WD-40 Company (WDFC) Income Statement

30Y historyFree accessUpdated daily

Revenue growth volatility — swinging from 0.6% YoY in 2026Q1 to 24.3% in 2026Q3 and back to 8.1% in 2026Q4 — coincided with gross margin compression to 52.8% and SG&A rising 46.5% over eight quarters to $74.0M, indicating that top-line momentum has not translated into durable operating leverage.

Annual statement

WDFC Income Statement

WD-40 Company (WDFC) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	Aug'26	Aug'25	Aug'24	Aug'23	Aug'22	Aug'21	Aug'20	Aug'19	Aug'18	Aug'17	Aug'16	Aug'15	Aug'14	Aug'13	Aug'12	Aug'11	Aug'10	Aug'09	Aug'08	Aug'07	Aug'06	Aug'05	Aug'04	Aug'03	Aug'02	Aug'01	Aug'00	Aug'99	Aug'98	Aug'97

Sales/Revenue	687.99M	619.99M	590.56M	537.25M	518.82M	488.11M	408.5M	423.35M	408.52M	380.51M	380.67M	378.15M	383M	368.55M	342.78M	336.41M	321.52M	292M	317.12M	307.82M	286.92M	263.23M	242.47M	238.14M	216.76M	174.58M	152.7M	146.3M	144.4M	137.9M
Revenue Growth %	10.97%	4.98%	9.92%	3.55%	6.29%	19.49%	-3.51%	3.63%	7.36%	-0.04%	0.67%	-1.27%	3.92%	7.52%	1.9%	4.63%	10.11%	-7.92%	3.02%	7.28%	9%	8.56%	1.82%	9.86%	24.17%	14.33%	4.37%	1.32%	4.71%	5.35%
Cost of Goods Sold	307.5M	278.64M	275.33M	263.04M	264.06M	224.37M	185.48M	191.01M	183.25M	166.62M	166.3M	177.97M	184.14M	179.38M	174.3M	168.3M	156.21M	147.47M	168.85M	158.95M	148.52M	133.83M	116.94M	115.93M	108.15M	79.55M	68.39M	63.7M	62.2M	58.4M
COGS % of Revenue	44.69%	44.94%	46.62%	48.96%	50.9%	45.97%	45.41%	45.12%	44.86%	43.79%	43.69%	47.06%	48.08%	48.67%	50.85%	50.03%	48.59%	50.5%	53.24%	51.64%	51.76%	50.84%	48.23%	48.68%	49.89%	45.57%	44.79%	43.54%	43.07%	42.35%
Gross Profit	380.5M	341.34M	315.23M	274.22M	254.76M	263.74M	223.02M	232.34M	225.26M	213.88M	214.37M	200.18M	198.85M	189.16M	168.48M	168.11M	165.31M	144.53M	148.27M	148.86M	138.4M	129.39M	125.52M	122.21M	108.61M	95.03M	84.3M	82.6M	82.2M	79.5M
Gross Margin %	55.31%	55.06%	53.38%	51.04%	49.1%	54.03%	54.59%	54.88%	55.14%	56.21%	56.31%	52.94%	51.92%	51.33%	49.15%	49.97%	51.41%	49.5%	46.76%	48.36%	48.24%	49.16%	51.77%	51.32%	50.11%	54.43%	55.21%	56.46%	56.93%	57.65%
Gross Profit Growth %	11.47%	8.28%	14.95%	7.64%	-3.4%	18.26%	-4.01%	3.14%	5.32%	-0.23%	7.09%	0.67%	5.12%	12.27%	0.22%	1.7%	14.37%	-2.52%	-0.4%	7.56%	6.96%	3.08%	2.71%	12.52%	14.29%	12.72%	2.06%	0.49%	3.4%	7.87%
