North America* $ 322.2 $ 846.0 $ 605.1 $ — $ — $ 1,773.3

Europe 178.5 87.2 150.2 — — 415.9

All other 133.6 61.6 57.9 — — 253.1

External net sales 634.3 994.8 813.2 — — 2,442.3

Intersegment net sales 142.5 — 152.4 — ( 294.9 ) —

Total net sales 776.8 994.8 965.6 — ( 294.9 ) 2,442.3

Financial services revenue — — — 200.8 — 200.8

Total revenue $ 776.8 $ 994.8 $ 965.6 $ 200.8 $ ( 294.9 ) $ 2,643.1

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

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Three Months Ended March 29, 2025

For the Three Months Ended June 28, 2025

Commercial Snap-on Repair Systems

9 unchanged sentences

Total revenue $ 347.8 $ 491.0 $ 468.6 $ 101.7 $ ( 128.0 ) $ 1,281.1

For the Six Months Ended June 28, 2025

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

North America* $ 291.3 $ 820.5 $ 620.3 $ — $ — $ 1,732.1

Europe 155.1 80.6 127.9 — — 363.6

All other 119.5 52.8 52.5 — — 224.8

External net sales 565.9 953.9 800.7 — — 2,320.5

Intersegment net sales 125.8 — 143.8 — ( 269.6 ) —

Total net sales 691.7 953.9 944.5 — ( 269.6 ) 2,320.5

Financial services revenue — — — 203.8 — 203.8

Total revenue $ 691.7 $ 953.9 $ 944.5 $ 203.8 $ ( 269.6 ) $ 2,524.3

* 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 April 4, 2026

For the Three Months Ended July 4, 2026

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 395.8 $ 508.8 $ 480.3 $ 99.7 $ ( 149.8 ) $ 1,334.8

For the Three Months Ended March 29, 2025

For the Six Months Ended July 4, 2026

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 776.8 $ 994.8 $ 965.6 $ 200.8 $ ( 294.9 ) $ 2,643.1

For the Three Months Ended June 28, 2025

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

Vehicle service professionals $ 20.5 $ 491.0 $ 399.2 $ — $ — $ 910.7

All other professionals 268.7 — — — — 268.7

External net sales 289.2 491.0 399.2 — — 1,179.4

Intersegment net sales 58.6 — 69.4 — ( 128.0 ) —

Total net sales 347.8 491.0 468.6 — ( 128.0 ) 1,179.4

Financial services revenue — — — 101.7 — 101.7

Total revenue $ 347.8 $ 491.0 $ 468.6 $ 101.7 $ ( 128.0 ) $ 1,281.1

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Six Months Ended June 28, 2025

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

Vehicle service professionals $ 39.5 $ 953.9 $ 800.7 $ — $ — $ 1,794.1

All other professionals 526.4 — — — — 526.4

External net sales 565.9 953.9 800.7 — — 2,320.5

Intersegment net sales 125.8 — 143.8 — ( 269.6 ) —

Total net sales 691.7 953.9 944.5 — ( 269.6 ) 2,320.5

Financial services revenue — — — 203.8 — 203.8

Total revenue $ 691.7 $ 953.9 $ 944.5 $ 203.8 $ ( 269.6 ) $ 2,524.3

Nature of goods and services:

18 unchanged sentences

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 had $ 190.2 million of long-term contracts that have fixed consideration that extends beyond one year as of July 4, 2026.

Snap-on expects to recognize approximately 65 % of these contracts as revenue by the end of fiscal 2027, an additional 30 % 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 $ 80.7 million and $ 73.5 million at April 4, 2026, and January 3, 2026, respectively.

The balance of total contract liabilities was $ 90.8 million and $ 73.5 million at July 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 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.

During the three and six months ended July 4, 2026, Snap-on recognized $ 11.5 million and $ 49.4 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.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

On June 8, 2026, Snap-on acquired Diesel Laptops, LLC (“Diesel Laptops”) for a preliminary cash purchase price of $ 99.7 million (or $ 99.1 million, net of cash acquired).

The preliminary purchase price is subject to change based on the finalization of a working capital adjustment that is expected to be completed in the third quarter of 2026.

Diesel Laptops, based in Irmo, South Carolina, specializes in diagnostics, repair information, and digital solutions for commercial trucks and off-highway vehicles serving heavy-duty repair shops, fleets, and other equipment customers such as those in mining, agriculture, and infrastructure.

