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GRACO INC - Quarter Report: 2025 March (Form 10-Q)

Property, Plant and Equipment, net  Goodwill  Other Intangible Assets, net  Operating Lease Assets  Deferred Income Taxes  Other Assets  Total Assets$ $ LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent LiabilitiesNotes payable to banks$ $ Trade accounts payable  Salaries and incentives  Dividends payable  Other current liabilities  Total current liabilities  Retirement Benefits and Deferred Compensation  Operating Lease Liabilities  Deferred Income Taxes  Other Non-current Liabilities  Shareholders’ EquityCommon stock  Additional paid-in-capital  Retained earnings  Accumulated other comprehensive loss()()Total shareholders’ equity  Total Liabilities and Shareholders’ Equity$ $ 
See notes to consolidated financial statements.
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GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
 Three Months Ended
 March 28,
2025		March 29,
2024
Cash Flows From Operating Activities
Net Earnings$ $ 
Adjustments to reconcile net earnings to net cash
provided by operating activities
Depreciation and amortization  
Deferred income taxes  
Share-based compensation  
Gain on sale of building()()
Change in
Accounts receivable() 
Inventories()()
Trade accounts payable  
Salaries and incentives()()
Retirement benefits and deferred compensation() 
Other accrued liabilities()()
Other()()
Net cash provided by operating activities  
Cash Flows From Investing Activities
Property, plant and equipment additions()()
Proceeds from sale of building  
Acquisition of businesses, net of cash acquired() 
Other()()
Net cash used in investing activities()()
Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net() 
Common stock issued  
Common stock repurchased() 
Taxes paid related to net share settlement of equity awards()()
Cash dividends paid()()
Net cash used in financing activities()()
Effect of exchange rate changes on cash ()
Net (decrease) increase in cash and cash equivalents() 
Cash and Cash Equivalents
Beginning of year  
End of period$ $ 
See notes to consolidated financial statements.
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GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands)
Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Three Months Ended March 28, 2025
Balance, December 27, 2024$ $ $ $()$ 
Shares issued   
Shares repurchased()()()()
Stock compensation cost  
Net earnings  
Dividends declared ($ per share)
()()
Other comprehensive income (loss)  
Balance, March 28, 2025$ $ $ $()$ 
Three Months Ended March 29, 2024
Balance, December 29, 2023$ $ $ $()$ 
Shares issued  — —  
Stock compensation cost—  — —  
Net earnings— —  —  
Dividends declared ($ per share)
— — ()— ()
Other comprehensive income (loss)— — — ()()
Balance, March 29, 2024$ $ $ $()$ 
See notes to consolidated financial statements.
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GRACO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.


2.

reportable segments: Contractor, Industrial and Expansion Markets. The Industrial segment consists of the newly formed Industrial Division and the Powder Division. The Company’s former Industrial and Lubrication Equipment Divisions, along with the Process Transfer Equipment business that was part of the Company’s former Process Division, were combined to form the new global Industrial Division. The Powder Division remains unchanged. The Expansion Markets segment consists of the Expansion Markets Division. The Company’s environmental, semiconductor, high-pressure valves and electric motors businesses, together with select future ventures and acquisitions, reside within this division. The Contractor segment, consisting of the Contractor Division, remains unchanged as a reporting segment relative to prior periods. Prior year segment information has been recast to conform to the current organizational structure.

 $ Cost of products sold  Gross Profit  Operating expenses  Contractor Operating Earnings$ $ IndustrialNet Sales$ $ Cost of products sold  Gross Profit  Operating expenses  Industrial Operating Earnings$ $ 
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 $ Cost of products sold  Gross Profit  Operating expenses  Expansion Markets Operating Earnings$ $ Reportable Segment Operating Earnings Total$ $ Unallocated corporate expense  Operating Earnings  Interest expense  Other (income) expense, net()()Earnings Before Income Taxes$ $ 

 $ 
Other countries
  
Total
$ $ 

 March 28,
2025		December 27,
2024
Long-lived Assets
United States
$ $ 
Other countries
  
Total
$ $ 

3.

 $ Weighted average shares outstanding for basic earnings per share  Dilutive effect of stock options computed using the treasury stock method and the average market price  Weighted average shares outstanding for diluted earnings per share  
Basic earnings per share
$ $ 
Diluted earnings per share
$ $ Anti-dilutive shares not included in diluted earnings per share computation  

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4.