Operating Expenses	271.56M	237.55M	218.88M	184.5M	167.44M	174.9M	145.8M	149.96M	146.66M	137.98M	143.02M	134.79M	135.12M	131.45M	116.75M	113.98M	110.11M	97.98M	105.57M	99.85M	92.38M	81.97M	80.07M	72.46M	66.25M	66.94M	52.68M	48.8M	48.1M	44.8M
OpEx % of Revenue	39.47%	38.32%	37.06%	34.34%	32.27%	35.83%	35.69%	35.42%	35.9%	36.26%	37.57%	35.64%	35.28%	35.67%	34.06%	33.88%	34.25%	33.55%	33.29%	32.44%	32.2%	31.14%	33.02%	30.43%	30.56%	38.34%	34.5%	33.36%	33.31%	32.49%
Selling, General & Admin	269.75M	237.37M	217.77M	183.49M	166M	173.45M	143.59M	147.25M	143.71M	135.1M	140.04M	131.75M	132.5M	129.19M	114.62M	112.44M	109.38M	97.51M	103.64M	99.26M	91.85M	81.42M	79.85M	71.51M	65.96M	62.98M	49.27M	46.4M	45.9M	42.6M
SG&A % of Revenue	39.21%	38.29%	36.88%	34.15%	32%	35.53%	35.15%	34.78%	35.18%	35.5%	36.79%	34.84%	34.6%	35.05%	33.44%	33.42%	34.02%	33.39%	32.68%	32.25%	32.01%	30.93%	32.93%	30.03%	30.43%	36.08%	32.27%	31.72%	31.79%	30.89%
Research & Development	0	0	0	0	0	0	0	6.5M	7M	8.4M	7.7M	9M	6.9M	7.2M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	1.54%	1.71%	2.21%	2.02%	2.38%	1.8%	1.95%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.81M	183K	1.11M	1M	1.43M	1.45M	2.21M	2.71M	339K	787K	2.46M	-1.66M	-372K	417K	-348K	1.54M	724K	468K	1.94M	583K	532K	552K	224K	950K	285K	3.96M	3.41M	2.4M	2.2M	2.2M
Operating Income	108.94M	103.79M	96.35M	89.72M	87.33M	88.84M	77.22M	82.38M	78.6M	75.91M	71.35M	65.39M	63.74M	56.64M	51.73M	54.13M	55.2M	39.84M	42.7M	49.02M	46.02M	47.42M	45.45M	49.75M	42.37M	28.09M	31.62M	33.8M	34.1M	34.7M
Operating Margin %	15.83%	16.74%	16.32%	16.7%	16.83%	18.2%	18.9%	19.46%	19.24%	19.95%	18.74%	17.29%	16.64%	15.37%	15.09%	16.09%	17.17%	13.65%	13.46%	15.92%	16.04%	18.01%	18.74%	20.89%	19.54%	16.09%	20.71%	23.1%	23.61%	25.16%
Operating Income Growth %	4.96%	7.72%	7.39%	2.74%	-1.7%	15.05%	-6.27%	4.81%	3.55%	6.39%	9.11%	2.59%	12.54%	9.49%	-4.44%	-1.93%	38.53%	-6.68%	-12.89%	6.51%	-2.95%	4.34%	-8.65%	17.43%	50.83%	-11.18%	-6.44%	-0.88%	-1.73%	6.12%
EBITDA	119.31M	111.98M	105.81M	97.88M	95.62M	95.86M	84.92M	89.97M	86.4M	82.68M	77.81M	71.85M	69.6M	62M	56.6M	58.52M	59.45M	43.57M	46.52M	52.66M	49.49M	50.43M	47.82M	51.58M	44.19M	33.41M	35.03M	36.2M	36.3M	36.9M