In the second quarter of 2026, the company recorded, on a preliminary basis, the $ 97.0 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 Diesel Laptops in the second half of 2026.

For segment reporting purposes, the results of operations and assets of Diesel Laptops have been included in the Repair Systems & Information Group since the acquisition date.

On April 30, 2026, Snap-on acquired Hi-Force Group Holdings Ltd.

(“Hi-Force”) for a preliminary cash purchase price of $ 58.0 million (or $ 54.9 million, net of cash acquired).

The preliminary purchase price is subject to change based on the finalization of a working capital adjustment that is expected to be completed in the third quarter of 2026.

Hi-Force, based in Daventry, United Kingdom, designs and manufactures high-pressure hydraulic tools, heavy lifting systems, as well as torque and tensioning equipment.

In the second quarter of 2026, the company recorded, on a preliminary basis, the $ 37.7 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 Hi-Force in the second half of 2026.

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

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 completed the purchase accounting for the acquired net assets of Car-O-Liner Australia in the second quarter of 2026.

The $ 2.1 million excess of the purchase price over the fair value of the net assets acquired is recorded 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.

Pro forma financial information has not been presented for the acquisitions 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 April 4, 2026, and January 3, 2026, are as follows:

(Amounts in millions) April 4,

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

(Amounts in millions) July 4,

2026 January 3, 2026

2 unchanged sentences

Total trade and other accounts receivable – net $ 942.2 $ 881.4

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,

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 July 4, 2026, and June 28, 2025:

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

Allowances for credit losses:

2 unchanged sentences

( 3.9 ) ( 3.0 ) ( 8.5 ) ( 6.3 )

— 0.3 0.1 0.4

Currency translation

( 0.1 ) 0.6 ( 0.2 ) 1.0

End of period $ 44.5 $ 40.3 $ 44.5 $ 40.3

9 unchanged sentences

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,

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

(Amounts in millions) July 4,

2026 January 3, 2026

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 April 4, 2026, and January 3, 2026, are as follows:

(Amounts in millions) April 4,

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

(Amounts in millions) July 4,

2026 January 3, 2026

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 April 4, 2026, and charge-offs recorded in the three months ended April 4, 2026, by origination year, are as follows:

The amortized cost basis of finance and contract receivables by origination year as of July 4, 2026, and charge-offs recorded in the six months ended July 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 month periods ended April 4, 2026, and March 29, 2025:

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six month periods ended July 4, 2026, and June 28, 2025:

Three Months Ended

April 4, 2026 Three Months Ended

March 29, 2025

July 4, 2026 Six Months Ended

(Amounts in millions) Finance

9 unchanged sentences

End of period $ 74.1 $ 6.9 $ 74.1 $ 6.9

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended

June 28, 2025 Six Months Ended

June 28, 2025

(Amounts in millions) Finance

Receivables Contract

Receivables Finance

Receivables Contract

Allowances for credit losses:

Beginning of period $ 73.1 $ 7.3 $ 72.4 $ 6.8

Provisions for credit losses 18.3 0.7 36.5 1.6

Charge-offs ( 20.5 ) ( 0.8 ) ( 40.5 ) ( 1.4 )

Recoveries 2.9 0.2 5.3 0.3

Currency translation 0.2 — 0.3 0.1

End of period $ 74.0 $ 7.4 $ 74.0 $ 7.4

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.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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:

The amount and number of finance and contract receivable modifications as of July 4, 2026, and January 3, 2026, 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 July 4, 2026, and January 3, 2026, is as follows:

(Amounts in millions) 30-59

2 unchanged sentences

Past Due Total Greater

April 4, 2026:

July 4, 2026:

Finance receivables $ 24.3 $ 13.8 $ 22.9 $ 61.0 $ 1,884.7 $ 1,945.7 $ 18.7

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 April 4, 2026, and January 3, 2026, is as follows:

(Amounts in millions) April 4,

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

(Amounts in millions) July 4,

2026 January 3, 2026

4 unchanged sentences

Inventories by major classification are as follows:

(Amounts in millions) April 4,

(Amounts in millions) July 4,

2026 January 3, 2026

5 unchanged sentences

Total inventories – net $ 1,045.3 $ 1,025.2

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.

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 62 % of total inventories for both periods ended July 4, 2026, and January 3, 2026.

The company accounts for its non-U.S.

inventory on the FIFO method.

