# GRIFFON CORP (GFF)

Informational only - not investment advice.

CIK: 0000050725
SIC: 3442 Metal Doors, Sash, Frames, Moldings & Trim
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 34](/major-group/34/) > [SIC 3442 Metal Doors, Sash, Frames, Moldings & Trim](/industry/3442/)
Latest 10-K filed: 2025-11-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=50725
Filing source: https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-19 · accession 0001628280-25-053242 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000050725.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,519,926,000 USD | 2025 | verified |
| Net income | 51,110,000 USD | 2025 | verified |
| Assets | 2,063,637,000 USD | 2025 | verified |
| Free cash flow | 305,005,000 USD | 2025 | computed |
| Net margin | 2.03% | 2025 | computed |
| Operating margin | 8.19% | 2025 | computed |
| Revenue YoY | -3.95% | 2025 | computed |
| ROE | 69.09% | 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 | GFF | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.0% | 6.1% | 12 | 35 |
| Operating margin | 8.2% | 9.3% | 42 | 32 |
| Revenue growth | -3.9% | 4.5% | 11 | 36 |
| FCF margin | 12.1% | 10.7% | 68 | 35 |
| ROE | 69.1% | 11.6% | 100 | 35 |
| ROA | 2.5% | 4.4% | 23 | 36 |
| Liabilities / equity | 26.90 | 0.89 | 100 | 35 |
| Current ratio | 2.66 | 2.59 | 51 | 36 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 34 SIC Major Group 34, 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 | 2519926000 | USD | 2025 | 2025-11-19 |
| Net income | 51110000 | USD | 2025 | 2025-11-19 |
| Assets | 2063637000 | USD | 2025 | 2025-11-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000050725.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,477,035,000 | 1,524,997,000 | 1,977,918,000 | 1,874,248,000 | 2,066,546,000 | 2,270,626,000 | 2,848,488,000 | 2,685,183,000 | 2,623,520,000 | 2,519,926,000 |
| Net income | 30,010,000 | 14,912,000 | 125,678,000 | 37,287,000 | 53,429,000 | 79,211,000 | -191,558,000 | 77,617,000 | 209,897,000 | 51,110,000 |
| Operating income | 82,340,000 | 67,034,000 | 92,801,000 | 108,506,000 | 139,540,000 | 170,583,000 | -189,067,000 | 196,887,000 | 398,297,000 | 206,277,000 |
| Gross profit | 400,693,000 | 408,126,000 | 511,318,000 | 516,845,000 | 583,994,000 | 641,113,000 | 936,886,000 | 948,821,000 | 1,019,935,000 | 1,058,005,000 |
| Diluted EPS | 0.68 | 0.35 | 2.96 | 0.87 | 1.19 | 1.48 | -3.71 | 1.42 | 4.23 | 1.09 |
| Operating cash flow | 80,118,000 | 49,151,000 | 58,192,000 | 90,346,000 | 106,888,000 | 69,808,000 | 59,240,000 | 431,765,000 | 380,042,000 | 357,440,000 |
| Capital expenditures | 59,276,000 | 34,937,000 | 50,138,000 | 34,869,000 | 41,168,000 | 36,951,000 | 42,488,000 | 63,604,000 | 68,399,000 | 52,435,000 |
| Dividends paid | 8,798,000 | 10,325,000 | 49,797,000 | 13,676,000 | 14,529,000 | 17,139,000 | 126,677,000 | 133,814,000 | 35,806,000 | 39,692,000 |
| Share buybacks | 65,307,000 | 15,841,000 | 45,605,000 | 1,478,000 | 7,479,000 | 3,357,000 | 10,886,000 | 163,970,000 | 309,916,000 | 183,271,000 |
| Assets | 1,782,096,000 | 1,873,541,000 | 2,085,933,000 | 2,074,939,000 | 2,448,593,000 | 2,604,685,000 | 2,816,474,000 | 2,418,879,000 | 2,370,954,000 | 2,063,637,000 |
| Liabilities | 1,371,149,000 | 1,474,733,000 | 1,617,160,000 | 1,597,176,000 | 1,748,442,000 | 1,797,527,000 | 2,338,904,000 | 2,103,635,000 | 2,146,066,000 | 1,989,665,000 |
| Stockholders' equity | 410,947,000 | 398,808,000 | 474,391,000 | 477,763,000 | 700,151,000 | 807,158,000 | 477,570,000 | 315,244,000 | 224,888,000 | 73,972,000 |
| Cash and cash equivalents | 72,553,000 | 47,681,000 | 69,758,000 | 72,377,000 | 218,089,000 | 248,653,000 | 120,184,000 | 102,889,000 | 114,438,000 | 99,045,000 |
| Free cash flow | 20,842,000 | 14,214,000 | 8,054,000 | 55,477,000 | 65,720,000 | 32,857,000 | 16,752,000 | 368,161,000 | 311,643,000 | 305,005,000 |

