实耐宝 2025年度报告

Snap-on Incorporated(Exact name of registrant as specified in its charter) 39-0622040(I.R.S. Employer Identification No.) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such 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, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section13(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 internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issuedits 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 in the filingreflect 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 compensation received byany 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 Rule 12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of voting and non-voting common equity held by non-affiliates (excludes 1,130,216 shares held by directors and executiveofficers) computed by reference to the price ($311.01) at which common equity was last sold as of the last business day of the registrant’s most recentlycompleted second fiscal quarter (June28, 2025) was $15.9 billion. The number of shares of Common Stock ($1.00 par value) of the registrant outstanding as of February6, 2026, was 51,913,121 shares. DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates by reference certain information that will be set forth in Snap-on Incorporated’s Proxy Statement,which is expected to first be mailed to shareholders on or about March 12, 2026, prepared for the Annual Meeting of Shareholders scheduled for April30,2026. TABLE OF CONTENTS PagePARTIItem1Business4Item1ARisk Factors13Item1BUnresolved Staff Comments21Item1CCybersecurity21Item2Properties23Item3Legal Proceedings25Item4Mine Safety Disclosures25PARTIIItem5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities25Item6[Reserved]27Item7Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item7AQuantitative and Qualitative Disclosures About Market Risk51Item8Financial Statements and Supplementary Data53Item9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure53Item9AControls and Procedures53Item9BOther Information55Item9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections55PARTIIIItem10Directors, Executive Officers and Corporate Governance56Item11Executive Compensation57Item12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters57Item13Certain Relationships and Related Transactions, and Director Independence57Item14Principal Accountant Fees and Services58PARTIVItem15Exhibit and Financial Statement Schedules58Item16Form 10-K Summary61Signatures118Consent of Independent Registered Public Accounting Firm120Certifications121 PART I Safe Harbor Statements in this document that are not historical facts, including statements that (i) are in the future tense, (ii) include the words “expects,”“plans,” “targets,” “estimates,” “believes,” “anticipates,” or similar words that reference Snap-on Incorporated (“Snap-o