0001193125-26-040760 | 10-Q | XBRL Viewer

Earnings Per Share (Tables)

6 Months Ended

Dec. 28, 2025

Reconciliation of the Components of Basic and Diluted Per Share

A reconciliation of the components of the basic and diluted per-share computations follows (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	December 28, 2025		December 29, 2024		December 28, 2025		December 29, 2024
Net income attributable to Strattec	$	4,947	$	1,319	$	13,476	$	5,022

Basic weighted-average shares outstanding		4,080		4,035		4,067		4,020
Effect of dilutive securities - employee stock compensation plan		51		35		62		38
Diluted weighted-average shares outstanding		4,131		4,070		4,129		4,058
Earnings per share attributable to Strattec
Basic	$	1.21	$	0.33	$	3.31	$	1.25
Diluted	$	1.20	$	0.32	$	3.26	$	1.24

Recently Issued Accounting Standards	6 Months Ended
Dec. 28, 2025
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	NOTE 2. RECENTLY ISSUED ACCOUNTING STANDARDS In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For the Company, this ASU is effective for annual periods beginning after December 15, 2024 (fiscal 2026). The adoption of ASU 2023-09 will not affect the Company’s financial position or its results of operations but will result in additional disclosures for the fiscal 2026 annual period and for interim periods thereafter. 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. This ASU requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion) included in certain expense captions presented on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026 (fiscal 2028) and for interim periods beginning after December 15, 2027 (fiscal 2029). The adoption of ASU 2024-03 will not affect the Company’s financial position or its results of operations but will result in additional disclosures for the fiscal 2028 annual period and for interim periods thereafter.

Recently Issued Accounting Standards

6 Months Ended

Dec. 28, 2025

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

NOTE 2. RECENTLY ISSUED ACCOUNTING STANDARDS

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For the Company, this ASU is effective for annual periods beginning after December 15, 2024 (fiscal 2026). The adoption of ASU 2023-09 will not affect the Company’s financial position or its results of operations but will result in additional disclosures for the fiscal 2026 annual period and for interim periods thereafter.

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. This ASU requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion) included in certain expense captions presented on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026 (fiscal 2028) and for interim periods beginning after December 15, 2027 (fiscal 2029). The adoption of ASU 2024-03 will not affect the Company’s financial position or its results of operations but will result in additional disclosures for the fiscal 2028 annual period and for interim periods thereafter.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 28, 2025	Jan. 30, 2026
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Dec. 28, 2025
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-28
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-25150
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1804239
Entity Address, Address Line One	3333 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53209
City Area Code	414
Local Phone Number	247-3333
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		4,179,778
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 28, 2025	Dec. 29, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares of common stock available for grant	361,794
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized	550,000
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested restricted stock grants	$ 3.5	$ 4.4
Weighted average period over which unrecognized compensation is expected to be recognized	2 years
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested restricted stock grants	$ 1.6	$ 4.4

Income Taxes (Details Textual)	6 Months Ended
Income Taxes (Details Textual)	Dec. 28, 2025
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 28, 2025	Jun. 29, 2025
Statement of Financial Position [Abstract]
Common stock, shares authorized	18,000,000	18,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,699,083	7,635,883
Treasury stock, shares	3,615,268	3,596,549

Segment Information (Details Textual)	6 Months Ended
Segment Information (Details Textual)	Dec. 28, 2025
Segment Reporting [Abstract]
Segment reporting, CODM description of significant segment expenses	The CODM considers the impact of significant segment expenses on this measure to assess profitability and guide strategic decision making including entering into significant contracts, expanding into new markets or launching new products, making significant capital expenditures, hiring and terminating key personnel and approving operating budgets.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number Of Reportable Segments Not Disclosed Flag	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024	Dec. 28, 2025	Dec. 29, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,947	$ 1,319	$ 13,476	$ 5,022

