GRIFFON CORPGFF
GRIFFON CORP Segments Disclosure
REPORTABLE SEGMENTS
Griffon conducts its operations through two reportable segments, as follows:
•Home and Building Products ("HBP") conducts its operations through Clopay Corporation ("Clopay"). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Clopay, Cornell and Cookson brands.
•Consumer and Professional Products (“CPP”) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.
Information on Griffon’s reportable segments from continuing operations is as follows:
| For the Years Ended September 30, | |||||||||||||||||
| REVENUE | 2025 | 2024 | 2023 | ||||||||||||||
| Home and Building Products | $ | 1,584,182 | $ | 1,588,625 | $ | 1,588,505 | |||||||||||
| Consumer and Professional Products | 935,744 | 1,034,895 | 1,096,678 | ||||||||||||||
| Total revenue | $ | 2,519,926 | $ | 2,623,520 | $ | 2,685,183 | |||||||||||
Griffon defines our reportable segments based on the way the Chief Operating Decision Maker ("CODM"), which is our Chief Executive Officer, manages the operations of the Company for purposes of allocating resources and assessing segment performance. The CODM evaluates performance and allocates resources based on segment adjusted EBITDA, a non-GAAP measure, defined as income before taxes, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment, and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to its investors for the same reason.
The following table provides a reconciliation of segment adjusted EBITDA to income before taxes:
| Home and Building Products | Consumer and Professional Products | ||||||||||||||||||||||||||||||||||
| For the Years Ended September 30, | For the Years Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
Revenue | $ | 1,584,182 | $ | 1,588,625 | $ | 1,588,505 | $ | 935,744 | $ | 1,034,895 | $ | 1,096,678 | |||||||||||||||||||||||
Adjusted costs of goods and services (1) | (819,944) | (819,784) | (818,020) | (641,977) | (747,504) | (836,314) | |||||||||||||||||||||||||||||
Adjusted selling, general and administrative expenses (2) | (287,237) | (282,875) | (274,163) | (258,148) | (262,571) | (263,559) | |||||||||||||||||||||||||||||
Depreciation and amortization | 17,592 | 15,349 | 15,066 | 44,856 | 44,797 | 49,811 | |||||||||||||||||||||||||||||
Other segment items (3) | (17) | (314) | (512) | 5,070 | 3,015 | 3,727 | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA (4) | $ | 494,576 | $ | 501,001 | $ | 510,876 | $ | 85,545 | $ | 72,632 | $ | 50,343 | |||||||||||||||||||||||
| For the Years Ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment Adjusted EBITDA: | |||||||||||||||||
| Home and Building Products | $ | 494,576 | $ | 501,001 | $ | 510,876 | |||||||||||
| Consumer and Professional Products | 85,545 | 72,632 | 50,343 | ||||||||||||||
| Segment Adjusted EBITDA | 580,121 | 573,633 | 561,219 | ||||||||||||||
Unallocated amounts, excluding depreciation(5) | (57,828) | (60,031) | (55,887) | ||||||||||||||
| Net interest expense | (93,857) | (101,652) | (99,351) | ||||||||||||||
| Depreciation and amortization | (63,014) | (60,704) | (65,445) | ||||||||||||||
Goodwill and intangible asset impairments | (243,612) | — | (109,200) | ||||||||||||||
Impact of retirement plan events | 1,165 | — | — | ||||||||||||||
Gain (loss) on sale of real estate | 8,279 | (61) | 12,655 | ||||||||||||||
| Strategic review - retention and other | (3,883) | (10,594) | (20,225) | ||||||||||||||
| Restructuring charges | — | (41,309) | (92,468) | ||||||||||||||
Debt extinguishment, net | — | (1,700) | (437) | ||||||||||||||
| Acquisition costs | — | (441) | — | ||||||||||||||
| Fair value step-up of acquired inventory sold | — | (491) | — | ||||||||||||||
| Special dividend ESOP charges | — | — | (15,494) | ||||||||||||||
| Proxy expenses | — | — | (2,685) | ||||||||||||||
Income before taxes | $ | 127,371 | $ | 296,650 | $ | 112,682 | |||||||||||
__________________________________
(1) Adjusted costs of goods and services excludes restructuring and other costs and acquisition related expenses, and includes depreciation and amortization.
