US Market News
2週前
Church & Dwight Announces Miss Mouth’s Messy Eater® Brand AcquisitionMay 29, 2026 6:55 AM
Business Wire Church & Dwight Co., Inc. (NYSE:CHD) has signed and closed a definitive agreement to acquire the fast-growing Miss Mouth’s Messy Eater® brand for approximately $325 million. The brand has gained a rapid following among customers in need of fast-acting, non-toxic, on-the-spot stain removal across multiple surfaces. The transaction closed on May 28th. Miss Mouth’s net sales and EBITDA for the twelve months through December 31, 2025, were approximately $80 million and $28 million. “Strong online sales have catapulted the brand, becoming the #1 stain remover brand on Amazon. Customer loyalty and repeat usage have fueled rapid growth for the brand. The strength of the brand in ecommerce has now expanded to multiple US retailers in the first half of 2026,” said Rick Dierker, Church & Dwight’s Chief Executive Officer. “We are thrilled to add the Miss Mouth’s brand to our strong Fabric Care portfolio. This digitally native brand has industry-leading appeal with Millennial and Gen Z parents looking for safe, effective, eco-friendly cleaning solutions. Miss Mouth’s is the type of high-performance brand that is uniquely positioned in the digital and social media marketing environment. Authentic, trusted online user reviews are powerful and we believe this will continue to drive gains in Miss Mouth’s market share.” Mr. Dierker continued, “Acquiring the Miss Mouth’s brand squarely fits into our acquisition strategy that focuses on adding #1 or #2 brands in a proven category with strong margins that are asset-light and that can take advantage of our global sales, distribution, innovation and operations platforms,” said Dierker. “Our strong balance sheet will continue to provide the flexibility to add additional high-quality acquisition opportunities. This capability has been a key driver of Church & Dwight’s consistently strong shareholder returns.” Miss Mouth’s net sales are expected to grow double digits over the next couple years as the brand continues to expand distribution and increase household penetration. Today, the brand is distributed across ecommerce and the mass class of trade and household penetration is low single digits compared to almost 50% for the category. The acquisition is expected to be neutral to the Company’s 2026 EPS, inclusive of transition costs, acquisition-related expenses, interest expense, intangible amortization expense, and incremental marketing. It is expected to be accretive to cash earnings in 2027. Proskauer Rose LLP acted as legal advisor to Church & Dwight. About Church & Dwight Co., Inc. Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is the leading U.S. producer of sodium bicarbonate, popularly known as baking soda. The Company manufactures and markets a wide range of personal care, household, and specialty products under recognized brand names such as ARM & HAMMER®, TROJAN®, OXICLEAN®, FIRST RESPONSE®, NAIR®, ORAJEL®, XTRA®, BATISTE®, WATERPIK®, ZICAM®, THERABREATH®, HERO® and TOUCHLAND®. For more information, visit the Company’s website. Church & Dwight has a longstanding heritage of commitment to people and the planet. In the early 1900’s, we began using recycled paperboard for all packaging of household products. Today, virtually all our paperboard packaging is from certified, sustainable sources. In 1970, the ARM & HAMMER™ brand introduced the first nationally distributed, phosphate-free detergent. That same year, Church & Dwight was honored to be one of a few corporate sponsors of the first annual Earth Day. Most recently in 2024 and 2025, our ongoing progress earned continued public recognition, including Time Magazine’s Ranking of the World’s Most Sustainable Companies, Newsweek Magazine’s Americas Most Responsible Companies, USA Today’s Ranking of America’s Climate Leaders, EPA’s Safer Choice Partner of the Year, FTSE4Good Index Series, amongst others. For more information, see the Church & Dwight 2025 Sustainability Report on the Company’s website. This press release contains forward-looking statements, including, among others, statements relating to the potential acquisition of Miss Mouth’s, its future business prospects and its potential impact on our operating results and assets. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “outlook,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include failure to complete the acquisition of Miss Mouth’s; a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; the impact of new regulations and legislation and change in regulatory priorities; shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs; increased or changing regulation regarding the Company’s products and its suppliers in the United States and other countries where it or its suppliers operate; the impact on the global economy of the Russia/Ukraine war and conflict in the Middle East, including the impact of export controls and other economic sanctions; potential recessionary conditions or economic uncertainty; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; unanticipated increases in raw material and energy prices, including as a result of the Russia/Ukraine war, conflict in the Middle East or other inflationary pressures; delays and increased costs in manufacturing and distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of inflationary conditions; the impact of supply chain and labor disruptions; the impact of severe or inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space or on-line share of private label and retailer-branded products or other changes in the retail environment; impairment charges or other negative impacts to the value of the Company’s assets; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; our ability to complete the announced strategic alternatives for certain of our businesses and realize the intended benefits; the risk that the announcement of strategic alternatives could have an adverse effect on the Company; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; the Company’s borrowing capacity and ability to finance its operations and potential acquisitions; higher interest rates; foreign currency exchange rate fluctuations; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, on the Company and its customers and suppliers, including third party information technology service providers; integrations of acquisitions or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment in the countries where we do business. For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U.S. federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the United States Securities and Exchange Commission. This press release presents Miss Mouth’s EBITDA which is a non-GAAP financial measure and represents earnings before interest, taxes, depreciation and amortization, as adjusted. Management believes the presentation of EBITDA provides useful additional information to investors about trends in Miss Mouth’s operations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260529070992/en/ Lee McChesney
Chief Financial Officer
609-806-1900 Original: Church & Dwight Announces Miss Mouth’s Messy Eater® Brand Acquisition
US Market News
1月前
Church & Dwight Reports Q1 2026 ResultsMay 1, 2026 6:55 AM
Business Wire
2026 First Quarter Results
Net Sales +0.2% Reflecting Strategic Portfolio Actions
Organic Sales +5.0%: Domestic +5.4% | Int’l +3.7% | SPD +3.1%1
Adjusted Gross Margin of 46.4%1 (+130 Bps)
Reported EPS $0.91, Adjusted EPS $0.951 (+4.4%)
Cash from Operations $174.8 million
2026 Full Year Outlook
Net Sales -1.5% to -0.5% Reflecting Strategic Portfolio Actions
Organic Sales Growth 3% to 4%1
Adjusted Gross Margin Expansion of 100 bps
Reported EPS 18% to 22%, Adjusted EPS 5% to 8%1
Cash from operations $1.15 billion
Church & Dwight Co., Inc. (NYSE: CHD) today announced that the Company exceeded its first quarter outlook with stronger than expected sales, gross margin expansion, earnings growth and continued market share gains across its global portfolio. Reflecting our 2025 strategic portfolio actions, first quarter 2026 net sales increased 0.2% to $1,469.3 million, exceeding the Company’s first quarter outlook of a 1% decline. Organic sales grew 5.0% versus our 3% outlook with growth across all three divisions and was driven by volume growth of 5.3%, partially offset by negative pricing and mix of 0.3%.
Rick Dierker, Chief Executive Officer, commented, “Our brands continue to perform exceptionally well in this dynamic macroeconomic environment. Solid category growth and the performance of our balanced portfolio of value and premium products provide further confidence in our full-year outlook. Our growth was broad-based with volume growth driven by strong innovation and distribution wins across all domestic classes of trade. Our operating model of consistent delivery of sales growth, margin expansion, and efficient working capital management leads to strong cash flow generation, fueling our investments in our existing brands and the acquisition of market leading new brands.
“In the first quarter, the Company’s domestic division grew 5.4% organically due to broad based growth across our household and personal care portfolio. The international division grew organically 3.7% in the first quarter, driven by growth in both GMG and our subsidiaries. Our Specialty Products division’s organic sales grew 3.1% with strong global results. Global e-commerce also continued to grow in the first quarter. Global online sales now represent 24% of total consumer sales. Finally, the Company generated solid cash flow in the quarter, and we continue to expect approximately $1.15 billion of cash from operations this year.
“Reported EPS was $0.91, compared to $0.89 last year, Adjusted EPS was $0.95, an increase of 4.4%. First quarter Adjusted EPS exceeded the Company’s outlook of $0.92 driven primarily by higher sales volume and strong gross margins.”
First Quarter Review
Consumer Domestic net sales were $1,117.7 million, a $12.1 million or 1.1% decrease reflecting the Company’s 2025 strategic portfolio actions. Organic sales increased 5.4% due to volume (+5.5%) partially offset by price and product mix (-0.1%). Organic growth in THERABREATH™ mouthwash and toothpaste, ARM & HAMMER™ cat litter, HERO™ and OXICLEAN™ was partially offset by declines in WATERPIK™ flossers. Reported Consumer Domestic sales also included growth from the TOUCHLAND™ acquisition offset by the sales impact from last year’s strategic portfolio actions.