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 28, 2025	Jun. 29, 2025
Current Assets:
Cash and cash equivalents	$ 99,027	$ 84,579
Receivables, net	89,217	102,061
Inventories:
Finished products	16,955	12,398
Work in process	11,868	11,303
Purchased materials	43,111	41,000
Inventories, net	71,934	64,701
Pre-production costs	6,857	8,657
Value-added tax recoverable	19,858	19,389
Other current assets	6,374	10,676
Total current assets	293,267	290,063
Property, plant and equipment:
Land and improvements	6,808	6,582
Buildings and improvements	41,976	39,821
Machinery and equipment	232,369	236,545
Total property, plant and equipment	281,153	282,948
Less: accumulated depreciation	206,517	205,538
Property, plant and equipment, net	74,636	77,410
Deferred income taxes	19,758	19,531
Other noncurrent assets	4,584	4,450
Total Assets	392,245	391,454
Current Liabilities:
Accounts payable	59,568	65,824
Accrued payroll and benefits	15,709	22,956
Value-added tax payable	12,732	11,933
Warranty reserve	8,567	8,900
Current portion of borrowings under credit facilities	2,500	0
Other current liabilities	13,374	9,737
Total current liabilities	112,450	119,350
Noncurrent Liabilities:
Noncurrent portion of borrowings under credit facilities	0	8,000
Post-employment benefits	12,806	13,325
Other noncurrent liabilities	3,975	4,348
Total Liabilities	129,231	145,023
Shareholders’ Equity:
Common stock, authorized 18,000,000 shares, $.01 par value, 7,699,083 issued shares at December 28, 2025 and 7,635,883 issued shares at June 29, 2025	77	76
Capital in excess of par value	105,601	103,784
Retained earnings	282,773	269,297
Accumulated other comprehensive loss	(14,935)	(16,113)
Less: treasury stock, at cost (3,615,268 shares at December 28, 2025 and 3,596,549 shares at June 29, 2025)	(136,718)	(135,452)
Total Strattec shareholders' equity	236,798	221,592
Non-controlling interest	26,216	24,839
Total Shareholders' equity	263,014	246,431
Total Liabilities and Shareholders' Equity	$ 392,245	$ 391,454

Credit Facilities (Details Textual) - USD ($)		6 Months Ended
Credit Facilities (Details Textual) - USD ($)	Oct. 27, 2025	Dec. 28, 2025	Jun. 29, 2025	Dec. 29, 2024
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000
Credit facility maturity date	Oct. 31, 2028
Outstanding borrowing		$ 0	$ 8,000,000
SOFR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility	SOFR plus 1.50%
Interest rate - percentage points - on borrowings under credit facility	1.50%
Strattec Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000
Outstanding borrowing		0		$ 0
ADAC-Strattec Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility		$ 18,000,000
Credit facility maturity date		Aug. 31, 2026
Outstanding borrowing			$ 8,000,000
ADAC-Strattec Credit Facility \| SOFR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility		SOFR plus 3.10%
Interest rate - percentage points - on borrowings under credit facility		3.10%
ADAC-Strattec Credit Facility \| Prime Rate
Line Of Credit Facility [Line Items]
Interest rate - percentage points - on borrowings under credit facility		2.00%

Segment Information - Schedule of Receivables from Largest Customers (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 28, 2025	Jun. 29, 2025
Schedule Of Receivable By Major Customers By Reporting Segments [Abstract]
Receivables	$ 89,217	$ 102,061
General Motors Company \| Customer Concentration Risk \| Accounts Receivable
Schedule Of Receivable By Major Customers By Reporting Segments [Abstract]
Receivables	$ 22,433	$ 26,581
Percentage of total receivables	25.00%	26.00%
Ford Motor Company \| Customer Concentration Risk \| Accounts Receivable
Schedule Of Receivable By Major Customers By Reporting Segments [Abstract]
Receivables	$ 16,679	$ 19,916
Percentage of total receivables	19.00%	20.00%
Stellantis \| Customer Concentration Risk \| Accounts Receivable
Schedule Of Receivable By Major Customers By Reporting Segments [Abstract]
Receivables	$ 17,709	$ 14,812
Percentage of total receivables	20.00%	15.00%
Total of Major Customers \| Customer Concentration Risk \| Accounts Receivable
Schedule Of Receivable By Major Customers By Reporting Segments [Abstract]
Receivables	$ 56,821	$ 61,309
Percentage of total receivables	64.00%	61.00%

