# Spectrum Brands Holdings, Inc. (SPB)

Informational only - not investment advice.

CIK: 0000109177
SIC: 3690 Miscellaneous Electrical Machinery, Equipment & Supplies
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies](/industry/3690/)
Latest 10-K filed: 2025-11-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=109177
Filing source: https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-18 · accession 0000109177-25-000043 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000109177.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,809,000,000 USD | 2025 | verified |
| Net income | 99,900,000 USD | 2025 | verified |
| Assets | 3,379,600,000 USD | 2025 | verified |
| Free cash flow | 165,300,000 USD | 2025 | computed |
| Net margin | 3.56% | 2025 | computed |
| Operating margin | 4.45% | 2025 | computed |
| Revenue YoY | -5.23% | 2025 | computed |
| ROE | 5.23% | 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 | SPB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 3.6% | 3.6% | 50 | 11 |
| Operating margin | 4.4% | 3.0% | 57 | 8 |
| Revenue growth | -5.2% | 8.0% | 17 | 13 |
| FCF margin | 5.9% | -7.1% | 75 | 13 |
| ROE | 5.2% | -1.1% | 67 | 13 |
| ROA | 3.0% | -0.5% | 67 | 13 |
| Liabilities / equity | 0.77 | 1.04 | 42 | 13 |
| Current ratio | 2.26 | 3.37 | 31 | 14 |

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 3690 Miscellaneous Electrical Machinery, Equipment & Supplies, 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 | 2809000000 | USD | 2025 | 2025-11-18 |
| Net income | 99900000 | USD | 2025 | 2025-11-18 |
| Assets | 3379600000 | 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/CIK0000109177.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 3,808,700,000 | 2,446,400,000 | 2,622,100,000 | 2,998,100,000 | 3,132,500,000 | 2,918,800,000 | 2,963,900,000 | 2,809,000,000 |
| Net income |  |  | -198,800,000 | 106,000,000 | 768,300,000 | 494,500,000 | 97,800,000 | 189,600,000 | 71,600,000 | 1,801,500,000 | 124,800,000 | 99,900,000 |
| Operating income |  |  | 334,900,000 | 287,500,000 | 224,200,000 | -152,400,000 | 8,600,000 | 97,100,000 | 23,200,000 | -205,600,000 | 170,600,000 | 124,900,000 |
| Gross profit |  |  | 1,246,600,000 | 1,336,400,000 | 1,334,300,000 | 819,600,000 | 878,100,000 | 1,034,600,000 | 990,400,000 | 924,300,000 | 1,109,300,000 | 1,031,900,000 |
| Diluted EPS |  |  | -6.21 | 3.29 | 20.74 | 9.76 | 2.19 | 4.39 | 1.75 | 45.65 | 4.10 | 3.86 |
| Operating cash flow |  |  | 913,300,000 | 840,200,000 | 343,300,000 | 1,100,000 | 290,300,000 | 288,400,000 | -53,800,000 | -409,700,000 | 162,600,000 | 203,600,000 |
| Capital expenditures |  |  | 61,000,000 | 81,800,000 | 75,900,000 | 40,400,000 | 44,100,000 | 43,600,000 | 64,000,000 | 59,000,000 | 44,000,000 | 38,300,000 |
| Dividends paid |  |  |  |  | 22,400,000 | 85,500,000 | 75,200,000 | 71,500,000 | 68,600,000 | 66,500,000 | 50,600,000 | 48,200,000 |
| Share buybacks | 65,800,000 | 22,200,000 |  |  | 0.00 | 268,500,000 | 239,800,000 | 125,800,000 | 134,000,000 | 34,700,000 | 482,700,000 | 326,400,000 |
| Assets |  |  | 33,580,100,000 | 35,849,700,000 | 7,799,000,000 | 5,246,000,000 | 5,107,300,000 | 5,340,400,000 | 5,775,600,000 | 5,258,400,000 | 3,842,300,000 | 3,379,600,000 |
| Liabilities |  |  | 31,762,900,000 | 33,902,800,000 | 6,209,400,000 | 3,517,100,000 | 3,691,500,000 | 3,861,400,000 | 4,506,500,000 | 2,740,100,000 | 1,700,600,000 | 1,469,900,000 |
| Stockholders' equity |  |  | 638,100,000 | 758,000,000 | 1,581,300,000 | 1,720,900,000 | 1,407,500,000 | 1,471,900,000 | 1,263,200,000 | 2,517,600,000 | 2,140,900,000 | 1,909,700,000 |
| Cash and cash equivalents |  |  | 465,200,000 | 270,100,000 | 552,500,000 | 627,100,000 | 531,600,000 | 187,900,000 | 243,700,000 | 753,900,000 | 368,900,000 | 123,600,000 |
| Free cash flow |  |  | 852,300,000 | 758,400,000 | 267,400,000 | -39,300,000 | 246,200,000 | 244,800,000 | -117,800,000 | -468,700,000 | 118,600,000 | 165,300,000 |

