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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-10585

CHURCH & DWIGHT CO., INC.

(Exact name of registrant as specified in its charter)

     Delaware

     13-4996950

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)

500 Charles Ewing Boulevard, Ewing, NJ 08628

(Address of principal executive offices)

Registrant’s telephone number, including area code: (609) 806-1200

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading Symbol(s)

     Name of each exchange
on which registered

     Common Stock, $1 par value

     CHD

     New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 29, 2026, there were 236,943,602 shares of Common Stock outstanding.

TABLE OF CONTENTS

PART I


Item		Page
1.	Financial Statements	3

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

3.	Quantitative and Qualitative Disclosures about Market Risk	29

4.	Controls and Procedures	29

PART II


1.	Legal Proceedings	30

1A.	Risk Factors	30

2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

5.	Other Information	32

6.	Exhibits	33

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In millions, except per share data)


	Three Months Ended
	March 31,			March 31,
	2026			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
Interest income		2.5			9.3
Interest expense		(24.0	)		(23.3	)
Other income (expense), net		0.8			(0.8	)
Income before Income Taxes		272.6			282.1
Income taxes		56.3			62.0
Net Income	$	216.3		$	220.1

Weighted average shares outstanding - Basic		236.5			245.8
Weighted average shares outstanding - Diluted		238.1			248.0
Net income per share - Basic	$	0.91		$	0.90
Net income per share - Diluted	$	0.91		$	0.89
Cash dividends per share	$	0.31		$	0.29

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)


	Three Months Ended
	March 31,			March 31,
	2026			2025
Net Income	$	216.3		$	220.1
Other comprehensive income, net of tax:
Foreign exchange translation adjustments		(4.5	)		6.3
Defined benefit plan adjustments gain (loss)		(0.4	)		0.4
Income (loss) from derivative agreements		8.2			(1.9	)
Other comprehensive income		3.3			4.8
Comprehensive income	$	219.6		$	224.9

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except share and per share data)


	March 31,			December 31,
	2026			2025
Assets
Current Assets
Cash and cash equivalents	$	503.4		$	409.0
Accounts receivable, less allowances of $3.8 and $3.7		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, Net		3,477.2			3,511.5
Goodwill		2,629.4			2,627.5
Other Assets		343.0			343.3
Total Assets	$	9,006.5		$	8,912.4

Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	729.9		$	732.4
Accrued expenses and other liabilities		452.7			583.0
Business acquisition and divestiture liabilities		197.2			178.9
Income taxes payable		33.6			3.4
Total Current Liabilities		1,413.4			1,497.7

Long-term Debt		2,205.7			2,205.1
Deferred Income Taxes		891.6			886.9
Deferred and Other Long-term Liabilities		309.8			320.5
Total Liabilities		4,820.5			4,910.2

Commitments and Contingencies
Stockholders' Equity
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued		0.0			0.0
Common Stock, $1.00 par value, Authorized 600,000,000 shares and 293,709,982 shares issued as of March 31, 2026 and December 31, 2025		293.7			293.7
Additional paid-in capital		654.1			625.1
Retained earnings		6,911.5			6,768.2
Accumulated other comprehensive loss		(16.6	)		(19.9	)
Common stock in treasury, at cost: 56,818,945 shares as of March 31, 2026 and 57,156,105 shares as of December 31, 2025		(3,656.7	)		(3,664.9	)
Total Stockholders' Equity		4,186.0			4,002.2
Total Liabilities and Stockholders' Equity	$	9,006.5		$	8,912.4

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)


	Three Months Ended
	March 31,			March 31,
	2026			2025
Cash Flow From Operating Activities
Net Income	$	216.3		$	220.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		21.6			22.6
Amortization expense		41.3			38.3
Deferred income taxes		4.5			(3.5	)
Equity in net earnings of affiliates		(2.3	)		(1.6	)
Distributions from unconsolidated affiliates		0.2			1.8
Non-cash compensation expense		25.7			20.7
Asset impairment charge and other asset write-offs		1.7			1.4
Other		(0.2	)		0.1
Subtotal		308.8			299.9
Change 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 operating assets and liabilities, net		(9.5	)		(3.6	)
Change in Working Capital		(134.0	)		(114.2	)
Net Cash Provided By Operating Activities		174.8			185.7
Cash Flow From Investing Activities
Additions to property, plant and equipment		(31.9	)		(16.5	)
Other		(1.6	)		(0.2	)
Net Cash Used In Investing Activities		(33.5	)		(16.7	)
Cash Flow From Financing Activities
Proceeds from stock options exercised		16.6			19.3
Payment of cash dividends		(72.9	)		(72.4	)
Payment of business acquisition liability		(19.8	)		(5.9	)
Proceeds from VMS Transition Services Agreement		36.2			0.0
Other		(5.0	)		(2.0	)
Net Cash Used In Financing Activities		(44.9	)		(61.0	)
Effect of exchange rate changes on cash and cash equivalents		(2.0	)		2.4
Net Change In Cash and Cash Equivalents		94.4			110.4
Cash and Cash Equivalents at Beginning of Period		409.0			964.1
Cash and Cash Equivalents at End of Period	$	503.4		$	1,074.5

