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What changed in EDGEWELL PERSONAL CARE Co's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of EDGEWELL PERSONAL CARE Co's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+297 added−237 removedSource: 10-K (2025-11-18) vs 10-K (2024-11-14)

Top changes in EDGEWELL PERSONAL CARE Co's 2025 10-K

297 paragraphs added · 237 removed · 196 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

44 edited+25 added−12 removed70 unchanged
Biggest changeWe continually monitor employee retention rates and believe our progressive human resources policies, learning and development, talent management, workplace health and safety, wellbeing programs, and community engagement and support activities enable us to attract and retain key personnel. 2024 saw the launch of a “Be Well” Community of Expertise and a “Be Well” Global Wellbeing Resource Center with the goal of fostering a culture of well-being and caring by supporting employees’ physical, social, financial, and emotional fitness. 8 Safety We believe that developing and maintaining a strong safety culture is one of the major keys to our continued success.
Biggest changeEnsuring a positive, meaningful working experience for our employees that is reflective of our purpose and values is central to our business operations. We continually monitor employee retention rates and believe our human resources policies, learning and development, talent management, workplace health and safety, wellbeing programs, and community engagement and support activities enable us to attract and retain key personnel.
Segment performance is evaluated based on segment operating profit, exclusive of general corporate expenses, share-based compensation costs, costs associated with restructuring initiatives and other items that are not representative of management’s view on how segment performance is evaluated. Information regarding the product portfolios of these segments is included within the following discussion.
Segment performance is evaluated based on segment profit, exclusive of general corporate expenses, share-based compensation costs, costs associated with restructuring initiatives and other items that are not representative of management’s view on how segment performance is evaluated. Information regarding the product portfolios of these segments is included within the following discussion.
We have seen an increase in registration and reporting requirements concerning the use of certain chemicals in a number of countries, such as the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”) regulations in the European Union (the “E.U.”), which may impact our products.
We have seen an increase in registration and reporting requirements concerning the use and presence of certain chemicals in a number of countries, such as the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”) regulations in the European Union (the “E.U.”), which may impact our products.
The amount of our ultimate liability in connection with those sites may depend on many factors, including the volume and toxicity of material contributed to the site, the number of other PRPs and their financial viability and the remediation methods and technology to be used.
The amount of our ultimate liability in connection with those sites may depend on many, including the volume and toxicity of material contributed to the site, the number of other PRPs and their financial viability and the remediation methods and technology to be used.
Additionally, facilities have continued an existing machine safety program and assessment initiative, including completing any remaining assessments and implementing fixes for identified items. Finally, our manufacturing sites have revitalized their “Alive and Well” program and initiatives over the last year with some facilities rolling the program out to other levels in their organization.
The facilities team have continued an existing machine safety program and assessment initiative, including completing any remaining assessments and implementing fixes for identified items. Additionally, our manufacturing sites have revitalized their “Alive and Well” program and initiatives over the last year with some facilities rolling the program out to other levels in their organization.
Pursuant to these laws, the EPA from time to time issues Significant New Use Rules, or SNURs, when it identifies new uses of chemicals that could pose risks to human health or the environment and also requires pre-manufacture notification of new chemical substances that do not appear on the TSCA registry.
Pursuant to these laws, the EPA from time to time issues Significant New Use Rules, (“SNUR”), when it identifies new uses of chemicals that could pose risks to human health or the environment and also requires pre-manufacture notification of new chemical substances that do not appear on the TSCA registry.
Both price and supply are subject to risk from global socio- and macroeconomic influences such as, but not limited to, force majeure, loss or impairment to key manufacturing sites, transportation, government regulation, currency or other unforeseen circumstances.
Both price and supply are subject to risk from global socio- and macroeconomic influences such as, but not limited to, force majeure, loss or impairment to key manufacturing sites, transportation, government regulation including tariffs, currency or other unforeseen circumstances.
Current environmental spending estimates could be modified as a result of changes in our plans or our understanding of the underlying facts, changes in legal requirements, including any requirements related to global climate change or other factors. The U.S.
Current environmental spending estimates could be modified as a result of changes in our plans or our understanding of the underlying facts, changes in legal requirements, including any requirements related to global climate change or other factors.
Sustainability Edgewell’s Sustainable Care 2030 strategy provides a roadmap for delivering on our ambitions and guides us to be a successful and responsible business not just today, but for generations to come. Unveiled in 2020, our Sustainable Care 2030 strategy includes clear targets across our brands, operations and supply chain, as well as our workforce and communities.
Sustainability Edgewell’s Sustainable Care 2030 strategy provides a roadmap for delivering on our ambitions and guides us in our aim to be a successful and responsible business not just today, but for generations to come. Unveiled in 2020, our Sustainable Care 2030 strategy currently includes targets across our brands, operations and supply chain, as well as our workforce and communities.
Our employees have access to many programs to support their wellbeing including onsite biometric screening; cancer screening; weight loss programs and education; mental and emotional health awareness and support through our global Employee Assistance Program; and work-life balance through flextime, remote and hybrid working arrangements, and parental leave, among others.
Many of our U.S. employees have access to many programs to support their wellbeing including onsite biometric screening; cancer screening; weight loss programs and education; mental and emotional health awareness and support through our global Employee Assistance Program; and work-life balance through flextime, remote and hybrid working arrangements, and parental leave, among others.
Certain of our employees outside of the U.S. are represented by unions or works councils. We have cultivated a culture that is centered around our guiding purpose of Making Useful Things Joyful, supported by a set of values and behaviors that guide organizational actions and decisions.
Some of our employees outside of the U.S. are represented by unions or works councils. We believe we have cultivated a culture that is centered around our guiding purpose of Making Useful Things Joyful, supported by a set of values and behaviors that guide organizational actions and decisions.
When we import chemicals into the U.S., we must ensure that chemicals appear on the TSCA registry prior to import, participate in the SNUR process when a chemical we import requires testing data and report to the EPA information relating to quantities, identities and uses of imported chemicals.
When we import chemicals into the U.S. not exempted from TSCA, we must ensure that chemicals appear on the TSCA registry prior to import, participate in the SNUR process when a chemical we import requires testing data and report to the EPA information relating to quantities, identities and uses of imported chemicals.
There is a risk that we will not be able to obtain and perfect our own intellectual property rights, or, where appropriate, license intellectual property rights from others. 6 Governmental Regulation and Environmental Matters We are subject to various federal, state, local and foreign laws and regulations by governmental agencies intended to protect the public health and environment, including those governing the manufacture, use, discharge and disposal of hazardous materials, labeling and notice requirements related to consumer exposure to certain chemicals, and requirements for the recycling of our products and their packaging.
There is a risk that we will not be able to obtain and perfect our own intellectual property rights, or, where appropriate, license intellectual property rights from others. 6 Governmental Regulation and Environmental Matters We are subject to various federal, state, local and foreign laws and regulations by governmental agencies intended to protect the public health and environment, including those governing the manufacture, use, discharge and disposal of hazardous materials, labeling and notice requirements related to consumer exposure to certain chemicals, requirements for the recycling of our products and their packaging and expanding laws and regulations related to sustainability-related matters, and non-financial reporting and diligence.
We also regularly review our key sustainability priority areas to keep them relevant to our business 7 today and a changing sustainability landscape. Our priority areas are defined by where we believe we can have the greatest impact, as well as the areas that might most meaningfully impact our business.
We also regularly review our key sustainability priority areas to keep them relevant to our business today and a changing sustainability, political, legal and business landscape. Our priority areas are defined by where we believe we can have the greatest impact, as well as the areas that might most meaningfully impact our business.
We are making progress on our goals, including in priority areas such as sustainable products and packaging, ingredient stewardship, responsible sourcing, reducing waste, protecting the health and safety of our teammates, and embracing diversity, equity, and inclusion across the organization, among others.
We are making progress on our goals, including in priority areas such as sustainable products and packaging, ingredient stewardship, responsible sourcing, reducing waste, protecting the health and safety of our teammates, and embracing belonging and inclusion across the organization, among others.
Langley served as General Counsel, Corporate Secretary and Compliance Officer of Société Bic S.A (commonly known as BIC), a global manufacturer and distributor of consumer goods products. Prior to becoming General Counsel, Ms. Langley held positions of increasing responsibility within their legal function both in the United States and internationally. Ms.
Langley served as General Counsel, Corporate Secretary and Compliance Officer of BIC Corp, a subsidiary of Société Bic S.A (commonly known as BIC), a global manufacturer and distributor of consumer goods products from 2015 to 2022. Prior to becoming General Counsel, Ms. Langley held positions of increasing responsibility within their legal function both in the United States and internationally. Ms.
Item 1. Business. Overview Edgewell Personal Care Company, and its subsidiaries, is one of the world’s largest manufacturers and marketers of personal care products in the Wet Shave, Sun and Skin Care, and Feminine Care segments. With operations in approximately 20 countries, our products are widely available in more than 50 countries.
Item 1. Business. (in millions, except per share data) Overview Edgewell Personal Care Company, and its subsidiaries, is one of the world’s largest manufacturers and marketers of personal care products in the Wet Shave, Sun and Skin Care, and Feminine Care segments. With operations in approximately 20 countries, our products are widely available in more than 50 countries.
(“Billie”), a high-quality shaving and premium body care brand which strengthens our women’s Wet Shave and grooming product portfolio (the “Billie Acquisition”).
(“Billie”), a high-quality shaving and premium body care brand which strengthens our women’s Wet Shave and grooming product portfolio.
Walmart accounted for approximately 17.2% of our net sales in fiscal 2024. Purchases by Walmart included products from all of our segments. Target Corporation represented approximately 9.5% of net sales for our Sun and Skin Care segment and 9.8% for our Feminine Care segment, respectively. Generally, orders are shipped within a month of their order date.
Walmart accounted for approximately 17.4% of our net sales in fiscal 2025. Purchases by Walmart included products from all of our segments. Target Corporation represented approximately 9.2% of net sales for our Sun and Skin Care segment and 10.1% for our Feminine Care segment, respectively. Generally, orders are shipped within a month of their order date.
Our goal is to support our People Managers in taking accountability for their results and to empower them to make changes at a local level to improve the employee experience. 9 Executive Officers Set forth below are the names and ages as of September 30, 2024, and current positions of our executive officers. Name Age Title Rod R.
Our goal is to support our People Managers in taking accountability for their results and to empower them to make changes at a local level to improve the employee experience. 9 Executive Officers and Directors Set forth below are the names and ages as of September 30, 2025, and current positions of our executive officers and directors.
Human Capital Employee Profile At Edgewell, we are committed first and foremost to people: our employees, the consumers who use our products, the suppliers and retailers who partner with us, and the communities in which we operate. As of September 30, 2024, we had approximately 6,700 employees, with 2,100 based in the United States.
Human Capital Employee Profile At Edgewell, we are focused first and foremost on people: our employees, the consumers who use our products, the suppliers and retailers who partner with us, and the communities in which we operate. As of September 30, 2025, we had approximately 6,700 employees, with approximately 2,000 based in the United States.
Teammate Experience We understand that to attract and retain great people, we must listen to and engage them regularly. Each year, we conduct an anonymous employee experience survey to gauge our progress and identify the areas in the employee experience where we excel and areas for improvement. Our overall positivity score has continued to increase year-over-year.
Teammate Experience We understand that to attract and retain great people, we must listen to and engage them regularly. Each year, we conduct an anonymous employee experience survey to gauge our progress and identify the areas in the employee experience where we excel and areas for improvement.
As of September 30, 2024, we owned, either directly or beneficially, 301 unexpired U.S. patents, which have a range of expiration dates from October 2024 to February 2040, and we had 73 pending U.S. patent applications. We routinely prepare additional patent applications for filing in the U.S. and actively pursue foreign patent protection in various countries.
As of September 30, 2025, we owned, either directly or beneficially, 271 unexpired U.S. patents, which have a range of expiration dates from October 2025 to January 2043, and we had 77 pending U.S. patent applications. We routinely prepare additional patent applications for filing in the U.S. and actively pursue foreign patent protection in various countries.
As of September 30, 2024, we owned, either directly or beneficially, 1,220 foreign patents, having a range of expiration dates from October 2024 to August 2049, and we had 145 pending patent applications in foreign countries. We rely on trademark, trade secret, patent and copyright laws to protect our intellectual property rights.
As of September 30, 2025, we owned, either directly or beneficially, 1,321 foreign patents, having a range of expiration dates from October 2025 to June 2050, and we had 152 pending patent applications in foreign countries. We rely on trademark, trade secret, patent and copyright laws to protect our intellectual property rights.
Little previously served as our Chief Financial Officer beginning in March 2018. Prior to joining Edgewell, Mr. Little served as Chief Financial Officer of HSNi from January 2017 to December 2017, and as Executive Vice President and Chief Financial Officer of Elizabeth Arden, Inc. from April 2014 to November 2016. Prior to joining Elizabeth Arden, Mr.
Little served as Chief Financial Officer of HSNi from January 2017 to December 2017, and as Executive Vice President and Chief Financial Officer of Elizabeth Arden, Inc. from April 2014 to November 2016. Prior to joining Elizabeth Arden, Mr.
Registration of substances with the ECHA imposes significant recordkeeping requirements that can result in significant financial obligations for companies such as ours to import products into Europe. REACH is accompanied by legislation regulating the classification, labeling and packaging of chemical substances and mixtures. We believe that our facilities and products are in substantial compliance with current applicable laws and regulations.
Registration of substances with the ECHA imposes significant recordkeeping requirements that can result in significant financial obligations for companies such as ours to import products into Europe. REACH is accompanied by legislation regulating the classification, labeling and packaging of chemical substances and mixtures.
However, there is no guarantee that we will achieve all of our sustainability priorities on or before 2030 as our progress towards these priorities may be impacted by various factors beyond our control.
However, there is no guarantee that we will achieve any or all of our sustainability priorities on or before 2030 as our progress towards these priorities may be impacted by various factors beyond our control, including changes in law or policy, and consumer and business partner sentiment.
Diversity, Equity and Inclusion We remain committed to creating a work environment where every individual feels respected, connected, valued, and empowered. We recruit the best people for the job regardless of gender, race, ethnicity or other protected traits and it is our policy to comply fully with all domestic, foreign, and local laws relating to discrimination in the workplace.
We remain committed to creating a work environment where every employee feels respected, connected, valued, and empowered. Our goal is to recruit the best people for the job and it is our policy to comply fully with all applicable domestic, foreign, and local laws relating to discrimination in the workplace.
Prior to this position, Mr. Dunham served as Director, North America Region Controller from July 2020 to February 2022, Director, Global Accounting Policies and Procedures from August 2019 to June 2020, and Director, External Reporting and Benefits Accounting from August 2017 to February 2020. Prior to joining Whirlpool, Mr.
Dunham served as Director, North America Region Controller from July 2020 to February 2022, Director, Global Accounting Policies and Procedures from August 2019 to June 2020, and Director, External Reporting and Benefits Accounting from August 2017 to February 2020. Prior to joining Whirlpool, Mr. Dunham spent 15 years with PricewaterhouseCoopers, where he held various senior roles.
We continue to reinforce these foundational values through several key initiatives such as our performance management process which incorporates a ‘360-degree Values Assessment’ that evaluates each employee’s performance not only on the results achieved, but on how they achieve them and an internal global recognition and service anniversary platform.
We continue to reinforce these foundational values through several key initiatives such as our performance management process which incorporates a ‘360-degree Values Assessment’ that evaluates each employee’s performance not only on the results achieved, but on how they achieve them and an internal global recognition and service anniversary platform. 8 Employee Wellbeing The wellbeing of our people remains a primary focus, and we believe that the most productive people are those who are at their best, both physically and mentally.
Environmental Protection Agency (“EPA”) and equivalent international agencies that regulate our manufacturing facilities; and (iii) the Chemical Registration/Notification authorities that regulate chemicals that we use in, or transport to, the various countries in which we manufacture and/or market our products.
Environmental Protection Agency (“EPA”) and equivalent international agencies that regulate our manufacturing facilities; (iii) the Chemical Registration/Notification authorities that regulate chemicals that we use in, or transport to, the various countries in which we manufacture and/or market our products; and (iv) various U.S. state agencies that implement and enforce laws related to the manufacture, distribution, and sale of products that contain certain ingredients identified as posing potential risks.
Chemicals not listed on the TSCA registry cannot be imported into or sold in the U.S. until registered with the EPA. TSCA also sets forth specific reporting, recordkeeping and testing rules for chemicals, including requirements for the import and export of certain chemicals, as well as other restrictions relevant to our business.
