Snap-on 10-Q 2026-04-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 4, 2026

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-7724

Snap-on Incorporated

(Exact name of registrant as specified in its charter)

Delaware												39-0622040
(State of incorporation)												(I.R.S. Employer Identification No.)
2801 80th Street,			Kenosha,			Wisconsin						53143
(Address of principal executive offices)												(Zip code)

(262) 656-5200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1.00 par value			SNA			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐			Non-accelerated filer			☐			Smaller reporting company			☐
Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

Class						Outstanding at April 17, 2026
Common Stock, $1.00 par value						51,801,916 shares

TABLE OF CONTENTS

						Page
Part I: Financial Information
Item 1.			Financial Statements
			Condensed Consolidated Statements of Earnings (unaudited) – Three Months Ended April 4, 2026, and March 29, 2025			3
			Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended April 4, 2026, and March 29, 2025			4
			Condensed Consolidated Balance Sheets (unaudited) – April 4, 2026, and January 3, 2026			5
			Condensed Consolidated Statements of Equity (unaudited) – Three Months Ended April 4, 2026, and March 29, 2025			7
			Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended April 4, 2026, and March 29, 2025			8
			Notes to Condensed Consolidated Financial Statements (unaudited)			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			35
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			48
Item 4.			Controls and Procedures			48
Part II: Other Information
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			49
Item 5.			Other Information			50
Item 6.			Exhibits			51
			Signatures			52

PART I. FINANCIAL INFORMATION

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in millions, except per share data)

(Unaudited)

			Three Months Ended
			April 4, 2026						March 29, 2025
Net sales			$	1,207.2					$	1,141.1
Cost of goods sold			(598.9)						(562.6)
Gross profit			608.3						578.5
Operating expenses			(357.5)						(335.4)
Operating earnings before financial services			250.8						243.1
Financial services revenue			101.1						102.1
Financial services expenses			(33.1)						(31.8)
Operating earnings from financial services			68.0						70.3
Operating earnings			318.8						313.4
Interest expense			(12.4)						(12.4)
Other income (expense) – net			16.8						14.4
Earnings before income taxes			323.2						315.4
Income tax expense			(69.7)						(68.7)
Net earnings			253.5						246.7
Net earnings attributable to noncontrolling interests			(6.5)						(6.2)
Net earnings attributable to Snap-on Incorporated			$	247.0					$	240.5
Net earnings per share attributable to Snap-on Incorporated:
Basic			$	4.76					$	4.59
Diluted			4.69						4.51
Weighted-average shares outstanding:
Basic			51.9						52.4
Effect of dilutive securities			0.8						0.9
Diluted			52.7						53.3
Dividends declared per common share			$	2.44					$	2.14

See Notes to Condensed Consolidated Financial Statements.

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in millions)

(Unaudited)

			Three Months Ended
			April 4, 2026						March 29, 2025
Comprehensive income:
Net earnings			$	253.5					$	246.7
Other comprehensive income (loss):
Foreign currency translation			(23.9)						72.0
Reclassification of cash flow hedges to net earnings			(0.4)						(0.4)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses			4.3						5.2
Income tax benefit			(1.1)						(1.3)
Net of tax			3.2						3.9
Total comprehensive income			232.4						322.2
Comprehensive income attributable to noncontrolling interests			(6.5)						(6.2)
Comprehensive income attributable to Snap-on Incorporated			$	225.9					$	316.0

See Notes to Condensed Consolidated Financial Statements.

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

			April 4, 2026						January 3, 2026
ASSETS
Current assets:
Cash and cash equivalents			$	1,753.3					$	1,624.5
Trade and other accounts receivable – net			890.7						881.4
Finance receivables – net			598.2						590.2
Contract receivables – net			127.4						130.0
Inventories – net			1,020.5						1,025.2
Prepaid expenses and other current assets			157.6						151.5
Total current assets			4,547.7						4,402.8
Property and equipment:
Land			35.4						35.8
Buildings and improvements			470.0						470.3
Machinery, equipment and computer software			1,150.9						1,142.7
Property and equipment – gross			1,656.3						1,648.8
Accumulated depreciation			(1,108.6)						(1,096.5)
Property and equipment – net			547.7						552.3
Operating lease right-of-use assets			89.9						83.7
Deferred income tax assets			74.3						72.5
Long-term finance receivables – net			1,273.3						1,298.8
Long-term contract receivables – net			417.6						423.1
Goodwill			1,102.1						1,109.5
Other intangible assets – net			267.2

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Caution Regarding Forward-Looking Statements:

Statements in this document that are not historical facts, including statements that (i) are in the future tense, (ii) include the words “expects,” “plans,” “targets,” “estimates,” “believes,” “anticipates,” or similar words that reference Snap-on Incorporated (“Snap-on” or “the company”) or its management, (iii) are specifically identified as forward-looking, or (iv) describe Snap‑on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that any forward-looking statements included in this document that are based upon assumptions and estimates were developed by management in good faith and are subject to risks, uncertainties or other factors that could cause (and in some cases have caused) actual results to differ materially from those described in any such statement. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results or regarded as a representation by the company or its management that the projected results will be achieved. For those forward-looking statements, Snap-on cautions the reader that numerous important factors, such as those listed below, as well as those factors discussed in its Annual Report on Form 10-K for the fiscal year ended January 3, 2026 (“2025 year end”), particularly those in Part I, Item 1A: Risk Factors, and those discussed in this document, could affect the company’s actual results and could cause its actual consolidated results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, Snap-on.