### 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 2.03% | 0.98% | 6.35% | 1.99% | 2.59% | 3.49% | -6.72% | 2.89% | 8.00% | 2.03% |
| Operating margin | 5.57% | 4.40% | 4.69% | 5.79% | 6.75% | 7.51% | -6.64% | 7.33% | 15.18% | 8.19% |
| Return on equity | 7.30% | 3.74% | 26.49% | 7.80% | 7.63% | 9.81% | -40.11% | 24.62% | 93.33% | 69.09% |
| Return on assets | 1.68% | 0.80% | 6.03% | 1.80% | 2.18% | 3.04% | -6.80% | 3.21% | 8.85% | 2.48% |
| Liabilities / equity | 3.34 | 3.70 | 3.41 | 3.34 | 2.50 | 2.23 | 4.90 | 6.67 | 9.54 | 26.90 |
| Current ratio | 2.45 | 2.96 | 2.28 | 2.37 | 2.50 | 2.57 | 2.87 | 2.73 | 2.66 | 2.66 |

## As-reported value updates

19 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/GFF/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/CIK0000050725.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 |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-12-31 |  |  | 0.88 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  |  | -1.17 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  |  | 0.90 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 641,385,000 | 41,965,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 643,153,000 | 42,177,000 | 0.82 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 |  | 42,177,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 672,880,000 |  | 1.28 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 |  | 64,143,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 647,814,000 |  | 0.84 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 659,673,000 | 62,491,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 632,371,000 | 70,851,000 | 1.49 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 |  | 70,851,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 611,746,000 |  | 1.21 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 |  | 56,762,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 613,627,000 |  | -2.65 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 662,182,000 | 43,636,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 649,088,000 | 64,387,000 | 1.41 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 |  | 64,387,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 421,860,000 |  | 0.42 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 |  | 19,318,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 481,370,000 |  | 1.14 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/50725/000162828026053536/gff-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

BUSINESS

Overview

Griffon Corporation (the “Company,” “Griffon,” “we” or “us”) is a leading provider of residential and commercial building products. The Company is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Sectional garage doors for residential and commercial applications are sold 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. The Company is also a leading provider of residential, industrial, and commercial ceiling fans sold under the Hunter, Casablanca, and Jan Fan brands.

The Company was founded in 1959, is organized as a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF).

Business Strategy

Our strategic objective is to maintain leading positions in the markets we serve by providing innovative, branded products with superior quality and industry-leading service. We strive to provide highly sought-after and differentiated products under well-trusted brands which distinguish us from our competitors and strengthen our relationships with our customers and those who ultimately use our products.

We have developed a diverse portfolio of product offerings and brands, sold through multiple sales and distribution channels, serving both residential and commercial end customers. This diversity provides stability to our operations and mitigates the effects of external factors such as economic and construction cycles.

