Revenue growth remains highly cyclical with a 2.7% year-over-year increase in 2026Q2, though gross margins remain sensitive to industry seasonality, fluctuating from a low of -7.1% in 2024Q4 to 41.8% in 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 3.39B | 3.41B | 3.55B | 3.55B | 3.92B | 4.92B | 4.13B | 3.16B | 2.66B | 2.64B | 2.84B | 3.02B | 2.84B | 2.82B | 2.83B | 2.84B | 3.14B | 2.98B | 2.98B | 2.87B | 2.7B | 2.37B | 2.04B | 1.91B | 1.76B | 1.75B | 1.76B | 1.65B | 1.11B | 900.8M | 751.9M |
| Revenue Growth % | -1.89% | -3.93% | 0.04% | -9.5% | -20.32% | 19.2% | 30.91% | 18.5% | 0.81% | -6.84% | -5.98% | 6.17% | 0.88% | -0.34% | -0.34% | -9.69% | 5.34% | -0.04% | 3.83% | 6.48% | 13.84% | 16.26% | 6.69% | 8.49% | 0.74% | -0.94% | 7.04% | 48.1% | 23.56% | 19.8% | 2.61% |
| Cost of Goods Sold | 2.29B | 2.37B | 2.7B | 2.89B | 3.05B | 3.46B | 2.78B | 2.14B | 1.8B | 1.67B | 1.84B | 1.95B | 1.81B | 1.83B | 1.86B | 1.83B | 1.99B | 1.92B | 2.04B | 1.87B | 1.74B | 1.51B | 1.27B | 1.21B | 1.12B | 1.09B | 1.01B | 954.3M | 690.1M | 553.4M | 393.6M |
| COGS % of Revenue | - | 69.41% | 76.06% | 81.49% | 77.76% | 70.17% | 67.4% | 67.69% | 67.54% | 63.19% | 64.9% | 64.7% | 63.7% | 65.12% | 65.98% | 64.63% | 63.46% | 64.52% | 68.49% | 65.02% | 64.56% | 63.7% | 62.2% | 63.36% | 63.84% | 62.31% | 57.32% | 57.9% | 62% | 61.43% | 52.35% |
| Gross Profit | 1.1B | 1.04B | 850.5M | 657.3M | 872.9M | 1.47B | 1.35B | 1.02B | 864.6M | 972.6M | 995.4M | 1.06B | 1.03B | 982.4M | 961.3M | 1B | 1.15B | 1.06B | 939.6M | 1B | 955.9M | 860.1M | 770.3M | 699.9M | 636.6M | 658.7M | 753M | 694M | 422.9M | 347.4M | 358.3M |
| Gross Margin % | 32.48% | 30.59% | 23.94% | 18.51% | 22.24% | 29.83% | 32.6% | 32.31% | 32.46% | 36.81% | 35.1% | 35.3% | 36.3% | 34.88% | 34.02% | 35.37% | 36.54% | 35.48% | 31.51% | 34.98% | 35.44% | 36.3% | 37.8% | 36.64% | 36.16% | 37.69% | 42.68% | 42.1% | 38% | 38.57% | 47.65% |
| Gross Profit Growth % | - | 22.77% | 29.39% | -24.7% | -40.58% | 9.06% | 32.11% | 17.93% | -11.1% | -2.29% | -6.53% | 3.25% | 4.99% | 2.19% | -4.16% | -12.58% | 8.48% | 12.56% | -6.46% | 5.08% | 11.14% | 11.66% | 10.06% | 9.94% | -3.36% | -12.52% | 8.5% | 64.11% | 21.73% | -3.04% | -1.59% |
| Operating Expenses | 640.5M | 685.6M | 641.7M | 831.7M | 1.31B | 746M | 761.8M | 602.6M | 540.1M | 550.9M | 597.1M | 698.4M | 680.5M | 661.1M | 713.5M | 698.2M | 744.2M | 743.2M | 841.6M | 724.6M | 694.1M | 659.8M | 507.2M | 441.2M | 387.6M | 459.3M | 578.1M | 530.4M | 309.4M | 244.8M | 310.3M |
| OpEx % of Revenue | - | 20.09% | 18.06% | 23.42% | 33.3% | 15.15% | 18.44% | 19.09% | 20.28% | 20.85% | 21.05% | 23.15% | 23.95% | 23.47% | 25.25% | 24.62% | 23.7% | 24.93% | 28.22% | 25.23% | 25.74% | 27.85% | 24.89% | 23.1% | 22.02% | 26.28% | 32.77% | 32.18% | 27.8% | 27.18% | 41.27% |
| Selling, General & Admin | 561.1M | 556.9M | 510.5M | 493M | 536.7M | 669M | 686.6M | 528.8M | 468.7M | 489.1M | 468.4M | 698.4M | 511.6M | 661.1M | 705.7M | 699.9M | 752.4M | 742.9M | 717.6M | 700.9M | 636.9M | 633.8M | 564.6M | 470.1M | 411.8M | 468.2M | 511.8M | 470.2M | 271.6M | 214.4M | 281M |