TSCA also sets forth specific reporting, recordkeeping and testing rules for chemicals, including requirements for the import and export of certain chemicals, as well as other restrictions relevant to our business.
The information contained on, or that may be accessed through, our website, is not part of, and not incorporated into, this Annual Report on Form 10-K.
Securities and Exchange Commission’s (“SEC”). Additional information related to our social and environmental sustainability matters can be found at www.edgewell.com/pages/sustainability. The information contained on, or that may be accessed through, our website, is not part of, and not incorporated into, this Annual Report on Form 10-K.
Langley served as Senior Counsel at Diageo plc from 2008 to 2015. John M. Dunham has served as Chief Accounting Officer since March 18, 2024. Prior to joining Edgewell, Mr. Dunham was Senior Director and Assistant Corporate Controller for the Whirlpool Corporation, a publicly traded home appliances manufacturing company, a position he has held since March 2022.
Dunham was Senior Director and Assistant Corporate Controller for the Whirlpool Corporation, a publicly traded home appliances manufacturing company, a position held from March 2022 to March 2024. Prior to this position, Mr.
Dunham spent 15 years with PricewaterhouseCoopers, where he held various senior roles. He is also a Certified Public Accountant. Francesca Weissman will become Chief Financial Officer effective December 1, 2024, succeeding Mr. Sullivan in the role. Ms. Weissman has served as Senior Vice President, Finance and Business Strategy since 2019. Prior to joining Edgewell, Ms.
Sullivan spent 13 years at Heineken N.V, most recently as the Chief Financial and Operating Officer of Heineken USA. Mr. Sullivan is a Certified Public Accountant. Francesca Weissman has served as Chief Financial Officer since December 1, 2024. Ms. Weissman previously served as Senior Vice President, Finance and Business Strategy since 2019. Prior to joining Edgewell, Ms.
We expect to continue to invest in innovation in our feminine care brands. 4 Competition The personal care product categories in which we compete are highly competitive, both in the U.S. and in most international markets, as large manufacturers with global operations and new entrants attempting to disrupt the market compete for consumer acceptance and increasingly limited retail shelf space.
On November 6, 2025, the Board of Directors approved the Company entering into an asset purchase agreement to sell its Feminine Care reportable segment for $340.0, subject to a purchase price adjustment upon closing. 4 Competition The personal care product categories in which we compete are highly competitive, both in the U.S. and in most international markets, as large manufacturers with global operations and new entrants attempting to disrupt the market compete for consumer acceptance and increasingly limited retail shelf space.
Ms. Weissman began her career at Ernst & Young and is a Certified Public Accountant. 10 Our website address is www.edgewell.com. We are not including the information contained on our website as part of, or incorporating it by reference into, this filing.
Gary Waring is a former Assurance Partner at Ernst & Young LLP. Mr. Waring has served on our Board of Directors since 2018. 11 Available Information Our website address is www.edgewell.com. We are not including the information contained on our website as part of, or incorporating it by reference into, this filing.
Our diversity, equity, and inclusion (“DEI”) principles are reflected in our values and behaviors, and we continually look for ways to support our global workforce our consumers and the communities we serve.
Our belonging and inclusion principles are reflected in our values and behaviors, and we continually look for ways to support our global workforce our consumers and the communities we serve. Safety We believe that developing and maintaining a strong safety culture is one of the major keys to our continued success.
Little 55 Chief Executive Officer Daniel J. Sullivan 55 Chief Financial Officer (until December 1, 2024), Chief Operating Officer and President Europe and Latin America Paul R. Hibbert 55 Chief Supply Chain Officer LaTanya Langley 49 Chief People Officer, Chief Legal Officer and Corporate Secretary John M.
Name Age Title Rod R. Little 56 Chief Executive Officer John M. Dunham 47 Chief Accounting Officer Paul R. Hibbert 56 Chief Operations and Supply Chain Officer LaTanya Langley 50 Chief People Officer, Chief Legal Officer and Corporate Secretary Jessica Spence 49 President, North America Daniel J.
Toxic Substances Control Act of 1976 (“TSCA”) and similar laws in other jurisdictions are intended to ensure that chemicals do not pose unreasonable risks to human health or the environment. TSCA requires the EPA to maintain the TSCA registry listing chemicals manufactured or processed in the United States.
None of our compliance obligations with environmental protection laws and regulations, individually or in the aggregate, is expected to have a material adverse effect on our business. The U.S. Toxic Substances Control Act of 1976 (“TSCA”) and similar laws in other jurisdictions are intended to ensure that chemicals do not pose unreasonable risks to human health or the environment.
Little also served for five years in the United States Air Force prior to joining Procter & Gamble in 1997. Daniel J. Sullivan has served as Chief Financial Officer (“CFO”) since April 1, 2019, and President, Europe and Latin America since October 1, 2022. Effective August 6, 2024, Mr. Sullivan was also appointed as Chief Operating Officer.
Little also served for five years in the United States Air Force prior to joining Procter & Gamble in 1997. John M. Dunham has served as Chief Accounting Officer since March 18, 2024. Prior to joining Edgewell, Mr.
Hibbert was Vice President Global Supply Chain & Operations from February 2018 through May 2020. Before joining Edgewell in 2018, Mr.
He is also a Certified Public Accountant. Paul R. Hibbert has served as Chief Supply Chain Officer since June 1, 2020. Prior to his current role, Mr. Hibbert was Vice President Global Supply Chain & Operations from February 2018 through May 2020. Before joining Edgewell in 2018, Mr.
These 2030 targets include (i) 100% renewable electricity use and carbon neutrality across our global operations; (ii) reducing use of virgin petroleum-based plastic content packaging and select products; (iii) using 100% recyclable, compostable or reusable plastic packaging; and (iv) pursuing zero waste to landfills across manufacturing facilities.
These 2030 targets include (i) reducing or eliminating select ingredients from some of our products, (ii) reducing virgin petroleum-based plastic content packaging and in select products (disposable razor handles and feminine care products); (iii) using recyclable, compostable or reusable plastic packaging or recycled and/or certified responsibly sourced fiber- and paper-based packaging, (v) reducing our greenhouse gas (“GHG”) emissions, using renewable energy and achieving operational (i.e.
Accordingly, investors should monitor our website in addition to our SEC filings and public webcasts. These items are available at www.edgewell.com under Investors/News and Events.
Accordingly, investors should subscribe to our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts.
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Financial information regarding each of our reportable segments, as well as other geographical information, is included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 20 of Notes to Consolidated Financial Statements included within Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K.
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TSCA requires the EPA to maintain the TSCA registry listing chemicals manufactured or processed in the United States, unless those chemicals are being manufactured or processed for purposes expressly exempted from TSCA.
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Sustainability related disclosures included in this Annual Report, our Proxy Statement and our sustainability reports are informed by standards and guidelines such as the Global Reporting Initiative (“GRI”) and the Task Force on Climate-related Financial Disclosures (“TCFD”).
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TSCA includes a statutory exemption for chemicals being manufactured or processed for products and applications regulated by FDA, and hence, many of our products and activities fall within this statutory exemption. Chemicals not listed on the TSCA registry cannot be imported into or sold in the U.S. until registered with the EPA.
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The materiality thresholds in those standards and guidelines may differ from the concept of materiality for purposes of the federal securities laws and disclosures required by the U.S. Securities and Exchange Commission’s (“SEC”) rules in this Annual Report on Form 10-K. Additional information related to our social and environmental sustainability matters can be found at www.edgewell.com/pages/sustainability.
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We also offer certain consumer products regulated in the United States by the United States Food and Drug Administration (“FDA”), including products regulated by the FDA as medical devices, cosmetics, and over-the-counter drugs.
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As recognition of the progress we’ve made in living our foundational values, we have received notable recognition in the following ways: • Recognized as one of America's Most Responsible Companies by Newsweek and Statista for the fifth year running.
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The FDA and comparable foreign authorities strictly regulate, among other things, the research, development, testing, manufacture, ingredients, quality control, premarket approval or clearance (where applicable), labeling, packaging, storage, record-keeping, promotion, advertising, distribution, marketing and export and import of over-the-counter drugs, medical devices and cosmetic products.
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In 2024, we rose to #19 overall — and #3 in our industry. • Ranked #2 out of 400 companies listed on Forbes America's Best Midsize Employers in 2024 — our first time being listed and a testament to our commitment to being a people-first employer. • Recognized by USA Today and Statista among their list of America’s Climate Leaders in 2024. • Recipient of the Environmental Protection Agency’s SmartWay Excellence Award as a true industry leader in freight and supply chain environmental performance and energy efficiency, one of only 18 shipper companies to receive the award in 2024.
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The FDA and comparable authorities in other jurisdictions also regulate the facilities and operational 7 procedures that we use to manufacture our products. We are required to register our facilities with these authorities, and to manufacture our products in accordance with applicable Good Manufacturing Practices or similar manufacturing requirements in each country in which we manufacture products.
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Employee Wellbeing The wellbeing of our people remains a primary focus, and we believe that the most productive people are those who are at their best, both physically and mentally.
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Failure to comply with applicable laws and regulations enforced by the FDA and comparable regulatory authorities may result in warning letters, fines, civil or criminal penalties, recall or seizure of products, partial or total suspension of production or withdrawal of products from the market.
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Ensuring a positive, meaningful working experience for our employees that is reflective of our purpose and values is central to our business operations.
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Numerous state, federal and foreign laws, regulations and standards govern the collection, use, access to, confidentiality and security of personal information, and could apply now or in the future to our operations or the operations of our partners.
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During 2024, we advanced our focus on DEI through many specific actions including: • Our CEO continued his commitment through the CEO Action for Diversity & Inclusion™, a coalition uniting business leaders to advance DEI in the workplace through education, training, dialogue and action. • Our Vice President, DEI is leading and advancing our global DEI strategy as well as supporting our Teammate Resource Groups who remain focused on influencing Edgewell’s inclusive culture for everyone. • Continued with Mitigating Unconscious Bias training, which is delivered globally to our People Leaders, as well as providing opportunities for our teammates to receive mini lessons on issues that are important to them.
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In the United States, numerous federal and state laws and regulations, including data breach notification laws, data privacy and security laws and consumer protection laws and regulations govern the collection, use, disclosure, and protection of personal information. In addition, certain foreign laws govern the privacy and security of personal data.
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Overall, DEI is an important part of our Sustainable Care 2030 strategy and we will build upon the commitments to promote an open and inclusive culture where everyone is treated fairly and with respect so that we can attract and retain the best talent.
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Privacy and security laws, regulations, and other obligations are constantly evolving, may conflict with each other to complicate compliance efforts, and can result in investigations, proceedings, or actions that lead to significant civil and/or criminal penalties and restrictions on data processing.
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Our commitment to DEI was recognized in the following ways in 2024: • HR Best Practice Pioneer in South China by The American Chamber of Commerce’s Multinational HR Management Association. • Named as one of America’s Best Employers for Women by Forbes Magazine. • Named by Newsweek and Plant-A Insights Group's list of America's Greatest Workplaces for Diversity list as well as their America's Greatest Workplaces for Women. • Named one of the UK's Best Workplaces in Manufacturing, Production & Transportation by Great Places to Work®.
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Scope 1 and 2) carbon neutrality across our global operations, (vi) pursuing zero-waste-to-landfill across our manufacturing facilities, (vii) sourcing certified sustainable palm oil for use in our products, and (viii) qualitative goals surrounding employee training and community or supplier engagement.
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Dunham 46 Chief Accounting Officer Francesca Weissman 49 Chief Financial Officer (effective December 1, 2024) Set forth below is a brief description of the position and business experience of each of our executive officers. Rod R. Little has served as President and Chief Executive Officer since March 1, 2019. Mr.
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All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, including, but not limited to, our goals set forth herein. Our goals are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events.
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Sullivan spent 13 years at Heineken N.V, most recently as the Chief Financial and Operating Officer of Heineken USA. Mr. Sullivan is a Certified Public Accountant. Paul R. Hibbert has served as Chief Supply Chain Officer since June 1, 2020. Prior to his current role, Mr.
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It is not possible to predict or identify all factors which may affect the realization of our goals and unlisted factors may present significant additional obstacles to the realization of our goals. Factors that might cause or contribute to a material difference include, but are not limited to, the risks discussed in our filings with the U.S.
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In 2025, we continued to focus on our goal of fostering a culture of well-being and caring by supporting employees’ physical, social, financial, and emotional fitness through various programs and initiatives, including our “Be Well” Community of Expertise and our “Be Well” Global Wellbeing Resource Center.
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Sullivan 56 Chief Operating Officer (departed October 1, 2025) Francesca Weissman 50 Chief Financial Officer Non-Employee Directors: Robert W. Black 66 Director George R. Corbin 61 Director Carla C. Hendra 69 Director John C. Hunter, III 78 Director James C.
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Johnson 73 Director Rakesh Sachdev 69 Director Swan Sit 48 Director Stephanie Stahl 58 Director Gary Waring 66 Director Executive Officers Rod R. Little has served as President and Chief Executive Officer since March 1, 2019. Mr. Little previously served as our Chief Financial Officer beginning in March 2018. Prior to joining Edgewell, Mr.
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Langley served as Senior Counsel at Diageo plc from 2008 to 2015. Jessica Spence has served as President, North America since October 24, 2024. Prior to joining Edgewell, Ms. Spence served as the President North America at Suntory Global Spirits, a global beverages company, from January 2023 to May 2024 and 10 President Brands from October 2019 to December 2022.
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Previously, Ms. Spence served as the Chief Commercial Officer at Carlsberg Group, a global beverages company, where she led various senior roles, ultimately serving as Executive Vice President, Chief Commercial Officer from March 2018 to September 2019. Ms.
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Spence began her career in advertising and transitioned into marketing, holding a variety of roles, with increasing responsibility and scope, all within the consumer goods industry. Daniel J. Sullivan served as Chief Operating Officer from August 6, 2024 until October 1, 2025. Prior to that role, Mr. Sullivan served as Chief Financial Officer (“CFO”) and President, Europe and Latin America.
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Ms. Weissman began her career at Ernst & Young and is a Certified Public Accountant. Directors Robert W. Black is the Executive Advisor Partner of Wind Point Partners. Mr. Black previously served as the Chief Strategy Officer and Group President at Kimberly-Clark. He has served on our Board of Directors since 2018. George R.
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Corbin is a Venture Partner at NextGen Venture Partners and former Chief Operating Officer of Onriva and Chief Digital Officer of Mars, Inc. Mr. Corbin has served on our Board of Directors since 2018. Carla C. Hendra is the former Global Chief Executive Officer of Ogilvy Consulting. Ms. Hendra has served on our Board of Directors since 2015. John C.
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Hunter, III is the former President and Chief Executive Officer of Solutia, Inc. Mr. Hunter has served on our Board of Directors since 2005. James C. Johnson is the former General Counsel of Loop Capital Markets LLC and former Corporate Vice President, Corporate Secretary and Assistant General Counsel of North Grumman Corporation and The Boeing Company.
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He currently serves as a member of the board of directors of Hanes Brands, Inc. and Energizer Holdings. Mr. Johnson has served on our Board of Directors since 2015. Rakesh Sachdev is the former Chief Executive Officer of Platform Specialty Products Corporation. He currently serves on the board of directors of HERC Holding, Axalta Coating System, and Regal Rexnord Corporation.
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Mr. Sachdev has served on our Board of Directors since 2015. Swan Sit is the former Vice President, Global Digital Marketing and Vice President, Digital Capabilities, Business Operations & Service of Nike, Inc. She also serves on the board of directors of Novabay Pharmaceuticals. Ms. Sit has served on our Board of Directors since 2020.
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Stephanie Stahl is a current Senior Advisor and Executive Coach at Boston Consulting Group. Ms. Stahl previously served as Executive Vice-President, Global Marketing & Strategy, of Coach, Inc. She serves as a director for Dollar Tree, Inc., Carter’s Inc., and Newell Brands Inc, and has served on our Board of Directors since 2024.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFrom time to time, we announce certain initiatives, including goals, regarding our focus areas, which include environmental matters, packaging, responsible sourcing, social investments and diversity, equity and inclusion. We could fail, or be perceived to have failed, in our achievement of such initiatives or goals, or we could fail in accurately reporting our progress on such initiatives and goals.