 $  $ Granted  Exercised() Canceled() Outstanding, March 28, 2025 $  $ 

The Company recognized year-to-date share-based compensation of $ million in 2025 and $ million in 2024. As of March 28, 2025, there was $ million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of years.

Interest rate
 % %
Volatility
 % %
Dividend yield
 % %
Weighted average fair value per share
$ $ 

Under the Company’s Employee Stock Purchase Plan, the Company issued shares in 2025 and shares in 2024. The fair value of the employees’ purchase rights under this plan was estimated on the date of grant. percent
Interest rate
 % %
Volatility
 % %
Dividend yield
 % %
Weighted average fair value per share
$ $ 

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5.

 $ 
Interest cost
  
Expected return on assets
()()
Amortization and other
  
Net periodic benefit cost
$ $ 
Postretirement Medical
Service cost
$ $ 
Interest cost
  
Amortization
 ()
Net periodic benefit cost
$ $ 

6.

)$()$()Other comprehensive income (loss) before reclassifications   Reclassified to pension cost and deferred tax   Balance, March 28, 2025$()$()$()


Three Months Ended March 29, 2024
Balance, December 29, 2023$()$()$()
Other comprehensive income (loss) before reclassifications ()()
Reclassified to pension cost and deferred tax   
Balance, March 29, 2024$()$()$()



7.

million and other receivables of $ million as of March 28, 2025 and $ million and $ million of trade receivables and other receivables, respectively, as of December 27, 2024.

Allowance for Credit Losses

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 $ Additions charged to costs and expenses  
Deductions from reserves (1)
()()
Other additions (deductions) (2)
 ()Balance, ending$ $ 

(1)    Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves.
(2) Includes effects of foreign currency translation.


8.

 $ Products and components in various stages of completion  Raw materials and purchased components  Subtotal  Reduction to LIFO cost()()Total$ $ 

9.

 $ $ $ $ 
Accumulated amortization
()()()— ()Foreign currency translation()()()()()
Book value
$ $ $ $ $ 
Weighted average life in years
N/A
As of December 27, 2024
Cost
$ $ $ $ $ 
Accumulated amortization
()()()— ()
Foreign currency translation()()()()()
Book value
$ $ $ $ $ 
Weighted average life in years
N/A

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million in 2025 and $ million in 2024.  $ $ $ $ $ 

 $ $ $ Adjustments from business acquisitions    Foreign currency translation    Balance, March 28, 2025$ $ $ $ 

10.
 $ 
Accrued warranty and service liabilities
  
Accrued trade promotions
  
Payable for employee stock purchases
  
Customer advances and deferred revenue
  
Income taxes payable
  Tax payable, other  Right of return refund liability  Operating lease liabilities, current   Acquisition-related consideration payable  Charged to expense Margin on parts sales reversed Reductions for claims settled()Balance, March 28, 2025$ 

Customer Advances and Deferred Revenue

million that was included in deferred revenue at December 27, 2024. During the three months ended March 29, 2024, we recognized $ million that was included in deferred revenue at December 29, 2023.

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11.

 $ Forward exchange contracts2  Total assets at fair value$ $ LiabilitiesContingent consideration3$ $ Deferred compensation2  

Unaudited pro forma information has been provided for comparative purposes only and the information does not necessarily reflect what the combined company's results of operations would have been had the acquisition occurred at the beginning of 2023. It also may not be useful in predicting the future results of operations of the combined company.

The Company completed another acquisition in 2024 that was not material to the consolidated financial statements.

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Item 2. GRACO INC. AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

The Company supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and coating materials. Management classifies the Company’s business into three reportable segments: Contractor, Industrial and Expansion Markets. Key strategies include developing and marketing new products, leveraging products and technologies into additional, growing end-user markets, expanding distribution globally and completing strategic acquisitions that provide additional channels and technologies.

The following Management’s Discussion and Analysis reviews significant factors affecting the Company’s results of operations and financial condition. This discussion should be read in conjunction with the financial statements and the accompanying notes to the financial statements.

