Form: 11-K

Annual report of employee stock purchase, savings and similar plans

June 24, 2025

Documents


 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 11-K
 ________________________________________________

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)  
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 2024
Or
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number 1-37654
 
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Fortive Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Fortive Corporation
6920 Seaway Blvd
Everett, WA 98203
(425) 446-5000

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FORTIVE RETIREMENT SAVINGS PLAN

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023
AND FOR THE YEAR ENDED DECEMBER 31, 2024,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2024 AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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FORTIVE RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
 
Page
FINANCIAL STATEMENTS
SUPPLEMENTAL SCHEDULE

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Report of Independent Registered Public Accounting Firm
To the Plan Participants, the Plan Administrator, and the Investment Committee of the Fortive Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Fortive Retirement Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2024 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young, LLP
We have served as the Plan’s auditor since 2016.
Seattle, Washington
June 23, 2025
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2024 AND 2023
($ in millions)
 
2024 2023
ASSETS
Non-interest bearing cash $ —  $ 0.1 
Investments at fair value 2,116.7  1,896.6 
Receivables:
Notes receivable from participants
 19.2  16.6 
Employer contributions
 2.4  2.3 
Other 0.7  0.7 
Total receivables
 22.3  19.6 
Total assets
 2,139.0  1,916.3 
LIABILITIES
Other payables
 0.8  0.7 
Total liabilities
 0.8  0.7 
NET ASSETS AVAILABLE FOR BENEFITS
 $ 2,138.2  $ 1,915.6 

See the accompanying notes to the financial statements.
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2024
($ in millions)
 
ADDITIONS TO (DEDUCTIONS FROM) NET ASSETS ATTRIBUTED TO:
Investment income:
Interest income on notes receivable from participants
 $ 1.3 
Dividend and interest income from investments 19.4 
Net appreciation in fair value of investments
276.9 
Total investment income
 297.6 
Contributions:
Participant
 96.5 
Rollovers
 14.6 
Employer
 62.9 
Total contributions
 174.0 
Benefit payments
 (247.9)
Administrative expenses
 (1.1)
Total benefit payments and administrative expenses
 (249.0)
NET INCREASE IN NET ASSETS
 222.6 
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year
 1,915.6 
End of year
 $ 2,138.2 
See the accompanying notes to the financial statements.

