Church & Dwight Co., Inc. develops, manufactures, and markets a broad range of consumer household and personal care products and specialty products focused on animal and food production, chemicals, and cleaners. The company operates in three principal segments: Consumer Domestic, Consumer International, and the Specialty Products Division (SPD). The consumer products industry is characterized by high innovation, a continuous flow of new products and line extensions, and requires significant advertising and promotion. Competition is intense, with key competitors including Procter & Gamble Company, The Clorox Company, Colgate-Palmolive Company, S.C. Johnson & Son, Inc., Nestlé S.A., Haleon plc, Henkel, Reckitt Benckiser Group plc, LifeStyles Healthcare, Kenvue Inc., Pfizer Inc., Bayer AG, NBTY, Inc., Koninklijke Philips N.V., Unilever PLC, Sanofi, Edgewell Personal Care, Panoxyl, Starface, GOJO Industries, Inc., and Peach & Lily. The company's products are sold through a broad distribution platform including 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.

The company's primary competitive advantages are its well-recognized brands, particularly its seven designated 'power brands': ARM & HAMMER, OXICLEAN, BATISTE, WATERPIK, THERABREATH, HERO, and TOUCHLAND, which represent approximately 70% ¹ of net sales and profits. Prior to the sale of the VMS business at the end of 2025, VMS was included as an eighth power brand. The company competes primarily on the basis of product innovation and performance, brand recognition, price, value, and other consumer benefits. Many of its competitors have greater financial resources and the capacity to outspend the company. The company's largest customer, Walmart Inc. and its affiliates, accounted for approximately 23% ² of consolidated net sales in each of 2025, 2024, and 2023, and the top four customers accounted for approximately 44% ³, 43% ⁴, and 44% ⁵ of net sales in 2025, 2024, and 2023, respectively.

The company generates revenue by manufacturing and marketing consumer household and personal care products and specialty products. Revenue is recognized when finished goods are received or picked up by customers. The business model is based on selling branded products through a multi-channel distribution network. The company's customer base includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and other discount stores, pet and other specialty stores, and e-commerce channels. For specialty products, customers include industrial customers, livestock producers, and distributors. The company's seven power brands represent approximately 70% ⁶ of net sales and profits.

The Consumer Domestic segment includes household and personal care products. In 2025, household products constituted approximately 54% ⁷ of Consumer Domestic sales and approximately 41% ⁸ of consolidated net sales. Primary household products include laundry detergents under the ARM & HAMMER, OXICLEAN, and XTRA brands, cat litter under the ARM & HAMMER brand, and household cleaning products under the CLEAN SHOWER, ORANGE GLO, and OXICLEAN brands. Personal care products constituted approximately 46% ⁹ of Consumer Domestic sales and approximately 36% ¹⁰ of consolidated net sales in 2025. These include condoms under the TROJAN brand (the number one condom brand in the U.S.), water flossers under the WATERPIK brand (the number one water flosser brand in the U.S.), home pregnancy test kits under the FIRST RESPONSE brand (the number two pregnancy test kit brand in the U.S.), hair-removal products under the NAIR brand (the number one depilatory in the U.S.), oral analgesics under the ORAJEL brand (the number one oral care pain relief in the U.S.), cold shortening and relief products under the ZICAM brand (the number one cold shortening brand in the U.S.), dry shampoo under the BATISTE brand (the world's number one dry shampoo brand), oral care products under the THERABREATH brand (the number one alcohol free mouthwash in the U.S.), acne treatment products under the HERO brand (the number one acne and acne patch brand in the U.S.), and hand sanitizers under the TOUCHLAND brand (the number one hand sanitizer brand in the U.S.).

The Consumer International segment markets personal care, household, and over-the-counter products in international subsidiary markets including Australia, Canada, France, Germany, Japan, Mexico, China, and the United Kingdom, and exports to over 100 countries through its Global Markets Group. Total Consumer International net sales represented approximately 18% ¹¹ of consolidated net sales in 2025. Net sales of Consumer International originating in Europe, Canada, Australia, and Mexico accounted for 24% ¹², 23% ¹³, 7% ¹⁴, and 8% ¹⁵, respectively, of 2025 international net sales in this segment. The Specialty Products Division (SPD) focuses on sales to businesses in three product areas: Animal Nutrition, Specialty Chemicals, and Commercial & Professional, and accounted for approximately 5% ¹⁶ of consolidated net sales in 2025.