Consumer International net sales were $273.9 million, a $12.0 million or 4.6% increase. Organic sales increased 3.7% due to higher volume (+5.3%) partially offset by lower price and product mix (-1.6%). Growth was led by the THERABREATH, HERO, and BATISTE™ brands, partially offset by lower Middle East region sales. Reported Consumer International sales also included growth from the TOUCHLAND™ acquisition and was offset by the sales impact from last year’s strategic portfolio actions.
Specialty Products net sales were $77.7 million, a $2.3 million or 3.1% increase. Organic sales also increased 3.1% due to a combination of higher volume (+2.0%) and higher price and product mix (+1.1%).
Gross margin increased 140 basis points to 46.4%. Adjusted gross margin was also 46.4%1, an increase of 130 basis points driven by higher volume, productivity, favorable mix from our acquisitions and portfolio actions partially offset by higher inflation and tariff costs.
Marketing expense was $139.4 million, up $2.8 million and 20 basis points as a percentage of sales compared to last year. The Company continues to invest in its brands and new products, supporting our innovation initiatives and organic growth.
Selling, general, and administrative expense (SG&A) was $251.0 million, including $6.3 million of charges related to restricted stock issued for the TOUCHLAND acquisition. Adjusted SG&A was $239.4 million1 or 16.3% of net sales, a 110-basis point increase versus prior year primarily driven by amortization and SG&A related to the Touchland acquisition.
Income from Operations was $291.0 million. Adjusted income from operations was $302.6 million, an increase of $0.1 million versus prior year.1 In the first quarter, the strong growth in organic sales and gross margin was largely offset by the increased investments in marketing and the higher Touchland SG&A and amortization.
Other Expense increased $5.2 million reflecting lower interest income.
The adjusted effective tax rate decreased to 20.3% from 21.8% in the first quarter of 2025 as a result of lower first quarter state taxes.
Cash Flow
The Company delivered another quarter of strong cash results in the first quarter, with cash from operations of $174.8 million, a decrease of $10.9 million versus prior year. Higher cash earnings were offset by an increase in working capital in support of organic growth. Capital expenditures for the first quarter were $31.9 million, up $15.4 million from the prior year. We continue to expect capital expenditures for the full year to be approximately $130 million or 2% of sales.
As of March 31, 2026, the Company’s total debt was $2.2 billion and its cash-on-hand was $503.4 million. The strong cash flow and balance sheet provide the Company robust liquidity and flexibility as we continue to pursue additional acquisitions and invest in growth opportunities.
2026 New Products
“Innovation has always been a key driver of our organic growth, and the first quarter of this year was no exception,” said Mr. Dierker. “We are confident that our relentless focus on innovation will continue to drive industry-leading growth, distribution gains at shelf, and market share expansion. New product launches this year are expected to account for half of our organic growth as we innovate in key categories across our portfolio of industry-leading, everyday products.”
Our 2026 innovation portfolio is focused on the following:
THERABREATH™ launched its new line of toothpaste with three offerings designed to offer long-lasting fresh breath, deep cleaning, whitening, and improved gum health. Consumer reviews across multiple platforms have shown a strong average rating of 4.6. Consumers and THERABREATH™ brand loyalists appreciate the effective cleaning and flavor profile – designed to be fresh but not overpowering.
ARM & HAMMER™ Cat Litter has launched DUAL DEFENSE™ with Microban® Clumping Litter. This innovative formula delivers two layers of powerful protection: ARM & HAMMER™ odor eliminating technology that seals and destroys odors, plus Microban® antimicrobial product protection. Designed for germ conscious pet parents, DUAL DEFENSE™ litter provides elevated confidence and a fresher experience.
HERO™ is the leader in acne treatment and is now launching a platform of cleansers developed specifically for acne-prone consumers – effective, gentle on skin, and without the drying effect of many acne products. A line of three HERO™ facial cleansers will launch nationally mid-year 2026, covering a range of acne consumer cleansing needs.
HERO™ MIGHTY SHIELD™ addresses a clear and growing consumer need for invisible, under makeup pimple protection that doesn’t compromise skin or aesthetics – a need driven by fear of worsening breakouts when layering products. This liquid to patch film seals zits while they heal, lets users conceal seamlessly, and delivers the “invisible on skin” benefit creating a new usage occasion.
ARM & HAMMER™ Baking Soda is a trusted, go-to cleaning solution, and ARM & HAMMER™ is launching a Baking Soda Fresh Laundry Detergent with 10x more baking soda, leaning into its iconic Baking Soda equity. ARM & HAMMER Baking Soda Fresh detergent whitens, brightens, and delivers long-lasting freshness with a Sparkling Fresh scent. This launch expands the value tier of the ARM & HAMMER™ laundry portfolio during a time when consumers are looking for everyday value combined with reliable cleaning performance.
TROJAN™ G.O.A.T. Greatest of all Trojan™ condoms feature an ultra-flex, non-latex material that is our softest and most flexible ever. The enhanced softness and flexibility help deliver a more natural-feeling experience compared to traditional condoms. TROJAN G.O.A.T. condoms are odorless, colorless, and help enhance body heat transfer for next-level intimacy. Since the Q4 2025 launch, TROJAN G.O.A.T. condoms are now the #1 rated TROJAN branded condom on Amazon with a 4.7-star rating.
Outlook for 2026
“We delivered a strong start to 2026 and continued to grow our share. With our largest categories growing on average 3%, our brands grew faster and gained share behind innovation, distribution wins and strong marketing,” said Mr. Dierker. “The strength of our brands, last year’s strategic portfolio actions, and the new growth initiatives give us continued confidence as we progress through 2026. We remain focused on offering high-quality, solution-oriented products to consumers at the right value. Our outlook reflects strong operating fundamentals focused on volume growth, innovation, margin expansion, brand support and operating income growth.
“While the situation in the Middle East remains fluid and is creating some incremental volume and inflationary pressure on commodities and transportation, we believe we can offset this transitory pressure and maintain our outlook for 2026.
“We continue to expect volume driven organic sales growth of approximately 3% to 4%.1 We continue to expect reported sales to decline approximately 1.5% to 0.5%, due entirely to the portfolio actions in 2025.
“Full-year reported gross margin is expected to expand approximately 100 basis points. Higher volume, productivity and favorable mix from our acquisitions and portfolio actions are expected to fully offset higher inflation, tariff costs, and the latest commodity and transportation headwinds. Marketing as a percentage of sales is expected to be approximately 11%, in line with our evergreen model.
“We expect SG&A as a percentage of sales to remain higher when compared to 2025, reflecting the impact of the TOUCHLAND acquisition in the first half of the year and our focused investments on new growth initiatives, ecommerce and our international business. Our adjusted tax rate is expected to be approximately 21.5% versus our adjusted tax rate of 22.3% in 2025.
“We continue to expect full-year reported EPS to increase approximately 18% to 22%. Our Adjusted EPS expectation for 2026 remains at 5% to 8% growth, driven by expected growth in all three divisions. As a reminder, this growth outlook offsets $400 million of lower revenue and related stranded costs connected with our successful 2025 strategic portfolio actions. The Adjusted EPS range excludes a 1% impact from expenses related to an ERP upgrade project that will continue through the first half of this year. We continue to expect 2026 EPS growth to occur in the second half of the year due to the marketing investments and TOUCHLAND acquisition’s amortization and SG&A in the first half of the year.
“Cash flow from operations is expected to be approximately $1.15 billion this year, with higher working capital to support growth in our recent acquisitions. We expect 2026 capital expenditures of approximately $130 million or approximately 2% of sales. We will continue to pursue acquisitions across the globe that meet our strict criteria, with an emphasis on fast-moving consumable products, similar to the THERABREATH, HERO, and TOUCHLAND acquisitions.
“We expect organic sales growth of approximately 3%1 in the second quarter and we expect a reported sales decline of approximately 1% due entirely to the strategic portfolio actions in 2025. Also in the second quarter, we expect gross margin expansion of approximately 50 basis points, reflecting pressure from transportation costs prior to mitigation efforts taking effect later in the year. We also continue to expect an increase in marketing and SG&A, and a tax rate of approximately 21%. The higher marketing and SG&A, which includes Touchland amortization, will more than offset the higher gross margin resulting in an expected Adjusted EPS of $0.88 per share for the quarter.”1
1 Organic Sales, Adjusted Gross Margin, Adjusted SG&A, Adjusted Income from Operations, Adjusted Tax Rate, and Adjusted EPS are non-GAAP measures. See non-GAAP reconciliations included at the end of this release.
