Revenue growth remains highly sensitive to seasonal demand, evidenced by a 4.9% increase in 2026Q2 following a 10.2% contraction in 2025Q3, while operating margins remain thin at 8.1%.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Sep'98 | Sep'97 | Sep'96 | Sep'95 |
|---|
| Sales/Revenue | 2.82B | 2.81B | 2.96B | 2.92B | 3.13B | 3B | 2.62B | 2.45B | 3.81B | 3.01B | 3.04B | 4.75B | 4.63B | 5.54B | 4.48B | 3.48B | 0 | 0 | 0 | 0 | 109.9M | 367.53M | 181.43M | 117.01M | 98.84M | 84.14M | 93.7M | 133.6M | 117.6M | 95.7M | 103.1M |
| Revenue Growth % | -3.76% | -5.23% | 1.55% | -6.82% | 4.48% | 14.34% | 7.18% | -35.77% | 26.51% | -0.91% | -36.09% | 2.57% | -16.39% | 23.72% | 28.84% | - | - | - | - | -100% | -70.1% | 102.57% | 55.06% | 18.39% | 17.47% | -10.2% | -29.87% | 13.61% | 22.88% | -7.18% | -57.26% |
| Cost of Goods Sold | 1.78B | 1.78B | 1.85B | 1.99B | 2.14B | 1.96B | 1.74B | 1.63B | 2.47B | 2.37B | 1.79B | 3.14B | 2.86B | 3.52B | 3.06B | 2.06B | 0 | 0 | 0 | 0 | 91.98M | 314.28M | 154.55M | 89.31M | 84.68M | 94.66M | 78.4M | 84.3M | 90.1M | 70.9M | 70.2M |
| COGS % of Revenue | - | 63.26% | 62.57% | 68.32% | 68.38% | 65.43% | 66.51% | 66.5% | 64.97% | 78.71% | 58.97% | 65.99% | 61.73% | 63.52% | 68.36% | 59.18% | - | - | - | - | 83.7% | 85.51% | 85.19% | 76.32% | 85.68% | 112.51% | 83.67% | 63.1% | 76.62% | 74.09% | 68.09% |
| Gross Profit | 1.04B | 1.03B | 1.11B | 924.8M | 990.5M | 1.04B | 878.1M | 819.6M | 1.33B | 641M | 1.25B | 1.62B | 1.77B | 2.02B | 1.42B | 1.42B | 0 | 0 | 0 | 0 | 17.91M | 53.25M | 26.88M | 27.7M | 14.15M | -10.52M | 15.3M | 49.3M | 27.5M | 24.8M | 32.9M |
| Gross Margin % | 36.79% | 36.74% | 37.43% | 31.68% | 31.62% | 34.57% | 33.49% | 33.5% | 35.03% | 21.29% | 41.03% | 34.01% | 38.27% | 36.48% | 31.64% | 40.82% | - | - | - | - | 16.3% | 14.49% | 14.81% | 23.68% | 14.32% | -12.51% | 16.33% | 36.9% | 23.38% | 25.91% | 31.91% |
| Gross Profit Growth % | - | -6.98% | 19.95% | -6.63% | -4.44% | 18.04% | 7.14% | -38.57% | 108.16% | -48.58% | -22.91% | -8.84% | -12.29% | 42.67% | -0.16% | - | - | - | - | -100% | -66.36% | 98.14% | -2.99% | 95.73% | 234.49% | -168.78% | -68.97% | 79.27% | 10.89% | -24.62% | -43.08% |
| Operating Expenses | 886.9M | 907M | 938.7M | 1.13B | 967.3M | 939.4M | 869.5M | 972M | 1.11B | 1.05B | 911.7M | 1.52B | 1.33B | 2.07B | 1.93B | 1.18B | 6.29M | 3.24M | 3.39M | 4.73M | 23.43M | 37.68M | 20.09M | 11.91M | 12.46M | 27.86M | 30.9M | 18.8M | 14.6M | 16.2M | 25.5M |
| OpEx % of Revenue | - | 32.29% | 31.67% | 38.73% | 30.88% | 31.33% | 33.16% | 39.73% | 29.15% | 34.84% | 30.01% | 32.05% | 28.73% | 37.28% | 43.17% | 34.03% | - | - | - | - | 21.32% | 10.25% | 11.07% | 10.18% | 12.61% | 33.11% | 32.98% | 14.07% | 12.41% | 16.93% | 24.73% |
| Selling, General & Admin | 837.1M | 882.6M | 896.7M | 877.1M | 985.8M | 869.3M | 789.3M | 709.1M | 943M | 933.3M | 823.4M | 1.48B | 1.12B | 1.22B | 932.7M | 1.19B | 6.29M | 3.24M | 3.39M | 4.73M | 18.57M | 37.68M | 13.07M | 11.91M | 12.46M | 17.88M | 18.9M | 12.4M | 10.9M | 7.2M | 7.6M |
