Snap-on (SNA) 10-K risk factor changes: FY2025 vs FY2024

Approximately [removed: 39%] [added: 38%] of our consolidated net revenues (net sales plus financial services revenue) in [removed: 2024] [added: 2025] were generated by the Snap-on Tools Group, which consists of Snap-on’s business operations primarily serving vehicle service and repair technicians through the company’s multinational mobile tool distribution channel.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 13 | | |

Approximately 29% of our revenues in [removed: 2024] [added: 2025] were generated outside of the United States.

These include political, economic and social instability, such as acts of war, armed conflicts, civil disturbance or acts of terrorism, local labor conditions, and [added: adverse changes in] trade relations with [removed: China.][added: China, Canada, the European Union and other nations.]

In addition, [removed: outbreaks of infectious diseases, weather events, armed conflicts,] government actions (including those affecting [removed: trade)] [added: trade), armed conflicts, weather events, outbreaks of infectious diseases] or other circumstances beyond our control could also impact the availability of raw materials and components.

Raw materials, components and certain purchased finished goods can exhibit price and demand cyclicality, including as a result of tariffs, other trade protection measures, inflationary [removed: factors,] [added: factors] and supply chain inefficiencies.

[removed: Associated unexpected] [added: Unexpected] variability [added: associated with these and other factors] has resulted, and in the future could result, in an increase in product costs and require Snap-on to increase prices or reduce costs to maintain margins.

Petroleum and energy prices have periodically increased significantly over short periods of time; future volatility and changes may be caused by market fluctuations, supply and [removed: demand,] [added: demand imbalances (including due to the proliferation of AI data centers),] currency [removed: fluctuations,] [added: variabilities,] production and transportation disruptions, climate change regulations, world events, including armed conflicts, and governmental actions.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 15 | | |

[removed: Future problems] [added: Problems] that impair or compromise the company’s information technology infrastructure, or that of our third party service providers, including those due to natural disasters, power outages, major network failures, security breaches or malicious attacks, or those occurring during system upgrades and/or new system implementations could impede our operations.

[removed: Future cyber] [added: Cyber] events, however, could cause us to lose customers and/or revenue and could require us to incur significant expense to remediate, including as a result of legal or regulatory claims, proceedings, fines or penalties, and could also damage our reputation.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 17 | | |

The determination of the appropriate levels of the allowances for credit losses involves a high degree of subjectivity and [removed: judgement,] [added: judgment,] and requires the company to make estimates of credit risks, which may undergo material changes as a result of economic conditions and other factors.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 19 | | |

[removed: In addition,] [added: Regulations, such as the Corporate Sustainability Reporting Directive (CSRD) in the European Union, as well as] various industry and third-party requirements or standards have been developed that are intended to [removed: reduce or mitigate climate change as well as other] [added: address] environmental or sustainability risks.

[removed: Increased] [added: New or increased] regulatory requirements or standards may result in [removed: increased] [added: higher] compliance or input costs, including those related to energy or raw materials, for us and our suppliers.

[removed: Furthermore, an] [added: An] inability to successfully [removed: manage climate change] or [removed: sustainability matters, or to] effectively respond to new, or changes in, legal or regulatory requirements concerning sustainability matters, or increased operating or manufacturing costs due to changes in the regulatory environment, could adversely affect our business.

[removed: These developments, and other] [added: Other] potential future legislation and regulations, including the increasing global regulation of privacy rights and use of AI, may also adversely affect the customers to which, and the markets into which, we sell our products, and increase our costs and otherwise negatively affect our business, reputation, results of operations and financial condition, including in ways that cannot yet be foreseen.

We, our franchisees and our customers, and the economy as a whole, also may be affected by future world or local events outside our control, such as [removed: tariffs] [added: tariffs, sanctions] and other trade protection measures put in place by the United States or other countries, acts of terrorism, developments in the war on terrorism, armed conflicts (including the ongoing war in Ukraine, as well as conflicts in [removed: the Middle East and] other regions), civil unrest, conflicts in international situations, supply chain inefficiencies, labor interruptions, weather events and natural [removed: disasters,] [added: disasters (including physical impacts of climate change),] outbreaks of infectious diseases, as well as government-related developments or issues, including changes in [added: government appropriations, modifications to] tax laws and regulations, new or enhanced regulations related to climate change and other sustainability matters, and changes in financial accounting standards.

Starting in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the U.S. from numerous countries and multiple nations countered with reciprocal tariffs and other actions in response.

While Snap-on is relatively advantaged in the tariff environment, generally manufacturing products in the markets where they are sold, the company’s costs can be affected by trade policies.

The company has experienced and responded to cyber incidents.

No event has had a significant impact on the results of our operations.

Additionally, as a government contractor, purchasing regulations contain many operational requirements and a failure to comply with such requirements could result in civil and criminal penalties or other actions that could have a material adverse effect on the company’s reputation, business, financial condition and results of operations.

Physical risks of climate change may also impact the availability and cost of materials, sources and supply of energy and could also increase operating costs.

As previously disclosed, in 2022, the company experienced and responded to a cyber incident that did not have a significant impact on the results of our operations.

In recent years there has been increased public awareness, concern and focus on environmental and sustainability issues, including matters related to climate change, and we expect these trends to continue.

The current focus on these matters is resulting in additional and/or more restrictive regulations, such as the Corporate Sustainability Reporting Directive (CSRD) in the European Union and the currently stayed SEC regulations relating to climate change disclosures.

For example, if significant increases in fuel economy requirements or changes to vehicle emissions requirements for internal combustion engine vehicles were imposed, there could be a decrease in demand for such vehicles and a reduction in miles driven, which could adversely impact the demand for certain of our products and services.

[removed: We believe our 2024 operating performance demonstrates] [added: Despite] the [removed: possibilities for growth across our businesses, confirms] [added: complexities of] the [added: current macroeconomic and trade environments, we believe the] special resilience of our markets, [removed: and reflects] the considerable capability of our combined [removed: operations] [added: operations,] and our experienced team [added: enable us] to prevail in the difficulties of [removed: the current macroeconomic environment.][added: today.]

Throughout the [added: recent] uncertainty, we maintained and further extended our ongoing advantages in our products, in our brands and in our people.

At the same time, we [removed: leveraged existing proficiencies] [added: remained committed] to [removed: focus on] expanding our professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including critical industries, where the cost and penalties for failure [removed: can be] [added: are] high.

- Building in emerging markets, where we continued [removed: to maintain manufacturing capacity, as well as refine] [added: optimizing] product [removed: lines] [added: lines, manufacturing capability,] and distribution [removed: capabilities.][added: for local markets.]

Our strategic priorities and plans for [removed: 2025] [added: 2026] also involve continuing to build on our Snap-on Value Creation Processes – our suite of strategic principles and processes we employ every day designed to create value, and employed in the areas of safety, quality, customer connection, innovation and Rapid Continuous Improvement (“RCI”).

We expect to continue to deploy these processes in our existing operations as well as into our [added: more] recently acquired businesses.

Unless otherwise indicated, references in this document to “fiscal [removed: 2024”] [added: 2025”] or [removed: “2024”] [added: “2025”] refer to the fiscal year ended [removed: December 28, 2024;] [added: January 3, 2026;] references to “fiscal [removed: 2023”] [added: 2024”] or [removed: “2023”] [added: “2024”] refer to the fiscal year ended December [removed: 30, 2023;] [added: 28, 2024;] and references to “fiscal [removed: 2022”] [added: 2023”] or [removed: “2022”] [added: “2023”] refer to the fiscal year ended December [removed: 31, 2022.][added: 30, 2023.]

References in this document to [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] year end refer to [added: January 3, 2026,] December 28, 2024, [added: and] December 30, 2023, [removed: and December 31, 2022,] respectively.

Snap-on’s [removed: 2024, 2023] [added: 2024] and [removed: 2022] [added: 2023] fiscal years each contained 52 weeks of operating results.

Fiscal [removed: 2023] [added: 2024] as Compared to Fiscal [removed: 2022][added: 2023]

A discussion regarding our financial condition and results of operations for fiscal [removed: 2023] [added: 2024] compared to fiscal [removed: 2022] [added: 2023] can be found under “Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on the Form 10-K for the fiscal year ended December [removed: 30, 2023,] [added: 28, 2024,] which was filed with the SEC on February [removed: 16, 2024,] [added: 13, 2025,] and is available on the SEC’s website at www.sec.gov as well as in the “Investors” section of our website at www.snapon.com.

Operating earnings before financial services of [added: $1,045.9 million in 2025, including a $22.0 million benefit from the settlement of a legal matter (the “2025 legal settlement”), compared to] $1,068.8 million in 2024, [removed: including] [added: which included] a $22.5 million benefit for the final payments [added: received] associated with a [added: separate] legal [removed: matter, which were received in the first six months of 2024] [added: matter] (the [removed: “legal payments”), compared to $1,039.9 million in 2023.][added: “2024 legal payments”).]

As a percentage of net sales, operating earnings before financial services were [removed: 22.7%] [added: 22.1%] compared to [removed: 22.0%] [added: 22.7%] last year.

[removed: Operating] [added: Segment operating] earnings of [removed: $1,345.7] [added: $500.8] million in [removed: 2024,] [added: 2025,] including a [removed: $22.5] [added: $22.0] million benefit from the [added: 2025] legal [removed: payments,] [added: settlement,] compared to [removed: $1,310.4] [added: $455.2] million in [removed: 2023.][added: 2024.]

