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The above guidance ranges exclude the results of the CAM business as of April 6, 2026, and the impacts of any potential future tariff refunds. Furthermore, the above guidance ranges assume that the temporary tariff tailwind in 2026 driven by the ruling on IEEPA tariffs, which were at higher levels than the Section 122 tariffs that replaced them through late July, will be offset by higher inflation, primarily driven by battery metals, tungsten, and oil derivatives. The revised full year guidance ranges also assume that the recently announced Section 301 tariffs, as well as additional tariffs expected under Section 301, will approximate IEEPA-equivalent levels.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026, 10-Q of Apr 29, 2026
On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"). The ruling did not address potential refunds. The U.S. Court of International Trade (“CIT”) has ordered the U.S. Customs and Border Protection (“CBP”) to refund the collected IEEPA tariffs. The administrative process for seeking refunds of IEEPA tariffs previously paid remains under development and the CIT’s order may be subject to U.S. government challenge. On April 20, 2026, the CBP launched the Consolidated Administration and Processing of Entries (CAPE) system for IEEPA refunds, which the CBP plans to implement through a phased development approach. There can be no guarantee that a refund, if received, will equal the full amount of IEEPA tariffs paid, and any refund may be subject to taxes and other adjustments or further legal, regulatory, or administration developments. Given these uncertainties, the Company has not recognized any benefit or asset related to potential IEEPA tariff refunds as of April 4, 2026. Following the U.S. Supreme Court's decision, the U.S. administration announced additional tariffs under Section 122 of the Trade Act of 1974 (“Section 122 tariffs”) and could take action to implement additional tariffs in the future. The Company will continue to evaluate developments on tariff policy and the refund process related to IEEPA tariffs as new information becomes available.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 10-Q of Nov 4, 2026, 10-Q of Jul 29, 2026, 10-Q of Nov 4, 2026
• Management Will Provide Its 2025 Planning Assumptions on Today’s Call. The 2025 Planning Assumptions Will Include Management’s Base Case View (Pre-Tariffs) and Tariff Scenario Planning.
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… While certain of these tariffs have been suspended, modified or invalidated, such as the invalidation of tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”) by the U.S. Supreme Court, the trade policy environment continues to evolve. The Company continues to monitor the current tariff landscape, however, there is no assurance that the Company will be able …
Read in the filing ↗ Also in 10-Q of Nov 4, 2026, 10-Q of Apr 29, 2026, 10-K of Feb 24, 2026, 10-K of Feb 18, 2025
The Company's guiding principles and actions executed in response to tariffs include:
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This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any statements and assumptions or scenarios regarding possible tariff and tariff impact projections, including those relating to Section 232 tariffs, and any statements of assumptions underlying any of the foregoing.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026, 10-Q of Jul 29, 2026, 8-K of Apr 20, 2026, 10-Q of Apr 29, 2026
Moreover, decisions made as part of the Company’s tariff mitigation strategy concerning the rationalization, restructuring or relocation of facilities, production or component sources and any similar actions could also subject the Company to additional or new tariffs or trade regulations and interpretations of those regulations, reputational risks, and other issues relating to the importation of products. For example, in 2025 the Company began shifting production of certain power tools to Mexico. As a result, these products became subject to additional tariffs on imports from Mexico in 2025. Even though the Company is taking actions to qualify for an exemption under the United States-Mexico-Canada Agreement to mitigate the additional tariff costs, there is no guarantee that the Company will be able to obtain such qualification.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 10-Q of Nov 4, 2026
The Company's guiding principles and actions executed in response to tariff policy remain unchanged:
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 10-Q of Nov 4, 2026
Organic Growth and Margin Expansion Progress Continued in 3Q, Excluding the Benefit from Tariff Refunds
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As further discussed in Note A, Significant Accounting Policies, the Company has submitted claims relating to Phase 1 and Phase 2 of the CAPE tariff refund process and is applying a gain contingency model to account for recoveries of previously paid IEEPA tariffs. In the second quarter of 2026, the Company recognized a pre-tax gain of $ 118.0 million in cost of sales related to Phase 1 IEEPA tariff refund amounts realized, which was partially offset by directly attributable costs for variable incentive compensation and growth investments impacting cost of sales and SG&A expenses totaling $ 83.4 million, and related tax effects approximating the Company's marginal tax rate. There can be no guarantee that additional refunds in excess of the amounts realized in the second quarter of 2026 will be received or that the ultimate amount of refunds received will equal the full amount of IEEPA tariffs paid. Furthermore, any future refund amounts realized will most likely result in additional obligations to the Company, including variable incentive compensation and taxes; the Company may also utilize any future tariff refunds to support incremental growth investments. Refunds may also be subject to further legal, regulatory, or administration developments. The Company will continue to monitor and evaluate developments related to the IEEPA tariff refund process.