| SG&A % of Revenue | - | 31.42% | 30.25% | 30.05% | 31.47% | 28.99% | 30.1% | 28.99% | 24.76% | 31% | 27.1% | 31.06% | 24.16% | 22.02% | 20.82% | 34.35% | - | - | - | - | 16.9% | 10.25% | 7.2% | 10.18% | 12.61% | 21.25% | 20.17% | 9.28% | 9.27% | 7.52% | 7.37% |
| Research & Development | 16.2M | 0 | 28.1M | 22.5M | 26.7M | 29.8M | 29.2M | 43.5M | 44.6M | 44.6M | 58.7M | 51.3M | 47.9M | 43.3M | 42.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.49M | 2.9M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.95% | 0.77% | 0.85% | 0.99% | 1.11% | 1.78% | 1.17% | 1.48% | 1.93% | 1.08% | 1.03% | 0.78% | 0.94% | - | - | - | - | - | - | - | - | - | - | 1.77% | 3.09% | - | - | - | - |
| Other Operating Expenses | 2M | 24.4M | 13.9M | 230.8M | -45.2M | 40.3M | 51M | -26.6M | 107.6M | 77M | 29.6M | 1.48B | 1.34B | 850.1M | 1B | 61.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.5M | 9.1M | 6.4M | 3.7M | 9M | 15.1M |
| Operating Income | 150.2M | 124.9M | 170.6M | -205.6M | 23.2M | 97.1M | 8.6M | -152.4M | 224.2M | 287.5M | 334.9M | 179.1M | 427.4M | 737.4M | 409.5M | 163.69M | -6.29M | -3.24M | -3.39M | -4.73M | -5.52M | -4.38M | 5.83M | 15.8M | 1.69M | -38.39M | -15.6M | 30.5M | 12.9M | 6M | -9.9M |
| Operating Margin % | 5.33% | 4.45% | 5.76% | -7.04% | 0.74% | 3.24% | 0.33% | -6.23% | 5.89% | 9.55% | 11.02% | 3.77% | 9.22% | 13.3% | 9.14% | 4.71% | - | - | - | - | -5.02% | -1.19% | 3.21% | 13.5% | 1.71% | -45.62% | -16.65% | 22.83% | 10.97% | 6.27% | -9.6% |
| Operating Income Growth % | - | -26.79% | 182.98% | -986.21% | -76.11% | 1029.07% | 105.64% | -167.97% | -22.02% | -14.15% | 86.99% | -58.1% | -42.04% | 80.07% | 150.17% | 2702.32% | -94.32% | 4.46% | 28.37% | 14.27% | -26.07% | -175.06% | -63.09% | 833.63% | 104.41% | -146.06% | -151.15% | 136.43% | 115% | 160.61% | 67.22% |
| EBITDA | 249.2M | 222.9M | 272.4M | -114.4M | 122.5M | 214.1M | 123.2M | -5.1M | 349.5M | 419.7M | 518.6M | 350.1M | 730M | 1.1B | 677.8M | 257.42M | -6.28M | -111K | -3.38M | -4.71M | -5.48M | -4.33M | 18.8M | 26.87M | 11.52M | -29.89M | -6.5M | 36.9M | 16.6M | 14.7M | 5.2M |
| EBITDA Margin % | 8.84% | 7.94% | 9.19% | -3.92% | 3.91% | 7.14% | 4.7% | -0.21% | 9.18% | 13.94% | 17.07% | 7.36% | 15.75% | 19.77% | 15.13% | 7.4% | - | - | - | - | -4.99% | -1.18% | 10.36% | 22.97% | 11.65% | -35.52% | -6.94% | 27.62% | 14.12% | 15.36% | 5.04% |
| EBITDA Growth % | 6.63% | -18.17% | 338.11% | -193.39% | -42.78% | 73.78% | 2515.69% | -101.46% | -16.73% | -19.07% | 48.13% | -52.04% | -33.4% | 61.71% | 163.3% | 4197.12% | -5560.36% | 96.72% | 28.16% | 14.01% | -26.56% | -123.03% | -30.02% | 133.34% | 138.53% | -359.83% | -117.62% | 122.29% | 12.93% | 182.69% | -58.73% |
| D&A (Non-Cash Add-back) | 99M | 98M | 101.8M | 91.2M | 99.3M | 117M | 114.6M | 147.3M | 125.3M | 132.2M | 183.7M | 171M | 302.6M | 358.7M | 268.3M | 93.74M | 7K | 0 | 3K | 18K | 37K | 46K | 12.97M | 11.07M | 9.82M | 8.5M | 9.1M | 6.4M | 3.7M | 8.7M | 15.1M |
| EBIT | 140.7M | 117.2M | 183.1M | -163.2M | 4.7M | 136.4M | 129.5M | -195.8M | 228.3M | 282.5M | 586.5M | 227.7M | 535.1M | 630.2M | 276.4M | 299.93M | -4.78M | -111K | 4.86M | -91K | -5.52M | -4.38M | 5.83M | 15.8M | 1.69M | -38.39M | -15.6M | 30.5M | 12.9M | 6M | -9.9M |