Risks and uncertainties include, without limitation:

• Uncertainties related to estimates, assumptions and projections generally;

• The timing and progress with which Snap-on can attain value through its Snap-on Value Creation Processes, including its ability to (i) realize efficiencies and savings from its rapid continuous improvement and other cost reduction initiatives, (ii) improve workforce productivity, (iii) achieve improvements in the company’s manufacturing footprint and greater efficiencies in its supply chain, and (iv) enhance machine maintenance, plant productivity and manufacturing line set-up and change-over practices, any or all of which could result in production inefficiencies, higher costs and/or lost revenues;

• Snap-on’s capability to successfully implement future strategies with respect to its existing businesses, including increasing or optimizing selling, designing, or manufacturing capacity;

• Snap-on’s ability to refine its brand and franchise strategies, retain and attract franchisees, and further enhance service and value to franchisees in order to help improve the sales and profitability of franchisees;

• The company’s ability to introduce successful new products;

• Inflation, interest rate changes and other monetary and market fluctuations;

• Price and supply fluctuations related to raw materials, components and certain purchased finished goods, such as steel, plastics, and electronics;

• The effects of external economic factors, including adverse developments in world financial markets, disruptions related to tariffs and other trade or sanction issues, and global supply chain inefficiencies;

• Significant changes in the current competitive environment;

• Risks related to pursuing, completing and integrating acquisitions;

• Snap-on’s ability to successfully manage changes in prices and the availability of energy;

• The company’s ability to withstand disruption arising from natural disasters, including climate-related events or other unusual occurrences;

• Risks associated with data security and technological systems and protections, including the effects of cyber incidents and from new legislation, regulations or government-related developments;

• Snap-on’s ability to effectively manage human capital resources;

• The impact of production and sourcing challenges, including labor interruptions and supply chain disruptions, to both Snap-on and relevant third parties;

• Weakness in certain geographic areas, including as a result of localized recessions;

• Changes in tax rates, laws and regulations as well as uncertainty surrounding potential changes;

• The amount, rate and growth of health care and postretirement costs, including continuing and potentially increasing required contributions to pension and postretirement plans;

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SNAP-ON INCORPORATED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

(continued)

• The effects of new or changing requirements, legislation, regulations or government-related developments or issues, as well as third party actions, including those addressing climate change;

• Potential reputational damages and costs related to litigation; and

• Other world or local events outside Snap-on’s control, including terrorist disruptions, armed conflicts and civil unrest.

Snap-on disclaims any responsibility to update any forward-looking statement provided in this document, except as required by law.

In addition, investors should be aware that generally accepted accounting principles in the United States of America (“GAAP”) prescribe when a company should reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency. Reported results, therefore, may appear to be volatile in certain accounting periods.

Non-GAAP Measures

References in Management’s Discussion and Analysis of Financial Condition and Results of Operations to “organic sales” refer to sales from continuing operations calculated in accordance with GAAP, adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in the company’s businesses and facilitates comparisons of its sales performance with prior periods.

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SNAP-ON INCORPORATED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

(continued)

RESULTS OF OPERATIONS

Results of operations for the three months ended April 4, 2026, and March 29, 2025, are as follows:

						Three Months Ended
(Amounts in millions)						April 4, 2026												March 29, 2025												Change
Net sales						$	1,207.2					100.0		%				$	1,141.1					100.0		%				$	66.1					5.8		%
Cost of goods sold						(598.9)						(49.6)		%				(562.6)						(49.3)		%				(36.3)						(6.5)		%
Gross profit						608.3						50.4		%				578.5						50.7		%				29.8						5.2		%
Operating expenses						(357.5)						(29.6)		%				(335.4)						(29.4)		%				(22.1)						(6.6)		%
Operating earnings before financial services						250.8						20.8		%				243.1						21.3		%				7.7						3.2		%
Financial services revenue						101.1						100.0		%				102.1						100.0		%				(1.0)						(1.0)		%
Financial services expenses						(33.1)						(32.7)		%				(31.8)						(31.1)		%				(1.3)						(4.1)		%
Operating earnings from financial services						68.0						67.3		%				70.3						68.9		%				(2.3)						(3.3)		%
Operating earnings						318.8						24.4		%				313.4						25.2		%				5.4						1.7		%
Interest expense						(12.4)						(1.0)		%				(12.4)						(1.0)		%				—						—		%
Other income (expense) – net						16.8						1.3		%				14.4						1.2		%				2.4						16.7		%
Earnings before income taxes						323.2						24.7		%				315.4						25.4		%				7.8						2.5		%
Income tax expense						(69.7)						(5.3)		%				(68.7)						(5.6)		%				(1.0)						(1.5)		%
Net earnings						253.5						19.4		%				246.7						19.8		%				6.8						2.8		%
Net earnings attributable to noncontrolling interests						(6.5)						(0.5)		%				(6.2)						(0.5)		%				(0.3)						(4.8)		%
Net earnings attributable to Snap-on Incorporated						$	247.0					18.9		%				$	240.5					19.3		%				$	6.5					2.7		%

Percentage Disclosure: All income statement line item percentages below “Operating earnings from financial services” are calculated as a percentage of the sum of Net sales and Financial services revenue.

Net sales of $1,207.2 million in the first quarter of 2026 represented an increase of $66.1 million, or 5.8%, from 2025 levels, reflecting a $39.2 million, or 3.4%, organic gain and $26.9 million of favorable foreign currency translation.