Church & Dwight Co., Inc. (NYSE: CHD) will host a webcast to discuss first quarter 2026 results on May 1, 2026, at 10:00 a.m. (ET). The webcast will be broadcast online and will also be available for replay from May 1, 2026, to May 8, 2026.
About Church & Dwight Co., Inc.
Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is the leading U.S. producer of sodium bicarbonate, popularly known as baking soda. The Company manufactures and markets a wide range of personal care, household, and specialty products under recognized brand names such as ARM & HAMMER®, TROJAN®, OXICLEAN®, FIRST RESPONSE®, NAIR®, ORAJEL®, XTRA®, BATISTE®, WATERPIK®, ZICAM®, THERABREATH®, HERO® and TOUCHLAND®. For more information, visit the Company’s website.
Church & Dwight has a longstanding heritage of commitment to people and the planet. In the early 1900’s, we began using recycled paperboard for all packaging of household products. Today, virtually all our paperboard packaging is from certified, sustainable sources. In 1970, the ARM & HAMMER™ brand introduced the first nationally distributed, phosphate-free detergent. That same year, Church & Dwight was honored to be one of a few corporate sponsors of the first annual Earth Day. Most recently in 2024 and 2025, our ongoing progress earned continued public recognition, including Time Magazine’s Ranking of the World’s Most Sustainable Companies, Newsweek Magazine’s Americas Most Responsible Companies, USA Today’s Ranking of America’s Climate Leaders, EPA’s Safer Choice Partner of the Year, FTSE4Good Index Series, amongst others. For more information, see the Church & Dwight 2025 Sustainability Report on the Company’s website.
This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; the impact of tariffs; gross margin changes; trade and marketing spending; marketing expense as a percentage of net sales; sufficiency of cash flows from operations; earnings per share; the impact of new accounting pronouncements; cost savings programs; recessionary conditions; interest rates; inflation; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions; and capital expenditures. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “outlook,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; the impact of new regulations and legislation and change in regulatory priorities; shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs; increased or changing regulation regarding the Company’s products and its suppliers in the United States and other countries where it or its suppliers operate; the impact on the global economy of the Russia/Ukraine war and conflict in the Middle East, including the impact of export controls and other economic sanctions; potential recessionary conditions or economic uncertainty; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; unanticipated increases in raw material and energy prices, including as a result of the Russia/Ukraine war, conflict in the Middle East or other inflationary pressures; delays and increased costs in manufacturing and distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of inflationary conditions; the impact of supply chain and labor disruptions; the impact of severe or inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space or on-line share of private label and retailer-branded products or other changes in the retail environment; impairment charges or other negative impacts to the value of the Company’s assets; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; our ability to complete the announced strategic alternatives for certain of our businesses and realize the intended benefits; the risk that the announcement of strategic alternatives could have an adverse effect on the Company; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; the Company’s borrowing capacity and ability to finance its operations and potential acquisitions; higher interest rates; foreign currency exchange rate fluctuations; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, on the Company and its customers and suppliers, including third party information technology service providers; integrations of acquisitions or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment in the countries where we do business.
For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U.S. federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the United States Securities and Exchange Commission.
This press release also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
(In millions, except per share data)
March 31, 2026
March 31, 2025
Net Sales
$
1,469.3
$
1,467.1
Cost of sales
787.9
807.5
Gross Profit
681.4
659.6
Marketing expenses
139.4
136.6
Selling, general and administrative expenses
251.0
227.7
Income from Operations
291.0
295.3
Equity in earnings of affiliates
2.3
1.6
Other income (expense), net
(20.7
)
(14.8
)
Income before Income Taxes
272.6
282.1
Income taxes
56.3
62.0
Net Income
$
216.3
$
220.1
Net Income per share - Basic
$
0.91
$
0.90
Net Income per share - Diluted
$
0.91
$
0.89
Dividends per share
$
0.31
$
0.29
Weighted average shares outstanding - Basic
236.5
245.8
Weighted average shares outstanding - Diluted
238.1
248.0
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in millions)
March 31, 2026
December 31, 2025
Assets
Current Assets
Cash and Cash Equivalents
$
503.4
$
409.0
Accounts Receivable
576.6
593.4
Inventories
578.4
534.8
Other Current Assets
62.3
59.8
Total Current Assets
1,720.7
1,597.0
Property, Plant and Equipment (Net)
823.9
822.8
Equity Investment in Affiliates
12.3
10.3
Trade Names and Other Intangibles
3,477.2
3,511.5
Goodwill
2,629.4
2,627.5
Other Long-Term Assets
343.0
343.3
Total Assets
$
9,006.5
$
8,912.4
Liabilities and Stockholders’ Equity
Other Current Liabilities
1,413.4
1,497.7
Long-Term Debt
2,205.7
2,205.1
Other Long-Term Liabilities
1,201.4
1,207.4
Stockholders’ Equity
4,186.0
4,002.2
Total Liabilities and Stockholders’ Equity
$
9,006.5
$
8,912.4
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flow (Unaudited)
Three Months Ended
(Dollars in millions)
March 31, 2026
March 31, 2025
Net Income
$
216.3
$
220.1
Depreciation and amortization
62.9
60.9
Deferred income taxes
4.5
(3.5
)
Non-cash compensation
25.7
20.7
Other
(0.6
)
1.7
Subtotal
308.8
299.9
Changes in assets and liabilities:
Accounts receivable
13.7
6.6
Inventories
(45.1
)
(16.0
)
Other current assets
(8.3
)
(7.0
)
Accounts payable
2.3
(7.8
)
Accrued expenses
(131.3
)
(141.5
)
Income taxes payable
44.2
55.1
Other
(9.5
)
(3.6
)
Net cash from operating activities
174.8
185.7
Capital expenditures
(31.9
)
(16.5
)
Other
(1.6
)
(0.2
)
Net cash (used in) investing activities
(33.5
)
(16.7
)
Payment of cash dividends
(72.9
)
(72.4
)
Proceeds from stock option exercises
16.6
19.3
Proceeds from VMS Transition Services Agreement
36.2
0.0
Payment of business acquisition liabilities
(19.8
)
(5.9
)
Deferred financing and other
(5.0
)
(2.0
)
Net cash (used in) financing activities
(44.9
)
(61.0
)
F/X impact on cash
(2.0
)
2.4
Net change in cash and cash equivalents
$
94.4
$
110.4
2026 and 2025 Product Line Net Sales
Three Months Ended
Percent
3/31/2026
3/31/2025
Change
Household Products
$
641.6
$
614.9
4.3
%
Personal Care Products
476.1
514.9
-7.5
%
Consumer Domestic
$
1,117.7
$
1,129.8
-1.1
%
Consumer International
273.9
261.9
4.6
%
Total Consumer Net Sales
$
1,391.6
$
1,391.7
0.0
%
Specialty Products Division
77.7
75.4
3.1
%
Total Net Sales
$
1,469.3
$
1,467.1
0.2
%
Non-GAAP Measures:
The following discussion addresses the non-GAAP measures used in this press release and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the comparable GAAP measures. The following non-GAAP measures may not be the same as similar measures provided by other companies due to differences in methods of calculation and items and events being excluded.
Organic Sales Growth:
This press release provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes. Management believes that the presentation of organic sales growth is useful to investors because it enables them to assess, on a consistent basis, sales trends related to products that were marketed by the Company during the entirety of relevant periods, excluding the impact of acquisitions, divestitures, and foreign exchange rate changes that are out of the control of, and do not reflect the performance of the Company and management.
Adjusted Gross Margin:
This press release provides information regarding adjusted gross margin, namely gross margin calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year gross margin.
Adjusted Selling, General, and Administrative Expense (SG&A):
This press release also presents adjusted SG&A, namely, SG&A calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year SG&A expense.
Adjusted Income from Operations:
This press release also presents adjusted income from operations, namely income from operations calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year income from operations.
Adjusted Other Income (expense):
This press release also presents adjusted other income (expense), namely other income (expense) calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year other income (expense).
Adjusted EPS:
This press release also presents adjusted earnings per share, namely, EPS calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year EPS growth.
CHURCH & DWIGHT CO., INC.