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Existing tariffs remain in effect and there is a possibility of further escalation of trade tensions, tariffs or additional trade restrictions. For example, in April 2025, China imposed export restrictions on certain rare earth minerals that are used in certain components of the Company’s products. If China were to further restrict exporting, or implement burdensome and lengthy
Read in the filing ↗ Also in 10-Q of Jul 29, 2025
favorable product mix. In addition, the net tariff refunds 1 raised segment margin by approximately 150 basis points.
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Results Include Benefit from Additional Tariff Refunds in 3Q, Supporting Increases to 2026 EPS and Free Cash Flow Guidance
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• EPS of $2.33; adjusted EPS* of $1.57; both included a benefit of approximately $0.17 from net tariff refunds 1
Read in the filing ↗ Also in 8-K of Nov 4, 2026
1 Includes IEEPA tariff refund gain partially offset by directly attributable variable incentive compensation costs, growth investments, and taxes (for EPS only)
Read in the filing ↗ Also in 8-K of Jul 29, 2026, 8-K of Jul 29, 2026, 8-K of Nov 4, 2026, 8-K of Nov 4, 2026, 8-K of Nov 4, 2026
Management will provide its base planning assumptions and commentary on the current tariff environment. Excluding new tariffs, the Company's planning assumption is for 2025 EPS to be $4.05 (+/- $0.65) on a GAAP basis and $5.25 (+/- $0.50) on an adjusted basis* and free cash flow* of $750 million (+/- $100 million). During the earnings call this morning, Management will review these planning assumptions in more detail.
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• Second Quarter Revenues of $3.9 Billion, Down 2% Versus Prior Year due to a Slow Outdoor Buying Season and Tariff-Related Shipment Disruptions
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The Company’s business is subject to risks associated with the global trade environment, including customs and trade regulations, tariffs, quotas, import taxes and international trade agreements.
Read in the filing ↗ Also in 10-Q of Jul 29, 2025, 10-Q of Nov 4, 2025, 10-K of Feb 24, 2026, 10-Q of Apr 29, 2026, 10-Q of Jul 29, 2026, 10-Q of Nov 4, 2026
• Cash from operating activities of $956 million, and free cash flow* of $883 million. This strong performance was driven primarily by working capital improvements and tariff mitigation.
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As further discussed in Note A, Significant Accounting Policies, the Company has submitted claims within the CAPE system and separately through the CBP seeking refunds of previously paid IEEPA tariffs. The Company is applying a gain contingency model to account for recoveries of previously paid IEEPA tariffs. During the three and nine months ended October 3, 2026, the Company recognized …
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CONCERNING FORWARD-LOOKING STATEMENTS This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any goals, projections, guidance or planning assumptions or scenarios; any statements of the plans, strategies and objectives of management for future operations, including expectations around productivity and efficiency goals and future operational strategies; any statements regarding future economic conditions or performance; any statements concerning future dividends or share repurchases; any statements and assumptions or scenarios regarding possible tariff and tariff impact projections, including those relating to Section 122, 232, or 301 tariffs, tariff refunds and related mitigation plans (including price actions, supply chain adjustments and expected timing and benefits related to such plans); and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “could,” “project,” “plan,” “continue,” “believe,” “expect,” “anticipate”, 6
Read in the filing ↗ Also in 8-K of Nov 4, 2026, 8-K of Apr 29, 2026, 8-K of Feb 5, 2025
• Gross margin of 39.0%, up 760 basis points; Adjusted gross margin* of 39.4%, up 780 basis points; both included an approximate 430 basis point benefit from net tariff refunds 1 . • SG&A expenses of 24.2% of sales, up 310 basis points; Adjusted SG&A expenses* of 24.2%, up 320 basis points; both increases included incremental costs and investments tied to tariff refunds received. • The tax rate was 24.0% and the adjusted tax rate* was 23.3%.
