WD-40 (WDFC) financial statements
WD-40 reported revenue of $620M in fiscal 2025, up 5.6% a year over 9 years.
Net income was $91M and the operating margin 16.7%, against 18.7% in 2016.
Free cash flow was $83M, and the company returned $50M in dividends and $12M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from WD-40's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $381M | $381M | $409M | $423M | $408M | $488M | $519M | $537M | $591M | $620M |
| Cost of revenue | $166M | $167M | $183M | $191M | $185M | $224M | $264M | $263M | $275M | $279M |
| Gross profit | $214M | $214M | $225M | $232M | $223M | $264M | $255M | $274M | $315M | $341M |
| Research and development | $8M | $8M | $7M | $6M | $6M | $6M | $5M | $6M | $8M | $9M |
| Selling, general and admin | $118M | $115M | $121M | $124M | $122M | $145M | $139M | $155M | $184M | $200M |
| Operating income | $71M | $76M | $79M | $82M | $77M | $89M | $87M | $90M | $96M | $104M |
| Interest expense | $2M | $3M | $4M | $3M | $2M | $2M | $3M | $6M | $4M | $3M |
| Pre-tax income | $73M | $75M | $75M | $81M | $76M | $86M | $84M | $85M | $92M | $102M |
| Income tax | $20M | $22M | $10M | $25M | $15M | $16M | $17M | $19M | $22M | $11M |
| Net income | $53M | $53M | $65M | $56M | $61M | $70M | $67M | $66M | $70M | $91M |
| EPS (diluted) | $3.64 | $3.72 | $4.64 | $4.02 | $4.40 | $5.09 | $4.90 | $4.83 | $5.11 | $6.69 |
| Diluted shares | 14M | 14M | 14M | 14M | 14M | 14M | 14M | 14M | 14M | 14M |
| Gross margin | 56.3% | 56.2% | 55.1% | 54.9% | 54.6% | 54.0% | 49.1% | 51.0% | 53.4% | 55.1% |
| Operating margin | 18.7% | 19.9% | 19.2% | 19.5% | 18.9% | 18.2% | 16.8% | 16.7% | 16.3% | 16.7% |
| Net margin | 13.8% | 13.9% | 16.0% | 13.2% | 14.9% | 14.4% | 13.0% | 12.3% | 11.8% | 14.7% |
Balance sheet
Fiscal years, from WD-40's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $109M | $117M | $49M | $27M | $56M | $86M | $38M | $48M | $47M | $58M |
| Receivables | $65M | $64M | $69M | $73M | $81M | $90M | $90M | $98M | $117M | $121M |
| Inventory | $32M | $35M | $37M | $41M | $41M | $56M | $104M | $87M | $79M | $80M |
| Total current assets | $209M | $225M | $168M | $148M | $185M | $241M | $250M | $249M | $255M | $285M |
| Property, plant and equipment | $12M | $29M | $36M | $45M | $61M | $70M | $66M | $67M | $63M | $60M |
| Goodwill | $96M | $96M | $96M | $95M | $96M | $96M | $95M | $96M | $97M | $97M |
| Total assets | $340M | $370M | $317M | $303M | $363M | $430M | $434M | $438M | $449M | $476M |
| Total current liabilities | $59M | $75M | $86M | $75M | $60M | $86M | $111M | $89M | $104M | $102M |
| Long-term debt | — | $134M | $63M | $60M | $113M | $115M | $107M | $110M | $86M | $86M |
| Total liabilities | $199M | $230M | $162M | $157M | $202M | $230M | $246M | $228M | $219M | $208M |
| Shareholders' equity | $140M | $139M | $155M | $145M | $160M | $200M | $189M | $210M | $231M | $268M |
| Net debt | -$51M | $117M | $38M | $54M | $57M | $30M | $108M | $72M | $48M | $29M |
Cash flow
Fiscal years, from WD-40's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $65M | $56M | $65M | $63M | $73M | $85M | $3M | $98M | $92M | $88M |
| Capital spending | $4M | $20M | $12M | $13M | $19M | $15M | $8M | $7M | $4M | $5M |
| Free cash flow | $61M | $35M | $52M | $50M | $53M | $70M | -$6M | $92M | $88M | $83M |
| Stock-based compensation | $4M | $4M | $4M | $4M | $5M | $10M | $7M | $6M | $7M | $7M |
| Dividends paid | $24M | $27M | $30M | $33M | $36M | $38M | $42M | $45M | $47M | $50M |
| Share buybacks (net) | -$32M | -$31M | -$23M | -$30M | -$17M | $0 | -$29M | -$10M | -$8M | -$12M |
| Net borrowing | — | — | $20M | -$800,000 | -$800,000 | $51M | -$800,000 | -$800,000 | -$800,000 | -$800,000 |
| Free cash flow margin | 16.0% | 9.3% | 12.8% | 11.7% | 13.1% | 14.3% | -1.1% | 17.0% | 14.9% | 13.5% |
| Dividends per share | $1.65 | $1.90 | $2.12 | $2.38 | $2.63 | $2.78 | $3.07 | $3.28 | $3.48 | $3.70 |
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Open WDFC in InvestinglyQuestions
What was WD-40's revenue in 2025?
$620M in fiscal 2025, from its 10-K filing.
How much free cash flow does WD-40 generate?
$83M in fiscal 2025 (operating cash flow minus capital spending).
From WD-40's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.