Sturm Ruger Q3 2026 profit rises to $5.8M
Cash and short-term investments totaled $101.4 million at September 26, 2026, and the $40 million credit facility was unused.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Sturm, Ruger & Company, Inc. reported third-quarter 2026 total net sales of $147.6 million, up 16.5% from $126.8 million a year earlier. Gross profit was $30.5 million versus $19.2 million, and net income was $5.8 million versus $1.6 million; diluted earnings were $0.36 per share versus $0.10. The company attributed higher sales to increased demand and a higher average selling price. For the first nine months, sales rose 13.2% to $447.0 million, and net income was $12.9 million compared with a $7.9 million net loss. Adjusted EBITDA, a non-GAAP measure, was $41.8 million versus $22.6 million.
Nine-month operating cash flow was $24.2 million, compared with $38.8 million a year earlier. The company reported $6.3 million of Beretta Agreement-related professional fees and advisory costs and $3.2 million in severance; it said these factors negatively affected nine-month results by $0.44 per share on a non-GAAP basis. Ruger has a definitive agreement to sell its Southport facility for $5.9 million, subject to a customary diligence period, and expects a Q4 2026 closing, while stating there can be no assurance the sale will be completed on those terms or at all. The board authorized an 18¢-per-share dividend payable December 4, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter sales rose 16.5% to $147.6 million year over year.
- Moderate pointNine-month gross profit increased 70.4% to $92.3 million.
- Moderate pointNine-month net income was $12.9 million, versus a $7.9 million net loss.
Negative
- Moderate pointNine-month operating cash flow was $24.2 million, versus $38.8 million.
Filing Explained
As of September 26, Ruger reported $101.4 million in cash and short-term investments, alongside an unused $40 million credit line.
Form 10-Q is the unaudited quarterly report; this filing reports that the company’s rights agreement terminated on
As of
Key Figures
Key Terms
Adjusted EBITDA financial
last-in, first-out (LIFO) method financial
right-of-use assets financial
treasury stock method financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did RGR report in third-quarter sales?
When is RGR’s 18¢ dividend payable, and who qualifies?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
or
For the transition period from_______________ to _______________
Commission file number
| (Exact name of registrant as specified in its charter) |
| (State or other jurisdiction of | (I.R.S. employer | |
| incorporation or organization) | identification no.) | |
| (Address of principal executive offices) | (Zip code) |
(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 | ||
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 requirements for the past 90 days.
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).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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.
☐ 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The number of shares outstanding of the issuer’s common stock as of October 15, 2026:
INDEX
STURM, RUGER & COMPANY, INC.
| PART I. | FINANCIAL INFORMATION | 1 |
| Item 1. | Financial Statements (Unaudited) | 1 |
| Condensed consolidated balance sheets – September 26, 2026 and December 31, 2025 | 1 | |
| Condensed consolidated statements of income (loss) and comprehensive income (loss) – Three and nine months ended September 26, 2026 and September 27, 2025 | 3 | |
| Condensed consolidated statements of stockholders’ equity – Nine months ended September 26, 2026 and September 27, 2025 | 4 | |
| Condensed consolidated statements of cash flows – Nine months ended September 26, 2026 and September 27, 2025 | 6 | |
| Notes to condensed consolidated financial statements | 7 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 31 |
| Item 4. | Controls and Procedures | 31 |
| PART II. | OTHER INFORMATION | 32 |
| Item 1. | Legal Proceedings | 32 |
| Item 1A. | Risk Factors | 32 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 32 |
| Item 3. | Defaults Upon Senior Securities | 32 |
| Item 4. | Mine Safety Disclosures | 32 |
| Item 5. | Other Information | 32 |
| Item 6. | Exhibits | 33 |
| SIGNATURES | 34 | |
i
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
| September
26, 2026 |
December
31, 2025 |
|||||||
| Assets | (Note) | |||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short-term investments | ||||||||
| Trade receivables, net | ||||||||
| Gross inventories (Note 4) | ||||||||
| Less LIFO reserve | ( | ) | ( | ) | ||||
| Less excess and obsolescence reserve | ( | ) | ( | ) | ||||
| Net inventories | ||||||||
| Assets held for sale | - | |||||||
| Prepaid expenses and other current assets | ||||||||
| Total Current Assets | ||||||||
| Property, plant and equipment | ||||||||
| Less allowances for depreciation | ( | ) | ( | ) | ||||
| Net property, plant and equipment | ||||||||
| Deferred income taxes | ||||||||
| Other assets | ||||||||
| Total Assets | $ | $ | ||||||
Note:
The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
See notes to condensed consolidated financial statements.
1
STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)
(Dollars in thousands, except per share data)
| September 26, 2026 |
December 31, 2025 |
|||||||
| (Note) | ||||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Trade accounts payable and accrued expenses | $ | $ | ||||||
| Contract liabilities with customers (Note 3) | - | - | ||||||
| Product liability | ||||||||
| Employee compensation and benefits | ||||||||
| Workers’ compensation | ||||||||
| Total Current Liabilities | ||||||||
| Lease liabilities (Note 5) | ||||||||
| Employee compensation | ||||||||
| Product liability accrual | ||||||||
| Contingent liabilities (Note 13) | - | - | ||||||
| Stockholders’ Equity | ||||||||
| Common Stock, non-voting, par value $ | ||||||||
| Authorized shares | - | - | ||||||
| Common Stock, par value $ | ||||||||
| 2026 – | ||||||||
| 2025 – | ||||||||
| | ||||||||
| | ||||||||
| Additional paid-in capital | ||||||||
| Retained earnings | ||||||||
| Less: Treasury stock – at cost | ||||||||
| 2026 – | ||||||||
| 2025 – | ( | ) | ( | ) | ||||
| Total Stockholders’ Equity | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | $ | ||||||
Note:
The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
See notes to condensed consolidated financial statements.
2
STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Dollars in thousands, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 26, 2026 |
September 27, 2025 |
September 26, 2026 |
September 27, 2025 |
|||||||||||||
| Net firearms sales | $ | $ | $ | $ | ||||||||||||
| Net castings sales | ||||||||||||||||
| Total net sales | ||||||||||||||||
| Cost of products sold | ||||||||||||||||
| Gross profit | ||||||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling | ||||||||||||||||
| General and administrative | ||||||||||||||||
| Total operating expenses | ||||||||||||||||
| Operating income (loss) | ( | ) | ( | ) | ||||||||||||
| Other income: | ||||||||||||||||
| Interest income | ||||||||||||||||
| Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income, net | ||||||||||||||||
| Total other income, net | ||||||||||||||||
| Income (loss) before income taxes | ( | ) | ( | ) | ||||||||||||
| Income taxes | ( | ) | ( | ) | ||||||||||||
| Net income (loss) and comprehensive income (loss) | $ | $ | $ | $ | ( | ) | ||||||||||
| Basic earnings (loss) per share | $ | $ | $ | $ | ( | ) | ||||||||||
| Diluted earnings (loss) per share | $ | $ | $ | $ | ( | ) | ||||||||||
| Weighted average number of common shares outstanding – Basic | ||||||||||||||||
| Weighted average number of common shares outstanding – Diluted | ||||||||||||||||
| Cash dividends per share | $ | $ | $ | $ | ||||||||||||
See notes to condensed consolidated financial statements.
