Park-Ohio Holdings第二季銷售增10% 每股盈利0.86美元勝去年同期

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q 
(Mark One)

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

For the quarterly period ended June 30, 2026 
or

☐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: 000-03134 
Park-Ohio Holdings Corp.
(Exact name of registrant as specified in its charter)

Ohio34-1867219
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

6065 Parkland Boulevard, Cleveland,Ohio44124
(Address of principal executive offices)(Zip Code)

(440) 947-2000 
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $1.00 Per SharePKOHThe NASDAQ Stock Market LLC

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 twelve months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  ☑ Yes  ☐ No  
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  ☐ No

1

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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 accountings 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
Number of shares outstanding of registrant’s Common Stock, par value $1.00 per share, as of July 31, 2026: 14,490,010 shares.
2

Table of Contents

Park-Ohio Holdings Corp. and Subsidiaries

Index

Page
Part I. Financial Information

Item 1.Condensed Consolidated Financial Statements
4

Notes to Condensed Consolidated Financial Statements (Unaudited) — June 30, 2026
11

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
21

Item 3.Quantitative and Qualitative Disclosure About Market Risk
31

Item 4.Controls and Procedures
31

Part II. Other Information

Item 1.Legal Proceedings
32

Item 1A.Risk Factors
32

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
33

Item 5.Other Information
34

Item 6.Exhibits
35

Signatures
36

2

Table of Contents

Part I. Financial Information 
3

Table of Contents

Item 1.Condensed Consolidated Financial Statements

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Table of Contents

Park-Ohio Holdings Corp. and Subsidiaries
Condensed Consolidated Balance Sheets

(Unaudited)
June 30,
2026December 31,
2025
(In millions)
ASSETS
Current assets:
Cash and cash equivalents$48.3 $44.8 

Accounts receivable, net288.7 265.0 
Inventories, net427.6 420.9 

Other current assets133.3 121.8 

Total current assets897.9 852.5 
Property, plant and equipment, net205.5 198.5 
Operating lease right-of-use assets44.2 41.2 
Goodwill114.8 115.8 
Pension assets93.7 93.3 

Other long-term assets114.6 118.3 
Total assets$1,470.7 $1,419.6 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable$215.8 $199.8 
Current portion of long-term debt and short-term debt7.3 8.3 
Current portion of operating lease liabilities11.5 10.9 
Accrued expenses and other139.9 147.6 

Total current liabilities374.5 366.6 
Long-term liabilities, less current portion:
Long-term debt652.6 620.7 
Long-term operating lease liabilities32.6 30.4 

Other long-term liabilities18.5 19.1 
Total long-term liabilities703.7 670.2 

Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity391.1 380.9 
Noncontrolling interests1.4 1.9 
Total equity392.5 382.8 
Total liabilities and shareholders' equity$1,470.7 $1,419.6 

Refer to the accompanying notes to these unaudited condensed consolidated financial statements.
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Park-Ohio Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions, except per share data)

Net sales$440.1 $400.1 $861.1 $805.5 
Cost of sales361.2 331.9 709.5 669.2 

Selling, general and administrative expenses53.1 46.8 104.8 95.0 
Restructuring and other special charges1.3 1.3 2.6 2.3 

Operating income24.5 20.1 44.2 39.0 
Other components of pension and other postretirement benefits income, net2.2 1.8 4.3 3.6 
Interest expense, net(12.3)(11.2)(24.6)(22.2)

Income from continuing operations before income taxes14.4 10.7 23.9 20.4 
Income tax expense(2.4)(1.8)(4.0)(3.7)
Income from continuing operations12.0 8.9 19.9 16.7 
Loss attributable to noncontrolling interests0.2 0.4 0.5 1.1 
Income from continuing operations attributable to Park-Ohio Holdings Corp. common shareholders12.2 9.3 20.4 17.8 
Loss from discontinued operations, net of tax(0.1)(0.1)(0.2)(0.3)
Net income attributable to Park-Ohio Holdings Corp. common shareholders$12.1 $9.2 $20.2 $17.5 

Earnings (loss) per common share attributable to Park-Ohio Holdings Corp. common shareholders:
Basic:
Continuing operations$0.88 $0.68 $1.47 $1.30 
Discontinued operations$(0.01)$(0.01)(0.01)(0.02)
Total$0.87 $0.67 $1.46 $1.28 
Diluted:
Continuing operations$0.87 $0.67 $1.44 $1.28 
Discontinued operations$(0.01)$(0.01)(0.01)(0.02)
Total$0.86 $0.66 $1.43 $1.26 

Refer to the accompanying notes to these unaudited condensed consolidated financial statements.

