WD 40 Company (WDFC)

WD-40 Company Announces Executive Leadership AppointmentsJune 4, 2026 4:05 PM
Business Wire WD-40 Company (NASDAQ: WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, announced today four executive leadership appointments as part of a planned transition to strengthen organizational alignment, support long-term strategic priorities, and ensure the continued growth and continuity of the business. Patricia Olsem will be appointed chief strategy and innovation officer, and Claudia Fenske will be appointed chief brand and marketing officer. These newly created roles are designed to enhance collaboration, accelerate innovation, and proactively harness AI and digital technologies to drive growth and advance the company’s long-term strategy. Olsem and Fenske will remain in their current roles through the end of fiscal year 2026, with a planned transition into their new positions in the first quarter of fiscal year 2027. Sara Hyzer, currently vice president, finance and chief financial officer, will be appointed president, Americas division. Hyzer will continue to serve in her current role during the transition and until a new chief financial officer has been appointed. In addition, effective June 29, 2026, Nicholas Giordano will be appointed vice president, corporate controller, and chief accounting officer, ensuring seamless continuity in the Company’s accounting and financial reporting functions. “At WD-40 Company, we take a thoughtful, long-term approach to building a strong and resilient business,” said Steve Brass, president and chief executive officer. “Ensuring we have the right structure and leadership in place is essential to support our continued success through 2030 and beyond. We are also deeply committed to developing our people and building leadership from within—an important part of creating an enduring Company we can be proud to pass on to the next generation.” Patricia Olsem has been with the Company since 2005 and currently serves as president, Americas division. She has held several leadership roles at WD-40 Company, including senior vice president and general manager, United States, and senior vice president, Americas innovation. Olsem holds a bachelor’s degree in marketing from King’s College and a master’s degree in executive leadership from the University of San Diego. Claudia Fenske has been with the Company since 2012 and currently serves as vice president, global brand and innovation. She has held various leadership roles at the Company, including sales director, United States, and sales and marketing director, Canada. Fenske holds a bachelor’s degree in law from the University of Mannheim and a master’s degree in international marketing and business from the University of San Diego. Sara Hyzer has been with the Company since 2021 and currently serves as vice president, finance and chief financial officer. She previously served as vice president, global finance strategy. Prior to joining WD-40 Company, Hyzer spent more than 20 years with PricewaterhouseCoopers LLP, where she served as an audit partner for the last six years. Hyzer holds a bachelor’s degree in accounting from Colorado State University. Nicholas Giordano has been with the Company since 2014 and currently serves as vice president, corporate controller. He has held several financial leadership roles at the Company, including global accounting controller and assistant corporate controller. Giordano holds a bachelor’s degree in accounting from the University of Redlands. About WD-40 Company WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories, and homes around the world. The Company owns a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40® Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, 2000 Flushes®, no vac®, Spot Shot®, Lava®, Solvol®, X-14®, and Carpet Fresh®. Headquartered in San Diego, California, USA, WD-40 Company recorded net sales of $620.0 million in fiscal year 2025 and its products are currently available in more than 176 countries and territories worldwide. WD-40 Company is traded on the NASDAQ Global Select Market under the ticker symbol “WDFC”. For additional information about WD-40 Company please visit http://www.wd40Company.com. Forward-Looking Statements Except for the historical information contained herein, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information. These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. These forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions. These forward-looking statements include, but are not limited to, discussions about future financial and operating results, including: the Company’s ability to successfully manage the transition of responsibilities; the effectiveness of interim or newly appointed leadership; the retention of key personnel; potential disruption to financial reporting processes, internal controls over financial reporting, or external audit activities; the timing and completion of the appointment of a permanent Chief Financial Officer or Principal Accounting Officer; growth expectations for maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing and the costs associated with distribution of our products; plans for and success of product innovation, the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; expected tax rates and the impact of tax legislation and regulatory action; changes in the geopolitics and political conditions or relations between the United States and other nations; changes in trade policies and tariffs and the impact therefrom; the impacts from inflationary trends; the impacts from supply chain constraints and supply chain disruptions; changes in interest rates; and forecasted foreign currency exchange rates and commodity prices and specialty chemicals. The Company’s expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company’s expectations, beliefs or forecasts will be achieved or accomplished. All forward-looking statements reflect the Company’s expectations as of June 4, 2026. We undertake no obligation to revise or update any forward-looking statements. Actual events or results may materially differ from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part I—Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2025 which the Company filed with the SEC on October 27, 2025, and in the Company’s Quarterly Report on Form 10-Q for the period ended February 28, 2026, which the Company filed with the SEC on April 9, 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260604597802/en/ Media and Investor Contact:
Wendy Kelley

