Oil-Dri Corp of AmericaODC
Oil-Dri Corp of America Segments Disclosure
OPERATING SEGMENTS
The corporate expenses line in the table below represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual.
We have two reportable operating segments: (1) Retail and Wholesale Products Group and (2) Business to Business Products Group. These operating segments are managed separately, and each segment's major customers have different characteristics. The Retail and Wholesale Products Group customers include mass merchandisers, the farm and fleet channel, drugstore chains, pet specialty retail outlets, dollar stores, retail grocery stores, distributors of industrial cleanup and automotive products, environmental service companies, sports field product users and marketers of consumer products. Given the similar nature of products and customers, sales of our silica gel based crystal litter are included with our cat litter products and reported as part of the Retail and Wholesale products group segment. The Business to Business Products Group customers include processors and refiners of edible oils, renewable diesel, petroleum-based oils and biodiesel fuel; manufacturers of animal feed and agricultural chemicals; and distributors of animal health and nutrition products. Our operating segments are also our reportable segments. The accounting policies of the segments are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements.
Net sales for our principal products by segment are as follows (in thousands):
| Business to Business Products Group | Retail and Wholesale Products Group | ||||||||||||||||||||||||||||||||||
| Year Ended July 31, | |||||||||||||||||||||||||||||||||||
| Product | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||
| Cat Litter | $ | — | $ | — | $ | — | $ | 255,926 | $ | 241,884 | $ | 226,335 | |||||||||||||||||||||||
| Industrial and Sports | — | — | — | 47,050 | 45,232 | 44,291 | |||||||||||||||||||||||||||||
| Agricultural and Horticultural | 44,338 | 33,558 | 40,275 | — | — | — | |||||||||||||||||||||||||||||
| Bleaching Clay and Fluids Purification | 110,105 | 92,464 | 77,643 | — | — | — | |||||||||||||||||||||||||||||
| Animal Health and Nutrition | 28,153 | 24,449 | 24,477 | — | — | — | |||||||||||||||||||||||||||||
| Net Sales | $ | 182,596 | $ | 150,471 | $ | 142,395 | $ | 302,976 | $ | 287,116 | $ | 270,626 | |||||||||||||||||||||||
Our chief operating decision maker (“CODM”) is our President and CEO. The CODM regularly reviews net sales, gross profit, and operating income by segment to assess profitability and assist in the allocation of resources. Net sales and operating income for each segment are provided below, along with the Significant Segment Expense categories that are regularly provided and used by the CODM when assessing segment profitability and the allocation of resources. The significant amounts within the segment operating expenses include cost of goods sold, compensation and benefits, and advertising. The other operating expenses in the table below is comprised of all other SG&A expenses which include but are not limited to travel, research & development, technical service support, and amortization of intangibles. Our CODM reviews the performance of each segment regularly by analyzing financial results in conjunction with our internal financial forecasts.
The corporate expenses line in the table below represents certain unallocated expenses, including primarily salaries, wages and benefits, purchased services, rent, utilities and depreciation and amortization associated with corporate functions such as information systems, finance, legal, human resources and customer service. Corporate expenses also include the annual incentive plan bonus accrual.
Year Ended July 31, 2025 | ||||||||||||||||||||
| (in thousands) | Business to Business Products Group | Retail and Wholesale Products Group | Total | |||||||||||||||||
| Net Sales | $ | 182,596 | $ | 302,976 | $ | 485,572 | ||||||||||||||
| Cost of Goods Sold | (106,691) | (235,798) | (342,489) | |||||||||||||||||
| Gross Profit | 75,905 | 67,178 | 143,083 | |||||||||||||||||
| Compensation and Benefits | (8,748) | (8,366) | (17,114) | |||||||||||||||||
| Advertising | (1,115) | (6,439) | (7,554) | |||||||||||||||||
| Other Operating Expenses | (6,246) | (8,236) | (14,482) | |||||||||||||||||
| Operating Income | 59,796 | 44,137 | 103,933 | |||||||||||||||||
| Corporate Expenses | (35,713) | |||||||||||||||||||
| Income from Operations | 68,220 | |||||||||||||||||||
| Total Other Expense, Net | (2,009) | |||||||||||||||||||
| Income Before Income Taxes | $ | 66,211 | ||||||||||||||||||
| Income Tax Expense | $ | (12,215) | ||||||||||||||||||
| Net Income | $ | 53,996 | ||||||||||||||||||
Year Ended July 31, 2024 | ||||||||||||||||||||
| (in thousands) | Business to Business Products Group | Retail and Wholesale Products Group | Total | |||||||||||||||||
| Net Sales | $ | 150,471 | $ | 287,116 | $ | 437,587 | ||||||||||||||
| Cost of Goods Sold | (89,789) | (222,704) | (312,493) | |||||||||||||||||
