Revenue growth decelerated to 4.9% YoY in 2026Q2 with operating margin contracting to 19.0% from 21.1% a year ago, despite gross margin improving to 61.5%.
Colgate-Palmolive Company (CL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 21.05B | 20.38B | 20.1B | 19.46B | 17.97B | 17.42B | 16.47B | 15.69B | 15.54B | 15.45B | 15.2B | 16.03B | 17.28B | 17.42B | 17.09B | 16.73B | 15.56B | 15.33B | 15.33B | 13.79B | 12.24B | 11.4B | 10.58B | 9.9B | 9.29B | 9.43B | 9.36B | 9.12B | 8.97B | 9.06B | 8.75B |
| Revenue Growth % | 5.24% | 1.4% | 3.31% | 8.29% | 3.13% | 5.77% | 4.96% | 0.96% | 0.58% | 1.7% | -5.23% | -7.19% | -0.82% | 1.96% | 2.1% | 7.52% | 1.55% | -0.02% | 11.17% | 12.68% | 7.38% | 7.68% | 6.87% | 6.55% | -1.42% | 0.75% | 2.63% | 1.63% | -0.94% | 3.52% | 4.68% |
| Cost of Goods Sold | 8.33B | 8.13B | 8B | 8.21B | 7.82B | 7.13B | 6.54B | 6.42B | 6.34B | 6.13B | 6.06B | 6.66B | 7.17B | 7.2B | 7.17B | 7.12B | 6.39B | 6.3B | 6.66B | 5.92B | 5.36B | 5.11B | 4.76B | 4.46B | 4.22B | 4.24B | 4.27B | 3.88B | 3.96B | 4.14B | 4.13B |
| COGS % of Revenue | - | 39.89% | 39.77% | 42.18% | 43.51% | 40.92% | 39.69% | 40.88% | 40.77% | 39.67% | 39.9% | 41.56% | 41.51% | 41.35% | 41.96% | 42.54% | 41.03% | 41.12% | 43.47% | 42.95% | 43.77% | 44.81% | 44.95% | 45% | 45.45% | 44.94% | 45.58% | 42.59% | 44.14% | 45.73% | 47.26% |
| Gross Profit | 12.72B | 12.25B | 12.11B | 11.25B | 10.15B | 10.29B | 9.93B | 9.28B | 9.21B | 9.32B | 9.13B | 9.37B | 10.11B | 10.22B | 9.92B | 9.62B | 9.18B | 9.02B | 8.67B | 7.87B | 6.88B | 6.29B | 5.83B | 5.45B | 5.07B | 5.19B | 5.09B | 5.23B | 5.01B | 4.92B | 4.61B |
| Gross Margin % | 60.42% | 60.11% | 60.23% | 57.82% | 56.49% | 59.08% | 60.31% | 59.12% | 59.23% | 60.33% | 60.1% | 58.44% | 58.49% | 58.65% | 58.04% | 57.46% | 58.97% | 58.88% | 56.53% | 57.05% | 56.23% | 55.19% | 55.05% | 55% | 54.55% | 55.06% | 54.42% | 57.41% | 55.86% | 54.27% | 52.74% |
| Gross Profit Growth % | - | 1.2% | 7.6% | 10.85% | -1.39% | 3.62% | 7.07% | 0.77% | -1.26% | 2.09% | -2.54% | -7.27% | -1.1% | 3.04% | 3.13% | 4.76% | 1.71% | 4.13% | 10.15% | 14.33% | 9.41% | 7.96% | 6.95% | 7.44% | -2.33% | 1.93% | -2.71% | 4.45% | 1.96% | 6.52% | 7.17% |
| Operating Expenses | 8.38B | 7.9B | 7.72B | 7.12B | 6.57B | 6.41B | 6.02B | 5.51B | 5.36B | 5.31B | 5.17B | 5.4B | 5.92B | 6.09B | 5.91B | 5.75B | 5.41B | 5.28B | 5.34B | 4.93B | 4.31B | 3.92B | 3.62B | 3.22B | 3.06B | 3.33B | 3.37B | 3.59B | 3.53B | 3.56B | 3.37B |
| OpEx % of Revenue | - | 38.77% | 38.42% | 36.59% | 36.54% | 36.78% | 36.56% | 35.14% | 34.46% | 34.39% | 34.04% | 33.68% | 34.27% | 34.94% | 34.59% | 34.35% | 34.79% | 34.46% | 34.84% | 35.75% | 35.21% | 34.39% | 34.25% | 32.53% | 32.89% | 35.32% | 36.03% | 39.42% | 39.32% | 39.27% | 38.5% |