| Net Interest Income | -28.1M | -25.8M | -1M | -88.7M | -98.8M | -115.4M | -93.7M | -158.4M | -264M | -310.4M | -334.5M | -407.8M | -298.8M | -511.9M | -251M | -249.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.3M | 4.2M | 57.5M | 38.3M | 600K | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229K | 3.01M | 7.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 30.4M | 30M | 58.5M | 127M | 99.4M | 116.5M | 93.7M | 158.4M | 264M | 310.4M | 334.5M | 407.8M | 298.8M | 511.9M | 251M | 249.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.2M | 11.7M |
| Other Income/Expense | -53.5M | -37.7M | -7M | -84.6M | -113.5M | -108.2M | -33.7M | -201.8M | -259.9M | -315.4M | -325.7M | -359.2M | -214.2M | -619.1M | -384.11M | -113.02M | 1.51M | 3.13M | 8.25M | 4.64M | 1.42M | 398K | -154K | 600K | -8.5M | -123K | -10.5M | 79.5M | -1.1M | -4.7M | 3.2M |
| Pretax Income | 96.7M | 87.2M | 163.6M | -290.2M | -90.3M | -11.1M | -25.1M | -354.2M | -35.7M | -27.9M | 9.2M | -180.1M | 213.2M | 118.3M | 25.39M | 50.67M | -4.78M | -111K | 4.86M | -91K | -4.09M | -3.98M | 5.68M | 16.4M | -6.81M | -38.51M | -26.1M | 110M | 11.8M | 1.3M | -6.7M |
| Pretax Margin % | 3.43% | 3.1% | 5.52% | -9.94% | -2.88% | -0.37% | -0.96% | -14.48% | -0.94% | -0.93% | 0.3% | -3.79% | 4.6% | 2.13% | 0.57% | 1.46% | - | - | - | - | -3.73% | -1.08% | 3.13% | 14.01% | -6.89% | -45.77% | -27.85% | 82.34% | 10.03% | 1.36% | -6.5% |
| Income Tax | -29M | -13M | 64.3M | -56.5M | -13.3M | -26.4M | 27.3M | -52M | -462.7M | 38.1M | -58.4M | 39.6M | 111.5M | 187.3M | -85.28M | 50.55M | 8.57M | -98K | 2.31M | 183K | -982K | -687K | 3.73M | 5.12M | -12.77M | -12.52M | -5.8M | 40M | 4.4M | 700K | -2.4M |
| Effective Tax Rate % | -29.99% | -14.91% | 39.3% | 19.47% | 14.73% | 237.84% | -108.76% | 14.68% | 1296.08% | -136.56% | -634.78% | -21.99% | 52.3% | 158.33% | -335.94% | 99.77% | -179.17% | 88.29% | 47.56% | -201.1% | 23.98% | 17.27% | 65.77% | 31.23% | 187.59% | 32.51% | 22.22% | 36.36% | 37.29% | 53.85% | 35.82% |
| Net Income | 126.4M | 99.9M | 124.8M | 1.8B | 71.6M | 189.6M | 97.8M | 494.5M | 768.3M | 106M | -198.8M | -556.8M | -10.3M | -45.8M | 20.6M | 34.8M | -13.34M | -12K | 2.55M | -4.66M | -9.18M | 3.73M | 892K | 6.47M | 4.43M | -25.99M | -20.3M | 70M | 15.4M | 7.1M | 4.2M |
| Net Margin % | 4.48% | 3.56% | 4.21% | 61.72% | 2.29% | 6.32% | 3.73% | 20.21% | 20.17% | 3.52% | -6.54% | -11.71% | -0.22% | -0.83% | 0.46% | 1% | - | - | - | - | -8.35% | 1.02% | 0.49% | 5.53% | 4.49% | -30.89% | -21.66% | 52.4% | 13.1% | 7.42% | 4.07% |
| Net Income Growth % | 113.87% | -19.95% | -93.07% | 2416.06% | -62.24% | 93.86% | -80.22% | -35.64% | 624.81% | 153.32% | 64.3% | -5305.83% | 77.51% | -322.33% | -40.8% | 360.75% | -111100% | -100.47% | 154.71% | 49.18% | -345.81% | 318.5% | -86.22% | 45.99% | 117.06% | -28.02% | -129% | 354.55% | 116.9% | 69.05% | 150.6% |
