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 ~~September~~March 3031, ~~2025~~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 ~~October~~April 29, ~~2025~~2026, there were ~~240~~236,~~130~~943,~~071~~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	2522
3.	Quantitative and Qualitative Disclosures about Market Risk	3529
4.	Controls and Procedures	3529

PART II

1.	Legal Proceedings	3730
1A.	Risk Factors	3730
2.	Unregistered Sales of Equity Securities and Use of Proceeds	3731
5.	Other Information	3832
6.	Exhibits	3933

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME ~~(LOSS)~~

(Unaudited)

(In millions, except per share data)

	Three Months Ended						~~Nine Months Ended~~
	September 30,			September 30,			September 30,			September 30,
	March 31,			March 31,
	2025			2024			2025			2024
	2026			2025
Net Sales	$	1,~~585~~469.63		$	1,~~510~~467.61		$	~~4,559.0~~		$	~~4,525.1~~
Cost of sales		~~871~~787.29			~~827~~807.5			~~2,538.0~~			~~2,442.9~~
Gross Profit		~~714~~681.4			~~683~~659.16			~~2,021.0~~			~~2,082.2~~
Marketing expenses		~~202~~139.94			~~185~~136.86			~~496.6~~			~~490.2~~
Selling, general and administrative expenses		~~256~~251.90			~~231~~227.7			~~712.8~~			~~684.5~~
VMS Trade name and other asset impairments		0.0			357.1			0.0			357.1
Income from Operations		291.0			295.3
Income (loss) from Operations		254.6			(91.5	)		811.6			550.4
Equity in earnings of affiliates		2.3			1.6
Equity in earnings of affiliates		2.2			3.0			6.6			7.2
Interest income		2.5			9.3
Interest income		2.9			10.6			21.4			17.7
Interest expense		(24.0	)		(23.3	)
Interest expense		(23.8	)		(23.4	)		(70.6	)		(71.6	)
Other income (expense), net		0.8			(0.8	)
Other income (expense), net		0.3			(0.1	)		(0.2	)		(0.5	)
Income before Income Taxes		272.6			282.1
Income (loss) before Income Taxes		236.2			(101.4	)		768.8			503.2
Income taxes		56.3			62.0
Income taxes		54.0			(26.3	)		175.5			107.1
Net Income	$	216.3		$	220.1
Net Income (Loss)	$	182.2		$	(75.1	)	$	593.3		$	396.1
Weighted average shares outstanding - Basic		236.5			245.8
Weighted average shares outstanding - Basic		241.8			244.6			244.1			244.1
Weighted average shares outstanding - Diluted		238.1			248.0
Weighted average shares outstanding - Diluted		243.2			244.6			245.9			246.7
Net income per share - Basic	$	0.91		$	0.90
Net income (loss) per share - Basic	$	0.75		$	(0.31	)	$	2.43		$	1.62
Net income per share - Diluted	$	0.91		$	0.89
Net income (loss) per share - Diluted	$	0.75		$	(0.31	)	$	2.41		$	1.61
Cash dividends per share	$	0.31		$	0.29
Cash dividends per share	$	0.30		$	0.28		$	0.89		$	0.85

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ~~(LOSS)~~

(Unaudited)

(In millions)

	Three Months Ended						~~Nine Months Ended~~
	September 30,			September 30,			September 30,			September 30,
	March 31,			March 31,
	2025			2024			2025			2024
	2026			2025
Net Income (Loss)	$	182.2		$	(75.1	)	$	593.3		$	396.1
Net Income	$	216.3		$	220.1
Other comprehensive income (loss), net of tax:
Other comprehensive income, net of tax:
Foreign exchange translation adjustments		(24.85	)		~~11.~~6.3			~~20.4~~			~~5.3~~
Defined benefit plan adjustments gain (loss)	~~0.0~~	(0.4	)	~~0.0~~	0.4			~~0.4~~			~~(0.2~~	)
Income (loss) from derivative agreements		18.2			(01.79	)		~~(9.9~~	)		~~3.9~~
Other comprehensive (loss) income		(1.6	)		10.9			10.9			9.0
Other comprehensive income		3.3			4.8
Comprehensive income (loss)	$	180.6		$	(64.2	)	$	604.2		$	405.1
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)

	September 30,			December 31,
	March 31,			December 31,
	2025			2024
	2026			2025
Assets
Current Assets
Cash and cash equivalents	$	~~305~~503.34		$	~~964~~409.10
Accounts receivable, less allowances of $6.5 and $5.1		605.7			600.8
Accounts receivable, less allowances of $3.8 and $3.7		576.6			593.4
Inventories		~~647~~578.4			~~613~~534.38
Other current assets		7262.43			6259.48
Total Current Assets		1,~~630~~720.87			21,~~240~~597.60
Property, Plant and Equipment, Net		~~938~~823.19			~~931~~822.78
Equity Investment in Affiliates		1012.93			1110.13
Trade Names and Other Intangibles, Net		3,~~545~~477.92			23,~~888~~511.5
Goodwill		2,~~641~~629.04			2,~~433~~627.25
Other Assets		~~377~~343.70			~~378~~343.03
Total Assets	$	9,~~144~~006.45		$	8,~~883~~912.14
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	~~772~~729.79		$	~~705~~732.14
Accrued expenses and other liabilities		~~549~~452.7			~~573~~583.80
Business acquisition liabilities		170.0			31.7
Business acquisition and divestiture liabilities		197.2			178.9
Income taxes payable		833.76			5.3.4
Total Current Liabilities		1,~~501~~413.14			1,~~315~~497.97
Long-term Debt		2,~~204~~205.57			2,~~204~~205.61
Deferred Income Taxes		~~884~~891.26			~~669~~886.29
Deferred and Other Long-term Liabilities		~~331~~309.68			~~332~~320.65
Total Liabilities		4,~~921~~820.45			4,~~522~~910.32
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 September 30, 2025 and December 31, 2024		293.7			293.7
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		~~619~~654.61			~~563~~625.1
Retained earnings		6,~~696~~911.05			6,~~319~~768.72
Accumulated other comprehensive loss		(2016.06	)		(3019.9	)
Common stock in treasury, at cost: 53,610,212 shares as of September 30, 2025 and 47,830,141 shares as of December 31, 2024		(3,366.3	)		(2,784.8	)
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,~~223~~186.0			4,~~360~~002.82
Total Liabilities and Stockholders' Equity	$	9,~~144~~006.45		$	8,~~883~~912.14

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

	Nine Months Ended
	Three Months Ended
	September 30,			September 30,
	March 31,			March 31,
	2025			2024
	2026			2025
Cash Flow From Operating Activities
Net Income	$	~~593~~216.3		$	~~396~~220.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		6721.46			5922.86
Amortization expense		~~114~~41.23			~~117~~38.63
Change in fair value of business acquisition liabilities		7.0		0.0
Deferred income taxes		4.5			(3.5	)
Deferred income taxes		31.7			(92.0	)
Equity in net earnings of affiliates		(2.3	)		(1.6	)
Business exit related impairments		51.0		0.0
Distributions from unconsolidated affiliates		0.2			1.8
Tradename and other asset impairments		8.4			357.1
Non-cash compensation expense		25.7			20.7
Equity in net earnings of affiliates		(6.6	)		(7.2	)
Asset impairment charge and other asset write-offs		1.7			1.4
Distributions from unconsolidated affiliates		6.8			7.2
Other		(0.2	)		0.1
Non-cash compensation expense		44.2			50.6
Subtotal		308.8			299.9
Other		(1.4	)		7.1
Subtotal		916.0			896.3
Change in assets and liabilities:
Accounts receivable		1713.57			~~(25~~6.96	)
Inventories		(345.31	)		(3516.0	)
Other current assets		1(8.73	)		4(7.0	)
Accounts payable		392.83			88(7.08	)
Accrued expenses		(83131.3	)		(42141.35	)
Income taxes payable		~~(13~~44.42	)		(555.01	)
Other operating assets and liabilities, net		(239.05	)		(163.26	)
Change in Working Capital		(64134.0	)		(32114.42	)
Net Cash Provided By Operating Activities		~~852~~174.08			~~863~~185.97
Cash Flow From Investing Activities
Additions to property, plant and equipment		(6731.29	)		(~~125~~16.25	)
Acquisitions, net of cash acquired		(656.4	)		(19.9	)
Other		(1.6	)		(0.2	)
Proceeds from sale of assets	0.0				6.6
Net Cash Used In Investing Activities		(33.5	)		(16.7	)
Other		(1.7	)		0.4
Net Cash Used In Investing Activities		(725.3	)		(138.1	)
Cash Flow From Financing Activities
Long-term debt borrowings		0.0			0.4
Proceeds from stock options exercised		16.6			19.3
Long-term debt (repayments)	0.0				(200.6	)
Payment of cash dividends		(72.9	)		(72.4	)
Proceeds from stock options exercised		33.1			90.3
Payment of business acquisition liability		(19.8	)		(5.9	)
Payment of cash dividends		(216.4	)		(207.4	)
Proceeds from VMS Transition Services Agreement		36.2			0.0
Purchase of treasury stock		(600.0	)		0.0
Other		(5.0	)		(2.0	)
Payment of business acquisition liability		(5.9	)		0.0
Net Cash Used In Financing Activities		(44.9	)		(61.0	)
Other		(4.7	)		(1.0	)
Effect of exchange rate changes on cash and cash equivalents		(2.0	)		2.4
Net Cash Used In Financing Activities		(793.9	)		(318.3	)
Net Change In Cash and Cash Equivalents		94.4			110.4
Effect of exchange rate changes on cash and cash equivalents		8.4			0.1
Cash and Cash Equivalents at Beginning of Period		409.0			964.1
Net Change In Cash and Cash Equivalents		(658.8	)		407.6
Cash and Cash Equivalents at End of Period	$	503.4		$	1,074.5
Cash and Cash Equivalents at Beginning of Period		964.1			344.5
Cash and Cash Equivalents at End of Period	$	305.3		$	752.1

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW-CONTINUED

(Unaudited)

(In millions)

	Nine Months Ended
	Three Months Ended
	September 30,		September 30,
	March 31,		March 31,
	2025		2024
	2026		2025
Cash paid during the period for:
Interest (net of amounts capitalized)	$	6115.73	$	6214.9
Income taxes	$	~~157~~7.12	$	~~204~~10.3
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$	2114.24	$	1513.91

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
	CommonStock		TreasuryStock			CommonStock		AdditionalPaid-InCapital		RetainedEarnings			AccumulatedOtherComprehensiveIncome (Loss)			TreasuryStock			TotalStockholders'Equity
January 1, 2024		293.7		(50.6	)	$	293.7	$	454.8	$	6,012.3		$	(27.2	)	$	(2,878.2	)	$	3,855.4
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		~~227~~220.71			0.0			0.0			~~227~~220.71
Other comprehensive income (loss)		0.0		0.0			0.0		0.0		0.0			(2.1	)		0.0			(2.1	)
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		(6972.04	)		0.0			0.0			(6972.04	)
Stock based compensation expense and stock option plan transactions		0.0		10.43			0.0		4327.52		(0.2	)		0.0			4510.47			8837.7
March 31, 2024		293.7		(49.2	)	$	293.7	$	498.3	$	6,170.8		$	(29.3	)	$	(2,832.8	)	$	4,100.7
March 31, 2025		293.7		(47.5	)	$	293.7	$	590.3	$	6,467.2		$	(26.1	)	$	(2,774.1	)	$	4,551.0
Net income		0.0		0.0			0.0		0.0		243.5			0.0			0.0			243.5
January 1, 2026		293.7		(57.2	)	$	293.7	$	625.1	$	6,768.2		$	(19.9	)	$	(3,664.9	)	$	4,002.2
Other comprehensive income		0.0		0.0			0.0		0.0		0.0			0.2			0.0			0.2
Net income		0.0		0.0			0.0		0.0		216.3			0.0			0.0			216.3
Cash dividends		0.0		0.0			0.0		0.0		(69.2	)		0.0			0.0			(69.2	)
Other comprehensive income		0.0		0.0			0.0		0.0		0.0			3.3			0.0			3.3
Stock based compensation expense and stock option plan transactions		0.0		0.3			0.0		20.4		0.1			0.0			9.8			30.3
Cash dividends		0.0		0.0			0.0		0.0		(72.9	)		0.0			0.0			(72.9	)
June 30, 2024		293.7		(48.9	)	$	293.7	$	518.7	$	6,345.2		$	(29.1	)	$	(2,823.0	)	$	4,305.5
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
Net loss		0.0		0.0			0.0		0.0		(75.1	)		0.0			0.0			(75.1	)
March 31, 2026		293.7		(56.8	)	$	293.7	$	654.1	$	6,911.5		$	(16.6	)	$	(3,656.7	)	$	4,186.0
Other comprehensive income		0.0		0.0			0.0		0.0		0.0			10.9			0.0			10.9
Cash dividends		0.0		0.0			0.0		0.0		(69.2	)		0.0			0.0			(69.2	)
Stock based compensation expense and stock option plan transactions		0.0		0.3			0.0		16.0		0.0			0.0			5.6			21.6
September 30, 2024		293.7		(48.6	)	$	293.7	$	534.7	$	6,200.9		$	(18.2	)	$	(2,817.4	)	$	4,193.7

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY-CONTINUED

(Unaudited)

(In millions)

	Number of Shares					Amounts
	CommonStock		TreasuryStock			CommonStock		AdditionalPaid-InCapital			RetainedEarnings			AccumulatedOtherComprehensiveIncome (Loss)			TreasuryStock			TotalStockholders'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
Net income		0.0		0.0			0.0		0.0			191.0			0.0			0.0			191.0
Other comprehensive income		0.0		0.0			0.0		0.0			0.0			7.7			0.0			7.7
Cash dividends		0.0		0.0			0.0		0.0			(72.6	)		0.0			0.0			(72.6	)
Stock purchases		0.0		(2.8	)		0.0		(30.0	)		0.0			0.0			(270.0	)		(300.0	)
Stock based compensation expense and stock option plan transactions		0.0		0.1			0.0		12.2			(0.2	)		0.0			4.6			16.6
June 30, 2025		293.7		(50.2	)	$	293.7	$	572.5		$	6,585.4		$	(18.4	)	$	(3,039.5	)	$	4,393.7
Net income		0.0		0.0			0.0		0.0			182.2			0.0			0.0			182.2
Other comprehensive income (loss)		0.0		0.0			0.0		0.0			0.0			(1.6	)		0.0			(1.6	)
Cash dividends		0.0		0.0			0.0		0.0			(71.4	)		0.0			0.0			(71.4	)
Stock purchases		0.0		(3.5	)		0.0		30.0			0.0			0.0			(330.0	)		(300.0	)
Stock based compensation expense and stock option plan transactions		0.0		0.1			0.0		17.1			(0.2	)		0.0			3.2			20.1
September 30, 2025		293.7		(53.6	)	$	293.7	$	619.6		$	6,696.0		$	(20.0	)	$	(3,366.3	)	$	4,223.0

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, ~~2024~~2025 (the “Form 10-K”).

