WD-40 Company
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Item 1. Business
Overview
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 was founded in 1953 and is headquartered in San Diego, California.
For more than four decades, we sold only one product, WD-40® Multi-Use Product, a multi-purpose maintenance product which acts as a lubricant, rust preventative, penetrant and moisture displacer. Over the last several decades, we have evolved and expanded our product offerings through both research and development activities and through the acquisition of several of our smaller brands worldwide. As a result, we have built a family of brands and product lines that deliver high quality performance at a good value to our end users.
We currently market and sell our products in more than 176 countries and territories worldwide primarily through hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, warehouse club stores, farm supply stores, sport retailers, and independent bike dealers.
Our sales come from two product groups – maintenance products and homecare and cleaning products. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America, the United Kingdom (“U.K.”) and Australia. We sold certain assets of the homecare and cleaning product brands in the EIMEA segment in the fourth quarter of fiscal year 2025. See Note 3. Assets Held for Sale of the consolidated financial statements, included in Item 15 of this report for additional information on this sale. These brands are included in the results of operations in the consolidated statements of operations for fiscal year 2025. We continue to make available for sale certain assets of our homecare and cleaning product portfolios in the Americas segment and are expecting the sale of these portfolios in fiscal year 2026. This potential sale will allow us to focus on our core, higher-margin maintenance products that are included in our strategic framework. The principal driver of our sales growth is focused on our maintenance products and making them available in more places, for more people, who we expect will find more uses, more frequently.
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Our future is guided by a long-term four-by-four strategic framework tied to our purpose and our values. There are two main elements of our strategic framework.
The first element of our four-by-four strategic framework, which we refer to as our Must-Win Battles, focuses on increasing sales of our maintenance products. Our four Must-Win Battles include:
1.growing WD-40 Multi-Use Product sales through geographic expansion;
2.growing sales and gross margin through the premiumization of WD-40 Multi-Use Product;
3.growing the WD-40 Specialist product line through category leadership; and
4.accelerating our capabilities in building our brand digitally and maximizing our global digital commerce presence.
The second element of our four-by-four strategic framework, which we refer to as our Strategic Enablers, focuses on operational excellence. Our four Strategic Enablers include:
1.ensuring a people-first mindset where we can attract, develop and engage outstanding employees;
2.building a sustainable business for the future;
3.achieving operational excellence in supply chain; and
4.driving productivity through enhanced systems.
These elements are the foundation of our four-by-four strategic framework and are where we will continue to focus our time, talent and resources.
We continue to be focused and committed to innovation and renovation of our products. We see innovation and renovation as important factors to the long-term growth and enhancing the sustainability of our brands and product lines. We intend to continue to work on future products, product lines, product packaging, and product delivery systems, as well as promotional innovations and renovations to expand our product portfolio, build a more sustainable future, and to help us grow. We are also focused on expanding our current brands in existing markets with new product development. Our research and development team supports new product development and current product improvement for our brands. Over the years, the impact of our research and development team on most of our brands and products has been reflected through our innovation. Key innovations for our products include, but are not limited to, WD-40 EZ-Reach Flexible Straw®, WD-40 Smart Straw®, WD-40 Trigger Pro®, WD-40 Specialist®, WD-40 Specialist® Degreaser & Cleaner EZ-Pods, WD-40® Precision Pen, WD-40 BIKE®, 3-IN-ONE RVcare® and 3-IN-ONE® Professional Garage Door Lube.
Our homecare and cleaning products in the Americas and Asia-Pacific segments are considered harvest brands, which continue to provide positive returns but are becoming a smaller part of the business as sales of the maintenance products grow with the execution of our four Must Win Battles within our strategic framework. We have continued to sell products within these brands but with a reduced level of marketing investment over time.
Human Capital Resources
Our purpose can only be achieved with the efforts of our 714 employees who live our values and create positive lasting memories for our stakeholders, including end users solving problems in factories, workshops, and homes around the world. Our workforce is distributed globally in 18 countries, with approximately 35% in the Americas, 40% in EIMEA, 15% in Asia-Pacific, and 10% corporate employees. Women make up approximately 46% of our global workforce. The average tenure of our global workforce is eight years and our average employee retention rate is greater than 90%.