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Park-Ohio Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Net income attributable to Park-Ohio Holdings Corp. common shareholders before noncontrolling interest$11.9 $8.8 $19.7 $16.4 
Other comprehensive income (loss), net of tax:
Currency translation0.7 13.3 (7.1)22.7 

Foreign currency forward contracts1.2 1.4 1.0 2.2 
Pension and other postretirement benefits0.1 0.1 (1.1)0.3 
Total other comprehensive income (loss)2.0 14.8 (7.2)25.2 
Total comprehensive income, net of tax13.9 23.6 12.5 41.6 
Comprehensive loss attributable to noncontrolling interests0.2 0.4 0.5 1.1 
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders$14.1 $24.0 $13.0 $42.7 

Refer to the accompanying notes to these unaudited condensed consolidated financial statements.

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Park-Ohio Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity (Unaudited)

Common Stock
SharesAmountAdditional
Paid-In
CapitalRetained
EarningsTreasury StockAccumulated
Other
Comprehensive LossNoncontrolling InterestsTotal
(In whole shares)(In millions)
Balance at January 1, 202618,559,230 $18.6 $195.8 $281.8 $(93.3)$(22.0)$1.9 $382.8 
Other comprehensive 
income (loss)— — — 8.1 — (9.2)(0.3)(1.4)
Stock-based compensation expense— — 1.4 — — — — 1.4 
Stock-based compensation activity870 — — — — — — — 
Dividends— — — (1.8)— — — (1.8)

Balance at March 31, 202618,560,100 18.6 197.2 288.1 (93.3)(31.2)1.6 381.0 
Other comprehensive income (loss)— — — 12.1 — 2.0 (0.2)13.9 
Stock-based compensation expense— — 1.4 — — — — 1.4 
Stock-based compensation activity15,330 — — — — — — — 

Dividends— — — (1.8)— — — (1.8)
Payments of withholding taxes on share awards
— — — — (2.0)— — (2.0)
Balance at June 30, 202618,575,430 $18.6 $198.6 $298.4 $(95.3)$(29.2)$1.4 $392.5 

Common Stock
SharesAmountAdditional
Paid-In
CapitalRetained
EarningsTreasury StockAccumulated
Other
Comprehensive LossNoncontrolling InterestsTotal
(In whole shares)(In millions)
Balance at January 1, 202518,292,490 $18.3 $190.6 $265.2 $(91.5)$(51.8)$6.3 $337.1 
Other comprehensive 
income (loss)— — — 8.3 — 10.4 (0.7)18.0 
Stock-based compensation expense— — 1.5 — — — — 1.5 
Stock-based compensation activity(1,390)— — — — — — — 
Dividends— — — (1.8)— — — (1.8)

Balance at March 31, 202518,291,100 18.3 192.1 271.7 (91.5)(41.4)5.6 354.8 
Other comprehensive income (loss)— — — 9.2 — 14.8 (0.4)23.6 
Stock-based compensation expense— — 1.3 — — — — 1.3 
Stock-based compensation activity31,586 — — — — — — — 

Dividends— — — (1.8)— — — (1.8)
Payments of withholding taxes on share awards— — — — (1.6)— — (1.6)
Balance at June 30, 202518,322,686 $18.3 $193.4 $279.1 $(93.1)$(26.6)$5.2 $376.3 

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Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Dividends per common share$0.125 $0.125 $0.250 $0.250 

Refer to the accompanying notes to these unaudited condensed consolidated financial statements.
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Park-Ohio Holdings Corp. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30,
20262025
(In millions)
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Income from continuing operations$19.9 $16.7 
Adjustments to reconcile income from continuing operations to net cash used in operating activities from continuing operations:
Depreciation and amortization16.7 16.5 

Stock-based compensation expense2.8 2.8 

Changes in operating assets and liabilities:
Accounts receivable(24.5)(23.5)
Inventories(8.1)3.2 
Prepaid and other current assets(12.2)(6.6)
Accounts payable and accrued expenses7.4 (34.0)

Other(0.6)1.2 
Net cash provided by (used in) operating activities from continuing operations1.4 (23.7)
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Purchases of property, plant and equipment(23.5)(16.9)

Net cash used in investing activities from continuing operations(23.5)(16.9)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Proceeds from revolving credit facility, net33.6 38.9 

Payments on other debt(0.7)(1.7)
Proceeds from other debt— 1.4 
Payments on finance lease facilities, net(1.3)(1.9)

Dividends(3.6)(3.6)

Payments of withholding taxes on share awards(2.0)(1.6)