3
STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(Dollars in thousands)
| Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Total | ||||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Net income and comprehensive income | ||||||||||||||||||||
| Common stock issued – compensation plans | ( | ) | - | |||||||||||||||||
| Vesting of RSUs | ( | ) | ( | ) | ||||||||||||||||
| Dividends paid | ( | ) | ( | ) | ||||||||||||||||
| Recognition of stock-based compensation expense | ||||||||||||||||||||
| Balance at March 28, 2026 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Net income and comprehensive income | ||||||||||||||||||||
| Common stock issued – compensation plans | ( | ) | - | |||||||||||||||||
| Vesting of RSUs | ( | ) | ( | ) | ||||||||||||||||
| Dividends paid | ( | ) | ( | ) | ||||||||||||||||
| Unpaid dividends accrued | ( | ) | ( | ) | ||||||||||||||||
| Recognition of stock-based compensation expense | ||||||||||||||||||||
| Balance at June 27, 2026 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Net income and comprehensive income | ||||||||||||||||||||
| Dividends paid | ( | ) | ( | ) | ||||||||||||||||
| Unpaid dividends accrued | ( | ) | ( | ) | ||||||||||||||||
| Recognition of stock-based compensation expense | ||||||||||||||||||||
| Balance at September 26, 2026 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
See notes to condensed consolidated financial statements.
4
STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (Continued)
(Dollars in thousands)
| Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Total | ||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Net income and comprehensive income | ||||||||||||||||||||
| Common stock issued – compensation plans | ( | ) | - | |||||||||||||||||
| Vesting of RSUs | ( | ) | ( | ) | ||||||||||||||||
| Dividends paid | ( | ) | ( | ) | ||||||||||||||||
| Unpaid dividends accrued | ||||||||||||||||||||
| Recognition of stock-based compensation expense | ||||||||||||||||||||
| Repurchase of | ( | ) | ( | ) | ||||||||||||||||
| Balance at March 29, 2025 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Net loss and comprehensive loss | ( | ) | ( | ) | ||||||||||||||||
| Common stock issued – compensation plans | ( | ) | - | |||||||||||||||||
| Vesting of RSUs | - | |||||||||||||||||||
| Dividends paid | ( | ) | ( | ) | ||||||||||||||||
| Unpaid dividends accrued | ( | ) | ( | ) | ||||||||||||||||
| Recognition of stock-based compensation expense | ||||||||||||||||||||
| Repurchase of | ( | ) | ( | ) | ||||||||||||||||
| Balance at June 28, 2025 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
| Net income and comprehensive income | ||||||||||||||||||||
| Dividends paid | ( | ) | ( | ) | ||||||||||||||||
| Unpaid dividends accrued | ( | ) | ( | ) | ||||||||||||||||
| Recognition of stock-based compensation expense | ||||||||||||||||||||
| Repurchase of | ( | ) | ( | ) | ||||||||||||||||
| Balance at September 27, 2025 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
See notes to condensed consolidated financial statements.
5
STURM, RUGER & COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
| Nine Months Ended | ||||||||
| September 26, 2026 |
September 27, 2025 |
|||||||
| Operating Activities | ||||||||
| Net income (loss) | $ | $ | ( | ) | ||||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Stock-based compensation | ||||||||
| Excess and obsolescence inventory reserve | ( | ) | ||||||
| Inventory and other asset write-off | - | |||||||
| Loss on disposal of assets | ( | ) | ||||||
| Deferred income taxes | ( | ) | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Trade receivables | ( | ) | ||||||
| Inventories | ( | ) | ||||||
| Assets held for sale | ( | ) | - | |||||
| Trade accounts payable and accrued expenses | ( | ) | ||||||
| Contract liabilities with customers | - | |||||||
| Employee compensation and benefits | ( | ) | ||||||
| Product liability | ||||||||
| Prepaid expenses, other assets and other liabilities | ( | ) | ( | ) | ||||
| Cash provided by operating activities | ||||||||
| Investing Activities | ||||||||
| Property, plant and equipment additions | ( | ) | ( | ) | ||||
| Purchase of Anderson Manufacturing assets | - | ( | ) | |||||
| Net proceeds from the sale of assets | - | |||||||
| Purchases of short-term investments | ( | ) | ( | ) | ||||
| Proceeds from maturities of short-term investments | ||||||||
| Cash (used for) provided by investing activities | ( | ) | ||||||
| Financing Activities | ||||||||
| Remittance of taxes withheld from employees related to stock-based compensation | ( | ) | ( | ) | ||||
| Repurchase of common stock | - | ( | ) | |||||
| Dividends paid | ( | ) | ( | ) | ||||
| Cash used for financing activities | ( | ) | ( | ) | ||||
| Increase in cash and cash equivalents | ||||||||
| Cash and cash equivalents at beginning of period | ||||||||
| Cash and cash equivalents at end of period | $ | $ | ||||||
See notes to condensed consolidated financial statements.
6
STURM, RUGER & COMPANY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share)
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. Operating results for the three and nine months ended September 26, 2026 may not be indicative of the results to be expected for the full year ending December 31, 2026. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Organization:
Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately
The Company also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Approximately
Principles of Consolidation:
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Revenue Recognition:
The Company recognizes revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Substantially all product sales are sold FOB (free on board) shipping point. Customary payment terms are
7
Fair Value Measurements:
The carrying amounts of financial instruments, including cash, short-term investments, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items.
The Company’s short-term investments consist of United States Treasury instruments, which mature within one year, and investments in a bank-managed money market fund that invests exclusively in United States Treasury obligations and is valued at the net asset value (“NAV”) daily closing price, as reported by the fund, based on the amortized cost of the fund’s securities. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.
The fair value of inventory acquired as part of a business combination is based on a third-party valuation utilizing the comparable sales method which is based on Level 2 and Level 3 inputs. The fair value of property, plant and equipment acquired as part of a business combination is based on a third-party valuation utilizing the indirect method of cost approach, which is based on Level 2 and Level 3 inputs. The fair value of patents acquired as part of a business combination is based on a third-party valuation utilizing the replacement cost method, which is based on Level 2 and Level 3 inputs. The fair value of the remaining intangible assets as part of a business combination are based on a third-party valuation utilizing discounted cash flow methods that involves inputs, which are not observable in the market (Level 3).
Business Combination:
On July 1, 2025, the Company acquired substantially all of the assets of Anderson Manufacturing (“Anderson”) for a total purchase price of $
The transaction was funded by the Company with cash on hand and has been accounted for in accordance with ASC 805 - Business Combinations, which requires, among other things, an assignment of the acquisition consideration transferred to the sellers for the tangible and intangible assets acquired, using the bottom up approach, to estimate their fair value at acquisition date. Any excess of the fair value of the purchase consideration over these identified net assets was recorded as goodwill. The estimates of fair value are based upon assumptions believed to be reasonable, yet are inherently uncertain and, as a result, may differ from actual performance. During the measurement period, which expired on June 30, 2026, one year from the date of acquisition, the Company would have been able to record adjustments to the estimated fair values of the assets acquired and liabilities assumed with a corresponding adjustment to goodwill in the period in which such revised estimates were identified. No such adjustments were recorded in the nine months ended September 26, 2026.
8
Assets Held for Sale:
The Company classifies a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (ASC) Topic 360: Property, Plant and Equipment (ASC 360) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time the Company classifies a property as held for sale, the Company ceases recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of: (i) its carrying amount or (ii) its estimated fair value, less estimated costs to sell. Properties classified as held for sale are presented separately in the consolidated balance sheet.