Our purpose-driven and values-guided culture generates an important competitive advantage through our ability to attract, develop, retain and engage outstanding people. Consistently living our company values grants each of us the freedom to make autonomous decisions in the best interest of all stakeholders. We are committed to celebrating diversity of thought and lived experiences, providing equitable access to opportunities, and creating a culture where everyone experiences a sense of inclusion and belonging.
We are a meritocracy with a competitive performance-based total rewards strategy, where compensation and career advancement are determined by demonstrated competencies and contributions. Our calendar year 2023 global pay equity study reaffirmed there were not statistically significant or systemic gender-based pay disparities, ensuring all compensation decisions were rooted in job-related criteria with no evidence of biased decision-making. The Compensation and People Committee of our Board of Directors provides oversight of our relevant people-management practices.
Our workforce is comprised of the following functions: marketing, sales, customer service, finance and accounting, investor relations, legal, information technology, human resources, supply chain and logistics, innovation, research and
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development, environmental programs, quality, and other technical fields. The success of our teams is accelerated through global collaboration and our bold ambition to become a world-class learning organization.
Products
Maintenance Products
We offer multi-purpose maintenance products and specialty maintenance products. These maintenance products are sold worldwide and they provide end users with a variety of product application and delivery system options.
Our signature product is WD-40 Multi-Use Product in the blue and yellow can with the little red top. It accounts for a significant majority of our sales in the maintenance product category. We have various products and product lines which we currently sell under the WD-40 Brand:
WD-40® Multi-Use Product – The WD-40 Multi-Use Product is a market leader in many countries among multi-purpose maintenance products and is sold as an aerosol spray with various unique delivery systems, a non-aerosol trigger spray, a precision pen, and in liquid-bulk form through mass retail stores, hardware stores, automotive parts outlets, online retailers, warehouse club stores and industrial distributors and suppliers. The WD-40 Multi-Use Product is sold worldwide in North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa. WD-40 Multi-Use Product has a wide variety of consumer uses in, for example, household, marine, automotive, construction, repair, sporting goods and gardening applications, in addition to numerous industrial applications.
WD-40 Specialist® product line – WD-40 Specialist consists of a line of professional-grade specialty maintenance products that includes penetrants, degreasers, corrosion inhibitors, greases, lubricants and rust removers that are aimed at professionals and consumer enthusiasts. These products are also sold with various unique delivery systems. The WD-40 Specialist product line is sold primarily in the U.S. and many countries in Europe, as well as parts of Canada, Latin America, Australia and Asia. Within the WD-40 Specialist product line, we also sell bike-specific products across all our segments, motorbike-specific products in Europe and Asia, lawn and garden specific products in Australia, and automotive specific products in Asia.
We also have the following additional brands which are included within our maintenance products group:
3-IN-ONE® – The 3-IN-ONE brand consists of multi-purpose drip oil, specialty drip oils, and specialty aerosol maintenance products. The multi-purpose drip and specialty oil lubricant feature the Marksman® Spout to deliver precise application to small mechanisms and assemblies, tool maintenance and threads on screws and bolts. 3-IN-ONE Oil is the market share leader among drip oils in many countries. It also has wide industrial applications in such areas as locksmithing, HVAC, marine, farming and construction. In addition to the drip oil line of products, the 3-IN-ONE brand also includes professional-grade aerosol specialty maintenance products, such as 3-IN-ONE RVcare products, 3-IN-ONE Garage Door Lubricant and 3-IN-ONE Lock Dry Lube. The long legacy, brand awareness and high quality of the 3-IN-ONE brand and its established distribution network have enabled these products to gain international acceptance. 3-IN-ONE products are sold primarily in the U.S., Europe, Canada, Latin America and Australia.
GT85® – The GT85 brand is a multi-purpose bike maintenance product line that consists of professional spray maintenance products and lubricants which are sold primarily in the bike market through the automotive and industrial channels in the U.K.
