Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, Millions of Dollars Except Per Share Amounts) 
 FIRST QUARTER
 20252024
NET SALES$3,744.6 $3,869.5 
COSTS AND EXPENSES
Cost of sales2,623.8 2,761.0 
Gross profit1,120.8 1,108.5 
% of Net Sales29.9 %28.6 %
Selling, general and administrative867.0 851.8 
% of Net Sales23.2 %22.0 %
Other - net47.5 80.0 
Loss on sale of business0.3 — 
Asset impairment charge— 25.5 
Restructuring charges1.2 15.0 
Income from operations204.8 136.2 
Interest - net77.2 87.9 
EARNINGS BEFORE INCOME TAXES127.6 48.3 
Income taxes37.2 28.8 
NET EARNINGS$90.4 $19.5 
EARNINGS PER SHARE OF COMMON STOCK
Basic$0.60 $0.13 
Diluted$0.60 $0.13 
DIVIDENDS PER SHARE OF COMMON STOCK$0.82 $0.81 
WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands)
Basic151,028150,235
Diluted151,699150,941
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Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, Millions of Dollars)
 
March 29, 2025December 28, 2024
ASSETS
Cash and cash equivalents$344.8 $290.5 
Accounts and notes receivable, net1,566.0 1,153.7 
Inventories, net4,707.1 4,536.4 
Other current assets391.2 397.1 
Total current assets7,009.1 6,377.7 
Property, plant and equipment, net2,010.0 2,034.3 
Goodwill and other intangibles, net11,649.2 11,636.4 
Other assets1,827.9 1,800.5 
Total assets$22,496.2 $21,848.9 
LIABILITIES AND SHAREOWNERS’ EQUITY
Short-term borrowings$1,135.2 $— 
Current maturities of long-term debt849.4 500.4 
Accounts payable2,531.6 2,437.2 
Accrued expenses1,832.5 1,979.3 
Total current liabilities6,348.7 4,916.9 
Long-term debt4,755.2 5,602.6 
Other long-term liabilities2,550.7 2,609.5 
Shareowners’ equity8,841.6 8,719.9 
Total liabilities and shareowners' equity$22,496.2 $21,848.9 

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Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
SUMMARY OF CASH FLOW ACTIVITY
(Unaudited, Millions of Dollars)
 
FIRST QUARTER
 20252024
OPERATING ACTIVITIES
Net earnings$90.4 $19.5 
Depreciation and amortization128.4 140.2 
Loss on sale of business0.3 — 
Asset impairment charge— 25.5 
Changes in working capital1
(469.0)(359.8)
Other(170.1)(256.4)
Net cash used in operating activities(420.0)(431.0)
INVESTING AND FINANCING ACTIVITIES
Capital and software expenditures(65.0)(65.7)
Proceeds from sale of business, net of cash sold5.0 — 
Payments of long-term debt (500.0)— 
Net short-term commercial paper borrowings1,136.2 674.9 
Proceeds from issuances of common stock2.7 3.8 
Purchases of common stock for treasury(11.7)(6.3)
Cash dividends on common stock(124.5)(121.8)
Effect of exchange rate changes on cash31.5 (27.6)
Other1.6 0.5 
Net cash provided by investing and financing activities475.8 457.8 
Increase in cash, cash equivalents and restricted cash55.8 26.8 
Cash, cash equivalents and restricted cash, beginning of period292.8 454.6 
Cash, cash equivalents and restricted cash, end of period$348.6 $481.4 
Free Cash Flow Computation2
Net cash used in operating activities$(420.0)$(431.0)
Less: capital and software expenditures(65.0)(65.7)
Free cash flow (before dividends)$(485.0)$(496.7)
Reconciliation of Cash, Cash Equivalents and Restricted Cash
March 29, 2025December 28, 2024
Cash and cash equivalents$344.8 $290.5 
Restricted cash included in Other current assets3.8 2.3 
Cash, cash equivalents and restricted cash$348.6 $292.8 
1
Working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue.
2
Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners, and is useful information for investors. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items.
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Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION
(Unaudited, Millions of Dollars)

 
 FIRST QUARTER
 20252024
NET SALES
Tools & Outdoor$3,280.9 $3,284.6 
Engineered Fastening1
463.7 584.9 
Total$3,744.6 $3,869.5 
SEGMENT PROFIT
Tools & Outdoor$289.2 $255.7 
Engineered Fastening1
$39.0 $65.2 
CORPORATE OVERHEAD2
$(74.4)$(64.2)
Segment Profit as a Percentage of Net Sales
Tools & Outdoor8.8 %7.8 %
Engineered Fastening1
8.4 %11.1 %
1
In the first quarter of 2025, the Industrial segment was renamed “Engineered Fastening” as a result of a more focused portfolio following recent divestitures. The Engineered Fastening segment name change is to the name only and had no impact on the Company’s consolidated financial statements or segment results. The 2024 amounts shown above for the Engineered Fastening segment include the results of the Infrastructure business through the date of sale of April 1, 2024.
2
The corporate overhead element of SG&A, which is not allocated to the business segments for purposes of determining segment profit, consists of the costs associated with the executive management team and expenses related to centralized functions that benefit the entire Company but are not directly attributable to the business segments, such as legal and corporate finance functions, as well as expenses for the world headquarters facility.