As a percentage of revenues (net sales plus financial services revenue), operating earnings were [removed: 26.3%] [added: 25.8%] compared to [removed: 25.7%] [added: 26.3%] last year.

Net earnings attributable to Snap-on of $1,043.9 million, or $19.51 per diluted share, in 2024, [removed: including] [added: included] a $17.5 million, or $0.32 per diluted share, after-tax benefit from the [added: 2024] legal [removed: payments, compared to $1,011.1 million, or $18.76 per diluted share, in 2023, an increase of $32.8 million or $0.75 per diluted share.][added: payments.]

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 29 | | |

Segment net sales of [removed: $1,476.8] [added: $1,877.1] million in [removed: 2024] [added: 2025] represented an increase of [removed: $18.5] [added: $79.2] million, or [removed: 1.3%,] [added: 4.4%,] from [removed: 2023] [added: 2024] levels, reflecting a [removed: $1.5] [added: $70.6] million, or [removed: 0.1%,] [added: 3.9%,] organic [added: sales] gain and [removed: $23.3 million of acquisition-related sales, partially offset by $6.3] [added: $8.6] million of [removed: unfavorable] [added: favorable] foreign currency translation.

The organic increase [added: is] primarily [removed: reflects] [added: due to] a mid single-digit [removed: gain] [added: rise] in [removed: sales to] [added: activity with] customers in critical industries, [removed: partially offset by] a double-digit [removed: reduction] [added: gain] in the power tools [removed: operation] [added: operation,] and a [removed: low] [added: mid] single-digit [removed: decline] [added: increase] in [added: specialty torque, partially offset by lower sales to U.S. markets by] the [removed: European-based hand tools] [added: Asia Pacific] business.

Segment operating earnings of [removed: $242.1] [added: $218.2] million in [removed: 2024] [added: 2025] compared to [removed: $226.1] [added: $242.1] million in [removed: 2023, an increase of $16.0 million or 7.1%.][added: 2024.]

The Commercial & Industrial Group intends to focus on the following strategic priorities in [removed: 2025:][added: 2026:]

Segment net sales of [removed: $1,989.2] [added: $1,457.5] million in [removed: 2024] [added: 2025] represented a decrease of [removed: $99.6] [added: $19.3] million, or [removed: 4.8%,] [added: 1.3%,] from [removed: 2023] [added: 2024] levels, reflecting a [removed: $100.9] [added: $30.9] million, or [removed: 4.8%,] [added: 2.1%,] organic sales decline, partially offset by [removed: $1.3] [added: $11.6] million of favorable foreign currency translation.

The organic decrease is due to a [removed: mid] [added: low] single-digit decline in the U.S., partially offset by a [removed: low] [added: high] single-digit gain in the segment’s international operations.

Segment operating earnings of [removed: $447.3] [added: $426.3] million in [removed: 2024] [added: 2025] compared to [removed: $493.8] [added: $447.3] million in [removed: 2023, a decrease of $46.5 million or 9.4%.][added: 2024.]

The Snap-on Tools Group intends to focus on the following strategic priorities in [removed: 2025:][added: 2026:]

The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers worldwide, primarily owners and managers of independent repair shops and [removed: OEM] [added: original equipment manufacturer (“OEM”)] dealership service and repair shops (“OEM dealerships”) through direct and distributor channels.

Segment net sales of [removed: $1,797.9] [added: $467.8] million in [removed: 2024] [added: the fourth quarter of 2025] represented an increase of [removed: $16.7] [added: $11.2] million, or [removed: 0.9%,] [added: 2.5%,] from [removed: 2023] [added: 2024] levels, reflecting [removed: an $18.1] [added: a $4.8] million, or 1.0%, organic sales [removed: gain, partially offset by $1.4] [added: gain and $6.4] million of [removed: unfavorable] [added: favorable] foreign currency translation.

The organic improvement [removed: primarily] reflects a [removed: mid single-digit] [added: double-digit] increase in activity with OEM [removed: dealerships,] [added: dealerships and a mid single-digit rise in sales of diagnostic and repair information products to independent repair shop owners and managers,] partially offset by a low single-digit decline in sales of undercar equipment.

The Repair Systems & Information Group intends to focus on the following strategic priorities in [removed: 2025:][added: 2026:]

- [removed: Expanding] [added: Extending] the product offering with new products and services, thereby providing more to sell to repair shop owners and managers;

- Further building our proprietary databases to enhance software [removed: solutions;][added: solutions, including using artificial intelligence (“AI”) to accelerate expansion in that arena;]

Financial services revenue of [removed: $401.0] [added: $412.9] million in [removed: 2024] [added: 2025] compared to [removed: $378.1] [added: $401.0] million in [removed: 2023.][added: 2024.]

Originations of [removed: $1,182.9] [added: $1,120.9] million in [removed: 2024] [added: 2025] represented a decrease of [removed: $52.6] [added: $62.0] million, or [removed: 4.3%,] [added: 5.2%,] from [removed: 2023] [added: 2024] levels.

Operating earnings from financial services of [removed: $276.9] [added: $281.8] million in [removed: 2024] [added: 2025] compared to [removed: $270.5] [added: $276.9] million last year.

Financial Services intends to focus on the following strategic priorities in [removed: 2025:][added: 2026:]

Net cash provided by operating activities of [removed: $1,217.5] [added: $1,081.7] million in [removed: 2024] [added: 2025] compared to [removed: $1,154.2] [added: $1,217.5] million in [removed: 2023.][added: 2024.]

The [removed: $63.3] [added: $135.8] million [removed: increase] [added: decrease] is primarily due to a [removed: $34.3] [added: $26.6] million [removed: increase] [added: decline] in net earnings and a [removed: $18.0] [added: $105.6] million change in net operating assets and liabilities.

Net cash used by investing activities of $204.1 million in 2024 included additions to finance receivables of $966.0 million, [removed: which were] partially offset by collections of $837.8 million.

Net cash used by investing activities of [removed: $331.8] [added: $73.1] million in [removed: 2023] [added: 2025] included additions to finance receivables of [removed: $1,029.0] [added: $913.6] million, [added: which were] partially offset by collections of [removed: $833.5 million, as well as $42.6 million of cash used for acquisitions.][added: $888.9 million.]

Capital expenditures in [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] totaled [removed: $83.5] [added: $76.0] million and [removed: $95.0] [added: $83.5] million, respectively.

We believe our 2025 operating performance demonstrates the advantages inherent in our strategy, generally making in the markets where we sell, and in our structure, our ability to produce many of our solutions in most geographies by leveraging our 36 manufacturing facilities worldwide, including our 15 plants in the United States.

- Enhancing the franchise network, where we continued to focus on raising franchisee productivity and improving coverage, increasing new product introductions, and refining the selling process with programs to amplify the power of our mobile van channel;

- Further extending to critical industries, where we continued targeting places where tasks require repeatability and reliability, building a deep understanding of the work, and providing specialized productivity solutions for critical activities; and

Snap-on’s 2025 fiscal year contained 53 weeks of operating results with the extra week occurring in the fourth quarter.

The impact of the additional week of operations in fiscal 2025 was not material to Snap-on’s full year or fourth quarter total revenues or net earnings.

Current Trade Environment

As disclosed in Part I, Item 1A: Risk Factors, the company’s business is subject to risks related to, among other factors, tariffs and additional trade protection measures put in place by the United States or other countries, as well as U.S. international trade relations, including those with China, Canada, the European Union and other nations.

Starting in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the U.S. from numerous countries and multiple nations countered with reciprocal tariffs and other actions in response.

While the company is relatively advantaged in the tariff environment, generally manufacturing products in the markets where they are sold, its costs can be affected by trade policies.

In that regard, in the fourth quarter and for the year ended January 3, 2026, Snap-on mitigated the effects of incremental tariffs.

Consolidated net sales of $4,743.2 million in 2025 represented an increase of $35.8 million, or 0.8%, from 2024 levels, reflecting a $16.5 million, or 0.3%, organic sales gain and $19.3 million of favorable foreign currency translation.

The effects of the benefits from the 2025 legal settlement and the 2024 legal payments (collectively, the “legal items”) were included in operating expenses, operating earnings before financial services, and operating earnings in 2025 and 2024, respectively.

Operating earnings of $1,327.7 million in 2025 compared to $1,345.7 million in 2024.

Net earnings attributable to Snap-on of $1,016.9 million, or $19.19 per diluted share, in 2025, included a $16.2 million, or $0.31 per diluted share, after-tax benefit from the 2025 legal settlement and an $18.5 million, or $0.35 per diluted share, after-tax year-over-year increase in non-service net periodic benefit costs.

Segment net sales of $1,964.9 million in 2025 represented a decrease of $24.3 million, or 1.2%, from 2024 levels.

| Gross profit | | | | | | 2,385.4 | | | | | | 50.3 | | % | | | | 2,377.9 | | | | | | 50.5 | | % | | | | 7.5 | | | | | | 0.3 | | % |

| Operating expenses | | | | | | (1,339.5) | | | | | | (28.2) | | % | | | | (1,309.1) | | | | | | (27.8) | | % | | | | (30.4) | | | | | | (2.3) | | % |

| Operating earnings | | | | | | 1,327.7 | | | | | | 25.8 | | % | | | | 1,345.7 | | | | | | 26.3 | | % | | | | (18.0) | | | | | | (1.3) | | % |

| Net earnings | | | | | | 1,042.3 | | | | | | 20.2 | | % | | | | 1,068.9 | | | | | | 20.9 | | % | | | | (26.6) | | | | | | (2.5) | | % |

| Net earnings attributable to Snap-on Incorporated | | | | | | $ | 1,016.9 | | | | | 19.7 | | % | | | | $ | 1,043.9 | | | | | 20.4 | | % | | | | $ | (27.0) | | | | | (2.6) | | % |

Net sales of $4,743.2 million in 2025 represented an increase of $35.8 million, or 0.8%, from 2024 levels, reflecting a $16.5 million, or 0.3%, organic sales gain and $19.3 million of favorable foreign currency translation.