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Table of Contents
FORTIVE RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
NOTE 1. DESCRIPTION OF THE PLAN
The following description of the Fortive Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document and summary plan description for a more complete description of the Plan’s provisions.
General
Fortive Corporation (“Fortive,” “the Company”, or “the Plan Sponsor”) is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive established the Plan effective May 31, 2016. The Plan is a defined contribution plan established for eligible full-time and part-time non-union employees of the Company and its subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Plan is administered through affiliates of the trustee, Fidelity (the “Plan Administrator”). Plan participants should refer to the formal legal documents of the Plan and the summary plan description for a more complete description of the Plan’s provisions and a full explanation of all limitations, adjustments and special cases in the Plan. Significant provisions related to contributions, benefit payments, and investments are provided below.
On September 4, 2024, the Company announced its intention to separate its Precision Technologies segment business into an independent publicly-traded company (the “Separation”), which has been incorporated under the name Ralliant Corporation (“Ralliant”). The Company is currently targeting completion of the Separation by the end of the second quarter of 2025. Upon completion of the Separation, Ralliant will create a new savings plan, and the balances related to employees of Ralliant after the Separation will be transferred to the new savings plan.
Contributions
At the time of eligibility, the Company automatically enrolls eligible employees at a contribution rate of 5% of pre-tax eligible earnings if the participant does not otherwise make an affirmative election to contribute or opt-out of pre-tax contributions. Eligible participants may contribute up to 75% of their compensation (subject to annual maximums). Employee contributions and the earnings or losses thereon are fully vested at all times.
The Company’s retirement contributions are determined at the discretion of the Plan Sponsor. Employees are eligible for Company retirement contributions upon completion of one year of service and become fully vested upon completion of three years of service. The discretionary retirement contribution can range from 0% to 2% of eligible compensation. For the year ended December 31, 2024, the discretionary retirement contribution was 2% of eligible compensation.
For eligible participants who have completed one year of service and are active employees on the last day of the plan year, an additional discretionary retirement contribution of up to 2% of eligible compensation above the Social Security wage base in effect at the beginning of the Plan year is calculated and deposited into participant accounts subsequent to the Plan year end. These contributions become fully vested after three years of service. For the year ended December 31, 2024, this additional retirement contribution was 2% of eligible compensation.
In addition, the Company makes matching contributions into the Plan. These matching contributions are considered “safe harbor” and the percentage for the safe harbor matching contributions has been established in the plan document. The Company matching contribution is 100% of the first 3% of eligible compensation contributed by the participant plus 50% of the next 2% of eligible compensation contributed. Employees are immediately 100% vested in all safe harbor matching contributions.
Benefit Payments
A participant who attains normal retirement age (age 65) shall be entitled to payment of the balance in their account. A participant who remains employed after attainment of normal retirement age shall continue to participate under the same terms and conditions as applied prior to reaching normal retirement age. A participant must begin receiving distributions no later than April 1 following the later of the year in which they retire from the Company or the calendar year in which they reach the age of 73.
The beneficiary or beneficiaries of a deceased participant shall be entitled to payment of the participant’s account balance within a reasonable period of time after the participant’s death.
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Upon total and permanent disability, a participant shall be entitled to payment of the balance in their account within a reasonable period of time after termination of employment.
Upon a participant’s termination of employment for reasons other than as specified above, a participant is entitled to payment of their vested account balance. If the vested value of the participant’s account is $1,000 (applied separately to Roth and non-Roth balances) or less, payment will automatically be made in a single lump sum. If the vested value of the participant’s Roth or non-Roth balances is greater than $1,000 and does not exceed $5,000, the Plan Administrator will automatically rollover the Roth or non-Roth balances to a separate Fidelity Individual Retirement Account. If the vested value of the participant’s account is greater than $5,000, the participant must contact the Plan Administrator to request a distribution.
Eligible participants may request a hardship or age 59 1/2 in-service withdrawal of all or a portion of their vested account while still working for the Company in accordance with procedures established by the Plan Administrator, subject to certain limitations and tax penalties.
Notes Receivable from Participants
A participant may receive a loan from the Plan in accordance with the policy established by the Plan Sponsor. Any such loan or loans shall not exceed the lesser of 50% of the participant’s vested account balance or $50,000 reduced by the participant’s highest outstanding loan balance in the Plan during the one-year period ending on the day before the loan is made. The Plan Administrator establishes the maximum maturity period that is permitted to prevent the loan from being treated as a distribution. Plan provisions require that all loans must be paid back within 60 months. The Plan Administrator may require loan payments to be made through payroll deductions.
Participant Accounts
Each participant account is credited with the participant’s contributions, employer safe harbor matching contributions, employer retirement contributions, and an allocation of Plan earnings or losses, and is charged quarterly with administrative expenses and recordkeeping fees. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Administrative Expenses