| Net Income (Continuing) | 125.7M | 100.2M | 99.3M | -233.7M | -77M | 15.3M | -52.4M | -302.2M | 427M | -69.2M | 67.6M | -219.7M | 14.4M | -69M | 110.67M | 115K | -13.35M | -13K | 2.55M | -274K | -3.11M | -3.29M | 354K | 6.47M | 4.43M | -25.99M | -20.3M | 70M | 7.4M | 600K | -4.3M |
| Discontinued Operations | -800K | 200K | 25.5M | 2.04B | 148.8M | 174.5M | 150.5M | 797.5M | 445M | 289.3M | -101.5M | -292.7M | 87.3M | 0 | 0 | 0 | 0 | 0 | 0 | -4.39M | -6.06M | 7.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 0 |
| Minority Interest | 0 | 0 | 800K | 700K | 5.9M | 7.1M | 8.3M | 8M | 8.3M | 1.19B | 1.18B | 1B | 815.4M | 408.8M | 421.38M | 477.7M | 30K | 33K | 34K | 34K | 79.52M | 79.51M | 68.7M | 55.02M | 53.6M | 52.07M | 58.7M | 63.1M | 0 | 0 | 0 |
| EPS (Diluted) | 5.42 | 3.86 | 4.09 | 45.65 | 1.75 | 4.39 | 2.10 | -3.68 | 20.76 | 3.24 | -6.24 | -17.43 | -0.39 | -2.03 | 0.94 | 0.25 | -4.32 | -0.00 | 0.82 | -1.52 | -2.99 | 1.25 | 0.31 | 2.11 | 1.44 | -8.48 | -6.63 | 22.93 | 4.37 | 2.03 | 1.09 |
| EPS Growth % | 153.53% | -5.62% | -91.04% | 2508.57% | -60.14% | 109.05% | 157.07% | -117.73% | 540.74% | 151.92% | 64.2% | -4369.23% | 80.79% | -315.96% | 276% | 105.79% | - | -100.48% | 153.95% | 49.16% | -339.2% | 303.23% | -85.31% | 46.53% | 116.98% | -27.9% | -128.91% | 424.71% | 115.27% | 86.24% | 150% |
| EPS (Basic) | - | 3.88 | 4.12 | 45.65 | 1.75 | 4.44 | 2.10 | -3.68 | 20.82 | 3.31 | -6.24 | -20.66 | -0.39 | -2.03 | 0.94 | 0.44 | -4.32 | -0.00 | 0.83 | -1.52 | -2.99 | 1.25 | 0.31 | 2.11 | 1.44 | -8.48 | -6.63 | 23.71 | 4.37 | 2.03 | 1.09 |
| Diluted Shares Outstanding | 23.3M | 25.9M | 30.5M | 39.5M | 40.9M | 43.2M | 44.7M | 50.7M | 37M | 32.7M | 32M | 31.95M | 26.12M | 22.55M | 22.55M | 25.39M | 19.08M | 19.07M | 19.22M | 18.98M | 19.05M | 19.13M | 19.02M | 18.96M | 18.93M | 18.91M | 18.91M | 18.85M | 21.89M | 21.62M | 23.18M |
| Basic Shares Outstanding | 23.2M | 25.7M | 30.3M | 39.5M | 40.9M | 42.7M | 44.7M | 50.7M | 36.9M | 5.19M | 65.38M | 26.96M | 26.12M | 22.55M | 22.47M | 22.45M | 19.08M | 19.07M | 19.04M | 18.98M | 19.05M | 18.47M | 17.65M | 18.93M | 18.93M | 18.91M | 18.91M | 18.23M | 21.77M | 21.62M | 23.18M |
| Dividend Payout Ratio | - | 48.25% | 40.54% | 3.69% | 95.81% | 37.71% | 76.89% | 17.29% | 2.92% | - | - | - | - | - | 0.15% | - | - | - | - | - | - | - | - | - | - | - | - | 9.29% | 10.39% | - | 28.57% |
Operational margin volatility
According to the most recent quarterly data, Spectrum Brands reported a 4.9% revenue increase in 2026Q2, marking a recovery from the 10.2% decline observed in 2025Q3, suggesting that the company's top-line performance remains sensitive to retailer inventory cycles and seasonal demand fluctuations across its core segments.
The inconsistent revenue trajectory highlights the difficulty in maintaining organic growth within the fragmented pet and home categories. Investors should monitor whether the recent growth uptick represents a sustainable recovery in consumer demand or merely a temporary replenishment of retail inventory levels.
As reported in financial statements, the company's gross margin reached 38.8% in 2026Q2, yet operating margins remain thin at 8.1%, indicating that significant overhead costs continue to weigh on profitability despite the recent portfolio simplification efforts following the major hardware business divestiture.
