# EDGEWELL PERSONAL CARE Co (EPC)

Informational only - not investment advice.

CIK: 0001096752
SIC: 2844 Perfumes, Cosmetics & Other Toilet Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations](/industry/2844/)
Latest 10-K filed: 2025-11-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1096752
Filing source: https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-18 · accession 0001628280-25-052765 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001096752.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,223,500,000 USD | 2025 | verified |
| Net income | 25,400,000 USD | 2025 | verified |
| Assets | 3,756,300,000 USD | 2025 | verified |
| Free cash flow | 41,400,000 USD | 2025 | computed |
| Net margin | 1.14% | 2025 | computed |
| Operating margin | 4.34% | 2025 | computed |
| Revenue YoY | -1.34% | 2025 | computed |
| ROE | 1.64% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | EPC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 1.1% | 1.6% | 38 | 9 |
| Operating margin | 4.3% | 4.3% | 50 | 9 |
| Revenue growth | -1.3% | 0.1% | 38 | 9 |
| FCF margin | 1.9% | 11.4% | 12 | 9 |
| ROE | 1.6% | 2.0% | 43 | 8 |
| ROA | 0.7% | 1.1% | 38 | 9 |
| Liabilities / equity | 1.42 | 1.52 | 38 | 9 |
| Current ratio | 1.76 | 1.76 | 50 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2844 Perfumes, Cosmetics & Other Toilet Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2223500000 | USD | 2025 | 2025-11-18 |
| Net income | 25400000 | USD | 2025 | 2025-11-18 |
| Assets | 3756300000 | USD | 2025 | 2025-11-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001096752.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 2,298,400,000 | 2,234,400,000 | 2,141,000,000 | 1,949,700,000 | 2,087,300,000 | 2,171,700,000 | 2,251,600,000 | 2,253,700,000 | 2,223,500,000 |
| Net income |  |  |  |  | 178,700,000 | 5,700,000 | 103,300,000 | -372,200,000 | 67,600,000 | 117,800,000 | 99,500,000 | 114,700,000 | 98,600,000 | 25,400,000 |
| Operating income |  |  |  |  |  |  |  | 243,800,000 | 176,000,000 | 239,900,000 | 182,300,000 | 227,000,000 | 199,300,000 | 96,600,000 |
| Gross profit |  |  |  |  | 1,159,900,000 | 1,125,900,000 | 1,032,900,000 | 966,600,000 | 880,900,000 | 951,200,000 | 880,500,000 | 940,800,000 | 955,700,000 | 924,900,000 |
| Diluted EPS |  |  |  |  | 2.99 | 0.10 | 1.90 | -6.88 | 1.24 | 2.13 | 1.85 | 2.21 | 1.97 | 0.53 |
| Operating cash flow |  |  |  |  | 186,800,000 | 313,600,000 | 259,400,000 | 190,600,000 | 232,600,000 | 229,000,000 | 102,000,000 | -216,100,000 | -231,000,000 | 118,400,000 |
| Capital expenditures |  |  |  |  | 69,500,000 | 69,000,000 | 62,000,000 | 58,000,000 | 47,700,000 | 56,800,000 | 56,400,000 | 49,500,000 | 56,500,000 | 77,000,000 |
| Dividends paid | 24,900,000 | 105,600,000 | 123,900,000 |  |  |  |  | 0.00 | 0.00 | 25,600,000 | 32,600,000 | 31,500,000 | 30,700,000 | 29,300,000 |
| Share buybacks |  |  |  |  | 196,600,000 | 165,400,000 | 124,400,000 | 0.00 | 0.00 | 9,200,000 | 125,300,000 | 75,200,000 | 58,500,000 | 90,200,000 |
| Assets |  |  |  |  | 4,771,500,000 | 4,188,800,000 | 3,953,300,000 | 3,420,900,000 | 3,540,900,000 | 3,674,600,000 | 3,713,100,000 | 3,740,700,000 | 3,730,900,000 | 3,756,300,000 |
| Liabilities |  |  |  |  | 2,942,500,000 | 2,447,100,000 | 2,208,700,000 | 2,117,400,000 | 2,108,000,000 | 2,090,300,000 | 2,246,000,000 | 2,200,200,000 | 2,146,800,000 | 2,203,200,000 |
