Snap-on Announces Third Quarter 2026 Results
Sales of $1,183.7 million and diluted EPS of $4.64 for the third quarter of 2026;
Mixed sales results reflect accelerated turbulence, but gross margins hold strong;
Activity with critical industries continues to expand KENOSHA, Wis. — October 22, 2026 — Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the third quarter of 2026.
• Net sales of $1,183.7 million in the third quarter of 2026 represented a decrease of $7.1 million, or 0.6%, from 2025 levels, reflecting a $33.1 million, or 2.8%, organic sales decline, partially offset by $25.6 million of acquisition-related sales and $0.4 million of favorable foreign currency translation.
• Operating earnings before financial services for the quarter of $248.1 million, or 21.0% of net sales, compared to $278.5 million, or 23.4% of net sales, last year, which included a benefit of $22.0 million, or 190 basis points, from the settlement of a legal matter (the “legal settlement”).
• Financial services revenue in the quarter of $98.6 million compared to $101.1 million in 2025; financial services operating earnings of $68.3 million compared to $68.9 million last year.
• Consolidated operating earnings for the quarter of $316.4 million, or 24.7% of revenues (net sales plus financial services revenue), compared to $347.4 million, or 26.9% of revenues, in 2025, which included a benefit of $22.0 million, or 170 basis points, from the legal settlement.
• The third quarter effective income tax rate was 22.3% in 2026 and 22.6% in 2025.
• Net earnings in the quarter of $243.0 million, or $4.64 per diluted share, compared to net earnings of $265.4 million, or $5.02 per diluted share, a year ago. In 2025, net earnings included a $16.2 million, or $0.31 per diluted share, after-tax benefit from the legal settlement.
See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.
“Our third quarter was mixed with varied outcomes among our business groups. The results were principally marked by the unprecedentedly accelerated rise in diesel prices, which in our mobile van channel prompted franchisees to reduce inventories despite very stable demand from their technician customers, substantially impacting the Tools Group in the period and overcoming what was an encouraging, record-setting performance in the Commercial & Industrial Group, led by gains in the critical industries and the precision torque arena,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “But even with the challenges raised by the extreme turbulence, Snap-on Value Creation continued to support a resilience that kept gross margins strong. The headwinds notwithstanding, we remained confident on the path forward, investing in innovations identified through customer connection and developed by our engineering teams to solve essential tasks…many of which recently received awards from Motor Magazine and Professional Tool & Equipment News …reinforcing the power of the Snap-on - more -
- 2 - brand…even as we engaged the difficulties. As we look ahead, we believe the Tools Group is well-positioned with its robust array of quick-payback products to drive progress as the wave passes; our proprietary databases are increasingly effective at streamlining work in independent vehicle repair shops, and we possess considerable momentum across the critical industries based on the growing popularity of our customized solutions. And, we believe these strengths will combine to reestablish and extend our positive trajectory. Finally, I want to thank our franchisees and associates for their many contributions, for their unwavering commitment to meet the macro environment, and for their steadfast faith in our ability to take full advantage of the abundant opportunities in our future.”
segment sales of $404.3 million in the quarter compared to $367.7 million last year, reflecting a $27.0 million, or 7.4%, organic gain and $10.0 million of acquisition-related sales, partially offset by $0.4 million of unfavorable foreign currency translation. The organic increase includes higher sales in each of the segment’s operations.
Operating earnings of $74.7 million in the period compared to $57.5 million in 2025. The operating margin (operating earnings as a percentage of segment sales) of 18.5% compared to 15.6% last year.
segment sales of $471.5 million in the quarter compared to $506.0 million last year, reflecting a $35.7 million, or 7.0%, organic sales decline, partially offset by $1.2 million of favorable foreign currency translation. The organic decrease is due to lower sales both in the U.S. and in the segment’s international operations.
Operating earnings of $84.8 million in the period compared to $109.9 million in 2025. The operating margin of 18.0% compared to 21.7% a year ago.
segment sales of $454.7 million in the quarter compared to $464.8 million in 2025, reflecting a $25.7 million, or 5.5%, organic decline, partially offset by $15.6 million of acquisition-related sales. The organic decrease is primarily due to reduced activity with OEM dealerships.
