Good morning, and welcome to the Snap-on Incorporated fourth quarter and full-year 2025 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Sara Verbsky, Vice President of Investor Relations. Please go ahead. Thank you, Drew, and good morning, everyone. We appreciate you joining us today as we review Snap-on's fourth quarter and full-year results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer, and Aldo Pagliari, Snap-on's Chief Financial Officer. Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of our financial results. After Nick provides some closing thoughts, we'll take your questions. As usual, we've provided slides to supplement our discussion. These slides can be accessed under the Downloads tab in the webcast viewer, as well as on our website, snapon.com, under the Investors section. The slides will be archived on our website, along with a transcript of today's call. Any statements made during this call relative to management's expectations, estimates, or beliefs, or that otherwise discuss management's or the company's outlook, plans, or projections are forward-looking statements, and actual results may differ materially from those made in such statements. Additional information and the factors that could cause our results to differ materially from those in the forward-looking statements are contained in our SEC filings. Finally, this presentation includes non-GAAP measures of financial performance, which are not meant to be considered in isolation or as a substitute for their GAAP counterparts. Additional information regarding these measures is included in our earnings release issued today, which can be found on our website. With that said, I'd now like to turn the call over to Nick Pinchuk. Nick? Thanks, Sara. Good morning, everybody. Well, I'll start by saying these times are some. Seems like every day brings a new twist of considerable significance. Fluctuating tariffs with big swings, unprecedented domestic and international events that dominate the news, prolonged government shutdowns, we just avoided another one. The hits just keep on coming. But as we speak about the period, I believe you'll see that in the middle of it all, Snap-on shined through with strength. I'm gonna tell you about that as we review the quarter. It's a story of resilient markets, sales progress, profitability, and continuing investments that further fortify our advantages in product and brand and in people. So as I cover the highlights of the last three months, I'll give you my perspective on the performance, on the markets, and on the progress we've made. Then Aldo will move into a more detailed review of the financials. Our fourth quarter was encouraged. We believe it emphatically serves as testimony that our balanced approach, growth, and improvement is effective enough, our advantages are powerful enough, and our team is experienced, capable, and committed enough to perform even in the most challenging of environments. So here are the numbers. In the fourth quarter, sales were $1,231.9 million, up 2.8% from last year as reported, including a 1.4% organic increase and $15.6 million unfavorable foreign currency. Positive growth against the wind. Our OpCo operating income, OI, for the quarter was $255.2 million, equal to last year's, and the OI margin for the period was 21.5%, 60 basis points short of last year. The impact of unfavorable currency, combined with additional investments in brand building and product development. For financial services, OI of $74.4 million was up $7.7 million, or 11.5% from last year, due in a large part to the 53rd week in the 2025 fiscal calendar being uniquely beneficial to the credit card. And when combined with OpCo, the overall earnings for the corporation of $339.6 million was up 2.3% versus 2024, and the total margin was 25.3%. Our overall quarterly EPS, it reached $4.94, up $0.12 from the $4.82 recorded last year. You know, the quarter shows the same resilience demonstrated over the years as we've paid dividends every quarter since 1939, without a single interruption or reduction. In fact, in November, it was with clear belief in our future that we raised our dividend by 14%, the 16th straight year of increase. It was another strong and tangible estimate to Snap-on's consistency right through a variety of environments. Well, those are the numbers. Now to the markets. We believe the automotive repair remains very favorable, and that's validated by the average age of the car park, now at 12.8 years, and it's continuing to rise. By the growing complexity of new platforms driving more difficult and time-consuming repairs, and by the ongoing climb in household spending on vehicle repair, it's up again. And the vehicles and fixers all over are cashing in on the surge. Tech wages are up again. extending a, you know, fairly positive trend. Hours worked in the bays are also on the rise. We believe technicians are financially stronger than ever, and their prospects just keep getting better. It's unmistakable. There's a growing demand for capable vehicle repair. Shop owners tell us all the time, they need more techs, and we believe this need will continue for several years. You know, in fact, here's a good piece, I think. A recent article in The Economist, "Ditch textbooks and learn how to use a wrench to AI-proof your job." That piece emphasized the considerable need for more technicians and the solid security provided by the profession, and it cites vehicle repair as one of the most AI-proof of jobs. Work is pretty challenging, both physically and mentally. Each repair is different, with variations and conditions that never seem to be the same, and as such, a mechanic needs a mastery of a massive repertoire of procedures, must summon the logic to troubleshoot puzzling failures, and must be able to navigate intricate mechanical setups with precision. It's a job that's getting more complex every day. The techs need help in keeping up, and Snap-on's well positioned, very well positioned, to do just that. Now, in a related but different segment, shop owners and managers are also adapting, continuing to invest in the advanced commercial equipment and specialty tools required to attend the latest vehicles. This is where repair assistance information, or the RS&I group, resides. It's a target-rich environment. It's a target-rich environment for our capable undercar and collision equipment, and it's a great and growing opportunity for our expanding array of software and data products. It's an arena where Snap-on's well-positioned with our extensive line of proprietary and comprehensive databases, billions of data points, now leveraged with large language models, language machine learning programs that search the, the exhaustive and complex information, matching the problem signature with just the right repair procedure in a