Biggest changeOur business could be negatively impacted by corporate citizenship and sustainability matters. There is increased focus from certain investors, customers, consumers, employees, and other stakeholders concerning corporate citizenship and sustainability matters. From time to time, we announce certain initiatives, including goals, regarding our focus areas, which include environmental matters, packaging, responsible sourcing, social investments and inclusion and belonging.
Our ability to compete effectively may be affected by a number of factors, including: • several of our competitors, including The Procter & Gamble Company, Unilever, Kenvue and others, may have substantially greater financial, marketing, research and development and other resources and greater market share in certain segments than we do, which could provide them with greater scale and negotiating leverage with retailers and suppliers; • our competitors may have lower production, sales and distribution costs, and higher profit margins, which may enable them to offer aggressive retail discounts and other promotional incentives; 11 • our competitors may be able to obtain exclusive distribution rights at particular retailers or favorable in-store placement; • our retailers could reduce inventories, shift to different products, or require us to lower our prices to retain shelf placement of our products; and • we may lose market share to private label brands sold by retail chains, or to price brands sold by local and regional competitors, which, in each case, are typically sold at lower prices than our products.
Our ability to compete effectively may be affected by a number of factors, including: • several of our competitors, including The Procter & Gamble Company, Unilever, Kenvue and others, may have substantially greater financial, marketing, research and development and other resources and greater market share in certain segments than we do, which could provide them with greater scale and negotiating leverage with retailers and suppliers; • our competitors may have lower production, sales and distribution costs, and higher profit margins, which may enable them to offer aggressive retail discounts and other promotional incentives; • our competitors may be able to obtain exclusive distribution rights at particular retailers or favorable in-store placement; • our retailers could reduce inventories, shift to different products, or require us to lower our prices to retain shelf placement of our products; and • we may lose market share to private label brands sold by retail chains, or to price brands sold by local and regional competitors, which, in each case, are typically sold at lower prices than our products.
The unfavorable resolution of any audits or litigation could have an adverse impact on future operating results and our financial condition. More aggressive and assertive tax collection policies, particularly in jurisdictions outside the U.S., may 13 increase the costs of resolving tax issues and enhance the likelihood that we will have increased tax liabilities going forward.
The unfavorable resolution of any audits or litigation could have an adverse impact on future operating results and our financial condition. More aggressive and assertive tax collection policies, particularly in jurisdictions outside the U.S., may increase the costs of resolving tax issues and enhance the likelihood that we will have increased tax liabilities going forward.
This trend has resulted in the increased size and influence of large, highly consolidated retail customers, including internet-based retailers, who may demand lower pricing, special packaging or impose other commercial requirements on us. These business demands may relate to inventory practices, logistics or other aspects of the customer-supplier relationship.
This trend has resulted in the increased size and influence of large, highly consolidated retail customers, including internet-based retailers, who may demand lower pricing, special packaging or impose other commercial requirements on us. These business 16 demands may relate to inventory practices, logistics or other aspects of the customer-supplier relationship.
Each of the risks referred to above could delay or impede our ability to achieve our sales objectives, which could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows. Impairment of our goodwill and other intangible assets would result in a reduction in net income.
Each of the risks referred to above could delay or impede our ability to achieve our sales objectives, which could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows. 19 Impairment of our goodwill and other intangible assets would result in a reduction in net income.
Our access to capital markets to raise funds through the sale of debt or equity securities is subject to various factors, including general economic and financial market conditions. A significant reduction in market liquidity and general economic conditions 17 could impact access to funding and increase associated borrowing costs, which could reduce our earnings and cash flows.
Our access to capital markets to raise funds through the sale of debt or equity securities is subject to various factors, including general economic and financial market conditions. A significant reduction in market liquidity and general economic conditions could impact access to funding and increase associated borrowing costs, which could reduce our earnings and cash flows.
Similarly, the advertising and marketing of our products is regulated by agencies such as the U.S. Federal Trade Commission. All of these regulatory frameworks exist at the federal, state and local level in the U.S. as well as in foreign countries where we sell our products.
Similarly, the advertising and marketing of our products is further regulated by agencies such as the U.S. Federal Trade Commission. All of these regulatory frameworks exist at the federal, state and local level in the U.S. as well as in foreign countries where we sell our products.
In addition, methodologies for reporting our data may be updated and previously reported data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, changes in the nature and scope of our operations (including from acquisitions and divestitures), and other changes in circumstances.
In addition, methodologies for reporting our data may be updated and previously reported data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, 14 changes in the nature and scope of our operations (including from acquisitions and divestitures), and other changes in circumstances.
We must comply with various environmental laws and regulations in the jurisdictions in which we operate, including those relating to the handling and disposal of solid and hazardous wastes and the remediation of contamination associated with the use and disposal of hazardous substances.
We must comply with various environmental laws and regulations in the jurisdictions in which we operate, including those relating to the handling and disposal of solid and hazardous wastes and the remediation of contamination associated with the 13 use and disposal of hazardous substances.
Further, if the information technology systems, networks or service providers we rely upon fail to function properly or cause operational outages or aberrations, or if we or one of our third-party providers suffer significant unavailability of key operations, or inadvertent disclosure of, lack of integrity of, or loss of our sensitive business or stakeholder information, due to any number of causes, ranging from catastrophic events or power outages to improper data handling, security incidents or employee error or malfeasance, and our business continuity plans do not effectively address these failures on a timely basis, we may be exposed to reputational, competitive, operational, financial and business harm as well as litigation and regulatory action.
Further, if the information technology systems, networks or service providers we rely 15 upon fail to function properly or cause operational outages or aberrations, or if we or one of our third-party providers suffer significant unavailability of key operations, inadvertent disclosure of, compromised integrity of, or loss of our sensitive business or stakeholder information, due to any number of causes, ranging from catastrophic events or power outages to improper data handling, security incidents or employee error or malfeasance, and our business continuity plans do not effectively address these failures on a timely basis, we may be exposed to reputational, competitive, operational, financial and business harm as well as litigation and regulatory action.
Further, purchases of our sun care products can be significantly impacted by unfavorable weather conditions during the summer period, and as a result we may suffer decreases in net sales if conditions are not favorable for use of our products, which could in turn have a material adverse effect on our financial condition, results of operation and cash flows.
Further, purchases of our sun care products can be significantly impacted by unfavorable weather conditions during the summer period, and as a result we have suffered and in the future may suffer decreases in net sales if conditions are not favorable for use of our products, which could in turn have a material adverse effect on our financial condition, results of operation and cash flows.
Any failure or perceived failure, whether or not valid, to pursue or fulfill our sustainability goals and aspirations or to satisfy various sustainability reporting standards or regulatory requirements within the timelines we announce, or at all, could increase the risk of litigation or result in regulatory actions.
Any failure or perceived failure, whether or not valid, to pursue or fulfill our sustainability goals and aspirations or to satisfy various sustainability reporting standards or regulatory requirements within the timelines we announce, or at all, could increase the risk of litigation or result in regulatory actions and associated costs.
We are subject to risks related to our international operations, including currency fluctuations, which could adversely affect our results of operations. We conduct business on a global basis, with nearly 44% of our net sales in fiscal 2024 originating outside the U.S., and a significant portion of our production capacity and cash are located overseas.
We are subject to risks related to our international operations, including currency fluctuations, which could adversely affect our results of operations. We conduct business on a global basis, with nearly 46% of our net sales in fiscal 2025 originating outside the U.S., and a significant portion of our production capacity and cash are located overseas.
Approximately $1.3 billion (98%) of our debt balance as of September 30, 2024, is borrowed at fixed interest rates ranging from 4.125% to 5.50% with maturity dates in 2028 and thereafter. Additionally, certain of our debt instruments are subject to certain financial and other covenants, including debt ratio tests.
Approximately $1.3 billion (90%) of our debt balance as of September 30, 2025, is borrowed at fixed interest rates ranging from 4.125% to 5.50% with maturity dates in 2028 and thereafter. Additionally, certain of our debt instruments are subject to certain financial and other covenants, including debt ratio tests.
We have a substantial level of indebtedness and are subject to various covenants relating to such indebtedness, which could limit our discretion to operate and grow our business. As of September 30, 2024, our debt level was $1.3 billion.
We have a substantial level of indebtedness and are subject to various covenants relating to such indebtedness, which could limit our discretion to operate and grow our business. As of September 30, 2025, our debt level was $1.4 billion.
Legal, Regulatory, Tax and Other Risks Our business is subject to increasing global regulation, including product related regulations and environmental regulations, that may expose us to significant liabilities. The manufacturing, packaging, labeling, storage, distribution, advertising and sale of our products are subject to extensive regulation.
Legal, Regulatory, Tax and Other Risks Our business is subject to increasing global regulation, including product related regulations and environmental regulations, that may expose us to significant liabilities. The development, testing, manufacturing, packaging, labeling, storage, import, export, distribution, advertising, promotion and sale of our products are subject to extensive regulation.
Consequently, we are subject to a number of risks associated with doing business in foreign countries, including: • sourcing of raw materials from around the world; • reliance on China to source, assemble, and transport materials and goods; 15 • delays in transportation of goods when shipping globally; • economic conditions impact availability and capacity of key vendors; • the possibility of expropriation, confiscatory taxation or price controls; • the ability to repatriate foreign-based cash effectively for strategic needs in the U.S., as well as the heightened counterparty, internal control and country-specific risks associated with holding cash overseas; • the effect of foreign income taxes, value-added taxes and withholding taxes, including the inability to recover amounts owed to us by a government authority without extended proceedings or at all; • the effect of the U.S. tax treatment of foreign source income and losses, and other restrictions on the flow of capital between countries; • adverse changes in local investment or exchange control regulations; • restrictions on and taxation of international imports and exports; • legal and regulatory constraints, including tariffs and other trade barriers; • currency fluctuations, including the impact of hyper-inflationary conditions, particularly where exchange controls limit or eliminate our ability to convert from local currency; • political or economic instability, government nationalization of business or industries, government corruption and civil unrest, including political or economic instability; and • difficulty in enforcing contractual and intellectual property rights.
Consequently, we are subject to a number of risks associated with doing business in foreign countries, including: • sourcing of raw materials from around the world; • reliance on China to source, assemble, and transport materials and goods; • delays in transportation of goods when shipping globally; • economic conditions impact availability and capacity of key vendors; • the possibility of expropriation, confiscatory taxation or price controls; • the ability to repatriate foreign-based cash effectively for strategic needs in the U.S., as well as the heightened counterparty, internal control and country-specific risks associated with holding cash overseas; • the effect of foreign income taxes, value-added taxes and withholding taxes, including the inability to recover amounts owed to us by a government authority without extended proceedings or at all; • the effect of the U.S. tax treatment of foreign source income and losses, and other restrictions on the flow of capital between countries; • adverse changes in local investment or exchange control regulations; • restrictions on and taxation of international imports and exports; • legal and regulatory constraints, including tariffs and other trade barriers; 17 • costs of complying with, and liability arising from, U.S. laws such as the Foreign Corrupt Practices Act and other laws that prohibit improper payments and offers to foreign officials and political parties for the purpose of obtaining or retaining business; • currency fluctuations, including the impact of hyper-inflationary conditions, particularly where exchange controls limit or eliminate our ability to convert from local currency; • political or economic instability, government nationalization of business or industries, government corruption and civil unrest, including political or economic instability; and • difficulty in enforcing contractual and intellectual property rights.
Such acquisitions may result in potentially dilutive issuances of our equity securities, the incurrence of additional 18 debt, restructuring charges, impairment charges, contingent liabilities, amortization expenses related to intangible assets, and increased operating expenses, which could adversely affect our results of operations and financial condition.
Such acquisitions may result in potentially dilutive issuances of our equity securities, the incurrence of additional debt, restructuring charges, impairment charges, contingent liabilities, amortization expenses related to intangible assets, and increased operating expenses, which could adversely affect our results of operations and financial condition. We must successfully manage divestiture activities.
Additionally, a finding that we are in violation of, or not in compliance with, applicable laws or regulations could subject us to material civil remedies, including fines, damages, injunctions or product recalls, or criminal sanctions.
Additionally, a finding that we are in violation of, or not in compliance with, applicable laws or regulations could subject us to material civil remedies, including fines, damages, warning or untitled letters, injunctions, suspensions or delays in manufacturing, product recalls, seizures or withdrawals, or criminal sanctions.
Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Revolving Credit Facility could be accelerated and the lenders thereunder could foreclose on their security interests in the assets of the Company and certain of our subsidiaries.
Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Revolving Credit Facility could be accelerated and the lenders thereunder could foreclose on their security interests in the assets of the Company and certain of our subsidiaries. 20 We may not be able to effectively integrate acquired companies to achieve desired financial benefits.
We may not be able to effectively integrate acquired companies to achieve desired financial benefits. We have completed a number of acquisitions, and we expect to continue making acquisitions if appropriate opportunities arise. Acquisitions could be a key use of our cash and a potential driver of future sales and profit growth.
We have completed a number of acquisitions, and we expect to continue making acquisitions if appropriate opportunities arise. Acquisitions could be a key use of our cash and a potential driver of future sales and profit growth.
Although we maintain product liability insurance, this insurance does not cover all types of claims, particularly claims other than those involving personal injury or property damage or claims that exceed the amount of insurance coverage.
Although we maintain product liability insurance, this insurance does not cover all types of claims, particularly claims other than those involving personal injury or property damage or claims that exceed the amount of insurance coverage. Further, we may not be able to maintain such insurance in sufficient amounts, on desirable terms, or at all, in the future.
Changes in the policies of our customers and increasing dependence on an omnichannel strategy in developed markets may adversely affect our business. In recent years, an omnichannel strategy in both in the U.S. and internationally has gained increasing importance.
Increasing customer concentration could result in reduced sales outlets for our products, as well as greater negotiating pressures and pricing requirements. Changes in the policies of our customers and increasing dependence on an omnichannel strategy in developed markets may adversely affect our business. In recent years, an omnichannel strategy in both in the U.S. and internationally has gained increasing importance.
We depend on the continuing reputation and success of our brands, particularly the Schick, Wilkinson Sword, Billie, Edge, Skintimate, Playtex, Wet Ones, Banana Boat, Hawaiian Tropic, Bulldog, Cremo, Jack Black, Stayfree, Carefree and o.b. brands. 16 Our operating results could be adversely affected if one of our leading brands suffers damage to its reputation due to real or perceived quality issues.
We depend on the continuing reputation and success of our brands, particularly the Schick, Wilkinson Sword, Billie, Edge, Skintimate, Playtex, Wet Ones, Banana Boat, Hawaiian Tropic, Bulldog, Cremo, Jack Black, Stayfree, Carefree and o.b. brands.
In addition, our employees frequently access our suppliers’ and customers’ systems and we may be liable if our employees are the source of any breaches in these third-party systems.
In addition, our employees frequently access our suppliers’ and customers’ systems and we may be liable if our employees are the source of any breaches in these third-party systems. It could also damage our reputation with retailer customers and consumers and diminish the strength and reputation of our brands or require us to pay monetary penalties.
In addition, we could be criticized for the scope of such initiatives or goals or perceived as not acting responsibly in connection with these matters.
Moreover, the standards by which citizenship and sustainability efforts and related matters are measured are evolving, and certain areas are subject to assumptions which could change over time. In addition, we could be criticized for the scope of such initiatives or goals or perceived as not acting responsibly in connection with these matters.
The loss of the services of one or more of our executive officers or other key employees could have a material adverse effect on our business, prospects, financial condition and results of operations. Our success also depends on our continuing ability to attract, retain and develop highly qualified personnel.
Failure to deliver these planned productivity improvements and cost savings, while continuing to invest in business growth, could adversely impact our results of operations and cash flows. The loss of the services of one or more of our executive officers or other key employees could have a material adverse effect on our business, prospects, financial condition and results of operations.
Our projections may not accurately predict the potential negative volume impact of price increases, which could adversely affect our business, financial condition and results of operations. We may not be able to attract, retain and develop key personnel. Our future performance depends in significant part upon the continued service of our executive officers and other key personnel.
Our projections may not accurately predict the potential negative volume impact of price increases, which could adversely affect our business, financial condition and results of operations. Changes in U.S. and international trade policies may adversely impact our business, financial condition and results of operations.
These information technology systems could be damaged or cease to function properly due to the poor performance or failure of third-party service providers, catastrophic events, power outages, network outages, failed upgrades or other similar events.