Homecare and Cleaning Products
We sell our homecare and cleaning products in certain locations worldwide and they include a portfolio of well-known brands. We are pursuing the sale of certain assets of these portfolios in the Americas segments in fiscal year 2026 and are
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classified as held for sale. Certain of our homecare and cleaning product brands will continue to be held for use due to their significance to the business within certain regional markets in the Asia-Pacific segment.
We are actively pursuing the sale in fiscal year 2026 of the following homecare and cleaning product brands in the Americas segment:
2000 Flushes® – The 2000 Flushes brand is a line of long-lasting automatic toilet bowl cleaners. It includes a variety of formulas, including the Bleach and Blue plus Bleach that has a unique EPA-approved “kills bacteria” claim. 2000 Flushes is sold primarily in the U.S. and Canada through grocery and mass retail channels as well as through online retailers.
Spot Shot® – The Spot Shot brand is sold as an aerosol and a liquid trigger carpet stain and odor eliminator. The brand includes Spot Shot Instant Carpet Stain & Odor Eliminator and the environmentally friendly product Spot Shot Pet Instant Carpet Stain & Odor Eliminator, which has a non-toxic and biodegradable formula. Spot Shot products are sold primarily through grocery, online retailers, warehouse club stores and hardware and home center stores in the U.S., Canada and the U.K.
Carpet Fresh® – The Carpet Fresh brand is a line of room and rug deodorizers sold as powder and aerosol quick-dry foam products. This product is sold primarily through grocery, mass, and value retail channels as well as through online retailers in the U.S. under a third party licensing agreement.
Lava® – The Lava brand consists of heavy-duty hand cleaner products which are sold in bar soap and liquid form through hardware, grocery, industrial, automotive and mass retail channels as well as through online retailers primarily in the U.S.
X-14®
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
As used in this report, the terms “we,” “our,” and “us” and “the Company” refer to WD-40 Company and its wholly-owned subsidiaries, unless the context suggests otherwise. Amounts and percentages in tables and discussions may not total due to rounding.
The following information is provided as a supplement to, and should be read in conjunction with, the unaudited condensed consolidated financial statements and notes thereto included in Part I—Item 1 of this Quarterly Report and the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”) on October 27, 2025.
Use of Non-GAAP Constant Currency
In order to show the impact of changes in foreign currency exchange rates on our results of operations, we have included constant currency disclosures, where necessary, in the Overview and Results of Operations sections which follow. Constant currency disclosures represent the translation of our current fiscal year revenues, expenses and net income from the functional currencies of our subsidiaries to U.S. Dollars using the exchange rates in effect for the corresponding period of the prior fiscal year. Results on a constant currency basis are not in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”) and should be considered in addition to, not as a substitute for, results prepared in accordance with U.S. GAAP. We use results on a constant currency basis as one of the measures to understand our operating results and evaluate our performance in comparison to prior periods in order to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing our underlying business performance and trends. However, reference to constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. This report contains forward-looking statements, which reflect our current views with respect to future events and financial performance. 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. We undertake no obligation to revise or update any forward-looking statements.
Actual events or results may differ materially 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 our Annual Report on Form 10-K for the fiscal year ended August 31, 2025, and in Part II—Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q.
Overview
The Company
WD-40 Company based in San Diego, California, 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. We own a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40®
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Multi-Use Product, WD-40 Specialist®, 3-IN-ONE®, GT85®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, Lava® and Solvol®.
Our products are sold in various locations around the world. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America and Australia. We sell our products primarily through hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, warehouse club stores, farm supply stores, sport retailers, and independent bike dealers. During the prior fiscal year 2025, certain assets of our homecare and cleaning product businesses in the Americas segment were reclassified to held for sale and they continue to be classified as held for sale as of February 28, 2026. The Company sold its homecare and cleaning product brands in the EIMEA segment during the fourth quarter of fiscal year 2025. These brands are included in fiscal year 2025 financial results but are not included in fiscal year 2026 financial results.