split second, greatly expediting the vehicle fix, increasing shop productivity, and getting the vehicle back on the road faster than ever. Again, this quarter, I had the opportunity to meet with our franchisees from coast to coast. They're a great barometer. They were all positive about the new, about the now, and very enthusiastic about their futures. Sure, they still encounter the, the ongoing hesitation of techs have toward long-term payback for, you know, purchases. But at the same time, they're energized by the success of the Tools Group execution, pivoting the faster payback items, rolling out a continuous stream of innovative offerings that are making difficult and critical repair work faster and much easier. Now, in the current environment, tool storage remains the most impacted category, but we do see demand for smaller boxes, and our large range of accessories are starting to roar. In fact, the fourth quarter showed, you know, kind of some significant improvement in origination. They were almost flat in the quarter. It's a clear gain that bodes well for our future. It appears that our pivot is working. So despite the challenges, automotive repair remains robust, and we believe we're well positioned to capitalize. Now, let's turn to critical industries, where our commercial and industrial, or C&I Group, operates with a focus on taking Snap-on out of the garage to places where work is very critical, justifying a Snap-on level product. Complex tasks performed in harsh and grueling environments, from oil fields to subsea floors to clean rooms for chip manufacturing and to tightly controlled bays for rocket manufacturing. This arena relies on our extensive catalog of products that provide precision, durability, reliability, and repeatability, all characteristics required to get the job done where the tasks are essential and critical. We believe we have a decisive advantage in these critical areas, and we keep investing to make it even stronger, and the fourth quarter was no exception. This is also in the market where the largest global footprint for us, and, you know, that creates challenges in navigating the international headwinds, like government protocols, varying economies, and currency fluctuations. During the quarter, Europe saw the continuing impact of the Ukrainian war, and Asia was marked by the general loss of confidence in the Chinese economy and the impact of the evolving U.S. tariff regime. Changes all the time. More than any group, C&I encounters these obstacles from country to country, and it does cause some adversities across the group. But we're confident we have the strengths to overcome the variation and keep progressing, making the most of the abundant opportunities in this critical sector. So that's an overview of our markets. Resistance against turbulence, turbulence filled with opportunities, and we're well. I should say resilience and resistance against the turbulence, and it's filled with opportunities. We're well positioned to leverage the possibilities, progressing down our runways for growth, efforts that are fortified by our Snap-on Value Creation Processes, safety, quality, customer connection, innovation, and rapid continuous improvement, or RCI. The core activities that underpin our performance, enabling it to hold fast despite the difficult headwinds of these days. Now for the operating groups. Let's start with C&I. Fourth quarter sales of $398.1 million for the group were up $18.9 million, or 5%, with an organic gain of $2.8 million and $7.9 million of favorable foreign currency translation. Our power tool division led the way with that growth, with double-digit gains. Moving forward on the market enthusiasm for our new innovative power solutions that make work much easier. The specialty torque business was also up, driven by the ever-growing need for precision instruments and in the critical industries. Come back! Our industrial operations overcame the impact of the prolonged U.S. government shutdown. It kind of cut off things for a while. Things were kind of slow for a while. They overcame that, wielding its increasingly powerful custom kitting operations like never before, to come roaring down the stretch, registering a positive volume and catching up. I mean, you should have seen this team, seen them working on catching up. It was a wowzer. OI for C&I was $60.6 million, included a benefit of $4.5 million related to the refinement of our footprint, and it compared with the $63.5 million registered last year. The OI margin was 15.2% versus the 16.7% in 2020, 2024, primarily due to material cost increase and stronger sales in some of the group's lower-margin businesses. As I said, the sales growth was fueled by new innovative power tools, engineered by our team in Murphy, North Carolina, and Kenosha, Wisconsin. In the back half of the quarter, for example, we launched our new Nano Axcess Cordless Lineup. I mean, this baby is groundbreaking. Developed from insights gained from customer connections right in the shops at the point of work. The Nano is a compact power tool, and when I say compact, I mean small enough to fit right in the palm of your hand, and it can be carried everywhere in a small pocket to be always on hand when the need arises. It's a big advantage as techs change positions across the shop or venture out into the yard. The unit also has an internal ampere-hour battery that drives over 600 fasteners. 600 fasteners on a single charge! You see, from our customer connections, we know that most inspections and general repairs are low-torque applications, like removing panels, clamps, and fasteners under the dash and in crowded engine compartments. For these common tasks, the Nano has the power for rapid renewal, or removal, the control to avoid stripping the fastener, and has the right size to fit where no other power tool can go. It's a real time saver and a fast payback item, and it's right on target for the environment. The initial release featured two models, one straight and one 90-degree pistol driver. Both units set new records for new power tool rollouts. Pretty strong. Also in the quarter, our City of Industry factory in California launched our new ControlTech+ Torque Wrench. It's a unit that has the high precision needed for critical industries, and performs with great reliability in the harsh conditions that are often encountered outside the garage. It's robust, all-steel construction is durable, perfect for heavy-duty use, and the design includes a large LED display that's visible in bright sunlight or in dark work areas, anywhere an industrial tech plies their trade. And that unit is intrinsically safe, meaning it's certified to work in flammable areas. It's an important feature for critical applications, and the internal rechargeable battery ensures the device is always powered up