These information technology systems could be damaged or cease to function properly due to the poor performance or failure of third-party service providers, catastrophic events, power outages, network outages, failed upgrades or other similar events, computer viruses and malware (e.g., ransomware), misconfigurations, “bugs” or other vulnerabilities, malicious code, natural disasters, terrorism, war, telecommunication and electrical failures, hacking, cyberattacks, phishing attacks and other social engineering schemes, employee theft or misuse, human error, fraud, or denial or degradation of service attacks.
Walmart, together with its subsidiaries, is our largest customer, accounting for 17.2% of our net sales in fiscal 2024. Generally, sales to our top customers are made pursuant to purchase orders and we do not have supply agreements or guarantees of minimum purchases from them.
Generally, sales to our top customers are made pursuant to purchase orders and we do not have supply agreements or guarantees of minimum purchases from them. As a result, these customers may decrease their level of purchases from us at any time.
Failure to do so may impact our brands, business, prospects, financial condition and operating results. Loss of reputation of our leading brands or failure of our marketing plans could have an adverse effect on our business.
If we do not successfully manage our current restructuring and rationalization activities or any other similar activities that we may undertake in the future, expected efficiencies and benefits might be delayed or not realized, and our business, financial condition, and results of operations may be materially adversely affected. 18 Loss of reputation of our leading brands or failure of our marketing plans could have an adverse effect on our business.
As a result, these customers may decrease their level of purchases from us at any time. The loss or a substantial decrease in the volume of purchases by any of our top customers would harm our sales and profitability. Increasing customer concentration could result in reduced sales outlets for our products, as well as greater negotiating pressures and pricing requirements.
If we are unable to maintain good relationships with our top customers, or our top customers’ business performance declines, our results may suffer. The loss or a substantial decrease in the volume of purchases by any of our top customers would harm our sales and profitability.
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Further, we may not be able to maintain such insurance in sufficient amounts, on desirable terms, or at all, in the future. 12 Our business could be negatively impacted by corporate citizenship and sustainability matters. There is increased focus from certain investors, customers, consumers, employees, and other stakeholders concerning corporate citizenship and sustainability matters.
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The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries could adversely impact our business, financial condition and results of operations. We rely on materials, components and finished goods that are sourced from or manufactured in foreign countries, including Mexico and China.
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Such failures could be due to changes in our business (e.g., shifts in business among distribution channels or acquisitions). Moreover, the standards by which citizenship and sustainability efforts and related matters are measured are evolving, and certain areas are subject to assumptions which could change over time.
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Changes in U.S. trade policy, including the imposition of reciprocal tariffs and other recent measures, have resulted and could result in additional reactions from U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export our products or import goods and materials from those countries.
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It could also damage our reputation with retailer customers and consumers and diminish the strength and reputation of our brands or require us to pay monetary penalties. 14 Business and Operational Risk Factors Loss of any of our principal customers could significantly decrease our sales and profitability.
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Our business operations, financial condition, and results of operations could be significantly affected by these measures and the potential adoption or expansion of existing tariffs or implementation of new tariffs, trade restrictions, or retaliatory measures that could disrupt our established supply chain, increase costs of goods sold into the United States and this in turn could require us to increase prices to our customers which may reduce demand, or, if we are unable to increase prices, result in lowering our margin on products sold.
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We cannot predict future trade policy or what additional actions, if any, will be taken by the U.S. government with respect to trade agreements or the imposition of additional tariffs or other measures.
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Accordingly, any pause, suspension, reversal, reinstatement, reduction, or increase on U.S. tariffs on imported goods, or the occurrence of a trade war or other governmental action related to tariffs or trade agreements, could potentially adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. or global economy, which in turn could adversely impact our business, financial condition, and results of operations. 12 We may not be able to attract, retain and develop key personnel.
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Our future performance depends in significant part upon the continued service of our executive officers and other key personnel. Further, our financial projections assume certain new and ongoing productivity improvements and cost savings, including staffing adjustments and employee departures.
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Additionally, successfully executing organizational change, management transitions at leadership levels of the Company, and motivation and retention of key employees is critical to our business success. Our success also depends on our continuing ability to attract, retain and develop highly qualified personnel.
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We could fail, or be perceived to have failed, in our achievement of such initiatives or goals, or we could fail in accurately reporting our progress on such initiatives and goals. Such failures could be due to changes in our business or consumer or business partner sentiment (e.g., shifts in business among distribution channels or acquisitions).
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If other companies or entities infringe on our intellectual property rights or engage in counterfeiting activities, they may dilute the value of our brands in the marketplace, which could diminish the value that consumers associate with our brands, harm our sales, or divert sales of product that we would ordinarily capture in the absence of infringing or counterfeit products.
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Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.
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The global data protection landscape is rapidly evolving, and we are or may become subject to numerous state, federal and foreign laws, regulations, standards and other requirements governing the collection, use, disclosure, retention, processing and security of personal information.
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Implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future, and we cannot yet determine the impact future laws, regulations, standards or other requirements, or perception of their requirements may have on our business.
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This may create uncertainty in our business, affect our ability to operate in certain jurisdictions or to collect, store, transfer, use, share and otherwise process personal information, necessitate the acceptance of more onerous obligations in our contracts, result in liability or impose additional costs on us.
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The cost of compliance with these laws, regulations, standards and other requirements is high and is likely to increase in the future.
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Any failure or perceived failure by us to comply with federal, state or foreign laws or regulations, our internal policies and procedures, our contracts, applicable standards or other actual or asserted requirements governing our processing of personal information could result in negative publicity, government investigations and enforcement actions, claims by third parties and damage to our reputation, any of which could have a material adverse effect on our business, results of operation, and financial condition.
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Business and Operational Risk Factors Loss of any of our principal customers could significantly decrease our sales and profitability. Walmart, together with its subsidiaries, is our largest customer, accounting for 17.4% of our net sales in fiscal 2025.
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Failure to do so may impact our brands, business, prospects, financial condition and operating results. Rationalization or restructuring of manufacturing facilities, and plant expansions and updates at our manufacturing facilities may cause capacity constraints, inventory fluctuations, and other issues.
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From time to time, we engage in rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities and reductions in force.
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These types of restructuring and rationalization activities are complex and may result in unintended consequences and costs, such as unforeseen delays in the implementation of our strategic initiatives, business and operational disruptions or capacity constraints, production delays, decreased employee morale, loss of institutional knowledge and expertise, and potential impacts on financial reporting and the related internal controls.
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In addition, any reduction in workforce could also make it difficult for us to pursue, or prevent us from pursuing, new opportunities and initiatives due to insufficient personnel, or require us to incur additional and unanticipated costs to hire new personnel to pursue such opportunities or initiatives.
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In addition, decisions regarding the rationalization, restructuring, or relocation of facilities could introduce added complexity and cost related to global trade dynamics, regulatory environments, and operational coordination across markets.
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Our operating results could be adversely affected if one of our leading brands suffers damage to its reputation due to real or perceived quality issues, changing consumer perceptions of certain ingredients, negative perceptions of packaging, lack of recyclability or other environmental attributes.
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In addition, responding to any allegations of quality or safety issues or other adverse effects from our products may require substantial time and resources to and may effectuate a recall. Our business can also be adversely affected if consumers lose confidence in product quality, safety and integrity as a result of a recall or other issue pertaining to our products.
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We have, in the past, and may again need to recall a product from the market or markets in which it was distributed, which did and could again adversely affect our profitability and reputation.
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As a company that manages a portfolio of consumer brands, our ongoing business model includes a certain level of divestiture activities. We must be able to successfully manage the impact of these activities, while at the same time delivering against our business objectives.
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When we decide to divest assets or a business, we may encounter difficulty finding buyers or alternative exit strategies, which could impact the achievement of our strategic objectives.
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We could also fail to obtain necessary regulatory approval or incur higher costs or charges than planned or incur unexpected charges and could experience unanticipated impacts to our business, any of which could have a negative impact on our results of operations.
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For example, there can be no assurances that sale of the Feminine Care business will close on the anticipated timelines or at all and we may not achieve our anticipated business objectives associated with the transaction.
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Moreover, our financial results have been, and in the future could be, adversely impacted by the impacts from the loss of earnings associated with divested businesses.
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In addition to unanticipated delays, costs and other issues, divestitures may also expose us to liabilities or claims for indemnification for retained liabilities or indemnification obligations associated with the assets or businesses that we sell. The magnitude of any such liability or obligation may be difficult to quantify at the time of the transaction.
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We cannot predict the ultimate resolution of these matters, and there can be no assurance that any such resolution, which may take several years, will not adversely impact our financial position or results of operations. In addition, it could be challenging and time-consuming to provide transition services to the purchasers of our divested operations.
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We may experience (i) disputes with the purchasers regarding the nature and sufficiency of the transition services we provide or the terms and conditions of our commercial agreements with the purchasers, (ii) greater tax or other costs or realize fewer benefits than anticipated under our post-closing agreements with the purchasers, (iii) higher vendor costs due to reduced economies of scale or other similar dis-synergies, (iv) weaker performance to the extent segregation and support of the divested businesses distracts personnel or diverts resources from the operation, digitization, and transformation of our retained business, (v) losses or increased inefficiencies from stranded or underutilized assets, (vi) the loss of any customers dissatisfied with our services post-closing, (vii) challenges in retaining and attracting personnel or (viii) operational or commercial difficulties segregating the divested assets from our retained assets.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe plan specifies the process for identifying, validating, classifying, documenting, and responding to cybersecurity events as well as determining whether reporting of an event is appropriate under regulatory standards. Internal reporting and escalation protocols are in place to ensure the involvement of the SVP, IT, other senior leaders, and the Audit Committee, as appropriate.
Biggest changeInternal reporting and escalation protocols are in place to ensure the involvement of the SVP, IT, other senior leaders, and the Audit Committee, as appropriate. Under the plan, we conduct tabletop exercises to test our preparedness and our incident response process, and we provide ongoing training.
The program includes: • Conduct periodic risk assessments to identify cybersecurity risks in our IT systems • Monitor for external threats and manage incident response • Engage third-party security providers for penetration testing and program reviews based on National Institute of Standards and Technology (“NIST”) standards • Perform internal audit reviews of IT-related controls • Assess cybersecurity risks of third-party vendors • Train employees regularly, including phishing simulations The cyber security program is continually adapting to the evolving threat landscape and technology developments.
The program includes: • Conduct periodic risk assessments to identify material cybersecurity risks in our critical IT systems • Monitor for external threats and manage incident response • Engage third-party security providers for penetration testing and program reviews based on National Institute of Standards and Technology (“NIST”) standards • Perform internal audit reviews of IT-related controls • Assess cybersecurity risks of third-party vendors • Train employees regularly, including phishing simulations The cyber security program is continually adapting to the evolving threat landscape and technology developments.
The policy applies to everyone who accesses our data or information resources and all of our information systems and resources, including third parties we engage. Our program aligns with the NIST 2.0 cybersecurity framework. Governance Our Board of Directors are part of the Company’s Cyber Response Task Force and table top simulations.
The policy applies to everyone who accesses our data or information resources and all of our information systems and resources, including third parties we engage. Our program aligns with the NIST 2.0 cybersecurity framework. Governance Our Board of Directors is part of the Company’s Cyber Response Task Force and table top simulations.
Additional information on cybersecurity risks we face is discussed in Item 1A, "Risk Factors,” which should be read in conjunction with the information in this section. 20
Risk Factors Additional information on cybersecurity risks we face is discussed in Item 1A, "Risk Factors,” which should be read in conjunction with the information in this section. 23
For additional information on the risks from cybersecurity threats that we have faced in the past and expect to continue to face in the future, please refer to the “Risk Factors” in Part I, Item 1A of this Form 10-K. 19 Security Policy and Requirements As part of our overall risk management program, we have adopted our Information Security Policy which details the overall risk-based framework and governance for the management and security of our information technology assets and information.
For additional information on the risks from cybersecurity threats that we have faced in the past and expect to continue to face in the future, please refer to the “Risk Factors” in Part I, Item 1A of this Form 10-K.
The team is responsible for the following: • Implementing Enterprise-wide cybersecurity strategy • Developing and enforcing Cybersecurity Policy • Developing and enforcing Cybersecurity Standards • Approving and reviewing Cybersecurity Architecture • Developing and enforcing Cybersecurity Processes • Developing and testing Cybersecurity Incident response • Performing other Cybersecurity operational activities including but not limited to: ◦ Vulnerability management strategy ◦ Network security configurations ◦ Risk Management and oversight of third parties Incident Response We have adopted a cybersecurity incident response plan that is designed to provide a framework across all functions for a coordinated identification and response to security incidents.
The team is responsible for the following: • Implementing Enterprise-wide cybersecurity strategy • Developing and enforcing Cybersecurity Policy • Developing and enforcing Cybersecurity Standards • Approving and reviewing Cybersecurity Architecture • Developing and enforcing Cybersecurity Processes • Developing and testing Cybersecurity Incident response • Performing other Cybersecurity operational activities including but not limited to: ◦ Vulnerability management strategy ◦ Network security configurations ◦ Risk Management and oversight of third parties Our cyber security and infrastructure team’s experience includes a combined 102 years of experience.
Additionally, we have protocols by which certain cybersecurity incidents are reported promptly to the Chief Executive Officer, or the Audit Committee, as appropriate. A Cyber dashboard is also provided to the Board of Directors quarterly. Management is responsible for implementing its strategic plans, including identifying, evaluating, managing and mitigating the risks inherent in them, such as cybersecurity risks.
Additionally, we have protocols by which certain cybersecurity incidents are reported promptly to the Chief Executive Officer, or the Audit Committee, as appropriate. A Cyber dashboard is also provided to the Board of Directors quarterly.
Internal Cybersecurity Team The Information Security organization reports into the SVP, IT and includes a dedicated team of centralized information security experts with extensive cybersecurity knowledge and experience to manage the cyber risk under the leadership of the Director of Information Security.
Management is responsible for implementing its strategic plans, including identifying, evaluating, managing and mitigating the risks inherent in them, such as cybersecurity risks. 22 Internal Cybersecurity Team The Information Security organization reports into the SVP, IT and includes a dedicated team of centralized information security experts with extensive cybersecurity knowledge and experience to manage the cyber risk under the leadership of the Director of Information Security.
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Under the plan, we conduct tabletop exercises to test our preparedness and our incident response process, and we provide ongoing training. Risk Factors As a global company serving customers in multiple countries and territories, we routinely experience a wide variety of cybersecurity incidents.
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Security Policy and Requirements As part of our overall risk management program, we have adopted our Information Security Policy which details the overall risk-based framework and governance for the management and security of our information technology assets and information.
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As of the date of this Form 10-K, we have not experienced a cybersecurity incident that has materially affected or is reasonably likely to materially affect our business strategy, results of operation or financial condition.
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Further, our Director of Information Security, IT Governance Risk and Compensation Manager, Cybersecurity Team Lead, and Industrial Security and Network Senior Analyst all hold the Certified Information Systems Security Professional (CISSP) credential, widely recognized as the global standard for information security expertise.
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CISSP certification demonstrates advanced knowledge across eight security domains, a minimum of five years of industry experience, and adherence to strict ethical standards. This designation reflects our leaders’ ability to align technical controls with business risk, ensuring robust governance, regulatory compliance, and resilience against evolving cyber threats.
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Our team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Added
Incident Response We have adopted a cybersecurity incident response plan that is designed to provide a framework across all functions for a coordinated identification and response to security incidents. The plan specifies the process for identifying, validating, classifying, documenting, and responding to cybersecurity events as well as determining whether reporting of an event is appropriate under regulatory standards.
Added
In fiscal 2025, the Company developed a Cybersecurity Incident Materiality Policy (the “Policy”) to guide the Company through the materiality decision making framework, SEC reporting and disclosures obligations, disclosure controls and procedures related to a cybersecurity incident, and a communication protocol to escalate material incidents to the Board and supplements the Company’s Cybersecurity Incident Response Plan.
Added
In addition to the Policy, the Company also formed a Cyber Incident Disclosure Committee, which includes key stakeholders whose role will be to determine whether an incident is material and, therefore, requires public disclosure.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. Properties. As of September 30, 2024, we owned or leased 55 properties, 29 in the U.S. and 26 globally. Eleven of these properties are used as production plants consisting of 1.8 million square feet that is owned and 1.3 million square feet that is leased.
Biggest changeItem 2. Properties. As of September 30, 2025, we owned or leased 54 properties, 29 in the U.S. and 25 globally. Eleven of these properties are used as production plants consisting of 1.8 million square feet that is owned and 1.3 million square feet that is leased.