Operating earnings of $116.1 million in the period compared to $141.2 million in 2025, which included a benefit of $22.0 million from the legal settlement. The operating margin of 25.5% compared to 30.4% last year, which included a benefit of 480 basis points from the legal settlement.
operating earnings of $68.3 million on revenue of $98.6 million in the quarter compared to operating earnings of $68.9 million on revenue of $101.1 million last year. Originations of $270.6 million in the third quarter represented a decrease of $3.5 million, or 1.3%, from 2025 levels.
expenses in the third quarter of $27.5 million compared to $30.1 million last year.
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 - more -
- 3 - project that capital expenditures in 2026 will approximate $100 million, of which $69.0 million was incurred in the first nine months of the year.
Snap-on currently anticipates that its full-year 2026 effective income tax rate will approximate 22%.
A discussion of this release will be webcast on Thursday, October 22, 2026, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the call. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website at https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.
References in this release to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States (“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.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2025, and is headquartered in Kenosha, Wisconsin.
Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap- on 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 this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap- on’s expected results that could cause (and in some cases have - more -
- 4 - caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended January 3, 2026, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law. # # # For additional information, please visit www.snapon.com or contact: Investors: Media:
October 3, January 3, Assets 2026 2026 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 1,670.0 $ 1,624.5 Trade and other accounts receivable – 922.1 881.4 net Finance receivables – net 590.6 590.2 Contract receivables – net 128.7 130.0 Inventories – net 1,079.6 1,025.2 Prepaid expenses and other current 170.3 151.5 assets Total current assets 4,561.3 4,402.8 Property and equipment – net 563.7 552.3 Operating lease right-of-use 95.6 83.7 assets Deferred income tax assets 75.7 72.5 Long-term finance 1,267.3 1,298.8 receivables – net Long-term contract 406.6 423.1 receivables – net Goodwill 1,226.3 1,109.5 Other intangible assets – 266.5 270.7 net Pension assets 174.5 173.8 Other long-term assets 23.5 25.1 Total assets $ 8,661.0 $ 8,412.3 Liabilities and Equity Notes payable and current maturities of $ 317.9 $ 16.2 long-term debt Accounts payable 264.3 229.1 Accrued benefits 52.5 64.7 Accrued compensation 82.2 77.2 Franchisee deposits 69.7 66.2 Other accrued liabilities 500.1 465.1 Total current liabilities 1,286.7 918.5 Long-term debt 887.2 1,186.4 Deferred income tax 106.3 87.0 liabilities Retiree health care benefits 16.1 17.7 Pension liabilities 74.3 85.7 Operating lease liabilities 71.7 61.8 Other long-term liabilities 98.8 98.4 Total liabilities 2,541.1 2,455.5 Equity Shareholders' equity attributable to Snap-on Incorporated Common stock 67.5 67.5 Additional paid-in capital 603.5 578.5 Retained earnings 8,507.5 8,137.5 Accumulated other -380.2 -354.8 comprehensive loss Treasury stock at cost -2,703.4 -2,496.9 Total shareholders' equity attributable 6,094.9 5,931.8 to Snap-on Incorporated Noncontrolling interests 25.0 25.0 Total equity 6,119.9 5,956.8 Total liabilities and equity $ 8,661.0 $ 8,412.3
Three Months Ended Operating October 3, September 27, activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net earnings $ 249.6 $ 271.8 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: Depreciation 20.4 19.1 Amortization of other intangible 5.3 5.7 assets Provisions for losses on finance 15.2 17.8 receivables Provisions for losses on 7.9 5.6 non-finance receivables Stock-based compensation 8.0 8.7 expense Deferred income tax 7.1 -0.8 provision (benefit) Net gain on sales -5.0 -0.1 of assets Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other 13.0 -88.3 accounts receivable Contract -4.1 -12.5 receivables Inventories -34.1 -26.4 Prepaid expenses -0.2 22.7 and other assets Accounts payable -3.1 1.2 Accrued and other -32.3 53.4 liabilities Net cash provided by operating 247.7 277.9 activities Investing activities: Additions to -212.3 -216.0 finance receivables Collections of 212.0 214.7 finance receivables Capital -24.7 -19.9 expenditures Acquisitions of businesses, net of 0.7 — cash acquired Disposals of property and 5.8 0.3 equipment Other 0.2 -0.1 Net cash used by investing -18.3 -21.0 activities Financing activities: Net increase in other short-term 1.2 3.9 borrowings Cash dividends paid -126.1 -111.5 Purchases of -87.1 -82.0 treasury stock Proceeds from stock purchase plans and 14.0 14.8 stock option exercises Other -7.3 -6.1 Net cash used by financing -205.3 -180.9 activities Effect of exchange rate changes on cash 1.2 -0.2 and cash equivalents Increase in cash and cash 25.3 75.8 equivalents Cash and cash equivalents at 1,644.7 1,458.3 beginning of period Cash and cash equivalents at end $ 1,670.0 $ 1,534.1 of period Supplemental cash flow disclosures: Cash paid for $ -14.0 $ -13.8 interest Net cash paid for -88.2 -57.5 income taxes
