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of Contents](#i9fc80454db9e4c1fbdc1fc481f42650d_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C.  20549\n\nFORM 10-Q\n\n☒      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the Quarterly Period Ended May 1, 2026\n\n☐         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the Transition Period from           to          \n\nCommission File Number: 1-8649\n\nTHE TORO COMPANY\n\n(Exact name of registrant as specified in its charter)\n\nDelaware41-0580470\n\nState or Other Jurisdiction of\nIncorporation or OrganizationI.R.S. Employer Identification No.\n\n 8111 Lyndale Avenue South\n\nBloomington, Minnesota 55420-1196\n\nTelephone Number: (952) 888-8801\n\n(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, par value $0.01 per shareTTCNew York Stock Exchange\n\nIndicate 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 1934 during 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 filing requirements for the past 90 days.  Yes  ☒  No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation 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  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging 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.\n\nLarge accelerated filer☒Accelerated filer☐\n\nNon-accelerated filer☐Smaller reporting company☐\n\nEmerging growth company☐\n\nIf 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 or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☒\n\nThe number of shares of the registrant’s common stock outstanding as of May 28, 2026 was 95,229,534.\n\n[Table of Contents](#i9fc80454db9e4c1fbdc1fc481f42650d_7)\n\nTHE TORO COMPANY\n\nFORM 10-Q\n\nTABLE OF CONTENTS\n\n \n\nDescription Page Number\n\n[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i9fc80454db9e4c1fbdc1fc481f42650d_10)\n\n[3](#i9fc80454db9e4c1fbdc1fc481f42650d_10)\n\n[PART I.](#i9fc80454db9e4c1fbdc1fc481f42650d_13)\n\n[FINANCIAL INFORMATION:](#i9fc80454db9e4c1fbdc1fc481f42650d_13)\n \n\n[Item 1.](#i9fc80454db9e4c1fbdc1fc481f42650d_16)\n\n[Financial Statements](#i9fc80454db9e4c1fbdc1fc481f42650d_16)\n \n\n \n[Condensed Consolidated Statements of Earnings (Unaudited)](#i9fc80454db9e4c1fbdc1fc481f42650d_19)\n\n[5](#i9fc80454db9e4c1fbdc1fc481f42650d_19)\n\n \n[Condensed Consolidated Statements of Comprehensive Income (Unaudited)](#i9fc80454db9e4c1fbdc1fc481f42650d_22)\n\n[5](#i9fc80454db9e4c1fbdc1fc481f42650d_22)\n\n \n[Condensed Consolidated Balance Sheets (Unaudited)](#i9fc80454db9e4c1fbdc1fc481f42650d_25)\n\n[6](#i9fc80454db9e4c1fbdc1fc481f42650d_25)\n\n \n[Condensed Consolidated Statements of Cash Flows (Unaudited)](#i9fc80454db9e4c1fbdc1fc481f42650d_28)\n\n[7](#i9fc80454db9e4c1fbdc1fc481f42650d_28)\n\n \n[Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](#i9fc80454db9e4c1fbdc1fc481f42650d_31)\n\n[8](#i9fc80454db9e4c1fbdc1fc481f42650d_31)\n\n \n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#i9fc80454db9e4c1fbdc1fc481f42650d_34)\n\n[9](#i9fc80454db9e4c1fbdc1fc481f42650d_34)\n\n[Item 2.](#i9fc80454db9e4c1fbdc1fc481f42650d_97)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i9fc80454db9e4c1fbdc1fc481f42650d_97)\n\n[32](#i9fc80454db9e4c1fbdc1fc481f42650d_97)\n\n[Company Overview](#i9fc80454db9e4c1fbdc1fc481f42650d_100)\n\n[32](#i9fc80454db9e4c1fbdc1fc481f42650d_100)\n\n[Results of Operations](#i9fc80454db9e4c1fbdc1fc481f42650d_103)\n\n[34](#i9fc80454db9e4c1fbdc1fc481f42650d_103)\n\n[Business Segments](#i9fc80454db9e4c1fbdc1fc481f42650d_106)\n\n[36](#i9fc80454db9e4c1fbdc1fc481f42650d_106)\n\n[Financial Position](#i9fc80454db9e4c1fbdc1fc481f42650d_109)\n\n[38](#i9fc80454db9e4c1fbdc1fc481f42650d_109)\n\n[Non-GAAP Financial Measures](#i9fc80454db9e4c1fbdc1fc481f42650d_112)\n\n[40](#i9fc80454db9e4c1fbdc1fc481f42650d_112)\n\n[Critical Accounting Policies and Estimates](#i9fc80454db9e4c1fbdc1fc481f42650d_115)\n\n[42](#i9fc80454db9e4c1fbdc1fc481f42650d_115)\n\n[Item 3.](#i9fc80454db9e4c1fbdc1fc481f42650d_118)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i9fc80454db9e4c1fbdc1fc481f42650d_118)\n\n[42](#i9fc80454db9e4c1fbdc1fc481f42650d_118)\n\n[Item 4.](#i9fc80454db9e4c1fbdc1fc481f42650d_121)\n\n[Controls and Procedures](#i9fc80454db9e4c1fbdc1fc481f42650d_121)\n\n[44](#i9fc80454db9e4c1fbdc1fc481f42650d_121)\n\n[PART II.](#i9fc80454db9e4c1fbdc1fc481f42650d_124)\n\n[OTHER INFORMATION:](#i9fc80454db9e4c1fbdc1fc481f42650d_124)\n \n\n[Item 1.](#i9fc80454db9e4c1fbdc1fc481f42650d_127)\n\n[Legal Proceedings](#i9fc80454db9e4c1fbdc1fc481f42650d_127)\n\n[45](#i9fc80454db9e4c1fbdc1fc481f42650d_127)\n\n[Item 1A.](#i9fc80454db9e4c1fbdc1fc481f42650d_130)\n\n[Risk Factors](#i9fc80454db9e4c1fbdc1fc481f42650d_130)\n\n[45](#i9fc80454db9e4c1fbdc1fc481f42650d_130)\n\n[Item 2.](#i9fc80454db9e4c1fbdc1fc481f42650d_133)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i9fc80454db9e4c1fbdc1fc481f42650d_133)\n\n[45](#i9fc80454db9e4c1fbdc1fc481f42650d_133)\n\n[Item 5.](#i9fc80454db9e4c1fbdc1fc481f42650d_136)\n\n[Other Information](#i9fc80454db9e4c1fbdc1fc481f42650d_136)\n\n[45](#i9fc80454db9e4c1fbdc1fc481f42650d_136)\n\n[Item 6.](#i9fc80454db9e4c1fbdc1fc481f42650d_139)\n\n[Exhibits](#i9fc80454db9e4c1fbdc1fc481f42650d_139)\n\n[46](#i9fc80454db9e4c1fbdc1fc481f42650d_139)\n\n \n[Signatures](#i9fc80454db9e4c1fbdc1fc481f42650d_142)\n\n[47](#i9fc80454db9e4c1fbdc1fc481f42650d_142)\n\n2\n\n[Table of Contents](#i9fc80454db9e4c1fbdc1fc481f42650d_7)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking