Segments

9 Months Ended

Sep. 27, 2025

Segment Reporting [Abstract]

Segments

Segments

Snap-on’s operating segments, which represent Snap-on’s reportable segments, are based on the organizational structure used by the Chief Executive Officer, its chief operating decision maker (“CODM”), to make operating and investment determinations and to assess performance. Snap-on’s reportable operating segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government and military, power generation, transportation and technical education market segments (collectively, “critical industries”), primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s multinational mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers worldwide, primarily owners and managers of independent repair shops and OEM dealerships, through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries.

The CODM evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment net sales and segment operating earnings. The segment net sales of the Snap-on Tools Group reflect external net sales, while the segment net sales of the Commercial & Industrial Group and the Repair Systems & Information Group include both external and intersegment net sales. Snap-on accounts for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. The Financial Services operating segment is evaluated based on financial services revenue and segment operating earnings. Segment net sales and segment operating earnings are used to determine the compensation of certain management employees.

Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Corporate assets consist of cash and cash equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets. Corporate expenses primarily reflect stock-based compensation and other costs not attributable to an operating segment. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

Financial Data by Segment:

	Three Months Ended September 27, 2025
	Commercial &		Snap-on		Repair Systems
	Industrial		Tools		& Information		Financial		Total
(Amounts in millions)	Group		Group		Group		Services		Segments
External net sales	$	297.8	$	506.0	$	387.0	$	—	$	1,190.8
Intersegment net sales	69.9		—		77.8		—		147.7
Segment net sales	367.7		506.0		464.8		—		1,338.5
Segment cost of goods sold	(217.2)		(269.2)		(246.2)		—		(732.6)
Segment gross profit	150.5		236.8		218.6		—		605.9
Financial services revenue	—		—		—		101.1		101.1
Segment operating and financial services expenses
Personnel	(54.7)		(48.4)		(65.7)		(9.1)
Shipping and handling costs	(7.5)		(19.4)		—		—
Depreciation and amortization	(1.5)		(1.9)		(4.9)		(0.2)
Provisions for credit losses	—		—		—		(18.4)
Other segment expenses*	(29.3)		(57.2)		(6.8)		(4.5)
Total segment operating and financial services expenses	(93.0)		(126.9)		(77.4)		(32.2)		(329.5)
Segment operating earnings	$	57.5	$	109.9	$	141.2	$	68.9	$	377.5
Reconciliation of segment net sales to total net sales and total revenues:
Segment net sales									$	1,338.5
Intersegment eliminations									(147.7)
Total net sales									1,190.8
Financial services revenue									101.1
Total revenues									$	1,291.9
Reconciliation of segment cost of goods sold to cost of goods sold:
Segment cost of goods sold									$	(732.6)
Intersegment eliminations									147.7
Cost of goods sold									$	(584.9)
Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:
Segment operating earnings									$	377.5
Corporate operating expenses									(30.1)
Operating earnings									347.4
Interest expense									(12.4)
Other income (expense) – net									14.3
Earnings before income taxes									$	349.3

*	Other segment expenses primarily include:
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
	Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
	Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses; shared service allocations and a $22.0 million benefit for the 2025 legal settlement.
	Financial Services - customer support and technology expenses.

Financial Data by Segment (continued):

	Nine Months Ended September 27, 2025
	Commercial &		Snap-on		Repair Systems
	Industrial		Tools		& Information		Financial		Total
(Amounts in millions)	Group		Group		Group		Services		Segments
External net sales	$	863.7	$	1,459.9	$	1,187.7	$	—	$	3,511.3
Intersegment net sales	195.7		—		221.6		—		417.3
Segment net sales	1,059.4		1,459.9		1,409.3		—		3,928.6
Segment cost of goods sold	(623.2)		(771.4)		(754.1)		—		(2,148.7)
Segment gross profit	436.2		688.5		655.2		—		1,779.9
Financial services revenue	—		—		—		304.9		304.9
Segment operating and financial services expenses
Personnel	(166.4)		(143.6)		(195.7)		(27.0)
Shipping and handling costs	(22.6)		(57.8)		—		—
Depreciation and amortization	(4.9)		(5.6)		(13.9)		(0.6)
Provisions for credit losses	—		—		—		(56.5)
Other segment expenses*	(84.7)		(162.5)		(62.5)		(13.4)
Total segment operating and financial services expenses	(278.6)		(369.5)		(272.1)		(97.5)		(1,017.7)
Segment operating earnings	$	157.6	$	319.0	$	383.1	$	207.4	$	1,067.1
Reconciliation of segment net sales to total net sales and total revenues:
Segment net sales									$	3,928.6
Intersegment eliminations									(417.3)
Total net sales									3,511.3
Financial services revenue									304.9
Total revenues									$	3,816.2
Reconciliation of segment cost of goods sold to cost of goods sold:
Segment cost of goods sold									$	(2,148.7)
Intersegment eliminations									417.3
Cost of goods sold									$	(1,731.4)
Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:
Segment operating earnings									$	1,067.1
Corporate operating expenses									(79.0)
Operating earnings									988.1
Interest expense									(37.1)
Other income (expense) – net									43.0
Earnings before income taxes									$	994.0

*	Other segment expenses primarily include:
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
	Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
	Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses; shared service allocations and a $22.0 million benefit for the 2025 legal settlement.
	Financial Services - customer support and technology expenses.

