$SNA

SNAP-ON Inc

CIK:0000091440|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Net sales	$ 1,334.8	$ 1,281.1	$ 2,643.1	$ 2,524.3
Operating earnings	336.4	327.3	655.2	640.7
Interest expense	(12.3)	(12.3)	(24.7)	(24.7)
Other income (expense) – net	15.1	14.3	31.9	28.7
Earnings before income taxes	339.2	329.3	662.4	644.7
Income tax expense	(73.0)	(72.5)	(142.7)	(141.2)
Net earnings	266.2	256.8	519.7	503.5
Net earnings attributable to noncontrolling interests	(5.6)	(6.5)	(12.1)	(12.7)
Net earnings attributable to Snap-on Incorporated	$ 260.6	$ 250.3	$ 507.6	$ 490.8
Net earnings per share attributable to Snap-on Incorporated:
Basic (in dollars per share)	$ 5.04	$ 4.80	$ 9.80	$ 9.38
Diluted (in dollars per share)	$ 4.96	$ 4.72	$ 9.65	$ 9.24
Weighted-average shares outstanding:
Basic (in shares)	51,743,660	52,211,679	51,809,995	52,285,656
Effect of dilutive securities (in shares)	778,551	798,954	801,805	861,297
Diluted (in shares)	52,522,211	53,010,633	52,611,800	53,146,953
Dividends declared per common share (in dollars per share)	$ 2.44	$ 2.14	$ 4.88	$ 4.28
Scenario, Rounding
Weighted-average shares outstanding:
Effect of dilutive securities (in shares)	800,000	800,000	800,000	800,000
Product and Services, excluding Financial Services
Net sales	$ 1,235.1	$ 1,179.4	$ 2,442.3	$ 2,320.5
Cost of goods sold	(599.9)	(583.9)	(1,198.8)	(1,146.5)
Gross profit	635.2	595.5	1,243.5	1,174.0
Operating expenses	(366.3)	(336.4)	(723.8)	(671.8)
Operating earnings	268.9	259.1	519.7	502.2
Financial Service
Net sales	99.7	101.7	200.8	203.8
Operating expenses	(32.2)	(33.5)	(65.3)	(65.3)
Operating earnings	$ 67.5	$ 68.2	$ 135.5	$ 138.5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Operating activities:
Net earnings	$ 519.7	$ 503.5
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	39.9	36.8
Amortization of other intangible assets	10.0	11.6
Provisions for losses on finance receivables	35.6	36.5
Provisions for losses on non-finance receivables	13.9	9.7
Stock-based compensation expense	16.2	13.0
Deferred income tax provision	6.8	0.1
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(67.5)	(12.1)
Contract receivables	18.9	4.7
Inventories	(10.6)	(18.4)
Prepaid expenses and other assets	(7.6)	(3.5)
Accounts payable	32.0	2.6
Accrued and other liabilities	32.9	(48.8)
Net cash provided by operating activities	640.2	535.7
Investing activities:
Additions to finance receivables	(456.0)	(462.4)
Collections of finance receivables	435.1	427.8
Capital expenditures	(44.3)	(42.6)
Acquisitions of businesses, net of cash acquired	(159.1)	0.0
Disposals of property and equipment	0.8	0.6
Other	(0.2)	(1.4)
Net cash used by investing activities	(223.7)	(78.0)
Financing activities:
Net increase in other short-term borrowings	2.1	4.0
Cash dividends paid	(253.2)	(224.0)
Purchases of treasury stock	(191.3)	(166.2)
Proceeds from stock purchase plans and stock option exercises	67.1	45.2
Other	(21.6)	(23.5)
Net cash used by financing activities	(396.9)	(364.5)
Effect of exchange rate changes on cash and cash equivalents	0.6	4.6
Increase in cash and cash equivalents	20.2	97.8
Cash and cash equivalents at beginning of year	1,624.5	1,360.5
Cash and cash equivalents at end of period	1,644.7	1,458.3
Supplemental cash flow disclosures:
Cash paid for interest	(22.3)	(22.1)
Net cash paid for income taxes	$ (108.1)	$ (155.0)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Current assets:
Cash and cash equivalents	$ 1,644.7	$ 1,624.5
Trade and other accounts receivable – net	942.2	881.4
Finance receivables and contract receivables - net	718.7	720.2
Inventories – net	1,045.3	1,025.2
Prepaid expenses and other current assets	172.8	151.5
Total current assets	4,523.7	4,402.8
Property and equipment:
Property and equipment – gross	1,682.4	1,648.8
Accumulated depreciation	(1,122.0)	(1,096.5)
Property and equipment – net	560.4	552.3
Operating lease right-of-use assets	98.7	83.7
Deferred income tax assets	74.8	72.5
Long-term finance receivables and contract receivables - net	1,684.6	1,721.9
Goodwill	1,231.5	1,109.5
Other intangible assets – net	267.8	270.7
Pension assets	173.6	173.8
Other long-term assets	25.8	25.1
Total assets	8,640.9	8,412.3
Current liabilities:
Notes payable and current maturities of long-term debt	317.0	16.2
Accounts payable	267.4	229.1
Accrued benefits	53.2	64.7
Accrued compensation	78.0	77.2
Franchisee deposits	66.8	66.2
Other accrued liabilities	535.5	465.1
Total current liabilities	1,317.9	918.5
Long-term debt	887.0	1,186.4
Deferred income tax liabilities	98.1	87.0
Retiree health care benefits	16.6	17.7
Pension liabilities	77.8	85.7
Operating lease liabilities	75.3	61.8
Other long-term liabilities	101.9	98.4
Total liabilities	2,574.6	2,455.5
Commitments and contingencies (Note 14)
Shareholders’ equity attributable to Snap-on Incorporated:
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding)	0.0	0.0
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,466,117 and 67,461,309 shares, respectively)	67.5	67.5
Additional paid-in capital	595.1	578.5
Retained earnings	8,391.1	8,137.5
Accumulated other comprehensive loss	(382.6)	(354.8)
Treasury stock at cost (15,745,419 and 15,594,254 shares, respectively)	(2,629.8)	(2,496.9)
Total shareholders’ equity attributable to Snap-on Incorporated	6,041.3	5,931.8
Noncontrolling interests	25.0	25.0
Total equity	6,066.3	5,956.8
Total liabilities and equity	8,640.9	8,412.3
Land
Property and equipment:
Property and equipment – gross	35.7	35.8
Buildings and improvements
Property and equipment:
Property and equipment – gross	481.5	470.3
Machinery, equipment and computer software
Property and equipment:
Property and equipment – gross	1,165.2	1,142.7
Finance Receivables
Current assets:
Finance receivables and contract receivables - net	597.6	590.2
Property and equipment:
Long-term finance receivables and contract receivables - net	1,274.0	1,298.8
Contract Receivables
Current assets:
Finance receivables and contract receivables - net	121.1	130.0
Property and equipment:
Long-term finance receivables and contract receivables - net	$ 410.6	$ 423.1