Gross profit of $608.3 million in the first quarter of 2026 compared to $578.5 million last year. Gross margin (gross profit as a percentage of net sales) in the quarter decreased 30 basis points (100 basis points (“bps”) equals 1.0 percent) from the first quarter of 2025 primarily reflecting 40 bps of unfavorable foreign currency effects. The benefit of increased volume and savings from the company’s “Rapid Continuous Improvement” or “RCI” initiatives in the first quarter were largely offset by higher tariffs and other material costs. While the company is relatively advantaged in the tariff environment, principally manufacturing in the markets where it sells, overall costs, however, can be somewhat impacted by trade policies.

Snap-on’s RCI initiatives employ a structured set of tools and processes across multiple businesses and geographies intended to eliminate waste and improve operations. Savings from Snap-on’s RCI initiatives reflect benefits from a wide variety of ongoing efficiency, productivity and process improvements, including savings generated from product design cost reductions, improved manufacturing line set-up and change-over practices, lower-cost sourcing initiatives, and facility consolidations. Unless individually significant, it is not practicable to disclose each RCI activity that generated savings and/or segregate RCI savings embedded in sales volume increases.

Operating expenses of $357.5 million in the first quarter of 2026 compared to $335.4 million in 2025. Operating expenses as a percentage of net sales rose 20 bps from last year primarily reflecting increased personnel costs and expanded technology investments, partially offset by the favorable effects of sales volume.

Operating earnings before financial services of $250.8 million in the first quarter of 2026 compared to $243.1 million in 2025. As a percentage of net sales, operating earnings before financial services were 20.8% including 40 bps of unfavorable foreign currency effects and compared to 21.3% last year.

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SNAP-ON INCORPORATED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

(continued)

Financial services revenue of $101.1 million in the first quarter of 2026 compared to $102.1 million last year. Financial services operating earnings of $68.0 million compared to $70.3 million in 2025.

Operating earnings of $318.8 million in the first quarter of 2026 compared to $313.4 million in 2025. As a percentage of revenues (net sales plus financial services revenue), operating earnings in the quarter were 24.4% including 40 bps of unfavorable foreign currency effects and compared to 25.2% last year.

Interest expense in the first quarter of 2026 of $12.4 million was unchanged from last year. See Note 8 to the Condensed Consolidated Financial Statements for additional information on debt and credit facilities.

Other income (expense) – net primarily includes interest income, non-service components of net periodic benefit costs, and net gains and losses associated with hedging and currency exchange rate transactions. See Note 16 to the Condensed Consolidated Financial Statements for additional information on Other income (expense) – net.

The effective income tax rate on earnings attributable to Snap-on in the first quarter was 22.0% in 2026 and 22.2% in 2025. See Note 7 to the Condensed Consolidated Financial Statements for additional information on income taxes.

Net earnings attributable to Snap-on of $247.0 million, or $4.69 per diluted share, in the first quarter of 2026 compared to $240.5 million, or $4.51 per diluted share, in the first quarter of 2025.

Segment Results

Snap-on’s operating segments, which represent Snap-on’s reportable segments, are based on the organizational structure used by the Chief Executive Officer, its CODM, to make operating and investment determinations and to assess performance. Snap‑on’s reportable operating segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government and military, power generation, transportation and technical education market segments, primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s multinational mobile tool distribution channel. 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 OEM dealerships, through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries.

The CODM evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment net sales and segment operating earnings. The segment net sales of the Snap-on Tools Group reflect external net sales, while the segment net sales of the Commercial & Industrial Group and the Repair Systems & Information Group include both external and intersegment net sales. Snap-on accounts for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. The Financial Services operating segment is evaluated based on financial services revenue and segment operating earnings. Corporate expenses primarily reflect stock-based compensation and other costs not attributable to an operating segment. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

(continued)

Commercial & Industrial Group

						Three Months Ended
(Amounts in millions)						April 4, 2026												March 29, 2025												Change
External net sales						$	308.8					81.0		%				$	276.7					80.5		%				$	32.1					11.6		%
Intersegment net sales						72.2						19.0		%				67.2						19.5		%				5.0						7.4		%
Segment net sales						381.0						100.0		%				343.9						100.0		%				37.1						10.8		%
Segment cost of goods sold						(227.4)						(59.7)		%				(197.4)						(57.4)		%				(30.0)						(15.2)		%
Segment gross profit						153.6						40.3		%				146.5						42.6		%				7.1						4.8		%
Segment operating expenses						(98.7)						(25.9)		%				(93.3)						(27.1)		%				(5.4)						(5.8)		%
Segment operating earnings						$	54.9					14.4		%				$	53.2					15.5		%				$	1.7					3.2		%

Segment net sales of $381.0 million in the first quarter of 2026 represented an increase of $37.1 million, or 10.8%, from 2025 levels, reflecting a $25.2 million, or 7.1%, organic gain and $11.9 million of favorable foreign currency translation. The organic increase reflects gains in each of the segment’s operations, including a high single-digit improvement with customers in critical industries and a double-digit rise in the specialty torque business.

Segment gross margin in the first quarter decreased 230 bps from last year primarily due to higher tariffs and material costs, and 50 bps of unfavorable foreign currency effects, partially offset by benefits from the increased sales.

Segment operating expenses as a percentage of net sales in the first quarter improved 120 bps as compared to 2025 primarily reflecting the higher sales volumes.

As a result of these factors, segment operating earnings in the first quarter of 2026 of $54.9 million compared to $53.2 million in 2025. Operating margin (segment operating earnings as a percentage of segment net sales) for the Commercial & Industrial Group in the first quarter of 2026 of 14.4%, including 50 bps of unfavorable foreign currency effects, compared to 15.5% last year.

