Snap-on Inc SEC 10-Q Report

Snap-on Inc, a leading manufacturer and marketer of tools, diagnostics, and equipment solutions for professional users, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial and operational performance, highlighting stable sales, slight declines in profitability, and strong market presence across various segments and regions.

Financial Highlights

For the three months ended June 28, 2025, Snap-on Inc reported the following key financial metrics:

• Net sales: $1,179.4 million, consistent with the same period in 2024, indicating stable sales performance.
• Gross profit: $595.5 million, compared to $597.3 million in 2024, reflecting a slight decrease due to increased operating expenses.
• Operating earnings: $327.3 million, down from $350.5 million in 2024, primarily due to higher operating expenses.
• Net earnings attributable to Snap-on Incorporated: $250.3 million, compared to $271.2 million in 2024, reflecting a decrease in net earnings.
• Diluted EPS: $4.72, compared to $5.07 in 2024, indicating a decrease in earnings per share.

For the six months ended June 28, 2025, the company reported:

• Net sales: $2,320.5 million, compared to $2,361.7 million in 2024, showing a slight decline in sales.
• Gross profit: $1,174.0 million, compared to $1,194.0 million in 2024, reflecting a decrease due to higher cost of goods sold.
• Operating earnings: $640.7 million, down from $689.7 million in 2024, due to increased operating expenses.
• Net earnings attributable to Snap-on Incorporated: $490.8 million, compared to $534.7 million in 2024, indicating a decrease in net earnings.
• Diluted EPS: $9.24, compared to $9.98 in 2024, reflecting a decrease in earnings per share.

Business Highlights

Snap-on Inc's business performance for the three months ended June 28, 2025, includes the following highlights:

• Revenue Segments: The company's revenue is derived from three main product categories:
  • Snap-on Tools Group: $491.0 million
  • Commercial & Industrial Group: $289.2 million
  • Repair Systems & Information Group: $399.2 million
• Geographical Performance: North America remains the largest market for Snap-on, with net sales of $878.7 million. Europe and other regions contributed $185.7 million and $115.0 million, respectively, indicating a strong presence in these markets.
• Customer Segments: Vehicle service professionals accounted for $910.7 million of the external net sales, highlighting the importance of this customer segment to Snap-on's business.
• Future Outlook: Snap-on expects to recognize approximately 60% of its long-term contracts as revenue by the end of fiscal 2026, with an additional 35% by the end of fiscal 2028, indicating a strong pipeline of future revenue.

SEC Filing: Snap-on Inc [ SNA ] - 10-Q - Jul. 17, 2025