and ready for work. Our new Control Tech: accurate, durable, easier to use, and safe, taking Snap-on out of the garage and helping deliver the C&I quarter. Well, that's C&I. Sales up, a powerful comeback, wielding our critical custom kit capacity, Mighty Mite power tools, and precision torque, rising, all rising to new levels. Now, on to the Tools Group. Quarterly sales of $505 million. Quarterly sales were $505 million, down from the $506.6 million of last year. But the OI was $107.3 million, up from the $106.9 million last year, and the OI margin was 21.2%, rising ten basis points. The fluctuating tariffs, the prolonged shutdowns, and the constant parade of big bang actions and ideas coming out of Washington have stoked technician uncertainty and reinforced reluctance toward longer payback items. But the Tools Group's ongoing visit has authored a series of shorter payback items that are bringing high value and strengthened margins for the shop. That positive is evidenced by the, by the group's gross margins of 46.1%, a gain of 150 basis points over last year, despite the flat volume. Boom, shakalaka! This is an eye-popper. And at the same time, even in the turbulence, we remain committed toward investing. Even in the turbulence, we remain committed toward investing in the van network, maintaining our advantage in product and branding and people. So the quarter in the Tools Group. So in the quarter, spending on operating expenses rose 140 basis points, helping to ensure that the group will be at full strength. When the uncertainty thaws. But the Snap-on core, the core of our business here is our powerful product line. Now over 85,000 strong across the corporation, over 40,000 just in the Tools Group, and the period saw a number of great new examples in the Tools Group. During the quarter, our Milwaukee, Wisconsin facility released a new line of impact flex sockets. Customer connection identified a range of tasks where removing components to access the fix was burning a lot of tech time. Armed with that insight, our engineers have designed the new 307RIPLMS, a seven-piece impact socket set featuring extra long, reduced diameter shafts and low-profile hex heads. Now, its design enables easy access to deeply recessed fasteners, and it provides a clearance around blocking obstructions, all without removing additional parts. It's an ideal tool for speeding up routine tasks like brake caliper removals, catalytic converter replacements, and extracting exhaust manifold bolts. Our new long shaft impact socket set is a winner. It increases productivity, creates quick paybacks, and the technicians have noticed, making this design another hit product, $1 million hit product. Also, rolling out of the Algona, Iowa plant, a new tool storage configuration, the KTL1021, a 54-inch single-bank Masters Series roll cab, but with the unique features that all seven drawers span the full width of the box, and those drawers are equipped with heavy-duty, heavy-duty dual bearing ball bearing slides. The unit has the space and the strength to handle additional storage within a compact footprint, 9,300 square inches, to be exact. Now, space and strength define a storage utility, and the new unit has plenty of space for our foam organizing trays that techs love and a load capacity of nearly 3.5 tons. Big! It's an offering with powerful capabilities at a mid-range price point, and it's just the storage product for this environment, and as you might expect, it was a great success, success. Some of what you see in the originations come from this. Well, that's the Tools Group. Matching technician preferences, leveraging customer connection, investing in our strengths, all in the turbulence. Now for RS&I. Sales in the quarter were $467.8 million, up $11.2 million compared to 2022, and including our organic sales gain of $4.8 million, the group's 5th consecutive quarter of growth against the turbulence. Higher volume with vehicle OEMs and dealerships and gains within information databases to independent garages led the way, more than offsetting lower sales and big-ticket diagnostic units. RS&I operating earnings for the quarter were $117.7 million, and the operating margin was a strong 25.2%, but it was down 140 basis points from the 26.6% recorded last year. You know, that, that reduction represents very robust investment in software development and brand building. Similar to Tools Group, RS&I gross margins were strong, 46.9%, about equal to last year, despite cost increases. Just like Tools, the group invested to build its advantage in both hardware and software, helping, you know, driving the operating expenses 100 basis points over last year, thus the numbers. But we believe the spending will be well worth it and will make our advantages even stronger going forward. You see, growing vehicle complexity, paired with an aging car park, makes understanding the different vehicle setups very difficult, especially with the variations of creature comforts and safety equipment found in modern vehicles. And this is where RS&I excels, converting billions of data points within microseconds and delivering it into the hands of the techs, enabling them to diagnose the problem and execute the fix quickly. And it's already happened. In the quarter, the group released the all-new MT, the Snap-on MT2600 diagnostic platform, offering a quick payback unit position that's a powerful entry-level device for the diagnostic arena, for the automotive diagnostic arena. The new unit's capable of communicating with 50 different OEMs from around the globe on models dating back to 1983. In other words, it handles a wide range of vehicles, and it is fast, with live data graphs, functional tests, and the capability to reset service and check engine, and check engine lights. Plug into a vehicle's diagnostic port, and presto, it's ready to go. No time wasted loading software. It automatically identifies the vehicle VIN-specific information. You know, just 'cause it's the same make and model doesn't mean the vehicle's the same in the repair world. Models are not the same in the repair world. One could have been ordered with options like parking assist and the other with air ride suspension. But there's no need to look it up now. The MT2600 knows the unique differences instantly without any additional input, and it's a real time saver, it's a productivity advancer, and it's a pay raiser for entry-level techs. The Snap-on MT2600, a powerful feature set and a price align to match current technician preferences, and it was a hit with franchisees and with the customers alike. So that's RS&I. Trends remain robust, aging car park, vehicle technology continuing to advance, making repairs complex, abundant opportunities for growth, and Snap-on has the position and the product line up to take advantage, and we're investing