Highlights
The following summarizes the financial and operational highlights for our business during the six months ended February 28, 2026:
•Consolidated net sales increased $16.5 million or 6%, to $316.1 million compared to the corresponding period of the prior fiscal year. Changes in foreign currency exchange rates from period to period had a favorable impact of $12.7 million on consolidated net sales for the first six months of fiscal year 2026. On a constant currency basis, net sales would have increased by $3.8 million, or 1%, from period to period. This favorable impact from changes in foreign currency exchange rates mainly came from our EIMEA segment, which accounted for 39% of our consolidated sales for the six months ended February 28, 2026. Increases in the average selling price of our products positively impacted net sales by approximately $4.5 million from period to period. Decreases in sales volume unfavorably impacted net sales by approximately $0.7 million from period to period, however, approximately $3.1 million of the decrease in sales volume for the six months ended February 28, 2026 was driven by the sale of our HCCP business in EIMEA during fiscal year 2025. Therefore, sales volume would have increased $2.4 million for the first six months of fiscal year 2026 on a comparable basis to prior year. Changes to net sales attributable to volumes and average selling price of our products are impacted by differences in sales mix related to products, markets and distribution channels from period to period.
•Gross profit as a percentage of net sales increased to 55.9% from 54.7% in the corresponding period of the prior fiscal year.
•Consolidated net income decreased $11.0 million, or 23%, compared to the corresponding period of the prior fiscal year. During the second quarter of the prior fiscal year, we released an uncertain tax position that generated a favorable income tax adjustment of $11.9 million. Excluding this one-time benefit from the prior fiscal year, net income would have increased $0.9 million, or 3%.
•Diluted earnings per common share were $2.78 versus $3.58 in the prior fiscal year period. As noted above, during the second quarter of the prior fiscal year, we released an uncertain tax position that generated a favorable income tax adjustment. Excluding this one-time benefit, on a Non-GAAP basis, prior year adjusted diluted EPS was $2.71.
•During the six months ended February 28, 2026, we returned approximately $42.4 million to our stockholders through share repurchases and dividends.
Significant Developments
We are currently monitoring the geopolitical conflicts in the Middle East which could adversely impact our results. Volatility in the price of oil impacts the cost of petroleum-based specialty chemicals included in our maintenance products. Subsequent to the escalation of these conflicts that occurred in late February 2026, the cost of these petroleum-based specialty chemicals have increased and will impact our cost of products sold. There is a delay before changes in costs of raw materials impact cost of products sold due to production and inventory life cycles. We do not expect significant impacts to our cost of products sold until the fourth quarter of fiscal year 2026 based on current inventory levels and inventory life cycles. Management is currently considering mitigation strategies to reduce the negative impacts these recent
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geopolitical impacts will have on gross margin. It is not possible to reliably estimate the impact on our gross margin, nor the length or severity of the impact. While input costs other than petroleum-based specialty chemicals could increase in future periods, such increases have not significantly impacted the cost of our products to date.
In addition, these developments have caused supply chain disruptions within the EIMEA segment for our Middle East distribution network, impacting the sourcing of raw materials by certain of our third-party manufacturers as well as shipping routes to certain customers supplied within our Middle East distribution network. Our net sales to these regions were approximately 3% of consolidated net sales for fiscal year 2025 and approximately 2% of consolidated net sales for the first half of fiscal year 2026. While supply chain constraints may impact our ability to service these areas, we anticipate that demand for our product will not be negatively impacted. We are actively managing these supply chain constraints and transportation disruptions through various temporary measures, such as utilizing different shipping routes within the region as well as working with our third-party manufacturers to ensure flexibility within our supply chain during these conflicts.
The severity and duration of these conditions and their effects on our supply chain and our cost of products sold remain uncertain and it is not possible to estimate the extent to which these conditions will impact our financial results and operations in future periods.
For further information, see our risk factors disclosed in Part I―Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2025, which was filed with the SEC on October 27, 2025.