(2) Adjusted selling, general and administrative expenses excludes strategic review - retention and other expenses, special dividend ESOP charges, restructuring and other costs, and goodwill and intangible asset impairments, and includes depreciation and amortization.
(3) The Other segment items category includes rental income, foreign exchange gains/losses and other miscellaneous expenses.
(4) Segment Adjusted EBITDA includes other income and excludes depreciation, amortization and normalized items.
(5) Unallocated amounts mainly consists of corporate overhead costs maintained at the corporate level, which is not allocated to the business segments. These expenses include equity-based compensation costs, expenses relating to treasury, accounting, consulting, advisory, legal, tax and audit, insurance, financial reporting services and various administrative expenses related to the corporate headquarters.
| For the Years Ended September 30, | |||||||||||||||||
| DEPRECIATION and AMORTIZATION | 2025 | 2024 | 2023 | ||||||||||||||
| Segment: | |||||||||||||||||
| Home and Building Products | $ | 17,592 | $ | 15,349 | $ | 15,066 | |||||||||||
| Consumer and Professional Products | 44,856 | 44,797 | 49,811 | ||||||||||||||
| Total segment depreciation and amortization | 62,448 | 60,146 | 64,877 | ||||||||||||||
| Corporate | 566 | 558 | 568 | ||||||||||||||
| Total consolidated depreciation and amortization | $ | 63,014 | $ | 60,704 | $ | 65,445 | |||||||||||
| CAPITAL EXPENDITURES | |||||||||||||||||
| Segment: | |||||||||||||||||
Home and Building Products(1) | $ | 30,200 | $ | 41,765 | $ | 24,065 | |||||||||||
Consumer and Professional Products(2) (3) | 17,385 | 26,330 | 39,476 | ||||||||||||||
| Total segment | 47,585 | 68,095 | 63,541 | ||||||||||||||
Corporate(4) | 4,850 | 304 | 63 | ||||||||||||||
| Total consolidated capital expenditures | $ | 52,435 | $ | 68,399 | $ | 63,604 | |||||||||||
(1) During the year ended September 30, 2023, HBP's capital expenditures included approximately $6,000 in connection with the purchase of HBP's Mason headquarters.
(2) During the year ended September 30, 2023, CPP's capital expenditures included approximately $23,207 in connection with the purchase of CPP's Ocala, Florida manufacturing facility.
(3) During the years ended September 30, 2025, 2024 and 2023, CPP capital expenditures excludes proceeds from the sale of real estate and equipment of approximately $17,729, $13,271 and $8,900, respectively.
(4) During the year ended September 30, 2023, Corporate's capital expenditures exclude proceeds from the sale of real estate of approximately $11,800.
ASSETS | At September 30, 2025 | At September 30, 2024 | |||||||||
| Segment assets: | |||||||||||
| Home and Building Products | $ | 770,072 | $ | 737,992 | |||||||
Consumer and Professional Products(1) | 1,164,957 | 1,495,489 | |||||||||
| Total segment assets | 1,935,029 | 2,233,481 | |||||||||
| Corporate | 122,607 | 133,408 | |||||||||
| Total continuing assets | 2,057,636 | 2,366,889 | |||||||||
| Other discontinued operations | 6,001 | 4,065 | |||||||||
| Consolidated total | $ | 2,063,637 | $ | 2,370,954 | |||||||
__________________________
(1) In connection with the expansion of CPP's global sourcing strategy, certain owned manufacturing locations which concluded operations have met the criteria to be classified as held for sale as of September 30, 2025. The aggregate net book value of these properties as of September 30, 2025 totaled $5,609.
The Company’s long-lived assets are concentrated primarily in the United States, which accounted for approximately 84% and 85% of the Company’s total long-lived assets as of September 30, 2025 and 2024, respectively. No foreign country accounted for more than 10% of the Company’s total long-lived assets as of September 30, 2025 and 2024.