Organic Sales
Three Months Ended 3/31/2026
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
0.2%
0.0%
-1.1%
4.6%
3.1%
Less:
Acquisitions
2.2%
2.3%
2.5%
1.1%
0.0%
Add:
FX / Other
-1.1%
-1.1%
0.0%
-5.9%
0.0%
Divestitures
8.1%
8.5%
9.0%
6.1%
0.0%
Organic Sales Growth
5.0%
5.1%
5.4%
3.7%
3.1%
CHURCH & DWIGHT CO., INC.
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited)
(Dollars in millions, except per share data)
Three Months Ended March 31, 2026
As Reported (US GAAP)
Year-over-year GAAP Change
ERP Project Costs
Touchland Restricted Stock
Adjusted (non-GAAP)
Year-over-year Non GAAP Change
Net Sales
$
1,469.3
$
2.2
$
0.0
$
0.0
$
1,469.3
$
2.2
Cost of sales
787.9
(19.6
)
0.0
0.0
787.9
(17.7
)
Gross Profit
681.4
21.8
0.0
0.0
681.4
19.9
Gross Margin
46.4
%
1.4
%
46.4
%
1.3
%
Marketing expenses
139.4
2.8
0.0
0.0
139.4
2.8
Percent of Net Sales
9.5
%
0.2
%
9.5
%
0.2
%
SG&A
251.0
23.3
(5.4
)
(6.3
)
239.4
17.0
Percent of Net Sales
17.1
%
1.6
%
16.3
%
1.1
%
Income from Operations
291.0
(4.3
)
5.4
6.3
302.6
0.1
Operating Margin
19.8
%
-0.4
%
20.6
%
0.0
%
Equity in earnings of affiliates
2.3
0.7
0.0
0.0
2.3
0.7
Other income (expense), net
(20.7
)
(5.9
)
0.0
0.0
(20.7
)
(5.9
)
Income before Income Taxes
272.6
(9.5
)
5.4
6.3
284.2
(5.1
)
Income taxes
56.3
(5.7
)
1.3
0.0
57.6
(5.4
)
Net Income
$
216.3
$
(3.8
)
$
4.1
$
6.3
$
226.6
$
0.3
Net Income per share - Diluted
$
0.91
2.2
%
$
0.01
$
0.03
$
0.95
4.4
%
Amounts may not add due to rounding
(Dollars in millions, except per share data)
Three Months Ended March 31, 2025
As Reported (US GAAP)
Year-over-year GAAP Change
ERP Project Costs
Hero Restricted Stock
Business refinement costs and related impairments
Adjusted (non-GAAP)
Year-over-year Non GAAP Change
Net Sales
$
1,467.1
$
(36.2
)
$
0.0
$
0.0
$
0.0
$
1,467.1
$
(36.2
)
Cost of sales
807.5
(8.8
)
0.0
0.0
(1.9
)
805.6
(10.7
)
Gross Profit
659.6
(27.4
)
0.0
0.0
1.9
661.5
(25.5
)
Gross Margin
45.0
%
-0.7
%
45.1
%
-0.6
%
Marketing expenses
136.6
(15.4
)
0.0
0.0
0.0
136.6
(15.4
)
Percent of Net Sales
9.3
%
-0.8
%
9.3
%
-0.8
%
SG&A
227.7
(2.3
)
(1.0
)
(2.8
)
(1.5
)
222.4
(0.3
)
Percent of Net Sales
15.5
%
0.2
%
15.2
%
0.4
%
Income from Operations
295.3
(9.7
)
1.0
2.8
3.4
302.5
(9.8
)
Operating Margin
20.2
%
-0.1
%
20.6
%
-0.2
%
Equity in earnings of affiliates
1.6
0.5
0.0
0.0
0.0
1.6
0.5
Other income (expense), net
(14.8
)
7.2
0.0
0.0
0.0
(14.8
)
7.2
Income before Income Taxes
282.1
(2.0
)
1.0
2.8
3.4
289.3
(2.1
)
Income taxes
62.0
5.6
0.2
0.0
0.8
63.0
6.6
Net Income
$
220.1
$
(7.6
)
$
0.8
$
2.8
$
2.6
$
226.3
$
(8.7
)
Net Income per share - Diluted
$
0.89
-4.3
%
$
0.0
$
0.01
$
0.01
$
0.91
-5.2
%
Amounts may not add due to rounding
Reported and Organic Forecasted Sales Reconciliation
For the Quarter
For the Year
Ended
Ended
June 30, 2026
December 31, 2026
Reported Sales Growth
-1.0%
-1.5% to -0.5%
Acquisition/Divestiture/FX/Other
4.0%
4.5%
Organic Sales Growth
3.0%
3% to 4%
For the year ended
December 31, 2026
For the year ended
December 31, 2025
Adjusted Diluted Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share - Reported
$ 3.57 to 3.67
$
3.02
ERP Project Costs
0.04
0.02
Touchland Restricted Stock
0.10
0.05
Business Exit Related Impairments
0.00
0.14
Hero Restricted Stock
0.00
0.03
Waterpik Restructuring
0.00
0.01
Touchland Earnout
0.00
0.08
VMS Divestiture
0.00
0.18
Diluted Earnings Per Share - Adjusted (non-GAAP)
$ 3.71 to 3.81
$
3.53
View source version on businesswire.com: https://www.businesswire.com/news/home/20260501213097/en/
Lee McChesney
Chief Financial Officer
609-806-1200
Original: Church & Dwight Reports Q1 2026 Results
US Market News
4月前
Church & Dwight Reports Q4 2025 and 2025 Results and Provides 2026 OutlookJanuary 30, 2026 6:55 AM
Business Wire
2025 Fourth Quarter Results
Net Sales Growth +3.9%: Domestic +3.7% | Int’l +5.2% | SPD +2.8%
Organic Sales +0.7%: Domestic -0.1% | Int’l +3.6% | SPD +2.8%¹
Adjusted Gross Margin of 45.5%¹ (+90 Bps)
Reported EPS $0.60, Adjusted EPS $0.86¹ (+11.7%)
Cash from Operations of $363.4 million (+24.3%)
2025 Full Year Results
Net Sales Growth +1.6%
Organic Sales +0.7%¹
Adjusted Gross Margin Flat
Reported EPS $3.02, Adjusted EPS $3.53¹ (+2.6%)
Cash from operations $1.215 billion (+5.1%)
Church & Dwight Co., Inc. (NYSE: CHD) today announced that the Company exceeded its outlook with stronger than expected sales and earnings growth leading to market share gains across our global portfolio. Full year 2025 net sales increased 1.6% to $6,203.2 million, exceeding the Company’s 2025 outlook of 1.5% growth. Organic sales grew 0.7%, despite a 130 basis points impact from a decline in our now exited VMS business and a deceleration in category growth.
“In a mixed consumer and macroeconomic environment, we are pleased to deliver another year of industry-leading results,” said Rick Dierker, Chief Executive Officer. “Our balanced portfolio of value and premium products and our relentless focus on execution delivered strong results for our shareholders, customers, and employees. We continue to drive both dollar and volume share gains in many of our brands, which we expect to continue in 2026. Our consistent delivery of sales growth, focus on margin expansion, and efficient working capital management leads to strong cash flow generation enabling our continued focus on growing our brands organically and acquiring great new brands.
“In 2025, we repositioned our portfolio by exiting our VMS, FLAWLESS™, SPINBRUSH™ and WATERPIK™ showerhead businesses. These actions enable us to devote greater focus to our portfolio’s faster growing value and premium product lines. This portfolio transformation is clearly evident when looking at 2025 consumption results. Before these actions, US consumption in 2025 was 0.9% on a reported basis. However, consumption growth increases to a robust 3.5% when you exclude these exited businesses. The Company is positioned well for stronger organic growth in the future.”
For the full year, the domestic division declined 0.5% organically, while gaining market share in four of our eight power brands. Organic growth in the international division was 5.5% in 2025, driven by broad share gains across our subsidiaries. Our Specialty Products division’s organic sales grew 2.6%. Importantly, organic growth across all three divisions strengthened from the first half to the second half of 2025 with sales growing organically 2% overall in the second half.
Reported gross margin contracted by 100 basis points for the year, primarily from one-time charges related to 2025 business exits and a tariff refund in Q4 2024. Adjusted gross margin held steady in 2025 at 45.2% as our productivity, volume and mix fully offset the headwinds of inflation and tariffs after mitigation.
