10-K 0000091440-26-000045 (2026-02-12) vs 10-K 0000091440-25-000010 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 6,127 |
5.7% |
| MD&A | Item 7 | 11,032 |
15.0% |
| Legal Proceedings | Item 3, via Note 15 – Commitments and Contingencies | 277 |
13.5% |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 219 words changed in this paragraph; it is 45% similar to last year's version.
Based on forward-looking capital market expectations, Snap-on selected an expected return on plan assets assumption for its U.S. pension plans of 7.5%, the same rate used in 2024, 2025, to be used in determining pension expense for 2025. In estimating 2026. The process for determining the domestic overall expected long-term return on plan assets, Snap-on utilizes assets begins by establishing long-term assumptions for core economic variables such as U.S. Gross Domestic Product (GDP) growth and inflation, and long-term assumptions for market variables such as interest rates, credit spreads, earnings growth, and equity valuations. When developing these variables, economic relationships and market histories are applied to a nominal returns forecasting method. For forecast of future conditions. In addition to this valuation component, the total return calculation also factors in fundamentals such as coupons, dividend yields and earnings growth, among others by each asset class, future returns are estimated by identifying the premium of riskier asset classes over lower risk alternatives. The methodology constructs expected returns using a “building block” approach to the individual components of total return. These forecasts are stated in both nominal and real (after inflation) terms. This process first considers the long-term historical return premium based on the longest set of data available for each respective asset class. These premiums, calculated using the geometric mean, are then adjusted based on current relative valuation levels, macro-economic conditions, and the expected alpha related to active investment management. The asset return assumption is also adjusted by any expected outperformance related to active investment management and an implicit expense load for estimated administrative and investment-related investment related expenses. Risk and correlation assumptions are developed based on historical analysis as well as an assessment of future conditions. Since asset allocation is a key determinant of expected investment returns, the current and expected mix of plan assets are also considered when setting the assumption.
Source: Item 7, 10-K 0000091440-26-000045 vs Item 7, 10-K 0000091440-25-000010
Risk Factors 102 words changed in this paragraph; it is 73% similar to last year's version.
Snap-on’s supply of raw materials and purchased components are generally available from numerous suppliers, and the company continuously works to expand its supplier base to ensure availability. The principal raw material used in the manufacture of our products is steel, which we purchase in competitive, price-sensitive markets. To meet Snap-on’s high quality standards, a portion of our steel needs include specialized alloys, which are available only from a limited group of approved suppliers. Additionally, certain electronic components are sourced from a finite set of suppliers. Some of these specialized materials and components have been, and in the future may be, in short supply, particularly in the event of mill shutdowns or production cut backs. In addition, outbreaks of infectious diseases, weather events, armed conflicts, government actions (including those affecting trade) 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. 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. 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 factors, and supply chain inefficiencies. Associated unexpected variability 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.
Source: Item 1A, 10-K 0000091440-26-000045 vs Item 1A, 10-K 0000091440-25-000010
Legal Proceedings 65 words changed in this paragraph; it is 72% similar to last year's version.
In the ordinary course of business, Snap-on is subject to legal disputes that are being litigated and/or settled. The accompanying Consolidated Statements of Earnings for the year ended January 3, 2026, include a benefit in “Operating expenses” of $ 22.0 million for the settlement of a legal matter (the “2025 legal settlement”). In addition, the accompanying Consolidated Statement of Earnings for the year ended December 28, 2024, include benefits a benefit in “Operating expenses” of $ 22.5 million million, for the final payments received associated with a separate legal matter; the final payments related to this matter were received in the three months ended June 29, 2024. (the “2024 legal payments”). Although it is not possible to predict the outcome of legal matters, management believes that the results of all legal matters will not have a material impact on Snap-on’s consolidated financial position, results of operations or cash flows.