| SG&A % of Revenue | - | 16.32% | 14.37% | 13.88% | 13.68% | 13.58% | 16.62% | 16.76% | 17.6% | 18.51% | 16.52% | 23.15% | 18.01% | 23.47% | 24.97% | 24.68% | 23.96% | 24.92% | 24.07% | 24.41% | 23.61% | 26.75% | 27.71% | 24.61% | 23.39% | 26.79% | 29.01% | 28.53% | 24.4% | 23.8% | 37.37% |
| Research & Development | 25.4M | 34.8M | 34.6M | 35.7M | 45.3M | 45.4M | 39.7M | 39.6M | 42.5M | 39.9M | 45.5M | 36.5M | 48.4M | 53.7M | 58.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.02% | 0.97% | 1.01% | 1.15% | 0.92% | 0.96% | 1.25% | 1.6% | 1.51% | 1.6% | 1.21% | 1.7% | 1.91% | 2.08% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 93.9M | 96.6M | 303M | 724.9M | 31.6M | 35.5M | -38.3M | 5M | 3.2M | 13.8M | 6.1M | 14.7M | 10M | 2.9M | 0 | -8.2M | -2.2M | 124M | 23.7M | 57.2M | 26M | -57.4M | -28.9M | -24.2M | -8.9M | 66.3M | 60.2M | 37.8M | 30.4M | 29.3M |
| Operating Income | 460.2M | 358.6M | 208.8M | -174.4M | -434M | 723M | 585.2M | 690.8M | 198.9M | 433.4M | 459.3M | 294.6M | 314.6M | 313.2M | 243.6M | 247M | 384.6M | 297.6M | 98M | 277.2M | 252.5M | 200.9M | 252.8M | 232.5M | 239.2M | 116.4M | 174.9M | 163.6M | 113.5M | 102.6M | 48M |
| Operating Margin % | 13.58% | 10.51% | 5.88% | -4.91% | -11.06% | 14.68% | 14.16% | 21.89% | 7.47% | 16.4% | 16.19% | 9.77% | 11.07% | 11.12% | 8.62% | 8.71% | 12.25% | 9.98% | 3.29% | 9.65% | 9.36% | 8.48% | 12.4% | 12.17% | 13.59% | 6.66% | 9.91% | 9.93% | 10.2% | 11.39% | 6.38% |
| Operating Income Growth % | - | 71.74% | 219.72% | 59.82% | -160.03% | 23.55% | -15.29% | 247.31% | -54.11% | -5.64% | 55.91% | -6.36% | 0.45% | 28.57% | -1.38% | -35.78% | 29.23% | 203.67% | -64.65% | 9.78% | 25.68% | -20.53% | 8.73% | -2.8% | 105.5% | -33.45% | 6.91% | 44.14% | 10.62% | 113.75% | -28.14% |
| EBITDA | 529.2M | 433.6M | 289.4M | -81.9M | -328.8M | 816.8M | 679.9M | 780.1M | 282.3M | 513.5M | 532.8M | 363.6M | 379M | 379.3M | 306M | 308.7M | 444M | 358M | 168.3M | 344.7M | 319.5M | 268.1M | 310.5M | 284.7M | 282.7M | 180M | 241.2M | 223.8M | 151.3M | 133M | 77.3M |
| EBITDA Margin % | 15.61% | 12.7% | 8.15% | -2.31% | -8.38% | 16.58% | 16.46% | 24.72% | 10.6% | 19.44% | 18.79% | 12.05% | 13.34% | 13.47% | 10.83% | 10.89% | 14.14% | 12.01% | 5.64% | 12% | 11.85% | 11.32% | 15.24% | 14.9% | 16.06% | 10.3% | 13.67% | 13.58% | 13.59% | 14.76% | 10.28% |
| EBITDA Growth % | 48.65% | 49.83% | 453.36% | 75.09% | -140.25% | 20.14% | -12.84% | 176.34% | -45.02% | -3.62% | 46.53% | -4.06% | -0.08% | 23.95% | -0.87% | -30.47% | 24.02% | 112.72% | -51.17% | 7.89% | 19.17% | -13.66% | 9.06% | 0.71% | 57.06% | -25.37% | 7.77% | 47.92% | 13.76% | 72.06% | -16.43% |
| D&A (Non-Cash Add-back) | 69M | 75M | 80.6M | 92.5M | 105.2M | 93.8M | 94.7M | 89.3M | 83.4M | 80.1M | 73.5M | 69M | 64.4M | 66.1M | 62.4M | 61.7M | 59.4M | 60.4M | 70.3M | 67.5M | 67M | 67.2M | 57.7M | 52.2M | 43.5M | 63.6M | 66.3M | 60.2M | 37.8M | 30.4M | 29.3M |