On July 16, 2025, the company completed the acquisition of Touchland Holding Corp, paying $656.0 million ¹⁷, net of cash acquired, at closing and agreeing to an additional cash payment of $159.0 million ¹⁸ based on 2025 net sales thresholds. The company also granted rights to Touchland's founder to receive shares of common stock valued at $50.0 million ¹⁹. On May 1, 2025, the company announced it would exit the Flawless, Spinbrush, and Waterpik showerhead businesses, which generated approximately $118.0 million ²⁰ of annual net sales in 2025, recording a pre-tax charge of $45.6 million ²¹ (post-tax of $34.5 million ²²). On December 9, 2025, the company announced a definitive agreement to sell the VitaFusion and L'il Critters brands, which was completed on December 31, 2025, incurring a one-time, pre-tax charge of $58.5 million ²³ (post-tax of $45.6 million ²⁴). During 2025, the company executed share repurchases totaling $900.0 million ²⁵, including an accelerated share repurchase contract for $300.0 million ²⁶ and open market purchases. On January 28, 2026, the Board declared a 4.2% ²⁷ increase in the regular quarterly dividend from $0.295 ²⁸ to $0.3075 ²⁹ per share.

Net sales for the year ended December 31, 2025, grew 1.6% ³⁰ over 2024, reaching $6,203.2 million ³¹ compared to $6,107.1 million ³² in 2024. Gross margin decreased 100 basis points ³³ to 44.7% ³⁴ in 2025 from 45.7% ³⁵ in 2024. Operating margin increased 410 basis points ³⁶ to 17.4% ³⁷ in 2025 from 13.3% ³⁸ in 2024, with 2024 results including a non-cash charge of $357.1 million ³⁹ related to the impairment of the VMS business. Diluted net earnings per share in 2025 were $3.02 ⁴⁰, an increase of approximately 27.4% ⁴¹ from $2.37 ⁴² in 2024. Cash provided by operations was $1,215.4 million ⁴³ in 2025, a $59.2 million ⁴⁴ increase from the prior year.

A key growth vector is the expansion of the company's global footprint. The company has subsidiary operations in eight countries (Canada, Mexico, U.K., France, Germany, China, Australia, and Japan) and exports to over 100 other countries. The company believes ongoing international expansion represents a significant opportunity to grow its business, with approximately 18% ⁴⁵ of sales derived from countries outside of the United States in 2025. The company has announced long-term targets to accelerate core growth, including investing in international businesses with a focus on M&A to grow from $1 billion ⁴⁶ to $2 billion ⁴⁷.

Another major growth vector is the company's focus on core growth and new product development. The company has announced long-term targets to increase Arm & Hammer from a $2 billion ⁴⁸ brand to a $3 billion ⁴⁹ brand and to drive global oral care expansion from $1 billion ⁵⁰ to $1.5 billion ⁵¹ behind TheraBreath. The company intends to continue to develop and launch new and differentiated products, pursue strategic acquisitions, and maintain an offering of premium and value brand products. The Touchland acquisition, completed in July 2025, is expected to contribute to growth, with Touchland's annual net sales for the year ended December 31, 2024, being approximately $115.0 million ⁵².

The company's gross margin trajectory is influenced by several factors. In 2025, gross margin decreased 100 basis points ⁵³ to 44.7% ⁵⁴ from 45.7% ⁵⁵ in 2024, including costs associated with exiting businesses of 50 bps ⁵⁶ and an approximate 50 basis point ⁵⁷ benefit from tariff refunds in the prior year. Excluding these items, gross margin was flat year over year, with higher manufacturing costs including tariffs (net of mitigation actions), labor, and higher commodities of 180 bps ⁵⁸ offset by the impact of productivity programs of 160 bps ⁵⁹ and benefits from the Touchland Acquisition of 20 bps ⁶⁰. The company continues to focus on tightly controlling its cost structure and implementing cost reduction programs.

The company's operational outlook includes a focus on managing its supply chain and manufacturing capacity. The company has increased qualified dual sources of materials to approximately 70% ⁶¹ of its total spend on direct materials as part of its resilient supply focus. Capital expenditure program costs are expected to be approximately $130.0 million ⁶² in 2026, including manufacturing capacity investments for TheraBreath and Sterimar and an ERP project. The company also continues to focus on reducing working capital requirements, with its cash conversion cycle decreasing eight days ⁶³ from the prior year to 20 days ⁶⁴ at December 31, 2025.

Capital allocation priorities include returning cash to stockholders through dividends and share repurchases, funding acquisitions, and making capital expenditures. In 2025, the company returned $1,187.2 million ⁶⁵ to stockholders with $900.0 million ⁶⁶ of share repurchases and $287.2 million ⁶⁷ of cash dividends paid. As of December 31, 2025, there remains $228.9 million ⁶⁸ of share repurchase availability under the 2021 Share Repurchase Program. On January 28, 2026, the Board declared a 4.2% ⁶⁹ increase in the regular quarterly dividend from $0.295 ⁷⁰ to $0.3075 ⁷¹ per share, raising the annualized dividend payout from $287.0 million ⁷² to approximately $291.0 million ⁷³ on an annualized basis.