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW-CONTINUED

(Unaudited)

(In millions)


	Three Months Ended
	March 31,		March 31,
	2026		2025
Cash paid during the period for:
Interest (net of amounts capitalized)	$	15.3	$	14.9
Income taxes	$	7.2	$	10.3
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$	14.4	$	13.1

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In millions)


	Number of Shares					Amounts
	Common Stock		Treasury Stock			Common Stock		Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Stockholders' Equity
January 1, 2025		293.7		(47.8	)	$	293.7	$	563.1	$	6,319.7		$	(30.9	)	$	(2,784.8	)	$	4,360.8
Net income		0.0		0.0			0.0		0.0		220.1			0.0			0.0			220.1
Other comprehensive income		0.0		0.0			0.0		0.0		0.0			4.8			0.0			4.8
Cash dividends		0.0		0.0			0.0		0.0		(72.4	)		0.0			0.0			(72.4	)
Stock based compensation expense and stock option plan transactions		0.0		0.3			0.0		27.2		(0.2	)		0.0			10.7			37.7
March 31, 2025		293.7		(47.5	)	$	293.7	$	590.3	$	6,467.2		$	(26.1	)	$	(2,774.1	)	$	4,551.0

January 1, 2026		293.7		(57.2	)	$	293.7	$	625.1	$	6,768.2		$	(19.9	)	$	(3,664.9	)	$	4,002.2
Net income		0.0		0.0			0.0		0.0		216.3			0.0			0.0			216.3
Other comprehensive income		0.0		0.0			0.0		0.0		0.0			3.3			0.0			3.3
Cash dividends		0.0		0.0			0.0		0.0		(72.9	)		0.0			0.0			(72.9	)
Stock based compensation expense and stock option plan transactions		0.0		0.4			0.0		29.0		(0.1	)		0.0			8.2			37.1
March 31, 2026		293.7		(56.8	)	$	293.7	$	654.1	$	6,911.5		$	(16.6	)	$	(3,656.7	)	$	4,186.0

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(In millions, except per share data)

Basis of Presentation

These condensed consolidated financial statements have been prepared by Church & Dwight Co., Inc. (the “Company”). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations and cash flows for all periods presented have been made. Results of operations for interim periods may not be representative of results expected for the full year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”).

The Company incurred research and development expenses in the first quarter of 2026 and 2025 of $31.6 and $32.8, respectively. These expenses are included in selling, general and administrative (“SG&A”) expenses.

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. The Company is currently evaluating the impact of adoption on the Company’s related disclosures.

There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

Inventories

Inventories consist of the following:


	March 31,		December 31,
	2026		2025
Raw materials and supplies	$	139.0	$	143.7
Work in process		24.0		35.0
Finished goods		415.4		356.1
Total	$	578.4	$	534.8

Property, Plant and Equipment, Net (“PP&E”)

PP&E consists of the following:


	March 31,		December 31,
	2026		2025
Land	$	16.4	$	16.0
Buildings and improvements		368.6		367.5
Machinery and equipment		913.0		911.1
Software		139.2		138.9
Office equipment and other assets		131.4		131.6
Construction in progress		147.6		131.9
Gross PP&E		1,716.2		1,697.0
Less accumulated depreciation		892.3		874.2
Net PP&E	$	823.9	$	822.8


	Three Months Ended
	March 31,		March 31,
	2026		2025
Depreciation expense on PP&E	$	21.6	$	22.6

Earnings Per Share (“EPS”)

Basic EPS is calculated based on income available to holders of the Company’s common stock (“Common Stock”) and the weighted average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the Company's stock-based compensation plans.