The disparity between gross and operating margins suggests that the company is struggling to achieve meaningful operating leverage. This may imply that stranded corporate costs are masking the underlying profitability of the core pet and garden segments, warranting further investigation into the efficiency of the current cost structure.
Based on the provided income statement data, operating income scaled to $57.7M in 2026Q2, yet the SG&A expense ratio remains elevated, suggesting that the company has not yet successfully decoupled its fixed operating expenses from the volatility inherent in its current revenue base.
The inability to consistently expand operating margins during periods of revenue growth indicates a lack of effective cost discipline. This trend may suggest that the company's current operating model is still burdened by legacy infrastructure that requires further rationalization to improve bottom-line performance.
Analysis of the reported figures reveals significant fluctuations in net income, ranging from $900K in 2025Q2 to $55.6M in 2025Q4, which appears to be driven by non-operating items and the ongoing normalization of the business following the massive divestiture of the hardware and home improvement segment.
The wide variance in net income suggests that headline EPS figures may not accurately reflect the underlying operational health of the business. Investors should exercise caution when interpreting these results, as non-recurring items and accounting adjustments continue to distort the true earnings power of the firm.
As indicated by the historical income statement data, the company's operating margin has frequently dipped below 5%, which may lead skeptics to argue that the business lacks the pricing power necessary to offset rising input costs and the competitive pressures within the small appliance category.
The persistent reliance on low-margin segments creates a risk of margin compression if consumer spending shifts away from premium pet consumables. This vulnerability suggests that the current valuation may be overly optimistic if the company fails to successfully exit or restructure its underperforming home and personal care business.
Quick answers to the most common questions about buying SPB stock.
For fiscal year 2025, Spectrum Brands Holdings, Inc. (SPB) reported total revenue of $2.81B. This represents a 2624.5% increase compared to $103.1M in 1995.
Spectrum Brands Holdings, Inc. (SPB) is profitable, generating $99.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.6%.
Spectrum Brands Holdings, Inc. (SPB) reported an operating income of $124.9M, resulting in an operating profit margin of 4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Spectrum Brands Holdings, Inc. (SPB) generated $1.03B in gross profit for the year, representing a gross profit margin of 36.7%. This demonstrates the company's core pricing power and production efficiency.