Nine Months Ended Operating October 3, September 27, activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net earnings $ 769.3 $ 775.3 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: Depreciation 60.3 55.9 Amortization of other intangible 15.3 17.3 assets Provisions for losses on finance 50.8 54.3 receivables Provisions for losses on 21.8 15.3 non-finance receivables Stock-based 24.2 21.7 compensation expense Deferred income tax 13.9 -0.7 provision (benefit) Net gain on sales of -5.0 -0.1 assets Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other -54.5 -100.4 accounts receivable Contract receivables 14.8 -7.8 Inventories -44.7 -44.8 Prepaid expenses and -7.8 19.2 other assets Accounts payable 28.9 3.8 Accrued and other 0.6 4.6 liabilities Net cash provided by operating 887.9 813.6 activities Investing activities: Additions to finance -668.3 -678.4 receivables Collections of 647.1 642.5 finance receivables Capital expenditures -69.0 -62.5 Acquisitions of businesses, net of -158.4 — cash acquired Disposals of property and 6.6 0.9 equipment Other — -1.5 Net cash used by -242.0 -99.0 investing activities Financing activities: Net increase in other short-term 3.3 7.9 borrowings Cash dividends paid -379.3 -335.5 Purchases of -278.4 -248.2 treasury stock Proceeds from stock purchase plans and 81.1 60.0 stock option exercises Other -28.9 -29.6 Net cash used by -602.2 -545.4 financing activities Effect of exchange rate changes on cash 1.8 4.4 and cash equivalents Increase in cash and 45.5 173.6 cash equivalents Cash and cash equivalents at 1,624.5 1,360.5 beginning of year Cash and cash equivalents at end $ 1,670.0 $ 1,534.1 of period Supplemental cash flow disclosures: Cash paid for $ -36.3 $ -35.9 interest Net cash paid for -196.3 -212.5 income taxes
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 Incorporated's ("Snap-on") 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
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets
Full text with the tables
Exhibit 99
Snap-on Announces Third Quarter 2026 Results
Sales of $1,183.7 million and diluted EPS of $4.64 for the third quarter of
2026;
Mixed sales results reflect accelerated turbulence, but gross margins hold
strong;
Activity with critical industries continues to expand
KENOSHA, Wis. — October 22, 2026 — Snap-on Incorporated (NYSE: SNA), a leading
global innovator, manufacturer and marketer of tools, equipment, diagnostics,
repair information and systems solutions for professional users performing
critical tasks, today announced operating results for the third quarter of 2026.
• Net sales of $1,183.7 million in the third quarter of 2026 represented a
decrease of $7.1 million, or 0.6%, from 2025 levels, reflecting a $33.1 million,
or 2.8%, organic sales decline, partially offset by $25.6 million of
acquisition-related sales and $0.4 million of favorable foreign currency
translation.
• Operating earnings before financial services for the quarter of $248.1
million, or 21.0% of net sales, compared to $278.5 million, or 23.4% of net
sales, last year, which included a benefit of $22.0 million, or 190 basis
points, from the settlement of a legal matter (the “legal settlement”).
• Financial services revenue in the quarter of $98.6 million compared to $101.1
million in 2025; financial services operating earnings of $68.3 million compared
to $68.9 million last year.
• Consolidated operating earnings for the quarter of $316.4 million, or 24.7% of
revenues (net sales plus financial services revenue), compared to $347.4
million, or 26.9% of revenues, in 2025, which included a benefit of $22.0
million, or 170 basis points, from the legal settlement.
• The third quarter effective income tax rate was 22.3% in 2026 and 22.6% in
2025.
• Net earnings in the quarter of $243.0 million, or $4.64 per diluted share,
compared to net earnings of $265.4 million, or $5.02 per diluted share, a year
ago. In 2025, net earnings included a $16.2 million, or $0.31 per diluted share,
after-tax benefit from the legal settlement.
See “Non-GAAP Measures” below for a definition of, and further explanation
about, organic sales.