The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis:


	Three Months Ended
	March 31,		March 31,
	2026		2025
Weighted average common shares outstanding - basic		236.5		245.8
Dilutive effect of stock awards		1.6		2.2
Weighted average common shares outstanding - diluted		238.1		248.0
Antidilutive stock awards outstanding		3.1		2.1

Stock Based Compensation Plans

The Company's Long-Term Incentive Program (“LTIP”) provides employees with an award of stock options and grants of restricted stock units (“RSUs”), and grants of performance share units ("PSUs"). Awards are granted in the first quarter of each year. The Company recognizes the grant-date fair value for each of these awards, less estimated forfeitures, as compensation expense ratably over the vesting period. For employees and directors that meet retirement eligibility requirements, the expense related to share-based compensation is recognized on the date of grant as there is no future service period required for the awards to vest.

Stock Options

The following table provides a summary of option activity:


						Weighted
						Average
				Weighted		Remaining
				Average		Contractual		Aggregate
				Exercise Price		Term		Intrinsic
	Options			(per share)		(in Years)		Value
Outstanding at December 31, 2025		8.8		$	81.83
Granted		0.8			103.94
Exercised		(0.2	)		61.01
Outstanding at March 31, 2026		9.4		$	84.24		5.9	$	118.5
Exercisable at March 31, 2026		6.6		$	75.37		4.6	$	118.5

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:


	Three Months Ended
	March 31,		March 31,
	2026		2025
Intrinsic Value of Stock Options Exercised	$	9.6	$	16.3
Stock Compensation Expense Related to Stock Option Awards	$	9.2	$	13.1
Issued Stock Options		0.8		1.0
Weighted Average Fair Value of Stock Options issued (per share)	$	28.75		33.43
Fair Value of Stock Options Issued	$	24.0		32.3

The following table provides a summary of the assumptions used in the valuation of issued stock options:


	Three Months Ended
	March 31,	March 31,
	2026	2025
Risk-free interest rate	3.8%	4.2%
Expected life in years	6.7	7.0
Expected volatility	22.5%	22.6%
Dividend yield	1.2%	1.1%

Restricted Stock Units

The annual RSU grants vest in one-third increments on each of the first, second and third anniversaries of the grant date, subject to the recipient’s continued employment with the Company from the grant date through the applicable vesting date, and are settled with shares of the Company’s Common Stock within 60 days following the applicable vesting date.

The following table provides a summary of RSU activity:


						Weighted
						Average
				Weighted		Remaining
				Average Grant		Contractual		Aggregate
				Date Fair Value		Term		Intrinsic
	Shares			(per award)		(in Years)		Value
Outstanding at December 31, 2025		0.3		$	100.40
Granted		0.1			101.44
Vested		(0.1	)		97.41
Outstanding at March 31, 2026		0.3		$	101.77		9.2	$	27.6
Vested and expected to vest at March 31, 2026		0.3		$	101.77		9.2	$	27.6

In connection with the Touchland Acquisition (as defined in Note 10), Touchland’s founder was granted rights to receive shares of our common stock valued at $50.0, with 50% of such shares vesting at each of the first and second year anniversaries of the closing. The value of common stock received by Touchland's founder will be recognized as a compensation expense ratably over the two-year vesting period if the individual continues to be employed by the Company. The restricted stock expense associated with the Touchland Acquisition for the three months ended March 31, 2026 was $6.3, and is included in the non-cash compensation expense caption in the Condensed Consolidated Statement of Cash Flows. Refer to Note 10-Acquisitions for additional details.

Performance Stock Units

Beginning in 2026, the Company expanded the annual PSU grant to a greater number of employees. The annual PSU grants are issued in two equal tranches. Each tranche has a different performance metric and grant date fair value. The performance metric for one tranche is based on the Company’s total shareholder return (“TSR”) relative to a Company-selected peer group and is valued using a Monte Carlo model. The performance metric for the second tranche is the Company's three-year cumulative cash flow from operations target and is valued using the Company's grant date closing stock value. The PSUs vest on the later of (i) the third anniversary of the grant date and (ii) the date that the Board's Compensation & Human Capital Committee certifies the achievement of the applicable performance goals, in each case, subject to the recipient’s continued employment with the Company from the grant date through the vesting date. The number of shares that may be issued ranges from 0% to 200% based on relative TSR and cumulative cash flow from operations during the three-year performance period.

In January 2026, the Company granted a 2030 long-term strategy grant of PSUs ( the "Strategy Grant") to Company employees at the director level and above, including the Company's executive officers. The PSU's awarded pursuant to the Strategy Grant will cliff vest following a four-year performance period, subject to the recipients remaining continuously employed for the full four-year performance period and satisfaction of the performance conditions. The PSU awards are tied to three equally weighted core long-term growth drivers (1) the Company’s net sales compound annual growth rate (“CAGR”) of the Arm & Hammer brand, (2) the net sales CAGR derived from sources outside of the United States and (3) the net sales CAGR derived from oral care products, including TheraBreath. The number of shares that may be issued ranges from 0% to 200% based on the performance of the long-term growth drivers over the four-year performance period.