The Plan’s administrative expenses are paid by either the Plan or the Plan Sponsor, as provided by the Plan’s provisions. Administrative expenses paid by the Plan include recordkeeping and trustee fees.
The Plan participates in a revenue credit program (Credits). Credits are earned in connection with the Plan’s revenue sharing arrangements with certain investment funds. The Credits are deposited in an unallocated account and can be used to pay ERISA-qualified expenses or can be allocated to eligible participant accounts. The calculated Credits are funded quarterly in arrears by the Plan Administrator.
Unallocated Accounts
During the year ended December 31, 2024, forfeitures used to reduce Company related contributions totaled $1.2 million.
As of December 31, 2024 and 2023, unallocated and non-vested accounts, including forfeited amounts, totaled $0.8 million and $0.6 million, respectively. These amounts will be used to reduce future employer contributions and to pay administrative expenses.
Termination of the Plan
Although the Company, as the Plan Sponsor, has not expressed an intention to do so, the Plan may be terminated at any time. In the event of termination of the Plan, the account balances of participants as of the date of termination shall immediately become vested.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
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Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and changes therein, and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Notes Receivable from Participants
Notes receivable from participants represent participant loans and are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2024 and 2023. If a participant ceases to make loan repayments and has reached a distributable event, the loan balance is reduced and a benefit payment is recorded.
Investments
Investments are reported at fair value. Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 3 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The income of each fund is reinvested in that fund.
Payment of Benefits
Benefits are recorded when paid.
NOTE 3. FAIR VALUE MEASUREMENT
Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Plan’s assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on management’s assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Plan provides for some investments that are valued using the Net Asset Value (“NAV”) practical expedient. None of these investments have limits on their redemption. Investments valued using NAV consist of common collective trusts which allow the Plan to allocate investments across a broad array of types of funds and diversify the portfolio.
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Table of Contents
The fair values of the Plan’s investments as of December 31, 2024, by asset category, were as follows ($ in millions):
Quoted Prices in Active Market
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Money market funds
 $ 0.2  $ —  $ —  $ 0.2 
Fortive Corporation Stock Fund:
Fortive common stock
 36.1  —  —  36.1 
Money market fund
 0.4  —  —  0.4 
Mutual funds
 588.2  —  —  588.2 
Separately managed funds:
Cash and cash equivalents 3.6  —  —  3.6 
Common stock 327.0  —  —  327.0 
Corporate bonds —  0.4  —  0.4 
Mutual funds 59.1  —  —  59.1 
Self-directed brokerage accounts
 117.0  —  —  117.0 
$ 1,131.6  $ 0.4  $ —  $ 1,132.0 
Investments measured at NAV
Common/collective trusts
 984.7 
Total investments, at fair value
 $ 2,116.7 
The fair values of the Plan’s investments as of December 31, 2023, by asset category, were as follows ($ in millions):
Quoted Prices in Active Market
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Money market funds
 $ 0.3  $ —  $ —  $ 0.3 
Fortive Corporation Stock Fund:
Fortive common stock
 39.7  —  —  39.7 
Money market fund
 0.4  —  —  0.4 
Mutual funds
 536.3  —  —  536.3 
Separately managed funds:
Cash and cash equivalents 3.6  —  —  3.6 
Common stock 270.2  —  —  270.2 
Corporate bonds —  0.4  —  0.4 
Mutual funds 38.0  —  —  38.0 
Self-directed brokerage accounts
 89.0  —  —  89.0 
$ 977.5  $ 0.4  $ —  $ 977.9 
Investments measured at NAV
Common/collective trusts
 918.7 
Total investments, at fair value
 $ 1,896.6 
Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value:
•Money market funds and mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded.
•The Fortive Corporation Stock Fund consists of shares of the Company’s stock and short-term money market investments and is valued based on the quoted market price of the investments.
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•The separately managed funds consist of common stock, money market funds, and mutual funds, which are valued at the last reported sales price of the security on the last business day of the year, uninvested interest bearing cash and cash equivalents, which is recorded at carrying value as maturities are less than three months.
•The self-directed brokerage accounts consist of common stock, mutual funds, and exchange traded funds, which are valued at the last reported sales price on the last business day of the year, and uninvested interest bearing cash, which is recorded at carrying value as maturities are less than three months.
•Participation units in the common/collective trust funds are valued using the NAV of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes the valuation methods are appropriate and consistent with the methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
NOTE 4. TAX STATUS OF THE PLAN
The Plan received a determination letter from the Internal Revenue Service (“IRS”) dated November 8, 2022 stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, its related trust is exempt from taxation. The Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.
GAAP requires plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE 5. RELATED PARTY AND PARTIES IN INTEREST TRANSACTIONS
Certain investments are held in shares of mutual funds and units of common collective trust funds issued by affiliates of Fidelity. Fidelity is the trustee as defined by the Plan, therefore, these are party in interest transactions.
Additionally, as of both December 31, 2024 and 2023, the Plan held 0.5 million shares of Fortive common stock within the Fortive Corporation Stock Fund. During the year ended December 31, 2024, the Fortive Corporation Stock Fund purchased $19.7 million and sold $24.0 million in Company stock and received $0.2 million of dividends related to shares of Fortive common stock.