We also have 15 warehouses consisting of 0.1 million square feet that is owned and 0.8 million square feet that is leased. We operate from 29 different offices throughout the world, totaling 0.6 million square feet, all of which are leased, and includes our corporate headquarters in Shelton, Connecticut.
We also have 15 warehouses consisting of 0.1 million square feet that is owned and 0.8 million square feet that is leased. We operate from 28 different offices throughout the world, totaling 0.6 million square feet, all of which are leased, and includes our corporate headquarters in Shelton, Connecticut.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Removed
The amount of liability, if any, from these proceedings cannot be determined with certainty. We review our legal proceedings and claims, regulatory reviews and inspections on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions.
Added
The amount of liability, if any, from these proceedings cannot be determined with certainty. If one or more legal matters were resolved against us, the Company’s financial condition and operating results could be materially adversely affected. Refer to Note 19 in Notes to Consolidated Financial Statements for more information.
Removed
We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading.
Removed
We do not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated.
Removed
Based upon present information, we believe that our liability, if any, arising from such pending legal proceedings, asserted legal claims and known potential legal claims, which are likely to be asserted, is not reasonably likely to be material to our financial position, results of operations or cash flows, taking into account established accruals for estimated liabilities.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeDuring the quarter ended September 30, 2024, our executive officers and directors had no equity trading arrangements nor were there any adoptions, terminations, or modifications to a Rule 10b5-1 equity trading plan or any non-Rule 10b5-1 equity trading arrangements as defined in Item 408 of Regulation S-K. 22 Performance Graph The following graph compares the cumulative five-year total return provided to shareholders of the Company’s common stock relative to the cumulative total returns of the S&P Midcap 400 index and the S&P Household Products index.
Biggest changeRecent Sales of Unregistered Securities None. 25 Share Performance Graph The following graph compares the cumulative five-year total return provided to shareholders of the Company’s common stock relative to the cumulative total returns of the S&P Midcap 400 index and the S&P Household Products index.
They are not intended to forecast possible future performance of our common stock, nor is our historical common stock price performance necessarily indicative of our future common stock price performance. * $100 invested on September 30, 2018 in stock or index, with reinvestment of all dividends.
They are not intended to forecast possible future performance of our common stock, nor is our historical common stock price performance necessarily indicative of our future common stock price performance. * $100 invested on September 30, 2020 in stock or index, with reinvestment of all dividends.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Edgewell common stock is listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “EPC.” There were 4,388 shareholders of record of our common stock as of October 31, 2024.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Edgewell common stock is listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “EPC.” There were 4,144 shareholders of record of our common stock as of October 31, 2025.
An investment of $100 (with reinvestment of all dividends and other distributions) is assumed to have been made in our common stock and in each of the indices on September 30, 2019 and its relative performance is tracked through September 30, 2024.
An investment of $100 (with reinvestment of all dividends and other distributions) is assumed to have been made in our common stock and in each of the indices on September 30, 2020 and its relative performance is tracked through September 30, 2025.
During fiscal 2024, we repurchased 210,729 shares related to the surrender of shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock equivalent awards.
During fiscal 2025, we repurchased 0.2 shares related to the surrender of shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock equivalent awards.
The following table sets forth the purchases of our Company’s securities by our Company and any affiliated purchasers within the meaning of Rule 10b-18(a)(3) (17 CFR 240.10b-18(a)(3)) during the fourth quarter of fiscal 2024: Period Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number that May Yet Be Purchased Under the Plans or Programs July 1, 2024 to July 31, 2024 85,658 $ 40.04 85,658 3,438,790 August 1, 2024 to August 31, 2024 89,185 $ 38.56 89,185 3,349,605 September 1, 2024 to September 30, 2024 309,512 $ 36.84 309,512 3,040,093 (1) There were 3,751 shares purchased during the quarter related to the surrender of shares of common stock to our Company to satisfy tax withholding obligations in connection with the vesting of restricted stock equivalents.
The following table sets forth the purchases of our Company’s securities by our Company and any affiliated purchasers within the meaning of Rule 10b-18(a)(3) (17 CFR 240.10b-18(a)(3)) during the fourth quarter of fiscal 2025: Period Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number that May Yet Be Purchased Under the Plans or Programs July 1, 2025 to July 31, 2025 2,926 $ 24.62 — 226,694 August 1, 2025 to August 31, 2025 — $ — — 226,694 September 1, 2025 to September 30, 2025 — $ — — 226,694 (1) There were 2,926 shares purchased during the quarter related to the surrender of shares of common stock to our Company to satisfy tax withholding obligations in connection with the vesting of restricted stock equivalents.
(2) Includes $0.02 per share of brokerage fee commissions. During fiscal 2024, we repurchased 1,570,584 shares of common stock under the share repurchase authorization from January 2018 for $58.5 million.
(2) Includes $0.02 per share of brokerage fee commissions. During fiscal 2025, we repurchased 2.8 shares of common stock under the share repurchase authorization from January 2018 for $90.2.
Fiscal year ending September 30. . 9/19 9/20 9/21 9/22 9/23 9/24 Edgewell Personal Care Company $ 100.00 $ 85.81 $ 111.73 $ 115.11 $ 113.76 $ 111.85 S&P Midcap 400 $ 100.00 $ 96.17 $ 136.43 $ 113.85 $ 129.28 $ 161.30 S&P Household Products $ 100.00 $ 110.93 $ 112.01 $ 97.79 $ 104.86 $ 124.10
Fiscal year ending September 30. . 9/20 9/21 9/22 9/23 9/24 9/25 Edgewell Personal Care Company $ 100.00 $ 130.20 $ 134.15 $ 132.57 $ 130.34 $ 73.03 S&P Midcap 400 $ 100.00 $ 141.87 $ 118.39 $ 134.43 $ 167.73 $ 175.34 S&P Household Products $ 100.00 $ 100.98 $ 88.16 $ 94.53 $ 111.88 $ 95.35
Added
On November 13, 2025, the Board approved an authorization to repurchase for up to $100.0, superseding the previous share repurchase authorization from January 2018. The full $100.0 authorized by the Board in November 2025 is available for future share repurchases.
Added
Any future share repurchases would be made in the open market, privately negotiated transactions or otherwise, in such amounts and at such times as the Company deems appropriate based upon prevailing market conditions, business needs and other factors.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYear Ended September 30, 2024 Gross Profit SG&A Operating Income EBIT Income Taxes Net Earnings Diluted EPS GAAP - Reported $ 955.7 $ 430.1 $ 199.3 $ 120.9 $ 22.3 $ 98.6 $ 1.97 Restructuring and repositioning expenses — 0.1 36.0 36.0 8.8 27.2 0.54 Acquisition and integration costs 3.3 2.8 6.1 6.1 1.5 4.6 0.09 Sun Care reformulation — — 4.4 4.4 1.1 3.3 0.07 Wet Ones manufacturing plant fire 12.2 — 12.2 12.2 3.0 9.2 0.18 Legal matters — 3.9 3.9 3.9 1.0 2.9 0.06 Loss on investment — — — 3.1 — 3.1 0.06 Other project costs — 5.3 5.3 5.3 1.2 4.1 0.08 Total Adjusted Non-GAAP $ 971.2 $ 418.0 $ 267.2 $ 191.9 $ 38.9 $ 153.0 $ 3.05 GAAP as a percent of net sales 42.4 % 19.1 % 8.8 % GAAP effective tax rate 18.5 % Adjusted as a percent of net sales 43.1 % 18.5 % 11.9 % Adjusted effective tax rate 20.3 % Year Ended September 30, 2023 Gross Profit SG&A Operating Income EBIT Income Taxes Net Earnings Diluted EPS GAAP - Reported $ 940.8 $ 409.6 $ 227.0 $ 147.7 $ 33.0 $ 114.7 $ 2.21 Restructuring and repositioning expenses 0.2 0.3 17.1 17.1 4.4 12.7 0.24 Acquisition and integration costs — 7.5 7.5 7.5 1.8 5.7 0.11 SKU rationalization (1.7) — (1.7) (1.7) (0.4) (1.3) (0.03) Sun Care reformulation (1) (1.4) — 1.9 1.9 0.5 1.4 0.03 Legal matters — (6.3) (6.3) (6.3) (1.5) (4.8) (0.09) Pension settlement expense — — — 7.9 2.1 5.8 0.11 Other project costs — 0.4 0.4 0.4 0.1 0.3 0.01 Total Adjusted Non-GAAP $ 937.9 $ 407.7 $ 245.9 $ 174.5 $ 40.0 $ 134.5 $ 2.59 GAAP as a percent of net sales 41.8 % 18.2 % 10.1 % GAAP effective tax rate 22.3 % Adjusted as a percent of net sales 41.7 % 18.1 % 10.9 % Adjusted effective tax rate 23.0 % (1) Also includes pre-tax research and development (“R&D) costs of $3.3 related to the reformulation, recall, and destruction of certain Sun Care products 25 Year Ended September 30, 2022 Gross Profit SG&A Operating Income EBIT Income Taxes Net Earnings Diluted EPS GAAP — Reported $ 880.5 $ 389.1 $ 182.3 $ 124.1 $ 24.6 $ 99.5 $ 1.85 Restructuring and repositioning expenses 0.1 0.8 16.2 16.2 4.2 12.0 0.23 Acquisition and integration costs 0.8 9.1 9.9 9.9 1.3 8.6 0.16 SKU rationalization 22.5 — 22.5 22.5 5.5 17.0 0.32 Sun Care reformulation 3.5 — 4.6 4.6 1.2 3.4 0.06 Legal matters, net of income taxes — (7.5) (7.5) (7.5) (1.8) (5.7) (0.11) Value-added tax settlement costs — 3.4 3.4 3.4 1.1 2.3 0.04 Pension settlement expense — — — 1.8 0.4 1.4 0.03 Total Adjusted Non-GAAP $ 907.4 $ 383.3 $ 231.4 $ 175.0 $ 36.5 $ 138.5 $ 2.58 GAAP as a percent of net sales 40.5 % 17.9 % 8.4 % GAAP effective tax rate 19.9 % Adjusted as a percent of net sales 41.8 % 17.6 % 10.7 % Adjusted effective tax rate 20.9 % For further discussion of these items refer to Note 20 of Notes to Consolidated Financial Statements.
Biggest changeYear Ended September 30, 2025 Gross Profit SG&A Operating Income EBIT (1) Income taxes Net Earnings Diluted EPS GAAP — Reported $ 924.9 $ 425.0 $ 96.6 $ 23.6 $ (1.8) $ 25.4 $ 0.53 Restructuring and related costs 3.5 (1.7) 53.1 53.1 13.1 40.0 0.84 Acquisition and integration costs — (0.5) 0.5 0.5 0.1 0.4 0.01 Sun Care reformulation costs — — 3.5 3.5 0.8 2.7 0.06 Gain on Investment — — — (0.9) — (0.9) (0.02) Commercial realignment 2.9 — 2.9 2.9 0.9 2.0 0.04 Vendor bankruptcy 2.1 — 2.1 2.1 0.5 1.6 0.03 Impairment charges — — 51.1 51.1 4.4 46.7 0.98 Other project and related costs — (9.3) 9.3 7.0 1.7 5.3 0.11 Germany re-rate — — — — 2.8 (2.8) (0.06) Total Adjusted Non-GAAP $ 933.4 $ 413.5 $ 219.1 $ 142.9 $ 22.5 $ 120.4 $ 2.52 GAAP as a percent of net sales 41.6 % 19.1 % 4.3 % GAAP effective tax rate (7.3) % Adjusted as a percent of net sales 42.0 % 18.6 % 9.9 % Adjusted effective tax rate 15.8 % Year Ended September 30, 2024 Gross Profit SG&A Operating Income EBIT (1) Income taxes Net Earnings Diluted EPS GAAP — Reported $ 955.7 $ 430.1 $ 199.3 $ 120.9 $ 22.3 $ 98.6 $ 1.97 Restructuring and related costs — (0.1) 36.0 36.0 8.8 27.2 0.54 Acquisition and integration costs 3.3 (2.8) 6.1 6.1 1.5 4.6 0.09 Sun Care reformulation costs — — 4.4 4.4 1.1 3.3 0.07 Wet Ones manufacturing plant fire 12.2 — 12.2 12.2 3.0 9.2 0.18 Legal matters — (3.9) 3.9 3.9 1.0 2.9 0.06 Loss on Investment — — — 3.1 — 3.1 0.06 Other project and related costs — (5.3) 5.3 5.3 1.2 4.1 0.08 Total Adjusted Non-GAAP $ 971.2 $ 418.0 $ 267.2 $ 191.9 $ 38.9 $ 153.0 $ 3.05 GAAP as a percent of net sales 42.4 % 19.1 % 8.8 % GAAP effective tax rate 18.5 % Adjusted as a percent of net sales 43.1 % 18.5 % 11.9 % Adjusted effective tax rate 20.3 % 28 Year Ended September 30, 2023 Gross Profit SG&A Operating Income EBIT (1) Income taxes Net Earnings Diluted EPS GAAP - Reported $ 940.8 $ 409.6 $ 227.0 $ 147.7 $ 33.0 $ 114.7 $ 2.21 Restructuring and related costs 0.2 (0.3) 17.1 17.1 4.4 12.7 0.24 Acquisition and integration costs — (7.5) 7.5 7.5 1.8 5.7 0.11 SKU rationalization (1.7) — (1.7) (1.7) (0.4) (1.3) (0.03) Sun Care reformulation costs (2) (1.4) — 1.9 1.9 0.5 1.4 0.03 Legal matters — 6.3 (6.3) (6.3) (1.5) (4.8) (0.09) Pension settlement expense — — — 7.9 2.1 5.8 0.11 Other project and related costs — (0.4) 0.4 0.4 0.1 0.3 0.01 Total Adjusted Non-GAAP $ 937.9 $ 407.7 $ 245.9 $ 174.5 $ 40.0 $ 134.5 $ 2.59 GAAP as a percent of net sales 41.8 % 18.2 % 10.1 % GAAP effective tax rate 22.3 % Adjusted as a percent of net sales 41.7 % 18.1 % 10.9 % Adjusted effective tax rate 23.0 % (1) EBIT is defined as Earnings before Income taxes.
Based upon present information, we believe that the Company’s liability, if any, arising from such pending legal proceedings, asserted legal claims, and known potential legal claims which are likely to be asserted, is not reasonably likely to be material to its financial position, results of operations or cash flows, when taking into account established accruals for estimated liabilities.
Based upon present information, we believe that the Company’s liability, if any, arising from such pending legal proceedings, asserted legal claims, and known potential legal claims 36 which are likely to be asserted, is not reasonably likely to be material to its financial position, results of operations or cash flows, when taking into account established accruals for estimated liabilities.
Our long-term liquidity may be influenced by our ability to borrow additional funds, renegotiate existing debt, and raise equity under terms that are favorable to us. We may, from time to time, seek to repurchase shares of our common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.
Our long-term liquidity may be influenced by our ability to borrow additional funds, renegotiate existing debt, and raise equity under terms that are favorable to us. We may, from time to time, seek to 34 repurchase shares of our common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.
We believe our cash on hand, cash flows from operations and borrowing capacity under the Revolving Credit Facility will be sufficient to satisfy our future working capital requirements, interest payments, R&D activities, capital expenditures, and other financing requirements for at least the next 12 months. We will continue to monitor our cash flows, spending and liquidity needs.
We believe our cash on hand, cash flows from operations and borrowing capacity under the Revolving Credit Facility will be sufficient to satisfy our future working capital requirements, interest payments, R&D activities, capital expenditures, and other capital requirements for at least the next 12 months. We will continue to monitor our cash flows, spending and liquidity needs.
The financial projections reflect management’s best estimate of economic and market conditions over the five-year projected period including forecasted revenue growth, EBITDA margin, tax rate, capital 37 expenditures, depreciation and amortization and changes in working capital requirements. Other assumptions include discount rate and terminal growth rate.
The financial projections reflect management’s best estimate of economic and market conditions over the five-year projected period including forecasted revenue growth, EBITDA margin, tax rate, capital expenditures, depreciation and amortization and changes in working capital requirements. Other assumptions include discount rate and terminal growth rate.
The following tables present changes in segment net sales and segment profit for fiscal 2024 and 2023, and also provides a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of Segment profit to Earnings before income taxes, see Note 20 of Notes to Consolidated Financial Statements.