Snap-on Tools Group

						Three Months Ended
(Amounts in millions)						April 4, 2026												March 29, 2025												Change
Segment net sales						$	486.0					100.0		%				$	462.9					100.0		%				$	23.1					5.0		%
Segment cost of goods sold						(254.4)						(52.3)		%				(248.4)						(53.7)		%				(6.0)						(2.4)		%
Segment gross profit						231.6						47.7		%				214.5						46.3		%				17.1						8.0		%
Segment operating expenses						(126.6)						(26.1)		%				(122.1)						(26.3)		%				(4.5)						(3.7)		%
Segment operating earnings						$	105.0					21.6		%				$	92.4					20.0		%				$	12.6					13.6		%

Segment net sales of $486.0 million in the first quarter of 2026 represented an increase of $23.1 million, or 5.0%, from 2025 levels, reflecting a $15.9 million, or 3.4%, organic sales gain and $7.2 million of favorable foreign currency translation. The organic rise was due to low single-digit gains both in the U.S. and in the segment’s international operations.

Segment gross margin in the first quarter improved 140 bps from last year primarily due to the increased sales and savings from the segment’s RCI initiatives, partially offset by higher material and other costs.

Segment operating expenses as a percentage of net sales in the first quarter improved 20 bps as compared to 2025 primarily reflecting the higher sales volumes.

As a result of these factors, segment operating earnings of $105.0 million in the first quarter of 2026 compared to $92.4 million in 2025. Operating margin for the Snap-on Tools Group of 21.6% in the first quarter of 2026 compared to 20.0% last year.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

(continued)

Repair Systems & Information Group

						Three Months Ended
(Amounts in millions)						April 4, 2026												March 29, 2025												Change
External net sales						$	412.4					85.0		%				$	401.5					84.4		%				$	10.9					2.7		%
Intersegment net sales						72.9						15.0		%				74.4						15.6		%				(1.5)						(2.0)		%
Segment net sales						485.3						100.0		%				475.9						100.0		%				9.4						2.0		%
Segment cost of goods sold						(262.2)						(54.0)		%				(258.4)						(54.3)		%				(3.8)						(1.5)		%
Segment gross profit						223.1						46.0		%				217.5						45.7		%				5.6						2.6		%
Segment operating expenses						(103.6)						(21.4)		%				(95.4)						(20.0)		%				(8.2)						(8.6)		%
Segment operating earnings						$	119.5					24.6		%				$	122.1					25.7		%				$	(2.6)					(2.1)		%

Segment net sales of $485.3 million in the first quarter of 2026 represented an increase of $9.4 million, or 2.0%, from 2025 levels, primarily reflecting $9.1 million of favorable foreign currency translation. On an organic basis, a low single-digit increase in sales of diagnostic and repair information products to independent repair shop owners and managers was offset by lower activity with OEM dealerships, while sales of undercar equipment were essentially flat.

Segment gross margin in the first quarter improved 30 bps from last year primarily reflecting favorable business mix and savings from the segment’s RCI initiatives, partially offset by higher tariffs and material costs, and 40 bps of unfavorable foreign currency effects.

Segment operating expenses as a percentage of net sales in the first quarter increased 140 bps from 2025 primarily due to expanded technology investments and higher personnel costs, as well as 20 bps of unfavorable foreign currency effects.

As a result of these factors, segment operating earnings in the first quarter of 2026 of $119.5 million compared to $122.1 million in 2025. Operating margin for the Repair Systems & Information Group in the first quarter of 2026 of 24.6%, including 60 bps of unfavorable foreign currency effects, compared to 25.7% last year.

Financial Services

						Three Months Ended
(Amounts in millions)						April 4, 2026												March 29, 2025												Change
Financial services revenue						$	101.1					100.0		%				$	102.1					100.0		%				$	(1.0)					(1.0)		%
Financial services expenses						(33.1)						(32.7)		%				(31.8)						(31.1)		%				(1.3)						(4.1)		%
Segment operating earnings						$	68.0					67.3		%				$	70.3					68.9		%				$	(2.3)					(3.3)		%

Financial services revenue is generally dependent on the size of the average financial services portfolio during the period, as well as on the average yield on receivables. Financial services revenue of $101.1 million in the first quarter of 2026 represented a decrease of $1.0 million, or 1.0%, from last year, primarily due to the lower year-over-year average portfolio. In the first quarters of both 2026 and 2025, the average yield on finance receivables was 17.6% and the average yield on contract receivables was 9.1%. Originations of $264.6 million in the first quarter of 2026 represented a decrease of $4.1 million, or 1.5%, from 2025 levels.

Financial services expenses primarily include personnel-related and other general and administrative costs, as well as provisions for credit losses. These expenses are generally more dependent on changes in the size of the financial services portfolio than they are on the revenue of the segment. As a percentage of the average financial services portfolio, expenses were 1.3% in the first quarters of both 2026 and 2025.

As a result of these factors, segment operating earnings of $68.0 million in the first quarter of 2026 compared to $70.3 million in 2025.

Corporate

Snap-on’s first quarter 2026 general corporate expenses of $28.6 million compared to $24.6 million last year. The year-over-year increase in general corporate expenses primarily reflects higher stock-based compensation and other costs.

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Non-GAAP Supplemental Data

The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on’s non-financial services (“Operations”) and Financial Services businesses.

The supplemental Operations data reflects the results of operations and financial position of Snap-on’s tools, diagnostics, equipment products, software, and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on’s U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses are eliminated to arrive at the Condensed Consolidated Financial Statements.