| Stockholders' equity |  |  |  |  | 1,829,000,000 | 1,741,700,000 | 1,744,600,000 | 1,303,500,000 | 1,438,600,000 | 1,590,800,000 | 1,467,100,000 | 1,540,500,000 | 1,584,100,000 | 1,553,100,000 |
| Cash and cash equivalents |  |  |  | 712,100,000 | 738,900,000 | 502,900,000 | 266,400,000 | 341,600,000 | 364,700,000 | 479,200,000 | 188,700,000 | 216,400,000 | 209,100,000 |  |
| Free cash flow |  |  |  |  | 117,300,000 | 244,600,000 | 197,400,000 | 132,600,000 | 184,900,000 | 172,200,000 | 45,600,000 | -265,600,000 | -287,500,000 | 41,400,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | 0.25% | 4.62% | -17.38% | 3.47% | 5.64% | 4.58% | 5.09% | 4.38% | 1.14% |
| Operating margin |  |  |  |  |  |  |  | 11.39% | 9.03% | 11.49% | 8.39% | 10.08% | 8.84% | 4.34% |
| Return on equity |  |  |  |  | 9.77% | 0.33% | 5.92% | -28.55% | 4.70% | 7.41% | 6.78% | 7.45% | 6.22% | 1.64% |
| Return on assets |  |  |  |  | 3.75% | 0.14% | 2.61% | -10.88% | 1.91% | 3.21% | 2.68% | 3.07% | 2.64% | 0.68% |
| Liabilities / equity |  |  |  |  | 1.61 | 1.41 | 1.27 | 1.62 | 1.47 | 1.31 | 1.53 | 1.43 | 1.36 | 1.42 |
| Current ratio |  |  |  |  | 1.67 | 2.26 | 1.33 | 1.58 | 1.93 | 2.12 | 1.75 | 1.84 | 1.66 | 1.76 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/EPC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001096752.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-06-30 |  |  | 0.57 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.37 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  |  | 1.01 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 534,100,000 | 31,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 488,900,000 | 4,800,000 | 0.09 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 |  | 4,800,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 599,400,000 |  | 0.72 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 |  | 36,000,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 647,800,000 |  | 0.98 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 517,600,000 | 8,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 478,400,000 | -2,100,000 | -0.04 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 |  | -2,100,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 580,700,000 |  | 0.60 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 |  | 29,000,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 627,200,000 |  | 0.62 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 537,200,000 | -30,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 422,800,000 | -65,700,000 | -1.41 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 |  | -65,700,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 519,500,000 |  | -0.22 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 |  | -10,600,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 570,100,000 |  | 0.29 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from EPC's latest 10-K: [/company/EPC/business/](/company/EPC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from EPC's latest 10-K: [/company/EPC/risk-factors/](/company/EPC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1096752/000162828026053128/epc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(Amounts in millions, except per share data, unaudited)