Net cash provided by financing activities from continuing operations26.0 31.5 
DISCONTINUED OPERATIONS
Total used by operating activities(0.2)(0.3)

Decrease in cash and cash equivalents from discontinued operations(0.2)(0.3)
Effect of exchange rate changes on cash(0.2)1.9 
Increase (decrease) in cash and cash equivalents3.5 (7.5)
Cash and cash equivalents at beginning of period44.8 53.1 
Cash and cash equivalents at end of period$48.3 $45.6 
Interest paid$24.7 $22.3 
Income taxes paid$9.4 $13.3 

Refer to the accompanying notes to these unaudited condensed consolidated financial statements.
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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026 

NOTE 1 — Basis of Presentation

The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we,” “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and six-month periods ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 

NOTE 2 — New Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This guidance requires tabular footnote disclosure of certain operating expenses disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included within each interim and annual income statement’s expense caption, as applicable. The effective date of this guidance is for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this guidance on our consolidated financial statement disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance clarifies the scope, form, and content of interim financial statement disclosures and improves the navigability of Topic 270 without changing existing interim reporting requirements. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. We are in the process of evaluating the impact of adopting this guidance on our consolidated financial statement disclosures.

No other recently-issued accounting standard updates are expected to have a material impact on our results of operations, financial condition or liquidity.
    

NOTE 3 — Revenue

We disaggregate our revenue by product line and geographic region of our customers as we believe these metrics best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below.
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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
PRODUCT LINE
Supply technologies$182.0 $161.3 $350.9 $322.4 
Engineered specialty fasteners and other products27.3 25.8 53.5 52.5 
Supply Technologies Segment209.3 187.1 404.4 374.9 

Fuel, rubber and plastic products101.4 95.1 201.6 192.0 

Assembly Components Segment101.4 95.1 201.6 192.0 

Industrial equipment97.1 92.1 189.9 182.1 
Forged and machined products32.3 25.8 65.2 56.5 
Engineered Products Segment129.4 117.9 255.1 238.6 

Total$440.1 $400.1 $861.1 $805.5 

Supply Technologies SegmentAssembly Components SegmentEngineered Products SegmentTotal Revenues
(In millions)
Three Months Ended June 30, 2026
GEOGRAPHIC REGION
United States$116.4 $62.6 $81.9 $260.9 
Europe46.8 4.6 23.4 74.8 
Asia23.9 7.3 13.1 44.3 
Mexico20.7 16.5 3.7 40.9 
Canada1.3 8.8 4.7 14.8 
Other0.2 1.6 2.6 4.4 
Total$209.3 $101.4 $129.4 $440.1 

Three Months Ended June 30, 2025
GEOGRAPHIC REGION
United States$104.4 $60.0 $75.2 $239.6 
Europe41.1 3.9 15.9 60.9 
Asia18.8 8.2 16.5 43.5 
Mexico18.3 14.0 4.5 36.8 
Canada2.9 7.9 5.4 16.2 
Other1.6 1.1 0.4 3.1 
Total$187.1 $95.1 $117.9 $400.1 

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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

Supply Technologies SegmentAssembly Components SegmentEngineered Products SegmentTotal Revenues
(In millions)
Six Months Ended June 30, 2026
GEOGRAPHIC REGION
United States$219.8 $122.6 $157.1 $499.5 
Europe93.3 9.0 43.7 146.0 
Asia44.1 15.4 33.3 92.8 
Mexico41.3 33.0 6.5 80.8 
Canada4.8 18.7 9.0 32.5 
Other1.1 2.9 5.5 9.5 
Total$404.4 $201.6 $255.1 $861.1 

Six Months Ended June 30, 2025
GEOGRAPHIC REGION
United States$213.0 $120.1 $142.4 $475.5 
Europe81.5 8.3 30.8 120.6 
Asia36.5 16.6 36.7 89.8 
Mexico35.8 29.1 10.0 74.9 
Canada6.0 15.7 14.6 36.3 
Other2.1 2.2 4.1 8.4 
Total$374.9 $192.0 $238.6 $805.5 

For over time arrangements, contract assets primarily relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion. These amounts, which totaled $57.2 million and $49.4 million at June 30, 2026 and December 31, 2025, respectively, are recorded in Other current assets in the Condensed Consolidated Balance Sheets.

For over time arrangements, contract liabilities primarily relate to advances or deposits received from the Company’s customers before revenue is recognized. These amounts, which totaled $56.2 million and $56.9 million at June 30, 2026 and December 31, 2025, respectively, are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

NOTE 4 — Segments

The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. The chief operating decision maker is the Company's Chief Executive Officer. For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate corporate costs, which include but are not limited to executive compensation and corporate office costs; items that are non-operating; or certain items that are unusual in nature. Segment operating income reconciles to consolidated income before income taxes by adjusting for corporate costs; other components of pension and other postretirement benefits income, net; and interest expense, net.