### 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 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 20.17% | 20.21% | 3.73% | 6.32% | 2.29% | 61.72% | 4.21% | 3.56% |
| Operating margin |  |  |  |  | 5.89% | -6.23% | 0.33% | 3.24% | 0.74% | -7.04% | 5.76% | 4.45% |
| Return on equity |  |  | -31.15% | 13.98% | 48.59% | 28.73% | 6.95% | 12.88% | 5.67% | 71.56% | 5.83% | 5.23% |
| Return on assets |  |  | -0.59% | 0.30% | 9.85% | 9.43% | 1.91% | 3.55% | 1.24% | 34.26% | 3.25% | 2.96% |
| Liabilities / equity |  |  | 49.78 | 44.73 | 3.93 | 2.04 | 2.62 | 2.62 | 3.57 | 1.09 | 0.79 | 0.77 |
| Current ratio |  |  |  | 1.09 | 2.78 | 1.46 | 1.83 | 2.50 | 2.72 | 3.83 | 2.30 | 2.26 |

## As-reported value updates

20 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/SPB/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000109177.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 | 2023-01-01 |  |  | -0.51 | reported discrete quarter |
| 2023-Q2 | 2023-04-02 |  |  | -1.31 | reported discrete quarter |
| 2023-Q3 | 2023-07-02 |  |  | 46.07 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 740,700,000 | 16,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 692,200,000 | 29,100,000 | 0.85 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 718,500,000 | 61,100,000 | 2.01 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 779,400,000 | 6,100,000 | 0.21 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 773,700,000 | 28,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-29 | 700,200,000 | 23,500,000 | 0.84 | reported discrete quarter |
| 2025-Q2 | 2025-03-30 | 675,700,000 | 900,000 | 0.03 | reported discrete quarter |
| 2025-Q3 | 2025-06-29 | 699,600,000 | 19,900,000 | 0.80 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 733,500,000 | 55,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-28 | 677,000,000 | 28,400,000 | 1.21 | reported discrete quarter |
| 2026-Q2 | 2026-03-29 | 708,900,000 | 22,100,000 | 0.94 | reported discrete quarter |
| 2026-Q3 | 2026-06-28 | 753,300,000 | -26,800,000 | -1.16 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/109177/000010917726000040/spb-20260628.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-28

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

Introduction

The following is management’s discussion of the financial results, liquidity and other key items related to our performance and should be read in conjunction with the Condensed Consolidated Financial Statements and related notes included in Item 1 of this Quarterly Report on Form 10-Q (the "Quarterly Report") and our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 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" included elsewhere in this Quarterly Report, and in Item 1A. Risk Factors and "Forward-Looking Statements" included within our 2025 Annual Report. Unless the context indicates otherwise, the terms the "Company," "we," "us," or "our" are used to refer to Spectrum Brands Holdings, Inc. and its subsidiaries collectively.