In 2026, Griffon announced a series of strategic actions that, when completed, will transition the Company from a diversified industrial conglomerate into a pure-play provider of residential and commercial building products.

On February 5, 2026, Griffon announced that it entered into a definitive agreement to form a joint venture with ONCAP Management Partners, L.P. (“ONCAP”), the mid-market private equity platform of Onex Corporation (TSX:ONEX), to create a leading global provider of hand tools, home organization solutions, and lawn and garden products for professionals and consumers. The joint venture combines the United States and Canada businesses of Griffon’s AMES Companies (“AMES North America”) with the Bellota Tools, Corona, and Burgon & Ball businesses of VNPI Global Investments and Services, S.L. and Bellota Holding AG (“Venanpri”), an ONCAP majority-owned portfolio company. On June 9, 2026, Griffon completed the previously announced formation of the joint venture between its AMES North America business and Venanpri. The joint venture, named Veritage Brands (“Veritage”), is managed as a subsidiary of Venanpri which, together with other affiliates of ONCAP, holds a 57% equity interest. Upon closing, Griffon received $100,000 in cash, a $161,100 second-lien paid-in-kind ("PIK") debt receivable, and will participant in the governance and oversight of the joint venture with its 43% equity interest that has an initial carrying value of $118,600. Griffon's investment in the joint venture is accounted for under the equity method. Refer to Note 7, Equity Method Investment for further details.

31

Griffon also announced on February 5, 2026 the initiation of a comprehensive review of strategic alternatives for its AMES Australasia and United Kingdom (“U.K.”) operations. On June 8, 2026, Griffon announced that it had entered into a definitive agreement to sell its AMES Australasia business to a joint venture it is forming with an investment group led by the management of AMES Australasia with support from Australian financial investors. On July 31, 2026, Griffon completed the previously announced formation of the joint venture. Under the terms of the agreement, at closing, Griffon received AUD $258,000 (USD $180,910) in cash, a AUD $69,300 (approximately USD $48,593) PIK note receivable, and a 49% equity interest that has an initial carrying value of AUD $29,800 (USD $20,896). Griffon will participate in the governance and oversight of the joint venture as a 49% equity holder, while the remaining 51% ownership interest will be held by the investment group that includes certain members of the current AMES Australasia management team. Griffon's investment in the joint venture will be accounted for under the equity method. As of March 31, 2026, the Company ceased its AMES U.K. operations and is currently in the process of liquidating its remaining assets and settling its remaining liabilities.

As a result of these actions, AMES North America, Australia, and U.K. operations are reported as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. Except for certain U.K. assets and liabilities not held for sale, we classified the assets and liabilities associated with AMES North America, Australia and U.K. operations as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2025 and we classified the assets and liabilities associated with AMES' Australia and U.K. discontinued operations as held for sale in the Condensed Consolidated Balance Sheet as of June 30, 2026. The U.K. assets classified as held for sale relate to inventory and property, plant and equipment that will be sold in liquidation. Accordingly, all references made to results and information in this Quarterly Report on Form 10-Q are to Griffon's continuing operations, unless specifically noted otherwise. Refer to Note 16, Discontinued Operations for further details.

Griffon now conducts its operations through one reportable segment. All prior period comparative segment information presented has been applied retrospectively to reflect the new segment structure. For further information regarding our segment reporting, see Note 13, Reportable Segment.

Available Information

We are subject to the information and periodic reporting requirements of the Securities Exchange Act of 1934 and, in accordance therewith, file periodic reports, proxy statements, and other information, including our Code of Conduct, with the U.S. Securities and Exchange Commission (the “SEC”). Such periodic reports, proxy statements, and other information are available on the SEC's website at www.sec.gov.

Griffon posts and makes available, free of charge through its website at www.griffon.com, its Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934, as well as press releases, as soon as reasonably practicable after such materials are published or filed with or furnished to the SEC. The information found on Griffon's website is not incorporated into this or any other report it files with or furnishes to the SEC.