Non-GAAP Supplemental Consolidating Data – Supplemental Condensed Statements of Earnings information for the three months ended April 4, 2026, and March 29, 2025, is as follows:

			Operations*												Financial Services
(Amounts in millions)			April 4, 2026						March 29, 2025						April 4, 2026						March 29, 2025
Net sales			$	1,207.2					$	1,141.1					$	—					$	—
Cost of goods sold			(598.9)						(562.6)						—						—
Gross profit			608.3						578.5						—						—
Operating expenses			(357.5)						(335.4)						—						—
Operating earnings before financial services			250.8						243.1						—						—
Financial services revenue			—						—						101.1						102.1
Financial services expenses			—						—						(33.1)						(31.8)
Operating earnings from financial services			—						—						68.0						70.3
Operating earnings			250.8						243.1						68.0						70.3
Interest expense			(12.4)						(12.4)						—						—
Intersegment interest income (expense) – net			17.0						17.0						(17.0)						(17.0)
Other income (expense) – net			16.8						14.4						—						—
Earnings before income taxes and equity earnings			272.2						262.1						51.0						53.3
Income tax expense			(57.0)						(55.4)						(12.7)						(13.3)
Earnings before equity earnings			215.2						206.7						38.3						40.0
Financial services – net earnings attributable to Snap-on Incorporated			38.3						40.0						—						—
Net earnings			253.5						246.7						38.3						40.0
Net earnings attributable to noncontrolling interests			(6.5)						(6.2)						—						—
Net earnings attributable to Snap-on Incorporated			$	247.0					$	240.5					$	38.3					$	40.0

* Snap-on with Financial Services presented on the equity method.

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Non-GAAP Supplemental Consolidating Data – Supplemental Condensed Balance Sheets information as of April 4, 2026, and January 3, 2026, is as follows:

			Operations*												Financial Services
(Amounts in millions)			April 4, 2026						January 3, 2026						April 4, 2026						January 3, 2026
ASSETS
Current assets:
Cash and cash equivalents			$	1,752.8					$	1,624.1					$	0.5					$	0.4
Intersegment receivables			15.5						20.3						—						—
Trade and other accounts receivable – net			889.1						880.2						1.6						1.2
Finance receivables – net			—						—						598.2						590.2
Contract receivables – net			4.9						4.9						122.5						125.1
Inventories – net			1,020.5						1,025.2						—						—
Prepaid expenses and other current assets			159.2						154.7						12.8						11.2
Total current assets			3,842.0						3,709.4						735.6						728.1
Property and equipment – net			545.1						549.8						2.6						2.5
Operating lease right-of-use assets			84.8						78.4						5.1						5.3
Investment in Financial Services			396.1						400.3						—						—
Deferred income tax assets			47.2						45.4						27.1						27.1
Intersegment long-term notes receivable			794.0						815.0						—						—
Long-term finance receivables – net			—						—						1,273.3						1,298.8
Long-term contract receivables – net			7.1						8.0						410.5						415.1
Goodwill			1,102.1						1,109.5						—						—
Other intangible assets – net			267.2						270.7						—						—
Pension assets			173.3						173.8						—						—
Other long-term assets			42.4						44.1						0.3						0.3
Total assets			$	7,301.3					$	7,204.4					$	2,454.5					$	2,477.2

* Snap-on with Financial Services presented on the equity method.

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Non-GAAP Supplemental Consolidating Data – Supplemental Condensed Balance Sheets Information (continued):

			Operations*												Financial Services
(Amounts in millions)			April 4, 2026						January 3, 2026						April 4, 2026						January 3, 2026
LIABILITIES AND EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt			$	16.5					$	16.2					$	299.7					$	—
Accounts payable			252.0						227.6						1.6						1.5
Intersegment payables			—						—						15.5						20.3
Accrued benefits			69.7						64.6						—						0.1
Accrued compensation			64.1						74.2						2.1						3.0
Franchisee deposits			64.4						66.2						—						—
Other accrued liabilities			501.2						455.1						32.2						24.4
Total current liabilities			967.9						903.9						351.1						49.3
Long-term debt and intersegment long-term debt			—						—						1,680.9						2,001.4
Deferred income tax liabilities			92.8						87.0						—						—
Retiree health care benefits			17.2						17.7						—						—
Pension liabilities			81.7						85.7						—						—
Operating lease liabilities			62.4						56.3						5.5						5.5
Other long-term liabilities			96.2						97.0						20.9						20.7
Total liabilities			1,318.2						1,247.6						2,058.4						2,076.9
Total shareholders’ equity attributable to Snap-on Incorporated			5,958.1						5,931.8						396.1						400.3
Noncontrolling interests			25.0						25.0						—						—
Total equity			5,983.1						5,956.8						396.1						400.3
Total liabilities and equity			$	7,301.3					$	7,204.4					$	2,454.5					$	2,477.2

* Snap-on with Financial Services presented on the equity method.

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Liquidity and Capital Resources

Snap-on’s growth has historically been funded by a combination of cash provided by operating activities and debt financing. Snap-on believes that its cash from operations and collections of finance receivables, coupled with its sources of borrowings and available cash on hand, are sufficient to fund its currently anticipated requirements for scheduled debt repayments, payments of interest and dividends, new receivables originated by our financial services businesses, capital expenditures, working capital, funding of pension plans, and share repurchases and acquisitions, if and as they arise.

