tnc-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to __________

Commission File Number 1-16191

__________________________________________

TENNANT COMPANY

(Exact name of registrant as specified in its charter)


Minnesota			41-0572550
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

10400 Clean Street

Eden Prairie, Minnesota 55344

(Address of principal executive offices)

(Zip Code)

(763) 540-1200

(Registrant’s telephone number, including area code)

____________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.375 per share

TNC

New York Stock Exchange

Indicate 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

Indicate 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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If 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.


			o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

As of July 31, 2026, there were 17,049,303 shares of common stock outstanding.

Table of Contents

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION (Unaudited)		Page
Item 1.	Financial Statements	3
	Consolidated Statements of Income	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Statements of Equity	8
	Notes to Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 5.	Other Information	36
Item 6.	Exhibits	36
Signatures		37

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


(In millions, except shares and per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net sales	$	324.0	$	318.6	$	621.9	$	608.6
Cost of sales	196.1		184.5		380.4		354.5
Gross profit	127.9		134.1		241.5		254.1
Selling and administrative expense	99.5		93.7		197.6		184.4
Research and development expense	12.5		9.8		23.1		19.5
Operating income	15.9		30.6		20.8		50.2
Interest expense, net	(4.3)		(2.2)		(7.7)		(4.5)
Net foreign currency transaction loss	(0.3)		(0.8)		(0.7)		(1.0)
Other expense, net	(1.0)		(0.3)		(1.2)		(0.2)
Income before income taxes	10.3		27.3		11.2		44.5
Income tax expense	2.7		7.1		3.4		11.2
Net income	$	7.6	$	20.2	$	7.8	$	33.3

Net income per share
Basic	$	0.44	$	1.10	$	0.45	$	1.79
Diluted	$	0.44	$	1.08	$	0.45	$	1.77

Weighted average shares outstanding
Basic	16,898,741		18,508,758		17,226,826		18,605,187
Diluted	17,171,367		18,687,918		17,456,349		18,820,298

See accompanying notes to consolidated financial statements.

Table of Contents

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


(In millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	7.6	$	20.2	$	7.8	$	33.3
Other comprehensive (loss) income:
Foreign currency translation adjustments (net of related tax (expense) benefit of $(0.2), $1.7, $(0.5), and $1.9, respectively)	(2.3)		23.8		(7.1)		39.3
Pension and postretirement medical benefits (net of related tax expense of $0, $0, $0, and $0, respectively)	—		0.1		—		—
Derivative financial instruments (net of related tax (expense) benefit of $(0.3), $0.1, $(0.5), and $0.1, respectively)	0.9		(0.1)		1.6		(0.2)
Total other comprehensive (loss) income, net of tax	(1.4)		23.8		(5.5)		39.1

Total comprehensive income including noncontrolling interest	6.2		44.0		2.3		72.4
Foreign currency translation adjustments attributable to noncontrolling interest	—		0.1		—		0.5
Comprehensive income attributable to Tennant Company	$	6.2	$	43.9	$	2.3	$	71.9

See accompanying notes to consolidated financial statements.

Table of Contents

TENNANT COMPANY

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(In millions, except shares and per share data)	June 30, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	76.9	$	106.4
Receivables, less allowances of $10.9 and $10.4, respectively	286.3		256.8
Inventories	201.9		198.5
Prepaid and other current assets	48.7		38.0
Total current assets	613.8		599.7
Property, plant and equipment, less accumulated depreciation of $301.7 and $289.0, respectively	187.7		189.8
Operating lease assets	54.4		56.9
Goodwill	208.3		208.6
Intangible assets, net	48.6		52.6
Other assets	158.0		161.3
Total assets	$	1,270.8	$	1,268.9
LIABILITIES AND EQUITY
Current portion of long-term debt	$	0.5	$	0.4
Accounts payable	112.9		127.5
Employee compensation and benefits	42.8		40.9
Other current liabilities	144.0