32

CONSOLIDATED RESULTS OF OPERATIONS

Three and Nine Months ended June 30, 2026 and 2025

The following table summarizes our results of continuing operations for the three and nine months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","For the Nine Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Revenue:"],["Residential","$","293,062","","","","","$","268,942","","","","","$","820,776","","","","","$","799,936"],["Commercial","188,308","","","","","180,750","","","","","536,714","","","","","519,893"],["Total Revenue","$","481,370","","","","","$","449,692","","","","","$","1,357,490","","","","","$","1,319,829"],["Gross Profit","$","226,054","","","47.0","%","","$","218,841","","","48.7","%","","$","626,776","","","46.2","%","","$","628,575","","","47.6","%"],["Selling, general and administrative expenses","$","110,552","","","","","$","107,283","","","","","$","324,515","","","","","$","321,790"],["Goodwill and intangible asset impairments","$","\u2014","","","","","$","243,612","","","","","$","\u2014","","","","","$","243,612"],["Depreciation and amortization","$","10,276","","","","","$","9,663","","","","","$","29,857","","","","","$","28,754"],["Interest expense, net","$","20,122","","","","","$","23,978","","","","","$","63,011","","","","","$","72,334"],["Other income (expense), net","$","(2,576)","","","","","$","272","","","","","$","(5,192)","","","","","$","858"],["Provision for (benefit from) income taxes from continuing operations","$","25,660","","","","","$","(47,105)","","","","","$","63,849","","","","","$","(8,589)"],["Income (loss) from continuing operations","$","66,311","","","","","$","(108,655)","","","","","$","168,820","","","","","$","286"],["Adjusted EBITDA, continuing operations","$","124,810","","","25.9","%","","$","122,283","","","27.2","%","","$","331,752","","","24.4","%","","$","338,965","","","25.7","%"]]
[[/GREPCENT_TABLE]]

Revenue

Revenue for the quarter ended June 30, 2026 totaled $481,370, a 7% increase compared to $449,692 in the prior year quarter, due to favorable price and mix of 6% driven by both residential and commercial, and increased volume of 1% driven primarily by residential.

Revenue for the nine months ended June 30, 2026 totaled $1,357,490, a 3% increase compared to $1,319,829 in the prior year, due to favorable price and mix of 6% driven by both residential and commercial, partially offset by decreased volume of 3% driven by residential.

Gross Profit and Margin

Gross profit for the quarter ended June 30, 2026 was $226,054 compared to $218,841 in the prior year quarter, an increase of $7,213 or 3%. Gross profit as a percent of sales ("gross margin") for the quarters ended June 30, 2026 and 2025 was 47.0% and 48.7%, respectively. The increase in gross profit resulted from the increased revenue, partially offset by increased material costs, which contributed to the unfavorable Gross margin in comparison to the prior year.

Gross profit for the nine months ended June 30, 2026 was $626,776 compared to $628,575 in the prior year period, a decrease of $1,799. Gross margin for the nine months ended June 30, 2026 and 2025 was 46.2% and 47.6%, respectively. The decrease in gross profit and unfavorable gross margin resulted from increased material costs and the unfavorable impact of decreased volume on overhead absorption, partially offset by increased revenue.

33

Selling, general and administrative

Selling, general and administrative (“SG&A”) expenses for the quarter ended June 30, 2026 of $110,552, or 23.0% of revenue, increased 3% from $107,283, or 23.9% of revenue, in the prior year quarter. In the quarter ended June 30, 2025, SG&A expenses included strategic review (retention and other) expenses of $790. Excluding this item in the prior year, SG&A expenses for the quarter ended June 30, 2026 of $110,552, or 23.0% of revenue, increased 4% compared to $106,493, or 23.7% of revenue, in the prior year quarter. The increase was primarily due to increased distribution and stock compensation expense, offset by decreases in administrative expenses.