| EBIT | 435.4M | 350.5M | 135.2M | -275.2M | -440M | 756M | 590.2M | 683.4M | 202.1M | 391M | 446.6M | 253.8M | 273M | 310.5M | 241.2M | 273.6M | 363.1M | 297.6M | 98M | 279.9M | 261.8M | 200.3M | 254M | 249.8M | 249M | 199.4M | 210.2M | 163.6M | 113.5M | 101.1M | 43.4M |
| Net Interest Income | -117.1M | -128.8M | -158.8M | -178.1M | -118.1M | -78.9M | -80.5M | -101.8M | -76.4M | -64.4M | -54M | -48.8M | -47.3M | -59.2M | -61.8M | -52.2M | -43.2M | -56.4M | -82.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 7.6M | 0 | 10M | 10M | 3.9M | 0 | 0 | 0 | 0 | -1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 117M | 128.8M | 158.8M | 178.1M | 118.1M | 78.9M | 88.1M | 101.8M | 86.4M | 74.4M | 57.9M | 48.8M | 47.3M | 59.2M | 61.8M | 51M | 46.8M | 56.4M | 82.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -141.9M | -136.9M | -232.4M | -278.9M | -124.1M | -45.9M | -74.6M | 172M | -83.2M | -118.5M | -63.9M | -48.8M | -27.1M | -59.2M | -61.8M | -80M | -43.2M | -56.4M | -82.2M | -115.5M | -106.2M | -42.8M | -93.8M | -69.2M | -76.3M | -87.7M | -93.9M | -46.6M | -51.6M | -31.5M | -42.1M |
| Pretax Income | 318.3M | 221.7M | -23.6M | -453.3M | -558.1M | 677.1M | 510.6M | 581.6M | 115.7M | 314.9M | 392.7M | 244.1M | 256.6M | 254M | 181.8M | 194.8M | 337.8M | 241.2M | 15.8M | 188.1M | 212.9M | 158.1M | 158.5M | 16.3M | 162.9M | 28.7M | 116.3M | 117M | 61.9M | 69.6M | 1.3M |
| Pretax Margin % | 9.39% | 6.5% | -0.66% | -12.76% | -14.22% | 13.75% | 12.36% | 18.43% | 4.34% | 11.92% | 13.85% | 8.09% | 9.03% | 9.02% | 6.43% | 6.87% | 10.76% | 8.09% | 0.53% | 6.55% | 7.89% | 6.67% | 7.78% | 0.85% | 9.25% | 1.64% | 6.59% | 7.1% | 5.56% | 7.73% | 0.17% |
| Income Tax | 105.5M | 76.5M | 11.3M | -73.2M | -120.6M | 159.8M | 123.7M | 144.9M | -11.9M | 116.6M | 139.4M | 85.4M | 91.2M | 92.8M | 68.6M | 72.9M | 125.4M | 86.6M | 26.7M | 74.7M | 80.2M | 57.7M | 58M | 59.5M | 61.9M | 13.2M | 43.2M | 47.9M | 24.9M | 30.1M | 3.8M |
| Effective Tax Rate % | 33.14% | 34.51% | -47.88% | 16.15% | 21.61% | 23.6% | 24.23% | 24.91% | -10.29% | 37.03% | 35.5% | 34.99% | 35.54% | 36.54% | 37.73% | 37.42% | 37.12% | 35.9% | 168.99% | 39.71% | 37.67% | 36.5% | 36.59% | 365.03% | 38% | 45.99% | 37.15% | 40.94% | 40.23% | 43.25% | 292.31% |
| Net Income | 110.9M | 145.2M | -34.9M | -380.1M | -437.5M | 512.5M | 387.4M | 460.7M | 63.7M | 218.3M | 320.3M | 159.8M | 166.5M | 161.1M | 106.5M | 167.9M | 204.1M | 153.3M | -10.9M | 113.4M | 132.7M | 100.6M | 100.9M | 103.8M | 82.5M | 15.5M | 73.1M | 63.2M | 36.3M | 39.5M | -2.5M |
| Net Margin % | 3.27% | 4.25% | -0.98% | -10.7% | -11.15% | 10.41% | 9.38% | 14.6% | 2.39% | 8.26% | 11.29% | 5.3% | 5.86% | 5.72% | 3.77% | 5.92% | 6.5% | 5.14% | -0.37% | 3.95% | 4.92% | 4.25% | 4.95% | 5.43% | 4.69% | 0.89% | 4.14% | 3.83% | 3.26% | 4.38% | -0.33% |
| Net Income Growth % | 207.2% | 516.05% | 90.82% | 13.12% | -185.37% | 32.29% | -15.91% | 623.23% | -70.82% | -31.85% | 100.44% | -4.02% | 3.35% | 51.27% | -36.57% | -17.74% | 33.14% | 1506.42% | -109.61% | -14.54% | 31.91% | -0.3% | -2.79% | 25.82% | 432.26% | -78.8% | 15.66% | 74.1% | -8.1% | 1680% | -109.96% |