“Our third quarter was mixed with varied outcomes among our business groups. The
results were principally marked by the unprecedentedly accelerated rise in
diesel prices, which in our mobile van channel prompted franchisees to reduce
inventories despite very stable demand from their technician customers,
substantially impacting the Tools Group in the period and overcoming what was an
encouraging, record-setting performance in the Commercial & Industrial Group,
led by gains in the critical industries and the precision torque arena,” said
Nick Pinchuk, Snap-on chairman and chief executive officer. “But even with the
challenges raised by the extreme turbulence, Snap-on Value Creation continued to
support a resilience that kept gross margins strong. The headwinds
notwithstanding, we remained confident on the path forward, investing in
innovations identified through customer connection and developed by our
engineering teams to solve essential tasks…many of which recently received
awards from Motor Magazine and Professional Tool & Equipment News …reinforcing
the power of the Snap-on
- more -
- 2 -
brand…even as we engaged the difficulties. As we look ahead, we believe the
Tools Group is well-positioned with its robust array of quick-payback products
to drive progress as the wave passes; our proprietary databases are increasingly
effective at streamlining work in independent vehicle repair shops, and we
possess considerable momentum across the critical industries based on the
growing popularity of our customized solutions. And, we believe these strengths
will combine to reestablish and extend our positive trajectory. Finally, I want
to thank our franchisees and associates for their many contributions, for their
unwavering commitment to meet the macro environment, and for their steadfast
faith in our ability to take full advantage of the abundant opportunities in our
future.”
Segment Results
Commercial & Industrial Group
segment sales of $404.3 million in the quarter compared to $367.7 million last
year, reflecting a $27.0 million, or 7.4%, organic gain and $10.0 million of
acquisition-related sales, partially offset by $0.4 million of unfavorable
foreign currency translation. The organic increase includes higher sales in each
of the segment’s operations.
Operating earnings of $74.7 million in the period compared to $57.5 million in
2025. The operating margin (operating earnings as a percentage of segment sales)
of 18.5% compared to 15.6% last year.
Snap-on Tools Group
segment sales of $471.5 million in the quarter compared to $506.0 million last
year, reflecting a $35.7 million, or 7.0%, organic sales decline, partially
offset by $1.2 million of favorable foreign currency translation. The organic
decrease is due to lower sales both in the U.S. and in the segment’s
international operations.
Operating earnings of $84.8 million in the period compared to $109.9 million in
2025. The operating margin of 18.0% compared to 21.7% a year ago.
Repair Systems & Information Group
segment sales of $454.7 million in the quarter compared to $464.8 million in
2025, reflecting a $25.7 million, or 5.5%, organic decline, partially offset by
$15.6 million of acquisition-related sales. The organic decrease is primarily
due to reduced activity with OEM dealerships.
Operating earnings of $116.1 million in the period compared to $141.2 million in
2025, which included a benefit of $22.0 million from the legal settlement. The
operating margin of 25.5% compared to 30.4% last year, which included a benefit
of 480 basis points from the legal settlement.
Financial Services
operating earnings of $68.3 million on revenue of $98.6 million in the quarter
compared to operating earnings of $68.9 million on revenue of $101.1 million
last year. Originations of $270.6 million in the third quarter represented a
decrease of $3.5 million, or 1.3%, from 2025 levels.
Corporate
expenses in the third quarter of $27.5 million compared to $30.1 million last
year.
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
- more -
- 3 -
project that capital expenditures in 2026 will approximate $100 million, of
which $69.0 million was incurred in the first nine months of the year.
Snap-on currently anticipates that its full-year 2026 effective income tax rate
will approximate 22%.
Conference Call and Webcast on October 22, 2026, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, October 22, 2026, at
9:00 a.m. Central Time, and a replay will be available for at least 10 days
following the call. To access the webcast, visit
https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the
call. The slide presentation accompanying the call can be accessed under the
Downloads tab in the webcast viewer, as well as on the Snap-on website at
https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.
Non-GAAP Measures
References in this release to “organic sales” refer to sales from continuing
operations calculated in accordance with generally accepted accounting
principles in the United States (“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.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of
tools, equipment, diagnostics, repair information and systems solutions for
professional users performing critical tasks including those working in vehicle
repair, aerospace, the military, natural resources, and manufacturing. From its
founding in 1920, Snap-on has been recognized as the mark of the serious and the
outward sign of the pride and dignity working men and women take in their
professions. Products and services are sold through the company’s network of
widely recognized franchisee vans, as well as through direct and distributor
channels, under a variety of notable brands. The company also provides financing
programs to facilitate the sales of its products and to support its franchise
business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2025,
and is headquartered in Kenosha, Wisconsin.