Read in the filing ↗ Also in 8-K of Jul 29, 2026
The Company will review its planning scenario, including the current estimated tariff impact net of price and supply chain adjustments, on today’s earnings call. The 2025 EPS for management’s base planning scenario is $3.45 (+/- $0.10) on a GAAP basis and approximately $4.65 on an adjusted basis. The Company is targeting annual free cash flow* to approximate $600 million. The gross annualized tariff impact is currently estimated to be approximately $800 million, which carries an assumption for country tariffs that includes July policy changes. Net of price adjustments and supply shifts the negative 2025 EPS impact is expected to be approximately $0.65 reflecting the timing and costs required to implement mitigation countermeasures. Management will review these planning assumptions in more detail during the earnings call this morning and provide context on scenario planning.
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Substantially all of the Company's import operations are subject to customs requirements, trade restrictions and protection measures, and to tariffs, quotas and taxes on imports set by governments through mutual agreements, bilateral actions or, in some cases unilateral action, such as tariffs implemented by the U.S. government under Section 301 of the Trade Act of 1974. In addition, the countries in which the Company’s products and materials are manufactured or imported from (including importation into the U.S. of the Company's products manufactured overseas) may from time to time impose additional quotas, duties, tariffs or other restrictions on its imports (including restrictions on manufacturing operations) or adversely modify existing restrictions. Adverse changes in the Company’s import costs and restrictions, or failure by the Company’s suppliers to comply with customs regulations or similar laws, could harm the Company’s business.
Read in the filing ↗ Also in 10-Q of Jul 29, 2025, 10-Q of Nov 4, 2025, 10-K of Feb 24, 2026, 10-Q of Apr 29, 2026, 10-Q of Jul 29, 2026, 10-Q of Nov 4, 2026
• Gross margin of 39.0%, up 760 basis points; adjusted gross margin* of 39.4%, up 780 basis points; both included a benefit of approximately 430 basis points from net tariff refunds 1
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segment profit as a percent of sales and adjusted segment profit as a percent of sales was primarily due to price and supply chain transformation efficiencies, partially offset by tariffs, lower volume and inflation.
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• SG&A expenses of 23.9% of sales, up 180 basis points; Adjusted SG&A expenses* of 23.9%, up 310 basis points; both increases were predominantly due to incremental costs and investments tied to tariff refunds received.
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• Gross margin of 33.2%, up 240 basis points, and adjusted gross margin* of 33.3%, up 210 basis points. This significant year-over-year expansion was primarily due to higher pricing, tariff mitigation, and supply chain cost reductions.
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• Gross margin of 33.0%, up 600 basis points versus prior year; adjusted gross margin* of 33.7%, up 620 basis points versus prior year; both included a benefit of roughly 250 basis points from net tariff refunds 1
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Expect Incremental Tariff Countermeasures in the Second Half of 2025 to Support Gross Margin Accretion New Britain, Connecticut, July 29, 2025 … Stanley Black & Decker (NYSE: SWK) , a worldwide leader in tools and outdoor, today announced second quarter 2025 financial results.
