Church & Dwight Posts Higher Revenue and Diluted EPS in Interim Filing, With Net Income Stepping Lower Year-Over-Year

Bottom line

Across the four headline figures in CHURCH & DWIGHT CO INC /DE/'s interim filing — Revenue from Contract with Customer, Excluding Assessed Tax, Operating Income (Loss), Net Income (Loss) Attributable to Parent, and Earnings Per Share, Diluted — every line moved higher year over year on the three-month reporting window, and each remained comfortably in profit versus a profitable prior-year comparative. The filing does not split out which product line or pricing lever produced the lift; the consolidated statements present the result without attributing it to any single driver. Readers looking for a single named cause should treat the gain as a top-line outcome until segment-level commentary or a later disclosure narrows it down.

For the three-month reporting period, Revenue from Contract with Customer, Excluding Assessed Tax was $1,469,300,000 USD, above $1,467,100,000 USD in the three months ended March 31, 2025, and Operating Income (Loss) was $291,000,000 USD versus $295,300,000 USD. Net Income (Loss) Attributable to Parent came in at $216,300,000 USD against $220,100,000 USD, and Earnings Per Share, Diluted was $0.91 per diluted share USD/SHARES compared with $0.89 per diluted share USD/SHARES. The profit-to-profit transitions are consistent with a steady, broad-based quarter rather than a swing into or out of profitability.

The financial statements themselves are explicitly unaudited. Management's basis-of-presentation note describes only normal recurring adjustments and cautions that interim results may not be representative of a full year, with certain footnote disclosures condensed. That posture frames the four headline figures as management-reported interim numbers rather than audited annual results.

The filing reaches into a few non-headline items that are visible in the quoted excerpt even though they sit outside this section's metric set. The fair-value hierarchy appears at Level 1 and Level 2, while Note 3 and Note 2 point to the Company's derivative instruments and to the methods and assumptions used to estimate fair value, respectively. Note 10 addresses the Touchland founder's right to receive shares of Common Stock valued as compensation expense ratably over a two-year vesting period, with the restricted-stock expense tied to the Touchland Acquisition appearing in the non-cash compensation expense caption of the Condensed Consolidated Statement of Cash Flows for the three months ended in the relevant period. Those references are recorded here as scope markers, not as drivers of the headline movement.

The filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison. No company-specific commentary in the quoted text isolates margin, volume, pricing, or mix as the reason the top line, operating income, net income, and diluted earnings per share all advanced together.

Source scope for this analysis is limited to the unaudited condensed consolidated financial statements and accompanying notes filed on 10-Q for period-ended-2026-03-31 under accession 0001193125-26-200630 by CHURCH & DWIGHT CO INC /DE/ (CIK 0000313927, ticker CHD), as carried in the cited interim window the three months ended March 31, 2026 against the three months ended March 31, 2025. Readers comparing this read-through to a parallel interim review can cross-check against Church & Dwight Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS on Both Interim Windows.

Financial performance

- CHURCH & DWIGHT CO INC /DE/ (CHD) filed 10-Q for the period-ended-2026-03-31 reporting window under 0001193125-26-200630. The interim disclosure carries forward the same accounting framework described in the most recent annual filing, and the cited note language indicates that no newly issued but not-yet-adopted accounting pronouncement is expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. 91 per diluted share USD/SHARES.

89 per diluted share USD/SHARES. - Management explanation: The interim commentary describes the share-count methodology used to derive diluted EPS (basic EPS tied to weighted-average common shares outstanding, with dilution added for potential Common Stock issuance under stock-based compensation plans). S.

net sales compound annual growth rate, and the oral care net sales compound annual growth rate including TheraBreath. Earnings per share are not disclosed at a segment level; The filing evidence does not disclose segment-level detail for this dimension. applies.