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SUPPLEMENTAL SCHEDULE
FORTIVE RETIREMENT SAVINGS PLAN
EIN: 47-5654583, PLAN NO. 001
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2024

(a)
(b) Identity of issue, borrower, lessor or similar party
(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value
(d) Cost
(e) Current value
Interest Bearing Cash (including Money Market Funds)
Interest Bearing Cash 3,581,332 US dollars ** $ 3,581,332 
Vanguard Federal Money Market Fund 181,660 shares ** 181,660 
$ 3,762,992 
Corporate debt instruments
CARVANA CO PIK VAR 06/01/2030 144A
 137,624 par ** 151,105 
CARVANA CO PIK VAR 06/01/2031 144A
 163,906 par ** 196,517 
CARVANA CO PIK VAR 12/01/2028 144A
 77,295 par ** 82,533 
$ 430,155 
Common/Collective Trust Funds
American Beacon Small Cap Value 2,087,050 units ** $ 44,871,372 
* Fidelity Managed Income Portfolio II Class 3 100,288,060 units ** 100,288,060 
Harding Loevner International Equity Portfolio 222,582 units ** 3,630,304 
BlackRock LifePath® Index 2030 Non-Lendable Fund M
 6,909,116 units ** 121,344,105 
BlackRock LifePath® Index 2035 Non-Lendable Fund M
 6,352,235 units ** 120,939,575 
BlackRock LifePath® Index 2040 Non-Lendable Fund M
 5,554,477 units ** 113,797,912 
BlackRock LifePath® Index 2045 Non-Lendable Fund M
 4,952,694 units ** 107,651,269 
BlackRock LifePath® Index 2050 Non-Lendable Fund M
 4,545,341 units ** 102,189,274 
BlackRock LifePath® Index 2055 Non-Lendable Fund M
 3,575,313 units ** 81,114,548 
BlackRock LifePath® Index 2060 Non-Lendable Fund M
 1,847,776 units ** 41,921,236 
BlackRock LifePath® Index 2065 Non-Lendable Fund M
 579,444 units ** 9,616,911 
BlackRock LifePath® Index Retirement Non-Lendable Fund M
 9,206,022 units ** 137,360,298 
$ 984,724,864 
Employer Securities
Fortive Corporation Stock Fund
* Fortive Corporation Common Stock 481,766 shares ** $ 36,132,450 
* Fidelity Investments Money Market Government Portfolio - Institutional Class 435,361 US Dollars ** 435,361 
$ 36,567,811 
Registered Investment Companies
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Dodge & Cox International Stock Fund Class X
 1,186,737 shares ** $ 59,218,164 
Dodge & Cox Income Fund Class X 2,386,517 shares ** 29,568,945 
PIMCO Inflation Response Multi-Asset Institutional 868,661 shares ** 7,079,586 
PIMCO Total Return Fund Institutional
 3,486,904 shares ** 29,568,945 
*
Fidelity® Extended Market Index Fund
 955,074 shares ** 86,797,147 
*
Fidelity® 500 Index Fund
 1,653,290 shares ** 337,585,189 
*
Fidelity® Large Cap Growth Index Fund
 649,502
shares
 ** 25,440,998 
T. Rowe Price Treasury Reserve Fund 100 shares ** 100 
Vanguard Total Bond Market Index Fund Institutional Shares 3,566,368 shares ** 33,809,165 