Full-year EPS was $3.02, a 27.4% increase from 2024 reported EPS. Prior year EPS included a $270.1 million after tax, non-cash charge related to the vitamin business. Full-year 2025 Adjusted EPS was $3.53, an increase of 2.6% compared to 2024 Adjusted EPS. Full-year Adjusted EPS exceeded the Company’s outlook of 1.5%.
Fourth Quarter Review
Q4 net sales were $1,644.2 million, climbing 3.9% compared to net sales in Q4 2024, exceeding the Company’s 3.5% outlook. Weaker than expected category growth and a decline in vitamin sales limited organic sales growth to 0.7% for the quarter, lower than the Company’s outlook of approximately 1.5%. Organic growth was 1.8% in Q4 excluding the now exited VMS business. Reported EPS for Q4 was $0.60, a 21.1% decrease that included an after-tax charge of $45.6 million in connection with the Company’s VMS exit. Adjusted EPS in Q4 was $0.86, up 11.7% from Q4 2024, inclusive of incremental marketing investments to further drive share gains and exit the year with momentum.
Consumer Domestic net sales were $1,271.2 million, a $45.5 million or 3.7% increase. Organic sales decreased 0.1% and increased 1.7% excluding the now exited VMS businesses. Organically, positive price and product mix (+0.6%) was offset by lower volume (-0.7%). Organic growth in THERABREATH™ mouthwash, ARM & HAMMER™ liquid laundry detergent, and HERO™ acne products was offset by declines in the vitamin business and OXICLEAN™. Our Consumer Domestic reported sales growth was fueled by the TOUCHLAND™ brand’s strong double-digit sales growth versus prior year.
Consumer International net sales were $299.8 million, a $14.7 million or 5.2% increase. Organic sales increased 3.6% due to a combination of higher volume (+2.9%) and price and product mix (+0.7%). Organic growth was led by HERO, THERABREATH, and ARM & HAMMER™ baking soda and was broad-based across the majority of our international markets.
Specialty Products net sales were $73.2 million, a $2.0 million or a 2.8% increase. Organic sales also increased 2.8% due to a combination of higher volume (+2.2%) and price and product mix (+0.6%).
Gross margin increased 110 basis points to 45.8% versus prior year. Adjusted gross margin was 45.5%, a 90 basis point increase from the prior year and was 140 basis points better than our outlook. The increases were driven by our productivity programs, higher volumes, business and acquisition mix, and were partially offset by inflation and tariff costs net of mitigation efforts.
Marketing expense was $212.3 million, a $4.4 million increase compared to a year ago. The Company continues to invest in its brands and new products in order to drive share gains, household penetration and organic growth.
Selling, general, and administrative expense (SG&A) was $275.5 million, an increase of $32.2 million, including $18.3 million of charges related to restricted stock and earnout expense from the Touchland acquisition. Adjusted SG&A was $254.0 million1, or 15.4% of net sales, a 20 basis point increase versus the prior year.
Income from Operations was $266.0 million. Adjusted Income from Operations was $282.1 million1, a $24.7 million or 9.6% increase.
Other Expense increased $74.3 million, driven by onetime charges. Adjusted other expense increased $15.6 million, reflecting lower interest income.
The adjusted effective tax rate of 21.7% was favorable compared to 24.9% in Q4 2024. The Company’s results included the benefit of lower state taxes this quarter and the prior year included a one-time non-recurring tax expense.
Cash Flow
The Company delivered strong cash results in 2025 with cash from operations of $1.2 billion, an increase of $59.2 million versus prior year driven by higher cash earnings and working capital improvement actions. Capital expenditures for the full year were $122.4 million, down $57.4 million from the prior year, primarily due to return to normalized capital spending levels in 2025.
As of December 31, 2025, total debt was $2.2 billion and cash-on-hand was $409.0 million. Our strong cash flow and balance sheet provide the Company robust liquidity and flexibility as we continue to pursue acquisitions and growth opportunities.
In the fourth quarter, the company repurchased an additional $300 million of shares, bringing share repurchases to a total of $900 million for 2025.
Vitamin Business Divesture Completed
The sale of VITAFUSION™ and L’IL CRITTERS™ brands, relevant trademarks and licenses, and the Company's manufacturing and distribution facilities in Vancouver and Ridgefield, Washington to Piping Rock, closed on December 31, 2025.
“We believe Piping Rock, a company with deep experience in the vitamin business, will be a successful steward for the VITAFUSION™ and L’IL CRITTERS™ businesses,” said Rick Dierker, Chief Executive Officer. “This sale allows us to better focus on organic growth and future growth initiatives.”
As a result of this transaction, the Company incurred a one-time, after-tax charge of $45.6 million in the fourth quarter of 2025. The VMS brands represented less than 5% of the Company’s 2025 net sales. In 2026, organic sales reporting will exclude our VMS business from prior periods.
4% Dividend Increase
For the 30th consecutive year, the Company’s Board of Directors has increased our dividend and this is the 125th consecutive year the Company has paid a quarterly dividend. The Company’s Board of Directors declared a 4.2% increase in the quarterly dividend from $0.295 to $0.3075 per share, equivalent to an annual dividend of $1.23 per share. The annual dividend payout will increase from $287 million in 2025 to approximately $291 million. The quarterly dividend will be payable March 2nd, 2026, to stockholders of record at the close of business on February 13, 2026.
“Our dividend increase reflects the Company’s continued desire for stockholders to benefit from our strong performance and our confidence looking forward,” said Mr. Dierker. “Our robust cash flow enables us to return cash to our stockholders while maintaining the financial flexibility to aggressively pursue acquisitions and growth opportunities.”
2026 New Products
“We are excited about the performance of our recent product innovation and the role it plays in driving our organic growth,” said Mr. Dierker. “Our commitment to innovation fuels our industry-leading performance and market share expansion. We expect new product launches in 2026 to continue to drive approximately half of our organic growth as we innovate in a number of key categories.”
Our 2026 innovation portfolio is focused on the following:
THERABREATH™ launched its new line of toothpaste online in August, with three variants designed to offer long-lasting fresh breath, deep cleaning, whitening, and improved gum health. Initial consumer reviews across multiple platforms have shown a strong average rating of 4.6. Consumers and THERABREATH™ brand loyalists appreciate the effective cleaning and flavor profile – designed to be fresh but not overpowering. THERABREATH™ toothpaste is arriving in stores now.
ARM & HAMMER™ Cat Litter has launched DUAL DEFENSE™ with Microban® Clumping Litter, available exclusively today at a leading retailer. This innovative formula delivers two layers of powerful protection: ARM & HAMMER™ odor eliminating technology that seals and destroys odors, plus Microban® antimicrobial product protection. Designed for germ conscious pet parents, which represent the majority of consumers in the category, DUAL DEFENSE™ litter provides elevated confidence and a fresher experience.
HERO™ is the leader in acne treatment and is now launching a platform of cleansers developed specifically for acne consumers – effective, gentle on skin, no drying after-feel. A 3-SKU line of HERO™ facial cleansers will launch nationally mid-year 2026, covering a range of acne consumer cleansing needs.
HERO™ MIGHTY SHIELD™ addresses a clear and growing consumer need for invisible, under makeup pimple protection that doesn’t compromise skin or aesthetics – a need driven by fear of worsening breakouts when layering products. This liquid to patch film seals zits while they heal, then lets users conceal seamlessly, delivering the “invisible on skin” benefit and creating a new usage occasion. Consumer test results indicate strong resonance with both acne prone and makeup wearing consumers.
ARM & HAMMER™ Baking Soda is a viral, trusted, go-to cleaning solution, and ARM & HAMMER™ is launching a Baking Soda Fresh Laundry Detergent with 10x more baking soda, leaning into its iconic Baking Soda equity. ARM & HAMMER Baking Soda Fresh detergent whitens, brightens, and delivers long-lasting freshness with a Sparkling Fresh scent. This launch expands the value tier of the ARM & HAMMER™ laundry portfolio during a time when consumers are looking for everyday value combined with reliable cleaning performance.
TROJAN™ G.O.A.T. Greatest of all Trojan™ condoms feature our first major material innovation in over two decades, introducing an ultra flex non-latex material that is our softest and most flexible ever. The enhanced softness and flexibility help deliver a more natural-feeling experience compared to traditional condoms. TROJAN G.O.A.T. condoms are odorless, colorless, and help enhance body heat transfer for next-level intimacy. Since the Q4 25 launch, TROJAN G.O.A.T. condoms are outperforming our previous successful TROJAN™ RAW™ launch and are now the #1 rated TROJAN branded condom on Amazon with a 4.7-star rating.