WD-40 Company Reports Second Quarter 2026 Financial ResultsApril 9, 2026 4:05 PM
Business Wire
~ Maintenance product sales increased 13%, up 6% in constant currency ~


~ GAAP and non-GAAP EPS was $1.50; non-GAAP EPS increased 14% ~


~ Management reaffirms fiscal year 2026 guidance ~


WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its second fiscal quarter ended February 28, 2026.


Second Quarter Highlights and Summary:



Total net sales were $161.7 million, an increase of 11 percent compared to the prior year fiscal quarter.



Translation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had a favorable impact on net sales of approximately $9.3 million for the current quarter. On a non-GAAP constant currency basis, total net sales in the second quarter would have increased 4 percent to $152.4 million compared to the prior year fiscal quarter.



Maintenance product sales were $156.8 million, an increase of 13 percent compared to the prior year fiscal quarter. On a non-GAAP constant currency basis, maintenance product sales in the second quarter would have increased 6 percent compared to the prior year fiscal quarter.



Gross margin increased to 55.6 percent compared to 54.6 percent in the prior year fiscal quarter.



Selling, general, and administrative expenses were $54.8 million, up 12 percent compared to the prior year fiscal quarter.



Advertising and sales promotion expenses were $8.8 million, up 19 percent compared to the prior year fiscal quarter. These expenses accounted for 5.5 percent of total net sales, up from 5.1 percent in the prior year fiscal quarter.



Operating income was $26.3 million, an increase of 13 percent from the prior year fiscal quarter.



Net income was $20.3 million, a decrease of 32 percent from the prior year fiscal quarter. In the comparable period of fiscal year 2025, the Company released an uncertain tax position that generated a favorable income tax adjustment of $11.9 million(1). Excluding this one-time benefit, non-GAAP adjusted net income increased $2.4 million, or 13 percent on a comparable basis.



Diluted earnings per share were $1.50 compared to $2.19 in the prior year fiscal quarter, a decrease of 32 percent. In the comparable period of fiscal year 2025, the Company released an uncertain tax position that generated a favorable income tax adjustment of $11.9 million(1) or $0.87 per share. Excluding this one-time benefit, non-GAAP adjusted diluted earnings per share was $1.32 compared to $1.50 in the current year fiscal quarter, an increase of 14 percent.



“We capitalized on strong momentum in the second quarter. Maintenance products remain our core strategic focus, and sales of these brands grew 6 percent in constant currency in the second quarter in line with our long-term growth expectations,” said Steve Brass, president and chief executive officer. “Gross margin also remained solidly within our expected guidance range for fiscal 2026, expanding 100 basis points in the quarter. Recent supply chain initiatives are supporting gross margin in the near term, giving us time to take mitigating actions as needed.


“Looking ahead, we have clear visibility into the second half of the fiscal year. In the United States, robust promotional activity is expected to drive high single-digit to low double-digit growth in the Americas this fiscal year. Alongside improving momentum in EIMEA and Asia-Pacific, this performance is expected to help mitigate uncertainty related to any global economic and geopolitical conditions that may impact other areas of the business. With a number of growth initiatives planned across the business and momentum building across all three trade blocs, we are confidently reaffirming our full-year fiscal 2026 guidance.”