Selling, general and administrative expenses for the nine months ended June 30, 2026 of $324,515, or 23.9% of revenue increased 1% from $321,790, or 24.4% of revenue, in the prior year. In the nine months ended June 30, 2025, SG&A expenses included strategic review (retention and other) expenses of $2,568. Excluding this item in the prior year, SG&A expenses in the nine months ended June 30, 2026 of $324,515, or 23.9% of revenue, increased 2% compared to $319,222, or 24.2% of revenue, in the prior year period. The increase was primarily due to increased distribution and stock compensation expense, offset by decreases in administrative expenses.

For the quarters ended June 30, 2026 and 2025, SG&A expenses included stock based compensation expense related to restricted stock and restricted stock unit awards totaling $6,894 and $5,636, respectively. For the nine months ended June 30, 2026

[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/50725/000162828025053242/gff-20250930.htm
Complete FY 2025 MD&A: /company/GFF/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-19
Report date: 2025-09-30

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

(Unless otherwise indicated, all references to years or year-end refer to the fiscal year ending September 30 and dollars are in thousands, except per share data)

OVERVIEW

The Company

Griffon Corporation (the “Company,” “Griffon,” "we" or "us") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions.

The Company was founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF).

Griffon conducts its operations through two reportable segments:

•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. HBP revenue was 63%, 61% and 59% of Griffon’s consolidated revenue in 2025, 2024 and 2023, respectively.

•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. CPP revenue was 37%, 39% and 41% of Griffon’s consolidated revenue in 2025, 2024 and 2023, respectively.

On July 1, 2024, Griffon announced that its subsidiary, The AMES Companies, Inc., ("AMES") expanded the scope of its Australian operations by acquiring substantially all the assets of Pope, a leading Australian provider of residential watering products, from The Toro Company (NYSE:TTC) for a purchase price of approximately AUD 21,800 (approximately $14,500) in cash. This is CPP's seventh acquisition in Australia since 2013, and further expands AMES's product portfolio in the Australian market. Pope generated over $25,000 in revenue in its first full year of operations.

Griffon announced in May 2023 that CPP was expanding its global sourcing strategy to include long handled tools, material handling, and wood storage and organization product lines for the U.S. market. This initiative was successfully completed as of September 30, 2024. Refer to Note 10 - Restructuring Charges for further detail.

30

CONSOLIDATED RESULTS OF OPERATIONS

2025 Compared to 2024

Revenue for the year ended September 30, 2025 of $2,519,926 decreased 4% compared to $2,623,520 for the year ended September 30, 2024. The decrease was due to a 10% decline in revenue at CPP, while HBP's revenue remained consistent with the prior year.

Gross profit for 2025 was $1,058,005 compared to $1,019,935 in 2024. Gross profit as a percent of sales (“gross margin”) for 2025 and 2024 was 42.0% and 38.9%, respectively. In 2025, gross profit did not include any nonrecurring charges; however, in 2024, gross profit included restructuring charges of $35,806 and amortization of $491 related to the fair value step-up of acquired inventory sold in connection with the Pope acquisition. Excluding these charges from 2024, gross profit would have been $1,058,005 or 42.0% of revenue, compared to $1,056,232 or 40.3% of revenue in the prior year.

Selling, general and administrative (“SG&A”) expenses in 2025 of $608,116, or 24.1% of revenue, decreased 2% from $621,638, or 23.7% of revenue, in 2024. 2025 SG&A expenses included strategic review (retention and other) expenses of $3,883 and the impact of retirement plan events of $2,505, primarily related to costs associated with the termination of the Hunter Fan Pension Plan. 2024 SG&A expenses included restructuring charges of $5,503, strategic review (retention and other) expenses of $10,594, and Pope acquisition costs of $441. Excluding these items from both periods, 2025 SG&A expenses would have been $601,728, or 23.9% of revenue, compared to 2024 SG&A expenses of $605,100, or 23.1% of revenue, with the decrease in expenses primarily due to decreases in stock compensation and management incentives.