EBITDA Margin %	17.34%	18.06%	17.92%	18.22%	18.43%	19.64%	20.79%	21.25%	21.15%	21.73%	20.44%	19%	18.17%	16.82%	16.51%	17.39%	18.49%	14.92%	14.67%	17.11%	17.25%	19.16%	19.72%	21.66%	20.39%	19.14%	22.94%	24.74%	25.14%	26.76%
EBITDA Growth %	6.54%	5.84%	8.1%	2.35%	-0.25%	12.88%	-5.62%	4.13%	4.51%	6.25%	8.29%	3.24%	12.26%	9.54%	-3.28%	-1.56%	36.43%	-6.34%	-11.66%	6.42%	-1.86%	5.46%	-7.29%	16.72%	32.27%	-4.63%	-3.23%	-0.28%	-1.63%	6.96%
D&A (Non-Cash Add-back)	10.37M	8.19M	9.46M	8.15M	8.29M	7.02M	7.7M	7.59M	7.8M	6.77M	6.46M	6.46M	5.86M	5.36M	4.87M	4.39M	4.25M	3.73M	3.83M	3.65M	3.47M	3.01M	2.37M	1.83M	1.82M	5.32M	3.41M	2.4M	2.2M	2.2M
EBIT	109.27M	105.07M	95.8M	90.78M	86.85M	88.89M	77.95M	83.31M	79.4M	77.2M	74.49M	64.31M	63.96M	57.56M	51.64M	54.61M	55.28M	40.82M	42.7M	49.02M	46.02M	47.42M	45.45M	49.75M	42.37M	28.09M	31.62M	33.8M	34.1M	34.7M
Net Interest Income	-2.1M	-2.92M	-3.81M	-5.38M	-2.64M	-2.31M	-2.35M	-2.39M	-3.77M	-2.07M	-1.02M	-621K	-406K	-187K	-468K	-848K	-1.55M	-2.06M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	671K	517K	474K	231K	102K	81K	93K	155K	454K	508K	683K	584K	596K	506K	261K	228K	174K	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	2.77M	3.44M	4.29M	5.61M	2.74M	2.4M	2.44M	2.54M	4.22M	2.58M	1.7M	1.21M	1M	693K	729K	1.08M	1.73M	2.06M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-2.44M	-2.17M	-4.84M	-4.56M	-3.22M	-2.34M	-1.71M	-1.61M	-3.43M	-1.29M	1.44M	-2.28M	-778K	230K	-816K	-601K	-1.64M	-1.52M	-697K	-1.84M	-3.16M	-4.55M	-6.6M	-6.36M	-5.52M	-2.51M	-495K	400K	200K	-1.3M
Pretax Income	106.5M	101.63M	91.51M	85.16M	84.11M	86.5M	75.52M	80.77M	75.18M	74.62M	72.79M	63.11M	62.96M	56.87M	50.91M	53.53M	53.56M	38.32M	42M	47.17M	42.86M	42.87M	38.85M	43.4M	36.84M	25.58M	31.13M	34.2M	34.3M	33.4M
Pretax Margin %	15.48%	16.39%	15.5%	15.85%	16.21%	17.72%	18.49%	19.08%	18.4%	19.61%	19.12%	16.69%	16.44%	15.43%	14.85%	15.91%	16.66%	13.12%	13.24%	15.33%	14.94%	16.28%	16.02%	18.22%	17%	14.65%	20.39%	23.38%	23.75%	24.22%
Income Tax	24.15M	10.63M	21.86M	19.17M	16.78M	16.27M	14.8M	24.86M	9.96M	21.69M	20.16M	18.3M	19.21M	17.05M	15.43M	17.1M	17.46M	12.04M	14.38M	15.64M	14.75M	15.07M	13.21M	14.75M	11.47M	8.7M	10.57M	12.1M	12.4M	12M
Effective Tax Rate %	22.68%	10.46%	23.89%	22.51%	19.95%	18.81%	19.61%	30.78%	13.25%	29.07%	27.7%	29%	30.52%	29.99%	30.3%	31.94%	32.6%	31.41%	34.23%	33.16%	34.41%	35.15%	34%	34%	31.15%	34%	33.96%	35.38%	36.15%	35.93%