| Selling, General & Admin | 8.26B | 7.9B | 7.81B | 6.78B | 6.25B | 6.1B | 5.73B | 5.23B | 5.08B | 5.03B | 4.88B | 5.13B | 5.64B | 5.82B | 5.65B | 5.49B | 5.16B | 5.01B | 5.09B | 4.68B | 4.07B | 3.67B | 3.4B | 3.3B | 3.03B | 3.26B | 3.3B | 3.25B | 3.2B | 3.24B | 3.05B |
| SG&A % of Revenue | - | 38.77% | 38.85% | 34.83% | 34.76% | 35.02% | 34.8% | 33.35% | 32.67% | 32.54% | 32.14% | 31.97% | 32.66% | 33.4% | 33.08% | 32.78% | 33.14% | 32.71% | 33.19% | 33.92% | 33.24% | 32.23% | 32.08% | 33.28% | 32.64% | 34.6% | 35.26% | 35.69% | 35.64% | 35.74% | 34.89% |
| Research & Development | 0 | 0 | 355M | 343M | 320M | 307M | 290M | 281M | 277M | 285M | 289M | 274M | 277M | 267M | 259M | 262M | 256M | 269M | 253.1M | 247M | 241.5M | 246.3M | 229.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 1.77% | 1.76% | 1.78% | 1.76% | 1.76% | 1.79% | 1.78% | 1.84% | 1.9% | 1.71% | 1.6% | 1.53% | 1.52% | 1.57% | 1.64% | 1.76% | 1.65% | 1.79% | 1.97% | 2.16% | 2.17% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -442M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.2M | 0 | 0 | 0 | -74.3M | 23M | 68M | 72.1M | 340.2M | 330.3M | 319.9M | 316.3M |
| Operating Income | 4.35B | 4.35B | 4.38B | 4.13B | 3.58B | 3.89B | 3.91B | 3.76B | 3.85B | 4.01B | 3.96B | 3.97B | 4.18B | 4.13B | 4.01B | 3.87B | 3.76B | 3.74B | 3.33B | 2.94B | 2.57B | 2.37B | 2.2B | 2.17B | 2.01B | 1.86B | 1.72B | 1.64B | 1.48B | 1.36B | 1.25B |
| Operating Margin % | 20.65% | 21.33% | 21.8% | 21.23% | 19.95% | 22.31% | 23.74% | 23.97% | 24.77% | 25.94% | 26.06% | 24.76% | 24.22% | 23.71% | 23.45% | 23.11% | 24.18% | 24.41% | 21.69% | 21.3% | 21.02% | 20.8% | 20.8% | 21.87% | 21.66% | 19.74% | 18.39% | 17.98% | 16.54% | 15% | 14.24% |
| Operating Income Growth % | - | -0.8% | 6.1% | 15.23% | -7.75% | -0.64% | 3.96% | -2.29% | -3.97% | 1.24% | -0.25% | -5.14% | 1.31% | 3.12% | 3.59% | 2.74% | 0.59% | 12.54% | 13.19% | 14.19% | 8.51% | 7.68% | 1.64% | 7.6% | 8.16% | 8.17% | 4.93% | 10.48% | 9.28% | 9.02% | 10.69% |
| EBITDA | 4.99B | 4.98B | 4.99B | 4.7B | 4.13B | 4.44B | 4.45B | 4.28B | 4.36B | 4.48B | 4.4B | 4.42B | 4.63B | 4.57B | 4.43B | 4.29B | 4.14B | 4.09B | 3.67B | 3.27B | 2.9B | 2.7B | 2.53B | 2.48B | 2.31B | 2.2B | 2.06B | 1.98B | 1.81B | 1.68B | 1.56B |
| EBITDA Margin % | 23.7% | 24.42% | 24.81% | 24.15% | 22.99% | 25.5% | 27.02% | 27.28% | 28.06% | 29.02% | 28.98% | 27.56% | 26.78% | 26.23% | 25.94% | 25.62% | 26.6% | 26.7% | 23.96% | 23.72% | 23.71% | 23.69% | 23.9% | 25.06% | 24.85% | 23.31% | 22% | 21.71% | 20.22% | 18.53% | 17.85% |
| EBITDA Growth % | 0.71% | -0.2% | 6.17% | 13.75% | -7.02% | -0.18% | 3.95% | -1.83% | -2.74% | 1.84% | -0.36% | -4.5% | 1.25% | 3.14% | 3.33% | 3.57% | 1.15% | 11.44% | 12.27% | 12.76% | 7.45% | 6.74% | 1.93% | 7.44% | 5.1% | 6.75% | 3.96% | 9.12% | 8.13% | 7.43% | 9.56% |
