[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","y4wj3yj467lepawzup6dtupov","revision",2,"title","Dorman Products截至2026年9月26日的第三季度10-Q：销售额同比增3.3%，净利润同比降22.6%","originalTitle","10-Q - Dorman Products, Inc. (0000868780) (Filer)","summary","Dorman Products披露，截至2026年9月26日的第三季度净销售额为5.617亿美元，同比增长3.3%；净利润为5,918万美元，同比下降22.6%，摊薄每股收益为1.98美元。毛利率同比下降500个基点至39.4%，公司称主要因本期关税成本上升。前三季度净销售额为16.351亿美元，同比增长2.7%；净利润为1.905亿美元，低于上年同期的1.926亿美元。","reason","第三季度营收同比增长而毛利率和净利润下降，节选将毛利率下滑主要归因于关税成本上升。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_79":90},"publishedAt","2026-10-27T13:03:15.000Z","discoveredAt","2026-10-27T13:11:28.189Z","timelineAt","category","ai-products","tags",[85,86,87],"stockSymbols",[84],"score",62,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":78,"_79":-5,"_80":81,"_82":83},"outline",[],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","f4ZgCLHWSKlo",{"_74":75,"_16":76},"reportCount",3,"additionalSourceCount",1,"developmentCount",0,"publicId","6ea6cf19-9277-46dd-87a4-393904ea9fab","Dorman Products公布第三季度业绩并更新指引",{"_74":75,"_16":76},"

美国

证券交易委员会

华盛顿特区 20549

_____________________

10-Q 表

_____________________

（勾选一项）


x	根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

截至2026年9月26日的季度期间

或


o	根据《1934年证券交易法》第13条或第15(d)条提交的过渡报告

过渡期间自至

委员会档案编号：0-18914

_____________________

$\"gg22vbiinn4i000001.jpg\"$

Dorman Products, Inc.

（注册人章程中规定的准确名称）

_____________________


宾夕法尼亚州		23-2078856
（州或其他注册成立或组织的司法管辖区）		（美国国税局雇主识别号）

宾夕法尼亚州科尔马东核桃街3400号		18915
（主要行政办公室地址）		（邮政编码）

(215) 997-1800

（注册人电话号码，包括区号）

不适用

（如自上次报告以来有变更，填写前名称、前地址和前财政年度）

根据该法第12(b)条注册的证券：

各类证券名称

交易代码

注册所在交易所名称

普通股，每股面值$0.01

DORM

纳斯达克股票市场有限责任公司

请勾选以表明注册人是否（1）在过去12个月内（或注册人须提交此类报告的较短期间内）提交了《1934年证券交易法》第13条或第15(d)条要求提交的所有报告；以及（2）在过去90天内一直受此类申报要求约束。 x 是 o 否

请勾选以表明注册人在过去12个月内（或注册人须提交此类文件的较短期间内）是否已通过电子方式提交根据S-T条例第405条（本章§232.405）要求提交的每一份交互式数据文件。 x 是 o 否

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小型报告公司还是新兴成长型公司。参见《交易法》规则12b-2中对“大型加速申报公司”“加速申报公司”“较小型报告公司”和“新兴成长型公司”的定义。


大型加速申报公司	x	加速申报公司	o

非加速申报公司	o	较小型报告公司	o

		新兴成长型公司	o

如果属于新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 o

请勾选以说明注册人是否为壳公司（定义见《交易法》第12b-2条）。o 是 x 否

截至2026年10月22日，注册人已发行普通股29,494,032股，每股面值$0.01。

DORMAN PRODUCTS, INC.

10-Q表季度报告目录

2026年9月26日


		页码
第一部分 — 财务信息

第1项。	财务报表（未经审计）

	简明合并经营及综合收益表	3

	简明合并资产负债表	4

	简明合并股东权益表	5

	简明合并现金流量表	6

	简明合并财务报表附注	7

第2项。	管理层对财务状况和经营业绩的讨论与分析	16

第3项。	有关市场风险的定量和定性披露	27

第4项。	控制与程序	27

第二部分 — 其他信息

第1项。	法律诉讼	29

第1A项。	风险因素	29

第2项。	未注册股权证券的销售及所得款项用途	29

第3项。	优先证券违约	29

第4项。	矿山安全披露	29

第5项。	其他信息	30

第6项。	附件	30

附件索引	31

签名	32

第一部分：财务信息

第1项。财务报表

DORMAN PRODUCTS, INC.

简明合并经营报表

及综合收益表

（未经审计）


	截至三个月		截至九个月
（单位：千，股份数据除外）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日
净销售额	$	561,722			$	543,736		$	1,635,090	$	1,592,387
销售成本	340,124			302,309			972,112		923,739
毛利	221,598			241,427			662,978		668,648
销售、一般及管理费用	138,660			135,677			405,040		400,343
营业收入	82,938			105,750			257,938		268,305
利息支出	8,016			7,235			20,685		21,862
利息收入	776			28			1,327		115
其他收入，净额	1,652			1,385			10,475		4,290
税前收入	77,350			99,928			249,055		250,848
所得税准备	18,175			23,508			58,558		58,214
净利润	$	59,175			$	76,420		$	190,497	$	192,634
其他综合收益：
外币折算调整变动	166			(996)			(452)		1,565
综合收益	$	59,341			$	75,424		$	190,045	$	194,199

每股收益：
基本	$	2.00			$	2.50		$	6.37	$	6.31
摊薄	$	1.98			$	2.48		$	6.33	$	6.26
加权平均流通股数：
基本	29,655		30,546		29,910		30,546
摊薄	29,860		30,782		30,088		30,757

请参阅简明合并财务报表附注

DORMAN PRODUCTS, INC.

简明合并资产负债表

（未经审计）


（以千计，股份数据除外）	2026年9月26日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	167,005			$	49,436
应收账款，扣除呆账准备金1,993美元和1,948美元	628,402			479,252
存货	787,358			959,019
预付款项及其他流动资产	40,661			33,819
流动资产总额	1,623,426			1,521,526
不动产、厂房及设备，净额	165,365			168,777
经营租赁使用权资产	99,938			112,805
商誉	387,334			387,334
无形资产，净额	241,367			257,079

其他资产	41,414			45,557
资产总额	$	2,558,844			$	2,493,078
负债和股东权益
流动负债：
应付账款	$	180,169			$	185,125
应计薪酬	26,182			30,756
应计客户返利和退货	182,560			197,398

长期债务的流动部分	—			37,500
其他应计负债	55,659			42,048
流动负债总额	444,570			492,827
长期债务	440,717			402,413
长期经营租赁负债	82,685			96,568
递延所得税负债	4,215			3,977
其他长期负债	21,709			20,218
承诺和或有事项（附注7）
股东权益：
普通股，每股面值0.01美元；授权发行50,000,000股；2026年和2025年分别已发行并流通29,574,883股和30,391,955股	296			304
额外实收资本	148,857			137,109
留存收益	1,420,768			1,344,183
累计其他综合损失	(4,973)			(4,521)
股东权益总额	1,564,948			1,477,075
负债和股东权益总额	$	2,558,844			$	2,493,078

参见随附的简明合并财务报表附注

DORMAN PRODUCTS, INC.

简明合并股东权益表

（未经审计）


	截至2026年9月26日的三个月
	普通股	额外实收资本		留存收益	累计其他综合损失		总计
（以千计，股份数据除外）	已发行股份	面值
2026年6月27日余额	29,665,940	$	297		$	139,439			$	1,380,443		$	(5,139)	$	1,515,040
行使股票期权	17,430		—		1,040			—			—		1,040
激励性股票计划下的薪酬成本	—		—		6,255			—			—		6,255
购买并注销普通股	(121,532)		(2)		(218)			(17,150)			—		(17,370)
根据激励性股票计划发行普通股，扣除注销股份后	13,894		1		1,191			—			—		1,192
其他股票相关活动	(849)		—		1,150			(1,700)			—		(550)
其他综合收益	—		—		—			—			166		166
净利润	—		—		—			59,175			—		59,175
2026年9月26日余额	29,574,883	$	296		$	148,857			$	1,420,768		$	(4,973)	$	1,564,948