Growth Initiatives 2026-2030
“In an uncertain environment, we are taking steps to ensure our continued strong performance. The Company’s categories for many years have grown at a weighted average rate of 3%, which coupled with our market share gains has historically enabled the Company to grow at a 4% organic sales rate. In 2025, we saw some categories decelerate in the face of global macro uncertainty. Today, I’m announcing that the Company is implementing three incremental growth initiatives that we believe will deliver outsized growth over the next few years. 1) expansion of the ARM & HAMMER brand 2) Growing the Oral care portfolio behind THERABREATH, and 3) international expansion with an acquisition focus. We will discuss each in more detail at our 2026 Analyst Day later today. We are confident these actions will enable the Company to achieve future evergreen business growth even if category growth remains sluggish as a result of external factors and even stronger growth if categories normalize.”
Outlook for 2026
“We gained share in slowing categories in 2025, driven by focused innovation, strong marketing, and effective promotional spending,” said Mr. Dierker. “The strength of our brands, portfolio re-shaping, and the new growth initiatives give us renewed confidence as we enter 2026. We remain focused on offering high-quality products to consumers at the right value. Our outlook is driven by strong operating fundamentals focused on volume growth, innovation, margin expansion, brand support and operating income growth.
“In 2026, we expect volume driven organic sales growth of approximately 3% to 4%.1 This sales outlook is expected to be industry leading and reflects the strength of our brands and our stronger go forward brand portfolio. We expect reported sales to decline approximately 1.5% to 0.5%, due entirely to the businesses exited in 2025.
“Adjusted gross margin is expected to expand approximately 100 basis points from 2025. Higher volume, productivity, favorable mix from our acquisitions and portfolio actions are expected to fully offset higher inflation and tariff costs. Marketing as a percentage of sales is expected to exceed 11%.
“We expect SG&A as a percentage of sales to be higher compared to 2025, reflecting the impact of TOUCHLAND and our focused investments on new growth initiatives, ecommerce and our international division. Adjusted other expense for 2026 is expected to be approximately $75.0 million, compared to Adjusted Other expense of $62.2 million last year, due to lower interest income in 2026. Our adjusted tax rate is expected to be approximately 21.5% versus our adjusted tax rate of 22.3% in 2025.
“We expect full-year reported EPS to increase approximately 18% to 22%. Our Adjusted EPS expectation for 2026 is 5% to 8% growth, driven by expected growth in all divisions, continued TOUCHLAND momentum and gross margin expansion. This outlook offsets the impact of the 2025 business exits which represented $400 million of lower revenue and related stranded costs. The Adjusted EPS range excludes a 1% impact from expenses related to an ERP upgrade project that will continue through the first half of 2026. We expect 2026 EPS growth to be primarily in the second half of the year as we invest incrementally in marketing during the first half of the year and due to the impact of the TOUCHLAND acquisition amortization and SG&A in the first half of the year.
“Cash flow from operations is expected to be approximately $1.15 billion with higher working capital to support double digit growth in our recent acquisitions. We expect 2026 capital expenditures of approximately $130 million, approximately 2% of sales. We will continue to pursue acquisitions across the globe that meet our strict criteria, with an emphasis on fast-moving consumable products, similar to the THERABREATH, HERO, and TOUCHLAND acquisitions.
“For Q1, we expect organic sales growth of approximately 3%¹. We expect a reported sales decline of approximately 1%, due entirely to the businesses exited in 2025. We expect higher gross margin, an increase in marketing and SG&A, and a tax rate of approximately 21%. As result, we expect Adjusted EPS of $0.92 per share for the quarter, slightly ahead of last year’s adjusted Q1 EPS.” 1
1 Organic Sales, Adjusted Gross Margin, Adjusted SG&A, Adjusted Income from Operations, Adjusted Tax Rate, and Adjusted EPS are non-GAAP measures. See non-GAAP reconciliations included at the end of this release.
Church & Dwight Co., Inc. (NYSE: CHD) will host a webcast from the Church & Dwight 2026 Analyst Day to discuss fourth quarter and year end 2025 earnings results on January 30, 2026, at 12:00 p.m. ET. Media and investors may access the live webcast at https://investor.churchdwight.com/ beginning at 12:00 p.m. ET. The webcast will also be available for replay.
About Church & Dwight Co., Inc.
Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is the leading U.S. producer of sodium bicarbonate, popularly known as baking soda. The Company manufactures and markets a wide range of personal care, household, and specialty products under recognized brand names such as ARM & HAMMER®, TROJAN®, OXICLEAN®, FIRST RESPONSE®, NAIR®, ORAJEL®, XTRA®, BATISTE®, WATERPIK®, ZICAM®, THERABREATH®, HERO® and TOUCHLAND®. For more information, visit the Company’s website.
Church & Dwight has a longstanding heritage of commitment to people and the planet. In the early 1900’s, we began using recycled paperboard for all packaging of household products. Today, virtually all our paperboard packaging is from certified, sustainable sources. In 1970, the ARM & HAMMER™ brand introduced the first nationally distributed, phosphate-free detergent. That same year, Church & Dwight was honored to be one of a few corporate sponsors of the first annual Earth Day. Most recently in 2024 and 2025, our ongoing progress earned continued public recognition, including Time Magazine’s Ranking of the World’s Most Sustainable Companies, Newsweek Magazine’s Americas Most Responsible Companies, USA Today’s Ranking of America’s Climate Leaders, EPA’s Safer Choice Partner of the Year, FTSE4Good Index Series, amongst others. For more information, see the Church & Dwight 2024 Sustainability Report on the Company’s website.
This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; the impact of the Touchland acquisition; the impact of tariffs; ; the intended benefits of the exploration of strategic alternatives for certain of our businesses; gross margin changes; trade and marketing spending; marketing expense as a percentage of net sales; sufficiency of cash flows from operations; earnings per share; the impact of new accounting pronouncements; cost savings programs; recessionary conditions; interest rates; inflation; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions; and capital expenditures. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “outlook,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; the impact of new regulations and legislation and change in regulatory priorities of the new U.S. presidential administration; shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs; increased or changing regulation regarding the Company’s products and its suppliers in the United States and other countries where it or its suppliers operate; the impact on the global economy of the Russia/Ukraine war and conflict in the Middle East, including the impact of export controls and other economic sanctions; potential recessionary conditions or economic uncertainty; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; unanticipated increases in raw material and energy prices, including as a result of the Russia/Ukraine war, conflict in the Middle East or other inflationary pressures; delays and increased costs in manufacturing and distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of inflationary conditions; the impact of supply chain and labor disruptions; the impact of severe or inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space or on-line share of private label and retailer-branded products or other changes in the retail environment; impairment charges or other negative impacts to the value of the Company’s assets; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; our ability to complete the announced strategic alternatives for certain of our businesses and realize the intended benefits; the risk that the announcement of strategic alternatives could have an adverse effect on the Company; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; the Company’s borrowing capacity and ability to finance its operations and potential acquisitions; higher interest rates; foreign currency exchange rate fluctuations; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, on the Company and its customers and suppliers, including third party information technology service providers; integrations of acquisitions or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment in the countries where we do business.
For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U.S. federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the United States Securities and Exchange Commission.