to extend that lead. That's our fourth quarter performance in the midst of turbulence. C&I sales up, critical industries impeded by the shutdown, but roaring back to report a positive. Substantial gains with new power tools and precision torque products. The Tools Group, about flat, attenuated by tech uncertainty, but growing gross margins, up 150 basis points without a volume boost. Continuing investments in products, in brands, and its people. RS&I, a fifth straight quarter of growth gains with OEMs and independent shops, strengthening its proprietary database and its software. The overall business, sales up 2.8% as reported, 1.4% organically, and an EPS of $4.94, up again over last year. Progress and investment in a difficult market. It was an encouraging quarter. Now I'll turn the call over to Aldo. Aldo? Thanks, Nick. Our consolidated operating results for the fourth quarter are summarized on Slide six. Net sales of $1,231.9 million in the quarter represented an increase of 2.8% to 2024 levels, reflecting a 1.4% organic sales gain and $15.6 million of favorable foreign currency translation. Sales in our commercial and industrial sector, or C&I Group, increased year-over-year, led by strong performances with critical industry customers and robust sales by our power tools operation. In our automotive repair market, sales gains with repair shop owners and managers were somewhat tempered by slightly lower activity through our franchise van chain. Consolidated gross margin of 49.2% compared to 49.7% in the fourth quarter last year. The decline of 50 basis points primarily reflected higher material and other costs, as well as higher sales and lower gross margin businesses within the C&I Group. These headwinds were partially offset by benefits from the company's RCI initiatives, and while Snap-on is relatively advantaged in the current tariff environment, generally manufacturing products in the markets where they're sold, our costs can be affected by trade policies. Operating expenses as a percentage of net sales of 27.7%, compared to 27.6% in 2024. Operating earnings before financial services of $265.2 million in the quarter were unchanged from last year. As a percentage of net sales, operating margin before financial services of 21.5% compared to the 22.1% reported in 2024. As you may know, Snap-on operates on a fiscal calendar, which results in an additional week being added to our fiscal year every 5-6 years. Accordingly, the 2025 fiscal year contained 53 weeks of operating results, with the extra week relative to the prior year occurring in the fourth quarter. While the impact of this additional week was not material to Snap-on's consolidated fourth quarter total revenues or net earnings, our financial services segment did earn an additional full week of interest income from its financing portfolio. At the consolidated level, the net earnings benefit from the additional week of financial services interest income was largely offset by a corresponding additional week of fixed expenses, primarily personnel-related costs. With that said, financial services revenue of $108.0 million in the fourth quarter, including $7.4 million of revenue resulting from the extra week of interest income, compared to $100.5 million last year, while operating earnings of $74.4 million, compared to $66.7 million in 2024. Consolidated operating earnings of $339.6 million, compared to $331.9 million last year. As a percentage of revenues, the operating earnings margin of 25.3% compared to 25.5% in 2024. Our fourth quarter effective income tax rate was 22.3% in 2025 and 22.5% in 2024. Net earnings of $260.7 million, or $4.94 per diluted share, compared to $258.1 million, or $4.82 per diluted share in 2024. Now, let's turn to our segment results for the quarter. Starting with the C&I Group on slide seven, sales of $398.1 million rose $18.9 million compared to 2024 levels, reflecting a 2.8% organic sales increase and $7.9 million of favorable foreign currency translation. The organic gain includes a mid-single-digit increase in activity with customers in critical industries, a double-digit rise in power tools, and a mid-single-digit improvement in specialty torque. These gains were partially offset by lower sales to the United States markets by the Asia Pacific business. Overall, the organic sales gain largely reflects successful new product launches from our power tools operation and continued improving demand from our critical industry customers, including those in the United States and international aviation, heavy duty, and technical education. Despite delays associated with the government shutdown in October and November, sales into military and defense applications rebounded and were down only slightly for the quarter versus last year, with activity increasing as we exited the fourth quarter. Gross margin of 38.6% compared to 41% in 2024. This decline was primarily due to higher material and other costs, increased sales in lower gross margin businesses, and 30 basis points of unfavorable foreign currency effects, partially offset by savings from RCI initiatives. During the fourth quarter, the C&I Group refined its footprint and go-to-market strategy, resulting in a net benefit to operating expenses of $4.5 million. As detailed on slide seven, these actions included a net gain on the sale of a building that was partially offset by costs to retire certain trademarks and by restructuring charges. As such, operating expenses as a percentage of sales of 23.4% in the quarter, including the net benefit, compared to 24.3% last year. Operating earnings for the C&I Group of $60.6 million, compared to $63.5 million in 2024, and the operating margin of 15.2%, compared to 16.7% last year. Now, turning to slide eight. Sales in the Snap-on Tools Group of $505 million, compared to $506.6 million last year, reflecting a 0.7% organic sales decline, largely offset by $1.8 million of favorable foreign currency translation. The organic decrease reflects a low single-digit decline in the United States, partially offset by a high single-digit gain in the segment's international operations. During the quarter, we believe our ongoing pivot to featuring the benefits of shorter payback items continued to mitigate the persistent uncertainty of technician customers in the current environment. Gross margin improved 150 basis points to 46.1% in the quarter from 44.6% last year, mostly due to a year-over-year shift in product mix, including higher sales of new products and savings from the segment's RCI initiatives. Operating expenses as a percentage of sales of 24.9%, compared to 23.5% in 2024, largely reflecting increased brand building and other costs. Operating earnings for the Snap-on Tools Group of $107.3 million, compared to $106.9 million in 2024. The operating margin of 21.2% improved 