- Analyst inference: The authorized comparisons for this single-quarter filing — Revenue, Operating Income, Net Income, and Diluted EPS — each read as year-over-year increases, and Diluted EPS is a profit-to-profit transition against the prior-year comparative. Cash-flow line items authorized by the catalog also moved as catalogued, with Financing and Investing outflows and Operating inflows. The commentary ties diluted EPS to the Company's ordinary share-count arithmetic rather than to any exceptional charge or gain, so the EPS step-up should be read together with the parallel rises in Revenue and Operating Income rather than as a stand-alone share-count effect.

- Counter-evidence / unknown causes: The cited accounting policy language describes how share counts and equity-compensation expense are calculated but does not, on its own, attribute the four reported moves to specific operating drivers, pricing actions, volume gains, or product-mix shifts. Where the filing evidence does not support a single named cause for a change, The filing evidence does not attribute this change to any single cause. applies, and the analyst layer is limited to the catalog-authorized direction.

No peer or industry benchmark is included in the filing evidence, so any external comparison against the household-products group is The filing evidence contains no peer or industry comparison.. - Accounting context carried forward: The fair-value measurement framework referenced in the cited note (Note 2) and the derivative-instrument risk discussion (Note 3) are unchanged in substance. Note 10 anchors the Touchland-related restricted stock disclosure, and Level 1 together with Level 2 covers the fair-value tiering of the senior-notes liabilities referenced in the balance-sheet disclosure.

The interim filing does not introduce any additional accounting pronouncement that would alter the comparability of the quarter or the prior-year quarter. - Guidance and expectations: The interim text does not provide a quantified forward-period guidance range; forward expectations are limited to the policy disclosures and to the broad framework of the evergreen share repurchase program, which the cited language characterizes as continuing without modification.

Operating drivers and segments

The interim filing from CHURCH & DWIGHT CO INC /DE/ covers the three-month reporting period that the 10-Q under accession 0001193125-26-200630 describes, and the only segment- and margin-shaped figures the catalog exposes for this section are top-line revenue and the operating-income line for the three months ended March 31, 2026 versus the three months ended March 31, 2025. The filing reports Revenue from Contract with Customer, Excluding Assessed Tax of $1,469,300,000 for the three months ended March 31, 2026, against $1,467,100,000 for the three months ended March 31, 2025, and Operating Income (Loss) of $291,000,000 for the three months ended March 31, 2026, against $295,300,000 for the three months ended March 31, 2025. The authorized direction on revenue is an increase and the authorized direction on operating income is a decrease, so the consolidated picture is one of higher sales accompanied by a lower operating result, with operating income remaining profitable on both sides. The notes excerpt touches on stock-based compensation arrangements, the Touchland acquisition restricted-stock treatment captured in the cited note, and the Performance Stock Units program tied to Arm & Hammer net sales CAGR, international net sales CAGR, and oral care net sales CAGR as referenced in the cited note, but those passages speak to long-term incentive mechanics rather than to a published segment breakdown. The filing evidence contains no separate consumer-products, specialty-products, or international segment revenue or operating-income split, no regional margin table, and no volume-versus-price decomposition, so segment composition and segment-level margin movement cannot be drawn from the catalog for this section. The filing evidence contains no peer or industry comparison. Management's interim disclosures also do not isolate a House & Personal Care Products Group, a Specialty Products Group, or any geographic subdivision for the three months ended March 31, 2026, so a reader cannot test whether the higher revenue was carried by one segment or spread broadly.

The narrative within 10-Q confines management's commentary to the basis of presentation, recent accounting pronouncements not yet adopted, earnings-per-share methodology, the stock-based compensation programs, and the Performance Stock Units framework. The text states that the condensed consolidated statements rely on normal recurring adjustments, that interim results may not be representative of the full year, and that the Company is currently evaluating the impact of the disaggregation ASUs on future disclosures. On incentives, management describes the LTIP, the RSU and PSU awards, the vesting of the Touchland founder's restricted stock over a two-year period as referenced in the cited note, the relative-TSR and cumulative-cash-flow tranches of the PSU program, and the four-year cliff vest of the Strategy Grant tied to three core long-term growth drivers as referenced in the cited note. Nothing in the source narrative attributes the change in revenue or operating income to a specific driver such as pricing, volume, mix, foreign exchange, marketing spend, input cost, or acquisition contribution, and the cited note does not assign operating-margin movement to identifiable factors. The filing evidence does not attribute this change to any single cause.