The following table provides a summary of PSU activity:


					Weighted
					Average
			Weighted		Remaining
			Average Grant		Contractual		Aggregate
			Date Fair Value		Term		Intrinsic
	Shares		(per award)		(in Years)		Value
Outstanding at December 31, 2025		0.1	$	106.52
Granted		0.6		95.03
Outstanding at March 31, 2026		0.7	$	96.64		9.8	$	59.8
Vested and expected to vest at March 31, 2026		0.7	$	96.64		9.8	$	59.8

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (“ESPP”) was adopted in February 2023 by the Company’s Board of Directors and became effective in April 2023 upon approval by the Company’s stockholders, and was most recently amended and restated

effective April 4, 2026. There are 750,000 shares of Common Stock reserved for issuance under the ESPP. The ESPP, which is intended to be an “employee stock purchase plan” under Section 423 of the Internal Revenue Code, permits eligible employees to purchase Common Stock through after-tax payroll deductions. Currently, the purchase price under the ESPP is 85% of the fair market value of our Common Stock on the last trading day of the applicable quarterly purchase period. The maximum value of Common Stock that an eligible employee may purchase each calendar year is the lesser of 10% of an eligible employee’s annual pay and $25,000. There are four purchase periods in each calendar year under the ESPP, which begin on the first business day of each calendar quarter and end on the last business day of each calendar quarter. The first purchase period commenced in January 2025. There are 728,031 Common Shares remaining as of March 31, 2026 that are reserved for issuance under the ESPP. As of December 31, 2025, there were 660,582 Common Shares reserved for issuance under the ESPP.

Share Repurchases

On October 28, 2021, the Board authorized the Company’s share repurchase program, under which the Company may repurchase up to $1,000.0 in shares of Common Stock (the “2021 Share Repurchase Program”). The 2021 Share Repurchase Program does not have an expiration and replaced the 2017 Share Repurchase Program.

As of March 31, 2026, there remains $228.9 of share repurchase availability under the 2021 Share Repurchase Program.

The 2021 Share Repurchase Program did not modify the Company’s evergreen share repurchase program, authorized by the Board on January 29, 2014, under which the Company may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under its incentive plans.

Fair Value Measurements

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at March 31, 2026 and December 31, 2025:


		March 31, 2026				December 31, 2025
	Input	Carrying		Fair		Carrying		Fair
	Level	Amount		Value		Amount		Value
Financial Assets:
Cash equivalents	Level 1	$	291.8	$	291.8	$	217.5	$	217.5
Financial Liabilities:
3.15% Senior notes due August 1, 2027	Level 2		424.9		419.1		424.9		420.1
2.3% Senior notes due December 15, 2031	Level 2		399.5		354.6		399.5		355.4
5.6% Senior notes due November 15, 2032	Level 2		499.4		526.6		499.3		532.3
3.95% Senior notes due August 1, 2047	Level 2		397.9		313.2		397.9		318.4
5.00% Senior notes due June 15, 2052	Level 2		499.9		448.0		499.9		457.3

The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the three months ended March 31, 2026 and 2025.

Refer to Note 2 in the Form 10-K for a description of the methods and assumptions used to estimate the fair value of each class of financial instruments reflected in the Condensed Consolidated Balance Sheets.

The carrying amounts of Accounts Receivable, Accounts Payable, and Accrued Expenses and Other Liabilities, approximated estimated fair values as of March 31, 2026 and December 31, 2025.

Derivative Instruments and Risk Management

Changes in interest rates, foreign exchange rates, the price of the Company’s Common Stock and commodity prices expose the Company to market risk. The Company manages these risks by the use of derivative instruments, such as cash flow and fair value hedges, diesel and commodity hedge contracts, equity derivatives and foreign exchange forward contracts. The Company does not use derivatives for trading or speculative purposes. Refer to Note 3 in the Form 10-K for a discussion of each of the Company’s derivative instruments in effect as of December 31, 2025.

The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument. Notional amounts are presented in the following table:


	Notional		Notional
	Amount		Amount
	March 31, 2026		December 31, 2025
Derivatives designated as hedging instruments
Foreign exchange contracts	$	391.2	$	438.2
Diesel fuel contracts	3.4 gallons		4.5 gallons
Commodities contracts	54.8 pounds		43.6 pounds
Net Investment hedge	$	25.0	$	25.0
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	9.1	$	2.4
Equity derivatives	$	13.0	$	12.0

The fair values and amount of gain (loss) recognized in income and Other Comprehensive Income (“OCI”) associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements during the three months ended March 31, 2026.