The Company incurred research and development expenses in the ~~third~~first quarter of ~~2025~~2026 and ~~2024 of $36.2 and $36.0, respectively. The Company incurred research and development expenses in the first nine months of~~ 2025 ~~and 2024~~ of $~~104~~31.86 and $9932.18, respectively. These expenses are included in selling, general and administrative (“SG&A”) expenses.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The standard was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has adopted the standard retrospectively to all prior periods in the financial statements, which resulted in additional disclosures. Refer to Note 18 for additional information.

Recent Accounting Pronouncements Not Yet Adopted

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement ~~Disclosure~~Expenses ~~which~~and ~~includes~~in ~~amendments~~January ~~that~~2025, ~~further~~the ~~expand~~FASB ~~income~~issued ~~tax~~ASU ~~disclosures~~2025-01, byIncome ~~requiring~~Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the ~~disaggregation~~Effective Date ("ASU 2025-01"). The ASU requires a public business entity to provide disaggregated disclosures of ~~information~~certain incategories ~~the~~of ~~rate~~expenses ~~reconciliation~~on ~~table~~an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income ~~taxes~~statement ~~paid~~line byitem ~~jurisdiction~~that contains those expenses. ~~The~~ASU ~~amendments~~2024-03, ~~are~~as clarified by ASU 2025-01, is effective for ~~fiscal~~annual ~~years~~reporting periods beginning after December 15, ~~2024~~2026, ~~with~~and ~~early~~interim ~~adoption~~periods ~~permitted,~~beginning ~~and~~after ~~are~~December to15, be2027, ~~applied~~with ~~either~~prospective ~~prospectively~~ or ~~retrospectively.~~retrospective application permitted. The Company is currently evaluating the impact of adoption on the Company’s related disclosures.

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:

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Raw materials and supplies	$	~~145~~139.10	$	~~140~~143.47
Work in process		3424.40		4535.40
Finished goods		~~467~~415.94		~~427~~356.51
Total	$	~~647~~578.4	$	~~613~~534.38

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

PP&E consists of the following:

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Land	$	2916.34	$	2916.20
Buildings and improvements		~~367~~368.06		~~348~~367.25
Machinery and equipment		~~1,002~~913.80		~~1,000~~911.41
Software		~~141~~139.62		~~129~~138.69
Office equipment and other assets		~~135~~131.64		~~129~~131.36
Construction in progress(1)		218.6		215.1
Construction in progress		147.6		131.9
Gross PP&E		1,~~894~~716.92		1,~~851~~697.80
Less accumulated depreciation		~~956~~892.83		~~920~~874.12
Net PP&E	$	~~938~~823.19	$	~~931~~822.78

(1) In connection with the Vitamins, Minerals and Supplements (“VMS”) impairment review completed in the third quarter of 2024, the Company recorded an impairment charge of $60.0 in SG&A of Construction in progress assets. The charge was recorded in the Consumer Domestic segment. Refer to Note 11 for additional details.


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

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Depreciation expense on PP&E	$	22.3	$	21.0	$	67.4	$	59.8

Earnings Per Share (“EPS”)

Basic EPS is calculated based on income ~~(loss)~~ 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					~~Nine Months Ended~~
	September 30,		September 30,			September 30,		September 30,
	March 31,		March 31,
	2025		2024			2025		2024
	2026		2025
Weighted average common shares outstanding - basic		~~241~~236.85		~~244~~245.68			~~244.1~~		~~244.1~~
Dilutive effect of stock options		1.4	0.0		(1)		1.8		2.6
Dilutive effect of stock awards		1.6		2.2
Weighted average common shares outstanding - diluted		~~243~~238.21		~~244~~248.60			~~245.9~~		~~246.7~~
Antidilutive stock options outstanding		2.1		1.1			2.1		1.1
Antidilutive stock awards outstanding		3.1		2.1

(1) Due to the net loss during the three months ended September 30, 2024, there was no dilutive effect of stock options because the impact would be antidilutive.

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") ~~to members of the Company's Executive Leadership Team ("ELT")~~. 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, 2024		8.4		$	77.10
Outstanding at December 31, 2025		8.8		$	81.83
Granted		1.0.8			~~110~~103.3294
Exercised		(0.52	)		5861.3901
Cancelled		(0.2	)		91.36
Outstanding at March 31, 2026		9.4		$	84.24		5.9	$	118.5
Outstanding at September 30, 2025		8.7		$	81.79		5.9	$	87.8
Exercisable at March 31, 2026		6.6		$	75.37		4.6	$	118.5
Exercisable at September 30, 2025		5.9		$	73.59		4.6	$	83.7

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				~~Nine Months Ended~~
	September 30,		September 30,		September 30,		September 30,
	March 31,		March 31,
	2025		2024		2025		2024
	2026		2025
Intrinsic Value of Stock Options Exercised	$	1.9.6	$	516.3	$	~~22.6~~	$	~~86.6~~
Stock Compensation Expense Related to Stock Option Awards	$	49.52	$	413.31	$	~~22.5~~	$	~~24.8~~
Issued Stock Options		0.08		01.0		~~1.0~~		~~1.0~~
Weighted Average Fair Value of Stock Options issued (per share)	$	028.075	$	033.043	$	~~32.92~~	$	~~29.90~~
Fair Value of Stock Options Issued	$	024.0	$	032.03	$	~~34.8~~	$	~~31.1~~

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

	Three Months Ended		~~Nine Months Ended~~
	September 30,	September 30,	September 30,	September 30,
	March 31,	March 31,
	2025	2024	2025	2024
	2026	2025
Risk-free interest rate	~~N/A~~3.8%	~~N/A~~4.2%	~~4.2%~~	~~4.2%~~
Expected life in years	~~N/A~~6.7	~~N/A~~7.0	~~7.0~~	~~7.2~~
Expected volatility	~~N/A~~22.5%	~~N/A~~22.6%	~~22.6%~~	~~22.3%~~
Dividend yield	~~N/A~~1.2%	~~N/A~~1.1%	~~1.1%~~	~~1.1%~~

Restricted Stock Units

The ~~Company~~annual ~~granted~~RSU ~~employees~~grants ~~143,260~~vest ~~RSUs~~in ~~with~~one-third aincrements ~~total~~on ~~fair~~each ~~value~~ of ~~$15.0~~the atfirst, asecond ~~weighted~~and ~~average~~third ~~grant~~anniversaries ~~date fair value~~ of ~~$105.03 per RSU during~~ the ~~nine~~grant ~~months ended September 30~~date, ~~2025~~subject ~~and~~to ~~granted~~the ~~employees~~recipient’s ~~105,600~~continued ~~RSUs~~employment with athe ~~total~~Company ~~fair~~from ~~value~~the ~~of $10.8 at a weighted average~~ grant date ~~fair~~through ~~value of $101.93 per RSU during~~ the ~~nine~~applicable ~~months~~vesting ~~ended September 30~~date, ~~2024.~~and ~~The~~are ~~annual~~settled ~~RSU~~with ~~grants~~shares ~~vest in one-third increments on each~~ of the ~~first,~~Company’s ~~second~~Common ~~and~~Stock ~~third~~within ~~anniversaries~~60 ofdays ~~the~~following ~~grant date, subject to~~ the ~~recipient’s~~applicable vesting date.

1110

~~continued~~The ~~employment~~following ~~with~~table ~~the~~provides ~~Company~~a ~~from~~summary ~~the grant date through the applicable vesting date, and are settled with shares~~ of ~~the~~RSU ~~Company’s~~activity: ~~Common Stock within 60 days following the applicable vesting date.~~

In connection with the Hero Acquisition, 854,882 shares of restricted stock were issued to certain individuals in October 2022 with a total fair value of $61.5. This restricted stock is recognized as compensation expense ratably over the vesting period if those individuals continue to be employed by the Company. The vesting requirements are satisfied at various dates over a three-year period from the date of the acquisition, including 641,157 shares which have vested through September 30, 2025, and the final 213,725 shares vested in October of 2025. The restricted stock expense associated with the Hero Acquisition for the nine months ended September 30, 2025 and 2024 was $5.8 and $17.2, respectively, and is included in the non-cash compensation expense caption in the condensed consolidated statement of cash flows.


						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 ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 was $56.23, and is included in the non-cash compensation expense caption in the ~~condensed~~Condensed ~~consolidated~~Consolidated ~~statement~~Statement of ~~cash~~Cash ~~flows~~Flows. Refer to Note 10-Acquisitions for additional details.

Performance Stock Units

InBeginning in 2026, the ~~first~~Company ~~quarter~~expanded ofthe ~~each~~annual ofPSU ~~2025~~grant ~~and~~to ~~2024,~~a ~~respectively,~~greater ~~the~~number ~~Company~~of ~~granted~~employees. ~~PSUs~~The toannual ~~members~~PSU ofgrants ~~the~~are ~~ELT,~~issued ~~including~~in ~~the~~two ~~CEO,~~equal ~~with~~tranches. anEach ~~aggregate~~tranche ~~award~~has ofa ~~18,140~~different performance metric and ~~19,960~~grant ~~PSUs,~~date ~~respectively~~fair value. The ~~PSUs~~performance ~~were~~metric ~~valued~~for atone atranche ~~weighted~~is ~~average~~based ~~grant~~on ~~date~~the ~~fair~~Company’s ~~value~~total ~~equal~~shareholder toreturn ~~$136.76~~(“TSR”) inrelative ~~2025~~to ~~and~~a ~~$122.24~~Company-selected inpeer ~~2024~~group ~~per~~and ~~PSU~~is valued using a Monte Carlo model. The performance ~~target~~metric isfor ~~based~~the onsecond tranche is the Company’'s ~~total~~three-year ~~shareholder~~cumulative ~~return~~cash ~~(“TSR”)~~flow ~~relative~~from tooperations atarget and is valued using the Company's ~~selected~~grant ~~peer~~date ~~group~~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~~. 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.~~was ~~There~~most ~~are~~recently ~~four~~amended ~~purchase periods in each calendar year under the ESPP, which begin on the first business day of each calendar quarter~~ and ~~end~~restated on the last business day of each calendar quarter. The first purchase period commenced in January 2025. There are 684,628 Common Shares remaining as of September 30, 2025 that are reserved for issuance under the ESPP.

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 ~~September~~March 3031, ~~2025~~2026, there remains $~~528~~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.

In May 2025, the Company entered into an accelerated share repurchase ("ASR") contract with a commercial bank to purchase Common Stock. The Company paid $300.0 to the bank, inclusive of fees, and received 2.8 million shares in May 2025 and 0.3 million shares in August 2025 at an average total share price of $95.71. The Company purchased all 3.1 million shares under the evergreen share repurchase program and used cash on hand to fund the purchase price.

In August and September 2025, the Company executed open market purchases of 3.2 million shares for $300.0, inclusive of fees, of which $170.0 was purchased under the evergreen share repurchase program and $130.0 was purchased under the 2021 Share Repurchase Program. The shares were purchased at an average share price of $92.81 and the Company used cash on hand to fund the open market purchases.

Fair Value Measurements

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

Input

Carrying

Fair

Carrying

Fair

Level

Amount

Value

Amount

Value

Financial Assets:

Cash equivalents

Level 1

94291.98

~~793~~217.35

Financial Liabilities:

3.15% Senior notes due August 1, 2027

Level 2

424.9

419.41

424.9

~~411~~420.1

2.3% Senior notes due December 15, 2031

Level 2

399.5

~~355~~354.26

399.45

~~338~~355.94

5.6% Senior notes due November 15, 2032

Level 2

499.34

~~532~~526.16

499.23

~~515~~532.3

3.95% Senior notes due August 1, 2047

Level 2

397.9

~~321~~313.32

397.89

~~307~~318.74

5.00% Senior notes due June 15, 2052

Level 2

499.9

~~465~~448.60

499.9

~~451~~457.93

Touchland business acquisition liability

Level 3

147.0

0.0

The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~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~~Condensed ~~consolidated~~Consolidated ~~balance~~Balance ~~sheets~~Sheets.

~~Touchland business acquisition liability:~~ The ~~Touchland~~carrying ~~business~~amounts ~~acquisition liability is contingent upon the achievement~~ of ~~certain~~Accounts ~~2025~~Receivable, ~~net~~Accounts ~~sales thresholds~~Payable, and ~~may~~Accrued ~~require~~Expenses ~~a cash payment up to a maximum of $180.0. The fair value of the Touchland business acquisition liability is evaluated on a quarterly basis~~ and isOther based on management estimates and entity-specific assumptions which are considered Level 3 inputs. The initial fair value of the Touchland business acquisition liability was $140.0. That amount was established based on initial net sales projections. Since the initial fair value was establishedLiabilities, ~~the~~approximated ~~Company~~estimated ~~has recorded an adjustment to increase the~~ fair ~~value~~values ofas ~~the business acquisition liability to $147.0 in the third quarter~~ of ~~2025~~March 31, ~~based~~2026 ~~on the revised valuation due to an updated net sales forecast~~ and ~~the~~December ~~passage~~31, ~~of time~~2025. ~~The increase in fair value was recorded in SG&A expense within the Consumer Domestic segment. See Note 16 for further details.~~

The fair value measurement of the business acquisition liabilities is determined using a Monte Carlo simulation incorporating a distribution of expected revenue outcomes. The fair value measurement represents Level 3 measurements as they are based on significant inputs not observable in the market. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, changes in assumptions could have a material impact on the fair value of the business acquisition liability. Changes in the fair value of the business acquisition liability are recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. 12

The carrying amounts of Accounts Receivable, Accounts Payable, and Accrued Expenses and Other Liabilities, approximated estimated fair values as of September 30, 2025 and December 31, 2024.