Non-GAAP Measurements

Our consolidated and segment results contain non-GAAP metrics such as organic net sales, adjusted EBITDA and adjusted EBITDA margin. While we believe organic net sales, adjusted EBITDA and adjusted EBITDA margin are useful supplemental information, such adjusted results are not intended to replace our financial results in accordance with generally accepted accounting principles in the United States (“GAAP”) and should be read in conjunction with those GAAP results.

Organic Net Sales. We define organic net sales as net sales excluding the effect of changes in foreign currency exchange rates and impact from acquisitions (where applicable). We believe this non-GAAP measure provides useful information to investors because it reflects regional and operating segment performance from our activities without the effect of changes in currency exchange rates and acquisitions. We use organic net sales as one measure to monitor and evaluate our regional and segment performance. Organic growth is calculated by comparing organic net sales to net sales in the prior year. The effect of changes in currency exchange rates is determined by translating the current period net sales using the currency exchange rates that were in effect during the prior comparative period. Net sales are attributed to the geographic regions based on the country of destination. We exclude net sales from acquired businesses in the current year for which there are no comparable sales in the prior period.

The following is a reconciliation of reported net sales to organic net sales for the three and nine month periods ended June 28, 2026 compared to net sales for the three and nine month periods ended June 29, 2025:

[[GREPCENT_TABLE]]
[["Three Month Periods Ended (in millions, except %)","","June 28, 2026"],["","Net Sales","","Effect of Changes in Foreign Currency","","","","","","Organic Net Sales","","Net Sales June 29, 2025","","Variance"],["GPC","","$","263.7","","","$","(1.2)","","","","","","","$","262.5","","","$","255.2","","","$","7.3","","","2.9","%"],["H&G","","225.2","","","0.1","","","","","","","225.3","","","189.2","","","36.1","","","19.1","%"],["HPC","","264.4","","","(6.4)","","","","","","","258.0","","","255.2","","","2.8","","","1.1","%"],["Total","","$","753.3","","","$","(7.5)","","","","","","","$","745.8","","","$","699.6","","","46.2","","","6.6","%"],["Nine Month Periods Ended (in millions, except %)","","June 28, 2026"],["","Net Sales","","Effect of Changes in Foreign Currency","","","","","","Organic Net Sales","","Net Sales June 29, 2025","","Variance"],["GPC","","$","844.6","","","$","(17.3)","","","","","","","$","827.3","","","$","784.4","","","$","42.9","","","5.5","%"],["H&G","","468.6","","","\u2014","","","","","","","468.6","","","433.6","","","35.0","","","8.1","%"],["HPC","","826.0","","","(31.6)","","","","","","","794.4","","","857.5","","","(63.1)","","","(7.4)","%"],["Total","","$","2,139.2","","","$","(48.9)","","","","","","","$","2,090.3","","","$","2,075.5","","","14.8","","","0.7","%"]]
[[/GREPCENT_TABLE]]

27

Table of Contents

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP metrics used by management, which we believe are useful to investors to measure the operational strength and performance of our business. These metrics provide investors additional information about our operating profitability excluding certain non-cash items, non-routine items we do not expect to continue at the same level in the future, as well as other items not core to our continuing operations. By providing these measures, together with a reconciliation of the most directly comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These metrics are also useful to investors in that securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and they are regularly used by management and our board of directors for internal purposes in evaluating our business performance, making budgeting decisions, and comparing our performance against other peer companies using similar measures since interest, taxes, depreciation, and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA is also used for determining compliance with the Company’s debt covenants.

EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income. Adjusted EBITDA also excludes certain non-cash adjustments including share based compensation expense; impairment charges on property, plant and equipment, right of use lease assets, and goodwill and other intangible assets, as applicable; gain or loss from the early extinguishment of debt through the repurchase or early redemption of debt, as applicable; and purchase accounting adjustments recognized in income subsequent to an acquisition attributable to the step-up in value on assets acquired. Additionally, the Company will further recognize adjustments from adjusted EBITDA for other costs, gains and losses that are considered significant, non-recurring, or otherwise not supporting the continuing operations and revenue generating activity of the segment or Company, including but not limited to, exit and disposal activities, or incremental costs associated with strategic transactions, restructuring and optimization initiatives such as the acquisition or divestiture of a business, related integration or separation costs, or the development and implementation of strategies to optimize or restructure the Company and its operations. Adjusted EBITDA margin is adjusted EBITDA as a percentage of reported net sales.

The following is a reconciliation of Net (Loss) Income From Continuing Operations to Adjusted EBITDA and Adjusted EBITDA margin for the three and nine month periods ended June 28, 2026 and June 29, 2025, respectively.

[[GREPCENT_TABLE]]
[["","","Three Month Periods Ended","","Nine Month Periods Ended"],["(in millions, except %)","","June 28, 2026","","June 29, 2025","","June 28, 2026","","June 29, 2025"],["Net (loss) income from continuing operations","","$","(20.3)","","","$","20.5","","","$","31.6","","","$","46.9"],["Income tax expense","","28.8","","","1.5","","","34.2","","","22.9"],["Interest expense","","8.2","","","8.4","","","22.3","","","22.1"],["Depreciation","","14.5","","","14.6","","","44.0","","","42.6"],["Amortization","","10.3","","","10.5","","","30.8","","","31.5"],["Share based compensation","","6.0","","","4.8","","","16.3","","","14.7"],["Non-cash impairment charges","","104.0","","","7.8","","","104.5","","","23.5"],["Exit and disposal costs","","0.4","","","4.2","","","5.3","","","8.2"],["Global ERP transformation1","","3.5","","","2.3","","","8.3","","","7.1"],["Litigation costs2","","0.2","","","1.2","","","1.8","","","2.8"],["Other3","","2.7","","","0.8","","","5.8","","","3.4"],["Adjusted EBITDA","","$","158.3","","","$","76.6","","","$","304.9","","","$","225.7"],["Net sales","","$","753.3","","","$","699.6","","","$","2,139.2","","","$","2,075.5"],["Net (loss) income from continuing operations margin","","(2.7)","%","","2.9","%","","1.5","%","","2.3","%"],["Adjusted EBITDA margin","","21.0","%","","10.9","%","","14.3","%","","10.9","%"]]
[[/GREPCENT_TABLE]]

________________________________________

1    Costs attributable to a multi-year transformation project to upgrade and implement our enterprise-wide operating systems to SAP S/4 HANA on a global basis, including project management and professional services for planning, design, and business process review that do not qualify as software configuration and implementation costs recognized as capital expenditures or deferred costs under applicable accounting principles. The Company had recently extended the project to include its HPC segment and anticipates costs to be incurred through further deployments through calendar year 2026.

2    Litigation costs are associated with the Company's cost to facilitate various ongoing litigation matters associated with the Tristar Business acquisition in Fiscal 2023, previously disclosed in our 2025 Annual Report. Such costs are anticipated to be incurred until such litigation matters have been resolved.

3    Other is attributable to other project costs associated with strategic separation initiatives and distribution center transitions, plus certain non-recurring key executive severance costs in the prior year.

28

Table of Contents

Overview

For additional discussion and overview of the business, please refer to Item 1. Business and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report.