10 basis points from last year. Turning to the RS&I Group, shown on slide nine. Sales of $467.8 million, compared to $456.6 million a year ago, reflecting a 1% organic sales increase and $6.4 million of favorable foreign currency translation. The organic improvement includes low single-digit gains in activity with OEM dealerships and in sales of diagnostics and repair information products to independent repair shop owners and managers. While our undercar equipment sales were flat with last year, the business experienced improving activity in all of our product lines outside of collision repair, which continued to be down year over year. Gross margin for the RS&I Group of 46.9%, compared to 47% last year, and savings from RCI nearly offset the effects of tariffs and higher material costs. Operating expenses as a percentage of sales of 21.7%, compared to 20.4% in 2024, largely reflecting increased activity in higher expense businesses and a rise in other costs. Operating earnings of $117.7 million, compared to $121.4 million last year, the operating margin of 25.2%, compared to 26.6% reported in 2024. Now, turning to slide 10. Revenue from financial services of $108 million, compared to $100.5 million last year. As previously stated, this includes $7.4 million of higher revenue, resulting from a full additional week of interest income due to our 53 week fiscal year. Financial services operating earnings of $74.4 million, compared to $66.7 million in 2024, largely reflecting the additional interest income. Financial services expenses of $33.6 million, compared to $33.8 million last year. As a percentage of the average financial services portfolio, expenses were 1.3% in the fourth quarters of both 2025 and 2024. In the fourth quarter, the average yield on finance receivables of 17.6% in 2025, compared to 17.7% in 2024, while the average yield on contract receivables was 9.1% in both years. Total loan originations of $285.1 million in the fourth quarter were unchanged from last year, and on a year-over-year basis, reflected stable originations of tool storage products. Moving to slide 11. Our year-end balance sheet includes approximately $2.5 billion of gross financing receivables, with $2.2 billion from our U.S. operations. For extended credit or finance receivables, the U.S. 60+ day delinquency rate of 2.1% is up 10 basis points from the fourth quarter of 2024. Additionally, it is also up 10 basis points from last quarter, reflecting the typical seasonal increase between the third and fourth quarters. Trailing twelve-month net losses for the overall extended credit portfolio of $72.1 million represented 3.67% of outstandings at year-end. We believe that these portfolio performance metrics remain relatively balanced considering the current environment. Now, turning to slide 12. Cash provided by operating activities of $268.1 million in the quarter decreased $25.4 million from comparable 2024 levels, primarily reflecting a $52.7 million increase in net cash paid for income taxes, partially offset by a $23 million decrease in working investment. Net cash provided by investing activities of $25.9 million included proceeds from the sale of a building, a net decrease in finance receivables of $11.2 million, as well as capital expenditures of $13.5 million. Net cash used by financing activities of $204.5 million included cash dividends of $126.7 million, and the repurchase of 227,000 shares of common stock for $80.4 million under our existing share repurchase program. As of year-end, we had remaining availability to repurchase up to an additional $260 million of common stock under our existing authorizations. Turning to Slide 13. Trade and other accounts receivables of $881.4 million represented an increase of $65.8 million from 2024 year-end levels, and included $25.3 million of foreign currency translation, $19.8 million related to the previously discussed sale of a building, and a higher mix of sales with longer payment terms. Day sales outstanding of 67 days compared to 62 days at year-end 2024. Inventories increased by $81.8 million from 2024 year-end levels, and that included $41.4 million of foreign currency translation. On a trailing 12-month basis, inventory turns of 2.4 were the same as last year ended. Our year-end cash position of $1,624.5 million compared to $1,360.5 million at the end of 2024. In addition to our existing cash and expected cash flows from operations, we have more than $900 million available under our credit facilities. There were no amounts borrowed or outstanding under the credit facilities during the year, nor was any commercial paper issued or outstanding at the end of the year. That concludes my remarks on our fourth quarter performance. Now, the few outlook items for 2026. With respect to corporate costs, we currently believe that the expenses will approximate $28 million each quarter. We expect that capital expenditures for the year will approximate $100 million, and we currently anticipate that our full-year 2026 effective income tax rate will be in the range of 22%-23%. I'll now turn the call back to Nick for his closing thoughts. Nick? Thanks, Aldo. Well, that's the quarter. Sales growth, solid profitability, and expanded investments in fortifying our inherent advantages, all in a time of turbulence, tariffs, shutdown, and conflicts, considerable uncertainty. C&I sales were up 5% as reported, 2.8% organically. A late comeback for critical industries, recovering some of the shutdown impact, great- and great new products in power tools and specialty torque. Tools Group, volume down 0.3% as reported, 0.7% organically, about flat. OI margin of 21.2%, up 10 basis points, and gross margins of 42.1%, up 150 basis points against the impacts of higher material costs and inflation. In RS&I, sales up 2.5% as reported, 1% organically. OI margins down, but still strong at 25.2%, and gross margins about flat, resistant to the pressure of cost rises and tariffs, making gains on our advantage in both software and data. It all came together for diluted EPS of $4.94, up from the $4.82 reported last year. It was, as I said many times this call, an encouraging quarter. Going forward, we believe we'll benefit from our continuous investment in building our advantages. The uncertainty appears to be in for a thaw, and we believe the resilience of our markets will continue, essential and critical as they are. We are building our advantages, and they are in our all our advantages, and they are powerful. With our advantage in product, our tools really do solve critical tasks, and we have more than 85,000 of them, with new entry, entries always coming. Our advantages in brand. Snap-on really is the outward sign of pride and dignity of working, that working men and women take in their professions. It's a respected and preferred name. And with our