10.

Acquisitions

On July 16, 2025, the Company completed the acquisition of Touchland Holding Corp ("Touchland"), the developer of TOUCHLAND® hand sanitizer products (the "Touchland Acquisition"). The Company paid $656.0, net of cash acquired, at closing and entered an agreement to pay an additional amount based on 2025 net sales thresholds which resulted in a cash payment of $158.7 in April 2026. In addition, the Company granted rights to Touchland’s founder to receive shares of our Common Stock valued at $50.0, with 50% of such shares vesting at each of the first- and -second-year anniversaries of the closing. The value of Common Stock received by Touchland's founder will be recognized as compensation expense ratably over the two-year vesting period if the individual continues to be employed by the Company. A payment of $5.0 of the purchase price was deferred related to certain indemnification obligations provided by Touchland’s equity holders, which amount, to the extent not used in satisfaction of such indemnity obligations, is payable three years from the closing. The Touchland Acquisition was financed with cash on hand and is managed in the Consumer Domestic and Consumer International segments. Touchland’s annual net sales for the year ended December 31, 2024 were approximately $115.0 million.

The preliminary fair values of the net assets at acquisition are set forth as follows:


Accounts receivable	$	9.3
Inventory		25.8
Other current assets		1.3
Property, plant and equipment		5.5
Other long-term assets		2.1
Trade name		730.0
Customer relationship intangible asset		32.8
Goodwill		208.4
Accounts payable, accrued expenses and other liabilities		(23.3	)
Business acquisition liabilities - short-term		(141.9	)
Deferred income taxes		(183.8	)
Deferred and other long-term liabilities		(10.2	)
Cash purchase price at closing (net of cash acquired)	$	656.0

The trade name and customer relationship intangible assets were valued using a discounted cash flow model and have a useful life of 20 years. The goodwill is a result of expected synergies from combined operations of the acquired business and the Company.

Pro forma results are not presented because the impact of the acquisition is not material to the Company’s consolidated financial results. The goodwill and other intangible assets associated with the Touchland Acquisition are not deductible for U.S. tax purposes.

11.

Divestitures and Business Exits

Spinbrush Divestiture

On May 1, 2025, the Company announced that it would exit the Spinbrush business which resulted in a pre-tax loss of $21.2, of which $12.6 was recorded in Cost of Sales and $8.6 was recorded in SG&A expenses. In December 2025, the Company entered into an agreement to transfer all Spinbrush intellectual property to a third party for nominal consideration. Net sales of the Spinbrush business were $53.6 in the year ended December 31, 2025.

Flawless Business Exit

On May 1, 2025, the Company announced that it would exit the Flawless business which resulted in a pre-tax loss of $17.6, of which $6.0 was recorded in Cost of Sales and $11.6 was recorded in SG&A expenses. We exited this business by the end of 2025. Net sales of the Flawless business were $29.3 in the year ended December 31, 2025.

Waterpik Showerheads Business Exit

On May 1, 2025, the Company announced that it would exit the Waterpik showerheads business which resulted in a pre-tax loss of $6.5 recorded in Cost of Sales. We exited this business by the end of 2025. Net sales of the Waterpik showerheads business were $35.5 in the year ended December 31, 2025.

VMS Divestiture

On December 9, 2025, the Company announced a definitive agreement to sell the VitaFusion and L’il Critters brands to Piping Rock Health Products, Inc. ("Piping Rock"). This agreement includes the VitaFusion and L’il Critters brands, relevant trademarks and licenses, and the Company's former manufacturing and distribution facilities in Vancouver and Ridgefield, Washington. The transaction closed on December 31, 2025 and includes a short-duration transition services agreement ("TSA"). The Company has a TSA-related liability of $36.2 as of March 31, 2026, primarily for net cash collected offset by invoices paid on behalf of Piping Rock.

In connection with the agreement, the Company derecognized PP&E of $142.9, inventory of $54.0, goodwill of $12.6 and other net assets including leases of $9.3 for net cash proceeds of $160.3. The VMS brands represented less than 5% of the Company’s 2025 net sales. As a result of this transaction, the Company incurred a pre-tax charge of $58.5 (post-tax of $45.6) in the fourth quarter of 2025 which was included in Other income (expense), net in the Consolidated Statements of Income.