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Condensed Consolidated Financial Statements and the accompanying notes included in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the SEC on November 18, 2025 (the “2025 Annual Report”). The following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs and involve risks, uncertainties, and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed within “Forward-Looking Statements” below and in Item 1A. Risk Factors and “Forward-Looking Statements” included within our 2025 Annual Report.

Non-GAAP Financial Measures

While we report financial results in accordance with GAAP, this discussion also includes non-GAAP measures. These non-GAAP measures are referred to as “adjusted” or “organic” and exclude items which are considered by the Company as unusual or non-recurring, and which may have a disproportionate positive or negative impact on the Company’s financial results in any particular period. Reconciliations of non-GAAP measures are included within this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. We use this non-GAAP information, including adjusted gross margin, adjusted selling general and administrative (“SG&A”), adjusted operating income, adjusted EBIT (as defined below), adjusted effective tax rate, adjusted net earnings, and adjusted diluted net earnings, internally to make operating decisions and believe it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. We view the use of non-GAAP measures that exclude the impact of these unique events as particularly valuable in understanding our underlying operational results and providing insights into future performance. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by the types of items that are excluded. This non-GAAP information is also a component in determining management’s incentive compensation. Finally, we believe this information provides more transparency.

The following provides additional detail on our non-GAAP measures for the periods presented:

•We analyze net sales and segment profit on an organic basis to better measure the comparability of results between periods. Organic net sales and organic segment profit exclude the impact of changes in foreign currency translation.

•Segment profit is impacted by fluctuations in translation and transactional foreign currency. The impact of currency was applied to segments using management’s best estimate.

All comparisons are with the same period in the prior year, unless otherwise noted.

Industry and Market Data

Unless we indicate otherwise, we base the information contained or incorporated by reference herein, concerning our industry on our general knowledge and expectations. Our market position, market share, and industry market size are estimates based on internal and external data from various industry analyses, our internal research and adjustments, and assumptions that we believe to be reasonable. We have not independently verified data from industry analyses and cannot guarantee its accuracy or completeness. In addition, we believe that industry, market size, market position and market share data within our industry provides general guidance but is inherently imprecise and has not been verified by any independent source. Further, our estimates and assumptions involve risks and uncertainties and are subject to change based on various factors, including those discussed in Item 1A. Risk Factors in Part I of our 2025 Annual Report. These and other factors could cause results to differ materially from those expressed in the estimates and assumptions. You are cautioned not to place undue reliance on this data.

Retail sales for purposes of market size, market position and market share information are based on measured retail sales in United States dollars.

Trademarks and Trade Names

We own or have rights to use trademarks and trade names that we use in conjunction with the operation of our business, which appear throughout this Quarterly Report on Form 10-Q. We may also refer to brand names, trademarks, service marks and trade names of other companies and organizations, which are the property of their respective owners.

Executive Summary

Feminine Care Divestiture

On February 2, 2026, we closed the transaction and received proceeds of approximately $340 on a cash-free and debt-free basis. In connection with closing of the transaction, we and Essity entered into a transition services agreement for the provision of certain services to support the transition of the Feminine Care segment following the closing. The divestiture of the Feminine Care segment is a key step to transform Edgewell into a more focused, agile and consumer-driven personal care company. The former Feminine Care segment’s results are presented as discontinued operations on a retrospective basis for the three and nine months ended June 30, 2026 and 2025.

All amounts, percentages and disclosures for all periods presented reflect only the continuing operations of Edgewell unless otherwise noted.

Third Quarter of Fiscal 2026

The following is a summary of results from continuing operations for the third quarter and first nine months of fiscal 2026, as compared to the corresponding periods in fiscal 2025. In addition to net sales, net earnings (loss) from continuing operations and earnings per share (“EPS”) from continuing operations for the periods presented were also impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings (loss) from continuing operations and EPS from continuing operations are provided as a reconciliation of net earnings (loss) from continuing operations and EPS from continuing operations to adjusted net earnings from continuing operations and adjusted diluted EPS from continuing operations, both of which are non-GAAP measures.

•Net sales in the third quarter of fiscal 2026 increased $9.7, or 1.7%, to $570.1, as compared to the prior year quarter. Organic net sales increased $6.1, or 1.1%, reflecting a return to growth in North America, partially offset by lower sales in international markets. North America net sales increased 3.0%, driven by volume growth across Sun, Skin Care and Grooming, reflecting improving execution, increased distribution and continued strength across several of the Company's priority brands. International organic sales declined 1.4%, primarily reflecting temporary disruption associated with the conflict in the Middle East and short-term supply chain impacts related to the Company's Wet Shave manufacturing consolidation, partially offset by growth in Grooming and several key international markets.

•Net earnings from continuing operations in the third quarter of fiscal 2026 were $12.3 compared to $21.5 in the prior year quarter. On an adjusted basis, net earnings from continuing operations for the third quarter of fiscal 2026 were $33.5 compared to $33.6 in the prior year quarter. Adjusted net earnings decreased primarily due to lower gross margin and higher operating expenses.