Due to Snap-on’s credit rating over the years, external funds have been available at an acceptable cost. As of April 17, 2026, Snap-on’s long-term debt and commercial paper were rated, respectively, A2 and P-1 by Moody’s Investors Service; A- and A-2 by Standard & Poor’s; and A and F1 by Fitch Ratings. Snap-on believes that its current credit arrangements are sound and that the strength of its balance sheet affords the company the financial flexibility, including through access to financial markets for potential new financing, to respond to both internal growth opportunities and those available through acquisitions. However, Snap-on cannot provide any assurance that financing will be available in the future on acceptable terms, or that its debt ratings will not decrease.

The following discussion focuses on information included in the accompanying Condensed Consolidated Balance Sheets.

Working capital (current assets less current liabilities) of $3,258.6 million as of April 4, 2026, represented a decrease of $225.7 million from $3,484.3 million as of January 3, 2026 (fiscal 2025 year end), primarily as a result of the net changes discussed below.

The following represents the company’s working capital position as of April 4, 2026, and January 3, 2026:

(Amounts in millions)			April 4, 2026						January 3, 2026
Cash and cash equivalents			$	1,753.3					$	1,624.5
Trade and other accounts receivable – net			890.7						881.4
Finance receivables – net			598.2						590.2
Contract receivables – net			127.4						130.0
Inventories – net			1,020.5						1,025.2
Prepaid expenses and other current assets			157.6						151.5
Total current assets			4,547.7						4,402.8
Notes payable and current maturities of long-term debt			(316.2)						(16.2)
Accounts payable			(253.6)						(229.1)
Other current liabilities			(719.3)						(673.2)
Total current liabilities			(1,289.1)						(918.5)
Working capital			$	3,258.6					$	3,484.3

Cash and cash equivalents of $1,753.3 million as of April 4, 2026, represented an increase of $128.8 million from 2025 year-end levels primarily due to: (i) $368.7 million of cash generated from operations; (ii) $215.9 million of cash from collections of finance receivables; and (iii) $30.6 million of cash proceeds from stock purchase plans and stock option exercises. These increases in cash and cash equivalents were partially offset by: (i) the funding of $218.4 million of new finance receivables; (ii) dividend payments to shareholders of $126.8 million; (iii) the repurchase of 267,000 shares of the company’s common stock for $99.9 million; and (iv) the funding of $21.2 million of capital expenditures.

Of the $1,753.3 million of cash and cash equivalents as of April 4, 2026, $583.3 million was held outside of the United States. Snap-on maintains non-U.S. funds in its foreign operations to: (i) provide adequate working capital; (ii) satisfy various regulatory requirements; and/or (iii) take advantage of business expansion opportunities as they arise. Although the Tax Cuts and Jobs Act generally eliminated U.S. federal taxation of dividends from foreign subsidiaries, such dividends may still be subject to state income taxation and foreign withholding taxes. Snap-on periodically evaluates its cash held outside the United States and may pursue opportunities to repatriate certain foreign cash amounts to the extent that it can be accomplished in a tax efficient manner.

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Trade and other accounts receivable – net of $890.7 million as of April 4, 2026, represented an increase of $9.3 million from 2025 year-end levels. The increase is primarily due to higher sales, partially offset by $2.8 million of foreign currency translation. Days sales outstanding (trade and other accounts receivable – net as of the respective period end, divided by the respective trailing 12 months of sales, times 360 days) was 67 days for both April 4, 2026, and January 3, 2026.

The current portions of net finance and contract receivables of $725.6 million as of April 4, 2026, compared to $720.2 million at 2025 year end. The long-term portions of net finance and contract receivables of $1,690.9 million as of April 4, 2026, compared to $1,721.9 million at 2025 year end.

Inventories – net of $1,020.5 million as of April 4, 2026, represented a decrease of $4.7 million from January 3, 2026, primarily due to $5.6 million of foreign currency translation. Inventory turns (trailing 12 months of cost of goods sold, divided by the average of the beginning and ending inventory balances for the trailing 12 months) were 2.4 turns as of both April 4, 2026, and January 3, 2026. Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 61% of total inventories as of April 4, 2026, and 62% of total inventories as of January 3, 2026. All other inventories are accounted for using the last-in, first-out (“LIFO”) method. The company’s LIFO reserve was $127.7 million and $126.7 million as of April 4, 2026, and January 3, 2026, respectively.

Notes payable and current maturities of long-term debt of $316.2 million as of April 4, 2026, reflected the $300 million unsecured 3.25% notes that Snap-on currently intends to repay with available cash on hand at maturity on March 1, 2027, and other notes of $16.5 million, compared to $16.2 million of other notes as of 2025 year end.

Accounts payable of $253.6 million as of April 4, 2026, represented an increase of $24.5 million from January 3, 2026, primarily due to the timing of payments, partially offset by $2.3 million of foreign currency translation.

Other accrued liabilities of $519.0 million as of April 4, 2026, represented an increase of $53.9 million from 2025 year-end levels primarily due to an increase in accrued income taxes, partially offset by $1.9 million of foreign currency translation.

Long-term debt of $886.9 million as of April 4, 2026, consisted of $400 million of unsecured 4.10% notes that mature on March 1, 2048, and $500 million of 3.10% notes that mature on May 1, 2050, partially offset by $13.1 million of unamortized debt issuance costs and issuance discounts.

Snap-on has a $900 million multicurrency revolving credit facility that terminates on September 12, 2028 (the “Credit Facility”). 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.