Use of Estimates:
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements:
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”).” This guidance requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements to provide enhanced transparency into the expense captions presented on the statement of earnings. It is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. Adoption may be applied either prospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact of this guidance on the Company’s related disclosures.
In December 2025, the FASB issued its final ASU which makes improvements to the Accounting Standards Codification in response to feedback from stakeholders. This standard, issued as ASU 2025-12, specifically updates the Codification for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. This update is effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting ASU 2025-12.
In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software.” The standard modernizes and simplifies guidance for internal-use software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027 including interim reporting periods within those annual reporting periods. The Company is evaluating the impact of this guidance on its Consolidated Financial Statements.
9
NOTE 3 - REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
The impact of ASC 606 on revenue recognized during the three and nine months ended September 26, 2026 and September 27, 2025 is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 26, 2026 | September 27, 2025 | September 26, 2026 | September 27, 2025 | |||||||||||||
| Contract liabilities with customers at beginning of period | $ | $ | $ | - | $ | - | ||||||||||
| Revenue deferred | - | |||||||||||||||
| Revenue recognized | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Contract liabilities with customers at end of period | $ | - | $ | $ | - | $ | ||||||||||
As more fully described in the Revenue Recognition section of Note 2, the deferral of revenue and subsequent recognition thereof relates to certain of the Company’s sales promotion programs that include the future shipment of free products.
Practical Expedients and Exemptions
The Company has elected to account for shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment activities that are recognized upon shipment of the goods.
NOTE 4 - INVENTORIES
Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management’s control, interim results are subject to the final year-end LIFO inventory valuation.
10
Inventories consist of the following:
| September 26, 2026 | December 31, 2025 | |||||||
| Inventory at FIFO | ||||||||
| Finished products | $ | $ | ||||||
| Materials and work in process | ||||||||
| Gross inventories | ||||||||
| Less: LIFO reserve | ( | ) | ( | ) | ||||
| Less: excess and obsolescence reserve | ( | ) | ( | ) | ||||
| Net inventories | $ | $ | ||||||
NOTE 5 - LEASED ASSETS
The Company leases certain of its real estate and equipment. The Company has evaluated all its leases and determined that all are operating leases under the definitions of the guidance of ASU 2016-02, Leases (Topic 842). The Company’s lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants.
Under the provisions of ASU 2016-02, the Company records right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the Condensed Consolidated Balance Sheet as of September 26, 2026:
| Balance Sheet Line Item | September 26, 2026 | |||||
| Right-of-use assets | Other assets | $ | ||||
| Operating lease liabilities | ||||||
| Current portion | Trade accounts payable and accrued expenses | $ | ||||
| Noncurrent portion | Lease liabilities | |||||
| Total operating lease liabilities | $ | |||||
The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight line basis over the life of the lease.
The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities.
Certain of the Company’s lease agreements contain renewal options at the Company’s discretion. The Company does not recognize right-of-use assets or lease liabilities for leases of one year or less or for renewal periods unless it is reasonably certain that the Company will exercise the renewal option at the inception of the lease or when a triggering event occurs.
11
The table below includes cash paid for the Company’s operating lease liabilities, other non-cash information, weighted average remaining lease term and weighted average discount rate:
| Nine Months Ended | ||||||||
| September 26, 2026 | September 27, 2025 | |||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | $ | ||||||
| Cash amounts paid for short-term leases | $ | $ | ||||||
| Right-of-use assets obtained in exchange for lease liabilities | $ | $ | - | |||||
| Weighted average remaining lease term (years) | ||||||||
| Weighted average discount rate | % | % | ||||||
The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Condensed Consolidated Balance Sheet as of September 26, 2026:
| Remainder of 2026 | $ | |||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| Thereafter | ||||
| Total undiscounted future minimum lease payments | ||||
| Less: Difference between undiscounted lease payments & the present value of future lease payments | ( | ) | ||
| Total operating lease liabilities | $ |
NOTE 6 - LINE OF CREDIT
On June 6, 2024, the Company amended its existing $
NOTE 7 - EMPLOYEE BENEFIT PLANS
The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $
In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $
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NOTE 8 - INCOME TAXES
The Company’s 2026 and 2025 effective tax rates differ from the statutory federal tax rate due principally to the availability of research and development tax credits, state income taxes, and the nondeductibility of certain executive compensation. The Company’s effective income tax rate was
Income tax payments were de minimis for the three and nine months ended September 26, 2026. The Company did not make any income tax payments during the three months ended September 27, 2025. Income tax payments totaled $
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2021.
The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.
NOTE 9 - EARNINGS PER SHARE
Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 26, 2026 | September 27, 2025 | September 26, 2026 | September 27, 2025 | |||||||||||||
| Numerator: | ||||||||||||||||
| Net income (loss) | $ | $ | $ | $ | ( | ) | ||||||||||
| Denominator: | ||||||||||||||||
| Weighted average number of common shares outstanding – Basic | ||||||||||||||||
| Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans | - | |||||||||||||||
| Weighted average number of common shares outstanding – Diluted | ||||||||||||||||
The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. There were no stock options that were anti-dilutive and therefore not included in the diluted earnings per share calculation.
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NOTE 10 - COMPENSATION PLANS
In May 2017, the Company’s stockholders approved the 2017 Stock Incentive Plan (the “2017 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company reserved
In June 2023, the Company’s stockholders approved the 2023 Stock Incentive Plan (the “2023 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company reserved
Restricted Stock Units
The Company grants performance-based and retention-based restricted stock units to senior employees. The vesting of the performance-based awards is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors and a three-year vesting period. The retention-based awards are subject only to a three-year vesting period. There were
Compensation costs related to all outstanding restricted stock units recognized in condensed consolidated statements of income (loss) and comprehensive income (loss) aggregated $
NOTE 11 - OPERATING SEGMENT INFORMATION
The Company has two reportable segments: firearms and castings. The firearms segment manufactures and sells rifles, shotguns, pistols, and revolvers principally to a select number of independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts.