•Diluted net earnings per share from continuing operations during the third quarter of fiscal 2026 were $0.26 compared to $0.46 in the prior year quarter. On an adjusted basis, diluted net earnings from continuing operations per share during the third quarter of fiscal 2026 were $0.72 compared to $0.72 in the prior year quarter.

[[GREPCENT_TABLE]]
[["Three Months Ended June 30, 2026"],["","Gross Profit","","SG&A","","Operating Income","","EBIT (Loss) from Continuing Operations (1)","","Income Tax Provision (Benefit) from Continuing Operations","","Net (Loss) Income from Continuing Operations","","Diluted EPS from Continuing Operations"],["GAAP \u2014 Reported","$","242.5","","","$","108.3","","","$","25.0","","","$","18.0","","","$","5.7","","","$","12.3","","","$","0.26"],["Restructuring and related costs","11.2","","","(0.6)","","","24.5","","","24.5","","","6.0","","","18.5","","","0.40"],["Sun Care reformulation costs","\u2014","","","\u2014","","","0.7","","","0.7","","","0.1","","","0.6","","","0.01"],["Commercial realignment","(0.2)","","","\u2014","","","(0.2)","","","(0.2)","","","(0.1)","","","(0.1)","","","\u2014"],["Other project and related costs","0.1","","","(2.9)","","","3.0","","","3.0","","","0.8","","","2.2","","","0.05"],["Total Adjusted Non-GAAP","$","253.6","","","$","104.8","","","$","53.0","","","$","46.0","","","$","12.5","","","$","33.5","","","$","0.72"],["GAAP as a percent of net sales","42.5","%","","19.0","%","","4.4","%","","GAAP effective tax rate","","","","31.5","%"],["Adjusted as a percent of net sales","44.5","%","","18.4","%","","9.3","%","","Adjusted effective tax rate","","","","27.2","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Three Months Ended June 30, 2025"],["","Gross Profit","","SG&A","","Operating Income","","EBIT (Loss) from Continuing Operations (1)","","Income Tax Provision (Benefit) from Continuing Operations","","Net (Loss) Income from Continuing Operations","","Diluted EPS from Continuing Operations"],["GAAP \u2014 Reported","$","250.1","","","$","100.7","","","$","45.0","","","$","28.5","","","$","7.0","","","$","21.5","","","$","0.46"],["Restructuring and related costs","1.2","","","(0.6)","","","16.7","","","16.7","","","4.1","","","12.6","","","0.27"],["Sun Care reformulation costs","\u2014","","","\u2014","","","0.5","","","0.5","","","0.1","","","0.4","","","0.01"],["Commercial realignment","(0.1)","","\u2014","","(0.1)","","","(0.1)","","","\u2014","","","(0.1)","","","\u2014"],["Other project and related costs","\u2014","","(1.5)","","1.5","","","(1.2)","","","(0.4)","","","(0.8)","","","(0.02)"],["Total Adjusted Non-GAAP","$","251.2","","","$","98.6","","","$","63.6","","","$","44.4","","","$","10.8","","","$","33.6","","","$","0.72"],["GAAP as a percent of net sales","44.6","%","","18.0","%","","8.0","%","","GAAP effective tax rate","","","","24.5","%"],["Adjusted as a percent of net sales","44.8","%","","17.6","%","","11.3","%","","Adjusted effective tax rate","","","","24.3","%"]]
[[/GREPCENT_TABLE]]
(1) EBIT is defined as Earnings before Income taxes.

First Nine Months of Fiscal 2026

•Net sales for the first nine months of fiscal 2026 increased $20.3, or 1.4%, to $1,512.4, including a $28.7, or 2.0% favorable impact due to currency movements. Organic net sales decreased $8.4, or 0.6%. Organic sales in North America declined 0.4% driven primarily by lower volumes in Wet Shave and Skin Care, partially offset by volume growth in Grooming and Sun Care. Organic sales in International markets declined 0.7% largely driven by lower volumes in Sun Care, partially offset by favorable pricing in Wet Shave.