	截至2025年9月27日的三个月
	普通股	额外实收资本		留存收益	累计其他综合损失		总计
（以千计，股份数据除外）	已发行股份	面值
2025年6月28日余额	30,523,887	$	305		$	121,914			$	1,281,741		$	(4,214)	$	1,399,746
行使股票期权	26,254		—		2,463			—			—		2,463
激励性股票计划下的薪酬成本	—		—		4,287			—			—		4,287
购买并注销普通股	(1,593)		—		(3)			(210)			—		(213)
根据激励性股票计划发行普通股，扣除注销股份后	14,553		—		1,065			—			—		1,065
其他股票相关活动	(1,319)		1		(192)			—			—		(191)
其他综合损失	—		—		—			—			(996)		(996)
净利润	—		—		—			76,420			—		76,420
2025年9月27日余额	30,561,782	$	306		$	129,534			$	1,357,951		$	(5,210)	$	1,482,581

	截至2026年9月26日的九个月
	普通股	额外实收资本		留存收益	累计其他综合损失		总计
（以千为单位，股份数据除外）	已发行股份	面值
截至2025年12月31日的余额	30,391,955	$	304		$	137,109			$	1,344,183		$	(4,521)	$	1,477,075
行使股票期权	24,651		—		1,667			—			—		1,667
激励性股票计划下的薪酬成本	—		—		15,781			—			—		15,781
购买并注销普通股	(938,438)		(9)		(1,689)			(112,212)			—		(113,910)
根据激励性股票计划发行普通股，扣除注销后的净额	150,166		2		1,190			—			—		1,192
其他股票相关活动	(53,451)		(1)		(5,201)			(1,700)			—		(6,902)
其他综合亏损	—		—		—			—			(452)		(452)
净利润	—		—		—			190,497			—		190,497
截至2026年9月26日的余额	29,574,883	$	296		$	148,857			$	1,420,768		$	(4,973)	$	1,564,948

	截至2025年9月27日的九个月
	普通股	额外实缴资本		留存收益	累计其他综合亏损		合计
（以千为单位，股份数据除外）	已发行股份	面值
截至2024年12月31日的余额	30,565,855	$	306		$	119,077			$	1,180,862		$	(6,775)	$	1,293,470
行使股票期权	33,615		—		3,192			—			—		3,192
激励性股票计划下的薪酬成本	—		—		12,424			—			—		12,424
购买并注销普通股	(126,586)		(1)		(228)			(15,545)			—		(15,774)
根据激励性股票计划发行普通股，扣除注销后的净额	135,045		1		1,064			—			—		1,065
其他股票相关活动	(46,147)		—		(5,995)			—			—		(5,995)
其他综合收益	—		—		—			—			1,565		1,565
净利润	—		—		—			192,634			—		192,634
截至2025年9月27日的余额	30,561,782	$	306		$	129,534			$	1,357,951		$	(5,210)	$	1,482,581

请参阅随附的简明合并财务报表附注

DORMAN PRODUCTS, INC.

简明合并现金流量表

（未经审计）


	截至以下日期的九个月
（以千为单位）	2026年9月26日		2025年9月27日
经营活动现金流量：
净利润	$	190,497			$	192,634
将净利润调节为经营活动提供的现金的项目：
折旧和摊销	41,672			41,798

呆账准备	134			374
递延所得税准备	(126)			14,845
股票薪酬准备	15,781			12,424
出售投资收益	(2,208)			—
议价购买收益	(1,457)			—
资产和负债变动：
应收账款	(149,442)			52,928
存货	177,558			(191,562)
预付费用及其他流动资产	(3,478)			(2,389)
其他资产	(3,511)			(4,193)
应付账款	(3,390)			(16,518)
应计客户返利和退货	(14,821)			(6,303)
应计薪酬及其他负债	13,738			(22,048)
经营活动提供的现金	260,947			71,990
投资活动现金流量：

不动产、厂房及设备添置	(25,208)			(29,818)
收购业务	(4,500)			—
出售投资所得款项	7,208			—
投资活动使用的现金	(22,500)			(29,818)
融资活动现金流量：
发行优先票据所得款项	450,000			—
偿还长期债务	(440,625)			(12,500)
循环信贷额度所得款项	15,000			—
偿还循环信贷额度	(15,000)			(13,960)

支付债务发行成本	(12,396)			—

行使股票期权所得款项	1,667			3,192
购买并注销普通股	(113,814)			(15,773)
其他股票相关活动	(5,710)			(4,929)
融资活动使用的现金	(120,878)			(43,970)
汇率变动对现金及现金等价物的影响	—			166
现金及现金等价物净增加（减少）额	117,569			(1,632)
期初现金及现金等价物	49,436			57,137
期末现金及现金等价物	$	167,005			$	55,505
现金流量补充信息
支付的利息费用	$	10,730			$	18,381
支付的所得税	$	61,850			$	54,049

请参阅随附的简明合并财务报表附注

DORMAN PRODUCTS, INC.

简明合并财务报表附注

截至2026年9月26日和2025年9月27日的三个月和九个月

（未经审计）

1. 列报基础

除非上下文另有要求，本文中“Dorman”、“公司”、“我们”或“我们的”均指 Dorman Products, Inc.及其子公司。我们在纳斯达克股票市场有限责任公司的股票代码为“DORM”。

随附的未经审计简明合并财务报表按照美国公认会计原则（“GAAP”）关于中期财务信息的规定以及美国证券交易委员会的规则和条例编制。但这些报表并未包含GAAP要求完整财务报表所需的全部信息和附注。管理层认为，已纳入所有被认为为公允列报所必需的调整（仅包括正常、经常性调整）。阅读这些财务报表时，应结合我们截至2025年12月31日财政年度的Form 10-K年度报告中所载经审计合并财务报表及其附注。

利息费用和利息收入在简明合并经营及综合收益表中分别列示。以前年度金额此前按净额列示，现已重新分类以符合本年度列报方式；此项调整对经营所得、净收入或每股收益均无影响。

2. 应收账款出售

我们已参与由无关联金融机构管理的若干客户赞助计划，允许我们以折价向这些金融机构出售（保理）某些应收账款。根据这些协议进行的交易按应收账款出售进行会计处理，相关应收账款在出售时从简明合并资产负债表中转销。根据这些协议出售的应收账款以及相关保理成本（计入销售、一般及行政费用）如下：


	截至三个月		截至九个月
（千美元）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日
应收账款出售额	$	258,163			$	341,011		$	843,582	$	1,030,085
保理成本	10,938			14,590			36,113		43,744

3. 存货

存货包括材料、运费、关税、直接人工以及用于加工产品的间接费用，按成本与可变现净值孰低计量。存货如下：


（千美元）	2026年9月26日		2025年12月31日
原材料	$	35,925			$	36,698
散装产品	240,881			287,653
产成品	499,066			622,029
包装材料	11,486			12,639
总计	$	787,358			$	959,019

4. 商誉和无形资产

商誉

截至 2026年9月26日和2025年12月31日，商誉均为3.873亿美元。该余额已扣除累计减值损失5670万美元，且这些损失均计入重型车辆业务部门。

无形资产

无形资产包括以下项目：


	2026年9月26日		2025年12月31日
需摊销的无形资产	账面总值		累计摊销		账面净值		账面总值	累计摊销		账面净值
（单位：千）
客户关系	$	173,984			$	(58,885)		$	115,099		$	173,984		$	(51,741)	$	122,243
商标名称	67,690			(22,239)			45,451		67,690		(19,119)		48,571
产品组合	107,800			(28,291)			79,509		107,800		(23,215)		84,585
技术	2,167			(1,753)			414		2,167		(1,567)		600
专利及其他	2,496			(1,602)			894		2,475		(1,395)		1,080
合计	$	354,137			$	(112,770)		$	241,367		$	354,116		$	(97,037)	$	257,079

截至2026年9月26日和2025年9月27日止三个月的摊销费用分别为510万美元和540万美元；截至2026年9月26日和2025年9月27日止九个月的摊销费用分别为1550万美元和1640万美元。

5. 债务

截至2026年3月28日止三个月内，我们根据信贷协议的循环信贷额度借款1500万美元。该笔借款已于截至2026年6月27日止三个月内偿还。

截至2026年6月27日止三个月内，我们对信贷协议进行了第三次修订，以新的五年期循环信贷额度为现有循环信贷额度再融资，新增循环信贷额度本金总额为8亿美元，并将到期日延长至2031年6月16日。

经修订信贷协议项下的贷款由本公司的每一家重要全资境内子公司提供担保，并以本公司及其重要全资境内子公司的几乎所有个人财产和资产上的担保权益作为支持，但某些例外情况除外。

截至2026年6月27日止三个月内，我们还根据本公司、相关子公司担保人及受托人签订的契约，发行了本金总额为4.5亿美元、利率为6.25%、于2034年6月16日到期的优先票据（“优先票据”）。优先票据每年6月和12月支付半年利息，首次付息时间为2026年12月。