The following tables present changes in segment net sales and segment profit for fiscal 2025 and 2024, and also provides a reconciliation of organic segment net sales and organic segment profit to reported amounts. For a reconciliation of Segment profit to Earnings before income taxes, see Note 20 of Notes to Consolidated Financial Statements.
We review these tax uncertainties in light of the changing facts and circumstances, such as the progress of tax audits, and adjust them accordingly. Further detail on Income Taxes is included in Note 5 of Notes to Consolidated Financial Statements.
We review these tax uncertainties in light of the changing facts and circumstances, such as the progress of tax audits, and adjust them accordingly. Further detail on Income Taxes is included in Note 4 of Notes to Consolidated Financial Statements.
As of September 30, 2024, we do not believe such purchase arrangements or termination penalties will have a significant effect on our results of operations, financial position or liquidity position in the future.
As of September 30, 2025, we do not believe such purchase arrangements or termination penalties will have a significant effect on our results of operations, financial position or liquidity position in the future.
September 30, 2024 September 30, 2023 Total Revolver Capacity $ 425.0 $ 425.0 Less: Revolver Borrowings 34.0 122.0 Less: Outstanding Letters of Credit 5.3 5.9 Revolver Balance Available $ 385.7 $ 297.1 On April 2, 2024, (the “Restatement Date”), the Company and certain subsidiaries of the Company entered into a Restatement Agreement (the "Restatement Agreement") with Bank of America, N.A. as administrative agent and collateral agent ("BofA"), and the several lenders from time to time party thereto (together with BofA, the "Lenders"), which amended and restated the Company’s Credit Agreement, dated as of March 28, 2020 (as previously amended by that certain Amendment No. 1 to Credit Agreement, dated as of February 6, 2023, and as otherwise amended, amended and restated, supplemented or otherwise modified prior to the Restatement Date (the “Credit Facility”).
September 30, 2025 September 30, 2024 Total Revolver Capacity $ 425.0 $ 425.0 Less: Revolver Borrowings 140.0 34.0 Less: Outstanding Letters of Credit 5.5 5.3 Revolver Balance Available $ 279.5 $ 385.7 On April 2, 2024, (the “Restatement Date”), the Company and certain subsidiaries of the Company entered into a Restatement Agreement (the "Restatement Agreement") with Bank of America, N.A. as administrative agent and collateral agent ("BofA"), and the several lenders from time to time party thereto (together with BofA, the "Lenders"), which amended and restated the Company’s Credit Agreement, dated as of March 28, 2020 (as previously amended by that certain Amendment No. 1 to Credit Agreement, dated as of February 6, 2023, and as otherwise amended, amended and restated, supplemented or otherwise modified prior to the Restatement Date (the “Credit Facility”).
The level of returns may fluctuate from our estimates due to several factors, including, but not limited to, weather conditions, customer inventory levels and competitive 35 activity. Based on our fiscal 2024 Sun Care shipments, each percentage point change in our returns rate would have impacted our reported net sales by $4.7 and our reported operating income by $4.8.
The level of returns may fluctuate from our estimates due to several factors, including, but not limited to, weather conditions, customer inventory levels and competitive activity. Based on our fiscal 2025 Sun Care shipments, each percentage point change in our returns rate would have impacted our reported net sales by $4.7 and our reported operating income by $4.7.
All comparisons are with the same period in the prior year, unless otherwise noted . 24 Executive Summary The following is a summary of key results for fiscal 2024, 2023 and 2022. Net earnings and diluted earnings per share (“EPS”) for the time periods presented were impacted by certain costs or income, as described in the table below.
All comparisons are with the same period in the prior year, unless otherwise noted . 27 Executive Summary The following is a summary of key results for fiscal 2025, 2024 and 2023. Net earnings and diluted earnings per share (“EPS”) for the time periods presented were impacted by certain costs or income, as described in the table below.
Operating Results The following table presents changes in net sales for fiscal 2024 and 2023 and provides a reconciliation of organic net sales to reported amounts.
Operating Results The following table presents changes in net sales for fiscal 2025 and 2024 and provides a reconciliation of organic net sales to reported amounts.
In fiscal 2025, we expect our total capital expenditures to be in the range of $60 to $70 primarily on maintenance and productivity efforts across manufacturing facilities, new product development and information technology system enhancements. While we intend to fund these capital expenditures with cash generated from operations, we may also utilize our borrowing facilities.
In fiscal 2026, we expect our total capital expenditures to be in the range of $70 to $80 primarily on maintenance and productivity efforts across manufacturing facilities, new product development and information technology system enhancements. While we intend to fund these capital expenditures with cash generated from operations, we may also utilize our borrowing facilities.
Accrued environmental costs at September 30, 2024 and 2023 were $7.9 and $9.3, respectively. It is difficult to quantify with reasonable certainty the cost of environmental matters, particularly remediation and future capital expenditures for environmental control equipment.
Accrued environmental costs at September 30, 2025 and 2024 were $7.7 and $7.9, respectively. It is difficult to quantify with reasonable certainty the cost of environmental matters, particularly remediation and future capital expenditures for environmental control equipment.
For our annual impairment assessment as of July 1, 2024, the Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate certain goodwill reporting units and certain trade names and brands.
For our annual impairment assessment as of July 1, 2025, the Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate all goodwill reporting units and certain trade names and brands.
A one percentage point decrease in the discount rate would increase pension obligations by approximately $49.5 at September 30, 2024. As allowed under GAAP, our U.S. qualified pension plan uses market related value, which recognizes market appreciation or depreciation in the portfolio over five years, thereby reducing the short-term impact of market fluctuations.
A one percentage point decrease in the discount rate would increase pension obligations by approximately $4.2 at September 30, 2025. As allowed under GAAP, our U.S. qualified pension plan uses market related value, which recognizes market appreciation or depreciation in the portfolio over five years, thereby reducing the short-term impact of market fluctuations.
Dividends The following is a summary of cash dividends paid and declared per share on the Company’s Common Stock during the year ended September 30, 2024 Date Declared Record Date Payable Date Amount Per Share August 1, 2023 September 7, 2023 October 4, 2023 $ 0.15 November 2, 2023 December 6, 2023 January 4, 2024 $ 0.15 February 1, 2024 March 7, 2024 April 4, 2024 $ 0.15 May 8, 2024 June 6, 2024 July 9, 2024 $ 0.15 August 6, 2024 September 4, 2024 October 3, 2024 $ 0.15 On October 31, 2024, the Board declared a quarterly cash dividend of $0.15 per common share for the fourth fiscal quarter of 2024.
Dividends The following is a summary of cash dividends paid and declared per share on our common stock during the year ended September 30, 2025: Date Declared Record Date Payable Date Amount Per Share August 6, 2024 September 4, 2024 October 3, 2024 $ 0.15 October 31, 2024 December 3, 2024 January 8, 2025 $ 0.15 February 6, 2025 March 5, 2025 April 9, 2025 $ 0.15 May 7, 2025 June 6, 2025 July 9, 2025 $ 0.15 August 5, 2025 September 4, 2025 October 8, 2025 $ 0.15 On November 13, 2025, the Board declared a quarterly cash dividend of $0.15 per share of common stock for the fourth fiscal quarter of 2025.
We have indefinite-lived trade names and brands with a carrying value of approximately $597.7 and $592.9 at September 30, 2024 and 2023, respectively. We perform our annual impairment assessment for goodwill and indefinite-lived intangible assets as of July 1st and more frequently if indicators of impairment exist.
We have indefinite-lived trade names and brands with a carrying value of approximately $601.6 and $597.7 at September 30, 2025 and 2024, respectively. We perform our annual impairment assessment for goodwill and indefinite-lived intangible assets as of July 1st and more frequently if indicators of impairment exist.
On an adjusted basis, as illustrated in the table below, net earnings per diluted share during fiscal 2024 were $3.05 compared to $2.59 in the prior year.
On an adjusted basis, as illustrated in the table below, net earnings per diluted share during fiscal 2025 were $2.52 compared to $3.05 in the prior year.
Goodwill and Intangible Asset Valuations Certain business acquisitions have resulted in the recording of goodwill and trade names and brands which are not amortized. At September 30, 2024 and 2023 we had goodwill of $1,338.6 and $1,331.4, respectively.
Goodwill and Intangible Asset Valuations Certain business acquisitions have resulted in the recording of goodwill and trade names and brands which are not amortized. At September 30, 2025 and 2024 we had goodwill of $1,291.1 and $1,338.6, respectively.
Based on plan assets at September 30, 2024, a one percentage point decrease or increase in expected asset returns would increase or decrease our pension expense by approximately $4.2. In addition, it may increase and accelerate the rate of required pension contributions in the future.
Based on plan assets at September 30, 2025, a one percentage point decrease or increase in expected asset returns would increase or decrease our pension expense by approximately $44.1. In addition, it may increase and accelerate the rate of required pension contributions in the future.
At September 30, 2024 and 2023, our reserve on the Consolidated Balance Sheet for returns was $50.3 and $53.5, respectively. We offer a variety of trade promotional programs, primarily to our retail customers, designed to promote sales of our products.
At September 30, 2025 and 2024, our reserve on the Consolidated Balance Sheet for returns was $42.8 and $50.3, respectively. We offer a variety of trade promotional programs, primarily to our retail customers, designed to promote sales of our products.
Feminine Care Net Sales - Feminine Care For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 315.2 $ 290.7 Organic (31.5) (10.0) % 25.3 8.7 % Impact of currency (0.1) — % (0.8) (0.3) % Net sales - current year $ 283.6 (10.0) % $ 315.2 8.4 % Feminine Care net sales for fiscal 2024 were $283.6, a decrease of $31.6, or 10.0%, primarily related to volume decline in Tampons and Pads.
Feminine Care Net Sales - Feminine Care For the Years Ended September 30, 2025 %Chg 2024 %Chg Net sales - prior year $ 283.6 $ 315.2 Organic (21.7) (7.7) % (31.5) (10.0) % Impact of currency (0.4) (0.1) % (0.1) — % Net sales - current year $ 261.5 (7.8) % $ 283.6 (10.0) % Feminine Care net sales for fiscal 2025 were $261.5, a decrease of $22.1, or 7.8%, primarily related to volume decline in Pads and Tampons.
Deferred tax assets generally represent the tax effect of items that can be used as a tax deduction or credit in future years for which we have already recorded the tax benefit in our income statement.
These temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent the tax effect of items that can be used as a tax deduction or credit in future years for which we have already recorded the tax benefit in our income statement.
Our total borrowings as of September 30, 2024 and 2023 were as follows: Interest Type Currency September 30, 2024 September 30, 2023 Long-term notes fixed USD $ 1,250.0 $ 1,250.0 Revolver loans borrowed under credit facility variable USD 34.0 122.0 Short-term notes payable variable various 24.5 19.5 Total borrowings $ 1,308.5 $ 1,391.5 Our Revolver utilization is summarized below.
Our total borrowings as of September 30, 2025 and 2024 were as follows: Interest Type Currency September 30, 2025 September 30, 2024 Long-term notes fixed USD $ 1,250.0 $ 1,250.0 Revolver loans borrowed under credit facility variable USD 140.0 34.0 Short-term notes payable variable various 29.5 24.5 Total borrowings $ 1,419.5 $ 1,308.5 Our Revolver utilization is summarized below.
In an effort to mitigate the impact of currency exchange rate effects, we may hedge certain operational and intercompany transactions; however, our hedging strategies may not fully offset gains and losses recognized in our results of operations.
We also have significant intercompany financing arrangements that may result in gains and losses in our results of operations. In an effort to mitigate the impact of currency exchange rate effects, we may hedge certain operational and intercompany transactions; however, our hedging strategies may not fully offset gains and losses recognized in our results of operations.
In performing a quantitative assessment of these trade names, we estimate the fair value using the relief-from-royalty method which requires assumptions related to projected revenues from our annual and strategic plans; assumed royalty rates that could be payable if we did not own the trade name or brand; and a market participant discount rate based on a weighted-average cost of capital.
The relief-from-royalty method requires assumptions related to projected revenues from our annual and strategic plans; assumed royalty rates that could be payable if we did not own the trade name or brand; and a market participant discount rate based on a weighted-average cost of capital.
Refer to Note 19 in Notes to Consolidated Financial Statements for more information. 34 Contractual Obligations We have significant contractual obligations to fulfill our business operations including the repayment of short- and long-term debt, periodic interest payments, minimum levels of pension funding, and other obligations including payments for various leases of real estate, vehicles, and equipment, and minimum fixed costs to be paid to third party logistics vendors.
Contractual Obligations We have significant contractual obligations to fulfill our business operations including the repayment of short- and long-term debt, periodic interest payments, minimum levels of pension funding, and other obligations including payments for various leases of real estate, vehicles, and equipment, and minimum fixed costs to be paid to third party logistics vendors.
The dividend will be paid on January 8, 2025 to shareholders of record as the close of business on December 3, 2024. Dividends declared during fiscal 2024 totaled $30.6. Payments made for dividends during fiscal 2024 totaled $30.7.
The dividend will be paid on January 8, 2026 to shareholders of record as the close of business on December 3, 2025. Dividends declared during fiscal 2025 totaled $28.8. Payments made for dividends during fiscal 2025 totaled $29.3.
The Company may also elect to make discretionary contributions. Debt Covenants The Revolving Credit Facility governing our outstanding debt at September 30, 2024 contains certain customary representations and warranties, financial covenants, covenants restricting our ability to take certain actions, affirmative covenants, and provisions relating to events of default.
Debt Covenants The Revolving Credit Facility governing our outstanding debt at September 30, 2025 contains certain customary representations and warranties, financial covenants, covenants restricting our ability to take certain actions, affirmative covenants, and provisions relating to events of default.
During fiscal 2024, we had net borrowings of $88.0 under the Revolving Credit Facility, compared to $33.0 in the prior year period. During fiscal 2024, we repurchased $58.5 of our common stock under our 2018 Board authorization to repurchase our common stock (the “Repurchase Plan”) compared to $75.2 in the prior year period.
During fiscal 2025, we had net proceeds of $106.0 under the Revolving Credit Facility, compared to net repayments of $88.0 in the prior year period. During fiscal 2025, we repurchased $90.2 of our common stock under our 2018 Board authorization to repurchase our 35 common stock (the “Repurchase Plan”) compared to $58.5 in the prior year period.
As of September 30, 2024, we were in compliance with the provisions and covenants associated with the Revolving Credit Facility. 32 Cash Flows A summary of our cash flow from operating, investing and financing activities is provided in the following table: Fiscal Year 2024 2023 Net cash from (used by): Operating activities $ 231.0 $ 216.1 Investing activities (62.4) (50.5) Financing activities (179.4) (146.5) Effect of exchange rate changes on cash 3.5 8.6 Net (decrease) increase in cash and cash equivalents $ (7.3) $ 27.7 Operating Activities Cash flow from operating activities was $231.0 in fiscal 2024, as compared to $216.1 in fiscal 2023.
Cash Flows A summary of our cash flow from operating, investing and financing activities is provided in the following table: Fiscal Year 2025 2024 2023 Net cash from (used by): Operating activities $ 118.4 $ 231.0 $ 216.1 Investing activities (72.9) (62.4) (50.5) Financing activities (30.0) (179.4) (146.5) Effect of exchange rate changes on cash 1.1 3.5 8.6 Net increase (decrease) in cash and cash equivalents $ 16.6 $ (7.3) $ 27.7 Operating Activities Cash flow from operating activities was $118.4 in fiscal 2025, as compared to $231.0 in fiscal 2024.
The income approach uses the discounted cash flow method and incorporates each reporting unit’s projections of estimated operating results and future cash flows and a market participant discount rate based on a weighted-average cost of capital.
For the Feminine Care reporting unit, we determined the fair value under the market approach. 39 The income approach uses the discounted cash flow method and incorporates each reporting unit’s projections of estimated operating results and future cash flows and a market participant discount rate based on a weighted-average cost of capital.
The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures. Fiscal 2024 • Net sales in fiscal 2024 increased $2.1, or 0.1%, to $2,253.7, including a $2.2, or 0.1%, unfavorable impact due to currency movements.
The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures. Fiscal 2025 • Net sales for fiscal 2025 decreased $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements.