•Net earnings (loss) from continuing operations for the first nine months of fiscal 2026 decreased $45.0, or 140.2%, to $(12.9). On an adjusted basis, net earnings from continuing operations for the first nine months of fiscal 2026 decreased $8.2, or 13.2%, to $53.7. Adjusted net earnings from continuing operations decreased primarily due to lower gross profit and higher operating expenses, partially offset by higher sales and lower interest expense.

•Diluted net earnings (loss

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm
Complete FY 2025 MD&A: /company/EPC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2025-11-18
Report date: 2025-09-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(in millions, except per share data)

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes included in this Annual Report on Form 10-K. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs and involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed in Item 1A. Risk Factors and “Forward-Looking Statements” included within this Annual Report on Form 10-K.

Non-GAAP Financial Measures

While we report financial results in accordance with GAAP, this discussion also includes non-GAAP measures. These non-GAAP measures are referred to as “adjusted” or “organic” and exclude items which are considered by the Company as unusual or non-recurring, and which may have a disproportionate positive or negative impact on the Company’s financial results in any particular period. Reconciliations of non-GAAP measures are included within this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. We use this non-GAAP information internally to make operating decisions and believe it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. Given certain significant events, we view the use of non-GAAP measures that take into account the impact of these unique events as particularly valuable in understanding our underlying operational results and providing insights into future performance. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by the types of items that are excluded. This non-GAAP information is also a component in determining management’s incentive compensation. Finally, we believe this information provides more transparency.

The following provides additional detail on our non-GAAP measures for the periods presented:

•We analyze net sales and segment profit on an organic basis to better measure the comparability of results between periods. Organic net sales and organic segment profit exclude the impact of changes in foreign currency translation.

•Segment profit will be impacted by fluctuations in translation and transactional foreign currency. The impact of currency was applied to segments using management’s best estimate.

•Additionally, we utilize “adjusted” non-GAAP measures, including adjusted gross margin, adjusted selling general and administrative (“SG&A”), adjusted operating income, adjusted effective tax rate, adjusted net earnings, and adjusted diluted net earnings per share internally to make operating decisions.

All comparisons are with the same period in the prior year, unless otherwise noted.

27

Executive Summary

The following is a summary of key results for fiscal 2025, 2024 and 2023. Net earnings and diluted earnings per share (“EPS”) for the time periods presented were impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures.

Fiscal 2025

•Net sales for fiscal 2025 decreased $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements. Organic net sales decreased $30.0, or 1.3%. International markets delivered organic growth of 3.5%, driven by higher volumes and increased pricing. North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by growth in Skin Care and Grooming. In aggregate, organic net sales decreased as a result of volume declines in Wet Shave, Feminine Care and Sun Care.

•Net earnings for fiscal 2025 decreased $73.2, or 74.2%, to $25.4. On an adjusted basis, net earnings for fiscal 2025 decreased $32.6, or 21.3%, to $120.4. Adjusted net earnings decreased primarily due to lower gross margin and higher brand investment, which was partially offset by lower SG&A.

•Diluted net earnings per share during fiscal 2025 was $0.53 compared to earnings of $1.97 in the prior fiscal year. On an adjusted basis, as illustrated in the table below, net earnings per diluted share during fiscal 2025 were $2.52 compared to $3.05 in the prior year.