Results of Operations
Three and Six Months Ended February 28, 2026 Compared to Three and Six Months Ended February 28, 2025
Operating Items
The following table summarizes operating data for our consolidated operations (in thousands, except percentages and per share amounts):
| Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change from Prior Year | 2026 | 2025 | Change from Prior Year | |||||||||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||||||||||||||
| 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 | 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 (1) | 4,837 | 6,787 | (1,950) | (29) | % | 10,365 | 14,775 | (4,410) | (30) | % | ||||||||||||||||||||||||||||||||||||
| Total net sales | 161,671 | 146,104 | 15,567 | 11 | % | 316,094 | 299,599 | 16,495 | 6 | % | ||||||||||||||||||||||||||||||||||||
| Cost of products sold | 71,730 | 66,388 | 5,342 | 8 | % | 139,321 | 135,796 | 3,525 | 3 | % | ||||||||||||||||||||||||||||||||||||
| Gross profit | 89,941 | 79,716 | 10,225 | 13 | % | 176,773 | 163,803 | 12,970 | 8 | % | ||||||||||||||||||||||||||||||||||||
| Operating expenses | 63,653 | 56,436 | 7,217 | 13 | % | 127,227 | 115,401 | 11,826 | 10 | % | ||||||||||||||||||||||||||||||||||||
| Income from operations | $ | 26,288 | $ | 23,280 | $ | 3,008 | 13 | % | $ | 49,546 | $ | 48,402 | $ | 1,144 | 2 | % | ||||||||||||||||||||||||||||||
Net income (2) | $ | 20,318 | $ | 29,851 | $ | (9,533) | (32) | % | $ | 37,769 | $ | 48,776 | $ | (11,007) | (23) | % | ||||||||||||||||||||||||||||||
EPS – diluted (3) | $ | 1.50 | $ | 2.19 | $ | (0.69) | (32) | % | $ | 2.78 | $ | 3.58 | $ | (0.80) | (22) | % | ||||||||||||||||||||||||||||||
| Shares used in diluted EPS | 13,508 | 13,572 | (64) | — | % | 13,529 | 13,572 | (43) | — | % | ||||||||||||||||||||||||||||||||||||
(1)Homecare and cleaning products (“HCCP”). Approximately $1.5 million and $3.1 million of the decrease in net sales of HCCP for the three and six months ended February 28, 2026, respectively, was driven by the sale of our HCCP business in EIMEA during fiscal year 2025.
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(2)During the second quarter of fiscal year 2025, we released an uncertain tax position that generated a favorable income tax adjustment of $11.9 million. Excluding this one-time benefit, on a non-GAAP basis, prior quarter and prior year net income was $17.9 million and $36.8 million for the three and six months ended February 28, 2025, respectively.
(3)Excluding the one-time tax benefit discussed above, on a non-GAAP basis, prior quarter and prior year adjusted diluted EPS was $1.32 and $2.71 for the three and six months ended February 28, 2025, respectively.
Net Sales by Segment
The following table summarizes net sales by segment (in thousands, except percentages):
| Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change from Prior Year | 2026 | 2025 | Change from Prior Year | |||||||||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||||||||||||
| Americas | $ | 71,814 | $ | 65,529 | $ | 6,285 | 10 | % | $ | 143,687 | $ | 134,965 | $ | 8,722 | 6 | % | ||||||||||||||||||||||||||||||
EIMEA (1) | 64,869 | 59,575 | 5,294 | 9 | % | 123,544 | 117,058 | 6,486 | 6 | % | ||||||||||||||||||||||||||||||||||||
| Asia-Pacific | 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 | % | ||||||||||||||||||||||||||||||
(1)Prior fiscal year net sales include sales related to our EIMEA HCCP business, which was sold at the end of fiscal year 2025 and is no longer included in current year results. The divestiture resulted in approximately $1.5 million and $3.1 million reduction in net sales for the three and six months ended February 28, 2026, respectively.