| D&A (Non-Cash Add-back) | 642M | 630M | 605M | 567M | 545M | 556M | 539M | 519M | 511M | 475M | 443M | 449M | 442M | 439M | 425M | 421M | 376M | 351M | 347.6M | 333.9M | 328.7M | 329.3M | 327.8M | 315.5M | 296.5M | 336.2M | 337.8M | 340.2M | 330.3M | 319.9M | 316.3M |
| EBIT | 3.2B | 3.33B | 4.25B | 3.68B | 2.83B | 3.2B | 3.81B | 3.49B | 3.66B | 3.64B | 3.89B | 2.9B | 3.66B | 3.68B | 3.95B | 3.85B | 3.5B | 3.63B | 3.11B | 2.73B | 2.23B | 2.28B | 2.17B | 2.23B | 2.01B | 1.83B | 1.74B | 1.64B | 1.48B | 1.36B | 1.25B |
| Net Interest Income | -183M | -192M | -225M | -232M | -153M | -100M | -141M | -145M | -143M | -102M | -99M | -26M | -24M | 9M | -15M | -52M | -59M | -77M | -95.6M | -156.6M | -158.7M | -136M | -119.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 72M | 75M | 67M | 55M | 14M | 17M | 19M | 47M | 50M | 51M | 50M | 107M | 106M | 125M | 65M | 6M | 6M | 11M | 10M | 10M | 7.9M | 6.5M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 255M | 267M | 292M | 287M | 167M | 117M | 160M | 192M | 193M | 153M | 149M | 133M | 130M | 116M | 80M | 58M | 65M | 88M | 105.6M | 166.6M | 166.6M | 142.5M | 123.7M | 0 | 0 | 2.02B | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.41B | -1.29B | -427M | -739M | -925M | -799M | -264M | -461M | -386M | -522M | -222M | -1.21B | -652M | -566M | -132M | -78M | -334M | -204M | -319.7M | -373.9M | -513.1M | -236.3M | -151.2M | -124.1M | -142.8M | -166.1M | -173.3M | -245.2M | -234.1M | -255.9M | -291.2M |
| Pretax Income | 2.94B | 3.06B | 3.96B | 3.39B | 2.66B | 3.09B | 3.65B | 3.3B | 3.46B | 3.49B | 3.74B | 2.76B | 3.53B | 3.56B | 3.87B | 3.79B | 3.43B | 3.54B | 3.01B | 2.56B | 2.06B | 2.13B | 2.05B | 2.04B | 1.87B | 1.67B | 1.57B | 1.39B | 1.25B | 1.1B | 954.6M |
| Pretax Margin % | 13.97% | 15.01% | 19.68% | 17.43% | 14.8% | 17.72% | 22.14% | 21.03% | 22.29% | 22.56% | 24.6% | 17.23% | 20.45% | 20.46% | 22.67% | 22.64% | 22.04% | 23.08% | 19.6% | 18.59% | 16.83% | 18.73% | 19.37% | 20.62% | 20.12% | 17.7% | 16.75% | 15.29% | 13.93% | 12.17% | 10.91% |
| Income Tax | 780M | 798M | 907M | 937M | 693M | 749M | 787M | 774M | 906M | 1.31B | 1.15B | 1.22B | 1.19B | 1.16B | 1.24B | 1.24B | 1.12B | 1.14B | 967.9M | 759.1M | 648.4M | 727.6M | 675.3M | 620.6M | 582M | 522.1M | 503.4M | 457.3M | 401.5M | 361.9M | 319.6M |
| Effective Tax Rate % | 26.52% | 26.09% | 22.93% | 27.62% | 26.05% | 24.26% | 21.58% | 23.45% | 26.15% | 37.65% | 30.82% | 43.97% | 33.8% | 32.4% | 32.09% | 32.59% | 32.57% | 32.25% | 32.21% | 29.61% | 31.49% | 34.09% | 32.94% | 30.39% | 31.12% | 31.29% | 32.12% | 32.79% | 32.12% | 32.83% | 33.48% |
| Net Income | 2.04B | 2.13B | 2.89B | 2.3B | 1.78B | 2.17B | 2.69B | 2.37B | 2.4B | 2.02B | 2.44B | 1.38B | 2.18B | 2.24B | 2.47B | 2.43B | 2.2B | 2.29B | 1.96B | 1.74B | 1.35B | 1.35B | 1.33B | 1.42B | 1.29B | 1.15B | 1.06B | 937.3M | 848.6M | 740.4M | 635M |