During the third quarter of fiscal 2025, indicators of goodwill and indefinite-lived intangible asset impairment were present for the Hunter Fan reporting unit within the CPP reportable segment, driven by a decrease in year-to-date and forecasted sales and operating results primarily due to ongoing weak consumer demand coupled with the impact of increased tariffs disrupting historical customer ordering patterns. As such, we performed a quantitative assessment of the Hunter Fan reporting unit goodwill and indefinite-lived intangible assets. Based on the results of these tests, we recorded a pre-tax, non-cash impairment charge of $136,612, representing the remaining goodwill of the Hunter Fan reporting unit, and a pre-tax, non-cash impairment charge of $107,000 related to the Hunter Fan trademark in the third quarter of fiscal 2025. In preparation of our financial statements during the year ended September 30, 2025, we performed qualitative assessments of goodwill and indefinite-lived intangibles for our CPP and HBP reporting units, and concluded that it was not more likely than not that the fair values of these reporting units or indefinite-lived intangible assets were less than their carrying amounts. The quantitative assessment in 2024 did not result in any impairment charges to CPP's goodwill or indefinite-lived intangible assets.

For HBP, in both 2025 and 2024, Griffon performed qualitative assessments and determined that indicators that fair value was less than the carrying amount were not present.

Interest expense in 2025 of $96,012 decreased 8% compared to 2024 interest expense of $104,086, primarily as a result of decreased outstanding borrowings and decreased variable interest rates on both our Revolving Credit Facility and Term Loan B.

Other income (expense) of $6,672 and $1,766 in 2025 and 2024, respectively, includes $474 and ($333), respectively, of net currency exchange transaction gains (losses) from receivables and payables held in non-functional currencies, ($948) and $148, respectively, of net gains (losses) on investments, and $5,411 and ($137), respectively, of retirement benefit plan income (expense). Other income (expense) also includes royalty income of $2,201 and $2,198 in 2025 and 2024, respectively.

Griffon reported income before tax for 2025 of $127,371 compared to $296,650 for 2024. The income tax provision recognized in 2025 and 2024 translated to an effective income tax rate of 59.9% and 29.2%, respectively.  The 2025 and 2024 tax rates included discrete and certain other tax provisions (benefits), net, and other items that affect comparability, as listed below. Excluding the discrete and certain other tax provisions (benefits), net, and other items that affect comparability, as listed below, the effective income tax rates for 2025 and 2024 were 27.9% and 27.6%, respectively. These rates reflect the impact of tax reserves and changes in earnings mix between U.S. and non-U.S. operations.

Net income for 2025 was $51,110, or $1.09 per share, compared to $209,897, or $4.23 per share in 2024.

2025 net income included the following:

– Goodwill and intangible asset impairments of $243,612 ($217,154, net of tax, or $4.65 per share);

– Impact of retirement plan events of $1,165 ($1,089, net of tax, or $0.02 per share);

– Strategic review - retention and other of $3,883 ($2,886, net of tax, or $0.06 per share);

31

– Gain on sale of real estate of $8,279 ($6,169, net of tax, or $0.13 per share); and

– Discrete and certain other tax benefits, net, of $303, or $0.01 per share.

2024 net income included the following:

– Restructuring charges of $41,309 ($30,824, net of tax, or $0.62 per share);

– Strategic review - retention and other of $10,594 ($7,934, net of tax, or $0.16 per share);

– Loss on sale of real estate of $61 ($25, net of tax, or $0.00 per share);

– Debt extinguishment, net of $1,700 ($1,292, net of tax, or $0.03 per share);

– Fair value step-up of acquired inventory sold of $491 ($354, net of tax, or $0.01 per share);

– Acquisition costs of $441 ($335, net of tax, or $0.01 per share); and

– Discrete and certain other tax provisions, net, of $3,586, or $0.07 per share.