Net Sales Net Sales - Total Company For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 2,251.6 $ 2,171.7 Organic 4.3 0.2 % 94.0 4.3 % Impact of Billie acquisition, net — — % 12.0 0.6 % Impact of currency (2.2) (0.1) % (26.1) (1.2) % Net sales - current year $ 2,253.7 0.1 % $ 2,251.6 3.7 % For fiscal 2024, net sales were $2,253.7, an increase of $2.1, or 0.1%, including a $2.2, or 0.1%, unfavorable impact due to currency movements.
Net Sales Net Sales - Total Company For the Years Ended September 30, 2025 %Chg 2024 %Chg Net sales - prior year $ 2,253.7 $ 2,251.6 Organic (30.0) (1.3) % 4.3 0.2 % Impact of currency (0.2) — % (2.2) (0.1) % Net sales - current year $ 2,223.5 (1.3) % $ 2,253.7 0.1 % For fiscal 2025, net sales were $2,223.5, a decrease of $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements.
Wet Shave Net Sales - Wet Shave For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 1,230.9 $ 1,242.5 Organic 3.0 0.2 % 0.6 — % Impact of Billie acquisition, net — — % 12.0 1.0 % Impact of currency (4.6) (0.3) % (24.2) (1.9) % Net sales - current year $ 1,229.3 (0.1) % $ 1,230.9 (0.9) % Wet Shave net sales for fiscal 2024 were $1,229.3, a decrease of $1.6, or 0.1%, as compared to the prior year period, including $4.6, or 0.3%, unfavorable impact from currency.
Wet Shave Net Sales - Wet Shave For the Years Ended September 30, 2025 %Chg 2024 %Chg Net sales - prior year $ 1,229.3 $ 1,230.9 Organic (14.6) (1.2) % 3.0 0.2 % Impact of currency 4.2 0.4 % (4.6) (0.3) % Net sales - current year $ 1,218.9 (0.8) % $ 1,229.3 (0.1) % Wet Shave net sales for fiscal 2025 were $1,218.9, a decrease of $10.4, or 0.8%, as compared to the prior year period, including $4.2, or 0.4%, favorable impact from currency.
Segment Profit - Wet Shave For the Years Ended September 30, 2024 %Chg 2023 Segment profit - prior year $ 158.3 $ 174.5 Organic 47.4 29.9 % 9.3 5.3 % Impact of currency (1.8) (1.1) % (25.5) (14.6) % Segment profit - current year $ 203.9 28.8 % $ 158.3 (9.3) % Wet Shave segment profit for fiscal 2024 was $203.9, an increase of $45.6, or 28.8%, and inclusive of a $1.8, or 1.1%, unfavorable impact from currency.
Segment Profit - Wet Shave For the Years Ended September 30, 2025 %Chg 2024 %Chg Segment Profit - prior year $ 203.9 $ 158.3 Organic 3.1 1.5 % 47.4 29.9 % Impact of currency (16.7) (8.2) % (1.8) (1.1) % Segment Profit - current year $ 190.3 (6.7) % $ 203.9 28.8 % Wet Shave segment profit for fiscal 2025 was $190.3, a decrease of $13.6, or 6.7%, and inclusive of a $16.7, or 8.2%, unfavorable impact from currency.
Those sales primarily contain a single performance obligation and revenue is recognized at a single point in time when that control of goods passes to the customer, which is predominantly on the date of receipt by the customer. The Company allows for returns of products under limited circumstances.
Revenue Recognition Our revenue is generated by the sales of finished products to customers. Those sales primarily contain a single performance obligation and revenue is recognized at a single point in time when that control of goods passes to the customer, which is predominantly on the date of receipt by the customer.
The Company elected to perform a qualitative assessment on the other goodwill reporting units and indefinite-lived intangible assets noting no events that indicated that the fair value was less than the carrying value that would require a quantitative impairment assessment.
The Company elected to perform a qualitative assessment on the other indefinite-lived intangible asset noting no events that indicated that the fair value was less than the carrying value that would require a quantitative impairment assessment. Goodwill Annual Impairment Test The Company performed a quantitative assessment for the Wet Shave, Skin Care, Sun Care and Feminine Care reporting units.
The assumptions used for the relief-from-royalty method include a weighted-average cost of capital of 11.25%, terminal growth rate ranging from 0.25% to 2.50% and royalty rates ranging from 2.0% to 5.0%.
The assumptions used for the income approach include a weighted-average cost of capital ranging from 11.0% to 12.0% and terminal growth rates of 2.5%.
However, the majority of returns occur in the U.S. from September through January, following the summer Sun Care season. We estimate the level of Sun Care returns as the Sun Care season progresses, using a variety of inputs including historical experience, consumption trends during the Sun Care season, obsolescence factors including expiration dates and inventory positions at key retailers.
We estimate the level of Sun Care returns as the Sun Care season progresses, using a variety of inputs including historical 37 experience, consumption trends during the Sun Care season, obsolescence factors including expiration dates and inventory positions at key retailers.
We continued to navigate the challenging and uncertain inflationary environment and resultant cost pressure with a combination of productivity efforts to achieve efficiencies and lower costs to our Cost of products sold and SG&A expenses and increase focus on revenue management.
We continued to navigate the challenging and uncertain inflationary environment and resultant cost pressure with a combination of productivity efforts to achieve efficiencies and lower costs to our Cost of products sold and SG&A expenses and increase focus on revenue management. We can provide no assurance that such mitigation will be available or effective in the future.
Segment Profit - Feminine Care For the Years Ended September 30, 2024 %Chg 2023 %Chg Segment profit - prior year $ 49.7 $ 31.5 Organic (20.8) (41.9) % 19.2 61.0 % Impact of currency (0.1) (0.2) % (1.0) (3.2) % Segment profit - current year $ 28.8 (42.1) % $ 49.7 57.8 % Feminine Care segment profit for fiscal 2024 was $28.8, a decrease of $20.9, or 42.1%, mostly due to lower organic net sales and the resulting unfavorable impact on gross profit. 29 General Corporate and Other Expenses Fiscal Year 2024 2023 General corporate and other expenses $ (65.7) $ (68.7) Restructuring and repositioning expenses (36.0) (17.1) Acquisition and integration planning costs (6.1) (7.5) SKU rationalization — 1.7 Sun Care reformulation (4.4) (1.9) Wet Ones manufacturing plant fire (12.2) — Legal matters (3.9) 6.3 Loss on investment (3.1) — Pension settlement expense — (7.9) Other project costs (5.3) (0.4) General corporate and other expenses $ (136.7) $ (95.5) % of net sales (6.1) % (4.2) % During fiscal 2024, corporate expenses were $65.7, or 2.9%, of net sales, compared to $68.7, or 3.1%, of net sales in the prior year.
Segment Profit - Feminine Care For the Years Ended September 30, 2025 %Chg 2024 %Chg Segment Profit - prior year $ 28.8 $ 49.7 Organic (12.5) (43.4) % (20.8) (41.9) % Impact of currency (0.7) (2.4) % (0.1) (0.2) % Segment Profit - current year $ 15.6 (45.8) % $ 28.8 (42.1) % Feminine Care segment profit for fiscal 2025 was $15.6, a decrease of $13.2, or 45.8%, mostly due to lower organic net sales and the resulting unfavorable impact on gross profit. 32 General Corporate and Other Expenses Fiscal Year 2025 2024 General corporate expenses $ (54.1) $ (65.7) Restructuring and related costs (53.1) — (36.0) Acquisition and integration costs (0.5) — (6.1) Sun Care reformulation costs (3.5) — (4.4) Wet Ones manufacturing plant fire — — (12.2) Legal matters — — (3.9) (Gain) loss on investment 0.9 — (3.1) Commercial realignment (2.9) — — Vendor bankruptcy (2.1) — — Impairment charges (51.1) — Other project and related costs (7.0) — (5.3) General corporate and other expenses $ (173.4) $ (136.7) % of net sales (7.8) % (6.1) % During fiscal 2025 and 2024, total general corporate and other expenses were $173.4, or 7.8%, of net sales, compared to $136.7, or 6.1% in the prior year quarter.
A&P was 10.3% of net sales for fiscal 2024, compared with 10.2% in fiscal 2023. The increase in A&P was primarily due to incremental investment in Women’s grooming and Sun Care, partially offset by Wet Shave.
A&P was 11.1% of net sales for fiscal 2025, compared with 10.3% in the prior year period. The increase in A&P was primarily due to incremental investment in Sun Care, Woman’s Shave, and Men’s Grooming, partially offset by Woman’s grooming.
Segment Profit - Sun and Skin Care For the Years Ended September 30, 2024 %Chg 2023 %Chg Segment profit - prior year $ 137.4 $ 108.8 Organic (7.3) (5.3) % 28.7 26.4 % Impact of currency 1.2 0.9 % (0.1) (0.1) % Segment profit - current year $ 131.3 (4.4) % $ 137.4 26.3 % Sun and Skin Care segment profit for fiscal 2024 was $131.3, a decrease of $6.1, or 4.4%.
International growth was primarily driven by volume growth in Skin Care and Grooming. 31 Segment Profit - Sun and Skin Care For the Years Ended September 30, 2025 %Chg 2024 %Chg Segment Profit - prior year $ 131.3 $ 137.4 Organic (28.1) (21.4) % (7.3) (5.3) % Impact of currency (4.8) (3.7) % 1.2 0.9% Segment Profit - current year $ 98.4 (25.1) % $ 131.3 (4.4) % Sun and Skin Care segment profit for fiscal 2025 was $98.4, a decrease of $32.9, or 25.1%.
Organic segment profit increased $47.4, or 29.9%, reflecting higher gross margin and lower marketing expense. 28 Sun and Skin Care Net Sales - Sun and Skin Care For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 705.5 $ 638.5 Organic 32.8 4.6 % 68.1 10.7 % Impact of currency 2.5 0.4 % (1.1) (0.2) % Net sales - current year $ 740.8 5.0 % $ 705.5 10.5 % Sun and Skin Care net sales for fiscal 2024 were $740.8, an increase of $35.3, or 5.0%.
Sun and Skin Care Net Sales - Sun and Skin Care For the Years Ended September 30, 2025 %Chg 2024 %Chg Net sales - prior year $ 740.8 $ 705.5 Organic 6.3 0.9 % 32.8 4.6 % Impact of currency (4.0) (0.6) % 2.5 0.4 % Net sales - current year $ 743.1 0.3 % $ 740.8 5.0 % Sun and Skin Care net sales for fiscal 2025 were $743.1, an increase of $2.3, or 0.3%.
Research and Development Expense Research and development expense (“R&D”) in fiscal 2024 was $58.4, a decrease of $0.1, or 0.2%, compared to $58.5 in the prior year. R&D remained flat at 2.6% of net sales. Restructuring Charges We incurred $36.0 in restructuring charges in fiscal 2024, consisting largely of severance, project implementation and other exit costs.
Research and Development Expense Research and development expense (“R&D”) in fiscal 2025 was $57.6, a decrease of $0.8, or 1.4%, compared to $58.4 in the prior year. R&D remained flat at 2.6% of net sales.
Those assumptions and estimates include market multiples, determination of comparable publicly traded companies, discount rates, terminal growth rates, and future levels of revenue growth and EBITDA margins based upon our annual business and strategic plan. The assumptions used for the income approach include a weighted-average cost of capital of 11.0% and terminal growth rates of 2.50%.
The key assumptions and estimates for the market and income approaches used to determine fair value of the reporting units include market multiples, determination of comparable publicly traded companies, discount rates, terminal growth rates, future levels of revenue growth and EBITDA margins based upon our annual business and strategic plan.
Determining the fair value of a reporting unit and indefinite-lived intangible assets requires the use of significant judgment, estimates and assumptions. While we believe that the estimates and assumptions underlying the valuation methodologies are reasonable, these estimates and assumptions could have a significant impact on whether an impairment charge is recognized and the magnitude of the charge.
While we believe that the estimates and assumptions underlying the valuation methodologies are reasonable, these estimates and assumptions could have a significant impact on whether an impairment charge is recognized and the magnitude of the charge. The results of an impairment analysis are as of a point in time.
Declines in earnings in lower tax rate jurisdictions, earnings increases in higher tax rate jurisdictions, or repatriation of foreign earnings or operating losses in the future could increase future tax rates. Additionally, adjustments to prior year tax provision estimates could increase or decrease future tax provisions. 27 Segment Results Segment performance is evaluated based on segment profit, excluding certain U.S.
Additionally, adjustments to prior year tax provision estimates could increase or decrease future tax provisions. 30 Segment Results Segment performance is evaluated based on segment profit, excluding certain U.S.
Goodwill The Company elected to perform a qualitative assessment of goodwill impairment for the Sun Care reporting unit and a quantitative assessment for the Wet Shave, Skin Care and Fem Care reporting units. In performing a quantitative assessment, we estimated the fair value of each reporting unit by using a weighted income and market approach.
We utilized independent valuation specialists and industry accepted valuation models in calculating the fair value of each reporting unit. In performing a quantitative assessment, we estimated the fair value of the Wet Shave, Skin Care and Sun Care reporting units by using an equally weighted income and market approach.
We can provide no assurance that such mitigation will be available in the future. 33 Seasonality Customer orders for sun care products within our Sun and Skin Care segment are highly seasonal. This has historically resulted in higher sun care sales to retailers during the late winter through mid-summer months.
Seasonality Customer orders for sun care products within our Sun and Skin Care segment are highly seasonal. This has historically resulted in higher sun care sales to retailers during the late winter through mid-summer months. Within our Wet Shave segment, sales of women’s products are moderately seasonal, with increased consumer demand in the spring and summer months.
Pension contributions required beyond fiscal 2025 represent future pension payments to comply with local funding requirements in the U.S. only. The projected contributions for the U.S. pension plans total $6.5 in fiscal 2025, $7.0 in fiscal 2026, $5.0 in fiscal 2027, $4.5 in fiscal 2028, and $4.2 in fiscal 2029. Estimated contributions beyond fiscal 2029 are not determinable.
The projected contributions for the U.S. pension plans total $5.6 in fiscal 2026, $3.6 in fiscal 2027, $2.7 in fiscal 2028, $2.4 in fiscal 2029, and $2.2 in fiscal 2030. Estimated contributions beyond fiscal 2030 are not determinable. We may also elect to make discretionary contributions.
Customers are required to pay for the Sun Care product purchased during the season under the required terms. Under certain circumstances, we allow customers to return Sun Care products that have not been sold by the end of the Sun Care season, which is normal practice in the Sun Care industry.
Under certain circumstances, we allow customers to return Sun Care products that have not been sold by the end of the Sun Care season, which is normal practice in the Sun Care industry. At the time of sale, we reduce net sales and cost of products sold for anticipated returns based upon an estimated return level.
A summary of our significant accounting policies is contained in Note 2 of Notes to Consolidated Financial Statements. This listing is not intended to be a comprehensive list of all of our accounting policies. Revenue Recognition Our revenue is generated by the sales of finished products to customers.
A summary of our significant accounting policies is contained in Note 2 of Notes to Consolidated Financial Statements. This listing is not intended to be a comprehensive list of all of our accounting policies. We believe the following accounting policies are the most critical in understanding the estimates and judgments that are involved in preparing our financial statements.
The increase in cash used by investing activities is also due to an outflow of $6.5 for an investment in a business. Financing Activities Net cash used by financing activities was $179.4 in fiscal 2024 as compared to $146.5 in fiscal 2023.
The increase is primarily related to capital expenditures which were $77.0 during fiscal 2025, compared to $56.5 in the prior year period, partially offset by an outflow of $6.5 for an investment in a business in the prior year period. Financing Activities Net cash used by financing activities was $30.0 in fiscal 2025 as compared to $179.4 in fiscal 2024.
Our cash is deposited with multiple counterparties which consist of major financial institutions. We consistently monitor positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.
We generally repatriate a portion of current year earnings from select non-U.S. subsidiaries only if the economic cost of the repatriation is not considered material. Our cash is deposited with multiple counterparties which consist of major financial institutions. We consistently monitor positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.
Some of these differences are permanent, 36 such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities.
Tax law requires certain items to be included in the tax return at different times than the items reflected in our financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense.
For further information, see Note 19 of Notes to Consolidated Financial Statements. During fiscal 2024, we recorded a charge of $3.1 for a loss on investment associated with an equity method investment and related note receivable as a result of a new contractual agreement.
The impairment was the result of our decision to divest the Feminine Care business. During fiscal 2025, we recorded a gain of $0.9 for an equity method investment. During fiscal 2024, we recorded a loss of $3.1 on an equity method investment and a related note receivable as a result of a new contractual agreement.