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, ~~2024~~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
	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Derivatives designated as hedging instruments
Foreign exchange contracts	$	~~453~~391.2	$	~~317~~438.02
Diesel fuel contracts	13.84 gallons		04.85 gallons
Net Investment hedge	$	25.0	$	0.0
Commodities contracts	54.8 pounds		43.6 pounds
Net Investment hedge	$	25.0	$	25.0
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	09.71	$	02.04
Equity derivatives	$	2113.0	$	2412.60

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 ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~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 $656.40, 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~~Common ~~stock~~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~~Common ~~stock~~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. ~~Payment~~ ofA apayment of $5.0 ~~portion~~ 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. ~~Contingent~~The ~~upon the achievement of certain 2025 net sales thresholds, the~~ Touchland Acquisition ~~may~~was ~~require~~financed ~~payment~~with ofcash ~~additional~~on ~~consideration~~hand upand tois amanaged ~~maximum of $180.0~~ in ~~cash~~the inConsumer ~~the~~Domestic ~~second~~and ~~quarter~~Consumer ofInternational ~~2026~~segments. Touchland’s annual net sales for the year ended December 31, 2024 were approximately $115.0~~. The~~ ~~Touchland Acquisition was financed with cash on hand and is managed in the Consumer Domestic and Consumer International segments~~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		~~207~~208.4
Accounts payable, accrued expenses and other liabilities		(23.3	)
Business acquisition liabilities - short-term		(~~140~~141.09	)
Deferred income taxes		(~~184~~183.38	)
Deferred and other long-term liabilities		(10.2	)
Cash purchase price (net of cash acquired)	$	656.4
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.

1413

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.

OnDivestitures ~~June 3, 2024, the Company acquired substantially all of the issued~~ and ~~outstanding~~Business ~~shares~~Exits of capital stock of Graphico, Inc. ("Graphico"), a Japan-based distributor focused on consumer goods primarily in the Japanese market (the “Graphico Acquisition”). The Company paid $19.9, net of cash acquired, at closing. The Company acquired the remaining minority shares for approximately $2.0 in July 2024. Graphico’s annual net sales for the year ended December 31, 2023 were approximately $38.0. The Graphico Acquisition was financed with cash on hand, is expected to contribute to greater expansion of our business in the Asia-Pacific (APAC) region, and is managed in the Consumer International segment.

~~The~~Spinbrush ~~fair values of the net assets at acquisition are set forth as follows:~~ Divestiture

Accounts receivable	$	3.5
Inventory		11.3
Other current assets		1.5
Other long-term assets		5.8
Customer relationship intangible asset		8.4
Goodwill		2.8
Accounts payable, accrued expenses and other liabilities		(6.9	)
Long-term debt		(4.4	)
Deferred income taxes		(2.1	)
Cash purchase price (net of cash acquired)	$	19.9

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.

~~The~~Flawless ~~customer~~Business relationship intangible asset was valued using a discounted cash flow model and has a useful life of 15 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 Graphico Acquisition are not deductible for U.S. tax purposes.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~~Condensed ~~consolidated~~Consolidated ~~balance~~Balance ~~sheet~~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:

	September 30,			December 31,
	March 31,			December 31,
	2025			2024
	2026			2025
Gross Carrying Value Trade Names	$	1,~~680~~672.65		$	1,~~960~~680.7
VMS impairment		0.0			(281.3	)
Sale of Spinbrush Tradename		0.0			(7.9	)
Spinbrush impairment		(7.9	)		0.0
Trade Names	$	1,672.5		$	1,672.8
Trade Names	$	1,672.7		$	1,679.4

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.

On May 1, 2025, the Company announced that it ~~was~~would ~~exiting~~exit the ~~Flawless,~~ Spinbrush ~~and~~business ~~Waterpik~~which ~~showerhead~~resulted ~~businesses~~in ~~which~~a wepre-tax ~~intend~~loss toof ~~complete~~$21.2, byof ~~early~~which ~~2026~~$12. ~~These~~6 ~~businesses~~was ~~generated~~recorded ~~approximately~~in ~~$170~~Cost ~~million~~ of ~~Net~~ Sales and $8.6 was recorded in ~~2024~~SG&A expenses. WeIn ~~recorded~~December a2025, ~~pre-tax~~the ~~charge~~Company ofentered ~~$51.0~~into inan ~~the~~agreement ~~second~~to ~~quarter~~transfer ofall ~~2025~~Spinbrush asintellectual property to a ~~direct~~third ~~result~~party offor ~~these~~nominal ~~decisions,~~consideration. Net sales of ~~which~~the Spinbrush business were $3053.46 ~~was~~in ~~recorded~~the inyear ~~Cost~~ended ofDecember ~~sales~~31, 2025.

15The 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.

and $20.6 was recorded in SG&A. The charge was primarily recorded in the Consumer Domestic segment and was comprised of non-cash charges related to impairments of intangible and fixed assets, as well as inventory reserves.

During the third quarter of 2024, the Company continued to experience a decline in market share and a deterioration in the financial performance of its VMS business, which includes the VITAFUSION® and L'IL CRITTERS® trade name, primarily due to significant product competition coming from new category entrants, including private label. The continued decline in profitability caused management to reassess its long-term strategy and financial outlook of the business. The revised financial outlook reflects lower estimates of future sales growth and cash flows which resulted in a triggering event in the third quarter. The triggering event required the Company to review the carrying value of assets supporting the business. The assets supporting the VMS business include the VITAFUSION® and L'IL CRITTERS® indefinite-lived trade name, a definite-lived customer relationship intangible asset and PP&E specific to the VMS business.

The Company used an excess earnings discounted cash flow model to determine the fair value of the trade name. The assumptions used in the model require significant judgment in determining the expected future cash flows. The key assumptions utilized in the Company's impairment analysis included, but were not limited to, net sales growth rates between -15.2% and 2.1%, EBITA margins in the low single digits, and a discount rate of 8.25%. Estimates are based on market conditions and management’s current expectation of the success of growth and profitability initiatives. The valuation resulted in a full impairment of the $281.3 trade name. Accordingly, the remaining carry value of the trade name at December 31, 2024 is $0.0.

The Company also evaluated its ability to recover the carrying value of long-lived assets supporting the VMS business (customer relationships and PP&E) by comparing the carrying amount of those assets to the future undiscounted cash flows over the estimated life of the identified primary asset. The result of this evaluation was that the cash flows would not be sufficient to recover the carrying value of the assets requiring the Company to compare the carrying value of those assets to their fair value. The Company used an excess earnings discounted cash flow model to determine the estimated fair value of the long-lived assets. The key assumptions utilized in the Company's impairment analysis were the same as those used to estimate the fair value of the trade name. The valuation resulted in a fair value of the long-lived assets that is below their carry value requiring a pre-tax impairment charge of $75.8. The impairment charge was allocated $60.0 to the PP&E of the VMS business and $15.8 to the remaining customer relationship intangible asset. The remaining carrying values of the PP&E and the customer relationship intangible asset specific to the VMS business at September 30, 2025 were $142.8 and $0.0, respectively.

A summary of the VMS intangible and fixed asset impairment charges recorded in the third quarter of 2024 are as follows:

	December 31,
	2024
Trade Name	$	281.3
Customer Relationship Intangible Asset		15.8
PP&E		60.0
Total VMS impairment charges	$	357.1

The Company’s global WATERPIK® business has continued to experience a significant decline in customer demand for many of its products, primarily due to lower consumer spending for discretionary products from inflation and a growing number of water flosser consumers switching to more value-branded products. Waterpik's profitability has also been impacted by tariffs imposed on its products imported into the United States. In May 2025 the Company announced that it was exiting the WATERPIK® showerheads business. As a result of these factors, the WATERPIK® business has experienced a significant decline in sales and profits resulting in a reduction in expected future cash flows which have eroded a substantial portion of the excess between the fair and carrying value of the trade name. This indefinite-lived intangible asset may be susceptible to impairment and a continued decline in fair value could trigger a future impairment charge of the WATERPIK® trade name. The carrying value of the WATERPIK® trade name is $644.7 and fair value represented 135% of the carrying value as of October 1, 2024 (the date of the Company's last annual impairment test). The key assumptions used in the projections from the Company’s October 1, 2024 impairment analysis include a discount rate of 8.1%, revenue growth rates between 2% and 7% and EBITA margins between 25% and 29%. These assumptions were based on current market conditions as of the date of the impairment analysis, recent trends and management’s expectation of the success of initiatives to lower costs and to develop lower-cost water flosser alternatives as well as improvement in the supply chain including a reduction in tariff exposure. While management has implemented strategies to address the risk, significant changes in operating plans, adverse changes in consumer behavior or the global macro-economic environment or in global government policy decisions (including tariffs) could reduce the underlying cash flows used to estimate fair value which may result in an impairment.

Intangible Assets With a Useful Life

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

	September 30, 2025													December 31, 2024
	March 31, 2026										December 31, 2025
	Gross								Amortization		Gross		~~Amortization~~	~~Gross~~
	Carrying		Accumulated			~~Impairment~~			Period		Carrying		~~Period~~	~~Carrying~~Accumulated			~~Accumulated~~Impairment			~~Impairment~~
	Amount		Amortization			~~Charges(2)~~Net			(Years)	~~Net~~	Amount		~~(Years)~~	~~Amount~~Amortization			~~Amortization~~Charges(1)			~~Charges(1)~~Net			~~Net~~
Amortizable intangible assets:
Trade Names	$	2,~~113~~066.38	$	(~~537~~551.48	)	$	~~(11~~1,515.60	)	3-20	$	~~1,564.3~~$	2,113.4	~~3-20~~	$	~~1,383~~(562.41	)	$	(~~479~~11.6	)	$	01,539.07		$	~~903.8~~
Customer Relationships		~~599~~573.03		(~~358~~347.83	)		(0226.70	)	15-20		~~239.5~~	598.5	~~15-20~~		~~644~~(365.92	)		(~~402~~0.17	)		~~(15~~232.86	)		~~227.0~~
Patents/Formulas		~~205~~200.67		(~~136~~137.20	)		063.07		4-20		~~69.4~~	205.6	~~4-20~~		~~205~~(139.52	)		~~(127~~0.20	)		066.04			~~78.3~~
Total	$	2,~~917~~840.98	$	(1,~~032~~036.41	)	$	~~(12~~1,804.37	)		$	~~1,873.2~~$	2,917.5		$	2(1,~~233~~066.85	)	$	(~~1,008~~12.93	)	$	~~(15~~1,838.87	)	$	~~1,209.1~~

(1) The $1512.83 impairment charge ~~(as discussed above)~~ relates to the ~~VMS~~Flawless trade name and Spinbrush customer relationship intangible asset, which had a gross value of $7976.2 and accumulated amortization of $63.49 prior to full impairment. The impairments were a result of the Company's decision to exit these businesses.

~~(2) The~~Intangible amortization expense was $1233.38 ~~impairment~~and ~~charge~~$29.3 ~~relates~~for to the ~~Flawless~~first ~~trade~~quarter ~~name~~of 2026 and ~~Spinbrush~~2025, ~~customer~~respectively. ~~relationship~~The ~~intangible~~Company ~~asset,~~estimates ~~which~~that ~~had~~intangible aamortization ~~gross~~expense ~~value~~will ofbe approximately $76135.20 ~~and~~in ~~accumulated~~2026 ~~amortization~~and ofapproximately $63134.90 ~~prior~~declining to ~~full impairment~~$120. ~~The~~0 ~~impairments~~annually ~~were~~over ~~a result of~~ the ~~Company's~~next ~~decision~~five ~~to exit these businesses~~years.

Intangible amortization expense was $32.7 and $30.7 for the third quarter of 2025 and 2024, respectively. Intangible amortization expense amounted to $86.9 and $92.2 for the first nine months of 2025 and 2024, respectively. The Company estimates that intangible amortization expense will be approximately $121.0 in 2025 and approximately $135.0 declining to $122.0 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, 2024	$	2,061.1	$	237.2	$	134.9	$	2,433.2
Balance at December 31, 2025	$	2,255.4	$	237.2	$	134.9	$	2,627.5
Touchland acquired goodwill		207.4		0.0		0.0		207.4
Touchland Acquisition adjustments		1.9		0.0		0.0		1.9
Other		0.4		0.0		0.0		0.4
Balance at March 31, 2026	$	2,257.3	$	237.2	$	134.9	$	2,629.4
Balance at September 30, 2025	$	2,268.9	$	237.2	$	134.9	$	2,641.0

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~~Condensed ~~consolidated~~Consolidated ~~balance~~Balance ~~sheet~~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:

		September 30,			December 31,
		March 31,			December 31,
	Classification	~~2025~~2026			~~2024~~2025
Assets
Right of use assets	Other Assets	$	~~178~~159.57		$	~~182~~166.30
Liabilities
Current lease liabilities	Accrued Expenses and Other Liabilities	$	2824.96		$	3223.49
Long-term lease liabilities	Deferred and Other Long-term Liabilities		~~167~~147.61			~~168~~153.50
Total lease liabilities		$	~~196~~171.57		$	~~200~~176.9
Other information
Weighted-average remaining lease term (years)			7.23			7.4
Weighted-average discount rate			45.82	%		45.62	%

	Three Months		Three Months		~~Nine Months~~		~~Nine Months~~
	Ended		Ended		~~Ended~~		~~Ended~~
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	March 31, 2026		March 31, 2025
Statement of Income (Loss)
Statement of Income
Lease cost(1)	$	108.58	$	10.05	$	~~31.5~~	$	~~29.8~~
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	1.0	$	1.2	$	19.7	$	19.6
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	$	107.7	$	810.75	$	~~31.9~~	$	~~25.0~~

(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 ~~nine~~three months of ~~2025~~2026 and ~~2024~~2025 was $246.35 and $~~22.~~8.1, respectively, and is included in the Amortization caption in the ~~condensed~~Condensed ~~consolidated~~Consolidated ~~statement~~Statement of ~~cash~~Cash ~~flows~~Flows.