This press release also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
(In millions, except per share data)
2025
2024
2025
2024
Net Sales
$
1,644.2
$
1,582.0
$
6,203.2
$
6,107.1
Cost of sales
890.4
874.1
3,428.4
3,317.0
Gross Profit
753.8
707.9
2,774.8
2,790.1
Marketing expenses
212.3
207.9
708.9
698.1
Selling, general and administrative expenses
275.5
243.3
988.3
927.8
Trade name and other asset impairments
0.0
0.0
0.0
357.1
Income from Operations
266.0
256.7
1,077.6
807.1
Equity in earnings of affiliates
1.3
1.9
7.9
9.1
Other income (expense), net
(79.2
)
(5.5
)
(128.6
)
(59.9
)
Income before Income Taxes
188.1
253.1
956.9
756.3
Income taxes
44.6
63.9
220.1
171.0
Net Income
$
143.5
$
189.2
$
736.8
$
585.3
Net Income per share - Basic
$
0.60
$
0.77
$
3.04
$
2.39
Net Income per share - Diluted
$
0.60
$
0.76
$
3.02
$
2.37
Dividends per share
$
0.30
$
0.28
$
1.18
$
1.13
Weighted average shares outstanding - Basic
238.7
245.2
242.7
244.4
Weighted average shares outstanding - Diluted
239.6
247.5
244.3
246.9
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in millions)
Dec. 31, 2025
Dec. 31, 2024
Assets
Current Assets
Cash and Cash Equivalents
$
409.0
$
964.1
Accounts Receivable
593.4
600.8
Inventories
534.8
613.3
Other Current Assets
59.8
62.4
Total Current Assets
1,597.0
2,240.6
Property, Plant and Equipment (Net)
822.8
931.7
Equity Investment in Affiliates
10.3
11.1
Trade Names and Other Intangibles
3,511.5
2,888.5
Goodwill
2,627.5
2,433.2
Other Long-Term Assets
343.3
378.0
Total Assets
$
8,912.4
$
8,883.1
Liabilities and Stockholders’ Equity
Other Current Liabilities
1,497.7
1,315.9
Long-Term Debt
2,205.1
2,204.6
Other Long-Term Liabilities
1,207.4
1,001.8
Stockholders’ Equity
4,002.2
4,360.8
Total Liabilities and Stockholders’ Equity
$
8,912.4
$
8,883.1
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flow (Unaudited)
Twelve Months Ended
December 31,
December 31,
(Dollars in millions)
2025
2024
Net Income
$
736.8
$
585.3
Depreciation and amortization
247.4
239.1
Change in fair value of business acquisition liabilities
19.0
0.0
Deferred income taxes
36.0
(82.0
)
Business exit related impairments
45.6
0.0
Non-cash compensation
58.0
59.2
Trade name and other asset impairments
0.0
357.1
Loss on Sale of Vitamin Business
58.5
0.0
Other
4.3
5.7
Subtotal
1,205.6
1,164.4
Changes in assets and liabilities:
Accounts receivable
39.4
(81.5
)
Inventories
56.1
2.0
Other current assets
1.2
(0.5
)
Accounts payable
2.4
98.6
Accrued expenses
(60.9
)
(1.1
)
Income taxes payable
(5.1
)
(7.1
)
Other
(23.3
)
(18.6
)
Net cash from operating activities
1,215.4
1,156.2
Capital expenditures
(122.4
)
(179.8
)
Acquisitions, net of cash acquired
(656.0
)
(19.9
)
Proceeds from Sale of Vitamin Business
160.3
0.0
Proceeds from sale of assets
0.0
6.6
Other
1.2
9.8
Net cash (used in) investing activities
(616.9
)
(183.3
)
Net change in long-term debt
0.0
(204.6
)
Net change in short-term debt
0.0
(3.6
)
Payment of cash dividends
(287.2
)
(277.0
)
Proceeds from stock option exercises
35.6
142.9
Purchase of treasury stock
(900.0
)
0.0
Payment of business acquisition liabilities
(5.9
)
0.0
Deferred financing and other
(4.9
)
(1.1
)
Net cash (used in) financing activities
(1,162.4
)
(343.4
)
F/X impact on cash
8.8
(9.9
)
Net change in cash and cash equivalents
$
(555.1
)
$
619.6
2025 and 2024 Product Line Net Sales
Three Months Ended
Percent
12/31/2025
12/31/2024
Change
Household Products
$
645.3
$
654.8
-1.5
%
Personal Care Products
625.9
570.9
9.6
%
Consumer Domestic
$
1,271.2
$
1,225.7
3.7
%
Consumer International
299.8
285.1
5.2
%
Total Consumer Net Sales
$
1,571.0
$
1,510.8
4.0
%
Specialty Products Division
73.2
71.2
2.8
%
Total Net Sales
$
1,644.2
$
1,582.0
3.9
%
Twelve Months Ended
Percent
12/31/2025
12/31/2024
Change
Household Products
$
2,556.9
$
2,584.3
-1.1
%
Personal Care Products
2,217.9
2,148.0
3.3
%
Consumer Domestic
$
4,774.8
$
4,732.3
0.9
%
Consumer International
1,129.4
1,071.5
5.4
%
Total Consumer Net Sales
$
5,904.2
$
5,803.8
1.7
%
Specialty Products Division
299.0
303.3
-1.4
%
Total Net Sales
$
6,203.2
$
6,107.1
1.6
%
Non-GAAP Measures:
The following discussion addresses the non-GAAP measures used in this press release and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the comparable GAAP measures. The following non-GAAP measures may not be the same as similar measures provided by other companies due to differences in methods of calculation and items and events being excluded.
Organic Sales Growth:
This press release provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes. Management believes that the presentation of organic sales growth is useful to investors because it enables them to assess, on a consistent basis, sales trends related to products that were marketed by the Company during the entirety of relevant periods, excluding the impact of acquisitions, divestitures, and foreign exchange rate changes that are out of the control of, and do not reflect the performance of the Company and management.
Adjusted Gross Margin:
This press release provides information regarding adjusted gross margin, namely gross margin calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year gross margin.
Adjusted Selling, General, and Administrative Expense (SG&A):
This press release also presents adjusted SG&A, namely, SG&A calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year SG&A expense.
Adjusted Income from Operations:
This press release also presents adjusted income from operations, namely income from operations calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year income from operations.
Adjusted Other Income (expense):
This press release also presents adjusted other income (expense), namely other income (expense) calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year other income (expense).
Adjusted EPS:
This press release also presents adjusted earnings per share, namely, EPS calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year EPS growth.
CHURCH & DWIGHT CO., INC.
Organic Sales
Three Months Ended 12/31/2025
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
3.9%
4.0%
3.7%
5.2%
2.8%
Less:
Acquisitions
4.2%
4.5%
5.3%
1.3%
0.0%
Add:
FX / Other
-0.4%
-0.4%
0.0%
-2.2%
0.0%
Divestitures
1.4%
1.5%
1.5%
1.9%
0.0%
Organic Sales Growth
0.7%
0.6%
-0.1%
3.6%
2.8%
Twelve Months Ended 12/31/2025
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
1.6%
1.7%
0.9%
5.4%
-1.4%
Less:
Acquisitions
1.9%
1.9%
2.2%
1.0%
0.0%
Add:
FX / Other
0.0%
0.0%
0.0%
0.2%
-0.3%
Divestitures
1.0%
0.8%
0.8%
0.9%
4.3%
Organic Sales Growth
0.7%
0.6%
-0.5%
5.5%
2.6%
CHURCH & DWIGHT CO., INC.