Vanguard Total International Stock Index Fund Institutional Shares 302,031 shares ** 38,273,357 
$ 647,341,596 
Common Stock
AAON INC 14,923 shares ** $ 1,756,139 
ADVANCED MICRO DEVICES INC 859 shares ** 103,759 
ADYEN BV 293 shares ** 436,135 
AGILYSYS INC 6,353 shares ** 836,754 
AIR PRODUCTS & CHEMICALS INC 7,236 shares ** 2,098,729 
ALARM.COM HOLDINGS INC 11,670 shares ** 709,536 
ALPHABET INC CL A 17,033 shares ** 3,224,347 
ALPHABET INC CL C 80,077 shares ** 15,249,864 
ALTRIA GROUP INC 19,633 shares ** 1,026,610 
AMAZON.COM INC 97,000 shares ** 21,280,830 
APPLE INC 103,073 shares ** 25,811,541 
ASML HLDG NV (NY REG SHS) 2,741 shares ** 1,899,732 
ASTRAZENECA PLC SPONS ADR 1,959 shares ** 128,354 
ATLASSIAN CORP PLC CLS A 543 shares ** 132,155 
AXOS FINANCIAL INC 6,603 shares ** 461,220 
AZENTA INC 4,626 shares ** 231,300 
BALCHEM CORP 7,290 shares ** 1,188,234 
BARNES GROUP INC 2,483 shares ** 117,347 
BERKSHIRE HATHAWAY INC CL B 4,770 shares ** 2,162,146 
BILL HOLDINGS INC 4,898 shares ** 414,910 
BIO TECHNE CORP 9,211 shares ** 663,468 
BIOLIFE SOLUTIONS INC 7,980 shares ** 207,161 
BLACKBAUD INC 10,994 shares ** 812,676 
BLACKLINE INC 7,716 shares ** 468,824 
BLACKROCK INC 2,128 shares ** 2,181,434 
BRIGHT HORIZONS FAMILY SOLUTIONS INC 5,351 shares ** 593,158 
BROADCOM INC 20,245 shares ** 4,693,601 
CARVANA CO CL A 20,649 shares ** 4,199,181 
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CASELLA WASTE SYS INC CL A 9,710 shares ** 1,027,415 
CBIZ INC 4,051 shares ** 331,493 
CERTARA INC 50,560 shares ** 538,464 
CHEVRON CORP 7,986 shares ** 1,156,692 
CHIPOTLE MEXICAN GRILL INC 36,125 shares ** 2,178,338 
CHUBB LTD 8,422 shares ** 2,326,999 
CINCINNATI FINANCIAL CORP 7,561 shares ** 1,086,516 
CINTAS CORP 2,653 shares ** 484,703 
CISCO SYSTEMS INC 22,150 shares ** 1,311,280 
COLGATE-PALMOLIVE CO 9,260 shares ** 841,827 
COMCAST CORP CL A 19,371 shares ** 726,994 
CONFLUENT INC 7,123 shares ** 199,159 
CONSTELLATION ENERGY CORP 7,741 shares ** 1,731,739 
CONSTRUCTION PARTNERS INC CL A 23,385 shares ** 2,068,637 
CROWDSTRIKE HOLDINGS INC 1,889 shares ** 646,340 
CROWN CASTLE INC 8,757 shares ** 794,785 
DANAHER CORP 7,044 shares ** 1,616,950 
DATABRICKS INC SER G PC PP 1,227 shares ** 113,498 
DATADOG INC CL A 3,106 shares ** 443,816 
DESCARTES SYS GROUP INC 13,074 shares ** 1,485,206 
DIAGEO PLC SPON ADR 7,178 shares ** 912,539 
DIGI INTERNATIONAL INC 15,464 shares ** 467,477 
DOLLAR GENERAL CORP 1,204 shares ** 91,287 
DOMINION ENERGY INC 24,009 shares ** 1,293,125 
DONALDSON CO INC 6,565 shares ** 442,153 
DOORDASH INC 5,519 shares ** 925,812 
DORMAN PRODUCTS INC 4,068 shares ** 527,009 
DOUBLEVERIFY HOLDINGS INC 24,776 shares ** 475,947 