发行优先票据所得款项用于：(i) 偿还我们未偿还的4.313亿美元定期贷款余额，以及信贷协议项下的应计利息和费用；(ii) 支付与再融资交易相关的顾问费及其他费用；以及 (iii) 用于一般公司用途。

优先票据项下的义务由本公司现有及未来的每一家全资子公司提供完全且无条件的担保；这些子公司均为本公司信贷协议及某些其他债务的担保人或其他义务人，具体规定见契约。

经修订的信贷协议和契约包含惯常的陈述与保证、肯定性及否定性约定，以及违约事件。此外，经修订的信贷协议包含财务维持性约定，要求公司：(i) 维持不高于 3.50 比 1.00 的合并担保净杠杆率（在某些收购后的四个财政季度内提高至 4.00 比 1.00）；以及 (ii) 维持不低于 2.00 比 1.00 的合并利息覆盖率。

6. 分部及地理信息

分部业绩如下：


	截至2026年9月26日的三个月
（以千计）	轻型车辆		重型车辆		特种车辆		总计
净销售额	$	443,738			$	66,140		$	51,844	$	561,722
销售成本	261,118			52,486			26,928		340,532
保理费用	10,938			—			—		10,938
其他分部费用	89,677			13,687			18,110		121,474
分部经营收入（亏损）	$	82,005			$	(33)		$	6,806	$	88,778

折旧	$	6,791			$	936		$	994	$	8,721
资本支出	$	6,891			$	410		$	382	$	7,683

	截至2025年9月27日的三个月
（以千计）	轻型车辆		重型车辆		特种车辆		总计
净销售额	$	430,316			$	63,025		$	50,395	$	543,736
销售成本	229,612			47,004			25,693		302,309
保理费用	14,590			—			—		14,590
其他分部费用	83,953			13,166			18,240		115,359
分部经营收入	$	102,161			$	2,855		$	6,462	$	111,478

折旧	$	6,626			$	1,013		$	962	$	8,601
资本支出	$	8,945			$	1,107		$	331	$	10,383

	截至2026年9月26日的九个月
（以千计）	轻型车辆		重型车辆		特种车辆		总计
净销售额	$	1,291,797			$	190,219		$	153,074	$	1,635,090
销售成本	753,256			144,812			74,452		972,520
保理费用	36,113			—			—		36,113
其他分部费用	256,022			42,217			53,618		351,857
分部经营收入	$	246,406			$	3,190		$	25,004	$	274,600

折旧	$	20,590			$	2,719		$	2,907	$	26,216
资本支出	$	22,336			$	1,578		$	1,294	$	25,208

	截至2025年9月27日的九个月
（以千计）	轻型车辆		重型车辆		特种车辆		总计
净销售额	$	1,263,500			$	176,765		$	152,122	$	1,592,387
销售成本	714,750			132,186			76,803		923,739
保理费用	43,744			—			—		43,744
其他分部费用	243,051			41,365			54,598		339,014
分部经营收入	$	261,955			$	3,214		$	20,721	$	285,890

折旧	$	19,686			$	2,823		$	2,893	$	25,402
资本支出	$	26,853			$	2,143		$	822	$	29,818

上述分部表格中的其他分部费用包括销售、一般及行政费用，涵盖产品开发、研究、销售、营销及行政职能人员的薪酬与福利、设施费用、信息技术费用及其他一般费用。

分部经营收入与合并税前收入的调节如下：


	截至三个月		截至九个月
（以千计）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日
分部经营收入	$	88,778			$	111,478		$	274,600	$	285,890
收购相关无形资产摊销	(5,069)			(5,442)			(15,416)		(16,319)
收购相关交易及其他成本	55			(286)			(420)		(1,119)
设施整合成本	(826)			—			(826)		—
裁员成本	—			—			—		(147)

利息费用	(8,016)			(7,235)			(20,685)		(21,862)
利息收入	776			28			1,327		115
其他收入，净额	1,652			1,385			10,475		4,290
合并税前收入	$	77,350			$	99,928		$	249,055	$	250,848

分部资产如下：



（以千计）	2026年9月26日		2025年12月31日
轻型	$	1,307,825			$	1,330,389
重型	193,507			199,768
特种车辆	79,793			76,891
总计	$	1,581,125			$	1,607,048

下表列出了我们按地理区域划分的净销售额：


	截至三个月		截至九个月
（千美元）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日
对美国客户的净销售额	$	518,338			$	502,525		$	1,506,627	$	1,469,138
对非美国客户的净销售额	43,384			41,211			128,463		123,249
总计	$	561,722			$	543,736		$	1,635,090	$	1,592,387

7. 承诺和或有事项

我们是日常业务过程中产生的法律诉讼的当事方或以其他方式涉入其中，包括涉及合同、雇佣纠纷、不正当竞争、知识产权侵权、产品责任索赔以及其他与业务经营相关事项的各类索赔和法律行动。管理层认为，考虑到相关保险保障后，无论单独还是合并计算，这些诉讼均不太可能对公司造成重大财务影响；我们认为，考虑到相关保险保障，目前事项的合理可能损失范围并不重大。然而，法律事项具有固有的不确定性，任何此类事项的最终解决结果均可能对公司记录相关影响期间的现金流、财务状况或经营业绩造成重大不利影响。

这些事项的最终解决结果可能对公司记录相关影响期间的现金流、财务状况或经营业绩造成重大不利影响。

2026年2月，美国最高法院裁定，依据《国际紧急经济权力法》（“IEEPA”）此前征收的某些关税不成立。2026年3月，美国国际贸易法院（“CIT”）命令美国海关与边境保护局（“CBP”）开始向所有缴纳IEEPA关税的进口商办理退款。我们是部分此前被征收IEEPA关税产品的登记进口商。截至2026年9月26日的九个月内，我们记录了此类已缴关税退款共计98.1 百万美元，其中包括截至2026年9月26日尚未收回金额的应收款2.1 百万美元。

我们还确认了与截至2026年9月26日的三个月和九个月内收到的退款相关的利息收入，分别为0.2 百万美元和3.7 百万美元，该金额计入简明合并经营和综合收益表中的其他收入净额。

8. 股票薪酬

限制性股票单位（“RSU”）

RSU授予相关的薪酬成本在截至2026年9月26日和2025年9月27日的三个月内分别为5.7百万美元和3.8百万美元，在截至2026年9月26日和2025年9月27日的九个月内分别为14.9百万美元和11.3百万美元，并计入简明合并经营和综合收益表中的销售、一般及行政费用。

下表汇总了截至2026年9月26日的九个月内我们的RSU活动：


	股数	加权平均公允价值
截至2025年12月31日的余额	324,125		$	117.70
授予	198,719		$	118.49
归属	(138,784)		$	108.36
已取消	(15,358)		$	119.73
截至2026年9月26日的余额	368,702		$	121.56

截至2026年9月26日，与未归属RSU授予相关的未确认薪酬成本为2780万美元，预计将在加权平均1.9年的期间内确认。

股票期权

我们不时向股权计划参与者授予股票期权。截至2026年9月26日和2025年9月27日的三个月和九个月，股票期权授予相关的薪酬成本并不重大。

下表汇总了截至2026年9月26日的九个月内我们的股票期权活动：


	股数	加权平均价格		加权平均剩余期限（年）	总计内在价值（千美元）
截至2025年12月31日的余额	191,677		$	88.44

已取消	(1,153)		$	91.28
已行权	(41,341)		$	81.45
截至2026年9月26日的余额	149,183		$	90.36		3.0	$	5,022
截至2026年9月26日可行权	133,629		$	90.25		2.9	$	4,513

截至2026年9月26日，与未归属股票期权相关的未确认薪酬成本并不重大。

2026年5月，我们的股东批准了Dorman Products, Inc. 2026综合激励计划（“2026计划”），该计划允许向员工、高管、董事、顾问及咨询顾问授予股票期权、股票增值权、限制性股票、限制性股票单位以及其他股票类和现金类奖励。2026计划取代了Dorman Products, Inc. 2018年股票期权和股票激励计划。

员工购股计划（“ESPP”）

截至2026年9月26日的三个月和九个月内，我们通过ESPP发行了11,382股；相比之下，截至2025年9月27日的三个月和九个月内，通过ESPP发行了10,216股，两者均为半年度购买期的一部分。

9. 每股收益

基本每股收益的计算方法是，将我们的净利润除以该期间已发行普通股的加权平均股数。计算稀释每股收益时，将普通股等价物计入已发行普通股的加权平均股数。普通股等价物采用库存股法计算，并根据未偿付的股票类奖励确定。