| Net Income (Continuing) | 212.8M | 145.2M | -34.9M | -380.1M | -437.5M | 517.3M | 386.9M | 436.7M | 127.6M | 198.3M | 246.1M | 137.8M | 145.5M | 159.4M | 113.2M | 121.9M | 212.4M | 154.6M | -10.9M | 113.4M | 132.7M | 100.4M | 100.5M | 103.2M | 101M | 15.5M | 73.1M | 69.1M | 37M | 39.5M | -2.5M |
| Discontinued Operations | -2M | 0 | 0 | 0 | 0 | -3.9M | 1.7M | 23.5M | 0 | 20.5M | 68.7M | 30M | 20.7M | 1.7M | 0 | 46M | -8.3M | 0 | 0 | 0 | 0 | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 5.7M | 4.5M | 5M | 12.9M | 19.1M | 12.4M | 13.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.88 | 2.47 | -0.61 | -6.79 | -7.88 | 8.96 | 6.81 | 8.18 | 1.12 | 3.63 | 5.09 | 2.57 | 2.65 | 2.57 | 1.71 | 2.54 | 3.02 | 2.32 | -0.17 | 1.69 | 1.91 | 1.47 | 1.52 | 1.62 | 1.31 | 0.25 | 1.13 | 1.04 | 0.60 | 0.68 | -0.07 |
| EPS Growth % | 258% | 504.92% | 91.02% | 13.83% | -187.95% | 31.57% | -16.75% | 630.36% | -69.15% | -28.68% | 98.05% | -3.02% | 3.11% | 50.29% | -32.68% | -15.89% | 30.17% | 1464.71% | -110.06% | -11.52% | 29.93% | -3.29% | -6.17% | 23.66% | 424% | -77.88% | 8.65% | 73.33% | -11.76% | 1128.74% | -111.8% |
| EPS (Basic) | - | 2.52 | -0.61 | -6.79 | -7.88 | 9.20 | 6.96 | 8.30 | 1.13 | 3.68 | 5.16 | 2.62 | 2.70 | 2.61 | 1.75 | 2.60 | 3.08 | 2.36 | -0.17 | 1.74 | 1.97 | 1.51 | 1.56 | 1.68 | 1.41 | 0.27 | 1.20 | 1.47 | 0.71 | 0.80 | -0.07 |
| Diluted Shares Outstanding | 59.1M | 58.7M | 56.8M | 56M | 55.5M | 57.2M | 56.9M | 56.3M | 57.1M | 60.2M | 62M | 62.2M | 62.7M | 62.6M | 62.1M | 66.2M | 67.6M | 66.08M | 64.5M | 67.1M | 69.48M | 68.44M | 66.38M | 64.07M | 63.4M | 62M | 59.2M | 61M | 60.6M | 53.9M | 53.9M |
| Basic Shares Outstanding | 58.1M | 57.6M | 56.8M | 56M | 55.5M | 55.7M | 55.7M | 55.5M | 56.2M | 59.4M | 61.1M | 61.1M | 61.6M | 61.7M | 61M | 64.7M | 66.3M | 64.96M | 64.5M | 65.2M | 67.36M | 66.62M | 64.68M | 61.79M | 58.6M | 57.41M | 55.8M | 36.6M | 37.4M | 37.13M | 37.85M |
| Dividend Payout Ratio | - | 106.27% | - | - | - | 27.9% | 106.14% | 27.02% | 188.38% | 55.11% | 36.4% | 69.65% | 138.62% | 54.5% | 70.8% | 40.44% | 20.87% | 21.79% | - | 479.37% | 25.24% | 8.55% | - | - | - | - | 8.76% | 19.15% | 20.11% | 24.81% | - |
Seasonal revenue volatility
As indicated by the most recent quarterly data, SMG's revenue growth remains highly cyclical, with the 2026Q2 period showing a 2.7% year-over-year increase, yet the company continues to grapple with significant top-line fluctuations that appear tied to broader consumer spending shifts and inventory management cycles.
The revenue trajectory suggests that the company is struggling to maintain consistent growth outside of peak seasonal windows. Investors should monitor whether the recent modest growth in 2026Q2 represents a sustainable recovery or merely a temporary rebound from the deeper contractions observed in previous fiscal years.
Based on reported financial statements, SMG's gross margin reached 41.8% in 2026Q2, reflecting a sharp recovery from the negative margins seen in 2024Q4, though this volatility highlights the company's structural vulnerability to commodity price fluctuations and the inherent seasonality of the lawn and garden industry.