The divestiture of the Company's VMS business does not meet the criteria to be reported as discontinued operations in the consolidated financial statements as the Company's decision to divest this business does not represent a strategic shift that will have a significant impact on the Company's operations and financial results.

12.

Goodwill and Other Intangibles, Net

The Company has intangible assets of substantial value on its Condensed Consolidated Balance Sheet. These intangible assets are generally related to intangible assets with a useful life, indefinite-lived trade names and goodwill. The Company determines whether an intangible asset (other than goodwill) has a useful life based on multiple factors, including how long the Company intends to generate cash flows from the asset. These intangible assets are more fully explained in the following sections.

Indefinite-Lived Intangible Assets

The following table presents the carrying value of indefinite-lived intangible assets:


	March 31,		December 31,
	2026		2025
Gross Carrying Value Trade Names	$	1,672.5	$	1,680.7
Sale of Spinbrush Tradename		0.0		(7.9	)
Trade Names	$	1,672.5	$	1,672.8

The Company’s indefinite-lived intangible impairment review is completed in the fourth quarter of each year.

Fair value for indefinite-lived intangible assets was estimated based on a “relief from royalty” or “excess earnings” discounted cash flow method, which contains numerous variables that are subject to change as business conditions change, and therefore could impact fair values in the future. The key assumptions used in determining fair value are sales growth, profitability margins, tax rates, discount rates and royalty rates.

The Company’s global WATERPIK business is experiencing customer distribution losses and a decline in consumer demand, mainly due to lower consumer spending and more customers choosing value brands amid inflation. This has reduced sales, profits, and expected cash flows, eroding much of the excess fair value over carrying value for the WATERPIK trade name. As of October 1, 2025 (the date of the Company's last annual impairment test), the trade name’s carrying value was $644.7, with fair value at 117% of carrying value, down from 135% in 2024, reflecting declining sales, rising competition, business exits, and margin pressure from higher costs and tariffs. The Company's impairment analysis used an 8.0% discount rate, projected mid-single- to low double-digit revenue growth, and EBITA margins around 25%, based on current market trends and cost-lowering initiatives. Further declines in performance or adverse changes could trigger an impairment charge for the WATERPIK trade name.

Intangible Assets With a Useful Life

The following table provides information related to the carrying value of intangible assets with a useful life:


	March 31, 2026								December 31, 2025
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated			Impairment
	Amount		Amortization			Net		(Years)	Amount		Amortization			Charges(1)			Net
Amortizable intangible assets:
Trade Names	$	2,066.8	$	(551.8	)	$	1,515.0	3-20	$	2,113.4	$	(562.1	)	$	(11.6	)	$	1,539.7
Customer Relationships		573.3		(347.3	)		226.0	15-20		598.5		(365.2	)		(0.7	)		232.6
Patents/Formulas		200.7		(137.0	)		63.7	4-20		205.6		(139.2	)		0.0			66.4
Total	$	2,840.8	$	(1,036.1	)	$	1,804.7		$	2,917.5	$	(1,066.5	)	$	(12.3	)	$	1,838.7

(1) The $12.3 impairment charge relates to the Flawless trade name and Spinbrush customer relationship intangible asset, which had a gross value of $76.2 and accumulated amortization of $63.9 prior to full impairment. The impairments were a result of the Company's decision to exit these businesses.

Intangible amortization expense was $33.8 and $29.3 for the first quarter of 2026 and 2025, respectively. The Company estimates that intangible amortization expense will be approximately $135.0 in 2026 and approximately $134.0 declining to $120.0 annually over the next five years.

Goodwill

The carrying amount of goodwill is as follows:


	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2025	$	2,255.4	$	237.2	$	134.9	$	2,627.5
Touchland Acquisition adjustments		1.9		0.0		0.0		1.9
Balance at March 31, 2026	$	2,257.3	$	237.2	$	134.9	$	2,629.4

The Company tests goodwill for each reporting unit, which are also the Company's reportable segments. The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2025, determined that the estimated fair value substantially exceeded the carrying values of all reporting units. The determination of fair value contains numerous variables that are subject to change as business conditions change and therefore could impact fair value in the future.

13.