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited)
(Dollars in millions, except per share data)
Three Months Ended December 31, 2025
As Reported
(US GAAP)
Year-over-
year GAAP
Change
Business
exit related
impairments
ERP Project
Costs
Waterpik
Restructuring
Hero
Restricted
Stock
Touchland
Restricted
Stock
Touchland
Earnout
VMS
Divestiture
Adjusted
(non-GAAP)
Year-over-
year Non
GAAP
Change
Net Sales
$
1,644.2
$
62.2
$
0.0
$
0.0
$
0.0
$
0.0
$
0.0
$
0.0
$
0.0
$
1,644.2
$
62.2
Cost of sales
890.4
16.3
5.4
0.0
0.0
0.0
0.0
0.0
0.0
895.8
19.3
Gross Profit
753.8
45.9
(5.4
)
0.0
0.0
0.0
0.0
0.0
0.0
748.4
42.9
Gross Margin
45.8
%
1.1
%
45.5
%
0.9
%
Marketing expenses
212.3
4.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
212.3
4.4
Percent of Net Sales
12.9
%
-0.2
%
12.9
%
-0.2
%
SG&A
275.5
32.2
0.0
(3.2
)
0.0
0.0
(6.3
)
(12.0
)
0.0
254.0
13.8
Percent of Net Sales
16.8
%
1.4
%
15.4
%
0.2
%
VMS Trade name and other asset impairments
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Percent of Net Sales
0.0
%
0.0
%
0.0
%
0.0
%
Income from Operations
266.0
9.3
(5.4
)
3.2
0.0
0.0
6.3
12.0
0.0
282.1
24.7
Operating Margin
16.2
%
0.0
%
17.2
%
0.9
%
Equity in earnings of affiliates
1.3
(0.6
)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.3
(0.6
)
Other income (expense), net
(79.2
)
(73.7
)
0.0
0.0
0.0
0.0
0.0
0.0
58.5
(20.7
)
(15.0
)
Income before Income Taxes
188.1
(65.0
)
(5.4
)
3.2
0.0
0.0
6.3
12.0
58.5
262.7
9.1
Income taxes
44.6
(19.3
)
(1.3
)
0.8
0.0
0.0
0.0
0.0
12.9
57.0
(6.1
)
Net Income
$
143.5
$
(45.7
)
$
(4.1
)
$
2.4
$
0.0
$
0.0
$
6.3
$
12.0
$
45.6
$
205.7
$
15.2
Net Income per share - Diluted
$
0.60
-21.1
%
$
(0.01
)
$
0.01
$
0.0
$
0.0
$
0.03
$
0.05
$
0.18
$
0.86
11.7
%
Amounts may not add due to rounding
(Dollars in millions, except per share data)
Twelve Months Ended December 31, 2025
As Reported
(US GAAP)
Year-over
year GAAP
Change
Business
exit related
impairments
ERP Project
Costs
Waterpik
Restructuring
Hero
Restricted
Stock
Touchland
Restricted
Stock
Touchland
Earnout
VMS
Divestiture
Adjusted
(non-GAAP)
Year-over-
year Non
GAAP
Change
Net Sales
$
6,203.2
$
96.1
$
0.0
$
0.0
$
0.0
$
0.0
$
0.0
$
0.0
$
0.0
$
6,203.2
$
96.1
Cost of sales
$
3,428.4
111.4
(25.0
)
0.0
(1.9
)
0.0
0.0
0.0
0.0
3,401.5
52.8
Gross Profit
2,774.8
(15.3
)
25.0
0.0
1.9
0.0
0.0
0.0
0.0
2,801.7
43.3
Gross Margin
44.7
%
-1.0
%
45.2
%
0.0
%
Marketing expenses
708.9
10.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
708.9
10.8
Percent of Net Sales
11.4
%
0.0
%
11.4
%
0.0
%
SG&A
988.3
60.5
(20.6
)
(8.2
)
(1.5
)
(5.8
)
(11.5
)
(19.0
)
0.0
921.7
14.3
Percent of Net Sales
15.9
%
0.7
%
14.9
%
0.0
%
VMS Trade name and other asset impairments
0.0
(357.1
)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Percent of Net Sales
0.0
%
-5.8
%
0.0
%
0.0
%
Income from Operations
1,077.6
270.5
45.6
8.2
3.4
5.8
11.5
19.0
0.0
1,171.1
18.2
Operating Margin
17.4
%
4.1
%
18.9
%
0.0
%
Equity in earnings of affiliates
7.9
(1.2
)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
7.9
(1.2
)
Other income (expense), net
(128.6
)
(68.7
)
0.0
0.0
0.0
0.0
0.0
0.0
58.5
(70.1
)
(5.4
)
Income before Income Taxes
956.9
200.6
45.6
8.2
3.4
5.8
11.5
19.0
58.5
1,108.9
11.6
Income taxes
220.1
49.1
11.1
2.1
0.8
0.0
0.0
0.0
12.9
247.0
(1.9
)
Net Income
$
736.8
$
151.5
$
34.5
$
6.1
$
2.6
$
5.8
$
11.5
$
19.0
$
45.6
$
861.9
$
13.5
Net Income per share - Diluted
$
3.02
27.4
%
$
0.14
$
0.02
$
0.01
$
0.03
$
0.05
$
0.08
$
0.18
$
3.53
2.6
%
Amounts may not add due to rounding
(Dollars in millions, except per share data)
Three Months Ended December 31, 2024
As Reported
(US GAAP)
Year-over-year
GAAP Change
Tariff Ruling
Hero Restricted
Stock
VMS Trade name and other asset impairments
Adjusted
(non-GAAP)
Year-over-year
Non GAAP
Change
Net Sales
$
1,582.0
$
54.0
$
0.0
$
0.0
$
0.0
$
1,582.0
$
54.0
Cost of sales
874.1
27.4
2.4
0.0
0.0
876.5
29.8
Gross Profit
707.9
26.6
(2.4
)
0.0
0.0
705.5
24.2
Gross Margin
44.7
%
0.1
%
44.6
%
0.0
%
Marketing expenses
207.9
(11.1
)
0.0
0.0
0.0
207.9
(11.1
)
Percent of Net Sales
13.1
%
-1.2
%
13.1
%
-1.2
%
SG&A
243.3
(2.9
)
0.0
(3.1
)
0.0
240.2
1.3
Percent of Net Sales
15.4
%
-0.7
%
15.2
%
-0.4
%
VMS Trade name and other asset impairments
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Percent of Net Sales
0.0
%
0.0
%
0.0
%
0.0
%
Income from Operations
256.7
40.6
(2.4
)
3.1
0.0
257.4
34.0
Operating Margin
16.2
%
2.0
%
16.3
%
1.6
%
Equity in earnings of affiliates
1.9
1.3
0.0
0.0
0.0
1.9
1.3
Other income (expense), net
(5.5
)
16.0
(0.2
)
0.0
0.0
(5.7
)
15.8
Income before Income Taxes
253.1
57.9
(2.6
)
3.1
0.0
253.6
51.1
Income taxes
63.9
22.4
(0.8
)
0.0
0.0
63.1
21.6
Net Income
$
189.2
$
35.5
$
(1.8
)
$
3.1
$
0.0
$
190.5
$
29.5
Net Income per share - Diluted
$
0.76
22.6
%
$
0.0
$
0.01
$
0.0
$
0.77
18.5
%
Amounts may not add due to rounding
(Dollars in millions, except per share data)
Twelve Months Ended December 31, 2024
As Reported
(US GAAP)
Year-over-year
GAAP Change
Tariff Ruling
Hero Restricted
Stock
VMS Trade name and other asset impairments
Adjusted
(non-GAAP)
Year-over-year
Non GAAP
Change
Net Sales
$
6,107.1
$
239.2
$
0.0
$
0.0
$
0.0
$
6,107.1
$
239.2
Cost of sales
3,317.0
37.6
31.7
0.0
0.0
3,348.7
69.3
Gross Profit
2,790.1
201.6
(31.7
)
0.0
0.0
2,758.4
169.9
Gross Margin
45.7
%
1.6
%
45.2
%
1.1
%
Marketing expenses
698.1
56.8
0.0
0.0
0.0
698.1
56.8
Percent of Net Sales
11.4
%
0.5
%
11.4
%
0.5
%
SG&A
927.8
38.0
0.0
(20.4
)
0.0
907.4
46.8
Percent of Net Sales
15.2
%
0.0
%
14.9
%
0.2
%
VMS Trade name and other asset impairments
357.1
357.1
0.0
0.0
(357.1
)
0.0
0.0
Percent of Net Sales
5.8
%
5.8
%
0.0
%
0.0
%
Income from Operations
807.1
(250.3
)
(31.7
)
20.4
357.1
1,152.9
66.3
Operating Margin
13.3
%
-4.7
%
18.9
%
0.4
%
Equity in earnings of affiliates
9.1
0.4
0.0
0.0
0.0
9.1
0.4
Other income (expense), net
(59.9
)
38.8
(4.8
)
0.0
0.0
(64.7
)
34.0
Income before Income Taxes
756.3
(211.1
)
(36.5
)
20.4
357.1
1,097.3
100.7
Income taxes
171.0
(40.8
)
(9.1
)
0.0
87.0
248.9
37.1
Net Income
$
585.3
$
(170.3
)
$
(27.4
)
$
20.4
$
270.1
$
848.4
$
63.6
Net Income per share - Diluted
$
2.37
-22.3
%
$
(0.11
)
$
0.08
$
1.10
$
3.44
8.5
%
Amounts may not add due to rounding
Reported and Organic Forecasted Sales Reconciliation
For the Quarter
For the Year
Ended
Ended
March 31, 2026
December 31, 2026
Reported Sales Growth
-1.0%
-1.5% to -0.5%
Acquisition
-2.6%
-1.5%
Divestiture/Other
7.5%
6.5%
FX
-0.9%
-0.5%
Organic Sales Growth
3.0%
3% to 4%
For the year ended
December 31, 2026
For the year ended
December 31, 2025
Adjusted Diluted Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share - Reported
$
3.57 to 3.67
$
3.02
ERP Project Costs
0.04
0.02
Touchland Restricted Stock
0.10
0.05
Business Exit Related Impairments
0.00
0.14
Hero Restricted Stock
0.00
0.03
Waterpik Restructuring
0.00
0.01
Touchland Earnout
0.00
0.08
VMS Divestiture
0.00
0.18
Diluted Earnings Per Share - Adjusted (non-GAAP)
$
3.71 to 3.81
$
3.53
View source version on businesswire.com: https://www.businesswire.com/news/home/20260130391816/en/
Lee McChesney
Chief Financial Officer
609-806-1200
Original: Church & Dwight Reports Q4 2025 and 2025 Results and Provides 2026 Outlook
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