Organic segment profit decreased $7.3, or 5.3%, primarily driven by higher SG&A and marketing expenses, partially offset by higher gross margins.
Organic segment profit decreased $28.1, or 21.4%, driven by lower gross margin and higher SG&A and marketing expenses.
Based on the results of our annual quantitative assessment performed as of July 1, 2024, the fair values of our Wet Shave, Skin Care and Feminine Care reporting units exceeded their respective carrying values by 29%, 29% and 21%, respectively.
The fair values of our Wet Shave and Skin Care reporting units exceeded their respective carrying values by 15% and 13%, respectively. The carrying value of the goodwill of our Wet Shave and Skin Care reporting units as of July 1, 2025 was $1,571.0 and $432.0, respectively.
The decrease in corporate expenses was primarily due to lower incentive compensation expense, partially offset by higher people expenses. During fiscal 2024 and 2023, we incurred $36.0 and $17.1, respectively, in restructuring and repositioning expenses, consisting largely of severance, project implementation and other exit costs.
During fiscal 2025, general corporate expenses decreased primarily related to lower incentive compensation which was partially offset by higher people costs, compared to the prior year period. During fiscal 2025, we incurred restructuring and related costs of $53.1, compared to $36.0 in the prior year period.
Income Taxes Our annual effective income tax rate is determined based on our income, statutory tax rates and the tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items to be included in the tax return at different times than the items reflected in our financial statements.
This requires management to make assumptions regarding future income, working capital, and discount rates, which would affect the impairment calculation. 38 Income Taxes Our annual effective income tax rate is determined based on our income, statutory tax rates and the tax impacts of items treated differently for tax purposes than for financial reporting purposes.
This includes a $15.6 restructuring charge related to certain operational and organizational steps designed to streamline the Company’s operations and supply chain by consolidating its current Mexico operations in Obregon and Mexico City into a single facility in Aguascalientes, Mexico. We expect to incur restructuring charges of approximately $29 in fiscal 2025.
In fiscal 2024, it was announced that we were undertaking certain operational and organizational steps designed to streamline our operations and supply chain by consolidating our current Mexico operations in Obregon and Mexico City into a single facility in Aguascalientes, Mexico. As a result of these actions, we expect to incur pre-tax charges of approximately $49.0 in fiscal 2026.
On an adjusted basis, net earnings for fiscal 2024 increased 13.8% to $153.0 . Adjusted net earnings increased primarily due to higher gross margin. • Diluted net earnings per share during fiscal 2024 was $1.97 compared to earnings of $2.21 in the prior fiscal year.
Adjusted net earnings decreased primarily due to lower gross margin and higher brand investment, which was partially offset by lower SG&A. • Diluted net earnings per share during fiscal 2025 was $0.53 compared to earnings of $1.97 in the prior fiscal year.
For further discussion regarding net sales, including a summary of reported versus organic changes, see “Segment Results.” Gross Profit Gross profit was $955.7 in fiscal 2024, as compared to $940.8 in fiscal 2023, an increase of $14.9, or 1.6%. Gross margin for fiscal 2024 was 42.4% of net sales compared to 41.8% in the prior year period.
In aggregate, organic net sales decreased as a result of volume declines in Wet Shave, Feminine Care and Sun Care. For further discussion regarding net sales, including a summary of reported versus organic changes, see “Segment Results.” Gross Profit Gross profit was $924.9 in fiscal 2025, as compared to $955.7 in fiscal 2024, a decrease of $30.8, or 3.2%.
Recently Issued Accounting Standards Refer to Note 2 of Notes to Consolidated Financial Statements for a discussion regarding recently issued accounting standards and their estimated impact on our financial statements. 38
There is no assurance that actual future earnings or cash flows of the reporting units will not decline significantly from these projections. 41 Recently Issued Accounting Standards Refer to Note 2 of Notes to Consolidated Financial Statements for a discussion regarding recently issued accounting standards and their estimated impact on our financial statements.
Within our Wet Shave segment, sales of women’s products are moderately seasonal, with increased consumer demand in the spring and summer months. See “Our business is subject to seasonal volatility” in Item 1A. Risk Factors. Foreign Currency Certain net sales and costs of our international operations are denominated in the local currency of the respective countries.
See “Our business is subject to seasonal volatility” in Item 1A. Risk Factors. Foreign Currency Certain net sales and costs of our international operations are denominated in the local currency of the respective countries. As such, sales and profits from these subsidiaries may be impacted by fluctuations in the value of these local currencies relative to the U.S. dollar.
Other Expense (income), Net Other expense (income), net was expense of $1.9 in fiscal 2024 compared to expense of $0.8 in fiscal 2023, which included currency hedge and remeasurement gains of $8.3 in fiscal 2024 compared to $12.7 in fiscal 2023.
The impact was partially offset by currency hedge and remeasurement losses of $0.6 in fiscal 2025 compared to a gain of $8.3 in fiscal 2024. Adjusted other (income) expense, net was expense of $3.0 compared to income of $1.2 in the prior year period. The current year period included $2.3 of other project gains.
We also corroborate the fair value through a market capitalization reconciliation to determine whether the implied control premium is reasonable based on recent market transactions and other qualitative considerations. The key assumptions for the market and income approaches used to determine fair value of the reporting units are updated at least annually.
As discussed in Note 21 of Notes to Consolidated Financial Statements, the Company entered into a definitive agreement to sell this reporting unit for a purchase price of $340.0. We also corroborate the fair value through a market capitalization reconciliation to determine whether the implied control premium is reasonable based on recent market transactions and other qualitative considerations.
Organic net sales increased $4.3, or 0.2%, as 7.3% growth in international markets, reflecting both increased volumes and price, was partially offset by a 3.8% decrease in North America organic net sales, primarily reflecting volume declines in Feminine Care, Wet Shave and Wet Ones, partially offset by organic growth across Sun Care and Grooming.
Organic net sales decreased $30.0, or 1.3%. International markets delivered organic growth of 3.5%, driven by higher volumes and increased pricing. North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by growth in Skin Care and Grooming.
The discount rates were based on a weighted-average cost of capital utilizing industry market data of similar publicly traded companies. Terminal growth rates are based on industry market data. We estimated royalty rates based on the operating profits of the brand.
Terminal growth rates are based on industry market data. We estimated royalty rates based on the operating profits of the brand. The assumptions used for the relief-from-royalty method include a weighted-average cost of capital ranging from 11.25% to 12.25%, royalty rates ranging from 2.0% to 5.0% and terminal growth rate of 2.5%.
Income Tax Provision Income taxes, which include federal, state and foreign taxes, were 18.5% and 22.3% of Earnings before income taxes in fiscal 2024 and 2023, respectively. The fiscal 2024 effective tax rate reflects a favorable mix of earnings in lower tax rate jurisdictions and the impact of a change in the Company’s prior estimates.
Income Tax (Benefit) Provision Income taxes, which include federal, state and foreign taxes, was a benefit of (7.3)% compared to expense of 18.5% of Earnings before income taxes in fiscal 2025 and 2024, respectively.
The increase in fiscal 2024 was driven by favorable changes in working capital, partially offset by decreased earnings. Investing Activities Cash flow used by investing activities was $62.4 in fiscal 2024 as compared to $50.5 in fiscal 2023. Capital expenditures were $56.5 during fiscal 2024, compared to $49.5 in the prior year period.
The decrease in fiscal 2025 was driven by changes in net working capital and lower earnings. Investing Activities Cash flow used by investing activities was $72.9 in fiscal 2025 as compared to $62.4 in fiscal 2024.
We manage our worldwide cash requirements by reviewing available funds among the many subsidiaries through which we conduct business and the cost effectiveness with which those funds can be accessed. We generally repatriate a portion of current year earnings from select non-U.S. subsidiaries only if the economic cost of the repatriation is not considered material.
Refer to Note 18 of Notes to Consolidated Financial Statements for a discussion of the primary currencies to which the Company is exposed. We manage our worldwide cash requirements by reviewing available funds among the many subsidiaries through which we conduct business and the cost effectiveness with which those funds can be accessed.
Organic net sales increased $4.3, or 0.2%, as 7.3% growth in international markets, reflecting both increased volumes and price, was partially offset by a 3.8% decrease in North America organic net sales, primarily reflecting volume declines in Feminine Care, Wet Shave and Wet Ones, partially offset by organic growth across Sun Care and Grooming. • Net earnings for fiscal 2024 decreased $16.1, or 14.0%, to $98.6.
Organic net sales decreased $30.0, or 1.3%. International markets delivered organic growth of 3.5%, driven by higher volumes and increased pricing. North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by growth in Skin Care and Grooming.
Adjusted SG&A increased 40-basis points to 18.5% of net sales, primarily driven by higher people expenses, legal costs, and broker costs, partially offset by operational efficiency savings, lower bad debt expense and lower incentive compensation expense. 26 Advertising and Sales Promotion Expense For fiscal 2024, Advertising and Sales Promotion Expense (“A&P”) was $232.0, up $2.9, or 1.3%, compared to fiscal 2023.
Adjusted SG&A increased 10-basis points to 18.6% of net sales as compared to 18.5% in the prior year, as lower incentive compensation expense and legal costs were offset by higher people and corporate project expenses. Advertising and Sales Promotion Expense Advertising and Sales Promotion Expense (“A&P”) was $246.7, an increase of $14.7, or 6.3%, compared to the prior year period.
Interest Expense Associated with Debt Interest expense associated with debt for fiscal 2024 was $76.5, a decrease of $2.0, or 2.5%, as compared to $78.5 in fiscal 2023. The decrease in interest expense was the result of a lower overall debt balance on the Company’s Revolving Credit Facility, partially offset by higher interest rates.
The decrease in interest expense was the result of higher capitalized interest for projects with capital expenditures and lower interest rates, partially offset by higher borrowing levels on our U.S. revolving credit facility. Other expense (income), net Other expense (income), net was income of $0.2 in fiscal 2025 compared to expense of $1.9 in the prior year period.
Dividend payments totaled $30.7 in fiscal 2024, compared to $31.5 in the prior year period. We had financing outflows for employee equity awards held for taxes totaling $7.3 in fiscal 2024, compared to $9.0 in the prior year period.
Dividend payments totaled $29.3 in fiscal 2025, compared to $30.7 in the prior year period.
On an adjusted basis, the effective tax rate for fiscal 2024 was 20.3% compared to 23.0% in the prior year. Our effective tax rate is highly sensitive to the mix of countries from which earnings or losses are derived.
Our effective tax rate is highly sensitive to the mix of countries from which earnings or losses are derived. Declines in earnings in lower tax rate jurisdictions, earnings increases in higher tax rate jurisdictions, or repatriation of foreign earnings or operating losses in the future could increase future tax rates.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

11 edited+1 added−1 removed7 unchanged
Biggest changeInterest Rate Exposure Our exposure to interest rate risk relates primarily to our variable-rate debt instruments, which currently bear interest based on LIBOR plus margin. As of September 30, 2024, our outstanding debt included $34.0 related to our Revolving Credit Facility and international, variable-rate note payable.
Biggest changeAt September 30, 2025, there were no open derivative or hedging instruments for future purchases of raw materials or commodities. Interest Rate Exposure Our exposure to interest rate risk relates primarily to our variable-rate debt instruments, which currently bear interest based on SOFR plus margin.
Derivatives Designated as Cash Flow Hedging Relationships At September 30, 2024, we maintained a cash flow hedging program related to foreign currency risk. These derivative instruments have a high correlation to the underlying exposure being hedged and have been deemed highly effective by the Company for accounting purposes in offsetting the associated risk.
Derivatives Designated as Cash Flow Hedging Relationships At September 30, 2025, we maintained a cash flow hedging program related to foreign currency risk. These derivative instruments have a high correlation to the underlying exposure being hedged and have been deemed highly effective by the Company for accounting purposes in offsetting the associated risk.
Changes in the value of the non-functional currency balance sheet positions in relation to the foreign subsidiary’s local currency result in an exchange gain or loss recorded in Other expense (income), net in the Consolidated Statements of Earnings and Comprehensive Income. The primary currency to which our foreign subsidiaries are exposed is the U.S. dollar.
Changes in the value of the non-functional currency balance sheet positions in relation to the foreign subsidiary’s local currency result in an exchange gain or loss recorded in Other expense (income), net in the Consolidated Statement of Earnings and Comprehensive Income. The primary currency to which our foreign subsidiaries are exposed is the U.S. dollar.
We enter into forward currency contracts to hedge the cash flow uncertainty associated with currency fluctuations. These transactions are accounted for as cash flow hedges. We had unrealized pre-tax gains of $2.4 and $4.4 at September 30, 2024 and 2023, respectively, on these forward currency contracts accounted for as cash flow hedges included in Accumulated other comprehensive loss (“AOCI”).
We enter into forward currency contracts to hedge the cash flow uncertainty associated with currency fluctuations. These transactions are accounted for as cash flow hedges. We had unrealized pre-tax gains of $1.4 and $2.4 at September 30, 2025 and 2024, respectively, on these forward currency contracts accounted for as cash flow hedges included in Accumulated other comprehensive loss (“AOCI”).
Assuming foreign exchange rates versus the U.S. dollar remain at September 30, 2024 levels over the next 12 months, the majority of the pre-tax gain included in AOCI at September 30, 2024 is expected to be included in Other expense (income), net. Contract maturities for these hedges extend into fiscal year 2026.
Assuming foreign exchange rates versus the U.S. dollar remain at September 30, 2025 levels over the next 12 months, the majority of the pre-tax gain included in AOCI at September 30, 2025 is expected to be included in Other expense (income), net. Contract maturities for these hedges extend into fiscal year 2027.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. ($ in millions) The market risk inherent in our financial instruments and positions represents the potential loss arising from adverse changes in currency rates, commodity prices, interest rates, and our stock price.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. ($ in millions, except per share data) The market risk inherent in our financial instruments and positions represents the potential loss arising from adverse changes in currency rates, commodity prices, interest rates, and our stock price.
There were 64 open foreign currency contracts at September 30, 2024 with a notional value of $106.5. For further information on our derivatives designated as cash flow hedging relationships, see Note 18 of Notes to Consolidated Financial Statements.
There were 64 open foreign currency contracts at September 30, 2025 with a notional value of $125.2. For further information on our derivatives designated as cash flow hedging relationships, see Note 18 of Notes to Consolidated Financial Statements.
The change in the estimated fair value of the foreign currency contracts resulted in gains of $0.4 and $3.0 for fiscal 2024 and 2023, respectively, which were recorded in Other expense (income), net in the Consolidated Statements of Earnings and Comprehensive Income.
The change in the estimated fair value of the foreign currency contracts resulted in gains of $0.6 and $0.4 for fiscal 2025 and 2024, respectively, which were recorded in Other expense (income), net in the Consolidated Statement of Earnings and Comprehensive Income.
At times, we have used, and may in the future, use hedging instruments to reduce exposure to variability in cash flows associated with future purchases of certain materials and commodities. At September 30, 2024, there were no open derivative or hedging instruments for future purchases of raw materials or commodities.
Commodity Price Exposure We use raw materials that are subject to price volatility. At times, we have used, and may in the future, use hedging instruments to reduce exposure to variability in cash flows associated with future purchases of certain materials and commodities.
There was one open foreign currency derivative contract with a notional value of $9.0. which was not designated as a cash flow hedge at September 30, 2024.
There was one open foreign currency derivative contract with a notional value of $9.0. which was not designated as a cash flow hedge at September 30, 2025. 42 For further information on our derivatives not designated as cash flow hedging relationships, see Note 18 of Notes to Consolidated Financial Statements.
Assuming a one percent increase in the applicable interest rates, annual interest expense would increase by approximately $0.3. The remaining outstanding debt as of September 30, 2024 is fixed-rate debt. Changes in market interest rates generally affect the fair value of fixed-rate debt, but do not impact earnings or cash flows.
Changes in market interest rates generally affect the fair value of fixed-rate debt, but do not impact earnings or cash flows.
Removed
For further information on our derivatives not designated as cash flow hedging relationships, see Note 18 of Notes to Consolidated Financial Statements. 39 Commodity Price Exposure We use raw materials that are subject to price volatility.
Added
As of September 30, 2025, our outstanding debt included $140.0 related to our Revolving Credit Facility and international, variable-rate note payable. Assuming a one percent increase in the applicable interest rates, annual interest expense would increase by approximately $1.7. The remaining outstanding debt as of September 30, 2025 is fixed-rate debt.

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