截至2026年9月26日和2025年9月27日的三个月内，分别有约200股和20,000股；截至2026年9月26日和2025年9月27日的九个月内，分别有约54,000股和62,000股未计入稀释每股收益的计算，因为其影响将具有反稀释作用。

下表列示了基本每股收益和稀释每股收益的计算：


	截至三个月		截至九个月
（千美元，每股数据除外）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日
分子：
净利润	$	59,175			$	76,420		$	190,497	$	192,634
分母：
加权平均基本流通股数	29,655			30,546			29,910	30,546
股票薪酬奖励的影响	205			236			178	211
稀释后加权平均流通股数	29,860			30,782			30,088	30,757
每股收益：
基本	$	2.00			$	2.50		$	6.37	$	6.31
稀释后	$	1.98			$	2.48		$	6.33	$	6.26

10. 普通股回购

我们会定期按当时的市场价格回购并注销发给 Dorman Products, Inc. 401(k) 退休计划和信托（“401(k) 计划”）的普通股。401(k) 计划参与者不再能将 Dorman 普通股作为投资选项进行购买。通常，在参与者按照 401(k) 计划的规定出售份额，或因退休、离职或其他原因选择退出 401(k) 计划时，公司会从 401(k) 计划回购股份。下表汇总了公司截至 2026 年 9 月 26 日和 2025 年 9 月 27 日的三个月和九个月期间普通股的回购和注销情况：


	截至三个月		截至九个月
	2026 年 9 月 26 日		2025 年 9 月 27 日		2026 年 9 月 26 日		2025 年 9 月 27 日
回购并注销的股份	6,412			1,593			7,105	3,663
回购并注销股份的总成本（千美元）	$	864			$	212		$	934	$	473
每股平均价格	$	134.82			$	133.24		$	131.51	$	129.19

此外，我们还会根据董事会授权的股票回购计划回购股份。公司可自行决定根据市场状况、股价、股份可获得性及其他因素，不时进行股份回购。公司没有义务根据这些计划回购特定数量的股份。

下表汇总了截至2026年9月26日和2025年9月27日的三个月和九个月内普通股的回购和注销情况：


	截至三个月		截至九个月
	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日
回购并注销的股份	115,120			—			931,333		122,923
回购并注销股份的总成本（千美元）	$	14,600			$	—		$	111,071	$	15,300
每股平均价格	$	126.82			$	—		$	119.26	$	124.47

截至2026年9月26日，股票回购计划下尚有3.483亿美元可用于回购。

截至2026年9月26日的三个月和九个月内，我们记录了根据《2022年通胀削减法案》对某些股票回购（扣除发行量后）的公允价值征收的190万美元联邦消费税，该税款计入简明合并股东权益变动表中的普通股购买和注销项目。消费税未计入上表中的回购并注销股份总成本和每股平均价格。我们在截至2026年9月26日的三个月和九个月内，就符合条件的回购向联邦政府缴纳了90万美元此类消费税，该税款计入简明合并现金流量表中的普通股购买和注销项目。

2022年通胀削减法案，其中计入简明合并股东权益变动表中的普通股购买和注销项目。消费税未计入上表中的回购并注销股份总成本和每股平均价格。我们在截至2026年9月26日的三个月和九个月内，就符合条件的回购向联邦政府缴纳了0.9 百万美元此类消费税，该税款计入简明合并现金流量表中的普通股购买和注销项目。

11. 所得税

截至2026年9月26日，我们有1,060万美元未确认税收优惠净额，其中920万美元若获确认将降低我们的有效税率。与未确认税收优惠相关的利息和罚款计入所得税费用。截至2026年9月26日，与未确认税收优惠相关的应计利息和罚款为470万美元。

我们在美国、加拿大、中国、印度和墨西哥申报所得税。就美国联邦所得税而言，2022年之前纳税年度的诉讼时效已届满。就我们申报税款的各州而言，2017年之前纳税年度的诉讼时效已届满。就加拿大、中国和印度的所得税而言，2022年之前纳税年度的诉讼时效已届满。就墨西哥的所得税而言，2021年之前纳税年度的诉讼时效已届满。

12. 公允价值披露

现金及现金等价物、应收账款、应付账款以及其他流动资产和负债等金融工具的账面价值因期限较短而接近其公允价值。

截至2026年9月26日，公司优先票据的估计公允价值为4.354亿美元。公允价值根据票据的可观察市场价格确定，分类为第2级公允价值计量。

13. 近期会计公告

2024年11月，FASB发布了ASU 2024-03《损益表费用分拆》。该ASU要求额外披露费用类别，包括员工薪酬、折旧、无形资产摊销、销售费用和存货采购等项目的量化披露。更新后的指引适用于2026年12月15日之后开始的年度报告期间，以及2027年12月15日之后开始的年度报告期间内的中期报告期间。我们预计将在该准则生效日之前实施，并预计采用该准则不会对我们的经营业绩、财务状况或现金流产生影响。

第2项。管理层对财务状况和经营业绩的讨论与分析

“管理层对财务状况和经营业绩的讨论与分析”应与本季度报告10-Q表格第一部分第1项所载的简明合并财务报表及相关附注一并阅读。除非上下文另有要求，本文中“Dorman”、“公司”、“我们”或“我们的”均指Dorman Products, Inc.及其子公司。

有关前瞻性信息的警示声明

本文件中的某些陈述构成《1995年私人证券诉讼改革法》所指的“前瞻性陈述”，包括与净销售额、摊薄后每股收益、毛利、毛利率、销售、一般及行政费用、所得税费用、所得税前收入、净收入、现金及现金等价物、债务、流动性、公司股票回购计划、公司展望、公司的增长机会和未来业务前景、运营成本和生产力举措、通货膨胀、关税、关税退款、供应商多元化、价格上涨、长期价值、收购及收购机会、投资、成本抵消、季度波动、新产品开发、客户让利以及外币波动相关的陈述。“可能”“相信”“表明”“预期”“估计”“预测”“预计”“计划”“预料”“打算”“应当”“将”和“很可能”等词语及类似表述用于标识前瞻性陈述。但是，没有使用这些词语并不意味着相关陈述不属于前瞻性陈述。此外，非历史性的陈述也应视为前瞻性陈述。提醒读者不要过度依赖这些前瞻性陈述，因为它们仅反映陈述作出之日的情况。这些前瞻性陈述基于当前预期，涉及已知和未知的风险、不确定性及其他因素（其中许多因素不受我们控制），可能导致实际事件与前瞻性陈述明示或暗示的内容存在重大差异。如果一项或多项此类风险或不确定性成为现实，或基础假设被证明不正确，实际结果可能与预期、估计或预测存在重大差异。

有关可能导致实际结果与前瞻性陈述所预测或暗示的结果存在重大差异的上述及其他风险和不确定性，请参阅我们最近提交给美国证券交易委员会（“SEC”）的 10-K 表格年度报告“第一部分”中的“前瞻性信息警示声明”和“第 1A 项：风险因素”，以及我们随后向 SEC 提交的文件对其所作的更新。公司没有义务，且明确声明不承担任何义务，更新本文件中的任何信息；但适用法律另有要求的除外。这包括但不限于任何前瞻性陈述日后被证明不准确的情形，无论这是由于新信息、未来事件还是其他原因所致。

引言

以下讨论与分析以及本季度 10-Q 表格报告的其他部分，应与本季度 10-Q 表格报告“第一部分，第 1 项：财务报表”中所载 Dorman Products, Inc. 未经审计的简明合并财务报表及其附注，以及公司截至 2025 年 12 月 31 日的财政年度 10-K 表格年度报告中所载管理层对财务状况和经营业绩的讨论与分析、经审计的合并财务报表及其附注一并阅读。

本季度 10-Q 表报告包含 Dorman 的注册和未注册商标或服务标志，这些商标和服务标志属于 Dorman Products, Inc. 和/或其关联公司。本季度 10-Q 表报告还可能包含属于其他公司的其他商号、商标或服务标志。我们使用或展示其他方的商标、商号或服务标志，并非意在暗示与这些方存在关系，也不应将此类使用或展示解读为这些方对我们的认可或赞助。

概述

我们是机动车售后市场行业领先的替换和升级零部件供应商之一，服务对象包括乘用车、轻型、中型和重型卡车，以及特种车辆（包括多用途地形车 (UTV) 和全地形车 (ATV)）。我们通过三个业务部门运营：轻型车辆、重型车辆和特种车辆，这与我们开展业务的机动车售后市场行业领域相一致。有关我们各业务部门的更多信息，请参阅公司截至 2025 年 12 月 31 日止年度年度报告 10-K 表第二部分第 8 项所载合并财务报表附注 7“分部信息”。