Borrowings under the Credit Facility bear interest at varying rates based on either: (i) Snap-on’s then-current, long-term debt ratings; or (ii) Snap-on’s then-current ratio of consolidated debt net of certain cash adjustments (“Consolidated Net Debt”) to earnings before interest, taxes, depreciation, amortization and certain other adjustments for the preceding four fiscal quarters then ended (the “Consolidated Net Debt to EBITDA Ratio”). The Credit Facility’s financial covenant requires that Snap-on maintain, as of each fiscal quarter end, either (i) a ratio not greater than 0.60 to 1.00 of Consolidated Net Debt to the sum of Consolidated Net Debt plus total equity and less accumulated other comprehensive income or loss (the “Leverage Ratio”); or (ii) a Consolidated Net Debt to EBITDA Ratio not greater than 3.50 to 1.00. 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. 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.

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Snap-on believes it has sufficient available cash and access to both committed and uncommitted credit facilities to cover its expected funding needs on both a short-term and long-term basis. Snap-on manages its aggregate short-term borrowings so as not to exceed its availability under the Credit Facility. Snap-on believes that it can access short-term debt markets, predominantly through commercial paper issuances and existing lines of credit, to fund its short-term requirements and to ensure near-term liquidity. Snap-on regularly monitors the credit and financial markets and, if it believes conditions are favorable, it may take advantage of such conditions to issue long-term debt to further improve its liquidity and capital resources. Near-term liquidity requirements for Snap-on include payments of interest and dividends, scheduled debt payments, funding to support new receivables originated by our financial services businesses, capital expenditures, working capital, the funding of pension plans, and funding for share repurchases and acquisitions, if and as they arise. Snap-on intends to make contributions of $4.5 million to its foreign pension plans and $3.7 million to its domestic pension plans in 2026, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2026.

Snap-on’s long-term financing strategy is to maintain continuous access to the debt markets to accommodate its liquidity needs, including the potential use of commercial paper, additional fixed-term debt and/or securitizations.

The following discussion focuses on information included in the accompanying Condensed Consolidated Statements of Cash Flows.

Operating Activities

Net cash provided by operating activities was $368.7 million and $298.5 million in the respective first three months of 2026 and 2025. The $70.2 million year-over-year increase in net cash provided by operating activities primarily reflects a $60.5 million change in net operating assets and liabilities and a $6.8 million increase in net earnings.

Investing Activities

Net cash used by investing activities of $28.6 million in the first three months of 2026 included additions to finance receivables of $218.4 million, partially offset by collections of $215.9 million. Net cash used by investing activities of $32.0 million in the first three months of 2025 included additions to finance receivables of $218.9 million, partially offset by collections of $210.7 million. Finance receivables are comprised of extended-term installment payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools, diagnostics, and equipment products on an extended-term payment plan, with average payment terms of approximately four years.

Capital expenditures were $21.2 million and $22.9 million in the respective first three months of 2026 and 2025. Capital expenditures in both years included continued investments related to the company’s execution of its strategic growth initiatives and Value Creation Processes around safety, quality, customer connection, innovation and RCI.

Financing Activities

Net cash used by financing activities was $211.1 million in the first three months of 2026 and $193.6 million in the first three months of 2025. Proceeds from stock purchase plans and stock option exercises totaled $30.6 million and $18.3 million in the respective first three months of 2026 and 2025. In the first three months of 2026, Snap-on repurchased 267,000 shares of its common stock for $99.9 million under its previously announced share repurchase programs. In the first three months of 2025, Snap-on repurchased 260,000 shares of its common stock for $87.2 million under its previously announced share repurchase programs. As of April 4, 2026, Snap-on had remaining availability to repurchase up to an additional $234.1 million in common stock pursuant to its Board’s authorizations. The repurchase of Snap-on common stock to offset dilution related to equity plan issuances or for other corporate purposes is at the company’s discretion, subject to prevailing financial and market conditions. Snap‑on believes that its cash generated from operations, available cash on hand, and funds available from its credit facilities, will be sufficient to fund the company’s additional share repurchases, if any.

Snap-on has paid consecutive quarterly cash dividends, without interruption or reduction, since 1939. Cash dividends totaled $126.8 million and $112.2 million in the respective first three months of 2026 and 2025. On November 6, 2025, the Board increased the quarterly cash dividend by 14.0% to $2.44 per share ($9.76 per share annualized). Snap-on believes that its cash generated from operations, available cash on hand, and funds available from its credit facilities, will be sufficient to pay dividends.

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Critical Accounting Policies and Estimates

Snap-on’s critical accounting policies and estimates, which are discussed in its Annual Report on Form 10-K for the fiscal year ended January 3, 2026, have not materially changed since the report was filed.

Outlook

We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. Snap-on expects to make ongoing progress along its decisive runways for coherent growth, leveraging capabilities already proven in the automotive repair arena, developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure are high. In pursuit of these initiatives, we project that capital expenditures in 2026 will approximate $100 million, of which $21.2 million was incurred in the first three months of the year.

Snap-on currently anticipates that its full-year 2026 effective income tax rate will be in the range of 22% to 23%.

There has been no significant change in the company’s exposure to market risk during the first quarter of 2026. Refer to Part II, Item 7A: Quantitative and Qualitative Disclosures About Market Risk in the company’s Annual Report on Form 10-K for the year ended January 3, 2026, for further discussion.

Interest Rate Risk Management

Snap-on may manage the exposure created by the differing maturities and interest rate structures of Snap-on’s borrowings through the use of interest rate swap agreements. Treasury lock agreements may be used to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt. See Note 9 to the Condensed Consolidated Financial Statements for additional information on interest rate risk management.