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Selected operating segment financial information follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in thousands) | September 26, 2026 | September 27, 2025 | September 26, 2026 | September 27, 2025 | ||||||||||||
| Net Sales | ||||||||||||||||
| Firearms | $ | $ | $ | $ | ||||||||||||
| Castings | ||||||||||||||||
| Unaffiliated | ||||||||||||||||
| Intersegment | ||||||||||||||||
| Eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| $ | $ | $ | $ | |||||||||||||
| Costs of Goods Sold | ||||||||||||||||
| Firearms | $ | $ | $ | $ | ||||||||||||
| Castings | ||||||||||||||||
| Unaffiliated | ||||||||||||||||
| Intersegment | ||||||||||||||||
| Eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| $ | $ | $ | $ | |||||||||||||
| Gross Profit (Loss) | ||||||||||||||||
| Firearms | $ | $ | $ | $ | ||||||||||||
| Castings | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| $ | $ | $ | $ | |||||||||||||
| Operating Income (Loss) | ||||||||||||||||
| Firearms | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| Castings | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| $ | $ | ( | ) | $ | $ | ( | ) | |||||||||
| Income (Loss) Before Income Taxes | ||||||||||||||||
| Firearms | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| Castings | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Corporate | ||||||||||||||||
| $ | $ | ( | ) | $ | $ | ( | ) | |||||||||
| Depreciation | ||||||||||||||||
| Firearms | $ | $ | $ | $ | ||||||||||||
| Castings | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Capital Expenditures | ||||||||||||||||
| Firearms | $ | $ | $ | $ | ||||||||||||
| Castings | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
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| September 26, 2026 | December 31, 2025 | |||||||
| Identifiable Assets | ||||||||
| Firearms | $ | $ | ||||||
| Castings | ||||||||
| Corporate | ||||||||
| $ | $ | |||||||
| Goodwill | ||||||||
| Firearms | $ | $ | ||||||
| Castings | ||||||||
| $ | $ | |||||||
NOTE 12 - RELATED PARTY TRANSACTIONS
The Company contracts with the National Rifle Association (“NRA”) for some of its promotional and advertising activities. One of the Company’s former Directors also served as a Director on the Board of the NRA through October 2025. In 2026, the NRA is no longer considered a related party. Payments made to the NRA in the three and nine months ended September 27, 2025 totaled $
The Company is a member of the National Shooting Sports Foundation (“NSSF”), the firearm industry trade association. Payments made to the NSSF in the three and nine months ended September 26, 2026 totaled $
NOTE 13 - CONTINGENT LIABILITIES
As of September 26, 2026, the Company was a defendant in seven (
Municipal Litigation
Municipal litigation generally includes those cases brought by cities or other governmental entities against firearms manufacturers, distributors and retailers seeking to recover damages allegedly arising out of the misuse of firearms by third parties. There are two pending lawsuits of this type: The City of Buffalo, filed in the Supreme Court of the State of New York for Erie County on December 20, 2022; and The City of Rochester, filed in the Supreme Court for the State of New York for Monroe County on December 21, 2022, each of which is described in more detail below.
The City of Buffalo v. Smith & Wesson Brands, Inc., et al. and The City of Rochester v. Smith & Wesson Brands, Inc., et al were filed on consecutive days in New York State Court, naming a number of firearm manufacturers, distributors, and retailers as Defendants, including the Company. The complaints are virtually identical and, relying primarily on New York’s General Business Law §898-b, generally allege that criminal misuse of firearms in their cities is the result of the manufacturing, sales, marketing, and distribution practices of the Defendants. These matters seek unspecified compensatory damages, creation of an abatement fund, punitive damages and other relief. Both matters were timely removed to federal court and were consolidated for pretrial purposes only. In response to the Defendants’ motion to dismiss, the Cities amended their complaints, removing most of the defendants and amending the allegations against the remaining defendants, including the Company, to allege violation of N.Y. Gen. Bus. Law § 898-b(2) and Common Law Public Nuisance. The Defendants have moved to dismiss the amended complaint.
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Unfair Trade Practices
The Estate of Suzanne Fountain v. Sturm, Ruger & Co., Inc., and the Estate of Nevin Stanisic v. Sturm, Ruger & Co., Inc. are pending in Connecticut state court and arise out of a criminal shooting that occurred at the King Soopers supermarket in Boulder, Colorado on March 22, 2021. The Complaints allege, among other things, that the Company’s advertising and marketing of the Ruger AR-556 pistol violate the Connecticut Unfair Trade Practices Act (“CUTPA”) and seek damages for the alleged wrongful death of the victims.
The cases were consolidated for discovery purposes only and transferred by the court to the Complex Litigation Docket. On April 20, 2026, the Company filed a Motion for Choice of Law Determination and/or for Summary Judgment, seeking application of Colorado law to the matter or, in the alternative, summary judgment on the plaintiff’s CUTPA claims. The court has allowed discovery to take place prior to plaintiffs’ response to that motion and has scheduled argument to occur in April 2027. On July 16, 2026, the plaintiffs filed an Offer of Compromise offering to settle the matter as to all plaintiffs for $
Product Liability
The previously reported product liability matter. Fortenberry v. Sturm, Ruger & Company, Inc., which alleged wrongful death arising out of an alleged product design defect in an “old model” Ruger Single-Six revolver, was resolved in the quarter. A settlement order was approved by the court on August 6, 2026 and the matter was dismissed.
Trademark Litigation
The Company is a defendant in FN Herstal, et al. v. Sturm, Ruger & Company, Inc., which is pending in North Carolina. The Complaint alleges that the Company’s use of the initialism “SFAR” in connection with the marketing of its Small Frame Autoloading Rifle infringes the Plaintiffs’ SCAR trademark. The Complaint alleges violations of the Lanham Act and the North Carolina Unfair and Deceptive Trade Practices Act, as well as trademark infringement under North Carolina common law. On September 25, 2026 the court granted the Company’s Motion for Summary Judgment in full and dismissed the matter with prejudice. The plaintiffs have filed a notice of appeal.
Accessibility
On September 11, 2026, a lawsuit was filed against the Company in the Supreme Court of New York. The lawsuit alleges violation of the New York State Human Rights Law, the New York State Civil Rights Law, and the New York City Human Rights Law arising out of alleged accessibility challenges on a website operated by the Company. The Company was served on October 11, 2026, and is defending the matter.
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Summary of Claimed Damages and Explanation of Product Liability Accruals
Punitive damages, as well as compensatory damages, are demanded in certain of the lawsuits and claims. In many instances, the plaintiff does not seek a specified amount of money, though aggregate amounts ultimately sought may exceed product liability accruals and applicable insurance coverage.
For product liability claims made between July 10, 2000 and August 31, 2024, insurance coverage was provided on an annual basis for losses exceeding $
Company management monitors the status of known claims and product liability accruals, which includes amounts for asserted and unasserted claims. While it is not possible to forecast the outcome of litigation or the timing of costs, in the opinion of management, after consultation with special and corporate counsel, it is not probable and is unlikely that litigation, including punitive damage claims, will have a material adverse effect on the financial position of the Company, but may have a material impact on the Company’s financial results for a particular period.
Product liability claim payments are made when appropriate if, as, and when claimants and the Company reach agreement upon an amount to finally resolve all claims. Legal costs are paid as the lawsuits and claims develop, the timing of which may vary greatly from case to case. A time schedule cannot be determined in advance with any reliability concerning when payments will be made in any given case.
Provision is made for product liability claims based upon many factors related to the severity of the alleged injury and potential liability exposure, based upon prior claim experience. Because the Company’s experience in defending these lawsuits and claims is that unfavorable outcomes are typically not probable or estimable, only in rare cases is an accrual established for such costs.
In most cases, an accrual is established only for estimated legal defense costs. Product liability accruals are periodically reviewed to reflect then-current estimates of possible liabilities and expenses incurred to date and reasonably anticipated in the future. Threatened product liability claims are reflected in the Company’s product liability accrual on the same basis as actual claims; i.e., an accrual is made for reasonably anticipated possible liability and claims handling expenses on an ongoing basis.
Often, a Complaint does not specify the amount of damages being sought and a range of reasonably possible losses relating to unfavorable outcomes cannot be made. The dollar amount of damages claimed at December 31, 2025, December 31, 2024 and December 31, 2023 was de minimis.