| Gross Profit | 60,682 | 64,412 | 125,094 | |||||||||||||||||
| Compensation and Benefits | (9,109) | (6,645) | (15,754) | |||||||||||||||||
| Advertising | (891) | (8,148) | (9,039) | |||||||||||||||||
| Other Operating Expenses | (5,093) | (5,815) | (10,908) | |||||||||||||||||
| Operating Income | 45,589 | 43,804 | 89,393 | |||||||||||||||||
| Corporate Expenses | (37,748) | |||||||||||||||||||
| Income from Operations | 51,645 | |||||||||||||||||||
| Total Other Expense, Net | (1,994) | |||||||||||||||||||
| Income Before Income Taxes | $ | 49,651 | ||||||||||||||||||
| Income Tax Expense | $ | (10,225) | ||||||||||||||||||
| Net Income | $ | 39,426 | ||||||||||||||||||
Year Ended July 31, 2023 | ||||||||||||||||||||
| (in thousands) | Business to Business Products Group | Retail and Wholesale Products Group | Total | |||||||||||||||||
| Net Sales | $ | 142,395 | $ | 270,626 | $ | 413,021 | ||||||||||||||
| Cost of Goods Sold | (89,857) | (219,937) | (309,794) | |||||||||||||||||
| Gross Profit | 52,538 | 50,689 | 103,227 | |||||||||||||||||
| Compensation and Benefits | (8,340) | (5,577) | (13,917) | |||||||||||||||||
| Advertising | (984) | (6,363) | (7,347) | |||||||||||||||||
| Other Operating Expenses | (5,537) | (4,957) | (10,494) | |||||||||||||||||
| Operating Income | 37,677 | 33,792 | 71,469 | |||||||||||||||||
| Corporate Expenses | (30,429) | |||||||||||||||||||
| Income from Operations | 41,040 | |||||||||||||||||||
| Total Other Expense, Net | (6,362) | |||||||||||||||||||
| Income Before Income Taxes | 34,678 | |||||||||||||||||||
| Income Tax Expense | (5,195) | |||||||||||||||||||
| Net Income | $ | 29,483 | ||||||||||||||||||
| Net Loss Attributable to Noncontrolling Interest | $ | (68) | ||||||||||||||||||
| Net Income Attributable to Oil-Dri | $ | 29,551 | ||||||||||||||||||
We do not rely on any operating segment asset allocations and do not consider them meaningful because of the shared nature of our production facilities; however, we have estimated the segment asset allocations below for those assets for which we can reasonably determine. The unallocated asset category is the remainder of our total assets. The asset allocation is estimated and is not a measure used by our chief operating decision maker about allocating resources to the operating segments or in assessing their performance.
| As of July 31, | ||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| Business to Business Products | $ | 104,857 | $ | 92,300 | ||||||||||||||||||||||
| Retail and Wholesale Products | 200,644 | 200,187 | ||||||||||||||||||||||||
| Unallocated assets | 86,176 | 62,118 | ||||||||||||||||||||||||
| Total Assets | $ | 391,677 | $ | 354,605 | ||||||||||||||||||||||
The following is a summary by fiscal year of financial information by geographic region (in thousands):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Sales to unaffiliated customers by: | ||||||||||||||||||||
| Domestic operations | $ | 465,451 | $ | 416,603 | $ | 390,963 | ||||||||||||||
| Foreign subsidiaries | $ | 20,121 | $ | 20,984 | $ | 22,058 | ||||||||||||||
| Sales or transfers between geographic areas: | ||||||||||||||||||||
| Domestic operations | $ | 6,534 | $ | 6,102 | $ | 6,436 | ||||||||||||||
| Foreign subsidiaries | $ | — | $ | — | $ | 69 | ||||||||||||||
| Income (Loss) before income taxes: | ||||||||||||||||||||
| Domestic operations | $ | 66,285 | $ | 48,995 | $ | 33,686 | ||||||||||||||
| Foreign subsidiaries | $ | (74) | $ | 656 | $ | 992 | ||||||||||||||
| Net Income (Loss) attributable to Oil-Dri: | ||||||||||||||||||||
| Domestic operations | $ | 55,192 | $ | 39,729 | $ | 28,494 | ||||||||||||||
| Foreign subsidiaries | $ | (1,196) | $ | (303) | $ | 1,057 | ||||||||||||||
| Identifiable assets: | ||||||||||||||||||||
| Domestic operations | $ | 382,634 | $ | 345,934 | $ | 271,627 | ||||||||||||||
| Foreign subsidiaries | $ | 9,043 | $ | 8,671 | $ | 14,608 | ||||||||||||||
Included within identifiable assets for our foreign subsidiaries is cash held at foreign banks of $4.7 million and $4.5 million as of July 31, 2025, and July 31, 2024, respectively.
Sales to Walmart, our largest customer, are included in our Retail and Wholesale Products Group. The percentage of consolidated net sales and net accounts receivable attributed to Walmart are shown in the table below:
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net sales for the years ended July 31 | 19% | 20% | 19% | |||||||||||||||||
| Net accounts receivable as of July 31 | 23% | 23% | 26% | |||||||||||||||||
There are no other customers with sales equal to or greater than 10% of our total sales.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Oct 9, 2025 | Showing above |
| 2024 | Oct 10, 2024 | |
| 2023 | Oct 12, 2023 | |
| 2022 | Oct 13, 2022 | |
| 2021 | Oct 13, 2021 | |
| 2020 | Oct 13, 2020 | |
| 2019 | Oct 10, 2019 | |
| 2018 | Oct 12, 2018 | |
| 2017 | Oct 10, 2017 | |
| 2016 | Oct 7, 2016 | |
| 2015 | Oct 9, 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.