Global Trade Uncertainty

Our operations, supply chain and financial performance are directly impacted by evolving global trade policies and tariffs as well as associated geopolitical tensions. Our global operating footprint and worldwide sales reach expose us to risks associated with trade conflicts between the U.S. and its trading partners. In 2024, approximately 46 percent of our sales were generated by customers located outside the U.S., with 6 percent of our sales generated by customers in China. Additionally, our materials sourced from China and used in our U.S. manufacturing operations approximated 6 percent of our costs of products sold in 2024. Escalating global trade conflicts could result in inflationary costs to manufacture, assemble and export our products. We may be required to increase prices to our customers, which may reduce demand, or if we do not or are unable to increase prices without reducing demand, we will experience reduced profitability. Continued geopolitical issues may cause customers outside of the U.S. seeking to source products from local suppliers. We continue to analyze the impact of these global tariffs on our business and we are working to mitigate the impact of tariffs through pricing and sourcing strategies. We cannot be sure these strategies will effectively mitigate the impact of these costs and if we are unable to do so or if demand for our products otherwise decreases, we expect these new tariffs will have a material impact on our results of operations in fiscal year 2025.

Consolidated Results

A summary of financial results follows (in millions except per share amounts):
 Mar 28,
2025		Mar 29,
2024		%
 Change
Net Sales
$528.3 $492.2 7 %
Operating Earnings
144.0 133.0 8 %
Net Earnings
124.1 122.2 2 %
Net Earnings, adjusted (1)
120.5 112.6 7 %
Diluted Net Earnings per Common Share
$0.72 $0.71 1 %
Diluted Net Earnings per Common Share, adjusted (1)
$0.70 $0.65 8 %
(1) See below for a reconciliation of adjusted non-GAAP financial measures to GAAP.
Net sales for the first quarter increased 7 percent from the comparable period last year. The effect of changes in currency translation rates reduced sales growth for the quarter by 2 percentage points. Sales from acquired operations contributed 6 percentage points of growth.
Operating expense leverage offset a lower gross margin rate resulting in an 8 percent increase in operating earnings for the first quarter from the comparable period last year.
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Net earnings for the first quarter increased 2 percent compared to last year, as increased operating earnings and other income more than offset lower excess tax benefits from stock option exercises.
Excluding the impacts of excess tax benefits from stock option exercises presents a more consistent basis for comparison of financial results. A calculation of the non-GAAP adjusted measurements of income taxes, effective income tax rate, net earnings and diluted earnings per share follows (in millions except per share amounts):

March 28,
2025		March 29,
2024
Earnings before income taxes$151.5 $140.3 
Income taxes, as reported$27.4 $18.1 
Excess tax benefit from option exercises3.6 9.6 
Income taxes, adjusted$31.0 $27.7 
Effective income tax rate
   As reported18.1 %12.9 %
   Adjusted20.5 %19.8 %
Net Earnings, as reported$124.1 $122.2 
Excess tax benefit from option exercises(3.6)(9.6)
Net Earnings, adjusted$120.5 $112.6 
Weighted Average Diluted Shares171.6 172.4 
Diluted Earnings per Share
   As reported$0.72 $0.71 
   Adjusted$0.70 $0.65 


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The following table presents an overview of components of net earnings as a percentage of net sales:
March 28,
2025		March 29,
2024
Net Sales100.0 %100.0 %
Cost of products sold47.4 45.9 
Gross Profit52.6 54.1 
Product development3.7 4.4 
Selling, marketing and distribution12.7 13.5 
General and administrative8.9 9.1 
Operating Earnings27.3 27.1 
Interest expense0.1 0.2 
Other (income) expense, net(1.5)(1.6)
Earnings Before Income Taxes28.7 28.5 
Income taxes5.2 3.7 
Net Earnings23.5 %24.8 %

Net Sales

The following table presents net sales by geographic region (in millions):
Americas(1)
$323.2 $306.5 
EMEA(2)
121.0 111.1 
Asia Pacific84.1 74.6 
Consolidated$528.3 $492.2 
(1)     North, South and Central America, including the United States
(2)    Europe, Middle East and Africa

The following table presents the components of net sales change by geographic region:
Volume and PriceAcquisitions CurrencyTotal
Americas3%3%(1)%5%
EMEA(1)%13%(3)%9%
Asia Pacific6%10%(3)%13%
Consolidated3%6%(2)%7%

Gross Profit

The gross profit margin rate declined approximately 2 percentage points for the first quarter from the comparable period last year due to the unfavorable effects of lower margin rates from acquired operations and higher product costs.

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Operating Expenses

Total operating expenses for the quarter were flat compared to last year, including approximately $10 million (7 percentage points) of incremental expenses from acquired operations, which were offset by lower product development spending and unallocated corporate expense (primarily driven by lower share-based compensation).