Source: Item 3, via Note 15 – Commitments and Contingencies, 10-K 0000091440-26-000045 vs Item 3, via Note 15 – Commitments and Contingencies, 10-K 0000091440-25-000010
Every change, by type
Sentences and paragraphs of SNA's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
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 factors and supply chain inefficiencies. 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. Unexpected variability 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
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.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedRisk Factors
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. In addition, various industry and third-party requirements or standards have been developed that are intended to reduce or mitigate climate change as well as other environmental or sustainability risks.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedRisk Factors
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 tariffs 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 the Middle East and other regions), civil unrest, conflicts in international situations, supply chain inefficiencies, labor interruptions, weather events and natural disasters, disasters (including physical impacts of climate change), outbreaks of infectious diseases, as well as government-related developments or issues, including changes in 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In addition, outbreaks of infectious diseases, weather events, armed conflicts, government actions (including those affecting trade) 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
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 demand, demand imbalances (including due to the proliferation of AI data centers), currency fluctuations, variabilities, production and transportation disruptions, climate change regulations, world events, including armed conflicts, and governmental actions.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
These include political, economic and social instability, such as acts of war, armed conflicts, civil disturbance or acts of terrorism, local labor conditions, and adverse changes in trade relations with China. China, Canada, the European Union and other nations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Furthermore, an An inability to successfully manage climate change or 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Increased New or increased regulatory requirements or standards may result in increased higher compliance or input costs, including those related to energy or raw materials, for us and our suppliers.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
These developments, and other 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•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;
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•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
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Snap-on’s 2025 fiscal year contained 53 weeks of operating results with the extra week occurring in the fourth quarter. Snap-on’s 2024 and 2023 fiscal years each contained 52 weeks of operating results. 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.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
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.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
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.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•Further building our proprietary databases to enhance software solutions, including using artificial intelligence (“AI”) to accelerate expansion in that arena;
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
During the fourth quarter of 2025, Snap-on refined its footprint and aspects of its go-to-market strategy within the Commercial & Industrial Group. These activities included the sale of a building for a net gain of $15.9 million, the retirement of certain trademarks at a cost of $8.9 million, and restructuring charges of $2.5 million (collectively, the “2025 footprint actions”). The 2025 footprint actions resulted in a net benefit to operating expenses of $4.5 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
•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;
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
•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
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
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.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
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.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
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.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
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.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedMD&A
Notes payable $ 16.2 $ 13.7 $ 15.6 $ — $ — Accounts payable 227.6 265.4 236.2 1.5 0.5 1.8 Intersegment payables — — 20.3 15.1 15.7 Accrued benefits 64.6 67.2 64.4 — 0.1 — Accrued compensation 74.2 83.5 99.9 3.0 2.6 3.0 Franchisee deposits 66.2 70.9 73.3 — — Other accrued liabilities 455.1 443.6 432.2 24.4 27.7 27.4 Total current liabilities 903.9 944.3 921.6 49.3 45.9 47.9 Long-term debt and intersegment long-term debt — — 2,001.4 2,017.3 1,970.2 Deferred income tax liabilities 87.0 73.5 79.2 — — Retiree health care benefits 17.7 19.4 21.8 — — Pension liabilities 85.7 78.4 82.3 — — Operating lease liabilities 56.3 63.0 54.0 5.5 5.6 0.6 Other long-term liabilities 97.0 91.8 86.3 20.7 19.6 17.4 Total liabilities 1,247.6 1,270.4 1,245.2 2,076.9 2,088.4 2,036.1 Total shareholders’ equity attributable to Snap-on Incorporated 5,931.8 5,394.1 5,071.3 400.3 403.5 393.9 Noncontrolling interests 25.0 22.9 22.1 — — Total equity 5,956.8 5,417.0 5,093.4 400.3 403.5 393.9 Total liabilities and equity $ 7,204.4 $ 6,687.4 $ 6,338.6 2,477.2 $ 2,491.9 $ 2,430.0
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Operating earnings before financial services of $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, including which included a $22.5 million benefit for the final payments received associated with a separate legal matter, which were received in the first six months of 2024 matter (the “legal payments”), compared to $1,039.9 million in 2023. “2024 legal payments”).