Disaggregation of Revenue
Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it more accurately depicts the nature and amount of the Company’s revenue.
| For the Years Ended September 30, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
Residential repair and remodel(1) | $ | 771,585 | $ | 769,691 | $ | 757,088 | |||||
| Commercial | 676,626 | 684,388 | 700,112 | ||||||||
Residential new construction(1) | 135,971 | 134,546 | 131,305 | ||||||||
| Total Home and Building Products | 1,584,182 | 1,588,625 | 1,588,505 | ||||||||
| Residential repair and remodel | $ | 289,091 | $ | 352,797 | $ | 377,775 | |||||
| Retail | 170,838 | 234,591 | 267,046 | ||||||||
| Residential new construction | 55,367 | 57,537 | 51,093 | ||||||||
| Industrial | 72,352 | 67,738 | 78,308 | ||||||||
| International excluding North America | 348,096 | 322,232 | 322,456 | ||||||||
| Total Consumer and Professional Products | 935,744 | 1,034,895 | 1,096,678 | ||||||||
| Total Revenue | $ | 2,519,926 | $ | 2,623,520 | $ | 2,685,183 | |||||
_____________________________________
(1) The breakout between residential new construction and residential repair and remodel contains certain management assumptions, such as customer and product type.
The following table presents revenue disaggregated by geography based on the location of the Company's customer:
| For the Year Ended September 30, 2025 | |||||||||||
| Revenue by Geographic Area - Destination | Home and Building Products | Consumer and Professional Products | Total | ||||||||
| United States | $ | 1,523,828 | $ | 516,273 | $ | 2,040,101 | |||||
| Europe | — | 41,768 | 41,768 | ||||||||
| Canada | 49,458 | 62,573 | 112,031 | ||||||||
| Australia | — | 289,018 | 289,018 | ||||||||
| All other countries | 10,896 | 26,112 | 37,008 | ||||||||
| Total Revenue | $ | 1,584,182 | $ | 935,744 | $ | 2,519,926 | |||||
| For the Year Ended September 30, 2024 | |||||||||||
| Revenue by Geographic Area - Destination | Home and Building Products | Consumer and Professional Products | Total | ||||||||
| United States | $ | 1,519,063 | $ | 638,782 | $ | 2,157,845 | |||||
| Europe | 112 | 52,933 | 53,045 | ||||||||
| Canada | 60,995 | 67,375 | 128,370 | ||||||||
| Australia | — | 251,778 | 251,778 | ||||||||
| All other countries | 8,455 | 24,027 | 32,482 | ||||||||
| Total Revenue | $ | 1,588,625 | $ | 1,034,895 | $ | 2,623,520 | |||||
| For the Year Ended September 30, 2023 | |||||||||||
| Revenue by Geographic Area - Destination | Home and Building Products | Consumer and Professional Products | Total | ||||||||
| United States | $ | 1,515,479 | $ | 716,098 | $ | 2,231,577 | |||||
| Europe | 18 | 51,041 | 51,059 | ||||||||
| Canada | 62,897 | 75,477 | 138,374 | ||||||||
| Australia | — | 231,764 | 231,764 | ||||||||
| All other countries | 10,111 | 22,298 | 32,409 | ||||||||
| Total Revenue | $ | 1,588,505 | $ | 1,096,678 | $ | 2,685,183 | |||||
As a percentage of segment revenue, HBP sales to The Home Depot approximated 9%, 8% and 9% in 2025, 2024 and 2023, respectively; CPP sales to The Home Depot approximated 12%, 15% and 15% in 2025, 2024 and 2023, respectively.
As a percentage of Griffon's consolidated revenue, sales to The Home Depot approximated 10%, 11% and 12% in 2025, 2024 and 2023, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 19, 2025 | Showing above |
| 2024 | Nov 13, 2024 | |
| 2023 | Nov 16, 2023 | |
| 2022 | Nov 18, 2022 | |
| 2021 | Nov 17, 2021 | |
| 2020 | Nov 13, 2020 | |
| 2019 | Nov 22, 2019 | |
| 2018 | Nov 19, 2018 | |
| 2017 | Nov 20, 2017 | |
| 2016 | Nov 17, 2016 | |
| 2015 | Nov 12, 2015 | |
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.