[[GREPCENT_TABLE]]
[["Year Ended September 30, 2025"],["","Gross Profit","","","SG&A","","Operating Income","","EBIT (1)","","Income taxes","","Net Earnings","","Diluted EPS"],["GAAP \u2014 Reported","$","924.9","","","","$","425.0","","","$","96.6","","","$","23.6","","","$","(1.8)","","","$","25.4","","","$","0.53"],["Restructuring and related costs","3.5","","","","(1.7)","","","53.1","","","53.1","","","13.1","","","40.0","","","0.84"],["Acquisition and integration costs","\u2014","","","","(0.5)","","","0.5","","","0.5","","","0.1","","","0.4","","","0.01"],["Sun Care reformulation costs","\u2014","","","","\u2014","","","3.5","","","3.5","","","0.8","","","2.7","","","0.06"],["Gain on Investment","\u2014","","","","\u2014","","","\u2014","","","(0.9)","","","\u2014","","","(0.9)","","","(0.02)"],["Commercial realignment","2.9","","","","\u2014","","","2.9","","","2.9","","","0.9","","","2.0","","","0.04"],["Vendor bankruptcy","2.1","","","","\u2014","","","2.1","","","2.1","","","0.5","","","1.6","","","0.03"],["Impairment charges","\u2014","","","","\u2014","","","51.1","","","51.1","","","4.4","","","46.7","","","0.98"],["Other project and related costs","\u2014","","","","(9.3)","","","9.3","","","7.0","","","1.7","","","5.3","","","0.11"],["Germany re-rate","\u2014","","","","\u2014","","","\u2014","","","\u2014","","","2.8","","","(2.8)","","","(0.06)"],["Total Adjusted Non-GAAP","$","933.4","","","","$","413.5","","","$","219.1","","","$","142.9","","","$","22.5","","","$","120.4","","","$","2.52"],["GAAP as a percent of net sales","41.6","%","","","19.1","%","","4.3","%","","","","GAAP effective tax rate","","(7.3)","%"],["Adjusted as a percent of net sales","42.0","%","","","18.6","%","","9.9","%","","","","Adjusted effective tax rate","","15.8","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Year Ended September 30, 2024"],["","Gross Profit","","","SG&A","","Operating Income","","EBIT (1)","","Income taxes","","Net Earnings","","Diluted EPS"],["GAAP \u2014 Reported","$","955.7","","","","$","430.1","","","$","199.3","","","$","120.9","","","$","22.3","","","$","98.6","","","$","1.97"],["Restructuring and related costs","\u2014","","","","(0.1)","","","36.0","","","36.0","","","8.8","","","27.2","","","0.54"],["Acquisition and integration costs","3.3","","","","(2.8)","","","6.1","","","6.1","","","1.5","","","4.6","","","0.09"],["Sun Care reformulation costs","\u2014","","","","\u2014","","","4.4","","","4.4","","","1.1","","","3.3","","","0.07"],["Wet Ones manufacturing plant fire","12.2","","","","\u2014","","","12.2","","","12.2","","","3.0","","","9.2","","","0.18"],["Legal matters","\u2014","","","","(3.9)","","","3.9","","","3.9","","","1.0","","","2.9","","","0.06"],["Loss on Investment","\u2014","","","","\u2014","","","\u2014","","","3.1","","","\u2014","","","3.1","","","0.06"],["Other project and related costs","\u2014","","","","(5.3)","","","5.3","","","5.3","","","1.2","","","4.1","","","0.08"],["Total Adjusted Non-GAAP","$","971.2","","","","$","418.0","","","$","267.2","","","$","191.9","","","$","38.9","","","$","153.0","","","$","3.05"],["GAAP as a percent of net sales","42.4","%","","","19.1","%","","8.8","%","","","","GAAP effective tax rate","","18.5","%"],["Adjusted as a percent of net sales","43.1","%","","","18.5","%","","11.9","%","","","","Adjusted effective tax rate","","20.3","%"]]
[[/GREPCENT_TABLE]]