截至 2025 年 12 月 31 日，我们销售的不同零部件约有 144,000 种，其中许多由我们设计和研发。该数量不包括自有品牌库存单位以及我们在产品营销、包装和分销方式上的其他变体；包括被收购公司的不同零部件；并计入已在生命周期结束时停产的不同零部件。我们的产品以各种品牌名称、客户自有品牌或散装形式销售。我们是售后市场领先的零部件供应商之一，所供应的零部件过去通常只能通过 OEM 或拆车场向消费者提供。这些零部件包括但不限于板簧、进气歧管、排气歧管、机油滤清器和冷却器、车窗升降器、散热器风扇总成、胎压监测传感器、废气再循环（“EGR”）冷却器、传动轴、UTV 挡风玻璃以及复杂的电子模块。

我们的净销售额大部分来自北美客户，主要是美国客户。我们的产品主要通过售后市场零售商（包括其在线平台）、经销商，以及全国性、区域性和地方性仓储分销商和专业市场销售。我们也向美国以外地区分销售后零部件，销售主要面向加拿大和墨西哥，此外还包括规模较小的欧洲、中东和澳大利亚市场。

由于客户下单时间，以及我们和供应商能否交付客户订购的产品，我们的经营业绩可能出现显著的季度间波动。向客户推出新产品和产品线以及业务收购，也可能导致显著的季度间波动。

关键会计政策

公司截至 2025 年 12 月 31 日止年度年度报告 10-K 表中所述的关键会计政策没有发生重大变化。

新产品开发

新产品开发是我们的关键成功因素，也是推动我们增长的重要因素。我们持续投资以加大新产品开发力度，促进业务增长并加强与客户的关系。这些投资主要用于增加产品开发人员、开展更多客户和终端用户认知计划，以及改进客户服务。这些投资使我们能够不断扩大新产品供应范围，并实现通常超过市场增长率的收入增长。

轻型汽车领域的一个重点是我们的复杂电子产品计划，该计划利用了当今原始设备平台上日益增多的电子元件。新车平均配备约100个电子模块，一些高端豪华车的配备数量还要更多。我们的复杂电子产品由内部设计和开发，并经过测试，以帮助确保性能稳定。我们的产品组合着眼于进一步巩固我们在这一品类中的领先地位。

另一个重点是我们面向重型汽车领域销售的产品。我们认为，该领域提供了许多与轻型汽车领域曾为我们带来的相同增长机遇。我们专注于为该领域提供传统上只能从原始设备制造商或拆车场购得的零部件，这与我们在轻型汽车领域的做法类似。

在特种车辆领域，我们专注于为UTV和ATV提供性能零部件、配件以及非可选维修零部件。我们致力于开发更优质、更创新的材料，使其适用于各种品牌和车型，以保持并提升客户车辆的性能和外观。

收购

通过收购实现增长是我们战略的重要组成部分。未来，我们可能会收购企业，以补充财务增长、扩大客户群、增强分销能力或提升产品开发资源，此外还有其他原因。

行业因素

公司的财务业绩也受到各种行业因素的影响，包括但不限于任何时候投入运营的车辆数量、车龄和车况，以及这些车辆的行驶里程。

投入运营的车辆

公司的产品主要由美国在用乘用车和轻型车辆（“VIO”）中的一个子细分市场购买和安装，具体而言，主要面向车龄为 7 至 14 年的车辆。每年，美国新车购买量的季节调整年率（“美国 SAAR”）都会为 VIO 增添一个新车龄年份。根据汽车护理协会（“Auto Care”）的数据，由于消费者受 2008 年大衰退影响而减少新车购买，美国 SAAR 在 2008 年至 2011 年间有所下降。我们认为，该时期美国 SAAR 的下降导致我们的主要 VIO 子细分市场（车龄为 7 至 14 年的车辆）从 2016 年开始随之下降。然而，2011 年之后，随着 2008 年大衰退的影响消退，美国消费者开始增加新车购买，随着时间推移，美国 SAAR 因此恢复并回到更具历史代表性的水平。过去几年，车龄为 7 至 14 年的车辆保有量有所增长；我们认为，随着更多车辆继续投入使用，这扩大了对售后替换零部件的需求。

此外，我们认为，车主普遍比几年前更长时间地使用现有车辆，并进行必要的维修和保养，以保持车辆状况良好。我们认为，这一趋势支撑了 VIO 的增长；2025 年 VIO 增至 3.027 亿辆，较 2024 年增长 1%。根据 IHS Automotive 旗下 Polk 发布的数据，截至 2025 年 10 月，VIO 的平均车龄从截至 2024 年 10 月的 12.8 年增至 12.9 年。

行驶里程

行驶里程是影响我们业务的另一项重要指标。一般而言，车辆行驶里程越高，其零部件越容易磨损或失效，从而带动替换零部件需求增加，包括对我们产品的需求。

根据美国交通部的数据，截至 2025 年 10 月，轻型车辆行驶里程同比增长 1.0%。然而，全球汽油价格在 2025 年及 2026 年上半年仍处于高位；如果高价持续，消费者可能会减少出行或寻求其他交通方式，从而对行驶里程产生不利影响。

品牌保护

我们在竞争激烈的市场中运营。因此，我们持续评估面向客户和渠道的品牌、定价及条款策略。例如，我们制定了品牌保护政策，旨在确保我们的某些品牌产品不会以低于特定核准价格的价格进行广告宣传。此外，当发现第三方侵犯我们的知识产权时，我们可能会寻求法律救济，包括侵犯我们的专利、将我们的产品冒充为其自有产品，或将我们的产品图片用于其自身营销活动的行为。

折扣、折让及激励措施

我们提供各种客户折扣、返利、瑕疵产品和滞销产品退货，以及其他优惠。对于按照发票指定的折扣条款付款的客户，我们可能提供现金折扣。此外，我们可能根据客户从我们这里采购的数量，或根据客户协议项下相关计划提供其他价格折扣。这些优惠可以“发票折扣”的形式提供，即在销售时立即从销售额中扣除。对于选择按季度或年度而非通过“发票折扣”方式获得优惠的客户，我们会提供返利，并在相关销售发生时计提此类优惠，按相应金额冲减销售额。此外，我们还会向客户提供返利和折扣，以支持广告和销售人员补贴等促销活动。

我们的客户，尤其是大型零售客户，在与我们谈判时经常要求更优惠的价格和产品退货条款，以及更长的付款期限。我们尽可能避免或减少作出这些让步，但在某些情况下，我们已给予价格优惠、赔偿权和更长的客户付款期限，并允许较高水平的产品退货。这些让步会影响我们的净销售额和利润水平，并可能需要额外资本来支持业务。我们预计客户将继续对我们的利润率施加压力。

客户获取成本

为促使客户从竞争对手品牌转向我们的品牌（包括向现有客户拓展新产品线），我们可能产生客户获取成本，例如承担产品更换成本。更换成本包括移除客户库存中的竞争对手产品并以我们的产品替换所产生的成本，这通常称为库存置换。客户获取成本在发生时作为收入的抵减项入账。

产品保修和超额库存退货

对于按照设计用途安装在最初安装车辆上的产品，我们保证产品不存在某些材料和工艺缺陷。我们为轻型车辆零部件类别中的大多数产品提供有限终身保修，对重型车辆和专用车辆产品则提供期限更短的保修。除保修退货外，如果客户库存过剩，我们可能允许客户在特定限额内向我们退回未使用且未损坏的新产品。产品售出时，我们会根据销售额的一定比例计提产品保修和超额库存退货负债；该比例依据历史信息估算，包括索赔的性质、频率和平均成本，以及客户退货的可能性。确定销售退货和相关准备金时，必须作出重大判断并使用重大估计。

任何会计期间的其他准备金。必要时，我们会根据这些因素的变化修订估计。我们会定期研究此类索赔的趋势。

外币

我们的许多产品及相关原材料和组件均从美国以外国家的供应商处采购。产品通常通过采购订单采购，采购价格以美元计价。因此，一般而言，从签订采购订单到支付产品款项期间，我们不会面临美元与各种外币之间汇率波动的风险。

如果未来美元相对于这些外币的价值发生变化，供应商对新采购订单项下商品收取的价格可能会相应改变其美元金额。我们海外采购中占比最大的一部分来自中国。过去几年，人民币兑美元汇率一直在波动。未来人民币相对于美元的价值发生任何变化，都可能导致我们从中国采购的商品成本发生变化。不过，我们采购商品的成本还受其他因素影响，包括原材料供应情况、劳动力成本、关税和运输成本。