Leases

The Company leases certain manufacturing facilities, warehouses, office space, railcars and equipment. Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheet. All recorded leases are classified as operating leases and lease expense is recognized on a straight-line basis over the lease term. Lease components (base rental costs) are accounted for separately from the nonlease components (e.g., common-area maintenance costs). For leases that do not provide an implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

A summary of the Company’s lease information is as follows:


		March 31,			December 31,
	Classification	2026			2025
Assets
Right of use assets	Other Assets	$	159.7		$	166.0

Liabilities
Current lease liabilities	Accrued Expenses and Other Liabilities	$	24.6		$	23.9
Long-term lease liabilities	Deferred and Other Long-term Liabilities		147.1			153.0
Total lease liabilities		$	171.7		$	176.9

Other information
Weighted-average remaining lease term (years)			7.3			7.4
Weighted-average discount rate			5.2	%		5.2	%


	Three Months		Three Months
	Ended		Ended
	March 31, 2026		March 31, 2025
Statement of Income
Lease cost(1)	$	8.8	$	10.5

Other information
Leased assets obtained in exchange for new lease liabilities net of modifications	$	0.4	$	6.5
Cash paid for amounts included in the measurement of lease liabilities	$	7.7	$	10.5

(1)

Lease expense is included in Cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The non-cash component of lease expense for the first three months of 2026 and 2025 was $6.5 and $8.1, respectively, and is included in the Amortization caption in the Condensed Consolidated Statement of Cash Flows.

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:


	Operating
	Leases
2026	$	24.7
2027		30.9
2028		26.7
2029		26.1
2030		25.8
2031 and thereafter		73.6
Total future minimum lease commitments		207.8
Less: Imputed interest		(36.1	)
Present value of lease liabilities	$	171.7

14.

Accounts Payable, Accrued Expenses and Other Liabilities

Accounts payable, accrued expenses and other liabilities consist of the following:


	March 31,		December 31,
	2026		2025
Accounts payable	$	729.9	$	732.4
Accrued marketing and promotion costs		180.4		221.4
Accrued wages and related benefit costs		60.7		145.7
Other accrued current liabilities		408.8		394.8
Total	$	1,379.8	$	1,494.3

In 2015, the Company initiated a Supply Chain Finance program (“SCF Program”). Under the SCF Program, qualifying suppliers may elect to sell their receivables from the Company for early payment. Participating suppliers negotiate their receivables sales arrangements directly with a third party. The Company is not party to those agreements and do not have an economic interest in the suppliers' decisions to sell their receivables and has not been required to pledge any assets as security nor to provide any guarantee to third-party finance providers or intermediaries. The SCF Program may allow suppliers to obtain more favorable terms than they could secure on their own. The terms of the Company's payment obligations are not impacted by a supplier’s participation in the SCF Program. The Company's payment terms with suppliers are consistent between suppliers that elect to participate in the SCF Program and those that do not participate. As a result, the program does not have an impact to the Company's average days outstanding.

As of March 31, 2026 and December 31, 2025, the obligations outstanding related to the SCF program amounted to $115.9 and $84.7, respectively and were recorded within Accounts Payable in the Condensed Consolidated Balance Sheets. Payments included in operating activities within the Company's Condensed Consolidated Statements of Cash Flows amounted to $108.1 and $106.5 as of March 31, 2026 and 2025, respectively.

15.

Long-Term Debt

Long-term debt consists of the following:


	March 31,			December 31,
	2026			2025

Long-term debt
3.15% Senior notes due August 1, 2027	$	425.0		$	425.0
Less: Discount		(0.1	)		(0.1	)
2.3% Senior notes due December 15, 2031		400.0			400.0
Less: Discount		(0.5	)		(0.5	)
5.6% Senior notes due November 15, 2032		500.0			500.0
Less: Discount		(0.6	)		(0.7	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.1	)		(2.1	)
5.00% Senior notes due June 15, 2052		500.0			500.0
Less: Discount		(0.1	)		(0.1	)
Debt issuance costs, net		(15.9	)		(16.4	)
Total long-term debt	$	2,205.7		$	2,205.1

16.

Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) are as follows:


										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at January 1, 2025	$	(53.2	)	$	4.4		$	17.9		$	(30.9	)
Other comprehensive income (loss) before reclassifications		6.3			0.5			(0.3	)		6.5
Amounts reclassified to Condensed Consolidated Statement of Income (a)		0.0			0.0			(2.3	)		(2.3	)
Tax benefit (expense)		0.0			(0.1	)		0.7			0.6
Other comprehensive income (loss)		6.3			0.4			(1.9	)		4.8
Balance at March 31, 2025	$	(46.9	)	$	4.8		$	16.0		$	(26.1	)

Balance at January 1, 2026	$	(31.3	)	$	4.8		$	6.6		$	(19.9	)
Other comprehensive income (loss) before reclassifications		(4.5	)		(0.5	)		10.8			5.8
Amounts reclassified to Condensed Consolidated Statement of Income (a)		0.0			0.0			0.3			0.3
Tax benefit (expense)		0.0			0.1			(2.9	)		(2.8	)
Other comprehensive income (loss)		(4.5	)		(0.4	)		8.2			3.3
Balance at March 31, 2026	$	(35.8	)	$	4.4		$	14.8		$	(16.6	)

(a)

Amounts reclassified to Cost of sales, SG&A expenses or interest expense.