28

[[GREPCENT_TABLE]]
[["Year Ended September 30, 2023"],["","Gross Profit","","","SG&A","","Operating Income","","EBIT (1)","","Income taxes","","Net Earnings","","Diluted EPS"],["GAAP - Reported","$","940.8","","","","$","409.6","","","$","227.0","","","$","147.7","","","$","33.0","","","$","114.7","","","$","2.21"],["Restructuring and related costs","0.2","","","","(0.3)","","","17.1","","","17.1","","","4.4","","","12.7","","","0.24"],["Acquisition and integration costs","\u2014","","","","(7.5)","","","7.5","","","7.5","","","1.8","","","5.7","","","0.11"],["SKU rationalization","(1.7)","","","","\u2014","","","(1.7)","","","(1.7)","","","(0.4)","","","(1.3)","","","(0.03)"],["Sun Care reformulation costs (2)","(1.4)","","","","\u2014","","","1.9","","","1.9","","","0.5","","","1.4","","","0.03"],["Legal matters","\u2014","","","","6.3","","","(6.3)","","","(6.3)","","","(1.5)","","","(4.8)","","","(0.09)"],["Pension settlement expense","\u2014","","","","\u2014","","","\u2014","","","7.9","","","2.1","","","5.8","","","0.11"],["Other project and related costs","\u2014","","","","(0.4)","","","0.4","","","0.4","","","0.1","","","0.3","","","0.01"],["Total Adjusted Non-GAAP","$","937.9","","","","$","407.7","","","$","245.9","","","$","174.5","","","$","40.0","","","$","134.5","","","$","2.59"],["GAAP as a percent of net sales","41.8","%","","","18.2","%","","10.1","%","","GAAP effective tax rate","22.3","%"],["Adjusted as a percent of net sales","41.7","%","","","18.1","%","","10.9","%","","Adjusted effective tax rate","23.0","%"]]
[[/GREPCENT_TABLE]]

(1) EBIT is defined as Earnings before Income taxes.

(2) Also includes pre-tax research and development (“R&D) costs of $3.3 related to the reformulation, recall, and destruction of certain Sun Care products

For further discussion of these items refer to Note 20 of Notes to Consolidated Financial Statements.

Operating Results

The following table presents changes in net sales for fiscal 2025 and 2024 and provides a reconciliation of organic net sales to reported amounts. Our results of operations for the year ended September 30, 2023, including a discussion of the year ended September 30, 2024, compared to the year ended September 30, 2023, can be found under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended September 30, 2024.

Net Sales

[[GREPCENT_TABLE]]
[["Net Sales - Total Company"],["For the Years Ended September 30,","2025","","%Chg","","2024","","%Chg"],["Net sales - prior year","$","2,253.7","","","","","$","2,251.6"],["Organic","(30.0)","","","(1.3)","%","","4.3","","","0.2","%"],["Impact of currency","(0.2)","","","\u2014","%","","(2.2)","","","(0.1)","%"],["Net sales - current year","$","2,223.5","","","(1.3)","%","","$","2,253.7","","","0.1","%"]]
[[/GREPCENT_TABLE]]

For fiscal 2025, net sales were $2,223.5, a decrease of $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements. Organic net sales decreased $30.0, or 1.3%. International markets delivered organic growth of 3.5%, driven by higher volumes and increased pricing. North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by growth in Skin Care and Grooming. In aggregate, organic net sales decreased as a result of volume declines in Wet Shave, Feminine Care and Sun Care.

For further discussion regarding net sales, including a summary of reported versus organic changes, see “Segment Results.”

Gross Profit

Gross profit was $924.9 in fiscal 2025, as compared to $955.7 in fiscal 2024, a decrease of $30.8, or 3.2%. Gross margin for fiscal 2

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/EPC/mda/fy2025/
All MD&A years: /company/EPC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/EPC/mda/fy2024/): filed 2024-11-14; accession 0001628280-24-047916 (https://www.sec.gov/Archives/edgar/data/1096752/000162828024047916/epc-20240930.htm)
- [FY 2023 MD&A](/company/EPC/mda/fy2023/): filed 2023-11-28; accession 0001628280-23-040139 (https://www.sec.gov/Archives/edgar/data/1096752/000162828023040139/epc-20230930.htm)
- [FY 2022 MD&A](/company/EPC/mda/fy2022/): filed 2022-11-16; accession 0001096752-22-000033 (https://www.sec.gov/Archives/edgar/data/1096752/000109675222000033/epc-20220930.htm)
- [FY 2021 MD&A](/company/EPC/mda/fy2021/): filed 2021-11-19; accession 0001096752-21-000032 (https://www.sec.gov/Archives/edgar/data/1096752/000109675221000032/epc-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2844 Perfumes, Cosmetics & Other Toilet Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/EPC.md · JSON record: /company/EPC.json · verified financials: /company/EPC/financials.json / /company/EPC/financials.csv · machine TOC for the whole site: /llms.txt