and reflect expectations and assumptions that we believe to be reasonable. Forward-looking statements are based on our current expectations of future events and often can be identified in this report and elsewhere by using words such as \"expect,\" \"strive,\" \"outlook,\" \"guidance,\" \"forecast,\" \"goal,\" \"anticipate,\" \"continue,\" \"plan,\" \"estimate,\" \"project,\" \"target,\" \"improve,\" \"believe,\" \"become,\" \"should,\" \"could,\" \"will,\" \"would,\" \"possible,\" \"may,\" \"likely,\" \"intend,\" \"can,\" \"pursue,\" \"potential,\" \"approximately,\" variations of such words or the negative thereof, and similar expressions or future dates. Our forward-looking statements in this report include, among others, statements relating to our anticipated operating results, liquidity requirements, and financial condition and current trends and uncertainties; the anticipated impacts of field inventory levels and backlog, inflation, ongoing challenges related to tariffs and strategies to mitigate the effect thereof, governmental budget cuts, current wars and international sanctions, and geopolitical tensions, tight labor markets and other macroeconomic factors; our business strategies, priorities, goals, and commitments; the effect of recent acquisitions; business and productivity initiatives and anticipated sales growth, profitability, cost savings and other benefits associated therewith; and the effect of laws, rules, policies, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance.\n\nForward-looking statements are only projections and involve risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The following are some of the factors known to us that could cause our actual results to differ materially from what we have anticipated in our forward-looking statements:\n\n•Adverse economic conditions and outlook in the United States and in other countries in which we conduct business, such as but not limited to: economic uncertainty; business slowdowns, suspensions or delays of production and commercial activity; slow or negative economic growth rates or recessionary conditions; reduced or negative consumer confidence; reduced consumer spending levels; changing consumer preferences; inflationary or deflationary pressures; higher short-term, mortgage, and other interest rates; increased or prolonged high or low unemployment rates and tight labor markets; higher costs, longer lead times and reduced availability of commodities, components, parts, and accessories, including as a result of transportation-related costs, inflation, changing prices, foreign currency fluctuations, tariffs, and/or duties; slowdowns or reductions in levels of interest in the game of golf or golf course activity, development, renovation, or improvement; golf course closures; reduced customer, governmental or municipal spending; reduced infrastructure spending; reduced levels of home ownership, construction, or sales; home foreclosures; the impact of U.S. federal debt, state debt, and sovereign debt defaults; reduced credit availability or unfavorable credit terms for us or our distributors, dealers, or end-user customers; and general economic and political conditions and expectations, any or all of which affect demand for our products and could lead to impairment and other charges and otherwise adversely affect our operating results and financial condition;\n\n•Economic, political, legal and regulatory uncertainty or conflicts, including actions taken or which may be taken, such as reductions in governmental spending; monetary policy; political, geopolitical, trade, or other issues in the United States or internationally, including increased tariffs or trade wars;\n\n•Seasonality of our businesses and its impact on demand for our products and our working capital;\n\n•Effect that weather conditions or climate change have on demand for our products and operations, including our supply chain;\n\n•Disruption and/or shortages in the availability and cost of commodities, components, parts, or accessories used in our products, including as a result of tariffs, the conflict in the Middle East, and the effect of our supply chain strategies to mitigate the effect of tariffs;\n\n•Our ability and the ability of our distribution channel customers to maintain appropriate inventory levels, including as a result of changes in purchasing patterns by customers, and if we underestimate or overestimate demand for our products, and the effect of inventory management decisions of our distribution channel customers;\n\n•Risks associated with our recent acquisition of Tornado Infrastructure Equipment Ltd. or other acquisitions and alliances, strong customer relations, and new joint ventures, investments, or partnerships and our failure to successfully complete divestitures or other restructuring activities, including without limitation our ability to integrate acquired businesses, loss of substantial customers, and the ability of acquired companies or our alliances, joint ventures, investments or partnerships to achieve satisfactory operating results, including results being accretive to earnings, realization of synergies and expected cash flow generation, which could lead to impairment, restructuring, and other charges;\n\n•Our ability to leverage new, expanded or emerging markets, such as the broadband, fiber, digital and data center infrastructure market, and our