Forward-looking Statements
Statements in this news release that are not historical facts, including
statements that (i) are in the future tense; (ii) include the words “expects,”
“anticipates,” “intends,” “approximates,” or similar words that reference Snap-
on 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 this news release may contain statements, including earnings projections,
that are forward-looking in nature and were developed by management in good
faith and, accordingly, are subject to risks and uncertainties regarding Snap-
on’s expected results that could cause (and in some cases have
- more -
- 4 -
caused) actual results to differ materially from those described or contemplated
in any forward-looking statement. Factors that may cause the company’s actual
results to differ materially from those contained in the forward-looking
statements include those found in the company’s reports filed with the
Securities and Exchange Commission, including the information under the “Safe
Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the
fiscal year ended January 3, 2026, which are incorporated herein by reference.
Snap-on disclaims any responsibility to update any forward-looking statement
provided in this news release, except as required by law.
# # #
For additional information, please visit www.snapon.com or contact:
Investors: Media:
Sara Verbsky Samuel Bottum
262/656-4869 262/656-5793
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(Unaudited)
Thr… Nine
Mon… Mon…
End… Oc… Sep… End… Oc… Sep…
2026 3, 20… 27, 2026 3, 20… 27,
──────────────────────────────────────────────────────────────────────────────
N… $ 1,… $ 1,1… $ 3,… $ 3,5…
s…
C…
of -5… -58… -1… -1,…
g…
s…
G… 60… 605… 1,… 1,7…
p…
O… -3… -32… -1… -99…
e…
O…
e…
b… 24… 278… 76… 78…
f…
s…
F…
s… 98… 101… 29… 304…
r…
F…
s… -3… -32… -9… -97…
e…
O…
e…
f… 68… 68.9 20… 20…
f…
s…
O… 31… 347… 97… 988…
e…
I… -1… -12… -3… -37…
e…
O…
i…
(… 15… 14.3 47… 43.0
–
n…
E…
b… 31… 349… 98… 994…
i…
t…
I…
t… -6… -77… -2… -21…
e…
N… 24… 271… 76… 77…
e…
N…
e…
a… -6… -6.4 -1… -19…
to
n…
i…
N…
e…
a… $ 24… $ 265… $ 75… $ 756…
to
S…
I…
N…
e…
p…
s…
a…
to
S…
I…
B… $ 4.… $ 5.09 $ 14… $ 14.…
D… 4.… 5.02 14… 14.…
W…
s…
o…
B… 51.6 52… 51.7 52…
E…
of 0.8 0.8 0.8 0.9
d…
s…
D… 52.4 52… 52.5 53…
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(Unaudited)
Three Nine
Months Months
Ended Ended
Octob… Septe… Octob… Sept…
Net 3, 27, 3, 27,
sale… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Comm…
& $ 404.3 $ 367.7 $ 1,181… $ 1,059…
Indu…
Group
Snap…
Tools 471.5 506.0 1,466… 1,459…
Group
Repa…
Syst…
& 454.7 464.8 1,420… 1,409…
Info…
Group
Segm…
net 1,330… 1,338… 4,067… 3,928…
sales
Inte… -146.8 -147.7 -441.7 -417.3
elim…
Total
net 1,183… 1,190… 3,626… 3,511…
sales
Fina…
Serv… 98.6 101.1 299.4 304.9
reve…
Total $ 1,282… $ 1,291… $ 3,925… $ 3,816…
reve…
Oper…
earn…
Comm…
& $ 74.7 $ 57.5 $ 196.1 $ 157.6
Indu…
Group
Snap…
Tools 84.8 109.9 304.9 319.0
Group
Repa…
Syst…
& 116.1 141.2 350.7 383.1
Info…
Group
Fina… 68.3 68.9 203.8 207.4
Serv…
Segm…
oper… 343.9 377.5 1,055… 1,067…
earn…
Corp… -27.5 -30.1 -83.9 -79.0
Oper… 316.4 347.4 971.6 988.1
earn…
Inte… -12.5 -12.4 -37.2 -37.1
expe…
Other
inco… 15.4 14.3 47.3 43.0
(exp…
– net
Earn…
befo… $ 319.3 $ 349.3 $ 981.7 $ 994.0
inco…