Recent Developments

U.S. Tariffs

The changes to U.S. trade policy including the introduction of incremental U.S. tariffs under the International Emergency Economic Powers Act ("IEEPA") on imported goods in the prior year have had a significant impact to our operations, increasing costs for sourced products, materials and components, and pressuring profit margins. The IEEPA tariffs were introduced in March 2025, impacting operating results primarily during the second half of the prior fiscal year. Our mitigation strategies included adjusting pricing and actively managing supply chain by engaging suppliers to support cost sharing or expanding supply chain diversification. The changing tariff policies impacted our segments to varying degrees, most significantly with HPC, as most of its products supporting the U.S. business are imported from southeast Asia. HPC has pursued sourcing alternatives and has moved production to diversify its supply chain and more effectively manage risk. Over 60% of net sales in HPC are driven through international markets and are not directly impacted by U.S. tariffs. Comparatively, our other segments were less affected. GPC has certain aquatic equipment and chews & treats products that were sourced primarily from China, but have a higher degree of sourcing diversity with major suppliers elsewhere, which allowed it to move production more swiftly to alternative supply. GPC also manufactures aquatics nutrition products at its facility in Germany and imports them into the U.S., but such tariff-related costs have been predominantly mitigated through pricing adjustments and cost management. The H&G segment products are predominantly m

[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/109177/000010917725000043/spb-20250930.htm
Complete FY 2025 MD&A: /company/SPB/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

The following is management’s discussion of the financial results, liquidity and other key items related to our performance and should be read in conjunction with our Consolidated Financial Statements and related notes in this Annual Report. Unless the context indicates otherwise, the terms the “Company,” “we,” “our” or “us” are used to refer to SBH and its subsidiaries, collectively.

Non-GAAP Measurements

Our consolidated results contain non-GAAP metrics such as organic net sales, Adjusted EBITDA and Adjusted EBITDA margin. While we believe organic net sales and Adjusted EBITDA are useful supplemental information, such adjusted results are not intended to replace our financial results in accordance with Accounting Principles Generally Accepted in the U.S. (“GAAP”) and should be read in conjunction with those GAAP results.

Organic Net Sales. We define organic net sales as net sales excluding the effect of changes in foreign currency exchange rates and impact from acquisitions (where applicable). We believe this non-GAAP measure provides useful information to investors because it reflects regional and operating segment performance from our activities without the effect of changes in currency exchange rates and acquisitions. We use organic net sales as one measure to monitor and evaluate our regional and segment performance. Organic growth is calculated by comparing organic net sales to net sales in the prior year. The effect of changes in currency exchange rates is determined by translating the current period net sales using the currency exchange rates that were in effect during the prior comparative period. Net sales are attributed to the geographic regions based on the country of destination. We exclude net sales from acquired businesses in the current year for which there are no comparable sales in the prior period.

The following is a reconciliation of net sales to organic net sales of for the year ended September 30, 2025, compared to net sales for the year ended September 30, 2024.

[[GREPCENT_TABLE]]
[["","","2025","","2024","","Variance"],["Year Ended (in millions, except %)","","Net Sales","","Effect of Changes in Foreign Currency","","","","","","Organic Net Sales"],["GPC","","$","1,082.5","","","$","(9.2)","","","","","","","$","1,073.3","","","$","1,151.5","","","$","(78.2)","","(6.8","%)"],["H&G","","572.8","","","\u2014","","","","","","","572.8","","","578.6","","","(5.8)","","(1.0","%)"],["HPC","","1,153.7","","","7.1","","","","","","","1,160.8","","","1,233.8","","","(73.0)","","(5.9","%)"],["Total","","$","2,809.0","","","$","(2.1)","","","","","","","$","2,806.9","","","$","2,963.9","","","(157.0)","","(5.3","%)"]]
[[/GREPCENT_TABLE]]

33

Table of Contents

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP metrics used by management, which we believe are useful to investors to measure the operational strength and performance of our business. These metrics provide investors additional information about our operating profitability for certain non-cash items, non-routine items we do not expect to continue at the same level in the future, as well as other items not core to our continuing operations. By providing these measures, together with a reconciliation of the most directly comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives, as securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and they are regularly used by management and our Board of Directors for internal purposes in evaluating our business performance, making budgeting decisions, and comparing our performance against other peer companies using similar measures. They facilitate comparisons between peer companies since interest, taxes, depreciation, and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA is also used for determining compliance with the Company’s debt covenants. See Note 9 – Debt in the Notes to the Consolidated Financial Statements for additional detail.