Net Sales by Segment (in thousands):





Three Months Ended February 28,






 






Six Months Ended February 28,









2026






 






2025






 






Dollars






 






Change






 






2026






 






2025






 






Dollars






 






Change








Americas (2)






$






71,814






 






$






65,529






 






$






6,285






 






10






%






 






$






143,687






 






$






134,965






 






$






8,722






 






6






%








EIMEA (3)






 






64,869






 






 






59,575






 






 






5,294






 






9






%






 






 






123,544






 






 






117,058






 






 






6,486






 






6






%








Asia-Pacific (4)






 






24,988






 






 






21,000






 






 






3,988






 






19






%






 






 






48,863






 






 






47,576






 






 






1,287






 






3






%








Total






$






161,671






 






$






146,104






 






$






15,567






 






11






%






 






$






316,094






 






$






299,599






 






$






16,495






 






6






%







Second Quarter Highlights by Segment:


Americas



The Americas segment represented 44 percent of total net sales in the second quarter.



Total net sales in the Americas increased 10 percent compared to the prior year quarter, driven by an 11 percent increase in maintenance product sales. This growth was primarily attributable to higher sales of WD-40® Multi-Use Product in the United States, where net sales rose by $5.0 million or 15 percent. United States sales grew primarily from higher volumes at select customers and online retailers driven by increased promotional activity and expanded distribution, along with modest price increases implemented in the first quarter of fiscal 2026.



WD-40 Specialist® also contributed to the increase in maintenance product sales, with net sales up $1.3 million, or 17 percent, versus the prior year fiscal quarter, primarily due to increased distribution and enhanced product placement in the United States.



Translation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had a favorable impact on net sales in the Americas. On a non-GAAP constant currency basis, net sales in Americas would have been $70.6 million for the second quarter, reflecting an increase of 8 percent compared to the prior year fiscal quarter.



EIMEA



The EIMEA segment represented 40 percent of total net sales in the second quarter.



Total net sales in EIMEA increased 9 percent compared to the prior year quarter driven by a 12 percent increase in maintenance product sales. This growth was primarily attributable to favorable changes in foreign currency exchange rates. Sales volume growth in EIMEA direct markets was offset by volume declines in EIMEA distributor markets.



WD-40 Specialist® also contributed to the increase in maintenance product sales, with net sales up $1.2 million, or 14 percent versus the prior year fiscal quarter, primarily due to favorable changes in foreign currency exchange rates.



Higher maintenance product sales were also offset by a decline in homecare and cleaning product sales, which decreased by $1.5 million compared to the prior year quarter. The Company completed the divestiture of its homecare and cleaning portfolio in the United Kingdom during the fourth quarter of fiscal year 2025. As a result, the Company does not expect any future revenue from these brands.



Translation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had a favorable impact on net sales in EIMEA. On a non-GAAP constant currency basis, net sales in EIMEA would have been $57.5 million for the second quarter, reflecting a decline of 3 percent compared to the prior year fiscal quarter.



Asia-Pacific



The Asia-Pacific segment represented 16 percent of total net sales in the second quarter.



Total net sales in Asia-Pacific increased 19 percent compared to the prior year quarter, primarily due to a 21 percent increase in sales of maintenance products. This growth was primarily attributable to higher sales of WD-40® Multi-Use Product in China and the Company’s Asia distributor markets where net sales rose by 18 and 17 percent, respectively. In China, this growth was driven by the timing of promotional programs and expanded distribution. Distributor market growth benefited from successful promotional programs and a strong rebound following the normalization of inventory levels.



Net sales of WD-40 Specialist® increased 55 percent compared to the prior year quarter, driven primarily by strong sales in China supported by successful promotions and expanded distribution, particularly online and in the industrial channel.



Homecare and cleaning product sales, which remain a strategic focus for the Company in Australia, decreased 2 percent due to the timing of customer orders.



Translation of the Company’s foreign subsidiaries’ results from their functional currencies to U.S. dollars had an unfavorable impact on net sales in Asia-Pacific. On a non-GAAP constant currency basis, net sales in Asia-Pacific would have been $24.3 million for the second quarter, reflecting an increase of 16 percent compared to the prior year fiscal period.