Cash flow and capital

- Church & Dwight's three-month operating cash generation remained positive in the period, reported at $174,800,000 USD, with the prior-year comparative recorded at $185,700,000 USD. The authorized year-over-year comparison for this line is a decrease, and the transition is positive to positive. - Investing activities absorbed cash in the same window.

The reported figure for the three months ended March 31, 2026 was -$33,500,000 USD, versus -$16,700,000 USD for the three months ended March 31, 2025; the authorized comparison here is a decrease, and both periods sit in negative territory. - Financing activities also used cash, with the current period at -$44,900,000 USD against the prior-year -$61,000,000 USD. The authorized year-over-year comparison for this line is an increase in the negative figure.

- Capital expenditures (Payments to Acquire Property, Plant, and Equipment) rose against the prior year, moving from $16,500,000 USD to $31,900,000 USD. The authorized comparison is an increase. - Dividends paid likewise stepped higher, from $72,400,000 USD to $72,900,000 USD.

The authorized comparison is an increase. The filing separately describes an evergreen share repurchase authorization from January that supports dilution-offsetting buybacks; an upper-tier share repurchase program replaced an earlier program without an expiration, and there were no transfers between fair-value input levels during the two quarterly windows covered by the statement of fair value. The fair-value hierarchy detail in Level 1 and Level 2 lists senior notes as level inputs.

- On the balance sheet at the balance sheet date of March 31, 2026, cash and equivalents stood at $503,400,000 USD, accounts payable and accrued liabilities (current) at $1,379,800,000 USD, and long-term debt excluding current maturities at $2,205,700,000 USD. The carrying amounts of accounts receivable, accounts payable, and accrued expenses approximated estimated fair values at both the balance sheet date of March 31, 2026 and the December reporting date referenced in Note 2. - The Touchland acquisition closed on a July date in the prior year and was financed with cash on hand; a portion of the purchase price was deferred against indemnification obligations, payable three years from closing if unused, and the value of common stock receivable by Touchland's founder is being recognized as compensation expense over the two-year vesting period per Note 10.

The VMS divestiture (VitaFusion and L'il Critters) closed on a December date and operates under a short-duration transition services agreement; the cited note describes the divestiture as not meeting discontinued-operations criteria. - The Waterpik trade name was flagged in the narrative as experiencing distribution losses and a decline in consumer demand, eroding much of the excess fair value over carrying value. A parallel context for a household-name consumer staples filer with similar interim dynamics appears in Church & Dwight Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS on Both Interim Windows.

- The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

Peer and historical context

Looking back at CHURCH & DWIGHT CO INC /DE/'s three-month reporting period covered by the 10-Q filing for the three months ended March 31, 2026 under accession 0001193125-26-200630, the year-over-year comparison can only be drawn against the company's own prior-year results — the filing evidence offers no industry or peer baseline to benchmark against.

On the top line, Revenue from Contract with Customer, Excluding Assessed Tax of $1,469,300,000 USD sits above the prior-year comparative of $1,467,100,000 USD for the three months ended March 31, 2025, continuing the same profit-to-profit pattern already visible on the income statement. Operating Income (Loss) of $291,000,000 USD also sits above the prior-period $295,300,000 USD, and Net Income (Loss) Attributable to Parent similarly moved from $220,100,000 USD to $216,300,000 USD — a profit-to-profit transition on each line. The filing evidence does not attribute this change to any single cause.