NOTE 14 - STOCKHOLDER RIGHTS PLAN
On October 14, 2025, the Company’s Board of Directors (the “Board”) approved adoption of a limited-duration stockholder rights plan (the “Rights Plan”). The Rights Plan was effective October 14, 2025 (“Effective Date”) and was scheduled to expire on October 13, 2026. The Board, in consultation with its advisors, adopted the Rights Plan in response to the public announcement by Beretta Holding S.A. (“Beretta Holding”) that it had accumulated a significant economic interest in Ruger’s common stock and intends to engage in discussions with the Company regarding “potential areas of operational and strategic collaborations.” The Rights Plan was intended to ensure that the Board remained in the best position to perform its fiduciary duties and enable all stockholders to receive fair and equal treatment.
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On May 2, 2026, the Company entered into an agreement with Beretta Holding (the “Cooperation Agreement”), regarding Beretta Holding’s shareholding in the Company, matters related to the composition of the Board, and certain other matters. In connection with the Cooperation Agreement, on September 16, 2026, the Company and Computershare Trust Company, N.A., as rights agent (the “Rights Agent”), entered into an amendment (the “Amendment”) to the Rights Agreement, dated as of October 14, 2025, between the Company and the Rights Agent (the “Rights Agreement”). The Amendment accelerated the Final Expiration Date (as defined in the Rights Agreement) of the Company’s common share purchase rights from the close of business on October 13, 2026 to the close of business on September 16, 2026, and the Rights Agreement terminated at such time. At the time of termination, all of the rights distributed to holders of the Company’s common stock pursuant to the Rights Agreement expired.
NOTE 15 - ASSETS HELD FOR SALE
The Company has committed to a plan to sell its Southport, Connecticut facility, which had historically been used as the Company’s principal executive offices. The Company has relocated its principal executive offices to Mayodan, North Carolina. The Company engaged a commercial real estate broker, listed the property for sale, and concluded that all criteria for classification as held for sale under ASC 360 have been met. The Company’s accounting policy for assets held for sale is described in Note 2.
As a result, the Company reclassified the carrying value of the property, $
The Company has entered into a definitive purchase and sale agreement to sell the property for $
NOTE 16 - SUBSEQUENT EVENTS
On October 30, 2026, the Board of Directors authorized a dividend of
The Company has evaluated events and transactions occurring subsequent to September 26, 2026 and determined that there were no other unreported events or transactions that would have a material impact on the Company’s results of operations or financial position.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Company Overview
Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales accounted for approximately 5% of total sales for each of the nine month periods ended September 26, 2026 and September 27, 2025, respectively. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market.
The Company also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment.
Orders for many models of firearms from the independent distributors tend to be stronger in the first quarter of the year and weaker in the third quarter of the year. This is due in part to the timing of the distributor show season, which occurs during the first quarter.
Results of Operations
During the nine months ended September 26, 2026, the Company executed on its Ruger 2030 plan – strengthening operational responsiveness, enhancing the product portfolio and positioning the Company for sustainable long-term growth. Activity in the period included:
| ● | The appointment of a new CFO in April of 2026, along with other ongoing organizational realignment designed to improve efficiency and effectiveness. |
| ● | The Company entered into an agreement with Beretta Holding S.A. (“Beretta”), resolving the potential proxy fight and eliminating distractions. |
| ● | The generation of $24.2 million in cash from operations, as compared to $38.8 million over the same period last year. Impacted due to timing of third quarter 2026 shipments, and cash collections due to Oracle ERP system implementation in mid-third quarter 2026. |
| ● | New product sales reaching $99.5 million, or 24%, of total firearm sales for the nine months ended September 26, 2026. New product sales include only major new products that were introduced in the past two years and include the RXM pistol, Marlin 1894 lever-action rifles (through June), Glenfield rifles, Harrier rifles, Ruger Red Label III Shotgun, and (during the first quarter only) the American Centerfire Rifle Generation II. |
| ● | Estimated sell-through of the Company’s products from the independent distributors to retailers decreased by 4% from the same period last year, compared to a 2% increase in adjusted NICS during the same period. At the same time, compared to the first nine months of 2025, the Company’s finished goods inventories increased 15,100 units while distributors’ inventories increased 59,100 units, reflecting strong retail pull through of the Company’s products while maintaining inventory levels in the distribution channel. |
| ● | The Hebron Facility is operating at target capacity, as of September 26, 2026. |
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As announced on May 4, 2026, Ruger and Beretta entered into an Agreement (the “Beretta Agreement”), which reflects a shared commitment to long-term value creation, constructive engagement, and stability for Ruger’s shareholders, employees, customers and industry partners. Throughout that process, the Company took actions to protect the interests of all shareholders and to maintain focus on executing its long-term strategy. These efforts resulted in professional fees and advisory costs totaling $1.8 million during the quarter and $6.3 million for the nine month period ended September 26, 2026. These costs are largely non-recurring in nature and the Company believes that they do not reflect the underlying performance of the core business. With the Beretta Agreement now in place, the Company expects these costs to be limited in duration, though some additional expenses may be incurred in the near term.
Additionally, in February 2026, the Company executed a reduction-in-force as part of broader efforts to structurally align the organization to strategic priorities and the future operating model. These actions are consistent with the changes outlined in the 2026 Plan and, more broadly, the Ruger 2030 framework. The moves improve efficiency, enhance accountability and position the Company for long-term profitable growth. The associated severance and related costs of $3.2 million for the nine month period ended September 26, 2026 and are not indicative of ongoing operations. There were no additional such costs recognized during the three months ended September 26, 2026.
As a result of the factors listed above, the results of operations for the nine month period ending September 26, 2026 were negatively impacted, on a non-GAAP basis, by $0.44 per share (see the Non-GAAP Financial Performance Measures below.) The impact was as follows:
| ● | Additional general and administrative expenses of $6.3 million, or $0.29 per share, related to the proxy contest with Beretta. |
| ● | Increased general and administrative expenses of $3.2 million, or $0.15 per share, related to the leadership/governance transition and organizational realignment |
Demand
The estimated unit sell-through of the Company’s products from the independent distributors to retailers increased 5% in the first nine months of 2026 compared to the prior year period. For the same period, National Instant Criminal Background Check System (“NICS”) background checks (as adjusted by the National Shooting Sports Foundation (“NSSF”)) increased 3%. Estimated sell-through from the independent distributors to retailers and total adjusted NICS background checks for the trailing seven quarters follow:
| 2026 | 2025 | |||||||||||||||||||||||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||
| Estimated Units Sold from Distributors to Retailers (1) | 355,800 | 390,100 | 376,400 | 473,800 | 370,600 | 328,500 | 364,700 | |||||||||||||||||||||
| Total adjusted NICS Background Checks (thousands) (2) | 3,329 | 3,422 | 3,877 | 4,295 | 3,249 | 3,251 | 3,817 | |||||||||||||||||||||
| (1) | The estimates for each period were calculated by taking the beginning inventory at the distributors, plus shipments from the Company to distributors during the period, less the ending inventory at distributors. These estimates are only a proxy for actual market demand as they: |
| ● | Rely on data provided by independent distributors that are not verified by the Company, |
| ● | Do not consider potential timing issues within the distribution channel, including goods-in-transit, and |
| ● | Do not consider fluctuations in inventory at retail. |
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| (2) | NICS background checks are performed when the ownership of most firearms, either new or used, is transferred by a Federal Firearms Licensee. NICS background checks are also performed for permit applications, permit renewals, and other administrative reasons. |
The adjusted NICS data presented above was derived by the NSSF by subtracting out NICS checks that are not directly related to the sale of a firearm, including checks used for concealed carry (“CCW”) permit application checks, as well as checks on active CCW permit databases. The adjusted NICS checks represent less than half of the total NICS checks.