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

As of July 4, 2026, approximately 40 % of the company’s U.S.

inventory was accounted for using the FIFO method and 60 % was accounted for using the last-in, first-out (“LIFO”) method.

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

There were no LIFO inventory liquidations in the three and six month periods ended July 4, 2026, and June 28, 2025.

Goodwill and Other Intangible Assets

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

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

(Amounts in millions) Commercial

4 unchanged sentences

Currency translation ( 9.4 ) — ( 5.4 ) ( 14.8 )

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.

Acquisitions 39.8 — 97.0 136.8

Balance as of July 4, 2026 $ 379.8 $ 12.4 $ 839.3 $ 1,231.5

Goodwill of $ 1,231.5 million as of July 4, 2026, included $ 97.0 million from the acquisition of Diesel Laptops, on a preliminary basis, $ 37.7 million from the acquisition of Hi-Force, on a preliminary basis, and $ 2.1 million from the acquisition of Car-O-Liner Australia.

The goodwill from the Diesel Laptops acquisition is reported in the Repair Systems & Information Group segment and the goodwill from the Hi-Force and Car-O-Liner Australia acquisitions is reported in the Commercial & Industrial Group segment.

See Note 3 for additional information on acquisitions.

Additional disclosures related to other intangible assets are as follows:

April 4, 2026 January 3, 2026

July 4, 2026 January 3, 2026

(Amounts in millions) Gross Carrying Value Accumulated

13 unchanged sentences

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 2026, the results of which did not result in any impairment.

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.

As of July 4, 2026, 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 $ 5.3 million and $ 5.7 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

The aggregate amortization expense was $ 4.7 million and $ 10.0 million for the respective three and six month periods ended July 4, 2026, and $ 5.9 million and $ 11.6 million for the respective three and six month periods ended June 28, 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, $ 17.0 million in 2027, $ 14.1 million in 2028, $ 11.7 million in 2029, $ 10.8 million in 2030, and $ 8.6 million in 2031.

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’s effective income tax rate on earnings attributable to Snap-on was 21.9 % and 22.3 % in the first six 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.

5 unchanged sentences

Short-term and Long-term Debt

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

(Amounts in millions) April 4,

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

(Amounts in millions) July 4,

2026 January 3, 2026

13 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 three months ended and as of April 4, 2026.

No amounts were borrowed or outstanding under the Credit Facility during the six months ended and as of July 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 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.

As of July 4, 2026, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.05 ) and ( 0.21 ), 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.

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

Snap-on may issue commercial paper to fund future financing needs on a short-term basis, with the Credit Facility as back-up liquidity to support such commercial paper issuances.

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

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 April 4, 2026, and January 3, 2026 .

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

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 April 4, 2026, and January 3, 2026.

There were no treasury locks outstanding as of both July 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 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.

As of July 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:

6 unchanged sentences

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

April 4, 2026 January 3, 2026

July 4, 2026 January 3, 2026

(Amounts in millions) Carrying

16 unchanged sentences

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

Service cost $ 4.8 $ 4.7 $ 10.0 $ 9.8

10 unchanged sentences

Postretirement Health Care Plans

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,

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

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

Interest cost $ 0.4 $ 0.5 $ 0.8 $ 0.9

1 unchanged sentence

Amortization of unrecognized gain ( 0.3 ) ( 0.3 ) ( 0.5 ) ( 0.6 )

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.

Net periodic benefit cost (credit) $ ( 0.1 ) $ — $ ( 0.1 ) $ —

The components of postretirement health care net periodic benefit cost (credit) 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 April 4, 2026, the 2011 Plan had 1,382,889 shares available for future grants.

As of July 4, 2026, the 2011 Plan had 1,391,868 shares available for future grants.

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

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.

Net stock-based compensation expense was $ 9.4 million and $ 16.2 million for the respective three and six month periods ended July 4, 2026, and $ 8.5 million and $ 13.0 million for the respective three and six month periods ended June 28, 2025.

