Church & Dwight Co., Inc. (CHD) Business Profile

What it does

Church & Dwight Co., Inc. develops, manufactures and markets household, personal-care and specialty products. Founded in 1846 and headquartered in Ewing Township, it sells consumer goods under brands including ARM & HAMMER, OXICLEAN, BATISTE, WATERPIK, THERABREATH, HERO, TOUCHLAND, TROJAN, FIRST RESPONSE, NAIR, ORAJEL, XTRA and ZICAM.

Its consumer portfolio spans laundry detergent, cat litter, stain removal and cleaning products, dry shampoo, oral-care products, acne treatments, hand sanitizers, water flossers, condoms, pregnancy tests, depilatories and cold-relief products. Seven brands—ARM & HAMMER, OXICLEAN, BATISTE, WATERPIK, THERABREATH, HERO and TOUCHLAND—are designated power brands and represent approximately 70% of net sales and profits.

The company also has a business-to-business Specialty Products Division. It sells animal-nutrition supplements to livestock producers, sodium bicarbonate and potassium-based products to industrial customers, and cleaning and deodorizing products for commercial facilities. Sodium bicarbonate is used in applications including commercial baking, pharmaceuticals, fire extinguishers, pool chemicals and kidney dialysis.

Consumer products reach shoppers through retailers and e-commerce channels, while specialty products are sold directly, through representatives and distributors. Rick Dierker is President and Chief Executive Officer.

How it makes money

Church & Dwight operates three segments. Consumer Domestic generated $4.8 billion in FY2025, or 77.0% of revenue. This segment combines household products—principally laundry detergents, cat litter, cleaning and deodorizing products—with personal-care products such as oral care, reproductive health, hair care, acne treatment and hand sanitizers. Laundry detergents are its largest consumer business by net sales.

Consumer International generated $1.1 billion in FY2025, or 18.2% of revenue. It sells household, personal-care and over-the-counter products through subsidiaries and export distributors, including international sales of several U.S. power brands. Specialty Products generated $299.0 million, or 4.82% of revenue, from animal nutrition, specialty chemicals, and commercial and professional products.

Consumer products generate recurring sales as retailers reorder everyday-use products. Pricing, product mix, volume and new distribution affect sales and margins. The company states that laundry is subject to significant price competition and that it may reduce prices to respond to competitive and customer pressures. New products generally require marketing and trade spending before their commercial performance can be established.

FY2025 net sales grew 1.6%; in Q2 2026, management said on the call that reported net sales increased 1.6% and organic sales grew 5.8%, driven by 4.3% volume growth and 1.5% positive price and mix. Consumer Domestic revenue grew 0.90% in FY2025, Consumer International grew 5.40%, and Specialty Products declined −1.42%.

Customers and how it sells

The company sells consumer products to retailers that in turn sell to consumers. Its channels include supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and discount stores, pet and specialty stores, websites and other e-commerce channels. The domestic business uses a regional sales force and independent brokers across food, mass, pet, dollar and club channels.

Wal-Mart Stores Inc And Affiliates accounted for 23.0% of FY2025 revenue. No other customer accounted for 10% or more of consolidated net sales during the three-year period ended December 31, 2025. Orders are generally shipped soon after receipt, so backlog is not significant.

Consumer International operates in markets including Australia, Canada, France, Germany, Japan, Mexico, China and the United Kingdom, and exports through third-party distributors to more than 100 countries. Europe accounted for 24% of FY2025 international segment sales, Canada 23%, Mexico 8% and Australia 7%; no product line represented more than 20% of international net sales.

Management said on the call that global online sales represented 25.5% of total consumer sales in Q2 2026.

Suppliers and costs

Church & Dwight manufactures sodium bicarbonate at plants in Green River, Wyoming, and Old Fort, Ohio. Trona mined near Green River is its primary soda-ash source, and the company states that its mineral leases contain adequate trona reserves for foreseeable sodium-bicarbonate requirements.

It obtains a substantial amount of soda ash through a partnership and related supply and services agreements with Tata Chemicals (Soda Ash) Partners. Either party can terminate those arrangements with two years’ notice, although the company states that alternative soda-ash sources are available. It also uses third-party contract manufacturers for certain products worldwide.

Raw-material costs include surfactants, diesel fuel, oil-based inputs and packaging materials. The company states that it has qualified dual sources for approximately 70% of direct-material spend. Management said on the call that its FY2026 outlook includes approximately $30.0 million of raw-material, transportation and Middle East conflict-related cost pressures, which it plans to mitigate through productivity.