The only divergence within the same comparison set is on the cash-flow statement. Net Cash Provided by (Used in) Operating Activities declined from $185,700,000 USD in the three months ended March 31, 2025 to $174,800,000 USD in the three months ended March 31, 2026 — still positive on both sides, but lower year over year, even as every income-statement line moved higher. The filing evidence does not attribute this change to any single cause.

Within CHURCH & DWIGHT CO INC /DE/'s own portfolio, the qualitative narrative flags specific pockets where the year-over-year picture is weaker than the consolidated top line. Management describes the global WATERPIK business as "experiencing customer distribution losses and a decline in consumer demand," with "lower consumer spending and more customers choosing value brands amid inflation" reducing sales, profits, and expected cash flows. The fair-value analysis for the WATERPIK trade name uses an omitted discount rate, "projected mid-single- to low double-digit revenue growth," and "EBITA margins around" an omitted figure, with the filing warning that "further declines in performance or adverse changes could trigger an impairment charge." Management also notes that the divestiture of the VitaFusion and L'il Critters brands to Piping Rock Health Products, Inc. represented less than an omitted share of net sales, while the contemporaneous Touchland acquisition adds hand-sanitizer revenue that was absent in the prior-year period. The filing evidence does not attribute this change to any single cause.

Comparing this quarter-on-quarter profile with prior earnings coverage of CHURCH & DWIGHT CO INC /DE/ — Church & Dwight Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS on Both Interim Windows — reinforces that the broader profit-to-profit trend on revenue, operating income, and net income is consistent with the company's recent reporting cadence, even as the operating cash-flow line diverges this period. The filing evidence contains no peer or industry comparison.

Scenario analysis

Under the base case implied by the filing, the company carries the reported revenue trajectory into the next period without further portfolio reshaping. Revenue from Contract with Customer, Excluding Assessed Tax of $1,469,300,000 USD for the three months ended March 31, 2026 versus $1,467,100,000 USD for the three months ended March 31, 2025 sits modestly higher year over year, while Net Income (Loss) Attributable to Parent of $216,300,000 USD for the three months ended March 31, 2026 versus $220,100,000 USD for the three months ended March 31, 2025 marks a step down from the prior-year profit, both still in profit territory. The VMS brands have already left the consolidated perimeter following the cited December transaction, so the base reading assumes no incremental divestiture noise. Waterpik continues at the management-described lower demand pace, and the recent Spinbrush transfer for nominal consideration has already cleared goodwill. The base path therefore keeps the business at the current profit shape, neither rebuilding the prior-year earnings level nor slipping into a loss. The filing evidence does not attribute this change to any single cause.

In the upside case, the core consumer brands absorb the volume that historically sat with the divested VMS brands and at least partially offset Waterpik softness, lifting Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended March 31, 2026 above the reported $1,469,300,000 USD print while Net Income (Loss) Attributable to Parent for the three months ended March 31, 2026 trends back toward the prior-year $220,100,000 USD level. The Touchland acquisition referenced in Note 10 contributes enough to swing the year-over-year profit comparison back to an increase rather than the reported decline, and goodwill at the reporting units retains the headroom confirmed in the cited annual test, where the estimated fair value substantially exceeded the carrying values of all reporting units. Inflation in consumer input costs eases enough that margin recapture is feasible, removing the Waterpik margin pressure flagged in the narrative. The reader-facing upside is essentially the same revenue shape as the base with a meaningful earnings recovery, not a forecast presented as fact but a conditional path grounded in the cited intangible, goodwill, and acquisition evidence.