Gross margin (gross profit as a percentage of net sales) decreased 20 basis points (100 basis points (“bps”) equals 1.0 percent) from 2024 reflecting 20 bps of unfavorable foreign currency effects.

The impact of tariffs in 2025 was largely offset by benefits from the company’s RCI initiatives.

The effects of the legal items were included in operating expenses, operating earnings before financial services, and operating earnings in 2025 and 2024, respectively.

As a percentage of net sales, the legal items contributed a 50 bps benefit to operating expenses and operating earnings before financial services in their respective periods.

As a percentage of revenues, operating earnings also included a 40 bps benefit from the legal items in both 2025 and 2024.

Therefore, the legal items had no net effect on these year-over-year comparisons.

Operating earnings before financial services of $1,045.9 million in 2025 compared to $1,068.8 million in 2024.

Operating earnings of $1,327.7 million in 2025 compared to $1,345.7 million in 2024.

Interest expense in 2025 increased $0.9 million from last year.

In 2025, other income (expense) - net included $23.9 million of increased year-over-year non-service net periodic benefit costs, primarily reflecting higher amortization of actuarial losses.

Net earnings attributable to Snap-on in 2025 of $1,016.9 million, or $19.19 per diluted share, included a $16.2 million, or $0.31 per diluted share, after-tax benefit from the 2025 legal settlement and an $18.5 million, or $0.35 per diluted share, after-tax, year-over-year increase in non-service net periodic benefit costs.

Net earnings attributable to Snap-on in 2024 of $1,043.9 million, or $19.51 per diluted share, included a $17.5 million, or $0.32 per diluted share, after-tax benefit from the 2024 legal payments.

Snap-on’s operating segments, which represent Snap-on’s reportable segments, are based on the organizational structure used by the Chief Executive Office, its CODM, to make operating and investment determinations and to assess performance.

| *(Amounts in millions)* | | | | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | Change | | | | | | | | |

| External net sales | | | | | | $ | 1,185.7 | | | | | 81.4 | | % | | | | $ | 1,187.6 | | | | | 80.4 | | % | | | | $ | (1.9) | | | | | (0.2) | | % |

| Intersegment net sales | | | | | | 271.8 | | | | | | 18.6 | | % | | | | 289.2 | | | | | | 19.6 | | % | | | | (17.4) | | | | | | (6.0) | | % |

| Segment gross profit | | | | | | 589.7 | | | | | | 40.5 | | % | | | | 608.2 | | | | | | 41.2 | | % | | | | (18.5) | | | | | | (3.0) | | % |

| Segment operating expenses | | | | | | (371.5) | | | | | | (25.5) | | % | | | | (366.1) | | | | | | (24.8) | | % | | | | (5.4) | | | | | | (1.5) | | % |

| Segment operating earnings | | | | | | $ | 218.2 | | | | | 15.0 | | % | | | | $ | 242.1 | | | | | 16.4 | | % | | | | $ | (23.9) | | | | | (9.9) | | % |

- Enhancing the franchise network, where we continued to focus on helping our franchisees increase their reach through innovative selling processes and productivity initiatives that break the traditional time and space barriers inherent in a mobile van;

- Further extending to critical industries, where we continued to grow our lines of products customized for specific industries, including through further integration of acquisitions; and

*Recent Acquisitions*

On November 20, 2023, Snap-on acquired certain assets of SAVTEQ, Inc. (“SAVTEQ”) for a cash purchase price of $3.0 million.

SAVTEQ, based in Lexington, Kentucky, provides precise non-contact measuring capabilities that Snap-on is leveraging in its product offerings.

On November 1, 2023, Snap-on acquired Mountz, Inc. (“Mountz”) for a cash purchase price of $39.6 million.

Mountz, based in San Jose, California, is a leading developer, manufacturer and marketer of high-precision torque tools, including measurement, calibration and documentation products.

The acquisition of Mountz has complemented and expanded Snap-on’s torque offerings to customers in a variety of critical industries including aerospace, transportation and advanced manufacturing.

For segment reporting purposes, the results of operations and assets of SAVTEQ have been included in the Repair Systems & Information Group and those of Mountz have been included in the Commercial & Industrial Group since the respective acquisition dates.

Pro forma financial information has not been presented for these acquisitions as the net effects, individually and collectively, were neither significant nor material to Snap-on’s results of operations or financial position.

Consolidated net sales of $4,707.4 million in 2024 represented a decrease of $22.8 million, or 0.5%, from 2023 levels, reflecting a $40.6 million, or 0.9%, organic decline and $5.5 million of unfavorable foreign currency translation, partially offset by $23.3 million of acquisition-related sales.

Segment operating earnings of $455.2 million in 2024 compared to $433.2 million in 2023, an increase of $22.0 million or 5.1%.

| Gross profit | | | | | | 2,377.9 | | | | | | 50.5 | | % | | | | 2,349.1 | | | | | | 49.7 | | % | | | | 28.8 | | | | | | 1.2 | | % |

| Operating expenses | | | | | | (1,309.1) | | | | | | (27.8) | | % | | | | (1,309.2) | | | | | | (27.7) | | % | | | | 0.1 | | | | | | — | | |

| Operating earnings | | | | | | 1,345.7 | | | | | | 26.3 | | % | | | | 1,310.4 | | | | | | 25.7 | | % | | | | 35.3 | | | | | | 2.7 | | % |

| Net earnings | | | | | | 1,068.9 | | | | | | 20.9 | | % | | | | 1,034.6 | | | | | | 20.3 | | % | | | | 34.3 | | | | | | 3.3 | | % |

| Net earnings attributable to Snap-on Inc. | | | | | | $ | 1,043.9 | | | | | 20.4 | | % | | | | $ | 1,011.1 | | | | | 19.8 | | % | | | | $ | 32.8 | | | | | 3.2 | | % |

Net sales of $4,707.4 million in 2024 represented a decrease of $22.8 million, or 0.5%, from 2023 levels, reflecting a $40.6 million, or 0.9%, organic decline and $5.5 million of unfavorable foreign currency translation, partially offset by $23.3 million of acquisition-related sales.

Operating earnings before financial services of $1,068.8 million in 2024, including a $22.5 million benefit from the legal payments, compared to $1,039.9 million in 2023.

Interest expense in 2024 decreased $0.3 million compared to last year.

Snap-on’s operating segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance.

| External net sales | | | | | | $ | 1,187.6 | | | | | 80.4 | | % | | | | $ | 1,145.6 | | | | | 78.6 | | % | | | | $ | 42.0 | | | | | 3.7 | | % |

| Intersegment net sales | | | | | | 289.2 | | | | | | 19.6 | | % | | | | 312.7 | | | | | | 21.4 | | % | | | | (23.5) | | | | | | (7.5) | | % |

| Segment gross profit | | | | | | 608.2 | | | | | | 41.2 | | % | | | | 570.8 | | | | | | 39.1 | | % | | | | 37.4 | | | | | | 6.6 | | % |

| Segment operating expenses | | | | | | (366.1) | | | | | | (24.8) | | % | | | | (344.7) | | | | | | (23.6) | | % | | | | (21.4) | | | | | | (6.2) | | % |

| Segment operating earnings | | | | | | $ | 242.1 | | | | | 16.4 | | % | | | | $ | 226.1 | | | | | 15.5 | | % | | | | $ | 16.0 | | | | | 7.1 | | % |

| Segment gross profit | | | | | | 938.9 | | | | | | 47.2 | | % | | | | 981.1 | | | | | | 47.0 | | % | | | | (42.2) | | | | | | (4.3) | | % |

| Segment operating expenses | | | | | | (491.6) | | | | | | (24.7) | | % | | | | (487.3) | | | | | | (23.4) | | % | | | | (4.3) | | | | | | (0.9) | | % |

| Segment operating earnings | | | | | | $ | 447.3 | | | | | 22.5 | | % | | | | $ | 493.8 | | | | | 23.6 | | % | | | | $ | (46.5) | | | | | (9.4) | | % |

| External net sales | | | | | | $ | 1,530.6 | | | | | 85.1 | | % | | | | $ | 1,495.8 | | | | | 84.0 | | % | | | | $ | 34.8 | | | | | 2.3 | | % |

| Intersegment net sales | | | | | | 267.3 | | | | | | 14.9 | | % | | | | 285.4 | | | | | | 16.0 | | % | | | | (18.1) | | | | | | (6.3) | | % |

| Segment gross profit | | | | | | 830.8 | | | | | | 46.2 | | % | | | | 797.2 | | | | | | 44.8 | | % | | | | 33.6 | | | | | | 4.2 | | % |

| Segment operating expenses | | | | | | (375.6) | | | | | | (20.9) | | % | | | | (364.0) | | | | | | (20.5) | | % | | | | (11.6) | | | | | | (3.2) | | % |

| Segment operating earnings | | | | | | $ | 455.2 | | | | | 25.3 | | % | | | | $ | 433.2 | | | | | 24.3 | | % | | | | $ | 22.0 | | | | | 5.1 | | % |

| Segment operating earnings | | | | | | $ | 276.9 | | | | | 69.1 | | % | | | | $ | 270.5 | | | | | 71.5 | | % | | | | $ | 6.4 | | | | | 2.4 | | % |