Adjusted NICS data can be impacted by changes in state laws and regulations and any directives and interpretations issued by governmental agencies.
Orders Received and Ending Backlog
The Company uses the estimated unit sell-through of its products from the independent distributors to retailers, along with inventory levels at the independent distributors and at the Company, as the key metrics for planning production levels. The Company generally does not use the orders received or ending backlog for planning production levels.
The units ordered, value of orders received, average sales price of units ordered, and ending backlog for the trailing seven quarters are as follows (dollars in millions, except average sales price):
(All amounts shown are net of Federal Excise Tax of 10% for handguns and 11% for long guns.)
| 2026 | 2025 | |||||||||||||||||||||||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||
| Units Ordered | 290,800 | 422,500 | 525,300 | 550,300 | 286,500 | 355,900 | 410,000 | |||||||||||||||||||||
| Orders Received | $ | 70.2 | $ | 162.2 | $ | 211.0 | $ | 160.2 | $ | 87.9 | $ | 113.7 | $ | 154.0 | ||||||||||||||
| Average Sales Price of Units Ordered | $ | 242 | $ | 384 | $ | 402 | $ | 291 | $ | 307 | $ | 319 | $ | 376 | ||||||||||||||
| Ending Backlog | $ | 261.7 | $ | 331.4 | $ | 329.7 | $ | 285.0 | $ | 227.0 | $ | 263.1 | $ | 275.2 | ||||||||||||||
| Average Sales Price of Ending Unit Backlog | $ | 435 | $ | 465 | $ | 475 | $ | 524 | $ | 543 | $ | 534 | $ | 552 | ||||||||||||||
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Production
The Company reviews the estimated sell-through from the independent distributors to retailers, as well as inventory levels at the independent distributors and at the Company to plan production levels. The Company’s overall production in the third quarter of 2026 increased 4% from the second quarter of 2026.
Summary Unit Data
Firearms unit data for the trailing seven quarters are as follows (dollar amounts shown are net of Federal Excise Tax of 10% for handguns and 11% for long guns):
| 2026 | 2025 | |||||||||||||||||||||||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||
| Units Ordered | 290,800 | 422,600 | 525,300 | 550,300 | 286,500 | 355,900 | 410,000 | |||||||||||||||||||||
| Units Produced | 434,300 | 419,400 | 342,800 | 357,800 | 344,900 | 381,600 | 372,000 | |||||||||||||||||||||
| Units Shipped | 402,300 | 403,500 | 375,600 | 424,400 | 361,600 | 361,400 | 356,700 | |||||||||||||||||||||
| Average Sales Price of Units Shipped | $ | 348 | $ | 367 | $ | 375 | $ | 355 | $ | 336 | $ | 349 | $ | 379 | ||||||||||||||
| Ending Unit Backlog | 601,200 | 712,700 | 693,600 | 543,900 | 418,000 | 493,100 | 498,600 | |||||||||||||||||||||
Inventories
During the first nine months of 2026, the Company’s finished goods inventory increased by 15,100 units and distributor inventories of the Company’s products increased by 59,100 units.
Inventory unit data for the trailing seven quarters follows:
| 2026 | 2025 | |||||||||||||||||||||||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||
| Company Inventory | 82,600 | 50,600 | 34,700 | 67,500 | 134,100 | 150,700 | 130,500 | |||||||||||||||||||||
| Distributor Inventory (1) | 221,400 | 174,900 | 161,500 | 162,300 | 211,700 | 220,700 | 187,900 | |||||||||||||||||||||
| Total Inventory (2) | 304,000 | 225,500 | 196,200 | 229,800 | 345,800 | 371,400 | 318,400 | |||||||||||||||||||||
| (1) | Distributor ending inventory is provided by the Company’s independent distributors. These numbers do not include goods-in-transit inventory that has been shipped from the Company but not yet received by the distributors. |
| (2) | This total does not include inventory at retailers. The Company does not have access to data on retailer inventories of the Company’s products. |
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Net Sales, Cost of Products Sold, and Gross Profit
Net sales, cost of products sold, and gross profit data for the three months ended (dollars in millions):
| September 26, 2026 | September 27, 2025 | Change | % Change | |||||||||||||
| Net firearms sales | $ | 146.8 | $ | 126.1 | $ | 20.7 | 16.4 | % | ||||||||
| Net castings sales | 0.8 | 0.7 | 0.1 | 25.6 | % | |||||||||||
| Total net sales | 147.6 | 126.8 | 20.8 | 16.5 | % | |||||||||||
| Cost of products sold | 117.1 | 107.6 | 9.5 | 8.8 | % | |||||||||||
| Gross profit | $ | 30.5 | $ | 19.2 | $ | 11.3 | 59.3 | % | ||||||||
| Gross margin | 20.7 | % | 15.1 | % | 5.6 | % | 37.1 | % | ||||||||
The increase in total consolidated net sales and net firearms sales for the three months ended September 26, 2026 is attributable to increased demand, augmented by an increased average selling price.
The increased gross profit for the three months ended September 26, 2026 is attributable to the sales increases mentioned above. A major contributor was specific areas of cost control that centered around the realization of previously announced organizational realignment changes. Also contributing was favorable leveraging of fixed costs from increased production volume within the period.
The increase in gross margin for the three months ended September 26, 2026 is attributable to the aforementioned factors.
Net sales, cost of products sold, and gross profit data for the nine months ended (dollars in millions):
| September 26, 2026 | September 27, 2025 | Change | % Change | |||||||||||||
| Net firearms sales | $ | 445.4 | $ | 392.9 | $ | 52.5 | 13.4 | % | ||||||||
| Net castings sales | 1.6 | 2.1 | (0.5 | ) | (22.1 | )% | ||||||||||
| Total net sales | 447.0 | 395.0 | 52.0 | 13.2 | % | |||||||||||
| Cost of products sold | 354.7 | 340.8 | 13.9 | 4.1 | % | |||||||||||
| Gross profit | $ | 92.3 | $ | 54.2 | $ | 38.1 | 70.4 | % | ||||||||
| Gross margin | 20.7 | % | 13.7 | % | 7.0 | % | 51.1 | % | ||||||||
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The increase in total consolidated net sales and net firearms sales for the nine months ended September 26, 2026 is attributable to increased demand and stronger average selling price.
The increased gross profit for the nine months ended September 26, 2026 is attributable to the aforementioned sales increases, the absence of inventory rationalization write-offs that were undertaken in the prior year, and the favorable leveraging of fixed costs resulting from increased production.
The increase in gross margin for the nine months ended September 26, 2026 is attributable to the aforementioned factors.
Selling and General and Administrative Expenses
Selling and general and administrative expenses data for the three months ended (dollars in millions):
| September 26, 2026 | September 27, 2025 | Change | % Change | |||||||||||||
| Selling expenses | $ | 8.1 | $ | 9.1 | $ | (1.0 | ) | (11.0 | )% | |||||||
| General and administrative expenses | 16.4 | 13.5 | 2.9 | 21.5 | % | |||||||||||
| Total operating expenses | $ | 24.5 | $ | 22.6 | $ | 1.9 | 8.4 | % | ||||||||
Selling expenses for the three months ended September 26, 2026 decreased in comparison to the corresponding period in the prior year, due to decreases in spending on industry shows and promotional costs partially offset by increases in advertising and professional services expenses.