我们在美国境外设有使用不同功能货币的业务。由于合并财务报表以美元列报，以非美元计价的资产、负债、净销售额和费用必须使用本期汇率折算为美元。因此，外币汇率波动可能会影响我们的财务业绩。

通胀成本的影响

地缘政治事件、劳动力和材料成本上升、利率走高、供应链和物流网络中断，以及美国或我们产品采购地或销售地国家的贸易政策，未来都可能对我们的业绩产生不利影响。我们尝试通过成本节约举措、提高对客户的售价以及使用替代供应商来抵消这类通胀压力。我们无法保证未来能够成功实施此类成本节约举措、提价或供应商多元化，以抵消通胀成本上升；也无法保证我们实施的提价不会使产品失去竞争力或对客户需求产生负面影响。

利率的影响

根据客户应收账款出售计划的条款，我们的业务面临利率风险：定期担保隔夜融资利率（“Term SOFR”）或替代贴现率发生变化，会影响保理符合条件的应收账款所产生的成本。此外，我们信贷协议项下的未偿借款按与 Term SOFR 或适用基准利率挂钩的浮动利率计息。根据信贷协议条款，利率变化会影响我们据此借款的利率，并影响现有借款的利息成本。利率可能在较长时间内维持当前水平，也可能在未来上升，从而增加应收账款出售计划和未偿借款相关成本。利率总体上从2025年下半年开始下降，并持续至2026年第一季度，之后于2026年第三季度上升。

关税的影响

We source the majority of our raw materials and parts from suppliers in various non-U.S. countries. In 2025, approximately 77% of our total volume of product purchases was sourced from suppliers in various non-U.S. countries, with approximately 38% sourced from third-party suppliers in

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China. In 2025, the U.S. Administration implemented new tariffs that took effect throughout the year. These new tariffs, as well as reactionary tariff adjustments made by other countries, have impacted our business and contributed to cost increases, and we expect these impacts to continue.

We have taken actions designed to mitigate the impact of these cost increases, including, but not limited to, diversifying our supply chain and negotiating cost concessions from our suppliers where possible. We have also implemented price increases to mitigate the cost increases while also considering the competitive dynamic of our parts in the marketplace.

Because we capitalize tariff costs into inventory, changes in tariff costs generally are not recognized in cost of goods sold in our Statement of Operations and Comprehensive Income until the related inventory is sold. As a result, there is typically a delay between when new or increased tariffs take effect on products we source and when those costs affect our results of operations. The length of this delay depends on factors including our inventory levels, inventory turnover and the timing of purchases.

When price increases taken in response to higher tariff costs take effect before the higher costs are recognized in cost of goods sold, we may experience a temporary increase in gross margin. Gross margin may then decrease once the higher-cost inventory is sold and those costs are recognized. These timing differences may cause our gross margin and other results of operations to vary from period to period.

In February 2026, the U.S. Supreme Court ruled against certain tariffs previously imposed under the International Emergency Economic Powers Act (\"IEEPA\"). In March 2026, the Court of International Trade (“CIT”) ordered U.S. Customs and Border Protection (“CBP”) to begin the refund process for all importers who were subject to IEEPA duties. We are the importer of record for certain products that were previously subject to tariffs under IEEPA. During the nine months ended September 26, 2026, we recorded refunds of such previously paid tariffs totaling $98.1 million, including a receivable of $2.1 million for amounts that remained uncollected as of September 26, 2026.

We also recognized interest income of $0.2 million and $3.7 million related to the refunds received during the three and nine months ended September 26, 2026, which is included in Other income, net on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The U.S. Administration has taken several tariff-related actions following the Supreme Court's decision, including adopting temporary tariffs under Section 122 of the Trade Act of 1974, which expired on July 24, 2026, and adopting new tariffs under Section 301 of the Trade Act of 1974 on imports from a broad range of countries, which became effective upon the expiration of the Section 122 tariffs. The current tariff environment remains uncertain, and there can be no assurance as to whether additional tariffs may be imposed or what the impacts of such actions may be on our business. There also remains uncertainty regarding how countries with which the U.S. has negotiated or is in the process of negotiating tariff trade deals will respond to tariff actions by the U.S. Administration. We continue to monitor and evaluate these developments and assess their potential impact on our business, financial condition, and results of operations.

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Results of Operations

The following table sets forth, for the periods indicated, the percentage of net sales represented by certain items in our Condensed Consolidated Statements of Operations and Comprehensive Income:


	Three Months Ended*		Nine Months Ended*
(in thousands, except percentages)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Net sales	$	561,722			100.0	%		$	543,736			100.0	%	$	1,635,090		100.0	%	$	1,592,387	100.0	%
Cost of goods sold	340,124			60.6	%		302,309			55.6	%		972,112		59.5	%	923,739		58.0	%
Gross profit	221,598			39.4	%		241,427			44.4	%		662,978		40.5	%	668,648		42.0	%
Selling, general, and administrative expenses	138,660			24.7	%		135,677			25.0	%		405,040		24.8	%	400,343		25.1	%
Income from operations	82,938			14.8	%		105,750			19.4	%		257,938		15.8	%	268,305		16.8	%
Interest expense	8,016			1.4	%		7,235			1.3	%		20,685		1.3	%	21,862		1.4	%
Interest income	776			0.2	%		28			0.0	%		1,327		0.1	%	115		0.0	%
Other income, net	1,652			0.3	%		1,385			0.3	%		10,475		0.6	%	4,290		0.3	%
Income before income taxes	77,350			13.8	%		99,928			18.4	%		249,055		15.2	%	250,848		15.8	%
Provision for income taxes	18,175			3.2	%		23,508			4.3	%		58,558		3.6	%	58,214		3.7	%
Net income	$	59,175			10.5	%		$	76,420			14.1	%	$	190,497		11.7	%	$	192,634	12.1	%

*Percentage of sales information may not add due to rounding

Three Months Ended September 26, 2026, Compared to Three Months Ended September 27, 2025

Net sales increased $18.0 million, or 3.3%, for the three months ended September 26, 2026, compared to the prior year period, primarily driven by volume increases in the light duty segment due to new product sales and business wins, partially offset by pricing decreases in certain categories.

Gross profit as a percentage of net sales decreased 500 basis points compared to the prior year period, primarily due to higher tariff costs in the current period. In addition, prior year gross profit as a percentage of net sales benefited from tariff pricing without the associated higher tariff costs.

Selling, general, and administrative expenses decreased 30 basis points as a percentage of net sales for the three months ended September 26, 2026, compared to the prior year period, due to leverage from higher sales and lower factoring costs, partially offset by higher wage and benefits costs.

Our effective tax rate of 23.5% for the three months ended September 26, 2026, was flat compared to the three months ended September 27, 2025.

Nine Months Ended September 26, 2026, Compared to Nine Months Ended September 27, 2025

Net sales increased $42.7 million, or 2.7%, for the nine months ended September 26, 2026, compared to the prior year period, primarily driven by tariff-related pricing actions enacted during the second half of 2025 across our segments, partially offset by lower volume when compared to the strong sales in the prior year period.

Gross profit as a percentage of net sales decreased 150 basis points compared to the prior year period, primarily due to higher tariff costs in the current year period. In addition, prior year gross profit as a percentage of net sales benefited from tariff pricing without the associated higher tariff costs.

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Selling, general, and administrative expenses decreased 30 basis points as a percentage of net sales for the nine months ended September 26, 2026, compared to the prior year period, due to favorable leverage from higher net sales and lower factoring costs.

Our effective tax rate of 23.5% for the nine months ended September 26, 2026, was slightly higher than our effective tax rate of 23.2% for the nine months ended September 27, 2025.

Segment Operating Results

Segment operating results were as follows:


	For the Three Months Ended		For the Nine Months Ended
(in thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Net Sales:
Light Duty	$	443,738			$	430,316		$	1,291,797	$	1,263,500
Heavy Duty	66,140			63,025			190,219		176,765
Specialty Vehicle	51,844			50,395			153,074		152,122
Total	$	561,722			$	543,736		$	1,635,090	$	1,592,387

Segment Income From Operations
Light Duty	$	82,005			$	102,161		$	246,406	$	261,955
Heavy Duty	(33)			2,855			3,190		3,214
Specialty Vehicle	6,806			6,462			25,004		20,721
Total	$	88,778			$	111,478		$	274,600	$	285,890

Three Months Ended September 26, 2026, Compared to Three Months Ended September 27, 2025

Light Duty

Light Duty net sales increased $13.4 million, or 3.1%, for the three months ended September 26, 2026, compared to the prior year period, primarily due to volume increases from new product sales and business wins, partially offset by pricing decreases in certain categories.