Financial services revenue of $401.0 million in 2024 represented an increase of $22.9 million, or 6.1%, from 2023.

| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net sales | | | | | | $ | 1,183.0 | | | | | $ | 1,191.3 | | | | | $ | 1,159.3 | | | | | $ | 1,196.6 | | | | | $ | 4,730.2 | |

| Gross profit | | | | | | 589.6 | | | | | | 603.7 | | | | | | 578.2 | | | | | | 577.6 | | | | | | 2,349.1 | | |

| Financial services revenue | | | | | | 92.6 | | | | | | 93.4 | | | | | | 94.9 | | | | | | 97.2 | | | | | | 378.1 | | |

[removed: The] [added: As of year end 2025 and 2024, the] estimated maximum potential net one-day loss in fair value, calculated using the VAR model, [removed: as of 2024 and 2023 year end] was [removed: $9.8 million, consisting of a $10.0 million loss on interest rate-sensitive financial instruments and a $0.2] [added: $4.7] million [removed: gain on foreign currency-sensitive financial instruments;] and [removed: $15.2] [added: $9.8] million, [removed: consisting of a $15.8 million loss on interest rate-sensitive financial instruments and a $0.6 million gain on foreign currency-sensitive financial instruments,] respectively.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 51 | | |

For example, the company is monitoring the global economic impact of and developments related to the ongoing war in Ukraine [removed: as well as] [added: and] conflicts in [removed: the Middle East and] other regions.

While inflation has become more prevalent in the world economy, [removed: Snap-on] [added: Snap‑on] has taken steps to control and offset associated cost increases through its supply chain management, pricing actions, and deployment of Rapid Continuous Improvement (“RCI”).

For 2025, the estimated loss consisted entirely of a $4.7 million loss on interest rate-sensitive financial instruments.

For 2024, the estimated loss of $9.8 million was comprised of a $10.0 million loss on interest rate-sensitive financial instruments, partially offset by a $0.2 million gain on foreign currency-sensitive financial instruments.

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

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 [removed: earnings while the Financial Services operating segment is evaluated based on segment revenue and segment operating] earnings.

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

[removed: *Recent Acquisitions*][added: *Acquisitions*]

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

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 5 | | |

| *(Amounts in millions)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Tools | | | | | | $ | [removed: 2,546.2] [added: 2,541.9] | | | | | $ | [removed: 2,528.9] [added: 2,546.2] | | | | | $ | [removed: 2,399.4] [added: 2,528.9] | |

| Diagnostics, information and management systems | | | | | | [removed: 1,028.1] [added: 1,112.2] | | | | | | [removed: 991.2] [added: 1,028.1] | | | | | | [removed: 942.4] [added: 991.2] | | |

| Equipment | | | | | | [removed: 1,133.1] [added: 1,089.1] | | | | | | [removed: 1,210.1] [added: 1,133.1] | | | | | | [removed: 1,151.0] [added: 1,210.1] | | |

| | | | | | | $ | [removed: 4,707.4] [added: 4,743.2] | | | | | $ | [removed: 4,730.2] [added: 4,707.4] | | | | | $ | [removed: 4,492.8] [added: 4,730.2] | |

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

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

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 7 | | |

Snap-on believes it is [removed: well-positioned] [added: well positioned] to innovate new products to address these changing needs and to extend its leadership position in the expanding vehicle service and repair market sector.

Snap-on serves customers primarily through the following channels of distribution: (i) the mobile van channel; (ii) company direct sales; (iii) distributors; and (iv) [removed: e-commerce.][added: digital commerce.]

Franchise fee revenue totaled [removed: $19.4] [added: $21.2] million, [removed: $18.7] [added: $19.4] million and [removed: $18.4] [added: $18.7] million in fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

As of [removed: 2024] [added: 2025] year end, company-owned routes comprised approximately 5% of the total route population.

As of [removed: 2024] [added: 2025] year end, Snap-on’s total route count was approximately 4,700, including approximately 3,400 routes in the United States.

As of [removed: 2024] [added: 2025] year end, Snap-on had industrial sales associates and independent distributors primarily in the United States, Canada and in various European, Latin American, Middle Eastern, Asia Pacific and African countries, with the United States representing the majority of Snap-on’s total industrial sales.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 9 | | |

[removed: *E-commerce*][added: *Digital Commerce*]

The company does not currently anticipate any significant impact in [removed: 2025] [added: 2026] from raw material and purchased component cost or availability issues.

As of [removed: 2024] [added: 2025] year end, Snap-on and its subsidiaries held approximately [removed: 940] [added: 945] active and pending patents in the United States and approximately [removed: 3,420] [added: 3,590] active and pending patents outside of the United States.

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

As of [removed: December 28, 2024,] [added: January 3, 2026,] Snap-on employed approximately 13,000 people worldwide, of which approximately 7,300 were employed in the United States and approximately 5,700 were outside the United States.

Additionally, on a global basis, approximately 2,300 employees are represented by unions and/or covered under collective bargaining agreements with varying expiration dates through [removed: 2027.][added: 2029.]

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 11 | | |

For [removed: 2024,] [added: 2025,] Snap-on had an overall safety incident rate of [removed: 1.08] [added: 0.92] (number of injuries and illnesses multiplied by 200,000, divided by hours worked).

To date, over [removed: 350,000] [added: 415,000] students have earned Snap-on certifications, preparing them for successful and satisfying careers across various technical disciplines.

[removed: Snap-on] [added: The company] prioritizes continuous improvement in all facets of its operations, including environmental matters and health and safety.

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

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

In [removed: 2024,] [added: 2025,] the company’s total Scope 1 and Scope 2 GHG emissions of [removed: 89,085] [added: 89,041] metric tons of carbon dioxide equivalent (“CO2e”) reflected an intensity of [removed: 18.9] [added: 18.8] (metric tons of CO2e, divided by net sales in millions).

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

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

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

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

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

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

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

| | | | | | | | | |

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

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

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

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

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

For the fiscal year ended [removed: December 28, 2024,] [added: January 3, 2026,] or

The aggregate market value of voting and non-voting common equity held by non-affiliates (excludes [removed: 1,071,273] [added: 1,130,216] shares held by directors and executive officers) computed by reference to the price [removed: ($261.39)] [added: ($311.01)] at which common equity was last sold as of the last business day of the registrant’s most recently completed second fiscal quarter (June [removed: 29, 2024)] [added: 28, 2025)] was [removed: $13.5] [added: $15.9] billion.

The number of shares of Common Stock ($1.00 par value) of the registrant outstanding as of February [removed: 7, 2025,] [added: 6, 2026,] was [removed: 52,393,235] [added: 51,913,121] shares.

Part III of this Annual Report on Form 10-K incorporates by reference certain information that will be set forth in [removed: Snap-on’s] [added: Snap-on Incorporated’s] Proxy Statement, which is expected to first be mailed to shareholders on or about March 12, [removed: 2025,] [added: 2026,] prepared for the Annual Meeting of Shareholders scheduled for April [removed: 24, 2025.][added: 30, 2026.]

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| [Item [removed: 13](#icd972937e91f4f2b994057ec91ee509c_88)] [added: 13](#i0dab35467d4448a3af9af40537a27e0c_88)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#icd972937e91f4f2b994057ec91ee509c_88)] [added: Independence](#i0dab35467d4448a3af9af40537a27e0c_88)] | | | [removed: [57](#icd972937e91f4f2b994057ec91ee509c_88)] [added: [57](#i0dab35467d4448a3af9af40537a27e0c_88)] | | |

| [Item [removed: 14](#icd972937e91f4f2b994057ec91ee509c_91)] [added: 14](#i0dab35467d4448a3af9af40537a27e0c_91)] | | | [Principal Accountant Fees and [removed: Services](#icd972937e91f4f2b994057ec91ee509c_91)] [added: Services](#i0dab35467d4448a3af9af40537a27e0c_91)] | | | [removed: [57](#icd972937e91f4f2b994057ec91ee509c_91)] [added: [58](#i0dab35467d4448a3af9af40537a27e0c_91)] | | |

| [Item [removed: 15](#icd972937e91f4f2b994057ec91ee509c_97)] [added: 15](#i0dab35467d4448a3af9af40537a27e0c_97)] | | | [Exhibit and Financial Statement [removed: Schedules](#icd972937e91f4f2b994057ec91ee509c_97)] [added: Schedules](#i0dab35467d4448a3af9af40537a27e0c_97)] | | | [removed: [58](#icd972937e91f4f2b994057ec91ee509c_97)] [added: [58](#i0dab35467d4448a3af9af40537a27e0c_97)] | | |

| [Item [removed: 16](#icd972937e91f4f2b994057ec91ee509c_112)] [added: 16](#i0dab35467d4448a3af9af40537a27e0c_112)] | | | [Form 10-K [removed: Summary](#icd972937e91f4f2b994057ec91ee509c_112)] [added: Summary](#i0dab35467d4448a3af9af40537a27e0c_112)] | | | [removed: [60](#icd972937e91f4f2b994057ec91ee509c_112)] [added: [61](#i0dab35467d4448a3af9af40537a27e0c_112)] | | |

| Consent of Independent Registered Public Accounting Firm | | | | | | [removed: 122] [added: 120] | | |

- The effects of external economic factors, including adverse developments in world financial markets, disruptions related to tariffs and other trade or [removed: sanctions] [added: sanction] issues, and global supply chain [removed: inefficiencies, including as a result of the ongoing war in Ukraine, as well as conflicts in the Middle East and other regions;][added: inefficiencies;]

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 3 | | |

- Potential reputational damages and costs related to litigation; [added: and]

Unless otherwise indicated, references in this document to “fiscal [removed: 2024”] [added: 2025”] or [removed: “2024”] [added: “2025”] refer to the fiscal year ended [removed: December 28, 2024;] [added: January 3, 2026;] references to “fiscal [removed: 2023”] [added: 2024”] or [removed: “2023”] [added: “2024”] refer to the fiscal year ended December [removed: 30, 2023;] [added: 28, 2024;] and references to “fiscal [removed: 2022”] [added: 2023”] or [removed: “2022”] [added: “2023”] refer to the fiscal year ended December [removed: 31, 2022.][added: 30, 2023.]

