10-Q · July 9, 2026
WD-40 Company reported strong Q3 2026 results with revenues of $195.1 million, a 24% increase year-over-year, driven by a significant 45% rise in diluted EPS to $2.24. The company also updated its annual revenue…
Earnings analysis · 10-K
WDFC earnings analysis
Filed October 26, 2026 · Our reading of the company's report
The latest report
WD-40 delivered strong fiscal 2026 top-line performance, with revenue up 11% and growth across all three regions, led by maintenance products and WD-40 Specialist. Underlying earnings improved after adjusting for…
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WD-40 delivered strong fiscal 2026 top-line performance, with revenue up 11% and growth across all three regions, led by maintenance products and WD-40 Specialist. Underlying earnings improved after adjusting for one-time items, but reported EPS declined to $6.08 from $6.69 because of the prior-year tax benefit, while fourth-quarter input-cost pressure materially weakened margins. Fiscal 2027 targets imply continued growth, but the outlook depends on pricing offsetting specialty-chemical inflation and on execution across a highly international, outsourced supply chain.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.08
What stood out
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Broad-based revenue growth
Fiscal 2026 net sales increased 11% to $688.0 million, with constant-currency growth of 7%. Sales volume contributed approximately $38.2 million and pricing contributed approximately $8.0 million.
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Core maintenance portfolio accelerated
Maintenance products were the key growth engine, increasing 13% to $665.9 million. WD-40 Multi-Use Product rose 11% to $532.7 million and WD-40 Specialist rose 21% to $99.1 million.
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Growth across every region
All three geographic segments grew: Americas revenue increased 12% to $326.2 million, EIMEA increased 10% to $259.3 million, and Asia-Pacific increased 10% to $102.5 million.
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Underlying profitability improved
Annual gross margin improved 20 basis points to 55.3%, while operating income increased 5% to $108.9 million. Adjusted net income increased 6% to $83.7 million after excluding one-time items.
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Strong cash generation
Operating cash flow increased to $105.0 million from $87.9 million in fiscal 2025 and $92.0 million in fiscal 2024. Cash and cash equivalents ended the year at $70.6 million.
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Shareholder returns remain substantial
The company returned approximately $83.7 million to stockholders through dividends and repurchases, including $54.0 million of dividends and $29.6 million of share repurchases. The new fiscal 2027 repurchase authorization permits up to $100.0 million of additional purchases.
What to watch
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Input costs and Middle East disruption
Middle East conflict-related oil and specialty-chemical inflation reduced fourth-quarter gross margin by 370 basis points versus the prior-year quarter. The filing also cites $2.1 million of higher EIMEA freight expense from related supply-chain disruptions, while price increases may pressure future volumes.
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High international and FX exposure
International exposure is substantial: sales outside the U.S. represented approximately 66% of fiscal 2026 consolidated net sales, and approximately 55% of revenue was generated in non-U.S. currencies. Currency weakness, tariffs, geopolitical instability, or disrupted shipping could therefore materially affect reported sales and earnings.
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Concentrated outsourced supply chain
The company relies on a limited base of third-party manufacturers, logistics providers, and raw-material suppliers, including single- or sole-source suppliers. It has $18.6 million of disclosed minimum purchase obligations through fiscal 2031 and warns that aerosol capacity constraints and supplier disruptions can delay production and fulfillment.
Management's outlook
Fiscal 2027 outlook calls for constant-currency net sales of $715 million-$735 million, operating income of $114 million-$120 million, gross margin of 54.0%-55.5%, and diluted EPS of $6.40-$6.70. The filing provides no prior Fiscal 2027 outlook for comparison. The new Enduring Business Model targets annual constant-currency sales growth of 5%-9%, gross margin above 55%, and Adjusted EBITDA growth exceeding sales growth.
Earlier filings 2
10-Q · April 9, 2026
Revenue grew 10.7% year-over-year to $161,671 (in thousands) while gross margin expanded to ~55.6% and operating margin ticked up to ~16.3%. However, net income fell to $20,318 (in thousands) and diluted EPS declined to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.