In April 2025, the Company extended the lease term at one of its leased warehouse facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $11.0 recorded in the second quarter of 2025. In January 2024, the Company expanded space at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.4 recorded in the first quarter of 2024.

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

	Operating
	Leases
2025	$	10.5
2026	$	24.7
2026		35.8
2027		30.9
2027		32.7
2028		26.7
2028		28.8
2029		26.1
2029		28.4
2030		25.8
2030 and thereafter		97.9
2031 and thereafter		73.6
Total future minimum lease commitments		~~234~~207.18
Less: Imputed interest		(3736.61	)
Present value of lease liabilities	$	~~196~~171.57

1816

14.

Accounts Payable, Accrued Expenses and Other Liabilities

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

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Accounts payable	$	~~772~~729.79	$	~~705~~732.14
Accrued marketing and promotion costs		~~222~~180.24		~~259~~221.64
Accrued wages and related benefit costs		~~110~~60.27		~~151~~145.47
Other accrued current liabilities		~~217~~408.38		~~162~~394.8
Total	$	1,~~322~~379.48	$	1,~~278~~494.93

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 ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the obligations outstanding related to the SCF program amounted to $~~120~~115.19 and $9884.57, 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 $~~298~~108.91 and $~~292~~106.35 as of ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively.

15.

Long-Term Debt

Long-term debt ~~consist~~consists of the following:

	September 30,			December 31,
	March 31,			December 31,
	2025			2024
	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	)		(0.65	)
5.6% Senior notes due November 15, 2032		500.0			500.0
Less: Discount		(0.76	)		(0.87	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.1	)		(2.21	)
5.00% Senior notes due June 15, 2052		500.0			500.0
Less: Discount		(0.1	)		(0.1	)
Debt issuance costs, net		(1715.09	)		(16.64	)
Total long-term debt	$	2,~~204~~205.57		$	2,~~204~~205.61

~~New Credit Agreement~~17

16.

On July 17, 2025, the Company entered into an unsecured revolving Credit Agreement (the “Credit Agreement”). The Credit Agreement replaced the Company’s prior $1,500.0 unsecured revolving credit facility that was entered into on June 16, 2022. The aggregate commitments of the lenders under the Credit Agreement, as of the effective date, are $2,000.0, with an option to increase such commitments to $2,750.0 pursuant to the terms therein. The revolving credit facility matures on July 17, 2030, unless extended. The terms of the Credit Agreement are substantially the same as the terms for the credit facility entered into on June 16, 2022.

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, 2024	$	(37.8	)	$	4.6		$	6.0		$	(27.2	)
Other comprehensive income (loss) before reclassifications		5.3			(0.2	)		7.3			12.4
Amounts reclassified to condensed consolidated statement of income (a) (b)		0.0			0.0			(1.6	)		(1.6	)
Tax benefit (expense)		0.0			0.0			(1.8	)		(1.8	)
Other comprehensive income (loss)		5.3			(0.2	)		3.9			9.0
Balance at September 30, 2024	$	(32.5	)	$	4.4		$	9.9		$	(18.2	)
Balance at January 1, 2025	$	(53.2	)	$	4.4		$	17.9		$	(30.9	)
Other comprehensive income (loss) before reclassifications		206.43			0.5			(9.0.3	)		116.95
Amounts reclassified to condensed consolidated statement of income (a) (b)		0.0			0.0			(4.4	)		(4.4	)
Amounts reclassified to Condensed Consolidated Statement of Income (a)		0.0			0.0			(2.3	)		(2.3	)
Tax benefit (expense)		0.0			(0.1	)		30.57			30.46
Other comprehensive income (loss)		206.43			0.4			(91.9	)		104.98
Balance at September 30, 2025	$	(32.8	)	$	4.8		$	8.0		$	(20.0	)
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~~Cost of sales, ~~selling,~~SG&A ~~general and administrative~~ expenses or interest expense.

~~The Company reclassified a gain of $0~~17.~~7 and $0.6 to the condensed consolidated statements of income during the three months ended September 30~~ Commitments, ~~2025~~Contingencies and ~~2024, respectively.~~ Guarantees

16. 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 ~~September~~March 3031, ~~2025~~2026, the Company had commitments of approximately $~~338~~367.58. 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 ~~September~~March 3031, ~~2025~~2026, the Company had various guarantees and letters of credit totaling $8.59.

d. In connection with the December 1, 2020 acquisition of the ZICAM® brand (the “Zicam Acquisition”), the Company deferred ~~an additional cash~~ payment of $20.0 of the purchase price related to certain indemnifications provided by the seller. The ~~amount,~~Company tomade ~~the~~a ~~extent~~cash ~~not~~payment ~~used~~of or$12.9 ~~withheld~~ in ~~satisfaction~~the offirst ~~such~~quarter ~~indemnity~~of ~~obligations,~~2026 isand ~~payable~~a infinal ~~the~~payment ~~fourth~~of ~~quarter~~$2.0 ofin ~~2025~~April 2026.

In connection with the December 24, 2021 acquisition of the THERABREATH® brand (the "TheraBreath Acquisition"), the Company deferred payment of a $14.0 ~~portion~~ 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~~, and the remaining $6~~.1, The toCompany ~~the~~paid ~~extent~~a ~~not~~final ~~used~~amount ~~or withheld in satisfaction~~ of ~~such~~$5.0 ~~indemnity obligations, is payable~~ in ~~the~~January ~~fourth quarter of 2025~~2026.

20In 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 ~~October~~July 1316, ~~2022~~2025 ~~Hero~~Touchland Acquisition, the ~~Company~~business ~~deferred~~acquisition anliability ~~additional~~was ~~cash~~contingent ~~payment~~upon ofthe ~~$8.0~~achievement toof ~~satisfy~~ certain ~~indemnification~~2025 ~~obligations~~net sales thresholds. The ~~additional~~initial ~~amount,~~fair tovalue ~~the~~of ~~extent~~this ~~not~~business ~~used~~acquisition inliability ~~satisfaction~~was ~~of such indemnity obligations~~$140.0, iswhich ~~payable~~was ~~five~~established ~~years~~in ~~from~~ the ~~closing.~~initial

In connection with the July 16, 2025 Touchland Acquisition, contingent upon the achievement of certain 2025 net sales thresholds, the Touchland Acquisition may require payment of additional consideration up to a maximum of $180.0 in cash in the second quarter of 2026. The initial fair value of this business acquisition liability was $140.0, which was established in the purchase price allocation. During the third quarter of 2025, the Company increased the fair value of the business acquisition liability to $147.0 based on updated net sales forecasts and the passage of time. The changes in fair value were recorded within the Consumer Domestic segment. The Company deferred an additional cash payment of $5.0 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.18

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.

Related Party Transactions

The following summarizes the balances and transactions between the Company and Armand Products Company (“Armand”) and the ArmaKleen Company (“ArmaKleen”), in each of which the Company held a 50% ownership interest:

	Armand				ArmaKleen(2)
	Nine Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Purchases by Company	$	9.5	$	10.6	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.0	$	1.0
Outstanding Accounts Receivable	$	0.5	$	0.5	$	0.0	$	0.7
Outstanding Accounts Payable	$	1.1	$	0.9	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	1.9	$	1.7	$	0.0	$	1.6

Billed by the Company and recorded as a reduction of SG&A expenses.

In October 2024, the Company sold its 50% interest in ArmaKleen to our joint venture partner.

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			Specialty products

The Company also has equity in earnings of affiliates which is not reflected in a reportable segment. As of ~~September~~March 3031, ~~2025~~2026, the Company held a 50% ownership ~~interests~~interest in Armand. ~~The~~ ~~Company's 50% interest in ArmaKleen was sold to our joint venture partner in October of 2024.~~ The Company’s equity in earnings of Armand ~~and ArmaKleen,~~ totaled $2.~~2 and $~~3.0 ~~for the three months ended September 30, 2025~~ and ~~2024, respectively, and~~ $61.6 ~~and $7.2~~ for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively~~2025.

Our reportable segments comprise the structure used by our Chief Executive Officer, who has been determined to be the Chief Operating Decision Maker ("“CODM"”) to make key operating decisions and assess performance. The CODM considers Operating Income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. Asset information and capital expenditures are not regularly provided to the CODM.

~~The following tables present financial information relating to the Company’s segments for the three months ended and nine months ended September 30, 2025 and 2024:~~ 19

	Three Months Ended September 30, 2025
	Consumer Domestic			Consumer International			SPD		Consolidating Reclassification(1)			Total Consolidated
Net Sales	$	1,219.7		$	290.1		$	75.8		-		$	1,585.6
Cost of sales		647.1			156.8			49.8		17.5			871.2
Gross Profit		572.6			133.3			26.0		(17.5	)		714.4
Marketing expenses		152.6			49.5			0.8		-			202.9
Research and Development(2)		32.3			3.2			0.7		-			36.2
Selling, general and administrative expenses		170.6			51.8			15.8		(17.5	)		220.7
Income from Operations		217.1			28.8			8.7		-			254.6
	Three Months Ended September 30, 2024
	Consumer Domestic			Consumer International			SPD		Consolidating Reclassification(1)			Total Consolidated
Net Sales	$	1,170.8		$	267.7		$	72.1		-		$	1,510.6
Cost of sales		614.0			151.6			46.2		15.7			827.5
Gross Profit		556.8			116.1			25.9		(15.7	)		683.1
Marketing expenses		146.0			39.1			0.7		-			185.8
Research and Development(2)		32.3			2.9			0.8		-			36.0
Selling, general and administrative expenses		148.6			47.4			15.4		(15.7	)		195.7
VMS Trade name and other asset impairments		327.4			29.7			-		-			357.1
(Loss) Income from Operations		(97.5	)		(3.0	)		9.0		-			(91.5	)

Income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. Asset information and capital expenditures are not regularly provided to the CODM.

22The following tables present financial information relating to the Company’s segments for the three months ended March 31, 2026 and 2025:

	Nine Months Ended September 30, 2025
	Three Months Ended March 31, 2026
	Consumer Domestic		Consumer International		SPD		Consolidating Reclassification(1)			Total Consolidated
Net Sales	$	31,~~503~~117.67	$	~~829~~273.69	$	~~225~~77.87		-		$	41,~~559~~469.03
Cost of sales(3)		1,885.0		460.4		142.5		50.1			2,538.0
Cost of sales		578.2		143.2		48.6		17.9			787.9
Gross Profit		~~1,618~~539.65		~~369~~130.27		8329.31		(5017.19	)		~~2,021~~681.04
Marketing expenses		~~378~~104.42		~~115~~34.76		20.56		-			~~496~~139.64
Research and Development(2)		9327.38		93.40		20.18		-			~~104~~31.86
Selling, general and administrative expenses(4)		467.8		145.0		45.3		(50.1	)		608.0
Selling, general and administrative expenses		167.3		53.2		16.8		(17.9	)		219.4
Income from Operations		~~679~~240.12		9939.19		3310.49		-			~~811~~291.60
	Nine Months Ended September 30, 2024
	Three Months Ended March 31, 2025
	Consumer Domestic		Consumer International		SPD		Consolidating Reclassification(1)			Total Consolidated
Net Sales	$	31,~~506~~129.68	$	~~786~~261.49	$	~~232~~75.14	$	-		$	41,~~525~~467.1
Cost of sales		~~1,802~~597.14		~~444~~147.63		~~147~~46.04		4916.24			~~2,442~~807.95
Gross Profit		~~1,704~~532.54		~~341~~114.86		8529.10		(4916.24	)		~~2,082~~659.26
Marketing expenses		~~385~~107.57		~~102~~28.90		10.89		-			~~490~~136.26
Research and Development(2)		8729.52		93.10		20.56		-			9932.18
Selling, general and administrative expenses		~~454~~150.27		~~132~~45.39		4814.17		(4916.24	)		~~585~~194.49
VMS Trade name and other asset impairments		327.4		29.7		-		-			357.1
Income from Operations		244.8		37.7		12.8		-			295.3
Income from Operations		449.9		67.8		32.7		-			550.4

(1)

Reflects the administrative costs of the production planning and logistics functions which are elements of Cost of ~~Sales~~sales in the Company’s Consolidated Statements of Income but are allocated to the operating segments in ~~Selling,~~SG&A ~~General and Administrative~~ expenses to determine operating segment income before income taxes.

(2)

All costs for Research & Development administration, global compliance, technology support, packaging and sustainability are reported in the Consumer Domestic segment.

InOther ~~the~~segment ~~first~~expenses ~~nine~~for ~~months of 2025,~~ the ~~results~~three ~~include~~months ~~$30.4~~ended ofMarch ~~non-cash charges related to impairments of fixed assets~~31, as2026 ~~well~~and as2025 ~~inventory~~include ~~reserves primarily recorded in Consumer Domestic as a result of announcing that we are exiting~~ the ~~Flawless,~~following: ~~Spinbrush and Waterpik showerhead businesses.~~

In the first nine months of 2025, the results include $20.6 of non-cash charges related to impairments of intangible assets, primarily recorded in Consumer Domestic as a result of announcing that we are exiting the Flawless, Spinbrush and Waterpik showerhead businesses.