The wide variance in gross margins suggests that the company lacks the pricing power to fully insulate itself from input cost volatility. The reliance on high-volume seasonal sales means that any disruption in the spring planting window can lead to rapid margin compression, as evidenced by the historical data.
According to recent SEC filings, SMG's operating income scaled to $411.3 million in 2026Q2, demonstrating that the company can achieve significant operating leverage during peak periods, yet this efficiency is frequently offset by substantial losses during off-peak quarters, complicating the assessment of long-term operational profitability.
The ability to swing from deep operating losses to significant profits suggests a high fixed-cost base that is not yet fully optimized for lower-demand periods. This operational structure warrants further investigation into whether management can successfully rightsize the cost base to improve performance during the slower fiscal quarters.
Based on the provided income statement data, SMG's net income has been heavily impacted by non-operating items and restructuring costs, with the company reporting a net income of $238.6 million in 2026Q2 following a series of volatile quarters characterized by significant bottom-line losses and inventory write-downs.
The inconsistency in net income appears to be driven by both operational challenges and the ongoing restructuring of the Hawthorne segment. Investors should be cautious of relying on quarterly EPS figures, as they may not accurately reflect the underlying earnings power of the core consumer business.
As reported in financial statements, the company's history of negative gross margins in 2024Q4 suggests that the business model may be more fragile than the current recovery implies, raising concerns about the long-term sustainability of margins in an environment of rising interest expenses and retail channel pressure.
Short-term improvements in profitability may be masking deeper structural issues related to the company's debt load and the potential for continued inventory de-stocking. The market may be underestimating the risk that future margin expansion could be limited by the bargaining power of major retail partners.
Quick answers to the most common questions about buying SMG stock.
For fiscal year 2025, The Scotts Miracle-Gro Company (SMG) reported total revenue of $3.41B. This represents a 353.9% increase compared to $751.9M in 1996.
The Scotts Miracle-Gro Company (SMG) is profitable, generating $145.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
The Scotts Miracle-Gro Company (SMG) reported an operating income of $358.6M, resulting in an operating profit margin of 10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
The Scotts Miracle-Gro Company (SMG) generated $1.04B in gross profit for the year, representing a gross profit margin of 30.6%. This demonstrates the company's core pricing power and production efficiency.