Smith & Wesson Brands Inc 2025年度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. The aggregate market value of Common Stock held by non-affiliates of the registrant (43,827,792 shares) based on the last reported sale price of the registrant’s common stock on the NasdaqGlobal Select Market on October 31, 2025, which was the last business day of the registrant’s most recently completed second fiscal quarter, was $420,089,386. For purposes of this computation, allofficers, directors, and 10% beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed to be an admission that such officers, directors, or 10% beneficialowners are, in fact, affiliates of the registrant.As of June 15, 2026, there were 44,727,068 shares of the registrant’s common stock outstanding at a par value of $.001 per share. Portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. Auditor Location: Nashville, TN, USA TABLE OF CONTENTS PART I ITEM 1.BUSINESS1ITEM 1A.RISK FACTORS14ITEM 1B.UNRESOLVED STAFF COMMENTS31ITEM 1C.CYBERSECURITY31ITEM 2.PROPERTIES33ITEM 3.LEGAL PROCEEDINGS33ITEM 4.MINE SAFETY DISCLOSURES33PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES34ITEM 6.RESERVED35ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS36ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK42ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA42ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE42ITEM 9A.CONTROLS AND PROCEDURES43ITEM 9B.OTHER INFORMATION44ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS44PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE45ITEM 11.EXECUTIVE COMPENSATION45ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS45ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE45ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES45PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES46ITEM 16.FORM 10-K SUMMARY49SIGNATURES50INDEX TO CONSOLIDATED FINANCIAL STATEMENTSF-1 Smith & Wesson®, S&W®, M&P®, M&P Shield®, Performance Center®, Abyss®, Airlite®, Airweight®, AmericanGuardians®, Armornite®, Arrow®, Aurora-II®, Blast Jacket®, Bodyguard®, Carry Comp®, Chiefs Special®, Club 1852®,Competitor®, CSX®, Dagger®, Empowering Americans®, Eg-Series®, ETM®, EZ®, Flexmag®, G-Core®, Gemtech®, GemtechSuppressors®, GM®, GM-S1®, Governor®, GVAC®, Integra®, Lady Smith®, Lever Lock®, Lunar®, M&P FPC®, M2.0®,Magnum®, Mist-22®, Mountain Gun®, Protected by Smith & Wesson®, Put A Legend On Your Line®, Quickmount®, Shield®,Silence is Golden®, Smith & Wesson Collectors Association®, Smith & Wesson Performance Center®, Smith & WessonPrecision Components®, Smith & Wesson Response®, SW Equalizer®, SW22 Victory®, TEMPO®, The S&W Bench®, TheSigma Series®, Trek®, Volunteer®, and Weather Shield® are some of the registered U.S. trademarks of our company or one of oursubsidiaries. This Annual Report on Form 10-K also may contain trademarks and trade names of other companies. This Annual Report on Form 10-K includes market and industry data that we obtained from industry publications, third-partystudies and surveys, government agency sources, filings of public companies in our industry, and internal company surveys.Industry publications and surveys generally state that the information contained therein has been obtained from sources believed tobe reliable. Although we believe the foregoing industry and market data to be reliable at the date of the report, this informationcould prove to be inaccurate as a result of a variety of matters. The statements contained in this Annual Report on Form 10-K that are not purely historical are forward-looking statementswithin the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of theSecurities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical factscontained or incorporated herein by reference in this Annual Report on Form 10-K, including statements regarding our futureoperating results, future financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectivesfor future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as“anticipates,” “believes,” “estimates,” “expects,” “intends,” “targets,” “contemplates,” “projects,” “p