Net Income	82.35M	90.99M	69.64M	65.99M	67.33M	70.23M	60.71M	55.91M	65.22M	52.93M	52.63M	44.81M	43.75M	39.81M	35.48M	36.43M	36.09M	26.29M	27.62M	31.53M	28.11M	27.8M	25.64M	28.64M	24.68M	15.9M	20.56M	22.1M	21.9M	21.4M
Net Margin %	11.97%	14.68%	11.79%	12.28%	12.98%	14.39%	14.86%	13.21%	15.96%	13.91%	13.83%	11.85%	11.42%	10.8%	10.35%	10.83%	11.23%	9%	8.71%	10.24%	9.8%	10.56%	10.58%	12.03%	11.38%	9.11%	13.46%	15.11%	15.17%	15.52%
Net Income Growth %	-9.5%	30.66%	5.53%	-1.98%	-4.13%	15.68%	8.59%	-14.27%	23.21%	0.57%	17.45%	2.43%	9.88%	12.2%	-2.6%	0.94%	37.31%	-4.83%	-12.41%	12.17%	1.13%	8.4%	-10.47%	16.07%	55.17%	-22.64%	-6.98%	0.91%	2.34%	0.47%
Net Income (Continuing)	82.35M	90.99M	69.64M	65.99M	67.33M	70.23M	60.71M	55.91M	65.22M	52.93M	52.63M	44.81M	43.75M	39.81M	35.48M	36.43M	36.09M	26.29M	27.62M	31.53M	28.11M	27.8M	25.64M	28.64M	25.37M	16.88M	20.56M	22.1M	21.9M	21.4M
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
Minority Interest	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
EPS (Diluted)	6.08	6.69	5.11	4.83	4.90	5.09	4.40	4.04	4.67	3.72	3.64	3.04	2.87	2.54	2.20	2.14	2.15	1.58	1.64	1.83	1.66	1.65	1.50	1.71	1.53	1.02	1.33	1.41	1.40	1.38
EPS Growth %	-9.12%	30.92%	5.8%	-1.43%	-3.73%	15.68%	8.91%	-13.49%	25.54%	2.2%	19.74%	5.92%	12.99%	15.45%	2.8%	-0.47%	36.08%	-3.66%	-10.38%	10.24%	0.61%	10%	-12.28%	11.76%	50%	-23.31%	-5.67%	0.71%	1.45%	0%
EPS (Basic)	6.10	6.70	5.12	4.84	4.91	5.11	4.41	4.05	4.68	3.73	3.65	3.05	2.89	2.55	2.22	2.16	2.17	1.59	1.66	1.85	1.67	1.67	1.52	1.73	1.54	1.02	1.33	1.41	1.40	1.38
Diluted Shares Outstanding	13.5M	13.57M	13.58M	13.6M	13.7M	13.73M	13.72M	13.83M	13.96M	14.12M	14.38M	14.65M	15.15M	15.62M	16.05M	16.98M	16.73M	16.66M	16.82M	17.27M	16.91M	16.81M	17.12M	16.76M	16.15M	15.54M	15.46M	15.65M	15.66M	15.59M
Basic Shares Outstanding	13.47M	13.54M	13.55M	13.58M	13.67M	13.7M	13.69M	13.8M	13.93M	14.09M	14.33M	14.58M	15.07M	15.52M	15.91M	16.8M	16.61M	16.5M	16.64M	17.08M	16.78M	16.63M	16.91M	16.58M	15.98M	15.53M	15.46M	15.6M	15.6M	15.51M
Dividend Payout Ratio	65.62%	55.23%	67.77%	67.55%	62.36%	54.43%	59.36%	58.83%	45.37%	50.65%	44.97%	48.47%	46.14%	47.83%	51.37%	50.04%	46.15%	62.95%	60.43%	52.67%	52.5%	50.24%	52.88%	46.34%	65.22%	115.03%	96.3%	90.5%	91.32%	90.65%