advantages in people, skilled, committed, battle-tested, and enlisted in the expectation of success as a standard. We believe these strengths will set us apart, will enable us to overcome the turbulence, and will drive Snap-on to extend its positive trajectory throughout this year and well beyond. Before I turn the call over to the operator, I'll just speak directly to our franchisees and associates. When I refer to our advantages, both now and in the future, I think of you. The quarter was encouraging, and your conviction and hard work has made it so. For your success, once again, in authoring another positive performance, you have my congratulations. For the intense energy and extraordinary capability you bring to bear every day, you have my admiration, and for your continued commitment to our team and your unfailing confidence in our shared future, you have my thanks. Now, I'll turn the call over to the operator. Operator? Thank you. We will now begin the question-and-answer session. To ask a question, you may press star, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Scott Stember with Roth Capital. Please go ahead. Good morning, and thanks for taking my questions. Mr. Scott Stember, how are you? Good. Thank you. Thank you. Hopefully, the same for you. Question on the Tools Group. You know, you know, saw a little bit of a rebound in the previous couple of quarters and returned a little bit negative here. Just trying to get a sense, are you seeing any increased level of technician softness, or is this you guys just having a greater availability of these quicker payback items, and we're just seeing a little, a little bit more of a mix towards the lower. Actually. Ticket items? That's a great question. Look, I think this, you know, it's about flat. We were up a little bit the last time, you know, so you could look at that as back, but we don't see it that way. We see that the quarter was pretty turbulent. You know, you might think that the shutdown doesn't affect the Tools Group, but you should have been there talking to the franchisees of Maryland and Virginia. They didn't think it had any effect. They didn't think it was a no effect situation. And then the tariffs are getting pretty turbulent, and you just think about Canada. There have been 29 different presidential or prime minister pronunciations since the beginning of the year about changing the tariffs with Canada, and the other tariffs are not the way they are. And then you have this news every time you get up and you look at the news, you see things. So that affected their, I think, their general view, and then we heard a little bit about that. So I think that was part of it. Now, I think I said in the call, I think sooner or later our people gotta get used to this, so you could kind of expect a thaw coming. You saw green shoots, I think, in the originations being kind of flattish year-over-year. Down a little bit, but that's better than it's been. So you kind of believe that, boy, things are. That's a change, and part of it is pivot, but some of it may be some thaw. So we see that. And then one of the things I think that's eye-popping, I said so in the call is, geez, in this time, their gross margins are up 150 basis points? Wowza! You know, so they, so whatever the Tools Group is doing and executing, they're doing pretty well within the conditions they've been handed. Gotcha. And I think you alluded to tool storage, actually. I think you said it was kind of flattish in the quarter. Can you talk about actual hand tools, diagnostics, just some of the other subsegments? Sure. Sure. Look, look, I'm not gonna give you exact numbers. I don't wanna, you know, pin myself to that cross. But, but, but I think. Look, this, I didn't really say that tool storage is up. I said that originations, which is not what the Tools Group does. Remember, Tools Group sells to the franchisee, and the franchisee on sells, and that becomes an origination. So the originations are more an indication of what's happening at the level between the franchisee and the customer. So that was sort of flattish, which is, you know, all the same positives, as I said, the tool storage was still down some year-over-year in the, in the Tools Group selling to the franchisees. Hand tools was better, diagnostics was down, power tools was up. Oh, okay. Sorry about that. And then just a last question. Sure. Sales, onto the van versus off of the van? You know, I hate talking about this, Scott, you know, because no month is significant, really, fully significant. You know, we always say that it has a lot of variations from month to month, but it all comes out in a wash in the end, and generally, what we sell on the van equals what we sell off. But this quarter, sales were up, you know, kind of substantially bigger. I don't know if you'd call it substantially, but clearly with quite a bit of room, bigger off the van than our sales to the van. So I think that's a better, I would say that's a nice data point, better than a poke in the eye with a sharp stick, but I'm not gonna hang my hat on it. But it is, if you wanna classify green shoots, maybe this is a green shoot. I just hope the rabbits don't eat the green shoot, you know? But I think, you know, it's a positive thing. Got it. That's great. Thank you so much. Sure. The next question comes from Luke Junk with Baird. Please go ahead. Good morning, and thanks for taking the question. Maybe it's good, just jump off on one of the things you just said, Nick. Diagnostics, I think you said was down in the Tools Group in the quarter. Can we just maybe double-click on that? I'm not sure if we should think there is some pull forward just from the launch strength that you saw in the middle part of this year, or is there just maybe some inherent lumpiness? Wanna kind of just separate the two. Well, I think it's more. Look, I think it's more inherent lumpiness driven by the characteristics of the launch, you know? So in the second and third quarter, toward the end of the second quarter, we had launched the Triton. I think that's got a street price, I don't know, it must be $4,000-$4,500. It's a massive and powerful unit. And this quarter we launched the MT2600, which is an entry-level thing, which is substantially lower in price. But, you know, a sale is sort of a sale to the franchisee. You know, yeah, maybe he has to work a little harder for the bigger ticket item, you know, but not really, he still probably gotta put in the same amount of time for either one. So he spends, he does his pitch, you know, does his store, his show and explains everything, and he gets $1,500 or $4,000. I think that's pretty much what you're seeing in this quarter. Okay, helpful. I wanted to switch gears to C&I. Critical Industries, you know, if we look a quarter ago, returned to kind of modest growth, now