References in this document to [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] year end refer to [added: January 3, 2026,] December 28, 2024, [added: and] December 30, 2023, [removed: and December 31, 2022,] respectively.

[removed: Snap-on’s 2024, 2023] [added: The 2024] and [removed: 2022] [added: 2023] fiscal years each contained 52 weeks of operating results.

| [Signatures](#i0dab35467d4448a3af9af40537a27e0c_202) | | | | | | [118](#i0dab35467d4448a3af9af40537a27e0c_202) | | |

| Certifications | | | | | | 121 | | |

Snap-on’s 2025 fiscal year contained 53 weeks of operating results with the additional week occurring in the fourth quarter.

| [Signatures](#icd972937e91f4f2b994057ec91ee509c_202) | | | | | | [117](#icd972937e91f4f2b994057ec91ee509c_202) | | |

| Certifications | | | | | | 123 | | |

- The impact of outbreaks of infectious diseases as well as the effects of governmental actions related thereto on Snap‑on’s business, which could have the potential to amplify the impact of the other risks facing the company; and

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2025 ANNUAL REPORT | | | 21 | | |

The VP of IT has served in information technology leadership roles at Snap-on for over [removed: 13] [added: 14] years.

The company’s Internal Audit function also annually evaluates compliance with the company’s overall information technology policies, and the [removed: Vice President] [added: Director] of Internal Audit reports the results of these assessments to the Audit Committee.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2024 ANNUAL REPORT | | | 21 | | |

Snap-on’s facilities outside the United States occupy approximately [removed: 4.5] [added: 4.0] million square feet, of which approximately [removed: 72%] [added: 71%] is owned.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 23 | | |

The following table provides information about our corporate headquarters and financial services operations, and each of Snap-on’s principal active manufacturing locations, distribution centers and software development locations (exceeding 50,000 square feet) as of [removed: 2024] [added: 2025] year end:

| [removed: Beijing,] [added: Hangzhou,] China | | | | | | Manufacturing [removed: and distribution] | | | | | | Leased | | | | | | C&I | | |

| Correggio, Italy | | | | | | Manufacturing | | | | | | Owned [added: and leased] | | | | | | RS&I | | |

| Lidköping, Sweden | | | | | | Manufacturing | | | | | | Owned [added: and leased] | | | | | | C&I | | |

| Xiaoshan, China | | | | | | Manufacturing | | | | | | Owned | | | | | | C&I | | |

Snap-on had [removed: 52,381,673] [added: 51,867,055] shares of common stock outstanding as of [removed: 2024] [added: 2025] year end.

Snap-on’s stock is listed on the New York Stock Exchange under the ticker symbol “SNA.” At February [removed: 7, 2025,] [added: 6, 2026,] there were [removed: 3,836] [added: 3,636] registered holders of Snap-on common stock.

The following chart discloses information regarding the shares of Snap-on’s common stock repurchased by the company during the fourth quarter of fiscal [removed: 2024,] [added: 2025,] all of which were purchased pursuant to the Board’s authorizations that the company has publicly announced.

| Total/Average | | | | | | [removed: 315,000] [added: 227,000] | | | | | | [removed: 351.04] [added: 343.19] | | | | | | [removed: 315,000] [added: 227,000] | | | | | | N/A | | |

* Subject to further adjustment pursuant to the 1996 Authorization described below, as of [removed: December 28, 2024,] [added: January 3, 2026,] the approximate value of shares that may yet be purchased pursuant to the outstanding Board authorizations discussed below is [removed: $429.4] [added: $260.0] million.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 25 | | |

The following chart discloses information regarding transactions by a counterparty in shares of Snap-on’s common stock during the fourth quarter of fiscal [removed: 2024] [added: 2025] pursuant to a prepaid equity forward agreement (the “Agreement”) that is intended to reduce the impact of market risk associated with the stock-based portion of the company’s deferred compensation plans.

| Period | | | | | | Shares Purchased [removed: (Sold)] | | | | | | Average Price per Share | | |

The graph below illustrates the cumulative total shareholder return on Snap-on common stock since December 31, [removed: 2019,] [added: 2020,] of a $100 investment, assuming that dividends were reinvested quarterly.

[removed: ][added: ]

| December 31, [removed: 2019] [added: 2020] | | | | | | $ | 100.00 | | | | | $ | 100.00 | | | | | $ | 100.00 | |

| 09/28/2025 to 10/25/2025 | | | | | | 50,000 | | | | | | $ | 343.96 | | | | | 50,000 | | | | | | $ | 293.9 | |

| 10/26/2025 to 11/22/2025 | | | | | | 85,000 | | | | | | 338.65 | | | | | | 85,000 | | | | | | 266.3 | | |

| 11/23/2025 to 01/03/2026 | | | | | | 92,000 | | | | | | 346.97 | | | | | | 92,000 | | | | | | 260.0 | | |

| 09/28/2025 to 10/25/2025 | | | | | | — | | | | | | $ | — | |

| 10/26/2025 to 11/22/2025 | | | | | | — | | | | | | — | | |

| 11/23/2025 to 01/03/2026 | | | | | | 500 | | | | | | 348.71 | | |

| Total/Average | | | | | | 500 | | | | | | 348.71 | | |

| December 31, 2021 | | | | | | 128.84 | | | | | | 121.12 | | | | | | 128.71 | | |

| December 31, 2022 | | | | | | 140.33 | | | | | | 114.48 | | | | | | 105.40 | | |

| December 31, 2023 | | | | | | 181.99 | | | | | | 135.24 | | | | | | 133.10 | | |

| December 31, 2024 | | | | | | 219.55 | | | | | | 158.87 | | | | | | 166.40 | | |

| December 31, 2025 | | | | | | 228.88 | | | | | | 189.72 | | | | | | 196.16 | | |

| 09/29/24 to 10/26/24 | | | | | | 21,000 | | | | | | $ | 324.26 | | | | | 21,000 | | | | | | $ | 493.6 | |

| 10/27/24 to 11/23/24 | | | | | | 157,000 | | | | | | 350.74 | | | | | | 157,000 | | | | | | 460.0 | | |

| 11/24/24 to 12/28/24 | | | | | | 137,000 | | | | | | 355.49 | | | | | | 137,000 | | | | | | 429.4 | | |

| 09/29/24 to 10/26/24 | | | | | | (9,500) | | | | | | $ | 325.27 | |

| 10/27/24 to 11/23/24 | | | | | | — | | | | | | — | | |

| 11/24/24 to 12/28/24 | | | | | | 400 | | | | | | 361.00 | | |

| Total/Average | | | | | | (9,100) | | | | | | 326.71 | | |

| December 31, 2020 | | | | | | 104.01 | | | | | | 111.06 | | | | | | 118.40 | | |

| December 31, 2021 | | | | | | 134.00 | | | | | | 134.52 | | | | | | 152.39 | | |

| December 31, 2022 | | | | | | 145.95 | | | | | | 127.15 | | | | | | 124.79 | | |

| December 31, 2023 | | | | | | 189.28 | | | | | | 150.20 | | | | | | 157.59 | | |

| December 31, 2024 | | | | | | 228.34 | | | | | | 176.44 | | | | | | 197.02 | | |

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 27 | | |

In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), the company’s management evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of the company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of [removed: December 28, 2024.][added: January 3, 2026.]

Based upon their evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of [removed: December 28, 2024,] [added: January 3, 2026,] to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission rules and forms, and to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in the company’s internal control over financial reporting during the quarter ended [removed: December 28, 2024,] [added: January 3, 2026,] that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)).

Based on this assessment, the company’s management believes that, as of [removed: December 28, 2024,] [added: January 3, 2026,] our internal control over financial reporting was effective at a reasonable assurance level.