A significant headwind is the impact of tariffs and trade policies. The company has experienced increased commodity cost volatility and economic uncertainty primarily due to changes in U.S. trade policies, including ongoing reviews and modifications to tariffs. The company has taken actions to mitigate the impact, including shifting production, relocating manufacturing operations, finding alternative sources of supply (most notably ceasing the import of substantially all Waterpik flossers and other products from China into the U.S.), potentially increasing prices, and adjusting inventories. The company believes its existing tariff cost exposure will be mitigated through these actions, future additional supply chain efforts, and surgical pricing.

Another constraint is the intense competitive environment and changing consumer preferences. The company faces intense competition from larger competitors with greater financial resources. There is significant price competition, particularly in laundry products, and retailers are increasingly offering private label brands. Consumer preferences continue to evolve due to factors including fragmentation of the consumer market, changes in consumer demographics, and shifting consumer behavior towards online shopping. The company's global WATERPIK business is experiencing customer distribution losses and a decline in consumer demand, mainly due to lower consumer spending and more customers choosing value brands amid inflation.

Management's message emphasizes the company's focus on strategic portfolio repositioning through business exits and acquisitions to devote greater focus to faster-growing value and premium product lines. Key themes include navigating global economic conditions and trade policies, particularly tariffs, through actions such as shifting production, relocating manufacturing, and finding alternative sources of supply. Management highlights the company's strong financial condition, experience operating in challenging environments, and continued focus on key strategic initiatives: maintaining competitive marketing and trade spending, managing cost structure, developing and launching new products, pursuing strategic acquisitions, and returning cash to stockholders. The company has announced long-term targets to accelerate core growth by increasing Arm & Hammer from a $2 billion ⁷⁹ brand to a $3 billion ⁸⁰ brand, driving global oral care expansion from $1 billion ⁸¹ to $1.5 billion ⁸² behind TheraBreath, and investing in international businesses with a focus on M&A to grow from $1 billion ⁸³ to $2 billion ⁸⁴.

For the fiscal year ended December 31, 2025, total net sales were $6,203.2 million ⁸⁵ compared to $6,107.1 million ⁸⁶ in 2024. Net income was $736.8 million ⁸⁷ in 2025 versus $585.3 million ⁸⁸ in 2024. Diluted earnings per share were $3.02 ⁸⁹ in 2025 compared to $2.37 ⁹⁰ in 2024. Income from operations was $1,077.6 million ⁹¹ in 2025 versus $807.1 million ⁹² in 2024. Gross margin was 44.7% ⁹³ in 2025 compared to 45.7% ⁹⁴ in 2024. Cash provided by operations was $1,215.4 million ⁹⁵ in 2025 versus $1,156.2 million ⁹⁶ in 2024. As of December 31, 2025, the company had $409.0 million ⁹⁷ in cash and cash equivalents and total consolidated indebtedness, net of debt issuance costs, of approximately $2,205.0 million ⁹⁸. Significant one-time items in 2025 included a pre-tax charge of $45.6 million ⁹⁹ (post-tax of $34.5 million ¹⁰⁰) for business exits and a one-time, pre-tax charge of $58.5 million ¹⁰¹ (post-tax of $45.6 million ¹⁰²) for the VMS divestiture. In 2024, a non-cash charge of $357.1 million ¹⁰³ was recorded for the impairment of the VMS trade name and other assets. For segment performance, Consumer Domestic income from operations was $920.8 million ¹⁰⁴ in 2025, Consumer International income from operations was $116.2 million ¹⁰⁵, and SPD income from operations was $40.6 million ¹⁰⁶.

The company faces intense competition from larger competitors with greater financial resources, which could outspend the company on advertising and promotional activities and introduce competing products more quickly. The loss of any principal customer, particularly Walmart, which accounted for approximately 23% ⁷⁴ of net sales in each of 2025, 2024, and 2023, could significantly decrease sales and profitability. Volatility and increases in the price of raw and packaging materials or energy costs could erode profit margins if the company is unable to pass along higher costs through price increases. The company has substantial indebtedness of approximately $2,205.0 million ⁷⁵ as of December 31, 2025, which could limit its ability to fund acquisitions, require a portion of cash flow for debt payments, and limit flexibility in reacting to adverse economic conditions. The company's global WATERPIK business is experiencing a decline in consumer demand and customer distribution losses, and as of October 1, 2025, the trade name's fair value was at 117% ⁷⁶ of its carrying value of $644.7 million ⁷⁷, down from 135% ⁷⁸ in 2024, indicating a risk of future impairment if performance continues to decline.