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Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)

 
FIRST QUARTER 2025
 GAAPNon-GAAP Adjustments
Non-GAAP1
Gross profit$1,120.8 $16.7 $1,137.5 
% of Net Sales29.9 %30.4 %
Selling, general and administrative867.0 (22.0)845.0 
% of Net Sales23.2 %22.6 %
Earnings before income taxes127.6 31.5 159.1 
Income taxes2
37.2 7.5 44.7 
Net earnings90.4 24.0 114.4 
Diluted earnings per share of common stock$0.60 $0.15 $0.75 
FIRST QUARTER 2024
 GAAPNon-GAAP Adjustments
Non-GAAP1
Gross profit$1,108.5 $14.4 $1,122.9 
% of Net Sales28.6 %29.0 %
Selling, general and administrative851.8 (20.1)831.7 
% of Net Sales22.0 %21.5 %
Earnings before income taxes48.3 71.5 119.8 
Income taxes2
28.8 6.8 35.6 
Net earnings19.5 64.7 84.2 
Diluted earnings per share of common stock$0.13 $0.43 $0.56 
1
The Non-GAAP 2025 and 2024 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of certain gains and charges and ensures appropriate comparability to operating results of prior periods. See further detail on Non-GAAP adjustments on page 15.
2
Income taxes attributable to Non-GAAP adjustments are determined by calculating income taxes on pre-tax earnings, both inclusive and exclusive of Non-GAAP adjustments, taking into consideration the nature of the Non-GAAP adjustments and the applicable statutory income tax rates.
 


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Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
 
FIRST QUARTER 2025
 GAAP
Non-GAAP Adjustments1
Non-GAAP2
SEGMENT PROFIT
Tools & Outdoor$289.2 $25.0 $314.2 
Engineered Fastening$39.0 $7.7 $46.7 
CORPORATE OVERHEAD$(74.4)$6.0 $(68.4)
Segment Profit as a Percentage of Net Sales
Tools & Outdoor8.8 %9.6 %
Engineered Fastening8.4 %10.1 %
FIRST QUARTER 2024
 GAAP
Non-GAAP Adjustments1
Non-GAAP2
SEGMENT PROFIT
Tools & Outdoor$255.7 $22.9 $278.6 
Engineered Fastening$65.2 $5.7 $70.9 
CORPORATE OVERHEAD$(64.2)$5.9 $(58.3)
Segment Profit as a Percentage of Net Sales
Tools & Outdoor7.8 %8.5 %
Engineered Fastening11.1 %12.1 %
1
Non-GAAP adjustments for the business segments relate primarily to footprint actions and other costs associated with the supply chain transformation, as further discussed on page 15. Non-GAAP adjustments for Corporate overhead primarily consist of transition services costs related to previously divested businesses.
2The Non-GAAP 2025 and 2024 business segment and corporate overhead information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of certain gains and charges and ensures appropriate comparability to operating results of prior periods.













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Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS TO EBITDA
(Unaudited, Millions of Dollars)
FIRST QUARTER
20252024
Net earnings$90.4 $19.5 
% of Net Sales2.4 %0.5 %
Interest - net77.2 87.9 
Income taxes37.2 28.8 
Depreciation91.1 99.1 
Amortization37.3 41.1 
EBITDA1
$333.2 $276.4 
% of Net Sales8.9 %7.1 %
Non-GAAP adjustments before income taxes31.5 71.5 
Less: Accelerated depreciation included in Non-GAAP Adjustments before income taxes2.9 5.3 
Adjusted EBITDA1
$361.8 $342.6 
% of Net Sales9.7 %8.9 %
1
EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA excluding certain gains and charges, as summarized below. EBITDA and Adjusted EBITDA, both Non-GAAP measures, are considered relevant to aid analysis and understanding of the Company’s operating results and ensures appropriate comparability to prior periods.

SUMMARY OF NON-GAAP ADJUSTMENTS BEFORE INCOME TAXES
(Unaudited, Millions of Dollars)
FIRST QUARTER
20252024
Supply Chain Transformation Costs:
Footprint Rationalization2
$6.6 $8.4 
Material Productivity & Operational Excellence4.7 5.8 
Facility-related costs— 0.7 
Other charges (gains)5.4 (0.5)
Gross Profit$16.7 $14.4 
Supply Chain Transformation Costs:
Footprint Rationalization2
$6.1 $7.5 
Complexity Reduction & Operational Excellence10.0 0.3 
Acquisition & integration-related costs— 2.8 
Transition services costs related to previously divested businesses5.3 5.5 
Other charges0.6 4.0 
Selling, general and administrative$22.0 $20.1 
Income related to providing transition services to previously divested businesses$(6.8)$(5.5)
Environmental charges(1.1)— 
Deal-related costs and other(0.8)2.0 
Other, net$(8.7)$(3.5)
Loss on sale of business$0.3 $— 
Asset impairment charge3
— 25.5 
Restructuring charges 1.2 15.0 
Non-GAAP adjustments before income taxes$31.5 $71.5 
2
Footprint Rationalization costs in 2025 and 2024 primarily relate to accelerated depreciation of production equipment and site transformation and re-configuration costs. Facility exit costs related to site closures are reported in Restructuring charges.
3
The $25.5 million pre-tax asset impairment charge in 2024 related to the Infrastructure business.
15
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP REVENUE GROWTH TO ORGANIC GROWTH
(Unaudited)

FIRST QUARTER 2025
GAAP Revenue GrowthLess: AcquisitionsPlus: DivestituresLess:
Product Line Transfer		Less: Currency
Non-GAAP Organic Growth1
Stanley Black & Decker-3 %- %2 %- %-2 %1 %
Tools & Outdoor- %- %- %- %-1 %1 %
North America2 %- %- %- %- %2 %
Europe-2 %- %- %- %-2 %- %
Rest of World-9 %- %- %- %-6 %-3 %
Engineered Fastening-21 %- %16 %-2 %-2 %-1 %
1Non-GAAP Organic Growth, as reconciled to GAAP Revenue Growth above, is utilized to describe the change in the Company’s sales excluding the impacts of foreign currency fluctuations, acquisitions during their initial 12 months of ownership, and divestitures. Organic growth is also referred to as organic sales growth and organic revenue growth.
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