Church & Dwight (CHD) FY2025 results: revenue $6.2 billion, up 1.6% on the year
Church & Dwight Co. Inc. (CHD) reported revenue of $6.2 billion for fiscal 2025, the year ended 31 December 2025, up 1.6% on the year before. Net income was $737 million, up 25.9%, and diluted earnings per share $3.02. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 1 narrowed, 18 new.
- Q4 net sales above prior expectation: Q4 net sales were $1,644.2 million, up 3.9% year over year, above the company's prior expectation of 3.5% growth.
- Q4 organic growth below expectation: Organic sales rose 0.7% in Q4 against about 1.5% expected. Management cited weaker category growth and lower vitamin sales. Excluding the exited VMS business, organic growth was 1.8%.
- Full-year adjusted EPS $3.53: Full-year reported EPS was $3.02, up 27.4% against a prior year that included a $270.1 million non-cash vitamin charge. Adjusted EPS was $3.53, up 2.6%.
- Launches to drive half of growth: Management expects 2026 new product launches to drive about half of organic growth, across a number of key categories.
- Three growth initiatives announced: Management announced three incremental initiatives: ARM & HAMMER brand expansion, oral care growth behind THERABREATH, and international expansion with an acquisition focus.
From this 10-K
Church & Dwight develops, makes and markets household and personal care products, plus specialty products for animal and food production, chemicals and cleaners. It was founded in 1846 and incorporated in Delaware in 1925. The brands include ARM & HAMMER baking soda, cat litter, laundry detergent and carpet deodoriser, OXICLEAN stain removers, BATISTE dry shampoo, WATERPIK water flossers, THERABREATH oral care, HERO acne treatments, TOUCHLAND hand sanitisers, TROJAN condoms, FIRST RESPONSE pregnancy tests, NAIR depilatories, ORAJEL oral analgesic, XTRA detergent and ZICAM cold products. Seven of them are designated power brands, because they compete in large categories: ARM & HAMMER, OXICLEAN, BATISTE, WATERPIK, THERABREATH, HERO and TOUCHLAND, and together they account for approximately 70 percent of net sales and profits. There are three segments: Consumer Domestic, Consumer International and the Specialty Products Division.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 6,203 | 6,107 | 5,868 | +1.6% | |
| Cost of revenue | 3,428 | 3,317 | 3,279 | +3.4% | |
| Gross profit | 2,775 | 2,790 | 2,588 | -0.5% | |
| Gross margin | 44.7% | 45.7% | 44.1% | ||
| Research and development | 146 | 140 | 122 | +4.2% | |
| Selling, general and administrative | 988 | 928 | 890 | +6.5% | |
| Operating income | 1,078 | 807 | 1,057 | +33.5% | |
| Operating margin | 17.4% | 13.2% | 18.0% | ||
| Interest expense | 95.2 | 95.0 | 111 | +0.2% | |
| Pre-tax income | 957 | 756 | 967 | +26.5% | |
| Income tax | 220 | 171 | 212 | +28.7% | |
| Effective tax rate | 23.0% | 22.6% | 21.9% | ||
| Net income | 737 | 585 | 756 | +25.9% | |
| Net margin | 11.9% | 9.6% | 12.9% | ||
| Diluted EPS | $3.02 | $2.37 | $3.05 | +27.4% |
Read more
Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,215 | 1,156 | 1,031 | +5.1% | |
| Capital expenditure | 122 | 180 | 224 | -31.9% | |
| Free cash flow | 1,093 | 976 | 807 | +11.9% | |
| Free cash flow margin | 17.6% | 16.0% | 13.8% | ||
| Cash from investing | -617 | -183 | -234 | ||
| Cash from financing | -1,162 | -343 | -726 | ||
| Depreciation and amortisation | 247 | 239 | 225 | +3.5% | |
| Share-based compensation | 58.0 | 59.2 | 63.6 | -2.0% | |
| Buybacks | 900 | 0.0 | 300 | ||
| Dividends paid | 287 | 277 | 266 | +3.7% | |
| Dividend per share | $1.18 | $1.13 | $1.09 | +4.4% | |
| Diluted shares, weighted | 244m | 247m | 248m | -1.1% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 4,002 | 4,361 | 3,855 | -8.2% | |
| Short-term borrowings | 0.0 | 0.0 | 3.9 | ||
| Debt | 2,205 | 2,205 | 2,402 | +0.0% | |
| Operating lease liabilities | 153 | 168 | 175 | -9.2% | |
| Other liabilities | 2,552 | 2,149 | 2,133 | +18.7% | |
| Total liabilities and equity | 8,912 | 8,883 | 8,569 | +0.3% | |
| Fixed assets | 823 | 932 | 928 | -11.7% | |
| Goodwill | 2,628 | 2,433 | 2,432 | +8.0% | |
| Intangible assets | 3,512 | 2,888 | 3,302 | +21.6% | |
| Cash and equivalents | 409 | 964 | 344 | -57.6% | |
| Receivables | 593 | 601 | 527 | -1.2% | |
| Inventory | 535 | 613 | 613 | -12.8% | |
| Other assets | 413 | 452 | 423 | -8.4% | |
| Total assets | 8,912 | 8,883 | 8,569 | +0.3% |
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.