Cash received from stock purchase plans and stock option exercises totaled $ 36.5 million and $ 67.1 million during the three and six month periods ended July 4, 2026, and $ 26.9 million and $ 45.2 million during the respective three and six month periods ended June 28, 2025.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 4.3 million and $ 13.2 million for the respective three and six month periods ended July 4, 2026, and $ 2.2 million and $ 10.5 million for the respective three and six month periods ended June 28, 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 three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:

Three Months Ended

2026 March 29,

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the six month periods ended July 4, 2026, and June 28, 2025, using the Black-Scholes valuation model:

Six Months Ended

2026 June 28,

Expected term of stock option (in years)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

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

(in thousands)

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Forfeited or expired ( 11 ) 332.62

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

Outstanding at July 4, 2026 1,477 236.82 5.4 $ 258.8

Exercisable at July 4, 2026 1,089 197.50 4.2 233.7

* Weighted-average

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.

The weighted-average grant date fair value of stock options granted during the respective six month periods ended July 4, 2026, and June 28, 2025, was $ 73.31 and $ 70.62 .

The intrinsic value of stock options exercised was $ 17.1 million and $ 41.9 million during the respective three and six month periods ended July 4, 2026, and $ 8.9 million and $ 24.6 million during the respective three and six month periods ended June 28, 2025.

The fair value of stock options vested was $ 11.8 million and $ 10.4 million during the respective six month periods ended July 4, 2026, and June 28, 2025.

As of July 4, 2026, there was $ 21.9 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 2.0 years.

Performance share units:

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in recent years, forfeitures have not been significant.

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.

The weighted-average grant date fair value of PSUs granted during the six month periods ended July 4, 2026, and June 28, 2025, was $ 378.55 and $ 339.73 , respectively.

PSUs related to 38,082 shares and 62,171 shares were paid out during the six month periods ended July 4, 2026, and June 28, 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 three months ended April 4, 2026, are as follows:

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

(in thousands)

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Performance assumption change** ( 18 ) 310.22

Non-vested PSUs at April 4, 2026 105 334.06

Non-vested PSUs at July 4, 2026 105 334.09

* 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.

As of July 4, 2026, there was $ 20.1 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 1.6 years.

SNAP-ON INCORPORATED

5 unchanged sentences

in recent years, forfeitures have not been significant.

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:

The weighted-average grant date fair value of RSUs granted during the six month periods ended July 4, 2026, and June 28, 2025, was $ 378.55 and $ 339.73 , respectively.

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

(in thousands)

2 unchanged sentences

Vested ( 23 ) 249.34

Non-vested RSUs at April 4, 2026 59 326.56

Non-vested RSUs at July 4, 2026 59 326.59

* Weighted-average

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.

As of July 4, 2026, there was $ 10.6 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 1.6 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 three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:

Three Months Ended

2026 March 29,

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six month periods ended July 4, 2026, and June 28, 2025, using the Black-Scholes valuation model:

Six Months Ended

2026 June 28,

Expected term of stock-settled SARs (in years)

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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:

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

Stock-settled

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Forfeited or expired ( 33 ) 221.76

Outstanding at April 4, 2026 339 256.89 6.5 $ 37.5

Exercisable at April 4, 2026 232 215.43 5.3 34.8

Outstanding at July 4, 2026 301 262.92 6.6 $ 44.9

Exercisable at July 4, 2026 194 216.79 5.3 37.9

* Weighted-average

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,

The weighted-average grant date fair value of stock-settled SARs granted during the six month periods ended July 4, 2026, and June 28, 2025, was $ 71.23 and $ 68.11 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 3.4 million and $ 5.0 million during the respective three and six month periods ended July 4, 2026, and $ 0.2 million and $ 2.2 million during the respective three and six month periods ended June 28, 2025.

The fair value of stock-settled SARs vested was $ 3.1 million and $ 2.8 million during the respective six month periods ended July 4, 2026, and June 28, 2025.

As of July 4, 2026, there was $ 5.8 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 1.9 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six month periods ended July 4, 2026, and June 28, 2025, using the Black-Scholes valuation model:

Six Months Ended

2026 June 28,

Expected term of cash-settled SARs (in years)

2 unchanged sentences

Risk-free interest rate 4.16 % 3.83 %

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:

The intrinsic value of cash-settled SARs exercised was $ 0.2 million and $ 0.5 million for the three and six month periods ended July 4, 2026, and zero for both the three and six month periods ended June 28, 2025.

The fair value of cash-settled SARs vested was $ 0.2 million for the six month periods ended July 4, 2026, and $ 0.1 million for the six month periods ended June 28, 2025.

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

(in thousands)

2 unchanged sentences

Vested ( 1 ) 137.68

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

Non-vested cash-settled SARs at July 4, 2026 2 105.13

* Weighted-average

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.