The company’s internal control over financial reporting as of [removed: December 28, 2024,] [added: January 3, 2026,] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in its attestation report, which is included herein.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 53 | | |

We have audited the internal control over financial reporting of Snap-on Incorporated and subsidiaries (the “Company”) as of [removed: December 28, 2024,] [added: January 3, 2026,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of [removed: December 28, 2024,] [added: January 3, 2026,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended [removed: December 28, 2024,] [added: January 3, 2026,] of the Company and our report dated February [removed: 13, 2025,] [added: 12, 2026,] expressed an unqualified opinion on those financial statements.

| February 12, 2026 | | | | | | | | |

| February 13, 2025 | | | | | | | | |

In accordance with the disclosure requirement set forth in Item 408(a) of Regulation S-K, the following table discloses any officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) or director who adopted a contract, instruction or written plan for the sale of securities of the company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the quarterly period ended [removed: December 28, 2024:][added: January 3, 2026:]

| Nicholas T. Pinchuk Chairman, President and Chief Executive Officer | | | Rule 10b5-1 trading arrangement | | | [removed: October 24, 2024] [added: November 3, 2025] | | | [removed: December 4, 2025] [added: November 13, 2026] | | | 135,000 | | | Exercises of vested stock options expiring in February [removed: 2026,] [added: 2027,] and sales of shares to cover exercise price and estimated tax withholding, with the retention of the remaining shares | | |

| Aldo J. Pagliari Senior Vice President - Finance and Chief Financial Officer | | | Rule 10b5-1 trading arrangement | | | [removed: October 22, 2024] [added: November 3, 2025] | | | February [removed: 10, 2026] [added: 5, 2027] | | | [removed: 35,000] [added: 36,000] | | | Exercises of vested stock options expiring in February [removed: 2026,] [added: 2027,] and sales of shares to cover exercise price and estimated tax withholding, with the retention of the remaining shares | | |

[added: |] * [added: | | |] Trading under the Rule 10b5-1 trading arrangement will not commence until after the applicable waiting period and the conclusion of each officer’s prior Rule 10b5-1 trading arrangement. [added: | | |]

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | | | |

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 55 | | |

Incorporated by reference to the sections entitled “Item 1: Election of Directors,” “Corporate Governance Practices and Board Information” and “Other Information” in Snap-on’s [removed: 2025] [added: 2026] Annual Meeting Proxy Statement, which is expected to be mailed to shareholders on or about March 12, [removed: 2025] [added: 2026] (the [removed: “2025] [added: “2026] Proxy Statement”).

The Section 16(a) filing compliance disclosure pursuant to Item 405 of Regulation S-K is contained in Snap-on’s [removed: 2025] [added: 2026] Proxy Statement in the section entitled “Other Information – Delinquent Section 16(a) Reports,” and is incorporated herein by reference.

Information regarding the company’s insider trading policies and procedures is contained in “Corporate Governance Practices and Board Information – Insider Trading Policy” in the [removed: 2025] [added: 2026] Proxy Statement, which is incorporated herein by reference.

Information regarding Snap-on’s executive officers, including their ages, business experience (for at least the last five years) and titles as of [removed: December 28, 2024,] [added: January 3, 2026,] is presented below:

Pinchuk* [removed: (78)] [added: (79)] – Chairman of the Board of Directors since 2009, President and Chief Executive Officer since December 2007, and President and Chief Operating Officer during 2007.

Pagliari* [removed: (70)] [added: (71)] – Senior Vice President – Finance and Chief Financial Officer since 2010.

Arregui* [removed: (59)] [added: (60)] – Senior Vice President and President – Commercial Group since 2019.

Bauerschmidt* [removed: (58)] [added: (59)] – Senior Vice President – Human Resources [added: and Chief Development Officer] since [removed: April] [added: 2025, Senior Vice President – Human Resources since 2024, and Vice President – Human Resources from 2018 to] 2024.

*Iain Boyd* [removed: (62)] [added: (63)] – Vice President – Operations Development since 2015.

Chambers* [removed: (60)] [added: (61)] – Senior Vice President and President – Snap-on Tools Group since 2019.

Lemerand* [removed: (62)] [added: (63)] – Vice President and Chief Information Officer since 2017.

Miller* [removed: (54)] [added: (55)] – Vice President, General Counsel and Secretary since 2018.

Ozolins* [removed: (53)] [added: (54)] – Vice President and Controller since 2021.

Ward* [removed: (72)] [added: (73)] *–* Senior Vice President and President – Repair Systems & Information Group since 2010.

Vice President – Human Resources from 2018 to 2024.

The information required by Item 11 is contained in Snap-on’s [removed: 2025] [added: 2026] Proxy Statement in the sections entitled “Executive Compensation,” “Board Compensation,” “Compensation Committee Report,” and “Other Information” and is incorporated herein by reference.

The following table sets forth information about Snap-on’s equity compensation plans at [removed: 2024] [added: 2025] year end:

| Equity compensation plans approved by security holders | | | | | | [removed: 2,058,429] [added: 1,906,764] (1) | | | | | | [removed: $193.39] [added: $217.41] (2) | | | | | | [removed: 2,820,103] [added: 2,429,619] (3) | | |

| Equity compensation plans not approved by security holders | | | | | | [removed: 60,955] [added: 65,664] (4) | | | | | | Not Applicable | | | | | | \- (5) | | |

(1)Includes (i) stock options and stock appreciation rights (“SARs”) to acquire [removed: 1,981,254] [added: 1,836,519] shares granted under the 2011 Incentive Stock and Awards Plan (the “2011 Plan”); (ii) [removed: 69,976] [added: 62,853] shares represented by restricted stock units granted under the 2011 Plan; and (iii) [removed: 7,199] [added: 7,392] shares represented by deferred share units under the Directors’ Fee Plan.

Excludes [removed: 176,278] [added: 118,409] shares issuable in connection with the vesting of performance share awards under the 2011 Plan.

(3)Includes (i) [removed: 2,095,463] [added: 1,730,084] shares reserved for issuance under the 2011 Plan; (ii) [removed: 194,840] [added: 194,416] shares reserved for issuance under the Directors’ Fee Plan; and (iii) [removed: 529,800] [added: 505,119] shares reserved for issuance under the employee stock purchase plan.

The additional information required by Item 12 is contained in Snap-on’s [removed: 2025] [added: 2026] Proxy Statement in the sections entitled “Executive Compensation,” “Security Ownership of Certain Beneficial Owners and Management,” and “Other Information,” and is incorporated herein by reference.

| Total | | | | | | 1,972,428 | | | | | | $217.41 (2) | | | | | | 2,429,619 (5) | | |

| Total | | | | | | 2,119,384 | | | | | | $193.39 (2) | | | | | | 2,820,103 (5) | | |

Incorporated by reference to the sections entitled “Corporate Governance Practices and Board Information – Board Information” and “Other Information – Transactions with the Company” in Snap-on’s [removed: 2025] [added: 2026] Proxy Statement.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2025 ANNUAL REPORT | | | 57 | | |

Incorporated by reference to the section entitled “Deloitte & Touche LLP Fee Disclosure” in Snap-on’s [removed: 2025] [added: 2026] Proxy Statement.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2024 ANNUAL REPORT | | | 57 | | |

Unless otherwise indicated, references to “fiscal [removed: 2024”] [added: 2025”] or [removed: “2024”] [added: “2025”] refer to the fiscal year ended [removed: December 28, 2024;] [added: January 3, 2026;] references to “fiscal [removed: 2023”] [added: 2024”] or [removed: “2023”] [added: “2024”] refer to the fiscal year ended December [removed: 30, 2023;] [added: 28, 2024;] and references to “fiscal [removed: 2022”] [added: 2023”] or [removed: “2022”] [added: “2023”] refer to the fiscal year ended December [removed: 31, 2022.][added: 30, 2023.]

References to [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] year end refer to [added: January 3, 2026,] December 28, 2024, [added: and] December 30, 2023, [removed: and December 31, 2022,] respectively.

- Consolidated Statements of Earnings for the [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] fiscal years.

- Consolidated Statements of Comprehensive Income for the [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] fiscal years.

- Consolidated Balance Sheets as of [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] year end.

- Consolidated Statements of Equity for the [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] fiscal years.

- Consolidated Statements of Cash Flows for the [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] fiscal years.

Except for the foregoing, Snap-on and its subsidiaries have no unregistered long-term debt agreement for which the related outstanding debt exceeds 10% of consolidated total assets as of [removed: December 28, 2024.][added: January 3, 2026.]

| | | | | | | (e) | | | | | | [removed: [M](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex10e.htm)[anagement A](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex10e.htm)[greement,] [added: [Management Agreement,] dated as [removed: on] [added: of] March 15, 2005, between SNA Europe and Jesus [removed: Arregui](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex10e.htm)] [added: Arregui (incorporated by reference to Exhibit 10(e) to Snap-on’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (Commission File No. 1-7724))](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex10e.htm)] | | | | | |

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 59 | | |

| (19) | | | | | | [Snap-on Incorporated Insider Trading Policy (incorporated by reference to Exhibit 19 to Snap-on's Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (Commission File No. [removed: 1-7724))](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000091440/000009144024000005/sna-20231230.htm)] [added: 1-7724))](https://www.sec.gov/Archives/edgar/data/91440/000009144024000005/sna_fy23ex19.htm)] | | | | | | | | | | | |

| (21) | | | | | | [Subsidiaries of the [removed: Corporation](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex21.htm)] [added: Corporation](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/snafy25ex21.htm)] | | | | | | | | | | | |

| (23) | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex23.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/snafy25ex23.htm)] | | | | | | | | | | | |

| (31.1) | | | | | | [Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex311.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/snafy25ex311.htm)] | | | | | | | | | | | |

| (31.2) | | | | | | [Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex312.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/snafy25ex312.htm)] | | | | | | | | | | | |

| (32.1) | | | | | | [Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex321.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/snafy25ex321.htm)] | | | | | | | | | | | |

| (32.2) | | | | | | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144025000010/snafy24ex322.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/91440/000009144026000045/snafy25ex322.htm)] | | | | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 60 | | | SNAP-ON INCORPORATED | | | | | |

We have audited the accompanying consolidated balance sheets of Snap-on Incorporated and subsidiaries (the “Company”) as of [removed: December 28, 2024] [added: January 3, 2026,] and December [removed: 30, 2023,] [added: 28, 2024,] the related consolidated statements of earnings, comprehensive income, equity, and cash flows for each of the three years in the period ended [removed: December 28, 2024,] [added: January 3, 2026,] and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of [added: January 3, 2026, and] December 28, 2024, and [removed: December 30, 2023, and] the results of its operations and its cash flows for each of the three years in the period ended [removed: December 28, 2024,] [added: January 3, 2026,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of [removed: December 28, 2024,] [added: January 3, 2026,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 13, 2025,] [added: 12, 2026,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 61 | | |

The receivables are generally secured by the underlying tools, [removed: diagnostics] [added: diagnostics,] and/or equipment products financed.