taxes
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(Unaudited)
October 3, January 3,
Assets 2026 2026
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 1,670.0 $ 1,624.5
Trade and other accounts
receivable – 922.1 881.4
net
Finance receivables – net 590.6 590.2
Contract receivables – net 128.7 130.0
Inventories – net 1,079.6 1,025.2
Prepaid expenses and other
current 170.3 151.5
assets
Total current assets 4,561.3 4,402.8
Property and equipment – net 563.7 552.3
Operating lease right-of-use 95.6 83.7
assets
Deferred income tax assets 75.7 72.5
Long-term finance 1,267.3 1,298.8
receivables – net
Long-term contract 406.6 423.1
receivables – net
Goodwill 1,226.3 1,109.5
Other intangible assets – 266.5 270.7
net
Pension assets 174.5 173.8
Other long-term assets 23.5 25.1
Total assets $ 8,661.0 $ 8,412.3
Liabilities and Equity
Notes payable and current
maturities of $ 317.9 $ 16.2
long-term debt
Accounts payable 264.3 229.1
Accrued benefits 52.5 64.7
Accrued compensation 82.2 77.2
Franchisee deposits 69.7 66.2
Other accrued liabilities 500.1 465.1
Total current liabilities 1,286.7 918.5
Long-term debt 887.2 1,186.4
Deferred income tax 106.3 87.0
liabilities
Retiree health care benefits 16.1 17.7
Pension liabilities 74.3 85.7
Operating lease liabilities 71.7 61.8
Other long-term liabilities 98.8 98.4
Total liabilities 2,541.1 2,455.5
Equity
Shareholders' equity
attributable to
Snap-on Incorporated
Common stock 67.5 67.5
Additional paid-in capital 603.5 578.5
Retained earnings 8,507.5 8,137.5
Accumulated other -380.2 -354.8
comprehensive loss
Treasury stock at cost -2,703.4 -2,496.9
Total shareholders' equity
attributable 6,094.9 5,931.8
to Snap-on Incorporated
Noncontrolling interests 25.0 25.0
Total equity 6,119.9 5,956.8
Total liabilities and equity $ 8,661.0 $ 8,412.3
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(Unaudited)
Three Months Ended
Operating October 3, September 27,
activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net earnings $ 249.6 $ 271.8
Adjustments to
reconcile net
earnings to
net cash provided
(used) by operating
activities:
Depreciation 20.4 19.1
Amortization of
other intangible 5.3 5.7
assets
Provisions for
losses on finance 15.2 17.8
receivables
Provisions for
losses on 7.9 5.6
non-finance
receivables
Stock-based
compensation 8.0 8.7
expense
Deferred income tax 7.1 -0.8
provision (benefit)
Net gain on sales -5.0 -0.1
of assets
Changes in
operating assets
and
liabilities, net of
effects of
acquisitions:
Trade and other 13.0 -88.3
accounts receivable
Contract -4.1 -12.5
receivables
Inventories -34.1 -26.4
Prepaid expenses -0.2 22.7
and other assets
Accounts payable -3.1 1.2
Accrued and other -32.3 53.4
liabilities
Net cash provided
by operating 247.7 277.9
activities
Investing
activities:
Additions to -212.3 -216.0
finance receivables
Collections of 212.0 214.7
finance receivables
Capital -24.7 -19.9
expenditures
Acquisitions of
businesses, net of 0.7 —
cash
acquired
Disposals of
property and 5.8 0.3
equipment
Other 0.2 -0.1
Net cash used by
investing -18.3 -21.0
activities
Financing
activities:
Net increase in
other short-term 1.2 3.9
borrowings
Cash dividends paid -126.1 -111.5
Purchases of -87.1 -82.0
treasury stock
Proceeds from stock
purchase plans and 14.0 14.8