Other (Income) Expense

Other income for the first quarter included a $5 million gain from the sale of a former manufacturing and distribution facility in Switzerland. Excluding the facility sale, other income decreased $5 million for the quarter from the comparable period last year mostly due to $3 million of incremental exchange losses on net assets of foreign operations and lower interest income of $1 million.
Income Taxes

The effective income tax rate was 18 percent for the first quarter, up approximately 5 percentage points from the comparable period last year. The increase was due primarily to a decrease in excess tax benefits related to stock option exercises.

Segment Results

Certain measurements of segment operations compared to last year are summarized below:

Contractor Segment

The following table presents net sales and operating earnings as a percentage of sales for the Contractor segment
(dollars in millions):
Net Sales
Americas
$175.9 $165.5 
EMEA
54.5 46.4 
Asia Pacific
24.6 18.1 
Total
$255.0 $230.0 
Operating earnings as a percentage of net sales
24 %29 %

The following table presents the components of net sales change by geographic region for the Contractor segment:
Volume and PriceAcquisitionsCurrencyTotal
Americas1%6%(1)%6%
EMEA(9)%30%(4)%17%
Asia Pacific1%40%(6)%35%
Segment Total(1)%13%(1)%11%

Contractor segment sales growth for the first quarter included $30 million from acquired operations. The operating margin rate for this segment decreased 5 percentage points compared to the same period last year, including 3 percentage points from the unfavorable effects of lower margin rates of acquired operations, 1 percentage point from adverse impacts of currency translation and 1 percentage point related to price-cost dynamics.


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Industrial Segment

The following table presents net sales and operating earnings as a percentage of sales for the Industrial segment
(dollars in millions):
Net Sales
Americas
$121.2 $117.2 
EMEA
59.4 57.8 
Asia Pacific
51.1 49.9 
Total
$231.7 $224.9 
Operating earnings as a percentage of net sales
34 %33 %

The following table presents the components of net sales change by geographic region for the Industrial segment:
Volume and PriceAcquisitionsCurrencyTotal
Americas5%0%(2)%3%
EMEA5%0%(2)%3%
Asia Pacific5%0%(3)%2%
Segment Total5%0%(2)%3%

Industrial segment sales increased in all regions for the first quarter compared to the same period last year. The operating margin rate increased 1 percentage point as improved sales volume and lower expenses offset the adverse impacts of currency translation.



















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Expansion Markets Segment

The following table presents net sales and operating earnings as a percentage of sales for the Expansion Markets segment (dollars in millions):
Net Sales
Americas
$26.0 $23.9 
EMEA
7.1 6.8 
Asia Pacific
8.5 6.6 
Total
$41.6 $37.3 
Operating earnings as a percentage of net sales
24 %18 %

The following table presents the components of net sales change by geographic region for the Expansion Markets segment:
Volume and PriceAcquisitions CurrencyTotal
Americas9%0%0%9%
EMEA5%0%(1)%4%
Asia Pacific29%0%0%29%
Segment Total12%0%0%12%

The semiconductor product application drove double-digit sales growth in the Expansion Markets segment for the first quarter compared to last year. The operating margin rate for this segment increased 6 percentage points for the quarter from the comparable period last year due to increased sales volume and lower expenses.


Liquidity and Capital Resources

Net cash provided by operating activities of $125 million in the first quarter of 2025 increased $6 million compared to the first three months of last year, driven by lower performance-based incentive payouts in 2025. Increases in accounts receivable, inventories and accounts payable reflect acquired operations and growth in business activity in the first quarter of 2025. Significant uses of cash in the first quarter of 2025 included share repurchases of $238 million (partially offset by $28 million of net proceeds from shares issued) and dividend payments of $47 million.

For the first three months of 2024, significant uses of cash included plant and equipment additions of $37 million and dividend payments of $43 million. Net proceeds from shares issued totaled $41 million.

As of March 28, 2025, the Company had available liquidity of $1,322 million, including cash and cash equivalents of $536 million, of which $178 million was held outside of the U.S., and available credit under existing committed credit facilities of $786 million.

Cash balances and unused financing sources are expected to provide the Company with the flexibility to meet its liquidity needs for the next 12 months and beyond, including its capital expenditure plan, planned dividends, share repurchases, acquisitions and operating requirements. Capital expenditures for 2025 are expected to be approximately $50 to $60 million. The Company may make opportunistic share repurchases going forward.