As of July 4, 2026, there was $ 0.3 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 1.9 years.

SNAP-ON INCORPORATED

1 unchanged sentence

Restricted stock awards – non-employee directors:

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 company awarded 4,680 shares and 4,437 shares of restricted stock to non-employee directors for the respective six month periods ended July 4, 2026, and June 28, 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.

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 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.

There were 18,997 shares and 24,680 shares issued under this plan for the respective six month periods ended July 4, 2026, and June 28, 2025.

As of July 4, 2026, 486,122 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 0.6 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 $ 0.4 million and $ 0.3 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

Compensation expense for plan participants was zero and $ 0.4 million for the respective three and six month periods ended July 4, 2026, and $ 0.1 million and $ 0.4 million for the respective three and six month periods ended June 28, 2025.

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 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.

There were 36,805 shares and 43,518 shares issued under this plan for the respective six month periods ended July 4, 2026, and June 28, 2025.

As of July 4, 2026, 55,726 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 1.2 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 $ 0.7 million and $ 0.2 million for the respective three month periods ended April 4, 2026, and March 29, 2025.

The company recognized mark-to-market expense of zero and $ 0.7 million for the respective three and six month periods ended July 4, 2026, and zero and $ 0.2 million for the respective three and six month periods ended June 28, 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

2026 March 29,

Three Months Ended Six Months Ended

2026 June 28,

Weighted-average common shares outstanding 51,743,660 52,211,679 51,809,995 52,285,656

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 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.

As of July 4, 2026, there were no awards outstanding that were anti-dilutive.

As of June 28, 2025, there were 257,592 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.

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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 month periods ended April 4, 2026, and March 29, 2025, is as follows:

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Snap-on’s product warranty accrual activity for the three and six month periods ended July 4, 2026, and June 28, 2025, is as follows:

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

Warranty reserve:

6 unchanged sentences

Lessee accounting:

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

(Amounts in millions) April 4,

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

(Amounts in millions) July 4,

2026 January 3, 2026

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

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

Interest income $ 14.0 $ 14.1 $ 28.0 $ 28.0

3 unchanged sentences

Total other income (expense) – net $ 15.1 $ 14.3 $ 31.9 $ 28.7

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 April 4, 2026:

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

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

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

Other comprehensive loss before reclassifications ( 9.6 ) — — ( 9.6 )

Amounts reclassified from Accumulated OCI — ( 0.4 ) 3.3 2.9

Net other comprehensive income (loss) ( 9.6 ) ( 0.4 ) 3.3 ( 6.7 )

Balance as of July 4, 2026 $ ( 171.8 ) $ 1.5 $ ( 212.3 ) $ ( 382.6 )

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

(Amounts in millions) Foreign

Translation Cash Flow

Hedges Defined

Postretirement

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

2 unchanged sentences

Net other comprehensive income (loss) ( 33.5 ) ( 0.8 ) 6.5 ( 27.8 )

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:

Balance as of July 4, 2026 $ ( 171.8 ) $ 1.5 $ ( 212.3 ) $ ( 382.6 )

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

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

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

Other comprehensive income before reclassifications 93.4 — — 93.4

Amounts reclassified from Accumulated OCI — ( 0.4 ) 4.0 3.6

Net other comprehensive income (loss) 93.4 ( 0.4 ) 4.0 97.0

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:

(Amounts in millions) Foreign

Translation Cash Flow

Hedges Defined

Postretirement

Balance as of December 28, 2024 $ ( 320.6 ) $ 4.0 $ ( 258.4 ) $ ( 575.0 )

2 unchanged sentences

Net other comprehensive income (loss) 165.4 ( 0.8 ) 7.9 172.5

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 )

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

The reclassifications out of Accumulated OCI for the three and six month periods ended July 4, 2026, and June 28, 2025, are as follows:

Amount Reclassified from Accumulated OCI

Three Months Ended

(Amounts in millions) April 4,

2026 March 29,

Three Months Ended Six Months Ended

(Amounts in millions) July 4,

2026 June 28,

2025 Statement of Earnings

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Financial Data by Segment:

Three Months Ended April 4, 2026

Three Months Ended July 4, 2026

Commercial & Snap-on Repair Systems

42 unchanged sentences

Financial Data by Segment (continued):

Three Months Ended March 29, 2025

Six Months Ended July 4, 2026

Commercial & Snap-on Repair Systems

42 unchanged sentences

Financial Data by Segment (continued):