Light Duty segment income from operations as a percentage of net sales decreased to 18.5% for the three months ended September 26, 2026, from 23.7% for the three months ended September 27, 2025. This decrease was primarily driven by higher tariff costs in the current period. In addition, prior year segment income from operations benefited from tariff pricing without the associated higher tariff costs.

Heavy Duty

Heavy Duty net sales increased $3.1 million, or 4.9%, for the three months ended September 26, 2026, compared to the prior year period, primarily reflecting tariff-related pricing actions and higher volume in certain categories and channels.

Heavy Duty segment income as a percentage of net sales decreased 450 basis points for the three months ended September 26, 2026, compared to the prior year period. This decrease was primarily driven by higher tariff costs in the current year period. The prior year period also benefited from tariff-based price increases that took effect before the higher tariff costs were recognized.

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Specialty Vehicle

Specialty Vehicle net sales increased $1.4 million, or 2.9%, for the three months ended September 26, 2026, compared to the prior year period, primarily reflecting a full quarter benefit of tariff-related pricing actions enacted during the third quarter of 2025.

Specialty Vehicle segment income as a percentage of net sales increased to 13.1% for the three months ended September 26, 2026, from 12.8% for the three months ended September 27, 2025.

Nine Months Ended September 26, 2026, Compared to Nine Months Ended September 27, 2025

Light Duty

Light Duty net sales increased $28.3 million, or 2.2%, for the nine months ended September 26, 2026, compared to the prior year period, primarily due to a full nine-month benefit from tariff-related pricing actions enacted during the third quarter of 2025, partially offset by lower volume when compared to the strong sales in the prior year period.

Light Duty segment income from operations as a percentage of net sales decreased to 19.1% for the nine months ended September 26, 2026, from 20.7% for the nine months ended September 27, 2025. This decrease was primarily driven by higher net tariff costs, and higher wage and benefits costs in the current year period, partially offset by lower factoring costs in the current period. In addition, prior year segment income from operations benefited from tariff pricing without the associated higher tariff costs.

Heavy Duty

Heavy Duty net sales increased $13.5 million, or 7.6%, for the nine months ended September 26, 2026, compared to the prior year period, primarily reflecting tariff-related pricing actions, and higher volumes.

Heavy Duty segment income as a percentage of net sales decreased 10 basis points, to 1.7% for the nine months ended September 26, 2026.

Specialty Vehicle

Specialty Vehicle net sales were up slightly for the nine months ended September 26, 2026, compared to the prior year period, as tariff-related pricing actions in certain categories were partially offset by lower volumes, reflecting reduced customer demand in the specialty vehicle sector.

Specialty Vehicle segment income as a percentage of net sales increased to 16.3% for the nine months ended September 26, 2026, from 13.6% for the nine months ended September 27, 2025. This increase was primarily driven by benefits in the current year period from tariff-related pricing and lower expenses in the current year period.

Liquidity and Capital Resources

Historically, our primary source of liquidity has been the cash flow generated from our operations, including flexibility provided by accounts receivable sales programs facilitated through certain customers. Key components of our liquidity and capital resources were as follows:


(in thousands)	September 26, 2026		December 31, 2025
Cash and cash equivalents	$	167,005		$	49,436
Working Capital	$	1,178,856		$	1,028,699
Shareholders' equity	$	1,564,948		$	1,477,075

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Based on our current operating plan, we believe that our sources of available capital are sufficient to meet our ongoing cash needs for at least the next twelve months. However, our liquidity could be negatively affected by higher tariffs, an extension of customer payment terms, a decrease in demand for our products, higher interest rates, the outcome of contingencies, or other factors. See Note 7, “Commitments and Contingencies”, in the accompanying condensed consolidated financial statements for additional information regarding commitments and contingencies that may affect our liquidity.

Tariffs

Increases in tariffs accelerate our use of cash, as we generally pay the higher tariff costs to U.S. Customs and Border Protection before the related products are sold, but we collect the cash from any price increases to our customers on a delayed basis, taking into account our inventory turns and payment terms negotiated with those customers. We currently anticipate that additional liquidity needs to cover increased tariffs on imported products can be managed through additional factoring under our accounts receivable sales programs with certain customers, as well as borrowings under our existing revolving credit facility.

Payment Terms and Accounts Receivable Sales Programs

We have extended payment terms in place with certain of our customers. These extended terms have resulted in increased accounts receivable levels and significant cash usage. Where available and when we deem appropriate, we participate in accounts receivable sales programs with several customers that enable us to sell our accounts receivable to financial institutions at discounted rates without recourse to offset the negative cash flow impact of these payment term extensions. However, any sales of accounts receivable through these programs ultimately result in us receiving a lesser amount of cash upfront than if we collected those accounts receivable ourselves in due course, resulting in accounts receivable factoring costs. Moreover, since these accounts receivable sales programs bear interest at rates tied to the Term SOFR or other reference rates, increases in these applicable rates increase our cost to sell our receivables and reduce the amount of cash we receive. See PART I, ITEM 3. Quantitative and Qualitative Disclosures about Market Risk for more information. Further extensions of customer payment terms would result in additional cash usage or increased costs associated with the sales of accounts receivable.

Sales of accounts receivable under these programs, and related factoring costs, were as follows:


	Three Months Ended		Nine Months Ended
(in thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Sales of accounts receivable	$	258,163			$	341,011		$	843,582	$	1,030,085
Factoring costs	10,938			14,590			36,113		43,744

If receivables had not been sold, $970.9 million and $1,093.1 million of additional receivables would have been outstanding at September 26, 2026, and December 31, 2025, respectively, based on standard payment terms.

Credit Agreement

In June 2026, we entered into a third amendment to our credit agreement to refinance the existing revolving credit facility with a new five-year revolving credit facility in an aggregate principal amount of $800.0 million, extending the maturity date to June 16, 2031. As of September 26, 2026, we had outstanding letters of credit for $1.1 million in aggregate. Net of outstanding letters of credit, we had $798.9 million available under the revolving credit facility at September 26, 2026.

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The loans under the amended credit agreement are guaranteed by each of the Company’s material wholly owned domestic subsidiaries and are supported by a security interest in substantially all the Company’s and its material wholly owned domestic subsidiaries’ personal property and assets, subject to certain exceptions.

In June 2026, we also issued $450.0 million aggregate principal amount of 6.25% senior notes due June 2034 (the \"Senior Notes\") pursuant to an indenture entered into among the Company, the subsidiary guarantors party thereto, and the trustee. The Senior Notes pay interest semi-annually in June and December of each year, commencing in December 2026.

The proceeds from the issuance of the Senior Notes were (i) utilized to repay our outstanding term loan balance of $431.3 million, as well as accrued interest and fee obligations, under our credit agreement, (ii) to pay advisory and other fees in connection with the refinancing transactions, and (iii) for general corporate purposes.

The obligations under the Senior Notes are fully and unconditionally guaranteed by each of the Company’s existing and future wholly owned subsidiaries that is a guarantor or other obligor under the Company’s credit agreement and certain other indebtedness, as further specified in the indenture.

The amended credit agreement and the indenture contain customary representations and warranties, affirmative and negative covenants, and events of default. Additionally, the amended credit agreement contains financial maintenance covenants that require the Company to (i) maintain a consolidated secured net leverage ratio of not more than 3.50 to 1.00 (increasing to 4.00 to 1.00 for the four fiscal quarters following certain acquisitions) and (ii) a consolidated interest coverage ratio of not less than 2.00 to 1.00. As of September 26, 2026, we were not in default with respect to either the revolving credit facility or indenture governing the Senior Notes.

Cash Flows

The following summarizes the activities included in the Condensed Consolidated Statements of Cash Flows:


	Nine Months Ended
(in thousands)	September 26, 2026		September 27, 2025
Cash provided by operating activities	$	260,947			$	71,990
Cash used in investing activities	(22,500)			(29,818)
Cash used in financing activities	(120,878)			(43,970)
Effect of foreign exchange on cash and cash equivalents	—			166
Net increase (decrease) in cash and cash equivalents	$	117,569			$	(1,632)

For the nine months ended September 26, 2026, cash provided by operating activities increased $189.0 million from the prior year period, primarily due to $99.7 million of IEEPA refunds and related interest received, as well as the benefits of inventory reductions in the current year, partially offset by lower sales of accounts receivable.