| Net Margin % | 9.68% | 10.46% | 14.37% | 11.82% | 9.93% | 12.43% | 16.36% | 15.08% | 15.44% | 13.1% | 16.06% | 8.63% | 12.62% | 12.86% | 14.47% | 14.53% | 14.15% | 14.95% | 12.77% | 12.6% | 11.06% | 11.86% | 12.54% | 14.35% | 13.86% | 12.16% | 11.37% | 10.28% | 9.46% | 8.18% | 7.26% |
| Net Income Growth % | -29.98% | -26.2% | 25.61% | 28.85% | -17.59% | -19.63% | 13.86% | -1.38% | 18.58% | -17.08% | 76.37% | -36.51% | -2.72% | -9.34% | 1.69% | 10.35% | -3.84% | 17.05% | 12.65% | 28.37% | 0.15% | 1.83% | -6.63% | 10.32% | 12.36% | 7.78% | 13.5% | 10.45% | 14.61% | 16.6% | 269.19% |
| Net Income (Continuing) | 2.16B | 2.26B | 3.05B | 2.46B | 1.97B | 2.34B | 2.86B | 2.53B | 2.56B | 2.17B | 2.59B | 2.63B | 2.34B | 2.41B | 2.63B | 2.55B | 2.31B | 2.4B | 2.04B | 1.74B | 1.35B | 1.35B | 1.33B | 1.42B | 1.29B | 1.15B | 1.06B | 937.3M | 848.6M | 740.4M | 635M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 330M | 311M | 332M | 348M | 405M | 362M | 358M | 441M | 299M | 303M | 260M | 255M | 240M | 231M | 201M | 166M | 142M | 141M | 0 | 109.9M | 0 | 0 | 261M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.53 | 2.63 | 3.51 | 2.77 | 2.13 | 2.55 | 3.14 | 2.75 | 2.75 | 2.28 | 2.72 | 1.52 | 2.36 | 2.38 | 2.58 | 2.47 | 2.15 | 2.19 | 1.83 | 1.60 | 1.23 | 1.22 | 1.17 | 1.23 | 1.10 | 0.95 | 0.85 | 0.74 | 0.65 | 0.56 | 0.49 |
| EPS Growth % | -29.1% | -25.07% | 26.71% | 30.05% | -16.47% | -18.79% | 14.18% | 0% | 20.61% | -16.18% | 78.95% | -35.59% | -0.84% | -7.75% | 4.45% | 14.88% | -1.83% | 19.67% | 14.37% | 30.08% | 0.82% | 4.27% | -4.88% | 11.82% | 15.79% | 11.76% | 14.86% | 13.85% | 16.07% | 14.29% | 276.92% |
| EPS (Basic) | - | 2.64 | 3.53 | 2.78 | 2.13 | 2.56 | 3.15 | 2.76 | 2.76 | 2.30 | 2.74 | 1.53 | 2.38 | 2.41 | 2.60 | 2.49 | 2.23 | 2.27 | 1.91 | 1.68 | 1.29 | 1.27 | 1.23 | 1.30 | 1.17 | 1.01 | 0.91 | 0.79 | 0.70 | 0.61 | 0.53 |
| Diluted Shares Outstanding | 805.81M | 811.1M | 822.5M | 829.2M | 838.8M | 848.3M | 859.3M | 861.1M | 873M | 887.8M | 898.4M | 909.7M | 924.3M | 939.9M | 960.2M | 984M | 1.02B | 1.05B | 1.07B | 1.07B | 1.08B | 1.09B | 1.12B | 1.13B | 1.16B | 1.19B | 1.23B | 1.25B | 1.27B | 1.27B | 1.25B |
| Basic Shares Outstanding | 796.55M | 808.7M | 817.7M | 827.4M | 836.4M | 845M | 856.8M | 859.1M | 870.6M | 881.8M | 891.8M | 902.2M | 915.1M | 930.8M | 952.2M | 976.6M | 975.6M | 999M | 1.01B | 1.02B | 1.03B | 1.04B | 1.06B | 1.07B | 1.09B | 1.11B | 1.15B | 1.17B | 1.18B | 1.18B | 1.17B |
| Dividend Payout Ratio | - | 85.51% | 61.92% | 76.04% | 94.73% | 77.52% | 55.73% | 68.19% | 66.29% | 75.54% | 61.78% | 107.88% | 66.33% | 61.67% | 51.66% | 49.49% | 51.84% | 42.82% | 45.42% | 43.14% | 50.08% | 44.93% | 40.4% | 35.66% | 32.09% | 34.6% | 35.95% | 39.05% | 40.73% | 45.03% | 46.65% |
Quick answers to the most common questions about buying CL stock.
