1. Burt's Bees for baby and home essentials.

2. The Whole Foods of baby, beauty, and household products.

3. A 'clean' version of a consumer goods giant like Procter & Gamble or Kimberly-Clark, focused on non-toxic products for baby, beauty, and home.

• Diapers & Wipes: Plant-based disposable diapers and wipes designed for babies.
• Baby Personal Care: A range of gentle skincare and bath products formulated for infants and toddlers.
• Adult Personal Care & Beauty: Clean beauty and personal care items including makeup, skincare, and body care products.
• Household Essentials: Environmentally conscious cleaning products for home use, such as laundry detergent and multi-surface cleaners.

The Honest Company (HNST) primarily sells its consumer products to other companies, specifically major retail partners, which then distribute them to individual consumers. These retail partners represent the major customers for Honest.

Major customer companies include:

• Target Corporation (TGT)
• Amazon.com, Inc. (AMZN)
• Walmart Inc. (WMT)
• CVS Health Corporation (CVS)

Carla Vernón, Chief Executive Officer

Carla Vernón was appointed CEO of The Honest Company in January 2023. Prior to joining Honest, she served as the Vice President of Consumables Categories at Amazon.com, Inc., where she led various categories including baby care, household products, food, beverages, health and wellness, and beauty to double-digit growth. Before her tenure at Amazon, Vernón spent over two decades at General Mills in various P&L leadership roles, notably as the Division President of Natural and Organic Foods, where she was instrumental in guiding General Mills to become a leading branded maker of natural and organic food in North America.

Curtiss Bruce, Chief Financial Officer

Curtiss Bruce is set to become the Chief Financial Officer of The Honest Company, effective June 2, 2025. He brings over 30 years of experience in the consumer products sector, with a decade in executive-level finance positions. Bruce currently serves as Senior Vice President, Corporate Financial Planning and Analysis and Investor Relations at Hain Celestial Group. His prior experience includes senior finance roles at well-known consumer products companies such as Keurig Dr. Pepper, Kellogg, and Kraft Heinz, where he supported both emerging businesses and iconic billion-dollar brands. At Keurig Dr. Pepper, he led the finance team with P&L responsibility for businesses exceeding $2 billion in revenue.

Dorria L. Ball, Chief People Officer

Dorria L. Ball has served as the Chief People Officer of The Honest Company since January 2024, overseeing the People & Workplace function and fostering the company's purpose-driven culture. She possesses over 20 years of U.S. and global human resources experience within the consumer packaged goods industry. Before her role at Honest, Ball was the founder and president of Global Ballance Group, a firm specializing in leadership and organizational development for C-Suite executives. Her career also includes Vice President of Human Resources roles at Mondelez and Kraft Foods.

Kate Barton, Chief Growth Officer

Kate Barton has been the Chief Growth Officer of The Honest Company since May 2023. In this capacity, she is responsible for driving growth strategies across the company's baby, beauty, wellness, personal care, and household care categories, and she also guides the Honest.com, creative design, and communications teams. Prior to joining Honest, Barton held the position of Chief Brand Officer at Magnolia, the lifestyle company established by Joanna and Chip Gaines.

Steve Winchell, Chief Innovation Officer

Steve Winchell has served as The Honest Company's Chief Innovation Officer since September 2024. He previously held the role of Executive Vice President, Operations and R&D at the company from June 2022. Before joining Honest, Winchell was the Executive Vice President of Product at The Parent Company, where he played a key role in the company's public listing in 2021.

The emergence of business models focused on radical waste reduction through refillable and concentrated products poses a clear emerging threat to Honest. These companies, such as Blueland and other specialized direct-to-consumer brands, offer household, personal care, and beauty products in highly concentrated forms or through durable, reusable packaging systems. This approach directly challenges Honest's current model, which, despite emphasizing "clean" ingredients and recyclable packaging, still largely relies on single-use containers. As consumer demand for truly zero-waste and circular economy solutions grows, these innovative refill-based models could disrupt the traditional packaged goods market by offering a superior environmental value proposition and potentially long-term cost savings for consumers.