Net Sales by Product Group (in thousands):





Three Months Ended February 28,






 






Six Months Ended February 28,









2026






 






2025






 






Dollars






 






Change






 






2026






 






2025






 






Dollars






 






Change








WD-40 Multi-Use Product






$






127,366






 






$






113,692






 






$






13,674






 






 






12






%






 






$






245,163






 






$






232,239






 






$






12,924






 






 






6






%








WD-40 Specialist






 






22,343






 






 






18,562






 






 






3,781






 






 






20






%






 






 






44,881






 






 






37,734






 






 






7,147






 






 






19






%








Other maintenance products (5)






 






7,125






 






 






7,063






 






 






62






 






 






1






%






 






 






15,685






 






 






14,851






 






 






834






 






 






6






%








Total maintenance products






 






156,834






 






 






139,317






 






 






17,517






 






 






13






%






 






 






305,729






 






 






284,824






 






 






20,905






 






 






7






%








HCCP (6)






 






4,837






 






 






6,787






 






 






(1,950






)






 






(29






)%






 






 






10,365






 






 






14,775






 






 






(4,410






)






 






(30






)%








Total






$






161,671






 






$






146,104






 






$






15,567






 






 






11






%






 






$






316,094






 






$






299,599






 






$






16,495






 






 






6






%








Net sales of maintenance products, the Company’s primary strategic focus, represented 97 percent of total net sales in the second quarter. Maintenance products increased 13 percent compared to the prior year quarter, primarily driven by higher sales of WD-40 Multi-Use Product in the United States, China and the Company’s Asia distributor markets.



Net sales of homecare and cleaning products represented 3 percent of total net sales in the second quarter. Net sales of homecare and cleaning products decreased 29 percent compared to the prior year quarter. The Company completed the divestiture of its entire homecare and cleaning portfolio in the United Kingdom during the fourth quarter of fiscal year 2025. Sales related to these products were $1.5 million in the comparative period in the prior fiscal year. The Company previously announced its intent to sell its homecare and cleaning product portfolios in the Americas.



Dividend and Share Repurchase Update



On March 16, 2026, the board of directors declared a quarterly cash dividend of $1.02 per share. The dividend is payable on April 30, 2026, to stockholders of record at the close of business on April 17, 2026.



On June 19, 2023, the board of directors approved a $50 million share repurchase plan, which became effective on September 1, 2023. On June 16, 2025, the board extended the plan’s expiration date to August 31, 2026.



The Company is authorized to acquire up to $50.0 million of its outstanding shares through the expiration date, of which $13.8 million remained available as of February 28, 2026.



During the second quarter, the Company repurchased 38,175 shares at a total cost of $8.0 million.



The timing and amount of share repurchases are determined by the Company’s chief executive officer and chief financial officer in accordance with loan covenants and applicable regulations. Management has recently accelerated repurchase activity and has indicated that the Company will fully utilize the remaining authorization during fiscal year 2026, reflecting confidence in the Company’s long-term fundamentals. 



Reaffirming Fiscal Year 2026 Guidance


The Company is reaffirming its previously issued fiscal year 2026 guidance. With strong visibility into the second half of the fiscal year, the Company remains confident in delivering solid full-year results within its guidance ranges. While the Company is closely monitoring ongoing geopolitical developments in the Middle East and acknowledges some variability in the near-term environment, full-year expectations remain intact. This guidance is presented on a pro-form basis, excluding the financial impact of the assets the Company expects to divest in fiscal year 2026.



Net sales growth from the 2025 pro forma results is projected to be between 5 and 9 percent with net sales expected to be between $630 million and $655 million after adjusting for foreign currency impacts.



Gross margin for the full year is expected to be between 55.5 and 56.5 percent.



Advertising and promotion investments are projected to be around 6 percent of net sales.



Operating income is projected to be between $103 million and $110 million. This range reflects anticipated growth of between 5 to 12 percent compared to 2025 pro forma results.



The provision for income tax is expected to be between 22.5 and 23.5 percent.



Diluted earnings per share is expected to be between $5.75 and $6.15 based on an estimated 13.4 million weighted average shares outstanding. This range reflects anticipated growth of between 5 to 12 percent compared to 2025 pro forma results.