ELEVANCE HEALTH INC 1,615 shares ** 595,774 
ELI LILLY & CO 9,365 shares ** 7,229,780 
EPLUS INC 8,250 shares ** 609,510 
ESCO TECHNOLOGIES INC 7,907 shares ** 1,053,291 
EXLSERVICE HOLDINGS INC 40,833 shares ** 1,812,169 
EXPONENT INC 13,799 shares ** 1,229,491 
FASTENAL CO 16,663 shares ** 1,198,236 
FIDELITY NATL INFORM SVCS INC 19,179 shares ** 1,549,088 
FIRSTSERVICE CORP 2,247 shares ** 406,752 
FISERV INC 2,849 shares ** 585,242 
FORTINET INC 479 shares ** 45,256 
FOX FACTORY HOLDING CORP 5,164 shares ** 156,314 
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GE AEROSPACE 9,247 shares ** 1,542,307 
GE VERNOVA INC 1,899 shares ** 624,638 
GLOBUS MEDICAL INC 16,466 shares ** 1,361,903 
GOLDMAN SACHS GROUP INC 1,867 shares ** 1,069,082 
GROCERY OUTLET HOLDING CORP 15,485 shares ** 241,721 
HAMILTON LANE INC - A 2,438 shares ** 360,946 
HEALTHEQUITY INC 8,812 shares ** 845,511 
HUMANA INC 2,406 shares ** 610,426 
I3 VERTICALS INC CL A 16,865 shares ** 388,570 
INTUIT INC 2,441 shares ** 1,534,169 
INTUITIVE SURGICAL INC 7,470 shares ** 3,899,041 
J&J SNACKS FOOD CORP 4,647 shares ** 720,889 
JOHNSON & JOHNSON 9,483 shares ** 1,371,431 
KINSALE CAPITAL GROUP INC 3,634 shares ** 1,690,282 
LAM RESEARCH CORP 1,261 shares ** 91,082 
LEMAITRE VASCULAR INC 8,164 shares ** 752,231 
LINDE PLC 1,982 shares ** 829,804 
LOWES COS INC 7,069 shares ** 1,744,629 
LULULEMON ATHLETICA INC 1,162 shares ** 444,360 
MARSH & MCLENNAN COS INC 4,686 shares ** 995,353 
MARTEN TRANSPORT LTD 30,102 shares ** 469,892 
MASTERCARD INC CL A 10,913 shares ** 5,746,458 
MERCK & CO INC NEW 13,108 shares ** 1,303,984 
MESA LABORATORIES INC 1,779 shares ** 234,597 
META PLATFORMS INC CL A 26,027 shares ** 15,239,069 
MICROSOFT CORP 71,580 shares ** 30,170,970 
MONDELEZ INTL INC 6,513 shares ** 389,021 
MONGODB INC CL A 909 shares ** 211,624 
MONOLITHIC POWER SYS INC 1,633 shares ** 966,246 
MORGAN STANLEY 8,912 shares ** 1,120,417 
MSCI INC 81 shares ** 48,601 
NEOGEN CORP 19,525 shares ** 237,034 
NESTLE SA REG ADR 9,346 shares ** 763,568 
NETFLIX INC 5,705 shares ** 5,084,981 
NIKE INC CL B 983 shares ** 74,384 
NINTENDO LTD ADR 103,070 shares ** 1,507,914 
NORFOLK SOUTHERN CORP 7,057 shares ** 1,656,278 
NORTHROP GRUMMAN CORP 2,569 shares ** 1,205,606 
NOVANTA INC 7,772 shares ** 1,187,328 
NV5 GLOBAL INC 16,327 shares ** 307,601 
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NVIDIA CORP 221,791 shares ** 29,784,313 
OLD DOMINION FREIGHT LINES INC 3,552 shares ** 626,573 
OLLIES BARGAIN OUTLET HOLDINGS INC 9,197 shares ** 1,009,187 
ONTO INNOVATION INC 9,336 shares ** 1,556,031 
OPTION CARE HEALTH INC 7,394 shares ** 171,541 
PALOMAR HLDGS INC 3,156 shares ** 333,242 
PAYCHEX INC 9,793 shares ** 1,373,174 
