CHURCH & DWIGHT CO INC /DE/ Segments Disclosure
Segment Information
The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division. These segments are determined based on differences in the nature of products and organizational and ownership structures.
Segment revenues are derived from the sale of the following products:
Segment |
|
|
Products / Other |
|
Consumer Domestic |
|
Household and personal care products |
||
Consumer International |
|
Primarily personal care products |
||
SPD |
|
Specialty Products |
||
As of December 31, 2025, the Company holds a 50% ownership interest in Armand. The Company's 50% interest in ArmaKleen was sold to our joint venture partner in October of 2024. The transaction is not material to the Company’s results of operations or cash flows. The Company’s equity in earnings of Armand and ArmaKleen, totaling $7.9, $9.1, and $8.7 for the three years ending December 31, 2025, 2024 and 2023, respectively, are not included in a reportable segment.
Our reportable segments comprise the structure used by our Chief Executive Officer, who has been determined to be the Chief Operating Decision Maker ("CODM") to make key operating decisions and assess performance. The CODM considers Income from Operations for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. Asset information and capital expenditures are not regularly provided to the CODM.
The following tables present financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2025:
|
|
Year Ended December 31, 2025 |
|
|||||||||||||||||
|
|
Consumer Domestic |
|
|
Consumer International |
|
|
SPD |
|
|
Consolidating Reclassification(1) |
|
|
Total Consolidated |
|
|||||
Net Sales |
|
$ |
4,774.8 |
|
|
$ |
1,129.4 |
|
|
$ |
299.0 |
|
|
|
- |
|
|
$ |
6,203.2 |
|
Cost of sales |
|
|
2,544.0 |
|
|
|
625.5 |
|
|
|
190.4 |
|
|
|
68.5 |
|
|
|
3,428.4 |
|
Gross Profit |
|
|
2,230.8 |
|
|
|
503.9 |
|
|
|
108.6 |
|
|
|
(68.5 |
) |
|
|
2,774.8 |
|
Marketing expenses |
|
|
532.7 |
|
|
|
172.7 |
|
|
|
3.5 |
|
|
|
- |
|
|
|
708.9 |
|
Research and Development(2) |
|
|
129.1 |
|
|
|
13.5 |
|
|
|
3.0 |
|
|
|
- |
|
|
|
145.6 |
|
Selling, general and administrative expenses |
|
|
648.2 |
|
|
|
201.5 |
|
|
|
61.5 |
|
|
|
(68.5 |
) |
|
|
842.7 |
|
Income from Operations |
|
|
920.8 |
|
|
|
116.2 |
|
|
|
40.6 |
|
|
|
- |
|
|
|
1,077.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, 2024 |
|
|||||||||||||||||
|
|
Consumer Domestic |
|
|
Consumer International |
|
|
SPD |
|
|
Consolidating Reclassification(1) |
|
|
Total Consolidated |
|
|||||
Net Sales |
|
$ |
4,732.3 |
|
|
$ |
1,071.5 |
|
|
$ |
303.3 |
|
|
$ |
- |
|
|
$ |
6,107.1 |
|
Cost of sales |
|
|
2,450.1 |
|
|
|
605.5 |
|
|
|
193.5 |
|
|
|
67.9 |
|
|
|
3,317.0 |
|
Gross Profit |
|
|
2,282.2 |
|
|
|
466.0 |
|
|
|
109.8 |
|
|
|
(67.9 |
) |
|
|
2,790.1 |
|
Marketing expenses |
|
|
538.5 |
|
|
|
156.9 |
|
|
|
2.7 |
|
|
|
- |
|
|
|
698.1 |
|
Research and Development(2) |
|
|
123.7 |
|
|
|
12.7 |
|
|
|
3.3 |
|
|
|
- |
|
|
|
139.7 |
|
Selling, general and administrative expenses |
|
|
607.7 |
|
|
|
183.6 |
|
|
|
64.7 |
|
|
|
(67.9 |
) |
|
|
788.1 |
|
VMS Trade name and other asset impairments |
|
|
327.4 |
|
|
|
29.7 |
|
|
|
- |
|
|
|
- |
|
|
|