This guidance is expressed in good faith and is based on management’s current view of anticipated results on a proforma basis. Unanticipated inflationary headwinds and other unforeseen events may further affect the Company’s financial results. Key assumptions include crude oil prices ranging between $95 and $115 per barrel and an average EUR/USD exchange rate of approximately 1.15 for the back half of the Company’s fiscal year. Net sales guidance presented on a currency adjusted basis use weighted average fiscal year 2025 foreign currency exchange rates. In the event the Company is unsuccessful in the divestiture of its homecare and cleaning brands in the Americas, its guidance would be positively impacted by approximately $12.5 million in net sales, approximately $3.6 million in operating income, and approximately $0.20 in diluted EPS for the full fiscal year.


Webcast Information


As previously announced, WD-40 Company management will host a live webcast at approximately 2:00 p.m. PDT today to discuss these results. Other forward-looking and material information may also be discussed during this call. Please visit http://investor.wd40company.com for more information and to view supporting materials.


About WD-40 Company


WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories, and homes around the world. The Company owns a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40® Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, 2000 Flushes®, no vac®, Spot Shot®, Lava®, Solvol®, X-14®, and Carpet Fresh®.


Headquartered in San Diego, California, USA, WD-40 Company recorded net sales of $620.0 million in fiscal year 2025 and its products are currently available in more than 176 countries and territories worldwide. WD-40 Company is traded on the NASDAQ Global Select Market under the ticker symbol “WDFC.” For additional information about WD-40 Company please visit http://www.wd40company.com.


Forward-Looking Statements


Except for the historical information contained herein, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information. These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. These forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions.


These forward-looking statements include, but are not limited to, discussions about future financial and operating results, including: expected benefits from any divestiture transaction; disruption to the parties’ business as a result of the announcement or completion of any divestiture transaction; the Company's ability to successfully complete any planned divestiture; expected timing for the closing of any divestitures; expected proceeds from any divestiture; the intended use of proceeds by the Company from any divestiture transaction; impact of any divestiture transaction on the Company's stock price or EPS; growth expectations for maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing and the costs associated with distribution of our products; plans for and success of product innovation, the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; expected tax rates and the impact of tax legislation and regulatory action; changes in the geopolitics and political conditions or relations between the United States and other nations; changes in trade policies and tariffs and the impact therefrom; the impacts from inflationary trends; the impacts from supply chain constraints and supply chain disruptions; changes in interest rates; and forecasted foreign currency exchange rates and commodity prices and specialty chemicals.


The Company’s expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company’s expectations, beliefs or forecasts will be achieved or accomplished. All forward-looking statements reflect the Company’s expectations as of April 9, 2026. We undertake no obligation to revise or update any forward-looking statements.


Actual events or results may materially differ from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part I—Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2025 which the Company filed with the SEC on October 27, 2025, and in the Company’s Quarterly Report on Form 10-Q for the period ended February 28, 2026, which the Company expects to file with the SEC on April 9, 2026.


Table Notes and General Definitions




(1)





 

This income tax benefit was the result of an uncertain tax position associated with the Tax Cuts and Jobs Act of 2017 mandatory “toll tax” on unremitted foreign earnings that was released in the second quarter of fiscal year 2025 due to the expiration of the statute of limitations. This item is infrequent in nature and not reflective of the underlying operational results of our business.








(2)





 

The Americas segment consists of the U.S., Canada and Latin America.








(3)





 

The EIMEA segment consists of countries in Europe, India, the Middle East and Africa.








(4)





 

The Asia-Pacific segment consists of Australia, China and other countries in the Asia region.








(5)





 

The Company markets its other maintenance products under the GT85® and 3-IN-ONE® brand names.








(6)





 

The Company markets its homecare and cleaning products (“HCCP”) under the X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, Lava®, and Solvol® brand names. The Company completed the divestiture of its 1001® brands in the United Kingdom during the fourth quarter of fiscal year 2025. Sales related to these brands are included in fiscal year 2025 financial results but are not included in fiscal year 2026 financial results.