tracking up mid-single exiting 2025, but it sounds like it actually maybe even was higher in December, given what you mentioned around the shutdown. Any reason to think that that momentum doesn't now carry over into next year in critical industries? Well, I think we have great optimism for our power in critical industries. We think our array of custom kits keeps growing, and therefore we have a greater span of sale. Our custom kitting capacity, we keep increasing it, and one of the things I didn't fully, I suppose, tease out in these comments is that's what allowed us to catch up at the end. We really pumped it up. I mean, if you looked at October and November, it wasn't the greatest time, you know? Things had... The military business, which is a nice business for them, had gone to a crawl, and then they came roaring back. Like I said, you had to see these guys out there working. You know, the head of the division was out there in his dungarees, working, packing. So I think this is, you know, yes, you should see momentum coming out of this quarter. Now, you know, we don't give guidance, so this is one data point that we are positive, and they didn't fully catch up, so therefore you would expect to have some catch-up coming out. We'll see how that plays out over three months, but I feel good about it. Last thing kind of coming across, I know both, C&I and the Tools Group, just the power tool strength. I mean, that's been under pressure for a while here. Pretty sharp bounce back in the quarter. Just wanna unpack maybe shorter term impacts, given the product launch momentum that you mentioned, and just maybe your historical experience in terms of the tails of that momentum leaking into, into future periods. Thanks, Nick. Well, I don't know. Look, I think, again, we don't give guidance, but, you know, the last time we launched a product like this, like the Nano, years ago, you know, it's a while ago. This is kind of the uniqueness of it, and it had quite a bit of legs. It went on for a while. It's not. It's a whole different line, you know, so that tends to have more legs to it. If you're talking about other products, like the long neck ratchet, which I didn't mention on this call, I mentioned last call, 13 inches of neck long, 30% longer than anybody else, you know, tremendous power at a distance. But that one, you know, can be more episodic, and so you have to sell. You know, find the people who don't have it already if you're a franchisee. And then to some extent, it is episodic, like, like the diagnostics. I do think, though, that you're gonna see that more and more in power tools today for us, because there was a period when we turned our power tools engineers and some of our engineers partially away from new products and said, "This was the period in which we couldn't get components." And so you had to use engineering time to target the components that were actually, you could actually get, that actually were available, and that meant design change, and it eats up time. And so now we've got everything full strength, focused on new product, and they seem to be hitting the ball out of the park with repeatability. I feel pretty good about it. I think the Nano's got legs, but generally, power tools can be episodic. Understood. I'll, I'll leave it there. Thanks, Nick. Sure. The next question comes from Sherif El-Sabbahy with Bank of America. Please go ahead. Hi, good morning. I just wanted to, Good morning Understand some of the brand building expenses that you had called out, particularly in the Tools Group. What exactly is embedded in those costs, and how do you expect them to look going forward? Is that sort of an ongoing cost to you? Well, I'm not gonna give you exactly what's in the cost, you know, because you'll be asking me how much I'm spending every quarter on each of those categories, so I'm not gonna say that. But, but look, here's the kinds of things we worked on. We worked on training. You know, this is the kind of thing, training, in our, in our business. We worked some on advertising for the brand. The advertising is up. We worked on building software, which spreads across this business and the RS&I business. We worked on social media, the use of social media more correctly. I mean, these guys are all individual businessmen, you know, the 3,400 vans, and, you know, some of them are great at this stuff and some of them are not. So we worked on those things. That's the. Those are the kinds of things we spent on in the tools. Understood. I know the fifty-third week wasn't necessarily impactful to the financials. Are you able to give us sort of a ring fence the size of it and the impact of the year? Sure. One thing you gotta know, it's vastly different between the financial company and the operating company. For the financial company, it's a bonanza. I think Aldo said, it's like $7 million extra profit. You know, that was pretty much 53rd week. But if you look at the operating companies, you gotta understand where it is, and it's during the Christmas, you know, the holiday period, and these are, these are expense-full sales week periods. So it generally is a loser. You have a lot of the expenses flowed through your P&L. They're just there like clockwork, and you don't get any sales. That's what happens. So they're a negative. I will tell you that when you, when you roll that out, it's not, it's not. What do we call it? You know, it's, it's not significant. It's not a significant thing for us. Maybe, but it's a little bit of a weight, actually, a little bit of a negative, but not significant. Understood. Thank you. Sure. The next question comes from David McGregor with Longbow Research. Please go ahead. Yes, good morning, everyone. Nick. Good morning, David. I guess I wanted to. Hey, good morning. I wanted to just ask you about last quarter, we had talked about the SFC, and you had said there were great orders, you were up mid-single digits, but that we're not getting money. I think that was the exact quote: "You're not getting much of that at all." So, I guess I'm having trouble reconciling that with essentially flat second half, sort of, Snap-on Tool segment, organic growth. Well, Can you help us understand the dynamic, and also maybe what you saw in the way of fourth quarter growth in the non-SFC fulfillment business? Yeah, look, I think. Yes, it, remember, I think I say that the SFC are orders, not sales, so there could be cancellations. No, I understand that. But that. But you fulfill in the second half, Nick. So, what second half? I don't know. Do you mean the second half or the quarter, or the fourth quarter? The second half of the year. Oh, well, the second half of the year is, is not supported by the SFC. The SFC pretty much, you know, starts to, starts to blink out in terms of effect, just as you cross over the year ends. So there