For fiscal year 2025, Colgate-Palmolive Company (CL) reported total revenue of $20.38B. This represents a 133.0% increase compared to $8.75B in 1996.
Colgate-Palmolive Company (CL) is profitable, generating $2.13B in net income for the fiscal year ending 2025 with a net profit margin of 10.5%.
Colgate-Palmolive Company (CL) reported an operating income of $4.35B, resulting in an operating profit margin of 21.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Colgate-Palmolive Company (CL) generated $12.25B in gross profit for the year, representing a gross profit margin of 60.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
FX and margin compression
Metrics are mathematically derived from official filings.
Top-Line Momentum Fades
Revenue growth decelerated to 4.9% YoY in 2026Q2 from 8.4% in 2026Q1, with TTM growth at 1.4%, suggesting a slowdown in volume and pricing power.
The sequential deceleration in revenue growth, from 8.4% in 2026Q1 to 4.9% in 2026Q2, indicates that the company's ability to drive top-line expansion is weakening. This is further supported by the TTM growth of only 1.4%, which is below the company's historical average. The slowdown may reflect increased promotional intensity or softer demand in key emerging markets, which warrants monitoring for sustainability.
Gross Margin Resilience Tested
Gross margin improved to 61.5% in 2026Q2, up from 60.1% a year ago, but operating margin contracted to 19.0% from 21.1%, signaling cost pressures.
The gross margin expansion to 61.5% suggests that pricing actions and product mix shifts, particularly toward premium pet nutrition, are offsetting input cost inflation. However, the operating margin compression of 210 basis points year-over-year indicates that SG&A expenses are rising faster than gross profit, possibly due to increased advertising or logistics costs. This divergence between gross and operating margins may indicate that the company is reinvesting in brand support or facing inefficiencies in its cost structure.
Operating Leverage Reverses
Operating income fell 9.1% YoY in 2026Q2 despite 4.9% revenue growth, as SG&A grew 5% and gross profit only 7.4%, indicating negative operating leverage.
The 9.1% decline in operating income, despite revenue growth, highlights a loss of operating leverage. SG&A expenses increased at a rate consistent with revenue, but the gross profit growth of 7.4% was insufficient to cover the rise in overhead, leading to margin compression. This suggests that the company's cost discipline may be weakening, or that it is investing heavily in marketing to defend market share, which could pressure future profitability if revenue growth does not reaccelerate.
EPS Miss Clouds Quality
EPS of $0.86 in 2026Q2 missed estimates by $0.07, while net income fell 6.7% YoY, despite a $38M SBC charge, suggesting underlying earnings quality is deteriorating.
The EPS miss and the year-over-year decline in net income, despite a modest revenue increase, raise concerns about earnings quality. The $38 million stock-based compensation expense, while not material, adds to the dilution. The negative net income in 2025Q4, driven by a one-time charge, distorts the trend, but the recent quarters show a consistent pattern of declining net margins, from 14.5% in 2025Q2 to 12.9% in 2026Q2. This suggests that the company's profitability is being eroded by cost pressures or non-operating items, which investors should monitor closely.
SG&A Outpacing Gross Profit
SG&A grew 5% YoY in 2026Q2, while gross profit grew only 7.4%, causing operating margin to contract to 19.0% from 21.1%, indicating rising overhead costs.
The cost structure is heavily weighted toward SG&A, which is growing faster than gross profit, leading to margin compression. This may reflect increased investment in advertising and promotion to support volume growth in a competitive environment, or rising administrative costs. The company's ability to control these expenses will be critical to maintaining profitability, especially if revenue growth continues to decelerate.
Margin Compression Risk Intensifies
Despite a 61.5% gross margin, operating margin fell to 19.0% in 2026Q2, and with revenue growth slowing to 4.9%, the market may question the sustainability of current profitability.
The short-seller thesis would focus on the divergence between gross margin stability and operating margin deterioration. If input costs remain elevated and pricing power weakens, the 60%+ gross margin could be at risk, especially if the company is forced to increase promotional spending to defend market share. The decelerating revenue growth and the EPS miss suggest that the company may be losing pricing power, which could lead to further margin compression. Investors should monitor whether management can maintain margins while navigating FX headwinds and competitive pressures.