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Outlook
We are actively working to mitigate the impact of changes in tariff policies, particularly those affecting our business in China. We are maintaining our full year revenue guidance of low-single digit growth on an organic constant currency basis. Evolving trade policies and tariffs with China have created economic uncertainty that could negatively impact our full-year revenue guidance by approximately 1% to 2%. We are closely monitoring developments and will adjust our strategy if necessary. Despite these near-term challenges, the Company remains strongly positioned for long-term success as we continue to execute our proven growth strategies and invest in our business.

Cautionary Statement Regarding Forward-Looking Statements

The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our 2024 Overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no obligation to update these statements in light of new information or future events.

Future results could differ materially from those expressed, due to the impact of changes in various factors. These risk factors include, but are not limited to, risks relating to the demand for our products and the level of commercial and industrial activity worldwide; changes in currency translation rates; international and domestic instability; interest rate fluctuations and changes in credit markets; global sourcing of materials; interruptions of or intrusions into our information systems; intellectual property rights; the use of generative artificial intelligence; conducting business internationally; catastrophic events; our ability to attract, develop and retain qualified personnel; public health crises; our growth strategies and acquisitions; potential goodwill impairment; our ability to compete effectively; our dependence on a few large customers; our dependence on cyclical industries; changes in laws and regulations; climate-related laws, regulations and accords; environmental, social and governance-related expectations and requirements; compliance with anti-corruption and trade laws; changes in tax or tariff rates or the adoption of new tax or tariff legislation; and costs associated with legal proceedings. Please refer to Item 1A of our 2024 Annual Report on Form 10-K and Item 1A of this Form 10-Q for a more comprehensive discussion of these and other risk factors. These reports are available on the Company’s website at www.graco.com and the Securities and Exchange Commission’s website at www.sec.gov. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

Investors should realize that factors other than those identified above and in Item 1A might prove important to the Company’s future results. It is not possible for management to identify each and every factor that may have an impact on the Company’s operations in the future as new factors can develop from time to time.


Item 3.Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes related to market risk from the disclosures made in the 2024 Annual Report on Form 10-K.

Item 4.Controls and Procedures

Evaluation of disclosure controls and procedures

As of the end of the fiscal quarter covered by this report, the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures. This evaluation was done under the supervision and with the participation of the Company’s President and Chief Executive Officer and the Chief Financial Officer and Treasurer. Based upon that evaluation, the Company's President and Chief Executive Officer and the Chief Financial Officer and Treasurer concluded that the Company’s disclosure controls and procedures are effective.
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Changes in internal controls

During the quarter, there was no change in the Company’s internal control over financial reporting that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.
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PART IIOTHER INFORMATION

Item 1A.Risk Factors

There have been no material changes to the Company’s risk factors from those disclosed in the Company’s 2024 Annual Report on Form 10-K.


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Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

On December 7, 2018, the Board of Directors authorized the purchase of up to 18 million shares of common stock, primarily through open market transactions. The authorization is for an indefinite period of time or until terminated by the Board.

In addition to shares purchased under the Board authorization, the Company purchases shares of common stock held by employees who wish to tender owned shares to satisfy the exercise price or tax due upon exercise of options or vesting of restricted stock.

Information on issuer purchases of equity securities follows:
PeriodTotal Number
of Shares Purchased  		Average Price
Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number of Shares that May Yet Be
Purchased Under the Plans or Programs
(at end of period)
December 28, 2024 - January 24, 2025— $— — 13,151,009 
January 25, 2025 - February 21, 20251,470,567 $85.17 — 11,679,442 
February 22, 2025 - March 28, 20251,327,169 $85.02 — 10,353,273 


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Item 5.Other Information

During the three months ended March 28, 2025, of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
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Item 6.Exhibits
3.1 
3.2 
31.1
Certification of President and Chief Executive Officer pursuant to Rule 13a-14(a).
31.2
Certification of Chief Financial Officer and Treasurer pursuant to Rule 13a-14(a).
32
Certification of President and Chief Executive Officer and Chief Financial Officer and Treasurer pursuant to Section 1350 of Title 18, U.S.C.
99.1
Press Release Reporting First Quarter Earnings dated April 23, 2025.
101 Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language).
104 Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101).
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

GRACO INC.
Date:April 23, 2025By:/s/ Mark W. Sheahan
Mark W. Sheahan
President and Chief Executive Officer
(Principal Executive Officer)
Date:April 23, 2025By:/s/ David M. Lowe
David M. Lowe
Chief Financial Officer and Treasurer
(Principal Financial Officer)
Date:April 23, 2025By:/s/ Christopher D. Knutson
Christopher D. Knutson
Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer)

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