Results by business segment were as follows:
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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

Supply TechnologiesAssembly ComponentsEngineered ProductsTotal
(In millions)
Three Months Ended June 30, 2026
Net sales$209.3 $101.4 $129.4 $440.1 
Cost of sales170.5 90.5 100.2 361.2 
Gross profit38.8 10.9 29.2 78.9 
Selling, general and administrative expenses20.0 5.3 19.6 44.9 
Restructuring and other special charges0.3 0.3 0.6 1.2 
Segment operating income18.5 5.3 9.0 32.8 
Corporate expenses(8.2)
Corporate restructuring and other special charges(0.1)

Operating income24.5 
Other components of pension and other postretirement benefits income, net2.2 

Interest expense, net(12.3)

Income from continuing operations before income taxes$14.4 

Three Months Ended June 30, 2025
Net sales$187.1 $95.1 $117.9 $400.1 
Cost of sales154.3 84.2 93.4 331.9 
Gross profit32.8 10.9 24.5 68.2 
Selling, general and administrative expenses16.1 4.8 18.1 39.0 
Restructuring and other special charges0.4 0.5 0.4 1.3 
Segment operating income16.3 5.6 6.0 27.9 
Corporate expenses(7.8)
Operating income20.1 
Other components of pension and other postretirement benefits income, net1.8 

Interest expense, net(11.2)
Income from continuing operations before income taxes$10.7 

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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

Supply TechnologiesAssembly ComponentsEngineered ProductsTotal
(In millions)
Six Months Ended June 30, 2026
Net sales$404.4 $201.6 $255.1 $861.1 
Cost of sales328.4 180.5 200.6 709.5 
Gross profit76.0 21.1 54.5 151.6 
Selling, general and administrative expenses39.7 10.2 38.7 88.6 
Restructuring and other special charges0.3 0.7 1.1 2.1 
Segment operating income36.0 10.2 14.7 60.9 
Corporate expenses(16.2)
Corporate restructuring and other special charges(0.5)

Operating income44.2 
Other components of pension and other postretirement benefits income, net4.3 

Interest expense, net(24.6)

Income from continuing operations before income taxes$23.9 

Six Months Ended June 30, 2025
Net sales$374.9 $192.0 $238.6 $805.5 
Cost of sales307.5 169.9 191.8 669.2 
Gross profit67.4 22.1 46.8 136.3 
Selling, general and administrative expenses32.9 10.5 35.8 79.2 
Restructuring and other special charges0.4 0.7 1.2 2.3 
Segment operating income34.1 10.9 9.8 54.8 
Corporate expenses(15.8)
Operating income39.0 
Other components of pension and other postretirement benefits income, net3.6 
Interest expense, net(22.2)

Income from continuing operations before income taxes$20.4 

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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025

Capital expenditures:
Supply Technologies$4.7 $3.1 $8.4 $7.8 
Assembly Components1.7 1.5 3.7 2.9 
Engineered Products4.4 2.7 9.1 5.8 
Corporate0.2 0.1 2.3 0.4 
$11.0 $7.4 $23.5 $16.9 
Depreciation and amortization expense:
Supply Technologies$1.7 $1.7 $3.5 $3.3 
Assembly Components3.2 3.2 6.3 6.6 
Engineered Products3.2 3.3 6.3 6.4 
Corporate0.3 — 0.6 0.2 
$8.4 $8.2 $16.7 $16.5 

June 30,
2026December 31,
2025
Identifiable assets:
Supply Technologies$505.6 $489.4 
Assembly Components309.5 293.3 
Engineered Products479.0 465.9 
Corporate176.6 171.0 
$1,470.7 $1,419.6 

NOTE 5 — Inventories

Inventories, net consist of the following:

June 30, 2026December 31, 2025
(In millions)
Raw materials and supplies$107.4 $107.5 
Work-in-process48.1 53.3 
Finished goods272.1 260.1 

Inventories, net$427.6 $420.9 

NOTE 6 — Income Taxes

The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items in each period, if any.
In the three months ended June 30, 2026, income tax expense was $2.4 million on pre-tax income from continuing operations of $14.4 million, representing an effective income tax rate of 17%. In the three months ended June 30, 2025, income tax expense was $1.8 million on pre-tax income of $10.7 million, representing an effective income tax rate of 17%. The rates for the three months ended June 30, 2026 and 2025 are lower than the statutory rate due primarily to increased federal research and development tax credit benefit. 
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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

In the six months ended June 30, 2026, income tax expense was $4.0 million on pre-tax income from continuing operations of $23.9 million, representing an effective income tax rate of 17%. In the six months ended June 30, 2025, income tax expense was $3.7 million on pre-tax income of $20.4 million, representing an effective income tax rate of 18%. The rates for the six months ended June 30, 2026 and 2025 are lower than the statutory rates due primarily to federal research and development tax credit benefit. 