Americas Sales
The following table summarizes net sales by product line for the Americas segment, which includes the U.S., Canada and Latin America (in thousands, except percentages):
| Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change from Prior Year | 2026 | 2025 | Change from Prior Year | |||||||||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||||||||||||
| WD-40 Multi-Use Product | $ | 56,041 | $ | 51,058 | $ | 4,983 | 10 | % | $ | 110,625 | $ | 103,959 | $ | 6,666 | 6 | % | ||||||||||||||||||||||||||||||
| WD-40 Specialist | 9,020 | 7,720 | 1,300 | 17 | % | 18,437 | 15,953 | 2,484 | 16 | % | ||||||||||||||||||||||||||||||||||||
| Other maintenance products | 4,008 | 3,592 | 416 | 12 | % | 8,583 | 7,866 | 717 | 9 | % | ||||||||||||||||||||||||||||||||||||
| Total maintenance products | 69,069 | 62,370 | 6,699 | 11 | % | 137,645 | 127,778 | 9,867 | 8 | % | ||||||||||||||||||||||||||||||||||||
| HCCP | 2,745 | 3,159 | (414) | (13) | % | 6,042 | 7,187 | (1,145) | (16) | % | ||||||||||||||||||||||||||||||||||||
| Total net sales | $ | 71,814 | $ | 65,529 | $ | 6,285 | 10 | % | $ | 143,687 | $ | 134,965 | $ | 8,722 | 6 | % | ||||||||||||||||||||||||||||||
| % of consolidated net sales | 44 | % | 45 | % | 46 | % | 45 | % | ||||||||||||||||||||||||||||||||||||||
CC Net sales – non-GAAP (1) | $ | 70,601 | $ | 65,529 | $ | 5,072 | 8 | % | $ | 142,029 | $ | 134,965 | $ | 7,064 | 5 | % | ||||||||||||||||||||||||||||||
| Currency impact on current period – non-GAAP | $ | 1,213 | $ | 1,658 | ||||||||||||||||||||||||||||||||||||||||||
(1) Current fiscal year constant currency net sales translated at the foreign currency exchange rates in effect for the corresponding period of the prior fiscal year, compared to prior period actual net sales.
The following table summarizes management’s estimates of effects on net sales of changes in price, volume and foreign currency exchange rate impacts for the Americas segment (in millions):
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| Change from Prior Year | ||||||||||||||||||||||||
| First Quarter | Second Quarter | Year to Date | ||||||||||||||||||||||
Increase in average selling price(1) | $ | 0.6 | $ | 2.2 | $ | 2.8 | ||||||||||||||||||
Increase in sales volume(1) | 1.4 | 2.8 | 4.2 | |||||||||||||||||||||
| Currency impact on current period | 0.4 | 1.3 | 1.7 | |||||||||||||||||||||
| Increase in net sales | $ | 2.4 | $ | 6.3 | $ | 8.7 | ||||||||||||||||||
(1)Management’s estimates of changes in net sales attributable to volumes and the average selling price of our products are impacted by differences in sales mix related to products, markets and distribution channels from period to period.
Americas Sales – Three Months Ended – February 28, 2026 Compared to February 28, 2025
Net sales in the Americas segment increased from period to period, highlighted by the following:
•WD-40 Multi-Use Product sales increased $5.0 million, or 10%, due to the increase in the U.S. of $5.0 million. U.S. sales increased primarily due to higher sales volume from certain mass retailers and online retailers due to higher level of promotional activities and expanded distribution, as well as marginal price increases implemented in the first quarter of fiscal year 2026. Net sales in Latin America remained relatively constant but were primarily impacted by favorable changes in foreign currency exchange rates. On a constant currency basis, sales in Latin America would have decreased by approximately 5% period over period. Latin America distributor markets increased due to expanded distribution period over period. Sales in Mexico experienced decreased sales volume due to lower demand as a result of weak economic conditions and temporary delays in the supply chain. Sales volumes in Brazil decreased primarily due to lower demand as customers adjust to increases in average selling price.
•WD-40 Specialist sales increased $1.3 million, or 17%, primarily due to increased sales volumes in the U.S. driven by enhanced product placement and broader distribution at certain large retail customers. Net sales in the U.S. also increased due to continued increases in online retail sales in the fiscal year 2026.
