NEWELL BRANDS INC.NWL
NEWELL BRANDS INC. Segments Disclosure
Segment Information
The Company’s three primary operating segments are as follows:
| Segment | Key Brands | Description of Primary Products | ||||||||||||
| Home and Commercial Solutions | Ball(a), Calphalon, Chesapeake Bay, Crockpot, FoodSaver, Mapa, Mr. Coffee, Oster, Rubbermaid, Rubbermaid Commercial Products, Sistema, Spontex, Sunbeam, WoodWick and Yankee Candle | Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions; household products, including kitchen appliances; food and home storage products; fresh preserving products; vacuum sealing products; gourmet cookware, bakeware and cutlery and home fragrance products | ||||||||||||
| Learning and Development | Dymo, Elmer’s, EXPO, Graco, NUK, Paper Mate, Parker and Sharpie | Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based products and labeling solutions | ||||||||||||
| Outdoor and Recreation | Bubba, Campingaz, Coleman, Contigo and Marmot | Active lifestyle products for outdoor and outdoor-related activities; technical apparel and on-the-go beverageware | ||||||||||||
(a)
and Ball®, TMs of Ball Corporation, used under license.
and Ball®, TMs of Ball Corporation, used under license.The President and Chief Executive Officer of the Company, who is the Chief Operating Decision Maker (the “CODM”) reviews the businesses as three operating segments: Home and Commercial Solutions, Learning and Development and Outdoor and Recreation. This structure reflects the manner in which the CODM regularly assesses information for decision-making purposes, including the allocation of resources. The Company also provides general corporate services to its segments which is reported as a non-operating segment, Corporate.
The CODM evaluates the segments’ operating performance based on segment operating income, defined as net sales minus cost of products sold, segment SG&A (including share-based compensation at target for operating segment employees) and other segment costs. Segment SG&A includes an allocation of center-led corporate functions including the bonus for such corporate functions based on achieving 100% of the respective target. However, any variability in expense from such targets, favorable or unfavorable, is retained at corporate, and would be reflected as a corporate expense. Segment SG&A also does not include any allocation of share-based compensation related to such center-led corporate functions or any adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees, which items are also reflected in corporate expense. The CODM considers budget-to-current forecast and prior actuals-to-current forecast variances for segment operating income on a periodic basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.
The Company’s segment results are as follows (in millions):
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation | ||||||||||||||||||||
Net sales (a) | $ | 7,204 | $ | 3,772 | $ | 2,691 | $ | 741 | |||||||||||||||
| Cost of products sold | 4,772 | 2,673 | 1,542 | 557 | |||||||||||||||||||
| Segment SG&A | 1,774 | 938 | 630 | 206 | |||||||||||||||||||
Other segment costs (b) | 357 | 299 | 55 | 3 | |||||||||||||||||||
| Segment operating income (loss) | $ | 301 | $ | (138) | $ | 464 | $ | (25) | |||||||||||||||
Corporate expenses (c) | 262 | ||||||||||||||||||||||
| Operating income | 39 | ||||||||||||||||||||||
| Interest expense, net | 321 | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | 13 | ||||||||||||||||||||||
| Other expense, net | 6 | ||||||||||||||||||||||
| Loss before income taxes | $ | (301) | |||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation | ||||||||||||||||||||
Net sales (a) | $ | 7,582 | $ | 4,071 | $ | 2,717 | $ | 794 | |||||||||||||||
| Cost of products sold | 5,034 | 2,856 | 1,537 | 641 | |||||||||||||||||||
| Segment SG&A | 1,791 | 933 | 623 | 235 | |||||||||||||||||||
Other segment costs (b) | 372 | 284 | 84 | 4 | |||||||||||||||||||
| Segment operating income (loss) | $ | 385 | $ | (2) | $ | 473 | $ | (86) | |||||||||||||||
Corporate expenses (c) | 318 | ||||||||||||||||||||||
| Operating income | 67 | ||||||||||||||||||||||
| Interest expense, net | 295 | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | 14 | ||||||||||||||||||||||
| Other expense, net | 18 | ||||||||||||||||||||||
| Loss before income taxes | $ | (260) | |||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation | ||||||||||||||||||||
Net sales (a) | $ | 8,133 | $ | 4,428 | $ | 2,706 | $ | 999 | |||||||||||||||
| Cost of products sold | 5,780 | 3,347 | 1,613 | 820 | |||||||||||||||||||
| Segment SG&A | 1,766 | 916 | 621 | 229 | |||||||||||||||||||
Other segment costs (b) | 420 | 128 | 259 | 33 | |||||||||||||||||||
| Segment operating income (loss) | $ | 167 | $ | 37 | $ | 213 | $ | (83) | |||||||||||||||
Corporate expenses (c) | 252 | ||||||||||||||||||||||
| Operating loss | (85) | ||||||||||||||||||||||
| Interest expense, net | 283 | ||||||||||||||||||||||
| Other expense, net | 175 | ||||||||||||||||||||||
| Loss before income taxes | $ | (543) | |||||||||||||||||||||
(a)All intercompany transactions have been eliminated.
(b)Other segment costs primarily include segment restructuring costs, net and non-cash impairment of goodwill, intangibles and other assets (see Footnotes 3 and 6, respectively for further information).