stock option
exercises
Other -7.3 -6.1
Net cash used by
financing -205.3 -180.9
activities
Effect of exchange
rate changes on
cash 1.2 -0.2
and cash
equivalents
Increase in cash
and cash 25.3 75.8
equivalents
Cash and cash
equivalents at 1,644.7 1,458.3
beginning
of period
Cash and cash
equivalents at end $ 1,670.0 $ 1,534.1
of
period
Supplemental cash
flow disclosures:
Cash paid for $ -14.0 $ -13.8
interest
Net cash paid for -88.2 -57.5
income taxes
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(Unaudited)
Nine Months Ended
Operating October 3, September 27,
activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net earnings $ 769.3 $ 775.3
Adjustments to
reconcile net
earnings to
net cash provided
(used) by operating
activities:
Depreciation 60.3 55.9
Amortization of
other intangible 15.3 17.3
assets
Provisions for
losses on finance 50.8 54.3
receivables
Provisions for
losses on 21.8 15.3
non-finance
receivables
Stock-based 24.2 21.7
compensation expense
Deferred income tax 13.9 -0.7
provision (benefit)
Net gain on sales of -5.0 -0.1
assets
Changes in operating
assets and
liabilities, net of
effects of
acquisitions:
Trade and other -54.5 -100.4
accounts receivable
Contract receivables 14.8 -7.8
Inventories -44.7 -44.8
Prepaid expenses and -7.8 19.2
other assets
Accounts payable 28.9 3.8
Accrued and other 0.6 4.6
liabilities
Net cash provided by
operating 887.9 813.6
activities
Investing
activities:
Additions to finance -668.3 -678.4
receivables
Collections of 647.1 642.5
finance receivables
Capital expenditures -69.0 -62.5
Acquisitions of
businesses, net of -158.4 —
cash
acquired
Disposals of
property and 6.6 0.9
equipment
Other — -1.5
Net cash used by -242.0 -99.0
investing activities
Financing
activities:
Net increase in
other short-term 3.3 7.9
borrowings
Cash dividends paid -379.3 -335.5
Purchases of -278.4 -248.2
treasury stock
Proceeds from stock
purchase plans and 81.1 60.0
stock option
exercises
Other -28.9 -29.6
Net cash used by -602.2 -545.4
financing activities
Effect of exchange
rate changes on cash 1.8 4.4
and cash equivalents
Increase in cash and 45.5 173.6
cash equivalents
Cash and cash
equivalents at 1,624.5 1,360.5
beginning
of year
Cash and cash
equivalents at end $ 1,670.0 $ 1,534.1
of
period
Supplemental cash
flow disclosures:
Cash paid for $ -36.3 $ -35.9
interest
Net cash paid for -196.3 -212.5
income taxes
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 Incorporated's ("Snap-on") 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.
SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of
Earnings
(Amounts in millions)
(Unaudited)
Opera… Financ…
Servic…
Three Three
Months Months
Ended Ended
Octob… Septe… October Septe…
3, 27, 3, 27,
2026 2025 2026 2025
Net $ 1,183… $ 1,190… $ — $ —
sales
Cost
of -580.1 -584.9 — —
goods
sold
Gross 603.6 605.9 — —
prof…
Oper… -355.5 -327.4 — —
expe…
Oper…
earn…
befo… 248.1 278.5 — —
fina…
serv…
Fina…
serv… — — 98.6 101.1
reve…
Fina…
serv… — — -30.3 -32.2
expe…
Oper…
earn…
from — — 68.3 68.9
fina…
serv…
Oper… 248.1 278.5 68.3 68.9
earn…
Inte… -12.5 -12.4 — —
expe…
Inte…
inte…
inco… 16.8 16.7 -16.8 -16.7
(exp…
–
net
Other
inco… 15.3 14.2 0.1 0.1
(exp…
– net
Earn…
befo…
inco…
taxes 267.7 297.0 51.6 52.3
and
equi…
earn…
Inco…