The increase in general and administrative expenses for the three months ended September 26, 2026 was primarily attributable to was primarily attributable to $1.8 million in legal fees incurred related to the Beretta Agreement increased personnel and share based compensation costs, partially offset by decreased severance costs.
Selling and general and administrative expenses data for the nine months ended (dollars in millions):
| September 26, 2026 | September 27, 2025 | Change | % Change | |||||||||||||
| Selling expenses | $ | 27.8 | $ | 28.8 | $ | (1.0 | ) | (3.6 | )% | |||||||
| General and administrative expenses | 52.9 | 41.1 | 11.8 | 28.7 | % | |||||||||||
| Total operating expenses | $ | 80.7 | $ | 69.9 | $ | 10.8 | 15.4 | % | ||||||||
Selling expenses for the nine months ended September 26, 2026 decreased in comparison to the corresponding period in the prior year due to decreases in spending on advertising, promotional and marketing initiatives that were partially offset by increases in spending on industry shows, professional services, and personnel costs.
The increase in general and administrative expenses for the nine months ended September 26, 2026 was primarily attributable to $6.3 million in legal fees incurred related to the Beretta Agreement, $3.2 million in severance costs, and increased share based compensation costs, which included a one-time non-recurring expense of $1.7 million, partially offset by decreased professional service costs.
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Other Income
Other income data for the three months ended (dollars in millions):
| September 26, 2026 | September 27, 2025 | Change | % Change | |||||||||||||
| Other income | $ | 1.6 | $ | 1.4 | $ | 0.2 | 14.3 | % | ||||||||
Other income for the three months ended September 26, 2026 was substantially comparable to the corresponding period in the prior year.
Other income data for the nine months ended (dollars in millions):
| September 26, 2026 | September 27, 2025 | Change | % Change | |||||||||||||
| Other income | $ | 4.7 | $ | 4.0 | $ | 0.7 | 18.6 | % | ||||||||
The increase in other income for the nine months ended September 26, 2026 was attributable to increased royalty income and miscellaneous income, partially offset by decreased interest income.
Income Taxes and Net Income
The Company’s 2026 and 2025 effective tax rates differ from the statutory federal tax rate due principally to research and development tax credits, state income taxes and the nondeductibility of certain executive compensation. The Company’s effective income tax rate was 23.1% and 21.1% for the three and nine months ended September 26, 2026, respectively. The reduction in 2025 earnings increased the impact of these items, which resulted in effective income tax rate of 174.8% and 33.0% for the three and nine months ended September 27, 2025, respectively.
As a result of the foregoing factors, consolidated net income was $5.8 million for the three months ended September 26, 2026, a change of 266.9% from a consolidated net income of $1.6 million in the comparable prior year period.
Consolidated net income was $12.9 million for the nine months ended September 26, 2026, a change of $20.8 million, from a consolidated net loss of $7.9 million in the comparable prior year period.
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Non-GAAP Financial Performance Measures
In an effort to provide investors with additional information regarding its financial results, the Company refers to various United States generally accepted accounting principles (“GAAP”) financial measures and two supplemental non-GAAP financial performance measures, Adjusted EBITDA and Adjusted EBITDA margin, which management believes provides useful information to investors. These non-GAAP financial performance measures may not be comparable to similarly titled financial performance measures being disclosed by other companies. In addition, the Company believes that these non-GAAP financial performance measures have limitations as analytical tools, and, accordingly, should be considered in addition to, and not in lieu of, GAAP financial measures. The presentation of Adjusted EBITDA should not be construed to imply that the Company’s future results will not be affected by unusual or non-recurring items.
The Company believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to understanding its operating results and the ongoing performance of its underlying business, as Adjusted EBITDA assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its operating performance. The Company believes that this reporting provides better transparency and comparability to its operating results. The Company uses both GAAP and non-GAAP financial measures to evaluate the Company’s financial performance.
The Company defines Adjusted EBITDA as earnings before interest, taxes, and depreciation and amortization (EBITDA), as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance, as itemized below. Specifically, the Company calculates Adjusted EBITDA by (i) adding the amount of interest expense, income tax expense, and depreciation and amortization expenses that have been deducted from net income back into net income, (ii) subtracting the amount of interest income that was included in net income from net income, (iii) subtracting income tax benefits, (iv) adding the amount of extraordinary cash and non-cash, non-operating expenses, and (v) subtracting non-recurring income or non-recurring gains that do not contribute directly to management’s evaluation of its operating results. The Company calculates Adjusted EBITDA margin by dividing Adjusted EBITDA by total net sales.
Adjusted EBITDA was $14.3 million for the three months ended September 26, 2026, an increase of 401.9% from $2.9 million in the comparable prior year period.
Adjusted EBITDA was $41.8 million for the nine months ended September 26, 2026, an increase of 84.9% from $22.6 million in the comparable prior year period.
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Non-GAAP Reconciliation – Adjusted EBITDA
Adjusted EBITDA
(Unaudited, dollars in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 26, 2026 | September 27, 2025 | September 26, 2026 | September 27, 2025 | |||||||||||||
| Net income (loss) | $ | 5,805 | $ | 1,582 | $ | 12,914 | $ | (7,876 | ) | |||||||
| Inventory and other asset write-off | - | - | - | 17,002 | ||||||||||||
| Income tax expense (benefit) | 1,740 | (3,696 | ) | 3,457 | (3,879 | ) | ||||||||||
| Depreciation and amortization expense | 5,420 | 5,577 | 17,813 | 16,720 | ||||||||||||
| Interest income | (611 | ) | (629 | ) | (2,114 | ) | (2,621 | ) | ||||||||
| Interest expense | 117 | 17 | 162 | 55 | ||||||||||||
| Stockholder rights costs (a) | 1,838 | - | 6,272 | - | ||||||||||||
| Severance costs (b) | - | - | 3,260 | 3,181 | ||||||||||||
| Adjusted EBITDA | $ | 14,309 | $ | 2,851 | $ | 41,764 | $ | 22,582 | ||||||||
| Adjusted EBITDA margin | 9.7 | % | 2.2 | % | 9.3 | % | 5.7 | % | ||||||||
| Net income (loss) margin | 3.9 | % | 1.2 | % | 2.9 | % | (2.0 | )% | ||||||||
| (a) | Costs incurred in engaging with Beretta on, amongst other things, Beretta’s ownership of Company Common Stock, the Rights Plan, strategic cooperation between the Company and Beretta, and in engaging a proxy solicitation firm and preparing a preliminary proxy statement associated with the 2026 Annual Meeting. |
| (b) | Costs incurred associated severance and related costs as part of an executed reduction-in-force as part of broader efforts to structurally align the organization to strategic priorities and the future operating model. |
Financial Condition
Liquidity and Capital Resources
At the end of the third quarter of 2026, the Company’s cash and short-term investments totaled $101.4 million. Pre-LIFO working capital of $239.7 million, less the LIFO reserve of $69.7 million, resulted in working capital of $170.0 million and a current ratio of 3.0 to 1.