(c)Corporate expenses primarily include costs of operating as a public company including retained costs of center-led corporate functions, corporate restructuring and restructuring-related costs (see Footnote 3 for further information) and non-cash impairment of corporate assets. In addition, corporate expense includes adjustments, favorable or unfavorable, between the actual bonus achieved versus the bonus at target for center-led corporate functions, as well as adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees. Incentive compensation recorded in corporate expenses decreased by $71 million in 2025 as compared to 2024, primarily due to weaker performance relative to targets in 2025. For 2024, incentive compensation recorded in corporate was $85 million higher as compared to 2023, primarily due to improved performance relative to targets under the Company’s Management Bonus Plan and increases in the expected achievements of the specified performance conditions in the Company’s respective outstanding Performance-Based RSUs (see Footnote 14 for further information).
Depreciation and amortization by segment are as follows for the years ended December 31, (in millions):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Home and Commercial Solutions | $ | 142 | $ | 153 | $ | 163 | ||||||||||||||
| Learning and Development | 69 | 70 | 71 | |||||||||||||||||
| Outdoor and Recreation | 31 | 39 | 35 | |||||||||||||||||
Corporate (a) | 69 | 61 | 65 | |||||||||||||||||
| $ | 311 | $ | 323 | $ | 334 | |||||||||||||||
(a)Corporate depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization are included in the segment operating income (loss).
Capital expenditures by segment are as follows for the years ended December 31, (in millions):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Home and Commercial Solutions | $ | 85 | $ | 96 | $ | 93 | ||||||||||||||
| Learning and Development | 52 | 48 | 60 | |||||||||||||||||
| Outdoor and Recreation | 18 | 16 | 16 | |||||||||||||||||
| Corporate | 92 | 99 | 115 | |||||||||||||||||
| $ | 247 | $ | 259 | $ | 284 | |||||||||||||||
Assets(b) by segment are as follows at (in millions):
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Home and Commercial Solutions | $ | 3,771 | $ | 4,110 | ||||||||||
| Learning and Development | 3,797 | 3,786 | ||||||||||||
| Outdoor and Recreation | 495 | 541 | ||||||||||||
| Corporate | 2,652 | 2,567 | ||||||||||||
| $ | 10,715 | $ | 11,004 | |||||||||||
The Company’s geographic net sales (a) (b) are as follows for the years ended December 31, (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 4,407 | $ | 4,732 | $ | 5,129 | |||||||||||
| Canada | 308 | 319 | 313 | ||||||||||||||
| Total North America | 4,715 | 5,051 | 5,442 | ||||||||||||||
| Europe, Middle East and Africa | 1,192 | 1,194 | 1,283 | ||||||||||||||
| Latin America | 809 | 831 | 863 | ||||||||||||||
| Asia Pacific | 488 | 506 | 545 | ||||||||||||||
| Total International | 2,489 | 2,531 | 2,691 | ||||||||||||||
| $ | 7,204 | $ | 7,582 | $ | 8,133 | ||||||||||||
The following table disaggregates net sales(a) by major product grouping source for the years ended December 31, (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||||||||
| Commercial | $ | 1,296 | $ | 1,361 | $ | 1,434 | |||||||||||||||||
| Kitchen | 1,828 | 2,036 | 2,244 | ||||||||||||||||||||
| Home Fragrance | 648 | 674 | 750 | ||||||||||||||||||||
| Home and Commercial Solutions | 3,772 | 4,071 | 4,428 | ||||||||||||||||||||
| Baby | 1,008 | 1,008 | 989 | ||||||||||||||||||||
| Writing | 1,683 | 1,709 | 1,717 | ||||||||||||||||||||
| Learning and Development | 2,691 | 2,717 | 2,706 | ||||||||||||||||||||
| Outdoor and Recreation | 741 | 794 | 999 | ||||||||||||||||||||
| $ | 7,204 | $ | 7,582 | $ | 8,133 | ||||||||||||||||||
Geographic net sales(a) (b) by segment are as follows (in millions):
| North America | International | Total | |||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Home and Commercial Solutions | $ | 2,372 | $ | 1,400 | $ | 3,772 | |||||||||||||||||
| Learning and Development | 1,969 | 722 | 2,691 | ||||||||||||||||||||
| Outdoor and Recreation | 374 | 367 | 741 | ||||||||||||||||||||
| $ | 4,715 | $ | 2,489 | $ | 7,204 | ||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Home and Commercial Solutions | $ | 2,644 | $ | 1,427 | $ | 4,071 | |||||||||||||||||
| Learning and Development | 1,980 | 737 | 2,717 | ||||||||||||||||||||
| Outdoor and Recreation | 427 | 367 | 794 | ||||||||||||||||||||
| $ | 5,051 | $ | 2,531 | $ | 7,582 | ||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| Home and Commercial Solutions | $ | 2,942 | $ | 1,486 | $ | 4,428 | |||||||||||||||||
| Learning and Development | 1,937 | 769 | 2,706 | ||||||||||||||||||||
| Outdoor and Recreation | 563 | 436 | 999 | ||||||||||||||||||||
| $ | 5,442 | $ | 2,691 | $ | 8,133 | ||||||||||||||||||
(a)All intercompany transactions have been eliminated.
(b)Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so.
The Company’s largest customer in 2025, Amazon, accounted for approximately 17%, 15% and 13% of net sales in 2025, 2024 and 2023 respectively. Walmart Inc. and subsidiaries, the Company’s second largest customer in 2025, accounted for approximately 13%, 14% and 15% of net sales in 2025, 2024 and 2023, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 14, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 4, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
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.