Competitive position

Church & Dwight competes in household and personal-care categories where competition centers on product innovation and performance, brand recognition, price, value, marketing and trade spending. Laundry faces significant price competition. Retailers and internet-based customers can seek pricing concessions or better trade terms, and private-label, retailer-owned, niche and internet-only brands add competition in certain categories.

Named consumer competitors include Procter & Gamble, The Clorox Company, Colgate-Palmolive Company, S.C. Johnson & Son, Nestlé, Haleon, Henkel, Reckitt Benckiser Group, Kenvue, Unilever and Edgewell Personal Care. Its Specialty Products Division competes with Cargill, Lallemand, Solvay Chemicals, Genesis Alkali/WE Soda and Huber-Natural Soda. Management said on the call that THERABREATH held 25.3% of total mouthwash share in Q2 2026 and was less than 1,000 basis points from Listerine, the market leader.

Our reading: The trademark portfolio and recognition of ARM & HAMMER support repeat purchasing across several product categories, but competing brands can spend more on advertising and promotion. [item1]

Our reading: The Green River trona reserves and soda-ash partnership provide a supply-chain advantage for baking-soda-based products, though the supply agreements can be terminated on notice. [item1]

Our reading: Broad retail distribution, e-commerce participation and international distributor relationships support product availability, while retailer concentration gives major customers negotiating leverage. [item1]

Growth opportunities

The company’s growth initiatives include innovation, distribution gains, international expansion, e-commerce and acquisitions. Its power brands are designated as brands that compete in large categories and have potential for global expansion. Management said on the call that new product launches in 2026 are expected to account for about half of organic growth.

Management said on the call that the company completed the acquisition of Miss Mouth in Q2 2026. Miss Mouth household penetration was 2.50%, compared with 50% for its category, while its distribution, measured by ACV, was 35.0% compared with 80% for the category. Management said it sees opportunities to expand its distribution over the following 12 to 18 months.

THERABREATH had 25.3% total-mouthwash share in Q2 2026, while household penetration was 14.0%, compared with 65% for the mouthwash category. HERO household penetration was 10.0%, compared with 30% for its category. The company sizes facial cleansers at $650.0 million, representing approximately 30% of the total acne category.

Management said on the call that Consumer International organic sales grew 9.1% in Q2 2026 and that global e-commerce grew 22.7%. It raised its FY2026 organic-sales outlook to approximately 4% to 5%.

Structural risks

• Competition and retailer pressure: Household and personal-care categories require advertising, promotion and product innovation. Retail customers can demand price concessions or trade terms, reduce purchases, or expand private-label offerings.

• Input costs and tariffs: Surfactants, fuel, oil-based materials, packaging, transportation and tariffs can increase costs. The company may be unable to pass higher costs through in customer prices.

• Customer concentration: Wal-Mart Stores Inc And Affiliates accounted for 23.0% of FY2025 revenue. A reduction in purchases, or changes in commercial terms, could affect sales and profitability.

• Supply and manufacturing disruption: The company depends on trona, soda ash, contract manufacturers, warehouses, trucking and global transportation. The Tata Chemicals soda-ash arrangements are terminable with two years’ notice.

• Regulatory and product exposure: Products are subject to regulation by U.S. and foreign authorities. Noncompliance, product-quality issues or safety concerns can result in fines, recalls, manufacturing or distribution stoppages, and litigation.

• Debt and external disruption: The company had approximately $2,205.0 million of consolidated indebtedness, net of debt issuance costs, at December 31, 2025. Wars, tariffs, health emergencies, natural disasters, cyber or information-technology disruptions and economic conditions can affect operations and liquidity.

Bottom line

Our reading

Our reading: Church & Dwight is a consumer-staples and specialty-products business built around household and personal-care brands, with Consumer Domestic accounting for 77.0% of FY2025 revenue and an additional industrial and agricultural business. [item1]

Our reading: Its growth plans rest on innovation, retail distribution, e-commerce, international expansion and acquired brands, while margins and sales remain exposed to retailer terms, competitive promotion, input costs and a concentrated Walmart relationship. [item1, call_prepared]

Our reading: Sodium-bicarbonate production and its brand portfolio are operating foundations, but its competitive categories require continued marketing, product development and execution. [item1]