Investing activities used cash of $22.5 million and $29.8 million during the nine months ended September 26, 2026, and September 27, 2025, respectively, reflecting timing of spending on capital investments. The nine months ended September 26, 2026, also included $7.2 million of proceeds from the sale of an investment, and $4.5 million to purchase certain product line assets and assume certain liabilities from an unaffiliated third party.

Financing activities during the nine months ended September 26, 2026, included $113.8 million paid to repurchase 938,333 shares of common stock, as well as $450.0 million of proceeds received from the issuance of our Senior Notes and the repayment of $440.6 million of outstanding borrowings

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under our credit agreement prior to the amendment. During the nine months ended September 27, 2025, we paid $15.3 million to repurchase 122,923 shares of common stock, and repaid $26.5 million of outstanding borrowings under our credit agreement.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Our market risk is the potential loss arising from adverse changes in interest rates. Accounts receivable factored under our customer-sponsored accounts receivable sales programs bear interest at rates tied to Term SOFR or alternative discount rates, resulting in us incurring costs as those accounts receivable are factored. Additionally, interest expense from our variable-rate debt is impacted by reference rates.

Under the terms of our customer-sponsored programs to sell accounts receivable, a change in the reference rate would affect the amount of financing costs we incur and the amount of cash we receive upon the sales of accounts receivable under these programs. A one-percentage-point increase in Term SOFR or the discount rates on the accounts receivable sales programs would have increased our factoring costs and reduced the amount of cash we would have received by approximately $1.9 million and $2.8 million for the three months ended September 26, 2026, and September 27, 2025, respectively, and $7.2 million and $8.3 million for the nine months ended September 26, 2026, and September 27, 2025, respectively.

Under the terms of our credit agreement, a change in the reference rate or the lender’s base rate would affect the rate at which we could borrow funds thereunder. A one-percentage-point increase in the reference rate or base rate would have increased our interest expense on our variable rate debt under our credit agreement by approximately $1.1 million for the three months ended September 27, 2025, and $2.0 million and $3.4 million for the nine months ended September 26, 2026, and September 27, 2025, respectively.

As described in Note 5, \"Debt,\" to the Condensed Consolidated Financial Statements contained in PART I, ITEM 1 of this report, our Senior Notes are reported at cost and not adjusted for fair value changes. However, changes in interest rates could have a material impact on their fair value, with no resultant impact on our results of operations, financial condition, or cash flows. As of September 26, 2026, the fair value of our Senior Notes would have decreased by approximately $24.7 million as a result of a hypothetical increase of one percentage point in interest rates.

ITEM 4. Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation, as of the end of the period covered by this report, of the effectiveness of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures, as defined in Rule 13a-15(e), were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the three months ended September 26, 2026, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Limitations on the Effectiveness of Controls

Control systems, no matter how well-conceived and operated, are designed to provide a reasonable, but not an absolute, level of assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Because of the inherent limitations in a cost-effective control system, misstatements resulting from error or fraud may occur and not be detected. The Company conducts periodic evaluations of its internal controls to enhance, where necessary, its procedures and controls.

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PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

The information set forth under Note 7, “Commitments and Contingencies,” to the Notes to Condensed Consolidated Financial Statements contained in PART I, ITEM 1 of this report is incorporated herein by reference.

ITEM 1A. Risk Factors

There have been no material changes in our risk factors from the risks previously reported in PART 1, ITEM 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025. You should carefully consider the factors discussed in PART I, ITEM 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition, or future results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

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

Issuer Purchases of Equity Securities

During the three months ended September 26, 2026, we purchased shares of our common stock as follows:


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (3)
June 28, 2026, through July 25, 2026 (1)	3,877	$	137.35		100		$	362,880,127
July 26, 2026, through August 22, 2026	12,400	$	127.74		12,400		$	361,296,140
August 23, 2026, through September 26, 2026 (2)	105,255	$	126.82		102,620		$	348,293,139
Total	121,532			115,120	$	348,293,139

(1)Includes 3,777 shares purchased from the Dorman Products, Inc. 401(k) Plan and Trust (as described in Note 10, \"Common Stock Repurchases\", to the Condensed Consolidated Financial Statements contained in PART I, ITEM 1 of this report).

(2)Includes 2,635 shares purchased from the Dorman Products, Inc. 401(k) Plan and Trust.

(3)In October 2024, the Company’s Board of Directors authorized the purchase of up to $500.0 million of our common stock under a share repurchase program effective from January 1, 2025, through December 31, 2027. At September 26, 2026, $348.3 million was available for repurchase under the program. This remaining repurchase authorization is calculated exclusive of the impact of any federal excise tax imposed on certain net stock repurchases pursuant to the Inflation Reduction Act of 2022.

ITEM 3. Defaults Upon Senior Securities

None

ITEM 4. Mine Safety Disclosures

Not Applicable

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ITEM 5. Other Information

Director and Executive Officer Trading Arrangements

Entry into Rule 10b5-1 Trading Plans. The following table describes contracts, instructions, or written plans for the purchase or sale of the Company’s common stock intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (each, a “Rule 10b5-1 Plan”) entered into during the quarter ended September 26, 2026, by our directors and officers (as defined under Rule 16a-1(f) of the Exchange Act).


Name and Title of Director or Officer	Date of Adoption of Agreement	Expiration Date of Agreement¹	Aggregate Number of Securities to be Purchased or Sold
Scott D. Leff SVP, Chief Human Resources Officer	September 2, 2026	September 1, 2027	9,257²
Steven L. Berman Director	September 9, 2026	December 8, 2027	195,501³
Joseph P. Braun SVP, General Counsel and Secretary	September 14, 2026	September 30, 2027	15,253⁴
Eric B. Luftig President, Light Duty	September 15, 2026	August 27, 2027	2,000⁵
Kevin M. Olsen Chairman, President and Chief Executive Officer	September 15, 2026	December 31, 2027	40,000⁶

¹ Each Rule 10b5-1 Plan expires upon the date shown or, if earlier, upon completion of all authorized transactions under such Plan.

² Plan includes (i) the sale of up to 7,500 shares of the Company’s common stock currently held by Mr. Leff and (ii) the potential exercise of vested stock options and the associated sale of up to 1,757 shares of the Company’s common stock.

³ Plan covers (i) 70,000 shares of the Company’s common stock owned directly by Mr. Berman and (ii) 125,501 shares of the Company’s common stock owned by certain family trusts for which Mr. Berman serves as co-trustee or that are for the benefit of Mr. Berman’s children. No sales under the Plan may commence until after completion and termination of the prior Rule 10b5-1 Plan adopted by such sellers on September 10, 2025.

⁴ Plan includes (i) the sale of up to 10,000 shares of the Company’s common stock currently held by Mr. Braun and (ii) the potential exercise of vested stock options and the associated sale of up to 5,253 shares of the Company’s common stock.

⁵ Plan includes the sale of up to 2,000 shares of the Company’s common stock currently held by Mr. Luftig.

⁶ Plan includes the sale of up to 40,000 shares of the Company’s common stock currently held by Mr. Olsen or remaining unsold under his prior Rule 10b5-1 Plan adopted on September 3, 2025. No sales under the Plan may commence until after expiration of such prior Rule 10b5-1 Plan.

Termination of Rule 10b5-1 Trading Plans. No director or officer terminated a Rule 10b5-1 Plan during the quarter ended September 26, 2026.

Non-Rule 10b5-1 Trading Plans. There were no non-Rule 10b5-1 trading arrangements entered into or terminated by our directors and officers during the quarter ended September 26, 2026.

ITEM 6. Exhibits

(a)Exhibits

The Exhibits included in this report are listed in the Exhibit Index on page 31, which is incorporated herein by reference.

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EXHIBIT INDEX


31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *

31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *

32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished with this report). **

101	The following financial statements from the Dorman Products, Inc. Quarterly Report on Form 10-Q as of and for the quarter ended September 26, 2026, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations and Comprehensive Income; (ii) the Condensed Consolidated Balance Sheets; (iii) Condensed Consolidated Statements of Shareholders’ Equity; (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

104	The cover page from the Company’s Quarterly Report on Form 10-Q as of and for the quarter ended September 26, 2026, formatted in Inline XBRL (included as Exhibit 101).

* Filed herewith

** Furnished herewith

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SIGNATURES

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

Dorman Products, Inc.

October 27, 2026


/s/ Kevin M. Olsen
Kevin M. Olsen
President and Chief Executive Officer
(principal executive officer)

October 27, 2026


/s/ Charles W. Rayfield
Charles W. Rayfield
Senior Vice President,
Chief Financial Officer and Treasurer
(principal financial officer)

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