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… such macroeconomic or trade, tariff and raw material and rare earth import/export control changes, regulations or policies (including, but not limited to, the Company’s ability to predict and respond to court rulings in response thereto, to obtain any tariff refunds in amounts or within timeframes that would meaningfully offset the impact of tariffs on the Company’s business …
Read in the filing ↗ Also in 8-K of Jun 30, 2025, 8-K of Jul 29, 2026
“In light of the current environment, we are accelerating adjustments to our supply chain and exploring all options as we seek to minimize the impact of tariffs on end users while balancing the need to protect our business and our ability to innovate for years to come. With that in mind, we implemented an initial price increase in April and notified our customers that further price action is required. We are also continuing to closely monitor shifting tariff policies as well as their potential effects on the operating and demand environments with an aim of being agile and responsive. Against this backdrop, our top priorities remain clear: accelerating our growth culture to serve our end users and customers, generating cash and
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The Company is applying a gain contingency model in accordance with ASC 450-30, Gain Contingencies, to account for recoveries of previously paid IEEPA tariffs. Under this model, a gain contingency is not recognized in the financial statements until the gain is realized or realizable. During the three months ended July 4, 2026, the Company recognized a pre-tax gain of $ 118.0 million in cost of sales related to Phase 1 IEEPA tariff refunds realized, which was partially offset by directly attributable costs for variable incentive compensation and growth investments impacting cost of sales and selling, general, and administrative ("SG&A") expenses totaling $ 83.4 million, and related tax effects approximating the Company's marginal tax rate. Refer to Note O, Contingencies, for further discussion.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026
pricing were largely offset by increased tariff expense, volume deleverage, and other inflation. • SG&A expenses of 23.0% of sales, down 20 basis points, and adjusted SG&A expenses* of 22.8%, up 20 basis points. Delivered approximately flat performance as strategic growth investments were balanced by disciplined and targeted cost management.
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This discussion of certain planning assumptions is intended to provide broad insight into the Company's near-term earnings and cash flow generation prospects. The Company's planning assumptions for 2025 are for diluted earnings per share on a GAAP basis to be $3.45 (+/- $0.10) and diluted earnings per share excluding Non-GAAP adjustments to be approximately $4.65. The Company is targeting annual free cash flow to approximate $600 million. The gross annualized tariff impact is currently estimated to be approximately $800 million, which carries an assumption for country tariffs that includes July policy changes. Net of price adjustments and supply shifts the negative 2025 diluted earnings per share impact is expected to be approximately $0.65 reflecting the timing and costs required to implement mitigation countermeasures.
Read in the filing ↗ Also in 10-K of Feb 18, 2025
The Tools & Outdoor segment margin was 17.0%, up 520 basis points year over year. Adjusted segment margin* was 17.6%, up 560 basis points year over year. Segment margin improvement reflected net productivity gains and favorable product mix. In addition, the net tariff refunds 1 raised segment margin by approximately 430 basis points.
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The Company's operations are subject to numerous federal, state and local laws and regulations, both within and outside the U.S., in areas such as environmental protection, international trade, anti-corruption, data privacy, tax, consumer protection, government contracts, climate change and others. The Company is subject to import and export controls, tariffs, and other
Read in the filing ↗ Also in 10-K of Feb 24, 2026
Christopher J. Nelson, Chief Operating Officer and Executive Vice President and President of Tools & Outdoor added, “The organization is executing a robust plan designed to mitigate tariffs and is prioritizing adjustments to its supply chain that leverage the strength of our North American footprint while optimizing our overseas supply chain inputs for the U.S. market.
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In response to the United States’ recent policy actions and to safeguard gross margins, the Company has implemented a high-single digit U.S. Tools & Outdoor price increase in April, with plans to introduce a second price increase effective the beginning of the third quarter. The Company is also accelerating strategic adjustments to its supply chain with the objective of leveraging Mexico and reducing China tariff costs over the next 12-24 months. The Company expects to leverage its industry leading North American footprint as a competitive advantage (~60% of U.S. cost of sales). Management also intends to continue proactively engaging with the U.S. administration. The 2025 EPS impact from tariffs net of price and supply chain adjustments is currently estimated to be roughly negative $0.75 reflecting the timing required to implement mitigation countermeasures.