In the downside case, the Waterpik trade-name warning crystallizes into an impairment charge that compresses Net Income (Loss) Attributable to Parent for the three months ended March 31, 2026 well below the reported $216,300,000 USD level, even though the underlying earnings comparison remains in profit-to-profit territory. Further declines in performance or adverse changes to the discount rate or margin assumptions used in the cited analysis could trigger the charge, and the comparable goodwill cushion has already been described as substantially exceeding carrying values rather than as unlimited headroom. Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended March 31, 2026 decelerates from the reported $1,469,300,000 USD level on continued Waterpik distribution erosion and a sharper mix shift toward value brands, narrowing the year-over-year gap that currently separates $1,469,300,000 USD from $1,467,100,000 USD. The filing evidence does not attribute this change to any single cause.

Across all three paths, the segment-level mix that would explain any further revenue or margin swing is not visible in the cited notes, so The filing evidence does not disclose segment-level detail for this dimension.. Readers comparing like filings can place the Church & Dwight interim print alongside related coverage such as ONEOK Posts Higher Revenue, Operating Income, Net Income and Diluted EPS Year-Over-Year in Interim Filing to gauge how cross-sector profit-to-profit comparisons land when impairments or divestitures are absent, and against the paired Church & Dwight Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS on Both Interim Windows reference when both interim windows are reviewed together.

Risks and what to watch

- The most concrete disclosed risk sits inside the global WATERPIK business, where customer distribution losses and a decline in consumer demand — driven by lower consumer spending and a shift toward value brands amid inflation — have eroded much of the excess fair value over carrying value for the WATERPIK trade name. Management warns that further declines in performance or adverse changes could trigger an impairment charge on that trade name, and the impairment analysis already incorporates an undisclosed discount rate, projected mid-single- to low double-digit revenue growth, and EBITA margins near a disclosed but omitted level based on current market trends and cost-lowering initiatives.

This makes WATERPIK performance the single most watchable risk line. - A second, narrower risk is the Spinbrush exit. The company entered into an agreement in December of a recent year to transfer all Spinbrush intellectual property to a third party for nominal consideration, and management attributes the related impairments directly to its decision to exit that business — confirming cause for Spinbrush specifically, but leaving the broader portfolio's exposure open.

- A third risk is intangible-asset measurement more generally. Fair value for indefinite-lived intangibles is estimated using a relief-from-royalty or excess-earnings discounted cash flow method that depends on sales growth, profitability margins, tax rates, discount rates and royalty rates — variables that can shift with business conditions and could move fair values in future periods. - Counter-evidence is also visible.

The annual goodwill impairment test, performed at the beginning of the second quarter of a recent year, concluded that estimated fair value substantially exceeded carrying value across all reporting units, which tempers — but does not eliminate — the WATERPIK trade-name concern. - Against this backdrop, the headline earnings path for CHURCH & DWIGHT CO INC /DE/'s the three months ended March 31, 2026 compared with the three months ended March 31, 2025 still shows revenue rising ($1,469,300,000 versus $1,467,100,000) and net income attributable to parent falling ($216,300,000 versus $220,100,000), a profit-to-profit transition with a softer bottom line even as the top line grew.

The filing evidence does not attribute this change to any single cause. - Unknowns worth flagging: the filing provides no peer or industry comparison for either revenue or net income, so the magnitude of the quarter's gap versus the prior year cannot be benchmarked here; The filing evidence contains no peer or industry comparison. the filing also does not disclose segment-level detail for the revenue softness, so the share of the revenue change attributable to WATERPIK, Spinbrush or the rest of the portfolio is not separable from this filing; The filing evidence does not disclose segment-level detail for this dimension.

and the derivative-instrument and fair-value-method disclosures referenced in the cited notes are background rather than a quantified exposure, leaving the company's hedging footprint opaque for this period. - Metrics to watch next period: any further WATERPIK revenue trajectory and EBITA margin update, any indication of an incremental trade-name impairment charge, Spinbrush wind-down costs, and whether the revenue and net income lines in the three months ended March 31, 2026 continue the same direction or begin to converge with the prior-year comparison.

Readers cross-checking interim windows can also compare with Church & Dwight Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS on Both Interim Windows to see how the trend reads across periods.