Financial Data by Segment (continued):

	Three Months Ended September 28, 2024
	Commercial &		Snap-on		Repair Systems
	Industrial		Tools		& Information		Financial		Total
(Amounts in millions)	Group		Group		Group		Services		Segments
External net sales	$	288.7	$	500.5	$	357.8	$	—	$	1,147.0
Intersegment net sales	77.0		—		64.9		—		141.9
Segment net sales	365.7		500.5		422.7		—		1,288.9
Segment cost of goods sold	(214.9)		(264.0)		(222.2)		—		(701.1)
Segment gross profit	150.8		236.5		200.5		—		587.8
Financial services revenue	—		—		—		100.4		100.4
Segment operating and financial services expenses
Personnel	(53.8)		(49.1)		(62.4)		(9.0)
Shipping and handling costs	(7.0)		(21.9)		—		—
Depreciation and amortization	(1.8)		(1.9)		(5.4)		(0.2)
Provisions for credit losses	—		—		—		(15.9)
Other segment expenses*	(27.2)		(55.3)		(25.4)		(3.6)
Total segment operating and financial services expenses	(89.8)		(128.2)		(93.2)		(28.7)		(339.9)
Segment operating earnings	$	61.0	$	108.3	$	107.3	$	71.7	$	348.3
Reconciliation of segment net sales to total net sales and total revenues:
Segment net sales									$	1,288.9
Intersegment eliminations									(141.9)
Total net sales									1,147.0
Financial services revenue									100.4
Total revenues									$	1,247.4
Reconciliation of segment cost of goods sold to cost of goods sold:
Segment cost of goods sold									$	(701.1)
Intersegment eliminations									141.9
Cost of goods sold									$	(559.2)
Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:
Segment operating earnings									$	348.3
Corporate operating expenses									(24.2)
Operating earnings									324.1
Interest expense									(12.5)
Other income (expense) – net									20.6
Earnings before income taxes									$	332.2

*	Other segment expenses primarily include:
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
	Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
	Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses; shared service allocations.
	Financial Services - customer support and technology expenses.

Financial Data by Segment (continued):

	Nine Months Ended September 28, 2024
	Commercial &		Snap-on		Repair Systems
	Industrial		Tools		& Information		Financial		Total
(Amounts in millions)	Group		Group		Group		Services		Segments
External net sales	$	884.7	$	1,482.6	$	1,141.4	$	—	$	3,508.7
Intersegment net sales	212.9		—		199.9		—		412.8
Segment net sales	1,097.6		1,482.6		1,341.3		—		3,921.5
Segment cost of goods sold	(644.8)		(769.8)		(725.1)		—		(2,139.7)
Segment gross profit	452.8		712.8		616.2		—		1,781.8
Financial services revenue	—		—		—		300.5		300.5
Segment operating and financial services expenses
Personnel	(163.5)		(144.2)		(189.7)		(26.2)
Shipping and handling costs	(20.5)		(66.1)		—		—
Depreciation and amortization	(5.9)		(5.6)		(16.0)		(0.7)
Provisions for credit losses	—		—		—		(52.2)
Other segment expenses*	(84.3)		(156.5)		(76.7)		(11.2)
Total segment operating and financial services expenses	(274.2)		(372.4)		(282.4)		(90.3)		(1,019.3)
Segment operating earnings	$	178.6	$	340.4	$	333.8	$	210.2	$	1,063.0
Reconciliation of segment net sales to total net sales and total revenues:
Segment net sales									$	3,921.5
Intersegment eliminations									(412.8)
Total net sales									3,508.7
Financial services revenue									300.5
Total revenues									$	3,809.2
Reconciliation of segment cost of goods sold to cost of goods sold:
Segment cost of goods sold									$	(2,139.7)
Intersegment eliminations									412.8
Cost of goods sold									$	(1,726.9)
Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:
Segment operating earnings									$	1,063.0
Corporate operating expenses									(49.2)
Operating earnings									1,013.8
Interest expense									(37.3)
Other income (expense) – net									57.4
Earnings before income taxes									$	1,033.9

*	Other segment expenses primarily include:
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.	Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
	Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
	Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses; shared service allocations.
	Financial Services - customer support and technology expenses.

Financial Data by Segment (continued):

(Amounts in millions)	September 27, 2025		December 28, 2024
Assets:
Commercial & Industrial Group	$	1,326.5	$	1,230.8
Snap-on Tools Group	1,006.8		937.5
Repair Systems & Information Group	1,799.6		1,695.5
Financial Services	2,500.7		2,491.9
Total assets from reportable segments	6,633.6		6,355.7
Corporate	1,804.3		1,633.0
Elimination of intersegment receivables	(82.3)		(91.9)
Total assets	$	8,355.6	$	7,896.8