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Net earnings attributable to Snap-on in 2025 of $1,043.9 $1,016.9 million, or $19.51 $19.19 per diluted share, in 2024, including included a $17.5 $16.2 million, or $0.32 $0.31 per diluted share, after-tax benefit from the 2025 legal payments, compared to $1,011.1 settlement and an $18.5 million, or $18.76 $0.35 per diluted share, after-tax, year-over-year increase in 2023, an increase of $32.8 million or $0.75 per diluted share. non-service net periodic benefit costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Net earnings attributable to Snap-on of $1,043.9 $1,016.9 million, or $19.51 $19.19 per diluted share, in 2024, including 2025, included a $17.5 $16.2 million, or $0.32 $0.31 per diluted share, after-tax benefit from the 2025 legal payments, compared to $1,011.1 settlement and an $18.5 million, or $18.76 $0.35 per diluted share, after-tax year-over-year increase in 2023, an increase of $32.8 million or $0.75 per diluted share. non-service net periodic benefit costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The organic increase decrease is primarily reflects due to a mid single-digit gain in sales to customers in critical industries, partially offset by a double-digit reduction in the power tools operation segment’s Asia Pacific operations and a low single-digit decline in the European-based hand tools business. business, partially offset by a mid single-digit increase in specialty torque.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Trade and other accounts receivable – net of $815.6 $881.4 million as of 2024 2025 year end represented an increase of $24.3 $65.8 million from 2023 2024 year-end levels primarily due to an increase in days a higher mix of sales outstanding, partially offset by $21.2 with longer payment terms, $25.3 million of foreign currency translation. translation and $19.8 million related to the sale of a building.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We Despite the complexities of the current macroeconomic and trade environments, we believe our 2024 operating performance demonstrates the possibilities for growth across our businesses, confirms the special resilience of our markets, and reflects the considerable capability of our combined operations operations, and our experienced team enable us to prevail in the difficulties of the current macroeconomic environment. today.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Unless otherwise indicated, references in this document to “fiscal 2025” or “2025” refer to the fiscal year ended January 3, 2026; references to “fiscal 2024” or “2024” refer to the fiscal year ended December 28, 2024; and references to “fiscal 2023” or “2023” refer to the fiscal year ended December 30, 2023; and references to “fiscal 2022” or “2022” refer to the fiscal year ended December 31, 2022. 2023.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Net Consolidated net sales of $1,198.7 $4,743.2 million in the fourth quarter of 2024 2025 represented an increase of $2.1 $35.8 million, or 0.2%, 0.8%, from 2023 2024 levels, reflecting a $2.0 $16.5 million, or 0.2%, 0.3%, organic sales gain and $2.1 $19.3 million of acquisition-related sales, partially offset by $2.0 million of unfavorable favorable foreign currency translation.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Gross margin (gross profit as a percentage of net sales) improved 80 decreased 20 basis points (100 basis points (“bps”) equals 1.0 percent) from 2023 primarily due to benefits from the company’s RCI initiatives, increased sales in higher-gross-margin businesses, and lower material and other costs. 2024 reflecting 20 bps of unfavorable foreign currency effects.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The organic increase is primarily due to a mid single-digit gain rise in sales to activity with customers in critical industries, partially offset by a double-digit reduction gain in the power tools operation operation, and a low mid single-digit decline increase in specialty torque, partially offset by lower sales to U.S. markets by the European-based hand tools Asia Pacific business.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Financial services revenue of $100.5 $108.0 million in the fourth quarter of 2024 2025 represented an increase of $3.3 $7.5 million, or 3.4%, 7.5%, from last 2024, primarily reflecting $7.4 million of higher revenue as a result of a full additional week of interest income from the 53-week 2025 fiscal year.
Read it in 10-K 2026-02-12 at sec.gov ↗