isn't, there isn't an effect. You see what I mean? It's all in, it's all in the half. So you could ask, you know, why we didn't do better in the fourth quarter if we had mid-single digits in the SFC, and that, and that's because the actual orders end up being a cocktail of about three things. There are, there are the, there are the SFC for the, for that half that we referred to. There's the kickoff for the second half, the big bang events, and then there are a bunch of, bunch of usual programs that, that flow, flow out at different times. They're big promotions. And then there's the monthly meetings for the franchisees that roll out promotions in each one of those. So the combination of those is what makes the quarter. So if you say that the SFC orders were 5.8%. You know, it was like mid-single digits, and okay, you're not really, you're not necessarily gonna get those. They could be canceled, but they could all be taken up, and you could have weakness in one of the promotions or just everybody say every month, "Well, I got enough. I'm not gonna take anything this month," or, "I'm gonna take a lot less this month." That is, t hat's what makes it so hard to predict. Now, SFC and kickoff, you feel good if you get more orders, but it's not definitive. I think I say that, you know, when this happens. So that's a look at it. So it's a cocktail of a bunch of different selling efforts that result in the flat quarter. Yeah. Maybe I'll follow up with you offline on that. Is there anything you can say about the regional kickoffs, Nick, and how they're going? Well, they're over, first of all, so. No, I know they're over. They're behind us. I'm asking how they went. Okay. They were in the first quarter, so don't comment on future, but the one I went to was very positive. People were very enthusiastic, and I would say that our reports from around the country, Aldo went to one, and his was similarly positive. So we think they came out well. I think like the SFC, I think the orders were reasonably robust, but like the SFC, they're not definitive, you know? So if you were just gonna base your view of the future on the kickoffs, you would feel pretty good. I think, you know, what I'd say, David, is more or less that this was a particularly turbulent time in terms of uncertainty. But if you look at the, the gross margins, the execution seems to be pretty good. If you look at the... or if you look at the, the originations, it seems like the pivot is working because people buying some of those small boxes, you know, at least off the van. If you look at the sales off the van and you say, "Well, yeah, it's only one quarter, but it's, you know, better than the sales to the van," that seems like a positive. And if you look at the, the nature of the world, you wonder if people aren't getting tired of being uncertain, and things won't go up. So I think we're kind of optimistic going forward. Okay. Last question for me is just, Sure. On the balance sheet. I mean, you got $1.6 billion of cash, you know, a little over $400 million of net cash. You're generating $1 billion a year of free cash flow. I mean, you're doing an extraordinary job here. Where are you gonna go with the cash? What, remind us on your core priorities for M&A. Okay, the priorities are like this. Well, as you know, I bet you, you've been looking at it so long, you know this dead nuts. But if you look at it, we're working capital hogs, so we always have to have, you know, pretty good dollop of cash to make sure in case things should explode in terms of sales, we wanna be ready to fund it, because we are not working capital. We are not among the small working capital, you know, great inventory turnover, for example. But that's the bear, that's our model, and so you got that. You gotta have cash for that. Then, the whole thing is the dividend. We have, as I said in my call, declared a dividend every year since 1939, and we have never reduced it. So we think about the perpetuity of the dividend, and we think with 16 straight consecutive increases, we always look at it in those contexts. And then you've got acquisitions. We always review... we're always reviewing acquisitions. Now, quite often, you look closer, and you find out so many warts, you don't want it or it's selling into a segment we don't want. But we do look at acquisitions consistently, and we have made several over the Car-O-Liner, for example, Norbar, a bunch of different things over the years. And then we look at, as Aldo took you through, I think we spent $80 million plus in share buybacks last year. Got it. Well, thanks very much. Good luck. Sure. The next question comes from Brett Jordan with Jefferies. Please go ahead. Hey, good morning, guys. This is Patrick Buckley on for Brett. Hi. Thanks for taking our question. Sure. Within the Tools Group in the U.S., could you talk a bit more about what you're seeing in the competitive landscape? Any notable shifts in strategies as far as pricing or mix or marketing? Why do you always ask about the competitors? That's what I wanna know. But anyway, look, No, we're not seeing. I don't think we're seeing so much about that. I mean, I think we have less pressure from tariffs than almost anybody else. I'm not sure that everybody's gross margins are up in the Tools Group, but I'm not hearing people talk about pressures. But that's normal. I'll tell you this, when I get on a van, and I do all the time, or I meet franchisees, They never mention the competition. They always, you know, I shouldn't say never, but they seldom mention the competition, and it's because Snap-on is kind of out in a different area. People decide to buy a Snap-on product, or they decide to choose from a bunch of other alternatives. That's really the way it is. We're not actually competing with those guys for the same people. I don't, we don't see it, our guys don't see it that way. Now, I don't know. I think, you know, knowing where they source from, and, you know, some have had difficulty in making in the United States, I think the tariffs have gotta give them some fits. They haven't given us fits, so I would think we'd be in a better position. Well, I'm not sure. I mean, they might absorb it in profitability. Nobody's said to us that anybody's dropping price. Nobody's said to us, "Oh, people are raising their price," and it makes a difference to us 'cause we're always above them anyway. Great. That, that's all for us. Thanks, guys. This concludes our question-and-answer session. I would like to turn the conference back over to Sara Verbsky for any closing remarks. Thank you all for joining us today. A replay of this call will be available shortly on snapon.com. As always, we appreciate your interest in Snap-on. Good day. The conference has now concluded. Goodbye. Thank you for attending today's presentation. You may now disconnect.