Determining the proper level of allowance requires management to exercise judgment about the timing, [removed: frequency] [added: frequency,] and severity of credit losses expected to occur over the life of the contracts.

The Company estimates and records an allowance for credit losses over the remaining contractual life of their contracts considering collectability, historical loss experience, current conditions, and future market [removed: changes.][added: expectations.]

- We tested the design, [removed: implementation] [added: implementation,] and operating effectiveness of management’s controls over the allowance for credit losses including controls over the completeness and accuracy of underlying data.

| [removed: February 13,] [added: | | | | | |] 2025 | | | | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | |]

| *(Amounts in millions, except per share data)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net sales | | | | | | $ | [removed: 4,707.4] [added: 4,743.2] | | | | | $ | [removed: 4,730.2] [added: 4,707.4] | | | | | $ | [removed: 4,492.8] [added: 4,730.2] | |

| Cost of goods sold | | | | | | [removed: (2,329.5)] [added: (2,357.8)] | | | | | | [removed: (2,381.1)] [added: (2,329.5)] | | | | | | [removed: (2,311.7)] [added: (2,381.1)] | | |

| Gross profit | | | | | | [removed: 2,377.9] [added: 2,385.4] | | | | | | [removed: 2,349.1] [added: 2,377.9] | | | | | | [removed: 2,181.1] [added: 2,349.1] | | |

| Operating expenses | | | | | | [removed: (1,309.1)] [added: (1,339.5)] | | | | | | [removed: (1,309.2)] [added: (1,309.1)] | | | | | | [removed: (1,239.9)] [added: (1,309.2)] | | |

| Operating earnings before financial services | | | | | | [removed: 1,068.8] [added: 1,045.9] | | | | | | [removed: 1,039.9] [added: 1,068.8] | | | | | | [removed: 941.2] [added: 1,039.9] | | |

| Financial services revenue | | | | | | [removed: 401.0] [added: 412.9] | | | | | | [removed: 378.1] [added: 401.0] | | | | | | [removed: 349.7] [added: 378.1] | | |

| Financial services expenses | | | | | | [removed: (124.1)] [added: (131.1)] | | | | | | [removed: (107.6)] [added: (124.1)] | | | | | | [removed: (83.7)] [added: (107.6)] | | |

| Operating earnings from financial services | | | | | | [removed: 276.9] [added: 281.8] | | | | | | [removed: 270.5] [added: 276.9] | | | | | | [removed: 266.0] [added: 270.5] | | |

| Operating earnings | | | | | | [removed: 1,345.7] [added: 1,327.7] | | | | | | [removed: 1,310.4] [added: 1,345.7] | | | | | | [removed: 1,207.2] [added: 1,310.4] | | |

| Interest expense | | | | | | [removed: (49.6)] [added: (50.5)] | | | | | | [removed: (49.9)] [added: (49.6)] | | | | | | [removed: (47.1)] [added: (49.9)] | | |

| Other income (expense) – net | | | | | | [removed: 77.0] [added: 58.7] | | | | | | [removed: 67.5] [added: 77.0] | | | | | | [removed: 42.5] [added: 67.5] | | |

| Earnings before income taxes | | | | | | [removed: 1,373.1] [added: 1,335.9] | | | | | | [removed: 1,328.0] [added: 1,373.1] | | | | | | [removed: 1,202.6] [added: 1,328.0] | | |

| Income tax expense | | | | | | [removed: (304.2)] [added: (293.6)] | | | | | | [removed: (293.4)] [added: (304.2)] | | | | | | [removed: (268.7)] [added: (293.4)] | | |

| Net earnings | | | | | | [removed: 1,068.9] [added: 1,042.3] | | | | | | [removed: 1,034.6] [added: 1,068.9] | | | | | | [removed: 933.9] [added: 1,034.6] | | |

| Net earnings attributable to noncontrolling interests | | | | | | [removed: (25.0)] [added: (25.4)] | | | | | | [removed: (23.5)] [added: (25.0)] | | | | | | [removed: (22.2)] [added: (23.5)] | | |

| Net earnings attributable to Snap-on Incorporated | | | | | | $ | [removed: 1,043.9] [added: 1,016.9] | | | | | $ | [removed: 1,011.1] [added: 1,043.9] | | | | | $ | [removed: 911.7] [added: 1,011.1] | |

| Basic | | | | | | $ | [removed: 19.85] [added: 19.52] | | | | | $ | [removed: 19.11] [added: 19.85] | | | | | $ | [removed: 17.14] [added: 19.11] | |

| Diluted | | | | | | [removed: 19.51] [added: 19.19] | | | | | | [removed: 18.76] [added: 19.51] | | | | | | [removed: 16.82] [added: 18.76] | | |

| Basic | | | | | | [removed: 52.6] [added: 52.1] | | | | | | [removed: 52.9] [added: 52.6] | | | | | | [removed: 53.2] [added: 52.9] | | |

| Effect of dilutive securities | | | | | | 0.9 | | | | | | [removed: 1.0] [added: 0.9] | | | | | | 1.0 | | |

| Diluted | | | | | | [removed: 53.5] [added: 53.0] | | | | | | [removed: 53.9] [added: 53.5] | | | | | | [removed: 54.2] [added: 53.9] | | |

| | | | [removed: 2024] [added: 2025] ANNUAL REPORT | | | 63 | | |

| *(Amounts in millions)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Comprehensive [removed: income (loss):] [added: income:] | | | | | | | | | | | | | | | | | | | | |

| Net earnings | | | | | | $ | [removed: 1,068.9] [added: 1,042.3] | | | | | $ | [removed: 1,034.6] [added: 1,068.9] | | | | | $ | [removed: 933.9] [added: 1,034.6] | |

| Foreign currency translation | | | | | | [removed: (108.8)] [added: 182.3] | | | | | | [removed: 60.7] [added: (108.8)] | | | | | | [removed: (127.4)] [added: 60.7] | | |

| Reclassification of cash flow hedges to net earnings | | | | | | (1.7) | | | | | | [removed: (1.6)] [added: (1.7)] | | | | | | (1.6) | | |

| Net prior service costs and credits and unrecognized gain (loss) | | | | | | [removed: (28.2)] [added: 31.7] | | | | | | [removed: 26.1] [added: (28.2)] | | | | | | [removed: (92.8)] [added: 26.1] | | |

| Income tax benefit (expense) | | | | | | [removed: 7.1] [added: (8.1)] | | | | | | [removed: (6.8)] [added: 7.1] | | | | | | [removed: 23.8] [added: (6.8)] | | |

| Net of tax | | | | | | [removed: (21.1)] [added: 23.6] | | | | | | [removed: 19.3] [added: (21.1)] | | | | | | [removed: (69.0)] [added: 19.3] | | |

| February 12, 2026 | | | | | | | | |

| Net earnings for 2025 | | | | | | — | | | | | | — | | | | | | 1,016.9 | | | | | | — | | | | | | — | | | | | | 25.4 | | | | | | 1,042.3 | | |

| Other comprehensive income | | | | | | — | | | | | | — | | | | | | — | | | | | | 220.2 | | | | | | — | | | | | | — | | | | | | 220.2 | | |

| Stock compensation plans | | | | | | — | | | | | | 20.8 | | | | | | — | | | | | | — | | | | | | 72.1 | | | | | | — | | | | | | 92.9 | | |

| Other | | | | | | — | | | | | | — | | | | | | (1.5) | | | | | | — | | | | | | — | | | | | | (23.3) | | | | | | (24.8) | | |

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

| Net earnings | | | | | | $ | 1,042.3 | | | | | $ | 1,068.9 | | | | | $ | 1,034.6 | |

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

The impact of the additional week of operations was not material to Snap-on’s 2025 total revenues or net earnings.

| *(Amounts in millions)* | | | | | | 2025 | | | | | | 2024 | | |

The ASU was applied on a retrospective basis.

In 2025, Snap-on also adopted 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 for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

The guidance was adopted on a prospective basis.

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, which removes all references to software development project stages so that the guidance is neutral to different software development methods.