ability to continue to enhance existing products and develop and market new products that respond to customer needs and preferences and achieve market acceptance, including in particular increased digital, alternative power, smart connected, and autonomous solutions;\n\n•Changes in our product mix or geographic mix;\n\n3\n\n[Table of Contents](#i9fc80454db9e4c1fbdc1fc481f42650d_7)\n\n•Effect of competition;\n\n•Our ability to cost-effectively expand and renovate existing facilities, open and manage new or acquired facilities, move production from or between manufacturing facilities, and/or any disruption at or near any of our facilities or other operations or those of our suppliers, distribution channel customers, mass retailers, or home centers where our products are sold;\n\n•Our ability to retain our executive officers or other key employees, attract and retain other qualified employees or successfully implement executive officer, key employee or other leadership or employee transitions and any failure by us, or our suppliers or distribution channel partners, to hire and/or retain a labor force to enhance existing products and develop and market new products, adequately staff manufacturing operations, perform service or warranty work or other necessary activities, or allow employees to adequately and safely perform their jobs;\n\n•Changes in composition of, financial viability of, and the relationships with, our distribution channel customers;\n\n•Risks associated with our credit arrangements and ratings and any material change in the availability or terms of, or termination or disruption of, credit offered to our customers, distributors, and dealers;\n\n•Risks associated with our international operations, including but not limited to the effect of foreign currency exchange rate fluctuations and compliance with foreign legal and regulatory requirements, current wars and international sanctions and geopolitical tensions, political risks associated with the potential instability of governments and legal systems in countries in which we or our customers or suppliers conduct business, and other current and potential conflicts;\n\n•Our failure to comply with all applicable legal, regulatory, health and safety law and regulations and the effect of product quality issues, product liability claims, and other legal or administrative proceedings to which we are or may be subject;\n\n•Our ability to obtain and protect our intellectual property and other proprietary rights or operate our business without infringing upon the intellectual property or other proprietary rights of others;\n\n•Failure of our information systems or information security practices or those of our business partners or third-party service providers to adequately perform and/or protect sensitive or confidential information;\n\n•Our ability to achieve our financial projections or other business initiatives, including our Amplifying Maximum Productivity (“AMP”) initiative, in the time periods or in the magnitude that we anticipate or at all;\n\n•Changes in accounting or tax standards and policies and/or assumptions utilized in determining accounting tax estimates, including the effects of the One Big Beautiful Bill Act; and\n\n•Stock price volatility, including in response to the risks described herein or for reasons unrelated to our operations, such as reports by industry analysts, investor perceptions or negative announcements by our customers, competitors or suppliers regarding their own performance, as well as industry or general economic conditions, and other factors beyond our control.\n\nFor more information regarding these and other uncertainties and factors that could cause our actual results to differ materially from what we have anticipated in our forward-looking statements or otherwise could materially adversely affect our business, financial condition, or operating results, see our most recently filed Annual Report on Form 10-K, Part I, Item 1A, \"Risk Factors;\" and our subsequent filings with the Securities and Exchange Commission (\"SEC\").\n\nAll forward-looking statements included in this report are expressly qualified in their entirety by the foregoing cautionary statements. We caution readers not to place undue reliance on any forward-looking statement which speaks only as of the date made and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above, the risks described in our most recent Annual Report on Form 10-K, Part I, Item 1A, \"Risk Factors,\" and our subsequent SEC filings, as well as others that we may consider immaterial or do not anticipate at this time. These risks and uncertainties are not exclusive and further information concerning the company and our businesses, including factors that potentially could materially affect our financial results or condition, may emerge from time to time. We make no commitment to revise or update any forward-looking statements in order to reflect actual results, events or circumstances occurring or existing after the date any forward-looking statement is made, or changes in factors or assumptions affecting such forward-looking statements. We advise you, however, to consult any further disclosures we make on related subjects in our future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K we file with or furnish to the SEC.\n\n4\n\n[Table of Contents](#i9fc80454db9e4c1fbdc1fc481f42650d_7)\n\nPART I. FINANCIAL INFORMATION"}