	Consumer Domestic		Consumer International		SPD		Total Consolidated
Depreciation & Amortization
First Quarter of 2026	$	53.9	$	6.1	$	2.9	$	62.9
First Quarter of 2025		51.3		6.7		2.9		60.9

~~Other segment expenses for the three months ended and nine months ended September 30, 2025 and 2024 include the following~~ 20

	Consumer Domestic		Consumer International		SPD		Total Consolidated
Depreciation & Amortization
Third Quarter 2025	$	54.9	$	6.3	$	2.9	$	64.1
Third Quarter 2024		51.2		6.7		2.3		60.2
First Nine Months of 2025	$	153.4	$	19.5	$	8.7	$	181.6
First Nine Months of 2024		150.1		19.8		7.5		177.4

Product line revenues from external customers are as follows:

	Three Months Ended	~~Three Months Ended~~					~~Nine Months Ended~~
		September 30,			September 30,		September 30,		September 30,
	March 31,			March 31,
		2025			2024		2025		2024
	2026			2025
Household Products	$	$641.6	~~646.7~~	$	$614.9	~~637.4~~	$	~~1,911.6~~	$	~~1,929.5~~
Personal Care Products		476.1	~~573.0~~		514.9	~~533.4~~		~~1,592.0~~		~~1,577.1~~
Total Consumer Domestic		1,117.7	~~1,219.7~~		1,129.8	~~1,170.8~~		~~3,503.6~~		~~3,506.6~~
Total Consumer International		273.9	~~290.1~~		261.9	~~267.7~~		~~829.6~~		~~786.4~~
Total SPD		77.7	~~75.8~~		75.4	~~72.1~~		~~225.8~~		~~232.1~~
Total Consolidated Net Sales	$	$1,469.3	~~1,585.6~~	$	$1,467.1	~~1,510.6~~	$	~~4,559.0~~	$	~~4,525.1~~

Household Products include laundry, deodorizing and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin ~~care~~ and hair care products, and cold and remedy products~~, and gummy dietary supplements~~.

2421

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

(In millions, except per share data)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of the Company’s financial condition and results of operations should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025, which was filed with the SEC on February 1312, ~~2025~~2026, and the unaudited condensed consolidated financial statements and related notes contained in this Quarterly Report on Form 10-Q.

Overview

We develop, manufacture and market a broad range of consumer household and personal care products and specialty products focused on animal nutrition, chemicals and commercial products. Our well-recognized brands include ARM & HAMMER® baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda-based products; OXICLEAN® stain removers, cleaning solutions, laundry detergents and bleach alternatives; ~~VITAFUSION® and L’IL CRITTERS® gummy dietary supplements for adults and children, respectively;~~ BATISTE® dry shampoo; WATERPIK® water flossers ~~and showerheads~~; THERABREATH® oral care products; HERO® acne treatment products; TOUCHLAND® hand sanitizers; TROJAN® condoms, lubricants and vibrators; ~~SPINBRUSH® battery-operated toothbrushes;~~ FIRST RESPONSE® home pregnancy and ovulation test kits; NAIR® depilatories; ORAJEL® oral analgesic; XTRA® laundry detergent; and ZICAM® cold shortening and relief products~~; and TOUCHLAND® hand sanitizer products~~. Seven ~~Eight~~ of those brands are designated as "power brands" because they compete in large categories, and we believe they have the potential for significant global expansion. Those ~~eight~~seven brands are ARM & HAMMER®; OXICLEAN®; ~~VITAFUSION® and L’IL CRITTERS®;~~ BATISTE®; WATERPIK®; THERABREATH®; HERO®; and TOUCHLAND® and represent approximately 70% of our net sales and profits.

We sell our consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and other discount stores, pet and other specialty stores and websites and other e-commerce channels, all of which sell our products to consumers. We sell our specialty products to industrial customers, livestock producers and through distributors.

We operate in three principal segments: Consumer Domestic, Consumer International, and our Specialty Products Division (“SPD”).

Recent Developments

Global Economic Conditions and Trade Policies

We ~~continue~~have toexperienced ~~experience~~higher ~~increased~~manufacturing ~~commodity~~costs ~~cost volatility~~ and economic uncertainty ~~primarily~~ due to ~~rapid~~ changes in U.S. trade policies including ~~shifting~~ongoing ~~changes~~reviews inand ~~tariff~~modifications ~~policy~~to tariffs and other U. S. trade measures. We continue to evaluate these evolving developments and have ~~begun~~taken toactions ~~take action~~ to mitigate their impact on our business, including ~~taking~~exiting ~~strategic actions for~~ certain business lines ~~(see Strategic Business Decisions)~~, shifting production and relocating manufacturing operations, finding alternative sources of supply, selectively increasing prices, adjusting inventories, seeking exemptions with respect to tariffs, and most notably ceasing the import of substantially all Waterpik flossers and certain other products from China into the U.S., ~~potential price increases, adjusting inventories, lobbying and seeking exemptions with respect to tariffs.~~ While the ~~tariff~~tariffs ~~situation~~remain ~~remains~~ fluid, we are focused on managing ~~through~~ these challenges. We ~~are~~believe ~~currently~~our ~~projecting~~existing ~~twelve-month run-rate~~ tariff ~~costs~~cost ofexposure ~~approximately~~will ~~$25.0~~be ~~net~~mitigated ofthrough ~~mitigation activities. Over~~ the ~~next~~above-mentioned ~~12 months~~actions, wefuture ~~believe our tariff cost exposure can be further reduced through~~ additional supply chain efforts and surgical pricing.

~~Strategic~~Middle ~~Business~~East ~~Decisions~~Conflict

OnThe ~~May~~ongoing 1,geopolitical ~~2025,~~conflict wein ~~announced~~the ~~that~~Middle weEast ~~will~~has bedisrupted ~~exiting~~global ~~the~~shipping ~~Flawless~~routes, ~~Spinbrush~~including ~~and~~the ~~Waterpik~~Strait ~~showerhead~~of ~~businesses,~~Hormuz ~~which~~and wesurrounding ~~intend~~waterways, toresulting ~~complete~~in byincremental ~~early~~inflationary ~~2026. These~~pressure ~~businesses~~on ~~generated~~certain ~~approximately~~commodities ~~$170.0~~and oftransportation ~~annual~~costs, ~~Net~~as ~~Sales~~well inas ~~2024. We~~increased ~~recorded~~volatility ain ~~pre-tax~~logistics ~~charge~~and ofsupply ~~$51~~chain planning.0 inWhile the ~~second~~situation ~~quarter~~remains offluid ~~2025~~and asunpredictable, awe ~~direct~~have ~~result~~implemented ofmitigation ~~these actions~~measures, ofincluding ~~which~~supplier ~~$30.4~~diversification, ~~was~~alternative ~~recorded~~routing ~~in Cost of sales~~ and ~~$20.6~~incremental ~~was~~productivity ~~recorded in SG&A~~programs. ~~The~~ ~~charge~~Based ~~was~~on ~~primarily~~current ~~recorded~~conditions, inwe ~~the~~believe ~~Consumer~~we ~~Domestic~~can ~~segment~~mitigate ~~and~~a ~~was~~significant ~~comprised~~portion of ~~non-cash~~these ~~charges~~transitory ~~related~~impacts toin ~~impairments of intangible and fixed assets, as well as inventory reserves~~2026.

On August 1, 2025, we announced that we are performing a strategic review of our vitamin business. This review includes potential actions to streamline our supply chain to strengthen the core business, joint venture or other partnership opportunities, and divestiture options. We expect to complete our strategic review by the end of 2025.

Share Repurchases

In August and September 2025, the Company executed open market purchases of 3.2 million shares for $300.0, inclusive of fees, of which $170.0 was purchased under the evergreen share repurchase program and $130.0 was purchased under the 2021 Share Repurchase Program (as defined below). The shares were purchased at an average share price of $92.81 and the Company used cash on hand to fund the open market purchases.

One Big Beautiful Bill Act

On July 4, 2025, President Trump signed into law the legislation formally titled "An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The legislation includes several provisions that may impact the timing and magnitude of certain tax deductions. Key provisions include the permanent extension of several key elements of the 2017 Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing. The tax provisions in OBBBA are not expected to have a material impact on our financial position and results of operations, and we expect a marginal benefit to cash flows.

Touchland Acquisition

On July 16, 2025, we completed the acquisition of Touchland Holding Corp ("Touchland"), the developer of TOUCHLAND® hand sanitizer products (the "Touchland Acquisition"). We paid $656.4, net of cash acquired, and 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 a compensation expense ratably over the two-year vesting period if the individual continues to be employed by the Company. Payment of a $5.0 portion of the purchase price was deferred related to certain indemnification obligations provided by Touchland’s equityholders, which amount, to the extent not used in satisfaction of such indemnity obligations, is payable three years from the closing. Contingent upon the achievement of certain 2025 net sales thresholds, the Touchland Acquisition may require payment of additional earnout consideration up to a maximum of $180.0 in cash in the second quarter of 2026. The majority of the purchase price was allocated to the trade name. Touchland’s annual net sales for the year ended December 31, 2024 were approximately $115.0. The Touchland Acquisition was financed with cash on hand and is managed in the Consumer Domestic and Consumer International segments.

New Credit Agreement

Other

For additional discussion, please refer to Item 1A, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K.

2622

Results of Operations

Consolidated results

	Three Months Ended			Change vs.	Three Months Ended
	September 30, 2025			Prior Year	September 30, 2024
	March 31, 2026			Prior Year	March 31, 2025
Net Sales	$	1,~~585~~469.63		5.0.2%	$	1,~~510~~467.61
Gross Profit	$	~~714~~681.4		43.63%	$	~~683~~659.16
Gross Margin		4546.14	%	~~-10~~140 basis points		45.20	%
Marketing Expenses	$	~~202~~139.94		9.2.0%	$	~~185~~136.86
Percent of Net Sales		129.85	%	5020 basis points		129.3	%
Selling, General & Administrative Expenses	$	~~256~~251.90		10.92%	$	~~231~~227.7
Percent of Net Sales		1617.21	%	90+160 basis points		15.35	%
VMS Trade name and other asset impairments	$	0.0		-100.0%	$	357.1
Income from Operations	$	291.0		-1.5%	$	295.3
Percent of Net Sales		0.0	%	-2,370 basis points		23.7	%
Operating Margin		19.8	%	-40 basis points		20.2	%
Income (loss) from Operations	$	254.6		-378.3%	$	(91.5	)
Net income per share - Diluted	$	0.91		2.2%	$	0.89
Operating Margin		16.1	%	2,220 basis points		(6.1	%)
Net income (loss) per share - Diluted	$	0.75		-341.9%	$	(0.31	)
	Nine Months Ended			Change vs.	Nine Months Ended
	September 30, 2025			Prior Year	September 30, 2024
Net Sales	$	4,559.0		0.7%	$	4,525.1
Gross Profit	$	2,021.0		-2.9%	$	2,082.2
Gross Margin		44.3	%	-170 basis points		46.0	%
Marketing Expenses	$	496.6		1.3%	$	490.2
Percent of Net Sales		10.9	%	10 basis points		10.8	%
Selling, General & Administrative Expenses	$	712.8		4.1%	$	684.5
Percent of Net Sales		15.6	%	50 basis points		15.1	%
VMS Tradename and other asset impairments	$	0.0		-100.0%	$	357.1
Percent of Net Sales		0.0	%	-790 basis points		7.9	%
Income from Operations	$	811.6		47.5%	$	550.4
Operating Margin		17.8	%	560 basis points		12.2	%
Net income per share - Diluted	$	2.41		49.7%	$	1.61

Net Sales

Net sales for the quarter ended ~~September~~March 3031, ~~2025~~2026 were $1,~~585~~469.63, an increase of $752.02 or 5.0.2% as compared to the same period in ~~2024. Net sales for the nine months ended September 30,~~ 2025 ~~were $4,559~~.0, ~~an increase of $33.9 or 0.7% over the comparable nine month period of 2024.~~ The components of the net sales increase are as follows:

	Three Months Ended			~~Nine Months Ended~~
	September 30,			September 30,
	March 31,
Net Sales - Consolidated	~~2025~~2026			~~2025~~
Product volumes sold(1)		45.03	%		~~1.1~~	%
Pricing/Product mix(2)		(0.63	%)		~~(0.4~~	%)
Foreign exchange rate fluctuations		01.21	%		~~(0.2~~	%)
Exit of product lines(3)		(18.21	%)		~~(0.8~~	%)
Acquisitions(4)		2.62	%		~~1.0~~	%
Net Sales increase		5.0.2	%		~~0.7~~	%

(1)

For the three months ended ~~September~~March 3031, ~~2025~~2026, the volume change reflects increased product unit sales in all three segments. For the nine months ended September 30, 2025, the volume change reflects increased product unit sales in the Consumer Domestic and Consumer International segments, partially offset by decreased product unit sales in the SPD segment.

(2)

27For the three months ended March 31, 2026, price/mix was unfavorable in the Consumer Domestic and Consumer International segment, partially offset by the SPD segment.

(3)

~~For~~In ~~both~~ the ~~three~~fourth ~~and~~quarter ~~nine~~of ~~months~~2025, ~~ended~~we ~~September~~divested ~~30,~~the vitamin business. In the second quarter of 2025, ~~price/mix~~we ~~was~~announced ~~unfavorable~~that inwe ~~the~~are ~~Consumer~~exiting ~~Domestic~~the ~~segment~~Flawless, ~~partially~~Spinbrush, ~~offset~~and byWaterpik ~~the~~showerhead ~~SPD~~businesses. ~~and~~The ~~Consumer~~business ~~International~~exits ~~segments~~were completed by the end of 2025.

(4)

In the ~~second~~third quarter of 2025, we ~~announced~~completed ~~that we are exiting~~ the ~~Flawless,~~acquisition ~~Spinbrush, and Waterpik showerheads businesses. In the first quarter~~ of ~~2024, we exited the MEGALAC supplement portion of the SPD Animal Nutrition business~~Touchland. ~~In the second quarter of 2024 we sold the Passport food safety business.~~

In the third quarter of 2025, we completed the acquisition of Touchland. In the second quarter of 2024 we acquired substantially all of Graphico.

