$2+ billion EBITDA by 2026

Q2: No specific mention; only related cost-saving targets. " " " Q1/Q4: Not mentioned.

Reaffirmed commitment and timeline despite slow start for 2025, with accelerated cost actions and margin focus " " " " " "

Emphasized in Q3; not covered in detail in earlier quarters

Shift from Consumer/DIY to Professional

Q2: Noted a significant shift to professional users. " " " Q1: Ongoing negative DIY, positive pro. " " " Q4: Same trend. " " " "

Weaker DIY (3% decline) versus strong Professional demand " " "

Consistent negative DIY, positive pro

DEWALT Brand Strength

Q2: Fifth consecutive quarter of growth, strong promotions. " " " " Q1: Highlighted pro-driven growth. " " " Q4: Continued strength, boosting shares. " " "

Sixth consecutive quarter of growth; market share gains " " "

Recurring strong performance, stable positive trend

Supply Chain Transformation & China

Q2: Transformation updates, no explicit China detail. " " Q1: Reduced reliance on China (40%→20%-25%). " Q4: Centers of excellence for flexibility. " "

Showed progress on cost savings; scenario planning for tariffs; facility changes " " "

Ongoing focus, more explicit in Q1 and Q3

Macroeconomic & Consumer Headwinds (Tools & Outdoor)

Q2: Noted soft consumer environment. " " " Q1: Muted DIY, driving volume declines. " " Q4: 8% decline in Tools & Outdoor. " " "

Soft consumer sentiment; Tools & Outdoor -3% volumes " " "

Persistent negative sentiment across all quarters

2–3x Market Growth & 35%+ Gross Margins

Q2: Continued ambitions for outsized growth, 35%+ margins. " " " " Q1: Same goals despite soft macro. " " Q4: Focus on reaching 35%+ margin. " " "

Reiterated confidence in 2–3x market growth and 35%+ margin targets " " "

Stable optimism across periods

Portfolio Optimization & Divestitures

Q2: Infrastructure sale completed; debt reduction. " " Q1: Further pruning in Industrial under review. " " Q4: Infrastructure business divested. " "

Only modest pruning mentioned for leverage goals "

Ongoing strategic focus, less detail in Q3

Return to Normal Promotional Activity

Q2: Normal seasonal promos; consumers responsive. " " " Q1: Back to historical promo levels. " " Q4: Expected 2019-level promos. "

No mention in Q3

Absent in Q3, otherwise noted in prior quarters

Outdoor Segment Below 2019 Levels

Q1: Well below 2019, persistent weakness. " " " Q4: Still below 2019. " " No Q2 mention.

Not mentioned for Q3

Discussed in Q1/Q4; not mentioned Q2/Q3

Automotive Sector Headwinds

Q2: Global auto headwinds flagged. " " Q1: Noted positive auto trends, no headwinds. " Q4: No explicit auto headwinds. "

Auto production not fully recovered, hitting Industrial segment " " "

Negative trend emerged in Q2, continued in Q3

Investments in Innovation ($100M–$500M)

Q2: $300–$500M planned to spur growth. " " " " Q1: $100M incremental for pro-driven innovation. " " Q4: Similar $100M for 2024. " " "

$100M in 2024 for brand, innovation, and tech "

Recurring commitment, consistent across quarters