Stock-Based Compensation - Summary of Restricted Stock Awards And Performance Stock Unit Activity (Details)	6 Months Ended
	Dec. 28, 2025 $ / shares shares
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Shares Beginning Balance \| shares	129,139
Granted, Shares \| shares	36,912
Vested, Shares \| shares	(63,200)
Forfeited, Shares \| shares	(5,226)
Nonvested, Shares Ending Balance \| shares	97,625
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 36.37
Granted, Weighted Average Grant Date Fair Value \| $ / shares	67.45
Vested, Weighted Average Grant Date Fair Value \| $ / shares	34.97
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	39.93
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 48.35
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Shares Beginning Balance \| shares	16,878
Granted, Shares \| shares	19,506
Nonvested, Shares Ending Balance \| shares	36,384
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 39.16
Granted, Weighted Average Grant Date Fair Value \| $ / shares	68.06
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 54.65

Segment Information - Schedule of Significant Expenses Disclosed in Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 28, 2025	Sep. 28, 2025	Dec. 29, 2024	Sep. 29, 2024	Dec. 28, 2025	Dec. 29, 2024
Segment Reporting Information [Line Items]
Net sales	$ 137,534		$ 129,919		$ 289,933	$ 268,971
Significant expenses:
Interest income	885		408		1,762	757
Interest expense	96		257		252	552
Other (income) expense, net	(1,691)		482		(1,416)	353
Income tax expense	1,699		405		4,055	1,903
Net income	5,643	$ 8,537	1,398	$ 3,748	14,180	5,146
Less: Net income attributable to non-controlling interest	696		79		704	124
Net income attributable to Strattec	4,947		1,319		13,476	5,022
Reportable Segment
Segment Reporting Information [Line Items]
Net sales	137,534		129,919		289,933	268,971
Significant expenses:
Direct material costs	76,420		72,506		160,308	150,575
Labor and overhead costs	38,392		40,262		80,568	82,324
Selling costs	2,534		2,473		5,354	5,084
Administrative costs	8,504		6,159		14,575	10,699
Engineering costs	6,822		6,385		13,819	13,092
Interest income	(885)		(408)		(1,762)	(757)
Interest expense	96		257		252	552
Other (income) expense, net	(1,691)		482		(1,416)	353
Income tax expense	1,699		405		4,055	1,903
Net income	5,643		1,398		14,180	5,146
Less: Net income attributable to non-controlling interest	696		79		704	124
Net income attributable to Strattec	$ 4,947		$ 1,319		$ 13,476	$ 5,022

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 28, 2025	Dec. 29, 2024
OPERATING ACTIVITIES:
Net income	$ 14,180	$ 5,146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	7,678	7,206
Foreign currency transaction loss (gain)	1,134	(1,193)
Unrealized (gain) loss on peso contracts	(372)	936
Stock-based compensation expense	1,794	1,079
Other, net	543	816
Change in operating assets and liabilities:
Receivables	12,894	7,379
Inventories	(7,233)	138
Prepaids and other assets	6,649	7,844
Accounts payable	(6,362)	(3,990)
Accrued liabilities	(5,697)	(4,580)
Net cash provided by operating activities	25,208	20,781
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(4,160)	(2,990)
Proceeds from sale of property, plant and equipment	259	0
Net cash used in investing activities	(3,901)	(2,990)
FINANCING ACTIVITIES:
Borrowings under credit facilities	0	3,000
Repayments under credit facilities	(5,500)	(3,000)
Payment for debt issuance costs	98	0
Payment for taxes withheld from stock-based awards	(1,274)	0
Share issuances	32	28
Net cash (used in) provided by financing activities	(6,840)	28
Foreign currency impact on cash	(19)	(604)
NET INCREASE IN CASH AND CASH EQUIVALENTS	14,448	17,215
CASH AND CASH EQUIVALENTS
Beginning of period	84,579	25,410
End of period	99,027	42,625
Cash paid during the period for:
Income taxes	1,157	8,539
Interest	184	559
Non-cash investing activities:
Change in capital expenditures in accounts payable	$ 0	$ (450)