Gross Profit / Gross Margin

Our gross profit was $~~714~~681.4 for the three months ended ~~September~~March 3031, ~~2025~~2026, a $3121.38 increase as compared to the same period in ~~2024~~2025. Gross margin ~~decreased~~increased 10140 basis points (“bps”) in the ~~third~~first quarter of ~~2025~~2026 compared to the same period in ~~2024~~2025. The ~~decline~~increase in gross margin was ~~due~~ primarily due to the impact of ~~higher~~productivity ~~manufacturing~~programs ~~costs~~ of ~~220~~150 bps, ~~(including~~benefits ~~labor,~~of ~~commodities~~the ~~and~~Touchland ~~tariffs,~~Acquisition ~~net~~combined with the impact of ~~tariff~~business ~~mitigation~~exits ~~actions)~~of 110 bps, ~~partially~~favorable ~~offset~~volume/price/mix byof ~~the~~50 ~~impact~~bps ofand ~~productivity~~favorable ~~programs~~foreign exchange of ~~170~~10 bps, ~~benefits~~partially ~~from~~offset by the ~~Touchland~~impact ~~Acquisition~~of higher manufacturing costs of 20180 bps (including labor, ~~favorable~~inflation ~~price/mix/volume~~in ofcommodities 10and ~~bps,~~transportation and ~~favorable~~higher ~~foreign~~tariffs, ~~exchange~~net of 10tariff ~~bps~~mitigation actions).

Gross profit was $2,021.0 for the nine months ended September 30, 2025, a $61.2 decrease compared to the same period in 2024. Gross margin decreased 170 bps in the first nine months of 2025 compared to the same period in 2024. The decline in gross margin was due primarily to costs associated with exiting the Flawless, Spinbrush, and Waterpik showerheads businesses of 70 bps and tariff refunds in the prior year of 70 bps. Excluding these items, gross margin decreased by 30 bps due to the impact of higher manufacturing costs of 180 bps (including labor, commodities and tariffs, net of tariff mitigation actions), unfavorable price/mix/volume of 10 bps, and an unfavorable recall impact of 10 bps, partially offset by the impact of productivity programs of 160 bps, and benefits from the Touchland Acquisition of 10 bps.

Operating Expenses

Marketing expenses for the three months ended ~~September~~March 3031, ~~2025~~2026 were $~~202~~139.94, an increase of $172.18 or 9.2.0% as compared to the same period in ~~2024~~2025. Marketing expenses as a percentage of net sales in the ~~third~~first quarter of ~~2025~~2026 increased by 5020 bps to 129.85% compared to 129.3% in the same period in ~~2024~~2025 due to ~~110~~increased ~~bps~~investment ~~on higher expense as we invest~~ in our brands ~~to drive market share growth~~ and ~~support~~ new products, ~~offset~~supporting by 60 bps of leverage on higher net sales. Marketing expenses for the nine months ended September 30, 2025 were $496.6, an increase of $6.4 or 1.3% as compared to the same period in 2024. Marketing expenses as a percentage of net sales for the first nine months of 2025 increased by 10 bps to 10.9% as compared to 10.8% in the same period in 2024 due to 20 bps on higher expense, as we invest in our ~~brands~~innovation toinitiatives ~~drive market share growth~~ and ~~support~~organic ~~new products, offset by 10 bps of leverage on higher net sales~~growth.

SG&A expenses were $~~256~~251.90 in the ~~third~~first quarter of ~~2025~~2026, an increase of $2523.23 or 10.92% as compared to the same period in ~~2024~~2025. SG&A as a percentage of net sales increased 90160 bps to 1617.21% in the ~~third~~first quarter of ~~2025~~2026 as compared to 15.35% in the same period in 2024. The increase is due to 160 bps on higher expenses, primarily due to the Touchland acquisition, offset by 70 bps of leverage associated with higher sales. SG&A expenses for the first nine months of 2025 were $712.8, an increase of $28.3 or 4.1% as compared to the same period in 2024. SG&A as a percentage of net sales increased 50 bps to 15.6% in the first nine months of 2025 compared to 15.1% in 2024. The increase is due to 60 bps on higher expenses, primarily due to non-cash asset impairment costs associated with exiting the Flawless, Spinbrush, and Waterpik showerheads businesses of $20.6, costs associated with the Touchland acquisition, offset by 10 bps of leverage on higher net sales.

2025. The increase is primarily due to the Touchland Acquisition and focused investments in new growth initiatives, e-commerce and our international business.

Income from Operations

Operating margin decreased 40 basis points to 19.8% for the three months ended March 31, 2026, as compared to 20.2% in the same period in 2025.

Nonoperating Expenses

~~VMS~~Interest ~~Tradename~~income ~~and other asset impairment charges were $357.1 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2026 ~~related~~decreased to$6.8 ~~non-cash charges~~ to ~~adjust~~$2.5 ~~the~~as ~~carrying~~compared ~~value of intangible assets and property, plant, and equipment related~~ to the ~~VMS~~same ~~business. The~~period ~~impairment was due to a continued decline~~ in ~~market~~2025 ~~share and a deterioration in the financial performance for the VMS business, which includes the VITAFUSION and L'IL CRITTERS tradename, primarily~~ due to ~~significant~~lower ~~product~~investment ~~competition~~income ~~coming~~ from ~~new~~lower ~~category~~average ~~entrants,~~cash ~~including private label~~balances. ~~See Note 11, “Goodwill and Other Intangibles, Net” to the Condensed Consolidated Financial Statements included herein for additional information.~~

Interest ~~income~~expense for the three months ended ~~September~~March 3031, ~~2025~~2026 ~~decreased~~increased $70.7 to $224.90, as compared to the same period in ~~2024 due to lower investment income from lower average cash balances. Interest income for the nine months ended September 30,~~ 2025 ~~increased $3~~.~~7 to $21.4 as compared to the same period in 2024.~~

~~Interest~~Other income (expense) ~~for~~was ~~the~~nominal ~~three months ended September 30, 2025 increased $0.4 to $23.8, as compared to the same period in 2024. Interest expense~~ for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 ~~decreased~~and $12025.~~0 to $70.6 as compared to the same period in 2024.~~

Other income (expense) was nominal for the three and nine months ended September 30, 2025 and 2024.

Income Taxes

The effective tax rate for the three months ended ~~September~~March 3031, ~~2025~~2026 was 2220.97%~~. The effective tax rate for the three months ended September 30~~, ~~2024~~compared ~~was~~to ~~a benefit of 25~~22.90%~~. The~~ ~~effective~~in ~~tax benefit of 25.9% for~~ the ~~three~~same ~~months~~period ~~ended~~in ~~September 30, 2024 was impacted by the non-cash VMS impairment charge~~2025. ~~Excluding the VMS impairment charge, the effective tax rate for the three months ended September 30, 2024 was 23.8%.~~ The decrease inis ~~the~~primarily ~~tax~~due ~~rate~~to ~~for~~lower ~~the~~state ~~three~~income ~~months~~taxes ~~ended~~offset ~~September~~by ~~30,~~lower ~~2025~~stock isoption ~~primarily attributable to state tax refund claims~~exercises.

~~The~~Diluted effective tax rate for the nine months ended September 30, 2025 was 22.8%. The effective tax rate for the nine months ended September 30, 2024 was 21.3%. The effective tax rate for the nine months ended September 30, 2024 was impacted by the non-cash VMS impairment charge. Excluding the VMS impairment charge, the effective tax rate for the nine months ended September 30, 2024 was 22.6%. EPS

~~The~~We ~~changes~~reported ~~resulting~~diluted ~~from~~net earnings per share for the ~~tax~~three ~~provisions~~months inended ~~OBBBA~~March ~~are~~31, ~~not~~2026 ~~expected~~of to$0.91, ~~have~~an aincrease ~~material~~of ~~impact~~approximately on2.2% ~~our~~from ~~financial~~diluted ~~position~~net ~~and~~earnings ~~results~~per share of ~~operations,~~$0.89 ~~and~~for wethe ~~expect~~three amonths ~~marginal~~ended ~~benefit~~March to31, ~~cash flows~~2025.

Segment results

We operate three reportable segments: Consumer Domestic, Consumer International and SPD. These segments are determined based on differences in the nature of products and organizational structure.


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

~~Segment net sales and income from operations for the three and nine months ended September 30, 2025 and September 30, 2024 are as follows:~~24

	Consumer			Consumer
	Domestic			International			SPD		Total
Net Sales
Third Quarter 2025	$	1,219.7		$	290.1		$	75.8	$	1,585.6
Third Quarter 2024		1,170.8			267.7			72.1		1,510.6
First Nine Months of 2025	$	3,503.6		$	829.6		$	225.8	$	4,559.0
First Nine Months of 2024		3,506.6			786.4			232.1		4,525.1
Income (Loss) from Operations
Third Quarter 2025	$	217.1		$	28.8		$	8.7	$	254.6
Third Quarter 2024		(97.5	)		(3.0	)		9.0		(91.5	)
First Nine Months of 2025	$	679.1		$	99.1		$	33.4	$	811.6
First Nine Months of 2024		449.9			67.8			32.7		550.4

Segment net sales and income from operations for the three months ended March 31, 2026 and March 31, 2025 are as follows:


	Consumer		Consumer
	Domestic		International		SPD		Total
Net Sales
First Quarter of 2026	$	1,117.7	$	273.9	$	77.7	$	1,469.3
First Quarter of 2025		1,129.8		261.9		75.4		1,467.1

Income from Operations
First Quarter of 2026	$	240.2	$	39.9	$	10.9	$	291.0
First Quarter of 2025		244.8		37.7		12.8		295.3

Product line revenues from external customers are as follows:

	Three Months Ended	~~Three Months Ended~~					~~Nine Months Ended~~
		September 30,			September 30,		September 30,		September 30,
	March 31,			March 31,
		2025			2024		2025		2024
	2026			2025
Household Products	$	$641.6	~~646.7~~	$	$614.9	~~637.4~~	$	~~1,911.6~~	$	~~1,929.5~~
Personal Care Products		476.1	~~573.0~~		514.9	~~533.4~~		~~1,592.0~~		~~1,577.1~~
Total Consumer Domestic		1,117.7	~~1,219.7~~		1,129.8	~~1,170.8~~		~~3,503.6~~		~~3,506.6~~
Total Consumer International		273.9	~~290.1~~		261.9	~~267.7~~		~~829.6~~		~~786.4~~
Total SPD		77.7	~~75.8~~		75.4	~~72.1~~		~~225.8~~		~~232.1~~
Total Consolidated Net Sales	$	$1,469.3	~~1,585.6~~	$	$1,467.1	~~1,510.6~~	$	~~4,559.0~~	$	~~4,525.1~~

Household Products include laundry, deodorizing, and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin ~~care~~ and hair care products, and cold and remedy products~~, and gummy dietary supplements~~.

3025

Consumer Domestic

Consumer Domestic net sales in the ~~third~~first quarter of ~~2025~~2026 were $1,~~219~~117.7, ~~an increase of $48.9 or 4.2% as compared to the same period in 2024. Consumer Domestic net sales for the nine months ended September 30, 2025 were $3,503.6,~~ a decrease of $312.01 or 01.1% as compared to the same period in ~~2024~~2025. The components of the net sales change ~~are~~were ~~the~~as ~~following~~follows:

	Three Months Ended			~~Nine Months Ended~~
	September 30,			September 30,
	March 31,
Net Sales - Consumer Domestic	~~2025~~2026			~~2025~~
Product volumes sold		35.75	%		~~0.2~~	%
Pricing/Product mix		(10.41	%)		~~(0.8~~	%)
Exit of product lines (1)		(19.40	%)		~~(0.6~~	%)
Acquisition(2)		32.35	%		~~1.1~~	%
Net Sales increase (decrease)		4.2	%		(0.1	)%
Net Sales decrease		(1.1	)%

(1)

In the fourth quarter of 2025, we divested the vitamin business. In the second quarter of 2025, we announced that we are exiting the Flawless, Spinbrush, and Waterpik showerheads businesses. The business exits were completed by the end of 2025.

(2)

The Touchland ~~acquisition~~Acquisition is included in our results since July 16, 2025, the date of acquisition.

~~The~~Net ~~increase~~sales inexcluding ~~net~~business ~~sales~~exits and the acquisition of Touchland increased for the three months ended ~~September~~March 3031, ~~2025~~2026, ~~reflects~~reflecting ~~the impact of the Touchland® Acquisition and~~ growth from THERABREATH® mouth wash, ~~HERO®~~and ~~acne treatment products~~toothpaste, ARM & HAMMER® Cat Litter, ~~and TROJAN~~HERO® ~~condoms,~~acne ~~partially~~treatment ~~offset by declines from VITAFUSION® gummy dietary supplements~~products, and ~~WATERPIK® Oral Care. The decrease in net sales for the nine-month period ending September 30, 2025, includes declines from VITAFUSION® gummy dietary supplements,~~ OXICLEAN® ~~Stain Fighters and WATERPIK® Oral Care~~powder, partially offset by ~~the~~declines ~~impact~~in ~~of the Touchland~~WATERPIK® ~~Acquisition~~Oral ~~and growth from THERABREATH® mouth wash and HERO® acne treatment products~~Care.

Consumer Domestic income from operations for the ~~third~~first quarter of ~~2025~~2026 was $~~217~~240.12, ana ~~increase~~decrease of $~~314~~4.6 as compared to the ~~third~~first quarter of ~~2024~~2025. ~~Income~~Consumer Domestic income from operations ~~was~~benefited ~~impacted~~from instrong ~~the~~organic ~~third~~sales ~~quarter~~growth ofacross ~~2025~~household byand ~~Touchland~~personal ~~transaction-related~~care, ~~costs~~plus ofsales ~~$12.2~~volume ~~and~~from inthe ~~2024~~Touchland byAcquisition. ~~the~~Partially ~~VMS~~offsetting ~~non-cash~~these ~~intangible~~volume ~~and~~benefits ~~PP&E~~is ~~impairment~~the ~~charges~~sales ofimpact ~~$327.4.~~from the ~~Excluding~~exited ~~these~~businesses. ~~charges~~In total, ~~Consumer~~increased ~~Domestic~~sales ~~income~~volumes ~~from~~and ~~operations~~changes ~~was~~in ~~comparable~~mix, toprimarily from the ~~third~~exited ~~quarter~~businesses, ofresulted ~~2024. The~~in ~~impact~~a ofnet ~~higher~~benefit ~~sales volumes~~ of $3717.82. ~~and~~Additionally, Consumer Domestic realized the benefit of productivity programs of $2319.2 and a reduction in marketing expenses of $3.7 ~~was~~due to the exited businesses. These benefits were offset by higher manufacturing and distribution expenses of $3329.32 ~~(including~~due ~~tariffs),~~to inflation and sales volumes as well as higher SG&A expenses of $915.3,2 ~~unfavorable~~primarily ~~price/mix~~related ofto ~~$12.1,~~the ~~and~~Touchland ~~higher marketing expenses of $6~~Acquisition.7.