PHILIP MORRIS INTL INC 16,584 shares ** 1,995,884 
PROCTER & GAMBLE CO 4,105 shares ** 688,203 
PROGRESSIVE CORP OHIO 8,018 shares ** 1,921,193 
RBC BEARINGS INC 5,206 shares ** 1,557,323 
ROPER TECHNOLOGIES INC 2,405 shares ** 1,250,239 
ROSS STORES INC 7,252 shares ** 1,097,010 
S&P GLOBAL INC 1,959 shares ** 975,641 
SCHLUMBERGER LTD 12,489 shares ** 478,828 
SCHWAB CHARLES CORP 31,429 shares ** 2,326,060 
SEA LTD ADR 7,955 shares ** 844,026 
SERVICENOW INC 5,310 shares ** 5,629,237 
SHERWIN WILLIAMS CO 2,601 shares ** 884,158 
SHOPIFY INC CL A 17,210 shares ** 1,829,992 
SITEONE LANDSCAPE SUPPLY INC 6,839 shares ** 901,175 
SNOWFLAKE INC CL A 239 shares ** 36,904 
SPS COMMERCE INC 5,556 shares ** 1,022,248 
SPX TECHNOLOGIES INC 4,228 shares ** 615,259 
STAAR SURGICAL CO NEW 6,468 shares ** 157,108 
STARBUCKS CORP 14,103 shares ** 1,286,899 
STRYKER CORP 3,439 shares ** 1,238,212 
SYNOPSYS INC 4,031 shares ** 1,956,486 
TAIWAN SEMIC MFG CO LTD SP ADR 5,655 shares ** 1,116,806 
TE CONNECTIVITY PLC 14,692 shares ** 2,100,515 
TESLA INC 19,451 shares ** 7,855,092 
TEXAS INSTRUMENTS INC 11,917 shares ** 2,234,557 
TEXAS ROADHOUSE INC 8,667 shares ** 1,563,787 
THE BOOKING HOLDINGS INC 470 shares ** 2,335,157 
THERMO FISHER SCIENTIFIC INC 2,937 shares ** 1,527,916 
TJX COMPANIES INC NEW 8,400 shares ** 1,014,804 
T-MOBILE US INC 11,079 shares ** 2,445,468 
TRANSDIGM GROUP INC 499 shares ** 632,373 
TREX CO INC 14,045 shares ** 969,526 
TYLER TECHNOLOGIES INC 1,273 shares ** 734,063 
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UFP TECHNOLOGIES INC 742 shares ** 181,426 
UNITED PARCEL SERVICE INC CL B 7,659 shares ** 965,800 
UNITEDHEALTH GROUP INC 6,534 shares ** 3,305,289 
VALVOLINE INC 11,958 shares ** 432,640 
VERALTO CORP 1,693 shares ** 172,432 
VERICEL CORP 10,460 shares ** 574,359 
VERTEX INC - CLASS A 12,447 shares ** 664,047 
VISA INC CL A 22,147 shares ** 6,999,338 
WD 40 CO 1,977 shares ** 479,778 
WILLSCOT HOLDINGS CORP 6,770 shares ** 226,457 
ZOETIS INC CL A 219 shares ** 35,682 
$ 326,963,654 
Brokeragelink
Brokeragelink Combination of common stock, mutual funds, and ETF's $ 116,896,245 
Total $ 2,116,687,317 
Loans
*
 Participant Loans Interest rates range from 4.25% to 9.5% with maturity at various dates ** $ 19,218,295 
* Party in interest.
** Historical cost not required to be presented as all investments are participant-directed.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
FORTIVE RETIREMENT SAVINGS PLAN
June 23, 2025
By:
 /s/ Simon Grace
Simon Grace
Vice President, Total Rewards

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EXHIBIT INDEX
Exhibit
Number
Description
23.1

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