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

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

| North America* | | | | | | $ | 617.5 | | | | | $ | 1,693.3 | | | | | $ | 1,218.5 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,529.3 | |

| Europe | | | | | | 318.9 | | | | | | 167.2 | | | | | | 262.7 | | | | | | — | | | | | | — | | | | | | 748.8 | | |

| All other | | | | | | 249.3 | | | | | | 104.4 | | | | | | 111.4 | | | | | | — | | | | | | — | | | | | | 465.1 | | |

| External net sales | | | | | | 1,185.7 | | | | | | 1,964.9 | | | | | | 1,592.6 | | | | | | — | | | | | | — | | | | | | 4,743.2 | | |

| Intersegment net sales | | | | | | 271.8 | | | | | | — | | | | | | 284.5 | | | | | | — | | | | | | (556.3) | | | | | | — | | |

| Total net sales | | | | | | 1,457.5 | | | | | | 1,964.9 | | | | | | 1,877.1 | | | | | | — | | | | | | (556.3) | | | | | | 4,743.2 | | |

| Total revenue | | | | | | $ | 1,457.5 | | | | | $ | 1,964.9 | | | | | $ | 1,877.1 | | | | | $ | 412.9 | | | | | $ | (556.3) | | | | | $ | 5,156.1 | |

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

| Vehicle service professionals | | | | | | $ | 81.0 | | | | | $ | 1,964.9 | | | | | $ | 1,592.6 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,638.5 | |

| All other professionals | | | | | | 1,104.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,104.7 | | |

| External net sales | | | | | | 1,185.7 | | | | | | 1,964.9 | | | | | | 1,592.6 | | | | | | — | | | | | | — | | | | | | 4,743.2 | | |

| Intersegment net sales | | | | | | 271.8 | | | | | | — | | | | | | 284.5 | | | | | | — | | | | | | (556.3) | | | | | | — | | |

| Total net sales | | | | | | 1,457.5 | | | | | | 1,964.9 | | | | | | 1,877.1 | | | | | | — | | | | | | (556.3) | | | | | | 4,743.2 | | |

| Total revenue | | | | | | $ | 1,457.5 | | | | | $ | 1,964.9 | | | | | $ | 1,877.1 | | | | | $ | 412.9 | | | | | $ | (556.3) | | | | | $ | 5,156.1 | |

| | | | | | | Commercial & | | | | | | Snap-on | | | | | | Repair Systems | | | | | | | | | | | | | | | | | | | | |

| | | | | | | Industrial | | | | | | Tools | | | | | | & Information | | | | | | Financial | | | | | | | | | | | | Snap-on | | |

| *(Amounts in millions)* | | | | | | Group | | | | | | Group | | | | | | Group | | | | | | Services | | | | | | Eliminations | | | | | | Incorporated | | |

| Net sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | Commercial & | | | | | | Snap-on | | | | | | Repair Systems | | | | | | | | | | | | | | | | | | | | |

| | | | | | | Industrial | | | | | | Tools | | | | | | & Information | | | | | | Financial | | | | | | | | | | | | Snap-on | | |

| *(Amounts in millions)* | | | | | | Group | | | | | | Group | | | | | | Group | | | | | | Services | | | | | | Eliminations | | | | | | Incorporated | | |

| Net sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| *(Amounts in millions)* | | | 2025 | | | | | | 2024 | | |

| *(Amounts in millions)* | | | 2025 | | | | | | 2024 | | |

| 60 | | | SNAP-ON INCORPORATED | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2022 | | | | | | $ | 67.4 | | | | | $ | 472.7 | | | | | $ | 5,699.9 | | | | | $ | (343.9) | | | | | $ | (1,714.2) | | | | | $ | 21.9 | | | | | $ | 4,203.8 | |

| Net earnings for 2022 | | | | | | — | | | | | | — | | | | | | 911.7 | | | | | | — | | | | | | — | | | | | | 22.2 | | | | | | 933.9 | | |

| Other comprehensive loss | | | | | | — | | | | | | — | | | | | | — | | | | | | (184.4) | | | | | | — | | | | | | — | | | | | | (184.4) | | |

| Stock compensation plans | | | | | | — | | | | | | 27.2 | | | | | | — | | | | | | — | | | | | | 58.4 | | | | | | — | | | | | | 85.6 | | |

| Other | | | | | | — | | | | | | — | | | | | | (2.3) | | | | | | — | | | | | | — | | | | | | (21.9) | | | | | | (24.2) | | |

New accounting standards: Snap-on adopted ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which requires the disclosure of additional segment information at the end of fiscal year 2024.

The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the company:

| 13 – 24 | | | | | | $ | 502.8 | | | | | $ | 98.1 | | | | | $ | 475.0 | | | | | $ | 95.0 | |

| 25 – 36 | | | | | | 413.2 | | | | | | 87.7 | | | | | | 405.7 | | | | | | 84.8 | | |

| 37 – 48 | | | | | | 291.7 | | | | | | 74.6 | | | | | | 288.8 | | | | | | 72.7 | | |

| 49 – 60 | | | | | | 153.9 | | | | | | 58.8 | | | | | | 156.7 | | | | | | 57.0 | | |

| Delinquent | | | $ | 22.3 | | | | | $ | 25.5 | | | | | $ | 11.6 | | | | | $ | 5.2 | | | | | $ | 2.6 | | | | | $ | 0.9 | | | | | $ | 68.1 | |

| Non-delinquent | | | 1,284.1 | | | | | | 424.2 | | | | | | 150.5 | | | | | | 49.4 | | | | | | 15.8 | | | | | | 2.6 | | | | | | 1,926.6 | | |

| Total Finance receivables | | | $ | 1,306.4 | | | | | $ | 449.7 | | | | | $ | 162.1 | | | | | $ | 54.6 | | | | | $ | 18.4 | | | | | $ | 3.5 | | | | | $ | 1,994.7 | |

| Finance receivables charge-offs | | | $ | 7.4 | | | | | $ | 34.2 | | | | | $ | 19.1 | | | | | $ | 7.9 | | | | | $ | 4.2 | | | | | $ | 2.8 | | | | | $ | 75.6 | |

| Delinquent | | | $ | 0.3 | | | | | $ | 0.7 | | | | | $ | 0.5 | | | | | $ | 0.4 | | | | | $ | 0.4 | | | | | $ | 0.1 | | | | | $ | 2.4 | |

| Non-delinquent | | | 200.2 | | | | | | 132.0 | | | | | | 88.9 | | | | | | 55.5 | | | | | | 34.1 | | | | | | 32.0 | | | | | | 542.7 | | |

| Total Contract receivables | | | $ | 200.5 | | | | | $ | 132.7 | | | | | $ | 89.4 | | | | | $ | 55.9 | | | | | $ | 34.5 | | | | | $ | 32.1 | | | | | $ | 545.1 | |

| Finance receivables | | | | | | $ | 21.5 | | | | | $ | 13.6 | | | | | $ | 23.2 | | | | | $ | 58.3 | | | | | $ | 1,887.8 | | | | | $ | 1,946.1 | | | | | $ | 19.9 | |

| Contract receivables | | | | | | 1.5 | | | | | | 0.6 | | | | | | 1.2 | | | | | | 3.3 | | | | | | 532.1 | | | | | | 535.4 | | | | | | 0.2 | | |

There were no LIFO inventory liquidations in 2024, 2023 or 2022.

| Balance as of 2022 year end | | | | | | $ | 302.9 | | | | | $ | 12.4 | | | | | $ | 730.0 | | | | | $ | 1,045.3 | |

| Currency translation | | | | | | 10.7 | | | | | | — | | | | | | 6.7 | | | | | | 17.4 | | |

| Acquisition adjustments | | | | | | 33.0 | | | | | | — | | | | | | 1.7 | | | | | | 34.7 | | |

Goodwill of $1,097.4 million as of 2023 year end included $33.0 million, on a preliminary basis, from the acquisition of Mountz and $1.7 million from the acquisition of SAVTEQ.

The goodwill from Mountz and SAVTEQ is included in the Commercial & Industrial Group and Repair Systems & Information Group, respectively.

| Increase (decrease) in tax rate resulting from: | | | | | | | | | | | | | | | | | | | | |

| Noncontrolling interests | | | | | | (0.4) | | | | | | (0.4) | | | | | | (0.4) | | |

| Repatriation of foreign earnings | | | | | | (0.2) | | | | | | (0.3) | | | | | | (0.3) | | |

| Change in valuation allowance for deferred tax assets | | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.3 | | |

| Adjustments to tax accruals and reserves | | | | | | (0.1) | | | | | | (0.6) | | | | | | (0.7) | | |

| Foreign rate differences | | | | | | 0.6 | | | | | | 0.7 | | | | | | 0.4 | | |

| Excess tax benefits related to equity compensation | | | | | | (0.8) | | | | | | (0.8) | | | | | | (0.5) | | |

| Effective tax rate | | | | | | 22.2% | | | | | | 22.1% | | | | | | 22.3% | | |

| 2025-2029 | | | | | | $ | — | | | | | $ | — | | | | | $ | 28.0 | | | | | $ | 28.0 | |

| 2030-2034 | | | | | | — | | | | | | — | | | | | | 21.5 | | | | | | 21.5 | | |

| 2035-2039 | | | | | | — | | | | | | — | | | | | | 52.8 | | | | | | 52.8 | | |

| 2040-2044 | | | | | | — | | | | | | — | | | | | | 34.1 | | | | | | 34.1 | | |