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

SG&A escalation compressing margins

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Revenue Deceleration Reversed by Late Surge

WD-40's quarterly YoY growth fell from 11.1% in 2024Q4 to just 0.6% in 2026Q1, then sharply re-accelerated to 24.3% in 2026Q3 before moderating to 8.1% in 2026Q4, per the company's reported quarterly figures across this ten-quarter window.

The deceleration pattern through early 2026 suggests that pricing-led gains and geographic expansion were losing momentum before a re-acceleration in H2 2026. The 24.3% Q3 2026 spike appears outsized relative to the trendline, potentially reflecting channel restocking, a large contract win, or favorable currency translation rather than a structural demand shift. Investors should evaluate whether the Q4 2026 moderation to 8.1% represents a return to the pre-surge baseline or a healthier middle ground, which materially affects forward revenue assumptions.

Gross Margin Resilience Under Pressure in Q4

WD-40's gross margin oscillated between 53.1% and 56.6% across the ten-quarter period, but declined to 52.8% in 2026Q4 — the lowest reading in the dataset — according to the company's quarterly income statement disclosures.

The compression to 52.8% in Q4 2026, combined with rising input costs typical of specialty chemical manufacturers, suggests that raw material pass-through may be lagging behind inflation. The earlier 56.6% peak in 2026Q3 may reflect favorable mix or pricing actions that did not carry forward. Relative to peers like Spectrum Brands at 36.7% gross margin, WD-40 retains a significant structural advantage, but the trend warrants scrutiny as sustained margin erosion above 50 bps would signal a genuine pricing power concern.

EPS Volatility Driven by Non-Operating Items

WDFC's EPS growth ranged from +92.1% in 2025Q2 to -32.1% in 2026Q4, swings far exceeding operating income volatility, suggesting non-operating items — particularly tax rate fluctuations — are significantly amplifying reported net income outcomes per the company's filings.

The 2025Q2 anomaly is instructive: net income reached $29.9M on just $23.3M of operating income, a net margin of 20.4% — well above the operating margin of 15.9% — indicating a meaningful tax benefit or one-time gain materially boosted the bottom line. Conversely, 2026Q4 saw EPS decline 32.1% despite 8.1% revenue growth, compressing the quality of earnings. Analysts should normalize tax and non-operating items when modeling forward EPS to avoid extrapolating either the Q2 2025 windfall or the Q4 2026 decline as sustainable.

2026Q3 Peak Quarter Distorts Trend

The 2026Q3 quarter — $195.1M revenue, 56.6% gross margin, and 20.7% operating margin — represents the strongest quarter in the ten-quarter dataset, with operating income of $40.3M nearly doubling the prior quarter's $26.3M, per reported figures.

This inflection appears to have been driven by a confluence of volume strength and margin expansion, but the sharp reversal in Q4 2026 (operating margin falling to 10.8%, SG&A surging to $74.0M) suggests the Q3 peak may not be a sustainable run-rate. The lasting impact depends on whether Q3's customer demand patterns proved durable or represented a one-time pull-forward; the Q4 data — lowest gross margin and highest SG&A — leans toward the latter interpretation. This asymmetry creates a risk that forward consensus built on Q3 annualization overstates earning power.

SG&A Inflation Undermines Operating Leverage

SG&A expenses surged from $50.5M in 2025Q1 to $74.0M in 2026Q4 — a 46.5% increase over eight quarters — far outpacing the 15.2% revenue growth over the same span, per the company's reported quarterly income statements.

This trajectory represents a serious challenge to the operating leverage thesis: despite meaningful top-line expansion, SG&A growth has been the dominant driver of margin compression, particularly in the most recent quarter where SG&A consumed over 41% of revenue versus 32.8% in 2025Q1. A short-seller would focus on whether this reflects a structural shift toward a heavier commercial/brand investment model or cost discipline that can be recalibrated; either way, operating margin at 10.8% in Q4 2026 versus a 10-quarter average of approximately 16% suggests the earnings power narrative requires more evidence before being underwritten at premium multiples.

WDFC — Frequently Asked Questions

Quick answers to the most common questions about buying WDFC stock.

What was WD-40 Company's (WDFC) revenue in 2026?

For fiscal year 2026, WD-40 Company (WDFC) reported total revenue of $688.0M. This represents a 398.9% increase compared to $137.9M in 1997.

Is WD-40 Company (WDFC) profitable?

WD-40 Company (WDFC) is profitable, generating $82.3M in net income for the fiscal year ending 2026 with a net profit margin of 12.0%.

What is WD-40 Company's operating profit margin?

WD-40 Company (WDFC) reported an operating income of $108.9M, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is WD-40 Company's gross profit and gross margin?

WD-40 Company (WDFC) generated $380.5M in gross profit for the year, representing a gross profit margin of 55.3%. This demonstrates the company's core pricing power and production efficiency.