17. Commitments, Contingencies and Guarantees

Commitments

a. The Company has a partnership with a supplier of raw materials that mines and processes sodium-based mineral deposits. The Company purchases the majority of its sodium-based raw material requirements from the partnership. The partnership agreement terminates upon two years’ written notice by either partner. Under the partnership agreement, the Company has an annual commitment to purchase 240,000 tons of sodium-based raw materials at the prevailing market price. The Company is not engaged in any other material transactions with the partnership or the partner supplier.

b. As of March 31, 2026, the Company had commitments of approximately $367.8. These commitments include the purchase of raw materials, packaging supplies and services from its vendors at market prices to enable the Company to respond quickly to changes in customer orders or requirements, as well as costs associated with licensing and promotion agreements.

c. As of March 31, 2026, the Company had various guarantees and letters of credit totaling $8.9.

d. In connection with the December 1, 2020 acquisition of the ZICAM® brand (the “Zicam Acquisition”), the Company deferred payment of $20.0 of the purchase price related to certain indemnifications provided by the seller. The Company made a cash payment of $12.9 in the first quarter of 2026 and a final payment of $2.0 in April 2026.

In connection with the December 24, 2021 acquisition of the THERABREATH® brand (the "TheraBreath Acquisition"), the Company deferred payment of $14.0 of the purchase price related to certain indemnity obligations provided by the seller. The deferred amount is payable in installments between two and four years from the closing, with the first installment payment of $2.0 paid in January 2024 and an additional $5.9 paid in the first quarter of 2025. The Company paid a final amount of $5.0 in January 2026.

In connection with the October 13, 2022 Hero Acquisition, the Company deferred payment of $8.0 of the purchase price to satisfy certain indemnification obligations. The amount, to the extent not used in satisfaction of such indemnity obligations, is payable five years from the closing.

In connection with the July 16, 2025 Touchland Acquisition, the business acquisition liability was contingent upon the achievement of certain 2025 net sales thresholds. The initial fair value of this business acquisition liability was $140.0, which was established in the initial

purchase price allocation. During 2025, the Company increased the fair value of the business acquisition liability to $158.7 based on updated 2025 net sales. The changes in fair value resulted in $18.7 of expense recorded within the Consumer Domestic segment. In April 2026, the Company paid $158.7 to satisfy the business acquisition liability. The Company deferred a payment of $5.0 of the purchase price to satisfy certain indemnification obligations. The additional amount, to the extent not used in satisfaction of such indemnity obligations, is payable three years from the closing.

Legal proceedings

e. In addition, in conjunction with the Company’s acquisition and divestiture activities, the Company entered into select guarantees and indemnifications of performance with respect to the fulfillment of the Company’s commitments under applicable purchase and sale agreements. The arrangements generally indemnify the buyer or seller for damages associated with breach of contract, inaccuracies in representations and warranties surviving the closing date and satisfaction of liabilities and commitments retained under the applicable contract. Representations and warranties that survive the closing date generally survive for periods up to five years or the expiration of the applicable statutes of limitations. Potential losses under the indemnifications are generally limited to a portion of the original transaction price, or to other lesser specific dollar amounts for select provisions. With respect to sale transactions, the Company also routinely enters into non-competition agreements for varying periods of time. Guarantees and indemnifications with respect to acquisition and divestiture activities, if triggered, could have a materially adverse impact on the Company’s financial condition, results of operations and cash flows.

f. In addition to the matters described above, from time to time in the ordinary course of its business the Company is the subject of, or party to, various pending or threatened legal, regulatory or governmental actions or other proceedings, including, without limitation, those relating to, intellectual property, commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters. Such proceedings are generally subject to considerable uncertainty and their outcomes, and any related damages, may not be reasonably predictable or estimable. Any such proceedings could result in a material adverse outcome negatively impacting the Company’s business, financial condition, results of operations or cash flows.

18.

Segments

Segment Information

The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division. These segments are determined based on differences in the nature of products and organizational structure.

Segment revenues are derived from the sale of the following products:


Segment			Products
Consumer Domestic			Household and personal care products
Consumer International			Primarily personal care products
SPD

CHURCH & DWIGHT CO INC /DE/ 10-Q