Snap-on utilizes a Value-at-Risk (“VAR”) model to determine the potential one-day loss in the fair value of its interest rate and foreign exchange-sensitive financial instruments from adverse changes in market factors. The VAR model estimates were made assuming normal market conditions and a 95% confidence level. Snap-on’s computations are based on the inter-relationships among movements in various currencies and interest rates (variance/co-variance technique). These inter-relationships were determined by observing interest rate and foreign currency market changes over the preceding quarter.

As of April 4, 2026, the estimated maximum potential net one-day loss in fair value, calculated using the VAR model was $7.0 million, consisting of a $6.4 million loss on interest rate-sensitive financial instruments and a $0.6 million loss on foreign currency-sensitive financial instruments. The VAR model is a risk management tool and does not purport to represent actual losses in fair value that will be incurred by Snap-on, nor does it consider the potential effect of favorable changes in market factors.

Evaluation of Disclosure Controls and Procedures

Snap-on maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance that material information relating to the company and its consolidated subsidiaries is timely communicated to the officers who certify Snap-on’s financial reports and to other members of senior management and the Board, as appropriate.

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 April 4, 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 April 4, 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.

Changes in Internal Control

There has been no change in the company’s internal control over financial reporting during the quarter ended April 4, 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)).

PART II. OTHER INFORMATION

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following chart discloses information regarding the shares of Snap-on’s common stock repurchased by the company during the first quarter of fiscal 2026, all of which were purchased pursuant to the Board’s authorizations that the company has publicly announced. Snap-on has undertaken stock repurchases from time to time to offset dilution related to equity plan issuances and for other corporate purposes, as well as when the company believes market conditions are favorable. The repurchase of Snap-on common stock is at the company’s discretion, subject to prevailing financial and market conditions, and pursuant to the Board’s authorizations that the company has publicly announced.

Period						Shares purchased						Average price per share						Shares purchased as part of publicly announced plans or programs						Approximate value of shares that may yet be purchased under publicly announced plans or programs* (in millions)
1/4/2026 to 1/31/2026						—						$	—					—						$	271.5
2/1/2026 to 2/28/2026						102,000						383.29						102,000						294.2
3/1/2026 to 4/04/2026						165,000						368.58						165,000						234.1
Total/Average						267,000						374.20						267,000						N/A

N/A: Not applicable

• Subject to further adjustment pursuant to the 1996 Authorization described below, as of April 4, 2026, the approximate value of shares that may yet be purchased pursuant to the outstanding Board authorizations discussed below is $234.1 million.

• In 1996, the Board authorized the company to repurchase shares of the company’s common stock periodically in the open market or in privately negotiated transactions (“the 1996 Authorization”). The 1996 Authorization allows the repurchase of up to the number of shares issued or delivered from treasury under the various plans the company has in place that call for the issuance of the company’s common stock. Because the number of shares that are purchased pursuant to the 1996 Authorization will change as (i) the company issues shares under its various plans; and (ii) shares are repurchased pursuant to this authorization, the number of shares authorized to be repurchased will vary from time to time. The 1996 Authorization will expire when terminated by the Board.

• On August 8, 2024, the Board authorized the repurchase of up to $500 million of the company’s common stock (“the 2024 Authorization”). The 2024 Authorization will expire when the aggregate repurchase price limit is met, unless terminated earlier by the Board.

Other Purchases or Sales of Equity Securities

The following chart discloses information regarding transactions by a counterparty in shares of Snap-on’s common stock during the first quarter of 2026 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. The company’s stock-based deferred compensation liabilities increase as the company’s stock price rises and decrease as the company’s stock price declines. Pursuant to the Agreement, the counterparty may purchase or sell shares of the company’s common stock for its account in the market or in privately negotiated transactions. At termination, the Agreement settles in cash and does not provide for Snap-on to purchase or repurchase its shares.

Period						Shares purchased (sold)						Average price per share
1/4/2026 to 1/31/2026						(1,100)						$	363.48
2/1/2026 to 2/28/2026						1,200						384.13
3/1/2026 to 4/04/2026						400						367.09
Total/Average						500						373.19

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 purchase or sale of securities of the company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the quarterly period ended April 4, 2026:

Name and Title			Type of Plan			Adoption Date			Duration or End Date			Aggregate Number of Securities to be Sold			Description of Trading Arrangement
Iain Boyd Vice President – Operations Development			Rule 10b5-1 trading arrangement			February 24, 2026			February 15, 2027			5,701			Exercises of vested stock options and sales of shares
Timothy L. Chambers Senior Vice President and President – Snap-on Tools Group			Rule 10b5-1 trading arrangement			February 27, 2026			February 22, 2027			17,094			Exercises of vested stock options and sales of shares
Richard T. Miller Vice President, General Counsel and Secretary			Rule 10b5-1 trading arrangement			March 11, 2026			July 31, 2028			4,927			Exercises of vested stock options and sales of shares

Other than as disclosed above, no other officer or director adopted, modified or terminated a contract, instruction or written plan for the purchase or sale of securities of the company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement.

Item 6: Exhibits
Exhibit 31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2						Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 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 2002
Exhibit 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 2002
Exhibit 101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
Exhibit 101.SCH						Inline XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
Exhibit 101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 104						Cover page Inline XBRL data (contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Snap-on Incorporated has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			SNAP-ON INCORPORATED
Date: April 23, 2026			/s/ Aldo J. Pagliari
			Aldo J. Pagliari, Principal Financial Officer,
			Senior Vice President – Finance and
			Chief Financial Officer