•Other maintenance and homecare and cleaning product sales combined remained relatively constant from period to period.
•For the three months ended February 28, 2026, 72% of sales came from the U.S., and 28% of sales came from Canada and Latin America combined compared to the three months ended February 28, 2025 when 70% of sales came from the U.S., and 30% of sales came from Canada and Latin America.
Americas Sales – Six Months Ended – February 28, 2026 Compared to February 28, 2025
Net sales in the Americas segment increased from period to period, highlighted by the following:
•WD-40 Multi-Use Product sales increased $6.7 million, or 6%, primarily due to increases in the U.S. and Latin America of $5.3 million and $1.5 million, respectively. U.S. sales increased primarily due to increased online and large retail sales as well as higher sales volume due to higher level of promotional activities as discussed above in the section for the three months ended February 28, 2026. Latin America sales increased primarily due to a $1.3 million increase in Mexico due to favorable period over period changes in foreign currency exchange rates, as well as slight increases due to expanded distribution and successful promotional activities.
•WD-40 Specialist sales increased $2.5 million, or 16%, primarily due to increased online retail sales, new distribution and increased demand in the U.S as discussed above in the section for the three months ended February 28, 2026.
•Other maintenance product sales increased $0.7 million, or 9%, primarily due to increases in sales volume in the U.S. period over period.
•Homecare and cleaning product sales decreased $1.1 million, or 16%. Our HCCP products are considered harvest brands, which continue to provide positive returns but have become a smaller part of the business as we continue to emphasize focus on sales growth of maintenance products. We have continued to sell HCCP brand products but with a reduced level of marketing investment over time.
26
•For the six months ended February 28, 2026 and 2025, 72% of sales came from the U.S., and 28% of sales came from Canada and Latin America combined.
EIMEA Sales
The following table summarizes net sales by product line for the EIMEA segment, which includes Europe, India, the Middle East and Africa (in thousands, except percentages):
| Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change from Prior Year | 2026 | 2025 | Change from Prior Year | |||||||||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||||||||||||
| WD-40 Multi-Use Product | $ | 52,359 | $ | 46,406 | $ | 5,953 | 13 | % | $ | 97,308 | $ | 91,272 | $ | 6,036 | 7 | % | ||||||||||||||||||||||||||||||
| WD-40 Specialist | 9,574 | 8,424 | 1,150 | 14 | % | 19,507 | 16,241 | 3,266 | 20 | % | ||||||||||||||||||||||||||||||||||||
| Other maintenance products | 2,936 | 3,254 | (318) | (10) | % | 6,729 | 6,448 | 281 | 4 | % | ||||||||||||||||||||||||||||||||||||
| Total maintenance products | 64,869 | 58,084 | 6,785 | 12 | % | 123,544 | ||||||||||||||||||||||||||||||||||||||||
Next expected filings
- ~2026-07-10 10-Q expected by 2026-07-10 (in 1 day)
- ~2026-10-27 10-K expected by 2026-11-04 (in 110 days)
- ~2027-01-08 10-Q expected by 2027-01-08 (in 183 days)
- ~2027-04-09 10-Q expected by 2027-04-09 (in 274 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-06-25 8-K/A Officer/Director Change; Financial Statements and Exhibits
- 2026-06-04 8-K Officer/Director Change; Regulation FD Disclosure
- 2026-04-09 10-Q Quarterly Report
- 2026-04-09 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-19 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-01-08 10-Q Quarterly Report
- 2026-01-08 8-K Earnings Release; Financial Statements and Exhibits
- 2025-12-16 8-K Shareholder Vote Results; Other Events; Financial Statements and Exhibits
- 2025-10-27 10-K Annual Report
- 2025-10-22 8-K Earnings Release; Financial Statements and Exhibits
- 2025-10-14 8-K Officer/Director Change; Financial Statements and Exhibits
- 2025-09-02 8-K Material Agreement Entered; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-07-10 10-Q Quarterly Report
- 2025-07-10 8-K Earnings Release; Financial Statements and Exhibits
- 2025-04-09 10-Q Quarterly Report