Excluding these items from both reporting periods, 2025 net income would have been $263,589, or $5.65 per share, compared to $254,247, or $5.12 per share, in 2024.

2024 Compared to 2023

Revenue for the year ended September 30, 2024 of $2,623,520 decreased 2% compared to $2,685,183 for the year ended September 30, 2023. The decrease was due to a 6% decline in revenue at CPP, while HBP's revenue remained consistent with the prior year.

Gross profit for 2024 was $1,019,935 compared to $948,821 in 2023. The gross margin for 2024 and 2023 was 38.9% and 35.3%, respectively. In the years ended 2024 and 2023, gross profit included restructuring charges of $35,806 and $82,028, respectively. In 2024, gross profit also included amortization of $491 related to the fair value step-up of acquired inventory sold in connection with the Pope acquisition. Excluding these charges from both years, gross profit would have been $1,056,232 or 40.3% of revenue, compared to $1,030,849 or 38.4% in the prior year.

SG&A expenses in 2024 of $621,638, or 23.7% of revenue, decreased 3% from $642,734, or 23.9% of revenue, in 2023. 2024 SG&A expenses included restructuring charges of $5,503, strategic review (retention and other) of $10,594 and Pope acquisition costs of $441. 2023 SG&A expenses included restructuring charges of $10,440, strategic review (retention and other) of $20,225, special dividend ESOP charges of $15,494 and proxy expenses of $2,685. In 2023, proxy expenses of $2,685 related to a settlement entered into with a shareholder that had submitted a slate of director nominees. Excluding these items from both periods, 2024 SG&A expenses would have been $605,100, or 23.1% of revenue compared to $593,890, or 22.1%, with the increase in expenses primarily due to increased selling and administrative costs.

In connection with the preparation of our financial statements for the fiscal years ended September 30, 2024 and 2023, Griffon performed its annual impairment testing of its goodwill and indefinite-lived intangibles. Griffon performed a quantitative assessment of the CPP reporting units and indefinite-lived intangible assets. The assessments in both fiscal years did not result in an impairment to goodwill. Also, in 2024, the impairment test did not result in any impairment charges to CPP's gross carrying amount of indefinite-lived intangible assets; however, in 2023, the impairment test did result in pre-tax, non-cash impairment charges totaling $109,200 ($81,313 net of tax) to CPP's gross carrying amount of indefinite-lived intangible assets. For HBP, in both 2024 and 2023, Griffon performed qualitative assessments and determined that indicators that fair value was less than the carrying amount were not present.

Interest expense in 2024 of $104,086 increased 3% compared to 2023 interest expense of $101,445, primarily as a result of increased outsta

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

Read the full FY 2025 MD&A: /company/GFF/mda/fy2025/
All MD&A years: /company/GFF/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/GFF/mda/fy2024/): filed 2024-11-13; accession 0000050725-24-000152 (https://www.sec.gov/Archives/edgar/data/50725/000005072524000152/gff-20240930.htm)
- [FY 2023 MD&A](/company/GFF/mda/fy2023/): filed 2023-11-16; accession 0000050725-23-000055 (https://www.sec.gov/Archives/edgar/data/50725/000005072523000055/gff-20230930.htm)
- [FY 2022 MD&A](/company/GFF/mda/fy2022/): filed 2022-11-18; accession 0000050725-22-000090 (https://www.sec.gov/Archives/edgar/data/50725/000005072522000090/gff-20220930.htm)
- [FY 2021 MD&A](/company/GFF/mda/fy2021/): filed 2021-11-17; accession 0000050725-21-000068 (https://www.sec.gov/Archives/edgar/data/50725/000005072521000068/gff-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3442 Metal Doors, Sash, Frames, Moldings & Trim) 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/GFF.md · JSON record: /company/GFF.json · verified financials: /company/GFF/financials.json / /company/GFF/financials.csv · machine TOC for the whole site: /llms.txt