托罗配件 2024年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒Annual Report Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the Fiscal Year Ended October 31, 2025 or☐Transition Report Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the Transition Period fromto Commission file number:1-8649 THE TORO COMPANY(Exact name of registrant as specified in its charter) 41-0580470(I.R.S. Employer Identification No.) Delaware (State or Other Jurisdiction ofIncorporation or Organization) 8111 Lyndale Avenue SouthBloomington, Minnesota 55420-1196Telephone Number: (952)888-8801 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)___________________________________________________________________ Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of RegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submitsuch files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large acceleratedfiler☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ The aggregate market value of the common stock held by non-affiliates of the registrant, based on the closing price of the common stock on May 2,2025, the last business day of the registrant's most recently completed second fiscal quarter, as reported by the New York Stock Exchange, wasapproximately $7.0 billion. The number of shares of the registrant's common stock outstanding as of December10, 2025 was 97,904,689. Documents Incorporated by Reference:Portions of the registrant's definitive Proxy Statement for the 2026 Annual Meeting of Shareholdersexpected to be held March17, 2026 are incorporated by reference into PartIII of this Annual Report on Form 10-K. THE TORO COMPANYFORM 10-KTABLE OF CONTENTS DescriptionPage NumberGENERALCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSPART IITEM 1.BusinessITEM 1A.Risk FactorsITEM 1B.Unresolved Staff CommentsITEM 1C.CybersecurityITEM 2.PropertiesITEM 3.Legal ProceedingsITEM 4.Mine Safety DisclosuresInformation About Our Executive OfficersPART IIITEM 5.Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity SecuritiesThe Toro Company Common Stock Comparative Performance GraphITEM 6.[Reserved]ITEM 7.Management's Discussion and Analysis of Financial Condition and Results of OperationsCompany OverviewResults of OperationsBusiness SegmentsFinancial PositionNon-GAAP Financial MeasuresCritical Accounting Policies and EstimatesITEM 7A.Quantitative and Qualitati