WD 40 COWDFC
WD 40 CO Segments Disclosure
Business Segments and Foreign Operations
The Company is organized on the basis of geographical area into the following three segments: the Americas; EIMEA; and Asia-Pacific. Segment data does not include inter-segment revenues. Unallocated corporate expenses are general corporate overhead expenses not directly attributable to the business segments and are reported separate from the Company’s identified segments. Corporate overhead costs include expenses for the Company’s accounting and finance, information technology, human resources, research and development, quality control and executive management functions, as well as all direct costs associated with public company compliance matters including legal, audit and other professional services costs.
The Company’s Chief Executive Officer, Steven A. Brass, as the CODM, manages the Company’s capital and allocates resources based on each business segment’s gross profit and income from operations. The CODM compares the
Company’s actual results to forecasted amounts to analyze, manage and make business decisions. Operating income is disclosed below as it is most consistent with the amounts included in the Company’s consolidated financial statements.
Summary information about reportable segments is as follows (in thousands):
| Americas | EIMEA | Asia-Pacific | Total | ||||||||||||||||||||
| Fiscal Year Ended August 31, 2025 | |||||||||||||||||||||||
| Net sales | $ | 290,599 | $ | 236,434 | $ | 92,952 | $ | 619,985 | |||||||||||||||
| Cost of products sold | 139,155 | 101,060 | 38,427 | 278,642 | |||||||||||||||||||
| Gross Profit | 151,444 | 135,374 | 54,525 | 341,343 | |||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||
Department Expenses(1) | 60,557 | 58,283 | 14,282 | 133,122 | |||||||||||||||||||
| A&P Expenses | 14,806 | 15,518 | 7,107 | 37,431 | |||||||||||||||||||
| Freight | 9,600 | 6,435 | 2,124 | 18,159 | |||||||||||||||||||
Depreciation (in operating departments) and Amortization (2) | 1,088 | 2,807 | 199 | 4,094 | |||||||||||||||||||
| Income from operations - reportable segments | $ | 65,393 | $ | 52,331 | $ | 30,813 | $ | 148,537 | |||||||||||||||
Unallocated Corporate(3) | (44,744) | ||||||||||||||||||||||
| GAAP Income from Operations | $ | 103,793 | |||||||||||||||||||||
| Fiscal Year Ended August 31, 2024 | |||||||||||||||||||||||
| Net sales | $ | 281,883 | $ | 221,045 | $ | 87,629 | $ | 590,557 | |||||||||||||||
| Cost of products sold | 138,496 | 100,071 | 36,763 | 275,330 | |||||||||||||||||||
| Gross Profit | 143,387 | 120,974 | 50,866 | 315,227 | |||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||
Department Expenses(1) | 53,737 | 51,105 | 12,208 | 117,050 | |||||||||||||||||||
| A&P Expenses | 13,647 | 13,645 | 6,619 | 33,911 | |||||||||||||||||||
| Freight | 8,909 | 6,269 | 2,138 | 17,316 | |||||||||||||||||||
Depreciation (in operating departments) and Amortization (2) | 2,057 | 3,146 | 187 | 5,390 | |||||||||||||||||||
| Income from operations - reportable segments | $ | 65,037 | $ | 46,809 | $ | 29,714 | $ | 141,560 | |||||||||||||||
Unallocated Corporate(3) | (45,209) | ||||||||||||||||||||||
| GAAP Income from Operations | $ | 96,351 | |||||||||||||||||||||
| Fiscal Year Ended August 31, 2023 | |||||||||||||||||||||||
| Net sales | $ | 266,772 | $ | 190,818 | $ | 79,665 | $ | 537,255 | |||||||||||||||
| Cost of products sold | 136,207 | 91,233 | 35,595 | 263,035 | |||||||||||||||||||
| Gross Profit | 130,565 | 99,585 | 44,070 | 274,220 | |||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||
Department Expenses(1) | 47,117 | 39,913 | 10,046 | 97,076 | |||||||||||||||||||
| A&P Expenses | 11,726 | 11,299 | 5,782 | 28,807 | |||||||||||||||||||
| Freight | 8,975 | 5,952 | 2,183 | 17,110 | |||||||||||||||||||
Depreciation (in operating departments) and Amortization (2) | 1,950 | 2,965 | 171 | 5,086 | |||||||||||||||||||
| Income from operations - reportable segments | $ | 60,797 | $ | 39,456 | $ | 25,888 | $ | 126,141 | |||||||||||||||
Unallocated Corporate(3) | (36,417) | ||||||||||||||||||||||
| GAAP Income from Operations | $ | 89,724 | |||||||||||||||||||||
(1)Department expenses consist of professional services associated with information systems, finance and legal, travel and meeting expenses, sales commissions, insurance, and other miscellaneous expenses as well as people costs which consist of salaries, stock-based compensation, fringe benefits and other miscellaneous people-costs.
(2)Depreciation presented above includes depreciation in operating departments which excludes depreciation in cost of sales. Amortization presented above includes amortization of definite-lived intangible assets and amortization of implementation costs associated with cloud computing arrangements.
(3)These expenses are reported separately from the Company’s identified segments and are included in selling, general and administrative expenses on the Company’s consolidated statements of operations.
The Company’s CODM does not review assets by segment as part of the financial information provided and therefore, no asset information is provided in the above table.
Net sales by product group are as follows (in thousands):
| Fiscal Year Ended August 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Maintenance products | $ | 590,966 | $ | 558,036 | $ | 503,558 | |||||||||||
| Homecare and cleaning products | 29,019 | 32,521 | 33,697 | ||||||||||||||
| Total | $ | 619,985 | $ | 590,557 | $ | 537,255 | |||||||||||
Net sales and long-lived assets by geographic area are as follows (in thousands):
| Fiscal Year Ended August 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net Sales by Geography: | |||||||||||||||||
| United States | $ | 210,220 | $ | 206,963 | $ | 207,629 | |||||||||||
| International | 409,765 | 383,594 | 329,626 | ||||||||||||||
| Total | $ | 619,985 | $ | 590,557 | $ | 537,255 | |||||||||||
Long-lived Assets by Geography (1): | |||||||||||||||||
| United States | $ | 27,242 | $ | 30,057 | $ | 33,263 | |||||||||||
| International | 33,152 | 32,926 | 33,528 | ||||||||||||||
| Total | $ | 60,394 | $ | 62,983 | $ | 66,791 | |||||||||||
(1)Includes tangible assets and property and equipment, net, attributed to the geographic location in which such assets are located.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Oct 27, 2025 | Showing above |
| 2024 | Oct 21, 2024 | |
| 2023 | Oct 23, 2023 | |
| 2022 | Oct 24, 2022 | |
| 2021 | Oct 22, 2021 | |
| 2020 | Oct 21, 2020 | |
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.