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On April 20, 2026, Stanley Black & Decker, Inc. (the “Company”) announced that it does not expect the recent changes to the Section 232 tariff regime to have a material impact on the Company’s full-year guidance. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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• Gross margin was 31.4%, up 150 basis points versus the prior year rate. Adjusted gross margin* was 31.6%, up 110 basis points versus the prior year. The year over year changes for gross margin and adjusted gross margin* were primarily due to benefits from our pricing strategies, and supply chain transformation efficiencies, partially offset by tariffs, lower volume, and inflation.
Read in the filing ↗ Also in 8-K of Apr 30, 2025
There is a possibility of further escalation of trade tensions, or modifications to tariffs, trade restrictions or retaliatory efforts with little or no advance notice, which may result in disruption to the Company's supply chain and an increase in supply chain costs that the Company may not be able to accurately assess and offset. This could in turn require the Company to increase its
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• Tools & Outdoor net sales were down (-2%) versus second quarter 2024, as volume (-5%) was partially offset by price (+2%) and currency (+1%). Organic revenue* was down (-3%), largely due to a slow outdoor buying season and tariff- related shipment disruptions that were partially offset by price and continued DEWALT professional growth. Regional total revenue growth was: North America (-4%), Europe (+5%) and rest of world (-2%). Regional organic revenues* were: North America (-4%), Europe (-1%) and rest of world (+1%). The Tools & Outdoor segment margin was 6.9%, down 210 basis points versus prior year rate of 9.0%. Adjusted segment margin* was 8.0%, down 240 basis points versus the prior year rate of 10.4%. The year-over-year change in both segment margin and adjusted segment margin was primarily due to the impact from tariffs, lower volume, and investments in growth initiatives, partially offset by the supply chain transformation efficiencies, price and cost control.
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With a strengthened foundation and a more streamlined, focused organization, the Company is positioned to drive performance towards its long-term financial targets. The following targets, which are based on the tariff landscape as of January 2026, are expected to be reflected in the Company's 2028 financial results and assume that the Company's markets are growing by low-single digits and inflation approximates 2% per year.
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Chris Nelson, Stanley Black & Decker's President & CEO, commented, “The Stanley Black & Decker team is committed to executing our strategy and delivering profitable, organic growth. Our second quarter sales, gross margin, and cash performance keep us firmly on track to achieve our full-year targets 2 . We further strengthened the balance sheet and executed on our capital deployment strategy. In addition, the tariff refunds are supporting incremental growth investments.
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2 Formerly known as "Industrial". Refer to page 12 for further information. • Tools & Outdoor net sales were in line with the third quarter 2024, as price (+5%), currency (+1%) and a product line transfer from Engineered Fastening (+1%) were offset by volume (-7%). Organic revenues* were down (-2%), driven by expected tariff related promotional reductions and a soft consumer backdrop, partially offset by continued DEWALT growth. Regional total revenue growth was: North America (-2%), Europe (+6%) and rest of world (-1%). Regional organic revenues* were: North America (-2%), Europe (flat) and rest of world (-1%). The Tools & Outdoor segment margin was 11.8%, up 180 basis points versus prior year rate of 10.0%. Adjusted segment margin* was 12.0%, up 90 basis points versus the prior year rate of 11.1%. The year over year change in both segment margin and adjusted segment margin was primarily due to price, supply chain transformation efficiencies, partially offset by tariffs, lower volume, and inflation.
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• Gross margin was 27.0%, down 140 basis points versus the prior year rate. Adjusted gross margin* was 27.5%, down 170 basis points versus the prior year. The year-over-year changes for gross margin and adjusted gross margin were primarily due to a 3-point gross impact from tariffs and lower volume partially offset by the supply chain transformation efficiencies and the initial benefits from our second quarter price increase.