357.1 |
|
Income from Operations |
|
|
684.9 |
|
|
|
83.1 |
|
|
|
39.1 |
|
|
|
- |
|
|
|
807.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, 2023 |
|
|||||||||||||||||
|
|
Consumer Domestic |
|
|
Consumer International |
|
|
SPD |
|
|
Consolidating Reclassification(1) |
|
|
Total Consolidated |
|
|||||
Net Sales |
|
$ |
4,571.2 |
|
|
$ |
975.7 |
|
|
$ |
321.0 |
|
|
|
- |
|
|
$ |
5,867.9 |
|
Cost of sales |
|
|
2,434.0 |
|
|
|
568.7 |
|
|
|
216.3 |
|
|
|
60.4 |
|
|
|
3,279.4 |
|
Gross Profit |
|
|
2,137.2 |
|
|
|
407.0 |
|
|
|
104.7 |
|
|
|
(60.4 |
) |
|
|
2,588.5 |
|
Marketing expenses |
|
|
509.5 |
|
|
|
127.7 |
|
|
|
4.1 |
|
|
|
- |
|
|
|
641.3 |
|
Research and Development(2) |
|
|
107.1 |
|
|
|
11.1 |
|
|
|
4.2 |
|
|
|
- |
|
|
|
122.4 |
|
Selling, general and administrative expenses |
|
|
590.9 |
|
|
|
164.0 |
|
|
|
72.9 |
|
|
|
(60.4 |
) |
|
|
767.4 |
|
Income from Operations |
|
|
929.7 |
|
|
|
104.2 |
|
|
|
23.5 |
|
|
|
- |
|
|
|
1,057.4 |
|
Other segment expenses for each of the three years in the period ended December 31, 2025 include the following:
|
|
Consumer Domestic |
|
|
Consumer International |
|
|
SPD |
|
|
Total Consolidated |
|
||||
Depreciation & Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
2025 |
|
$ |
210.1 |
|
|
$ |
25.8 |
|
|
$ |
11.5 |
|
|
$ |
247.4 |
|
2024 |
|
|
199.8 |
|
|
|
29.1 |
|
|
|
10.2 |
|
|
|
239.1 |
|
2023 |
|
|
183.9 |
|
|
|
27.7 |
|
|
|
13.6 |
|
|
|
225.2 |
|
Other than the differences noted in the footnote above, the accounting policies followed by each of the segments, including intersegment transactions, are substantially consistent with the accounting policies described in Note 1.
Product line revenues from external customers for each of the three years ended December 31, 2025, 2024 and 2023 were as follows:
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Household Products |
|
$ |
2,556.9 |
|
|
$ |
2,584.3 |
|
|
$ |
2,484.1 |
|
Personal Care Products |
|
|
2,217.9 |
|
|
|
2,148.0 |
|
|
|
2,087.1 |
|
Total Consumer Domestic |
|
|
4,774.8 |
|
|
|
4,732.3 |
|
|
|
4,571.2 |
|
Total Consumer International |
|
|
1,129.4 |
|
|
|
1,071.5 |
|
|
|
975.7 |
|
Total SPD |
|
|
299.0 |
|
|
|
303.3 |
|
|
|
321.0 |
|
Total Consolidated Net Sales |
|
$ |
6,203.2 |
|
|
$ |
6,107.1 |
|
|
$ |
5,867.9 |
|
Household Products include laundry, deodorizing, and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin care products, hair care products and gummy dietary supplements.
Geographic Information
Approximately 82%, 82% and 83% of the net sales reported in the accompanying consolidated financial statements in 2025, 2024 and 2023, respectively, were to customers in the U.S. Approximately 96%, 96% and 96% of long-lived assets were located in the U.S. at December 31, 2025, 2024 and 2023, respectively. Other than the U.S., no one country accounts for more than 5% of consolidated net sales and 5% of total assets.
Customers
A group of four customers accounted for approximately 44%, 43% and 44% of consolidated net sales in 2025, 2024, and 2023, respectively, of which a single customer (Walmart Inc. and its affiliates) accounted for approximately 23%, 23% and 23% in 2025, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.