WD-40 COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share and per share amounts)










 




February 28,

2026






 






August 31,

2025








Assets






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






50,348






 






 






$






58,130






 








Trade and other accounts receivable, net






 






121,235






 






 






 






120,589






 








Inventories






 






85,545






 






 






 






79,871






 








Other current assets






 






27,225






 






 






 






26,366






 








Total current assets






 






284,353






 






 






 






284,956






 








Property and equipment, net






 






58,968






 






 






 






60,394






 








Goodwill






 






97,293






 






 






 






97,150






 








Other intangible assets, net






 






2,447






 






 






 






2,416






 








Right-of-use assets






 






12,739






 






 






 






13,534






 








Deferred tax assets, net






 






1,272






 






 






 






1,027






 








Other assets






 






16,670






 






 






 






16,332






 








Total assets






$






473,742






 






 






$






475,809






 








 






 






 






 








Liabilities and Stockholders’ Equity






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






32,531






 






 






$






37,955






 








Accrued liabilities






 






32,856






 






 






 






34,230






 








Accrued payroll and related expenses






 






19,844






 






 






 






28,415






 








Short-term borrowings






 






15,157






 






 






 






800






 








Income taxes payable






 






244






 






 






 






857






 








Total current liabilities






 






100,632






 






 






 






102,257






 








Long-term borrowings






 






86,051






 






 






 






86,195






 








Deferred tax liabilities, net






 






9,180






 






 






 






9,375






 








Long-term operating lease liabilities






 






7,467






 






 






 






8,423






 








Other long-term liabilities






 






1,457






 






 






 






1,407






 








Total liabilities






 






204,787






 






 






 






207,657






 








 






 






 






 








Commitments and Contingencies






 






 






 








Stockholders’ equity:






 






 






 








Common stock — authorized 36,000,000 shares, $0.001 par value; 19,973,928 and 19,954,495 shares issued at February 28, 2026 and August 31, 2025, respectively; and 13,469,372 and 13,527,614 shares outstanding at February 28, 2026 and August 31, 2025, respectively






 






20






 






 






 






20






 








Additional paid-in capital






 






182,433






 






 






 






180,065






 








Retained earnings






 






551,890






 






 






 






540,665






 








Accumulated other comprehensive loss






 






(21,440






)






 






 






(24,485






)








Common stock held in treasury, at cost — 6,504,556 and 6,426,881 shares at February 28, 2026 and August 31, 2025, respectively






 






(443,948






)






 






 






(428,113






)








Total stockholders’ equity






 






268,955






 






 






 






268,152






 








Total liabilities and stockholders’ equity






$






473,742






 






 






$






475,809






 









WD-40 COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except per share amounts)










 




Three Months Ended February 28,






 






Six Months Ended February 28,









2026






 






2025






 






2026






 






2025








 






 






 






 






 






 






 






 








Net sales






$






161,671






 






 






$






146,104






 






 






$






316,094






 






 






$






299,599






 








Cost of products sold






 






71,730






 






 






 






66,388






 






 






 






139,321






 






 






 






135,796






 








Gross profit






 






89,941






 






 






 






79,716






 






 






 






176,773






 






 






 






163,803






 








 






 






 






 






 






 






 






 








Operating expenses:






 






 






 






 






 






 






 








Selling, general and administrative






 






54,782






 






 






 






48,988






 






 






 






110,118






 






 






 






99,513






 








Advertising and sales promotion






 






8,823






 






 






 






7,404






 






 






 






17,012






 






 






 






15,797






 








Amortization of definite-lived intangible assets






 






48






 






 






 






44






 






 






 






97






 






 






 






91






 








Total operating expenses






 






63,653






 






 






 






56,436






 






 






 






127,227






 






 






 






115,401






 








 






 






 






 






 






 






 






 








Income from operations






 






26,288






 






 






 






23,280






 






 






 






49,546






 






 






 






48,402






 









 






 






 






 






 






 






 








Other income (expense):






 






 






 






 






 






 






 








Interest income






 






154






 






 






 






106






 






 






 






333






 