EBITDA is calculated by excluding the Company’s income tax expense, interest expense, depreciation expense and amortization expense (from intangible assets) from net income from continuing operations. Adjusted EBITDA also excludes certain non-cash adjustments including share based compensation (see Note 17 - Share Based Compensation in the Notes to the Consolidated Financial Statements for further detail); impairment charges on property, plant and equipment, right of use lease assets, and goodwill and other intangible assets, (See Note 7- Property, Plant and Equipment, Note 10 - Leases and Note 8 - Goodwill and Intangible Assets in the Notes to the Consolidated Financial Statements for further detail, as applicable); gain or loss from the early extinguishment of debt (See Note 9 - Debt in the Notes to the Consolidated Financial Statements for further detail, as applicable); and purchase accounting adjustments recognized in income subsequent to an acquisition attributable to the step-up in value on assets acquired. Additionally, the Company will further recognize adjustments from adjusted EBITDA for other costs, gains and losses that are considered significant, non-recurring, or otherwise not supporting the continuing operations and revenue generating activity of the segment or Company, including but not limited to, exit and disposal activities, or incremental costs associated with strategic transactions, restructuring and optimization initiatives such as the acquisition or divestiture of a business, related integration or separation costs, or the development and implementation of strategies to optimize or restructure the Company and its operations. Adjusted EBITDA margin is adjusted EBITDA as a percentage of reported net sales.

The following is a reconciliation of net income from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin for the years ended September 30, 2025 and 2024.

[[GREPCENT_TABLE]]
[["(in millions, except %)","","2025","","2024"],["Net income from continuing operations","","$","100.2","","","$","99.3"],["Income tax (benefit) expense","","(13.0)","","","64.3"],["Interest expense","","30.0","","","58.5"],["Depreciation","","56.4","","","57.3"],["Amortization","","41.6","","","44.5"],["Share based compensation","","20.5","","","17.5"],["Non-cash impairment charges","","24.4","","","50.3"],["Non-cash purchase accounting adjustments","","\u2014","","","1.2"],["Gain from early extinguishment of debt","","\u2014","","","(2.6)"],["Exit and disposal costs","","8.8","","","1.0"],["HHI separation costs1","","1.5","","","3.9"],["HPC separation initiatives1","","0.9","","","13.4"],["Global ERP transformation1","","9.2","","","15.0"],["HPC product recall2","","\u2014","","","6.9"],["Representation and warranty insurance proceeds3","","\u2014","","","(65.0)"],["Litigation costs4","","3.5","","","2.9"],["Other5","","5.1","","","3.4"],["Adjusted EBITDA","","$","289.1","","","$","371.8"],["Net sales","","$","2,809.0","","","$","2,963.9"],["Net income from continuing operations margin","","3.6","%","","3.4","%"],["Adjusted EBITDA margin","","10.3","%","","12.5","%"]]
[[/GREPCENT_TABLE]]

________________________________________

1 Incremental costs associated with strategic transactions, restructuring and optimization initiatives, including, but not limited to, the acquisition or divestiture of a business, related integration or separation costs, or the development and implementation of strategies to optimize or restructure operations. Refer to Strategic Transactions, Restructuring and Optimization Initiatives discussion within the Business Overview section for further detail.

2 Incremental net costs from product recalls in the HPC segment. See Note 19 - Commitments and Contingencies in the Notes to the Consolidated Financial Statements for further detail.

3 Gain from the receipt of insurance proceeds on representation and warranty policies associated with the Tristar Business acquisition. See Note 19 Commitments and Contingencies in the Notes to the Consolidated Financial Statements for further detail.