For the nine-month period ended September 30, 2025, income from operations was $679.1 an increase of $229.2 as compared to the first nine months of 2024. Income from operations was impacted for the nine-month period ended 2025 by non-cash charges associated with exiting the Flawless, Spinbrush, and Waterpik showerheads businesses of $47.2 and Touchland transaction-related costs of $12.2. Income from operations was impacted for the nine-month period ended 2024 by the VMS non-cash intangible and PP&E impairment charges of $327.4. Excluding these charges, Consumer Domestic income from operations decreased $38.8. The decrease is primarily due to higher manufacturing and distribution expenses of $102.3 (including tariffs), and unfavorable price/mix of $30.9, partially offset by the benefit of productivity programs of $66.7, the impact of higher sales volumes of $11.0, lower marketing expenses of $7.1, and lower SG&A expenses of $12.2.

Consumer International

Consumer International net sales were $~~290~~273.19 in the ~~third~~first quarter of ~~2025~~2026, an increase of $2212.40 or 8.4~~% as compared to the same period in 2024~~. ~~Consumer International net sales in the first nine months of 2025 were $829.~~6~~, an increase of $43.2 or 5.5~~% as compared to the same period in ~~2024~~2025. The components of the net sales change ~~are~~were ~~the~~as ~~following~~follows:

	Three Months Ended			~~Nine Months Ended~~
	September 30,			September 30,
	March 31,
Net Sales - Consumer International	~~2025~~2026			~~2025~~
Product volumes sold		5.93	%		~~5.5~~	%
Pricing/Product mix		(1.86	%)		~~0.6~~	%
Foreign exchange rate fluctuations		15.09	%		~~(1.0~~	%)
Exit of product lines (1)		(16.1	%)		~~(0.5~~	%)
Acquisitions(2)		01.81	%		~~0.9~~	%
Net Sales increase		8.4.6	%		~~5.5~~	%

(1)

31In the fourth quarter of 2025, we divested the vitamin business. In the second quarter of 2025, we announced that we are exiting the Flawless, Spinbrush, and Waterpik showerheads businesses. The business exits were completed by the end of 2025.

(2)

InThe ~~the~~Touchland ~~second~~Acquisition ~~quarter~~is ofincluded ~~2025,~~in weour ~~announced~~results ~~the~~since ~~exit~~July ~~of the Flawless~~16, ~~Spinbrush~~2025, ~~and~~the ~~Waterpik~~date ~~showerheads~~of ~~businesses~~acquisition.

~~The~~Net ~~Touchland~~sales excluding business exits, the acquisition isof ~~included~~Touchland and changes in ~~our~~foreign ~~results~~exchange ~~since~~rates ~~July~~increased 16in the first quarter ended March 31, ~~2025~~2026 primarily driven by THERABREATH® mouth wash, ~~the~~BATISTE® ~~date~~dry ofshampoo ~~acquisition. The~~and ~~Graphico~~HERO® ~~acquisition~~acne istreatment ~~included~~products in ~~our~~the ~~results~~Global ~~since~~Markets ~~June 1~~Group, ~~2024~~HERO® acne treatment products in Germany and UK, and ARM & HAMMER® Cat Litter in Canada partially offset by lower sales in the ~~date~~middle ofeast ~~acquisition~~region.

Excluding the impact of foreign exchange rates, sales growth in the third quarter ended September 30, 2025 was driven by HERO® acne treatment products in the Global Markets Group ("GMG"), Canada, Germany, France, UK and Australia, THERABREATH® mouth wash in GMG and Canada, WATERPIK® Oral Care, BATISTE® dry shampoo and FEMFRESH in GMG, and ARM & HAMMER® Dental Care in Mexico. The increase in net sales for the nine-month period ending September 30, 2025, was driven HERO® acne treatment products in Canada, GMG, Europe, Germany, France, UK and Australia, THERABREATH® mouth wash in GMG and Canada, FEMFRESH in GMG and ARM & HAMMER® Baking Soda in GMG.26

Consumer International income from operations was $2839.89 in the ~~third~~first quarter of ~~2025~~2026, an increase of $312.82 as compared to the ~~third~~first quarter of ~~2024~~2025. ~~Income~~ ~~from operations was impacted in the third quarter of 2024 by the VMS non-cash intangible and PP&E impairment charges of $29.7. Excluding the non-cash impairment charges,~~ Consumer International income from operations ~~increased~~benefited ~~$2.1. The~~from ~~increase~~strong isorganic ~~due~~sales ~~primarily~~growth toacross the ~~impact~~portfolio, ofplus ~~higher~~ sales ~~volumes~~volume offrom ~~$6.0,~~the ~~favorable~~Touchland ~~price/mix of $5~~Acquisition.0, ~~lower~~Partially ~~manufacturing~~offsetting ~~and~~these ~~distribution~~volume ~~expenses~~benefits ofis ~~$4.1~~the ~~(including~~sales ~~tariffs),~~impact ~~and~~from ~~favorable~~the ~~foreign~~exited ~~exchange~~businesses. ~~rates~~In ~~of $2.3~~total, ~~partially~~increased ~~offset~~sales byvolumes ~~higher~~and ~~marketing~~changes ~~expenses~~in ~~of $10.4~~mix, ~~and~~primarily ~~higher~~from ~~SG&A expenses of $4.8. For~~ the ~~first~~exited ~~nine months of 2025~~businesses, ~~income~~resulted ~~from~~in ~~operations~~a ~~was~~net ~~$99.1,~~benefit ~~an increase~~ of $316.~~3 as compared to the same period in 2024~~4. ~~Income~~ ~~from~~Consumer ~~operations~~International ~~was~~also ~~impacted~~experienced ~~for~~favorable ~~the~~manufacturing ~~nine-month period ended 2025 by the non-cash charges associated with exiting the Flawless, Spinbrush,~~ and ~~Waterpik~~distribution ~~showerheads~~expenses ~~businesses~~ of $35.84. ~~and~~These inbenefits ~~the~~were ~~nine~~partially ~~month-period~~offset ~~ended 2024~~ by ~~the~~higher ~~VMS non-cash intangible and PP~~SG&EA ~~impairment~~expenses ~~charges~~ of $~~29.~~7. ~~Excluding~~3 ~~these~~primarily ~~non-cash impairment charges, Consumer International income from operations increased $5.4. The increase is~~ due ~~primarily~~ to the ~~impact~~Touchland ofAcquisition, higher ~~sales~~marketing ~~volumes~~expenses of $176.7,5 ato ~~favorable~~support ~~price/mix of $15.7~~growth, and ~~lower~~unfavorable ~~manufacturing~~price/mix ~~and distribution expenses~~ of $13.~~5, partially offset by higher marketing expenses of $12~~3.6, ~~higher~~Income ~~SG&A~~from ~~expenses~~operations ofwas ~~$11.1,~~also ~~and~~impacted ~~unfavorable~~by favorable foreign exchange rates of $57.6.

Specialty Products (“SPD”)

SPD net sales were $7577.87 in the ~~third~~first quarter of ~~2025~~2026, an increase of $32.73 or 53.1% as compared to the same period in ~~2024. SPD net sales were $225.8 for the first nine months of~~ 2025~~, a decrease of $6~~.3, ~~or 2.7% as compared to the same period in 2024.~~ The components of the net sales change ~~are~~were ~~the~~as ~~following~~follows:

	Three Months Ended			~~Nine Months Ended~~
	September 30,			September 30,
	March 31,
Net Sales - SPD	~~2025~~2026			~~2025~~
Product volumes sold		12.70	%		~~(0.3~~	%)
Pricing/Product mix		21.51	%		~~2.8~~	%
Foreign exchange fluctuations		0.0	%		0.3	%
Net Sales increase		3.1	%
Exit of product lines (1)		0.9	%		(5.5	%)
Net Sales increase (decrease)		5.1	%		(2.7	%)

WeNet ~~exited~~sales ~~the~~increased ~~MEGALAC supplement portion of the Animal Nutrition business~~ in the ~~first~~three ~~quarter~~months ofended ~~2024~~March ~~and~~31, ~~sold~~2026 ~~the~~primarily ~~Passport~~due ~~food~~to ~~safety~~growth ~~business~~ in ~~the~~our ~~second~~sodium ~~quarter~~bicarbonate ofand ~~2024~~animal nutrition businesses.

~~Net~~SPD ~~sales~~income ~~excluding~~from ~~product~~operations ~~line~~was ~~divestitures~~$10.9 ~~increased~~ in the ~~three~~first ~~and~~quarter ~~nine~~of ~~months~~2026, ~~ended~~a ~~September~~decrease ~~30,~~of ~~2025~~$1.9 ~~primarily~~compared to the first quarter of 2025 due to ~~growth~~higher inSG&A ~~our~~expenses ~~sodium~~of ~~bicarbonate~~$2.3 and ~~animal~~unfavorable ~~nutrition~~manufacturing ~~businesses~~costs of $1.1, partially offset by favorable price/mix of $0.8, higher volumes of $0.5 and lower marketing expenses of $0.3.

SPD income from operations was $8.7 in the third quarter of 2025, comparable to the same period in 2024 as favorable price/mix of $1.8 and higher volumes of $1.0 were offset by unfavorable manufacturing costs of $2.8 and higher SG&A expenses of $0.3. SPD income from operations was $33.4 in the first nine months of 2025, an increase of $0.7 as compared to the same period in 2024 due primarily to favorable price/product mix of $6.1 and lower SG&A expenses of $3.2 mainly from divestitures, partially offset by unfavorable manufacturing costs of $5.1, the impact of lower sales volumes of $2.9, and higher marketing expenses of $0.7.

Equity in Earnings of Affiliates

Equity in earnings of affiliates represents the results of Armand in the three ~~and nine~~ months ofended ~~2025~~March ~~and~~31 ~~2024~~2026 and ~~ArmaKleen in the first three and nine months of 2024~~2025. ~~In October 2024, the Company sold its 50% interest in ArmaKleen to our joint venture partner.~~

3327

Liquidity and Capital Resources

On July 17, 2025, the Company entered into ana new unsecured revolving Credit Agreement (the “Credit Agreement”). The Credit Agreement replaced the Company’s prior $1,500.0 unsecured revolving credit facility that was entered into on June 16, 2022. The aggregate commitments of the lenders under the Credit Agreement, ~~as of the effective date,~~ are $2,000.0, with an option to increase such commitments to $2,750.0 ~~pursuant to the terms therein~~. The revolving credit facility matures on July 17, 2030, unless extended. Borrowings under the Credit Agreement are available for general corporate purposes and are used to support our $12,~~500~~000.0 commercial paper program.

As of ~~September~~March 3031, ~~2025~~2026, we had $~~305~~503.34 in cash and cash equivalents, and approximately $1,993.0 available through our revolving credit facility and our commercial paper program. To preserve our liquidity, we invest cash primarily in government money market funds, prime money market funds, short-term commercial paper and short-term bank deposits.

The current economic environment presents risks that could have adverse consequences for our liquidity. See “Our operating results have been, and could be in the future, adversely affected by natural disasters, public health crises, political crises, or other catastrophic events, or unfavorable worldwide, regional and local economic and financial market conditions” under “Risk Factors” in Item 1A of the Form 10-K. We continue to manage all aspects of our business including, but not limited to, monitoring the financial health of our customers, suppliers and other third-party relationships, implementing gross margin enhancement strategies and developing new opportunities for growth. We do not anticipate that current economic conditions will adversely affect our ability to comply with the financial covenant in the Credit Agreement because we currently are, and anticipate that we will continue to be, in compliance with the maximum leverage ratio requirement under the Credit Agreement.

On October 28, 2021, the Board authorized the Company’s share repurchase program, under which we 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.

We have $~~528~~228.9 of share repurchase availability under the 2021 Share Repurchase Program as of ~~September~~March 3031, ~~2025~~2026.

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

InOn ~~May~~January ~~2025~~28, we2026, ~~entered~~the ~~into~~Board andeclared ~~accelerated~~a ~~share~~4.2% ~~repurchase~~increase ~~("ASR")~~in ~~contract~~the ~~with~~regular aquarterly ~~commercial~~dividend ~~bank~~from ~~to purchase Common Stock~~$0. We295 ~~paid~~to $~~300.~~0.3075 toper ~~the~~share ~~bank,~~(equivalent ~~inclusive~~to ofan ~~fees,~~annual ~~and~~dividend ~~received~~of 2$1.823 ~~million~~per ~~shares~~share) inpayable ~~May~~to ~~2025~~stockholders ~~and~~of ~~0.3~~record ~~million~~as ~~shares~~of inFebruary ~~August~~13, ~~2025~~2026. The atincrease anraises ~~average~~the ~~total~~annualized ~~share~~dividend ~~price~~payout offrom $95287.~~71. We~~0 ~~purchased~~to ~~all~~approximately 3$291.10 ~~million shares under the evergreen share repurchase program and used cash~~ on ~~hand~~an toannualized ~~fund the purchase price~~basis.

In ~~August~~We ~~and~~anticipate ~~September~~that ~~2025~~our cash from operations, wetogether ~~executed~~with ~~open~~our ~~market~~current ~~purchases~~borrowing ofcapacity, ~~3.2~~will ~~million~~be ~~shares~~sufficient ~~for~~to ~~$300.0,~~fund ~~inclusive~~our ofshare ~~fees~~repurchase programs to the extent implemented by management, ofpay ~~which~~debt ~~$170.0~~and ~~was~~interest ~~purchased~~as ~~under~~it comes due, pay dividends at the ~~evergreen~~latest ~~share~~approved ~~repurchase~~rate, and meet our capital expenditure program ~~and~~costs, which are expected to be approximately $130.0 ~~was~~in ~~purchased~~2026 ~~under~~including ~~the~~manufacturing ~~2021~~capacity ~~Share~~investments ~~Repurchase~~for ~~Program. The~~THERABREATH® ~~shares~~and ~~were~~Sterimar ~~purchased~~and at an ~~average~~enterprise ~~share~~resource ~~price~~planning of(ERP) ~~$92~~project.81 Cash, ~~and~~together wewith our current borrowing capacity, may be used ~~cash~~for onacquisitions ~~hand~~that towould ~~fund~~complement ~~the~~our ~~open~~existing ~~market~~product ~~purchases~~lines or geographic markets.