tax -56.8 -64.5 -12.9 -13.0
expe…
Earn…
befo… 210.9 232.5 38.7 39.3
equi…
earn…
Fina…
serv…
– net
earn… 38.7 39.3 — —
attr…
to
Snap…
Inco…
Net 249.6 271.8 38.7 39.3
earn…
Net
earn…
attr… -6.6 -6.4 — —
to
nonc…
inte…
Net
earn…
attr… $ 243.0 $ 265.4 $ 38.7 $ 39.3
to
Snap…
Inco…
*
Snap…
with
Fina…
Serv…
pres…
on
the
equi…
meth…
SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of
Earnings
(Amounts in millions)
(Unaudited)
Opera… Finan…
Servi…
Nine Nine
Months Months
Ended Ended
Octob… Septe… Octob… Septem…
3, 27, 3, 27,
2026 2025 2026 2025
Net $ 3,626… $ 3,511… $ — $ —
sales
Cost
of -1,77… -1,73… — —
goods
sold
Gross 1,847… 1,779… — —
prof…
Oper… -1,07… -999.2 — —
expe…
Oper…
earn…
befo… 767.8 780.7 — —
fina…
serv…
Fina…
serv… — — 299.4 304.9
reve…
Fina…
serv… — — -95.6 -97.5
expe…
Oper…
earn…
from — — 203.8 207.4
fina…
serv…
Oper… 767.8 780.7 203.8 207.4
earn…
Inte… -37.2 -37.1 — —
expe…
Inte…
inte…
inco… 50.9 51.1 -50.9 -51.1
(exp…
–
net
Other
inco… 47.1 42.8 0.2 0.2
(exp…
– net
Earn…
befo…
inco…
taxes 828.6 837.5 153.1 156.5
and
equi…
earn…
Inco…
tax -174.1 -179.6 -38.3 -39.1
expe…
Earn…
befo… 654.5 657.9 114.8 117.4
equi…
earn…
Fina…
serv…
– net
earn… 114.8 117.4 — —
attr…
to
Snap…
Inco…
Net 769.3 775.3 114.8 117.4
earn…
Net
earn…
attr… -18.7 -19.1 — —
to
nonc…
inte…
Net
earn…
attr… $ 750.6 $ 756.2 $ 114.8 $ 117.4
to
Snap…
Inco…
*
Snap…
with
Fina…
Serv…
pres…
on
the
equi…
meth…
SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets
(Amounts in millions)
(Unaudited)
Finan…
Opera… Servi…
Octob… Janua… Octob… Janu…
3, 3, 3, 3,
Asse… 2026 2026 2026 2026
──────────────────────────────────────────────────────────────────────────────
Cash
and $ 1,669… $ 1,624… $ 0.4 $ 0.4
cash
equi…
Inte… 17.3 20.3 — —
rece…
Trade
and
other
acco… 920.9 880.2 1.2 1.2
rece…
–
net
Fina…
rece… — — 590.6 590.2
– net
Cont…
rece… 4.5 4.9 124.2 125.1
– net
Inve… 1,079… 1,025… — —
– net
Prep…
expe…
and 171.2 154.7 13.7 11.2
other
curr…
asse…
Total
curr… 3,863… 3,709… 730.1 728.1
asse…
Prop…
and 561.0 549.8 2.7 2.5
equi…
– net
Oper…
lease 90.6 78.4 5.0 5.3
righ…
asse…
Inve…
in 393.4 400.3 — —
Fina…
Serv…
Defe…
inco… 48.2 45.4 27.5 27.1
tax
asse…
Inte…
long… 779.7 815.0 — —
notes
rece…
Long…
fina… — — 1,267… 1,298…
rece…
– net
Long…
cont… 5.1 8.0 401.5 415.1
rece…
– net
Good… 1,226… 1,109… — —
Other
inta… 266.5 270.7 — —
asse…
– net
Pens… 174.5 173.8 — —
asse…
Other
long… 42.9 44.1 0.4 0.3
asse…
Total $ 7,451… $ 7,204… $ 2,434… $ 2,477…
asse…
Liab…
and
Equi…
Notes
paya…
and
curr… $ 18.1 $ 16.2 $ 299.8 $ —
matu…
of
long…
debt
Acco… 263.5 227.6 0.8 1.5
paya…
Inte… — — 17.3 20.3
paya…
Accr… 52.4 64.6 0.1 0.1
bene…
Accr… 79.8 74.2 2.4 3.0
comp…
Fran… 69.7 66.2 — —
depo…
Other
accr… 487.6 455.1 27.1 24.4
liab…
Total
curr… 971.1 903.9 347.5 49.3
liab…
Long…
debt
and — — 1,666… 2,001…
inte…
long…
debt
Defe…
inco… 106.3 87.0 — —
tax
liab…
Reti…
heal… 16.1 17.7 — —
care
bene…
Pens… 74.3 85.7 — —
liab…
Oper…
lease 66.4 56.3 5.3 5.5
liab…
Other
long… 97.2 97.0 21.4 20.7
liab…
Total 1,331… 1,247… 2,041… 2,076…
liab…
Total
shar…
equi…
attr… 6,094… 5,931… 393.4 400.3
to
Snap…
Inco…
Nonc… 25.0 25.0 — —
inte…
Total 6,119… 5,956… 393.4 400.3
equi…
Total
liab… $ 7,451… $ 7,204… $ 2,434… $ 2,477…
and
equi…
*
Snap…
with
Fina…
Serv…
pres…
on
the
equi…
meth…