 






 






254






 








Interest expense






 






(666






)






 






 






(1,021






)






 






 






(1,314






)






 






 






(1,894






)








Other income (expense), net






 






78






 






 






 






74






 






 






 






(119






)






 






 






(67






)








Income before income taxes






 






25,854






 






 






 






22,439






 






 






 






48,446






 






 






 






46,695






 








Provision (benefit) for income taxes






 






5,536






 






 






 






(7,412






)






 






 






10,677






 






 






 






(2,081






)








Net income






$






20,318






 






 






$






29,851






 






 






$






37,769






 






 






$






48,776






 








 






 






 






 






 






 






 






 








Earnings per common share:






 






 






 






 






 






 






 








Basic






$






1.50






 






 






$






2.20






 






 






$






2.79






 






 






$






3.59






 








Diluted






$






1.50






 






 






$






2.19






 






 






$






2.78






 






 






$






3.58






 








 






 






 






 






 






 






 






 








Shares used in per share calculations:






 






 






 






 






 






 






 








Basic






 






13,484






 






 






 






13,552






 






 






 






13,504






 






 






 






13,550






 








Diluted






 






13,508






 






 






 






13,572






 






 






 






13,529






 






 






 






13,572






 









WD-40 COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)








 




Six Months Ended February 28,









2026






 






2025








Operating activities:






 






 






 








Net income






$






37,769






 






 






$






48,776






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 








Depreciation and amortization






 






4,475






 






 






 






4,062






 








Amortization of cloud computing implementation costs






 






912






 






 






 






835






 








Deferred income taxes






 






(347






)






 






 






308






 








Tax benefit from release of uncertain tax position






 






—






 






 






 






(11,929






)








Stock-based compensation






 






4,600






 






 






 






4,091






 








Unrealized foreign currency exchange gains






 






(277






)






 






 






(658






)








Provision for credit losses






 






664






 






 






 






978






 








Write-off of inventories






 






868






 






 






 






588






 








Other






 






(92






)






 






 






(51






)








Changes in assets and liabilities:






 






 






 








Trade and other accounts receivable






 






644






 






 






 






1,536






 








Inventories






 






(6,622






)






 






 






(8,509






)








Other assets






 






(866






)






 






 






(9,071






)








Operating lease assets and liabilities, net






 






(225






)






 






 






26






 








Accounts payable and accrued liabilities






 






(7,787






)






 






 






(38






)








Accrued payroll and related expenses






 






(8,831






)






 






 






(8,400






)








Other long-term liabilities and income taxes payable






 






(604






)






 






 






364






 








Net cash provided by operating activities






 






24,281






 






 






 






22,908






 









 






 






 








Investing activities:






 






 






 








Purchases of property and equipment






 






(2,710






)






 






 






(2,057






)








Proceeds from sales of property and equipment






 






368






 






 






 






257






 








Net cash used in investing activities






 






(2,342






)






 






 






(1,800






)









 






 






 








Financing activities:






 






 






 








Treasury stock purchases






 






(15,835






)






 






 






(6,698






)








Dividends paid






 






(26,544






)






 






 






(24,738






)








Repayments of long-term senior notes






 






(400






)






 






 






(400






)








Net proceeds from revolving credit facility






 






14,357






 






 






 






22,086






 








Shares withheld to cover taxes upon settlement of equity awards






 






(2,232






)






 






 






(2,883






)








Net cash used in financing activities






 






(30,654






)






 






 






(12,633






)








Effect of exchange rate changes on cash and cash equivalents






 






933






 






 






 






(2,179






)








Net (decrease) increase in cash and cash equivalents






 






(7,782






)






 






 






6,296






 








Cash and cash equivalents at beginning of period






 






58,130






 






 






 






46,699






 








Cash and cash equivalents at end of period






$






50,348






 






 






$






52,995






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260409222233/en/
Media and Investor Contact:

Wendy Kelley

Vice President, Stakeholder and Investor Engagement

investorrelations@wd40.com

+1-619-275-9304


Original: WD-40 Company Reports Second Quarter 2026 Financial Results