(Amounts in millions) April 4,

Three Months Ended June 28, 2025

Commercial & Snap-on Repair Systems

Industrial Tools & Information Financial Total

(Amounts in millions) Group Group Group Services Segments

External net sales $ 289.2 $ 491.0 $ 399.2 $ — $ 1,179.4

Intersegment net sales 58.6 — 69.4 — 128.0

Segment net sales 347.8 491.0 468.6 — 1,307.4

Segment cost of goods sold ( 208.6 ) ( 253.8 ) ( 249.5 ) — ( 711.9 )

Segment gross profit 139.2 237.2 219.1 — 595.5

Financial services revenue — — — 101.7 101.7

Segment operating and financial services expenses

Personnel ( 55.8 ) ( 46.8 ) ( 64.9 ) ( 9.1 )

Shipping and handling costs ( 7.6 ) ( 19.9 ) — —

Depreciation and amortization ( 1.6 ) ( 1.9 ) ( 4.5 ) ( 0.2 )

Provisions for credit losses — — — ( 19.0 )

Other segment expenses* ( 27.3 ) ( 51.9 ) ( 29.9 ) ( 5.2 )

Total segment operating and financial services expenses ( 92.3 ) ( 120.5 ) ( 99.3 ) ( 33.5 ) ( 345.6 )

Segment operating earnings $ 46.9 $ 116.7 $ 119.8 $ 68.2 $ 351.6

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

Segment net sales $ 1,307.4

Intersegment eliminations ( 128.0 )

Total net sales 1,179.4

Financial services revenue 101.7

Total revenues $ 1,281.1

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

Segment cost of goods sold $ ( 711.9 )

Intersegment eliminations 128.0

Cost of goods sold $ ( 583.9 )

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

Segment operating earnings $ 351.6

Corporate operating expenses ( 24.3 )

Operating earnings 327.3

Interest expense ( 12.3 )

Other income (expense) – net 14.3

Earnings before income taxes $ 329.3

* 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.

Financial Services - customer support and technology expenses.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Financial Data by Segment (continued):

Six Months Ended June 28, 2025

Commercial & Snap-on Repair Systems

Industrial Tools & Information Financial Total

(Amounts in millions) Group Group Group Services Segments

External net sales $ 565.9 $ 953.9 $ 800.7 $ — $ 2,320.5

Intersegment net sales 125.8 — 143.8 — 269.6

Segment net sales 691.7 953.9 944.5 — 2,590.1

Segment cost of goods sold ( 406.0 ) ( 502.2 ) ( 507.9 ) — ( 1,416.1 )

Segment gross profit 285.7 451.7 436.6 — 1,174.0

Financial services revenue — — — 203.8 203.8

Segment operating and financial services expenses

Personnel ( 111.7 ) ( 95.2 ) ( 130.0 ) ( 17.9 )

Shipping and handling costs ( 15.1 ) ( 38.4 ) — —

Depreciation and amortization ( 3.4 ) ( 3.7 ) ( 9.0 ) ( 0.4 )

Provisions for credit losses — — — ( 38.1 )

Other segment expenses* ( 55.4 ) ( 105.3 ) ( 55.7 ) ( 8.9 )

Total segment operating and financial services expenses ( 185.6 ) ( 242.6 ) ( 194.7 ) ( 65.3 ) ( 688.2 )

Segment operating earnings $ 100.1 $ 209.1 $ 241.9 $ 138.5 $ 689.6

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

Segment net sales $ 2,590.1

Intersegment eliminations ( 269.6 )

Total net sales 2,320.5

Financial services revenue 203.8

Total revenues $ 2,524.3

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

Segment cost of goods sold $ ( 1,416.1 )

Intersegment eliminations 269.6

Cost of goods sold $ ( 1,146.5 )

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

Segment operating earnings $ 689.6

Corporate operating expenses ( 48.9 )

Operating earnings 640.7

Interest expense ( 24.7 )

Other income (expense) – net 28.7

Earnings before income taxes $ 644.7

* Other segment expenses primarily include:

Commercial & Industrial Group - shared service allocations;

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.

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

shared service allocations.

Financial Services - customer support and technology expenses.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Financial Data by Segment (continued):

(Amounts in millions) July 4,

2026 January 3, 2026

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What changed 10-Q

Item 1. Financial Statements