Related Party (Details Textual)	Dec. 28, 2025
Related Party
Related Party Transaction [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	51.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non-Controlling Interest
Beginning balance at Jun. 30, 2024	$ 225,615	$ 76	$ 101,024	$ 250,612	$ (15,689)	$ (135,478)	$ 25,070
Net income	3,748			3,703			45
Currency translation adjustments	(2,760)				(1,671)		(1,089)
Pension and postretirement adjustment, net of tax	256				256
Stock-based Compensation	188		188
Share issuances	13		6			7
Ending balance at Sep. 29, 2024	227,060	76	101,218	254,315	(17,104)	(135,471)	24,026
Beginning balance at Jun. 30, 2024	225,615	76	101,024	250,612	(15,689)	(135,478)	25,070
Net income	5,146
Currency translation adjustments	(4,005)
Pension and postretirement adjustment, net of tax	292
Ending balance at Dec. 29, 2024	228,155	76	102,118	255,634	(17,827)	(135,465)	23,619
Beginning balance at Sep. 29, 2024	227,060	76	101,218	254,315	(17,104)	(135,471)	24,026
Net income	1,398			1,319			79
Currency translation adjustments	(1,245)				(759)		(486)
Pension and postretirement adjustment, net of tax	36				36
Stock-based Compensation	891		891
Share issuances	15		9			6
Ending balance at Dec. 29, 2024	228,155	76	102,118	255,634	(17,827)	(135,465)	23,619
Beginning balance at Jun. 29, 2025	246,431	76	103,784	269,297	(16,113)	(135,452)	24,839
Net income	8,537			8,529			8
Currency translation adjustments	1,013				628		385
Pension and postretirement adjustment, net of tax	32				32
Shares withheld for taxes on stock-based awards	(919)					(919)
Stock-based Compensation	669		669
Share issuances	16		11			5
Ending balance at Sep. 28, 2025	255,779	76	104,464	277,826	(15,453)	(136,366)	25,232
Beginning balance at Jun. 29, 2025	246,431	76	103,784	269,297	(16,113)	(135,452)	24,839
Net income	14,180
Currency translation adjustments	1,787
Pension and postretirement adjustment, net of tax	64
Ending balance at Dec. 28, 2025	263,014	77	105,601	282,773	(14,935)	(136,718)	26,216
Beginning balance at Sep. 28, 2025	255,779	76	104,464	277,826	(15,453)	(136,366)	25,232
Net income	5,643			4,947			696
Currency translation adjustments	774				486		288
Pension and postretirement adjustment, net of tax	32				32
Shares withheld for taxes on stock-based awards	(355)					(355)
Stock-based Compensation	1,125		1,125
Share issuances	16	1	12			3
Ending balance at Dec. 28, 2025	$ 263,014	$ 77	$ 105,601	$ 282,773	$ (14,935)	$ (136,718)	$ 26,216

Derivative Instruments - Schedule of Quantification of Outstanding Forward Contracts (Details) - Buy MXP/Sell USD $ in Thousands	6 Months Ended
	Dec. 28, 2025 USD ($) Rate
Derivative [Line Items]
Derivative, Effective Dates, Inception	Nov. 30, 2025
Derivative, Effective Dates, Maturity	Dec. 31, 2026
Derivative, Notional Amount	$ 32,152
Derivative, Average Forward Contractual Exchange Rate \| Rate	1974.00%
Derivative, Fair Market Value	$ 2,687

Credit Facilities - Schedule of Outstanding Borrowings Under the Credit Facilities (Details) - USD ($)	Dec. 28, 2025	Jun. 29, 2025	Dec. 29, 2024
Line Of Credit Facility [Line Items]
Outstanding Borrowing, Current	$ 2,500,000	$ 0
Outstanding Borrowing, Non-current	0	8,000,000
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing, Non-current	0		$ 0
ADAC-Strattec Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing, Current	$ 2,500,000
Outstanding Borrowing, Non-current		$ 8,000,000

Restructuring - (Details Textual) - USD ($) $ in Millions	3 Months Ended
Restructuring - (Details Textual) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 1.7	$ 0.3
Restructuring expected costs	2.2
Restructuring remaining expected cost	0.5
Restructuring separation payments	1.3
Acceleration of share-based payment awards	$ 0.4