On January 29, 2025, the Board declared a 4% increase in the regular quarterly dividend from $0.28375 to $0.295 per share, equivalent to an annual dividend of $1.18 per share payable to stockholders of record as of February 14, 2025. The increase raises the annual dividend payout from $277.0 to approximately $287.0 on an annualized basis.

We anticipate that our cash from operations, together with our current borrowing capacity, will be sufficient to fund our share repurchase programs to the extent implemented by management, pay debt and interest as it comes due, pay dividends at the latest approved rate, and meet our capital expenditure program costs, which are expected to be approximately $120.0 in 2025 including manufacturing capacity investments for THERABREATH® and Sterimar and an enterprise resource planning (ERP) project. Cash, together with our current borrowing capacity, may be used for acquisitions that would complement our existing product lines or geographic markets.

Cash Flow Analysis

	Nine Months Ended
	Three Months Ended
	September 30,			September 30,
	March 31,			March 31,
	2025			2024
	2026			2025
Net cash provided by operating activities	$	~~852~~174.08		$	~~863~~185.97
Net cash used in investing activities	$	(~~725~~33.35	)	$	(~~138~~16.17	)
Net cash used in financing activities	$	(~~793~~44.9	)	$	(~~318~~61.30	)

Net Cash Provided by Operating Activities – Our primary source of liquidity is the cash flow provided by operating activities, which is dependent on net income and changes in working capital. Our net cash provided by operating activities in the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 decreased by $1110.9 to $~~852~~174.08 as compared to $~~863~~185.97 in the same period in ~~2024~~2025 due to an increase in working capital partially offsetting an increase in cash earnings (net income adjusted for non-cash items). The increase in working capital is primarily related to ~~lower~~the ~~accounts~~timing ~~payable~~of ~~and~~income ~~accrued~~tax ~~expense~~payments ~~balances mainly due to lower inventory purchases partially offset by lower inventory~~ and higher ~~cash collections. The timing of~~ inventory purchases asto ~~well~~support asgrowth ~~lower~~partially ~~accounts~~offset ~~receivable~~by ~~balances~~an ~~are~~increase ~~mainly due to lower sales~~ in ~~our~~accounts ~~consumer domestic business~~payable. We measure working capital effectiveness based on our cash conversion cycle. The following table presents our cash conversion cycle information for the quarters ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025:

	Quarter ended as of
	September 30, 2025		September 30, 2024		Change
Days of sales outstanding in accounts receivable ("DSO")		34		34		-
Days of inventory outstanding ("DIO")		66		70		(4	)
Days of accounts payable outstanding ("DPO")		77		75		(2	)
Cash conversion cycle		23		29		(6	)

Our cash conversion cycle (defined as the sum of DSO and DIO less DPO) which is calculated using a quarter-to-quarter two-period average method, decreased six days from the prior year. The decrease in DIO is primarily due to a greater focus on inventory management in a volatile environment. The increase in DPO is primarily from higher average accounts payable balances from extending payment terms with some vendors. We continue to focus on reducing our working capital requirements.


	Quarter ended as of
	March 31, 2026		March 31, 2025(1)		Change
Days of sales outstanding in accounts receivable ("DSO")		35		35		-
Days of inventory outstanding ("DIO")		64		70		(6	)
Days of accounts payable outstanding ("DPO")		79		77		(2	)
Cash conversion cycle		20		28		(8	)

(1)

~~Net~~The ~~Cash~~March ~~Used~~31, in2025 ~~Investing Activities – Net~~ cash ~~used~~conversion incycle ~~investing~~calculation ~~activities during the first nine months of 2025~~ was ~~$725.3,~~revised ~~primarily~~to ~~reflecting~~reflect ~~$656.4~~a ~~for the Touchland Acquisition and $67.2 for additions~~ quarter-to-quarter ~~property,~~four-period ~~plant,~~average ~~and equipment~~method. Net cash used in investing activities during the first nine months of 2024 was $138.1, primarily reflecting $125.2 for property, plant and equipment additions and $19.9 for the Graphico Acquisition, partially offset by $6.6 of proceeds from the sale of assets.

~~Net~~The ~~Cash~~cash ~~Used~~conversion incycle ~~Financing~~(defined ~~Activities~~as –the ~~Net~~sum ~~cash~~of ~~used~~DSO inand ~~financing~~DIO ~~activities~~less ~~during~~DPO) ~~the~~is ~~first~~calculated ~~nine~~using ~~months~~a ofquarter-to-quarter ~~2025~~four-period ~~was~~average ~~$793~~method.9, The ~~reflecting~~Company ~~$600.0~~considers ofthe ~~share~~four-period ~~repurchases,~~average ~~$216.4~~preferable ofto ~~cash~~the ~~dividend~~previously ~~payments~~employed ~~and~~two-period ~~$5.9~~average ~~related~~as it mitigates period-to-period volatility. If the ~~payment~~prior oftwo-period aaverage ~~business~~method ~~acquisition~~had ~~liability~~been applied as of March 31, ~~partially~~2025, ~~offset~~DIO bywould ~~$33.1~~still ofreflect ~~proceeds~~a ~~from~~decrease ~~stock~~of ~~option~~six ~~exercises.~~days ~~Net~~and the cash ~~used~~conversion incycle ~~financing~~would ~~activities~~still ~~during~~reflect ~~the~~a ~~first~~decrease ~~nine~~of ~~months~~eight ofdays ~~2024~~compared ~~was~~to ~~$318.3~~the ~~reflecting~~previous ~~$200~~year.4 The ofdecrease ~~net~~in ~~debt~~DIO ~~payments~~is ~~and~~primarily ~~$207.4~~attributable ofto ~~cash~~enhanced ~~dividend~~inventory ~~payments,~~management ~~partially~~initiatives. We ~~offset~~continue byto ~~$90.3~~focus ofon ~~proceeds~~reducing ~~from~~our ~~stock~~working ~~option~~capital ~~exercises~~requirements.

Net Cash Used in Investing Activities – Net cash used in investing activities during the first three months of 2026 was $33.5, primarily reflecting $31.9 for additions to property, plant, and equipment. Net cash used in investing activities during the first three months of 2025 was $16.7, primarily reflecting $16.5 for property, plant and equipment additions.

Net Cash Used in Financing Activities – Net cash used in financing activities during the first three months of 2026 was $44.9, reflecting $72.9 of cash dividend payments and $19.8 related to business acquisition liability payments, partially offset by a $36.2 source of cash from the Company's TSA agreement with Piping Rock and proceeds from stock option exercises of $16.6. Net cash used in financing activities during the first three months of 2025 was $61.0, reflecting $72.4 of cash dividend payments and $5.9 related to the payment of a business acquisition liability, partially offset by $19.3 of proceeds from stock option exercises.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Market risk

For quantitative and qualitative disclosures about market risk affecting the Company, see “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of Part II in the Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

a) Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) at the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this report, are effective to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the United States Securities and Exchange Commission (the “Commission”), and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding the disclosure.

periods specified in the rules and forms of the United States Securities and Exchange Commission (the “Commission”), and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding the disclosure.

b) Change in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurring during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This report 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 decline of condom usage; the Company’s hedge programs; the impact of foreign exchange, and commodity price fluctuations; impairments and other charges; the Company’s investments in joint ventures; the impact of acquisitions and divestitures; capital expenditures; the Company’s effective tax rate; the impact of tax audits; tax changes; the effect of the credit environment on the Company’s liquidity and capital resources; the Company’s fixed rate debt; compliance with covenants under the Company’s debt instruments; the Company’s commercial paper program; the Company’s current and anticipated future borrowing capacity to meet capital expenditure program costs; the Company’s share repurchase programs; payment of dividends; environmental and regulatory matters; the availability and adequacy of raw materials, including trona reserves and the conversion of such reserves; and the customers and consumer acceptance of certain ingredients in our products. Other forward-looking statements in this report are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “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 or 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 or conflict in the Middle East; 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 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; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the risk that the Touchland Acquisition will not be successful or, that Touchland will not be integrated successfully; the risk that the cost savings from the Touchland Acquisition will not be fully realized or will take longer to realize than expected; the Company’s 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.

3629

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 report 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 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; the Company’s 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.

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 United States federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the Commission.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

General

The Company, in the ordinary course of its business, is the subject of, or party to, various pending or threatened legal actions, government investigations and proceedings from time to time, including, without limitation, those relating to commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters. Such proceedings are subject to many uncertainties and the outcome of certain pending or threatened legal actions may not be reasonably predictable and any related damages may not be estimable. Certain legal actions could result in an adverse outcome for us, and any such adverse outcome could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A, “Risk Factors” in the Form 10-K, which could materially affect the Company’s business, financial condition or future results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company repurchases shares of its Common Stock from time to time pursuant to its publicly announced share repurchase programs.

InDuring ~~May~~the ~~2025~~first quarter of 2026, the Company ~~entered~~did ~~into~~not ~~an accelerated share~~ repurchase ~~("ASR")~~any ~~contract~~shares ~~with~~of ~~a commercial bank to purchase~~ Common Stock~~. The~~ ~~Company~~pursuant ~~paid $300.0~~ to ~~the~~its ~~bank,~~share ~~inclusive~~repurchase ~~of fees, and received 2~~programs.8 ~~million~~The ~~shares~~following intable ~~May~~contains ~~2025~~information ~~and~~for ~~0.3 million~~ shares inrepurchased ~~August~~during ~~2025~~the atfirst anquarter ~~average~~of ~~total~~2026, ~~share~~which ~~price~~was ofsolely ~~$95.71. The~~due ~~Company~~to ~~purchased~~shares ~~all~~of ~~3.1~~Common ~~million~~Stock ~~shares~~withheld ~~under~~by the ~~evergreen~~Company ~~share~~to ~~repurchase~~satisfy ~~program~~tax ~~and~~withholding ~~used~~obligations ~~cash~~in onconnection ~~hand~~with tothe ~~fund~~vesting ~~the~~of ~~purchase~~restricted ~~price~~stock.

There Inremains ~~August and September 2025, the Company executed open market purchases of 3.2 million shares for~~ $~~300~~228.0,9 ~~inclusive~~ of ~~fees, of which $170.0 was purchased under the evergreen~~ share repurchase ~~program~~availability ~~and $130.0 was purchased~~ under the 2021 Share Repurchase Program~~. The~~ ~~shares~~as ~~were purchased at an average share price~~ of ~~$92.81~~March ~~and~~31, ~~the Company used cash on hand to fund the open market purchases~~2026.

There remains $528.9 of share repurchase availability under the 2021 Share Repurchase Program as of September 30, 2025.


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under All Programs
1/1/2026 to 1/31/2026		-	$	-		-	$	228,905,959
2/1/2026 to 2/28/2026		-		-		-	$	228,905,959
3/1/2026 to 3/31/2026		48,837		103.14		-	$	228,905,959
Total		48,837	$	103.14		-

Period	TotalNumber ofSharesPurchased(1)(2)		AveragePrice Paidper Share		Total Number ofShares Purchasedas Part of PubliclyAnnounced Plansor Programs		Approximate DollarValue of Shares thatMay Yet Be Purchased Under AllPrograms
7/1/2025 to 7/31/2025		-	$	-		-	$	658,905,959
8/1/2025 to 8/31/2025		2,925,920		93.02		2,915,041	$	528,905,959
9/1/2025 to 9/30/2025		640,253		92.17		638,587	$	528,905,959
Total		3,566,173	$	92.86		3,553,628

(1) Includes shares of Common Stock withheld by the Company to satisfy tax withholding obligations in connection with the vesting of restricted stock.

(2) Includes purchases by certain officers of the Company.

ITEM 5. OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

During the three months ended ~~September~~March 3031, ~~2025~~2026, none of our directors or executive officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.” (as defined in Item 408(a) of Regulation S-K).

3832

ITEM 6. EXHIBITS

Exhibit Index

	(3.1)	Amended and Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company’s quarterly report on Form 10-Q filed on June 30, 2020.
	(3.2)	Amendment to the Company’s Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on April 30, 2021.
	(3.3)	Amendment to the Company’s Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on May 6, 2024.
	(3.4)	By-laws of the Company, amended and restated as of April 27, 2023, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on April 28, 2023.
	(10.1)	Credit Agreement dated July 17, 2025, among Church & Dwight Co., Inc., the initial lenders named therein, Bank of America, N.A., as lead administrative agent, Wells Fargo Bank, National Association, as co-administrative agent and syndication agent, and Truist Bank, as syndication agent., incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed on July 18, 2025.
	(10.1)	Church & Dwight Co., Inc. Employee Stock Purchase Plan, as approved by the Company’s stockholders on April 7, 2023, and amended and restated as of April 4, 2026.
	(10.2)	Amended and Restated Change in Control and Severance Agreement by and between the Company and Richard A. Dierker, dated February 5, 2026.
	(31.1)	Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
	(31.2)	Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
	(32.1)	Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
	(32.2)	Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
	(101.INS)	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
	(101.SCH)	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
	(104)	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

•

Indicates documents filed herewith.

3933

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CHURCH & DWIGHT CO., INC.
		(REGISTRANT)
DATE:	~~October~~May 311, ~~2025~~2026	/s/ Lee B. McChesney
		LEE B. MCCHESNEY
		Executive Vice President
		and Chief Financial Officer
		(Principal Financial Officer)
DATE:	~~October~~May 311, ~~2025~~2026	/s/ Joseph J. Longo
		JOSEPH J. LONGO
		VICE PRESIDENT AND
		CONTROLLER
		(PRINCIPAL ACCOUNTING OFFICER)

4034

Filing Compare · CHURCH & DWIGHT CO INC /DE/