4 Litigation costs primarily associated with the Tristar Business acquisition. See Note 19 - Commitments and Contingencies in the Notes to the Consolidated Financial Statements for further detail.

5 Other is attributable to (1) other project costs associated with distribution center transitions; (2) key executive severance costs; and (3) loss from the sale and deconsolidation of a Romania joint venture subsidiary during the year ended September 30, 2025, and the liquidation and deconsolidation of a Russia operating subsidiary during the year ended September 30, 2024.

34

Table of Contents

Business Overview

The following section provides a general description of our business as well as recent developments for the years ended September 30, 2025 and 2024, which we believe are important to understanding our results of operations, our financial condition, and anticipated future trends. Refer to Item 1 - Business and Note 1 - Description of Business in the Notes to the Consolidated Financial Statements for an overview of our business. For a discussion of our fiscal 2023 results, please refer to Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations for the Company’s Annual Report on Form 10-K for the year ended September 30, 2024, filed with the SEC on November 15, 2024.

Recent Developments

U.S. Tariffs and Global Macro-Economic Environment

The changes to U.S. trade policy with the introduction of incremental U.S. tariffs on imported goods, especially on Chinese imports, are expected to have a significant impact to our operations, increasing costs for sourced products, materials and components, and thus raising cost of goods sold and pressuring profit margins. To mitigate this, the Company has adjusted prices to pass on some costs to customers and is actively managing its supply chain and engaging suppliers to support cost sharing or expand supply chain diversification, which can further impact our ability to supply customers timely during periods of such transitions. With the incremental tariffs on Chinese imports announced in early April 2025, we had temporarily paused virtually all finished goods imports out of China. Following further amendments to the interim tariff rates in June 2025, we had subsequently reinstated our imports of finished goods without substantial risk to margin realization, but we have recognized some impact on near-term fulfillment and distribution as part of our operating results, which are considered short-term and non-recurring.

The changing tariff policies impact all segments to varying degrees, most significantly with the HPC segment as most all products supporting the U.S. business are imported from southeast Asia, with the majority coming from China. The HPC business has been actively pursuing sourcing alternatives and moving production to diversify its supply chain and more effectively manage risk. Over 60% of net sales in the HPC segment are driven through international markets and are not directly impacted by U.S. tariffs. During the year ended September 30, 2025, the HPC segment temporarily paused Chinese imports coming into the U.S., as such the U.S. business in the HPC segment was limited to its current and in-transit inventory, impacting operating results. As we have reinstated our supply chain to import product, the HPC business normalized its fulfillment and distribution by the end of the fiscal year.

The GPC business had certain aquatic equipment

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

Read the full FY 2025 MD&A: /company/SPB/mda/fy2025/
All MD&A years: /company/SPB/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/SPB/mda/fy2024/): filed 2024-11-15; accession 0000109177-24-000047 (https://www.sec.gov/Archives/edgar/data/109177/000010917724000047/spb-20240930.htm)
- [FY 2023 MD&A](/company/SPB/mda/fy2023/): filed 2023-11-21; accession 0000109177-23-000054 (https://www.sec.gov/Archives/edgar/data/109177/000010917723000054/spb-20230930.htm)
- [FY 2022 MD&A](/company/SPB/mda/fy2022/): filed 2022-11-22; accession 0000109177-22-000034 (https://www.sec.gov/Archives/edgar/data/109177/000010917722000034/spb-20220930.htm)
- [FY 2021 MD&A](/company/SPB/mda/fy2021/): filed 2021-11-23; accession 0000109177-21-000058 (https://www.sec.gov/Archives/edgar/data/109177/000010917721000058/spb-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3690 Miscellaneous Electrical Machinery, Equipment & Supplies) 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/SPB.md · JSON record: /company/SPB.json · verified financials: /company/SPB/financials.json / /company/SPB/financials.csv · machine TOC for the whole site: /llms.txt