NOTE 7 — Financing Arrangements

Debt consists of the following:

Carrying Value at
Maturity DateInterest Rate at
June 30, 2026June 30, 2026December 31, 2025
(In millions)
Senior Secured NotesJuly 31, 20308.500 %$348.6 $348.4 

Revolving credit facilityJuly 17, 20305.26 %289.8 257.4 

Finance LeasesVariousVarious15.3 16.6 
OtherVariousVarious12.2 13.3 
Total debt665.9 635.7 
Less: Current portion of long-term debt and short-term debt(7.3)(8.3)

Less: Unamortized debt issuance costs (6.0)(6.7)
Total long-term debt$652.6 $620.7 

In July 2025, Park-Ohio Industries, Inc. (“Park-Ohio”) completed the issuance of $350.0 million aggregate principal amount of 8.500% Senior Secured Notes due 2030 (the “2030 Notes”), in a private offering. The 2030 Notes were priced at 99.50% of par. The 2030 Notes are senior secured obligations of Park-Ohio and are guaranteed (with certain exceptions) by Park-Ohio's domestic subsidiaries that guarantee the debt under the Credit Agreement on a senior secured basis. 

In July 2025, Park-Ohio amended its Seventh Amended and Restated Credit Agreement (the “Credit Agreement”), in order to, among other things, (a) extend the maturity date to the fifth anniversary from the closing of the revolving credit facility amendment, (b) permit the issuance of the 2030 Notes and (c) permit the 2030 Notes to be secured by (i) a first-priority lien on the substantially all of the U.S. equipment (including machinery) of the Park-Ohio and the Park-Ohio’s existing and future domestic subsidiaries (the “Guarantors”) that guarantee debt under the Credit Agreement (the “Notes Priority Collateral”) and (ii) a second-priority lien (junior to the Credit Agreement) on substantially all of the U.S. assets of Park-Ohio and the Guarantors (including the 65% pledge of the foreign equity owned by the Guarantors), other than assets constituting Notes Priority Collateral, securing the revolving credit facility (the “ABL Priority Collateral”). The Credit Agreement provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility. As of June 30, 2026, we had borrowing availability of $101.9 million under the Credit Agreement. 

We had outstanding bank guarantees and letters of credit under our credit arrangements of $31.7 million at June 30, 2026 and $32.7 million at December 31, 2025.
The following table represents fair value information of the 2030 Notes, classified as Level 1 using estimated quoted market prices.
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Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

2030 Notes
June 30, 2026December 31, 2025
(In millions)
Carrying amount$348.6 $348.4 
Fair value$364.0 $360.8 

The fair value of the revolving credit facility is equal to its carrying value, as the Company has the ability to repay the outstanding principal at par value at any time. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments.

 NOTE 8 — Stock-Based Compensation

A summary of restricted share activity for the six months ended June 30, 2026 is as follows:

2026
Time-Based
Number of SharesWeighted Average
Grant Date
Fair Value
(In whole shares)
Outstanding - beginning of year649,612 $20.39 
Granted(a)
26,030 31.90 
Vested(180,888)18.78 

Canceled or expired(5,222)20.91 
Outstanding - end of period489,532 $21.59 

(a) - Included in this amount are 4,608 restricted share units.
Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Total stock-based compensation expense was $1.4 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively. Total stock-based compensation expense was $2.8 million for both the six months ended June 30, 2026 and 2025. As of June 30, 2026, there was $5.5 million of unrecognized compensation cost related to non-vested stock-based compensation, which is expected to be recognized over a weighted-average period of 1.5 years.

NOTE 9 — Commitments and Contingencies

The Company is subject to a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements.

Our subsidiaries are involved in a number of contractual and warranty-related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates.

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Table of Contents
Park-Ohio Holdings Corp. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026

In addition to the routine lawsuits and asserted claims noted above, we are also a co-defendant in 120 cases asserting claims on behalf of 163 plaintiffs alleging personal injury as a result of exposure to asbestos. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. Historically, we have been dismissed from asbestos cases.  We intend to vigorously defend these cases and believe we will continue to be successful in being dismissed from such cases. 

While it is not possible to predict the ultimate outcome of asbestos