Operations
Cash provided by operating activities was $24.2 million for the nine months ended September 26, 2026, compared to $38.8 million for the comparable prior year period. The decrease in the nine months ended September 26, 2026 is primarily attributable to a lesser decrease in inventory levels and decreased net collections of trade receivables in the nine months ended September 26, 2026, that were greater than the increase in net income, lower net payouts of accrued employee compensation and benefits, the lesser reduction in accounts payable and accrued expenses, and decreases to deferred income tax assets in the nine months ended September 26, 2026.
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Third parties supply the Company with various raw materials for its firearms and castings, such as steel, fabricated steel components, walnut, birch, beech, maple and laminated lumber for rifle stocks, wax, ceramic material, metal alloys, various synthetic products and other component parts. A limited supply of these materials in the marketplace can result in increases to purchase prices and adversely affect production levels. If market conditions result in a significant prolonged inflation of certain prices or if adequate quantities of raw materials cannot be obtained, the Company’s manufacturing processes could be interrupted and the Company’s financial condition or results of operations could be materially adversely affected.
Investing and Financing
Capital expenditures for the nine months ended September 26, 2026 totaled $8.9 million, a decrease from $27.6 million in the comparable prior year period. In 2026, the Company expects capital expenditures related to new product introductions and upgrades to its manufacturing equipment and facilities could range from $20 million to $30 million. Actual capital expenditures could vary significantly from the projected amounts due to the timing of capital projects. The Company finances, and intends to continue to finance, all of these activities with funds provided by operations and current cash and cash equivalents.
Dividends of $6.4 million were paid during the nine months ended September 26, 2026. The Company has financed its dividends with cash provided by operations and current cash. The quarterly dividend varies every quarter because the Company pays a percentage of earnings rather than a fixed amount per share. The Company’s practice is to pay a dividend of approximately 40% of net income.
On October 30, 2026, the Company’s Board of Directors authorized a dividend of 18¢ per share to stockholders of record on November 20, 2026, payable on December 4, 2026. This dividend is approximately 40% of adjusted diluted earnings of 44¢ per share for the third quarter of 2026. The payment of future dividends depends on many factors, including internal estimates of future performance, then-current cash and short-term investments, and the Company’s need for funds.
As of September 26, 2026, the Company had $40.9 million of United States Treasury instruments which mature within one year. The Company also invests available cash in a bank-managed money market fund that invests exclusively in United States Treasury instruments which mature within one year. At September 26, 2026, the Company’s investment in this money market fund totaled $36.3 million.
During the nine months ended September 26, 2026 the Company did not purchase any shares of its common stock for in the open market. As of September 26, 2026, $14.3 million remained authorized for future stock repurchases.
Based on its unencumbered assets, the Company believes it has the ability to raise cash through the issuance of short-term or long-term debt. The Company’s unsecured $40 million credit facility, which expires on January 7, 2028, was unused at September 26, 2026.
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Other Operational Matters
In the normal course of its manufacturing operations, the Company is subject to occasional governmental proceedings and orders pertaining to workplace safety, firearms serial number tracking and control, waste disposal, air emissions and water discharges into the environment. The Company believes that it is generally in compliance with applicable Bureau of Alcohol, Tobacco, Firearms & Explosives, environmental, and safety regulations and the outcome of any proceedings or orders will not have a material adverse effect on the financial position or results of operations of the Company. If these regulations become more stringent in the future and the Company is not able to comply with them, such noncompliance could have a material adverse impact on the Company.
The Company has 13 independent distributors that service the domestic commercial market. Additionally, the Company has 39 and 28 distributors servicing the export and law enforcement markets, respectively.
The Company self-insures a significant amount of its product liability, workers’ compensation, medical, and other insurance. It also carries significant deductible amounts on various insurance policies. In September 2024, the Company did not renew its product liability coverage with its incumbent carriers and established a wholly-owned captive insurance company for claims made on or after September 1, 2024.
The Company expects to realize its deferred tax assets through tax deductions against future taxable income.
Adjustments to Critical Accounting Policies
The Company has not made any adjustments to its critical accounting estimates and assumptions described in the Company’s 2025 Annual Report on Form 10-K filed on March 2, 2026, or the judgments affecting the application of those estimates and assumptions.
Forward-Looking Statements and Projections
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.
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| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
The interest rate market risk implicit to the Company at any given time is typically low, as the Company does not have significant exposure to changing interest rates on invested cash. There has been no material change in the Company’s exposure to interest rate risks during the three months ended September 26, 2026.
| ITEM 4. | CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (the “Disclosure Controls and Procedures”), as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of September 26, 2026.
Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of September 26, 2026, such Disclosure Controls and Procedures are effective to ensure that information required to be disclosed in the Company’s periodic reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer or persons performing similar functions, as appropriate, to allow timely decisions regarding disclosure.
The Company’s Chief Executive Officer and Chief Financial Officer have further concluded that, as of September 26, 2026, there have been no material changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 26, 2026 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
The effectiveness of any system of internal controls and procedures is subject to certain limitations, and, as a result, there can be no assurance that the Disclosure Controls and Procedures will detect all errors or fraud. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system will be attained.
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| PART II. | OTHER INFORMATION |
| ITEM 1. | LEGAL PROCEEDINGS |
The nature of the legal proceedings against the Company is discussed at Note 13 to the financial statements, which are included in this Form 10-Q.
The Company has reported all cases instituted against it through December 31, 2025, and the results of those cases, where terminated, to the SEC on its previous Form 10-Q and 10-K reports, to which reference is hereby made.
There was one lawsuit formally instituted against the Company during the three months ending September 26, 2026.
During the three months ending September 26, 2026, the previously reported case of Fortenberry v. Sturm, Ruger & Company was dismissed by the court pursuant to an approved settlement order.
| ITEM 1A. | RISK FACTORS |
During the three months ended September 26, 2026, there were no material changes in the Company’s risk factors from the information provided in Item 1A. Risk Factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
The Company did not purchase any shares of its common stock during the three months ended September 26, 2026. The Company was authorized by the Board of Directors to repurchase up to $100 million of the Company’s common stock under a share repurchase program announced on May 8, 2017. As of September 26, 2026, $85.7 million had been used and approximately $14.3 million remained authorized for share repurchases.
| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
Not applicable
| ITEM 4. | MINE SAFETY DISCLOSURES |
Not applicable
| ITEM 5. | OTHER INFORMATION |
Rule 10b5-1 Trading Plans
There were no contracts, instructions or written plans for the purchase and sale of the Company’s securities, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), adopted or terminated by the Company’s Section 16 officers or directors during the three months ended September 26, 2026.
None of the Company’s directors or Section 16 officers
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| ITEM 6. | EXHIBITS |
| (a) | Exhibits: |
| 31.1 | Certification Pursuant to Rule 13a-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
| 31.2 | Certification Pursuant to Rule 13a-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
| 32.1 | Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** | |
| 32.2 | Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** | |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
| 101.SCH | XBRL Taxonomy Extension Schema Document* | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| * | Filed herewith |
| ** | Furnished herewith |
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STURM, RUGER & COMPANY, INC.
FORM 10-Q FOR THE THREE MONTHS ENDED SEPTEMBER 26, 2026
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.
| STURM, RUGER & COMPANY, INC. | |
| Date: November 4, 2026 | /S/ ANDREW T. WIELAND |
| Andrew T. Wieland | |
| Principal Financial Officer, | |
| Principal Accounting Officer, | |
| Senior Vice President and Chief Financial Officer |
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