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Patrick D. Hallinan, Executive Vice President and CFO, commented, "Our solid operational execution in 2024 delivered full year adjusted gross margin* of 30% and approximately $750 million of free cash flow*, which together allowed us to reduce debt by $1.1 billion while continuing to return cash to shareholders through our dividend. Looking forward, we remain focused on driving toward our target of 35%+ adjusted gross margin* while supporting incremental growth investments to accelerate share gain. We plan to deliver EBITDA* expansion in 2025 through organic growth* from modest share gains combined with supply chain cost structure improvements that are primarily in our control. With the recent tariff announcements, we are preparing for a dynamic backdrop in 2025 and expect to respond with supply chain and price actions designed to mitigate the impact from such tariffs to maintain our margin objectives, which enable us to fuel innovation and brand building. Our top priorities remain delivering margin expansion, cash generation and restoring balance sheet strength over the next 12 to 18 months to position the Company for long-term growth and value creation.”
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trade-related regulations and restrictions in the countries in which it has operations or otherwise does business. These controls, tariffs, regulations, and restrictions have had, and may continue to have, a material impact on the Company's business, including its ability to sell products and to manufacture or source components. Refer to Item 1A. Risk Factors in Part I of this Annual Report on Form 10-K for additional information regarding various laws and regulations that affect the Company's business operations.
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Cost of Sales and Gross Profit: The Company reported cost of sales of $10.542 billion in 2025 compared to $10.851 billion in 2024. The year-over-year decrease in cost of sales was primarily driven by lower volume and supply chain transformation efficiencies, partially offset by tariff costs and inflation. Gross profit, defined as sales less cost of sales, was $4.588 billion, or 30.3% of net sales, in 2025 compared to $4.514 billion, or 29.4% of net sales, in 2024. Non-GAAP adjustments, which increased cost of sales and reduced gross profit, were $50.6 million, or 0.4% of net sales, in 2025 and $88.8 million, or 0.6% of net sales in 2024. Excluding these adjustments, gross profit was 30.7% of net sales in 2025 compared to 30.0% of net sales in 2024. The year-over-year changes in gross profit as a percent of sales and adjusted gross profit as a percent of sales were primarily due to benefits from pricing strategies and supply chain cost transformation efficiencies partially offset by tariffs, lower volume and inflation.
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Exhibit 99.1 Stanley Black & Decker Does Not Expect Recent Section 232 Tariff Changes To Impact 2026 Guidance Materially New Britain, Connecticut, April 20, 2026… Stanley Black & Decker (NYSE: SWK), a global leader in tools and outdoor solutions, today announced that it does not expect the recent changes to the Section 232 tariff regime to have a material impact on the Company’s full-year guidance. The Company is scheduled to provide more information on its first quarter earnings call on Wednesday, April 29, 2026 at 8:00 am ET. About Stanley Black & Decker Founded in 1843 and headquartered in the USA, Stanley Black & Decker (NYSE: SWK)is a worldwide leader in Tools and Outdoor, operating manufacturing facilities globally. The Company’s approximately 43,500 employees produce innovative end-userinspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world’s builders, tradespeople and DIYers. The Company’s world class portfolio of trusted brands includes DEWALT ®, CRAFTSMAN ®, STANLEY ®, BLACK+DECKER ®, and Cub Cadet ®. To learn more visit: www.stanleyblackanddecker.comor follow Stanley Black & Decker on Facebook, Instagram, LinkedInand X.
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The Company will review its planning scenario, including the current tariff impact net of price and supply chain adjustments, on today’s earnings call with sensitivity analysis. The 2025 EPS for this scenario is $3.30 (+/- $0.15) on a GAAP basis and approximately $4.50 on an adjusted basis. The Company is targeting free cash flow* to meet or exceed $500 million. During the earnings call this morning, Management will review these planning assumptions in more detail and will provide context on scenario planning.
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Patrick Hallinan, EVP, Chief Financial Officer & Chief Administrative Officer, commented, "In 2025, our rapid response to tariffs and continued strategic focus resulted in meaningful margin and leverage reduction progress despite a challenging environment. Achieving full year adjusted gross margin* of 30.7% and free cash flow* of $688 million were each critical to reducing our debt by approximately $240 million, returning $500 million of cash to shareholders through our dividend, and also supporting incremental growth investments to fuel brand building and innovation for future results.
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