Baby Care Products (Diapers and Wipes)

• Global Market: The global baby products market size was estimated at USD 320.65 billion in 2023 and is projected to reach USD 475.15 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.9% from 2024 to 2030.
• U.S. Market: The U.S. baby products market is projected to reach USD 87.2 billion in 2024, with a compound annual growth rate of 5.7% over its forecast period.

Skin and Personal Care (Beauty and Personal Care Products)

• Global Market: The global beauty and personal care products market size was valued at USD 557.88 billion in 2024 and is expected to reach USD 818.42 billion in 2033, growing at a CAGR of 4.35% over the forecast period (2025-2033).
• U.S. Market: The U.S. beauty and personal care products market size was estimated at USD 102.73 billion in 2024 and is projected to reach USD 155.44 billion by 2030, growing at a CAGR of 7.1% from 2025 to 2030.

Household Cleaning Products

• Global Market: The global household cleaning products market size was estimated at USD 207.9 billion in 2024 and is projected to grow at a CAGR of 6.4% between 2025 and 2034.
• U.S. Market: The U.S. household cleaning products market size was estimated at USD 53.06 billion in 2024 and is predicted to be worth around USD 88.10 billion by 2034, with a CAGR of 5.20% from 2025 to 2034.

• Focus on Core Product Categories: The company's "Transformation 2.0: Powering Honest Growth" strategy involves streamlining its business model by exiting lower-margin, non-strategic categories and channels to concentrate on its core segments: wipes, personal care, and diapers. This strategic pivot is anticipated to enhance profitability and enable organic revenue growth in these key areas.
• Growth of Recently Launched and Enhanced Products: The Honest Company launched new and improved Clean Conscious Diapers in July 2025, featuring enhanced leak protection and comfort, a direct response to customer feedback. This, along with the strong performance and expanded distribution of wipes (e.g., Adult Flushable Wipes, Sanitizing Wipes to Walmart), is expected to contribute to revenue growth.
• Expansion of Retail and E-commerce Distribution: The company is focused on strengthening its presence in key distribution channels. Amazon has emerged as Honest Company's largest customer, with a 16% year-over-year consumption growth on the platform. Furthermore, there has been an expansion of Sanitizing Wipes distribution, adding 700 points of distribution at Walmart.
• Strategic Partnerships and Collaborations: A significant collaboration with Disney for the baby personal care collection is expected to leverage globally recognized characters to boost sales in this segment. Such partnerships can broaden brand reach and attract new customers.
• Cost Optimization and Operational Efficiencies: While not a direct revenue driver, the Transformation 2.0 initiative aims for $8-$15 million in annual cost savings beginning in 2026. These efficiencies are expected to improve margins and financial resilience, indirectly supporting sustainable growth by allowing for reinvestment in strategic growth areas.

Share Repurchases

• The Honest Company has not engaged in significant share repurchases over the last 3-5 years, with reported share buybacks of $0.00.
• As of the fiscal year ended December 31, 2024, the company did not expect the 1% excise tax on stock buybacks (part of the Inflation Reduction Act of 2022) to materially impact its financial position, implying no significant plans for future repurchases.

Share Issuance

• The Honest Company completed its Initial Public Offering (IPO) on May 5, 2021, offering 6,451,613 shares of common stock at $16.00 per share, raising $412.8 million for the company.
• The 2021 Equity Incentive Plan (2021 Plan) was established to issue shares for equity-based awards, with an initial reserve of up to 25,025,580 shares and automatic annual increases of 4% of outstanding common stock.
• Shares outstanding have increased from 86.19 million in 2020 to 112.12 million as of September 30, 2025, partly due to stock option exercises and the 2021 Employee Stock Purchase Plan (ESPP).

Inbound Investments

• The primary significant inbound investment during this period was the company's Initial Public Offering in May 2021, which generated $412.8 million in proceeds for the company.

Capital Expenditures

• Capital expenditures were approximately -$0.53 million for fiscal year 2024, -$1.84 million for fiscal year 2023, -$1.62 million for fiscal year 2022, -$0.22 million for fiscal year 2021, and -$0.20 million for fiscal year 2020.
• The company leverages third-party distribution partners for its facilities and believes its current setup is adequate, suggesting a focus on operational efficiency rather than large-scale fixed asset investments.
• A "Powering Honest Growth" plan, announced in November 2025, includes estimated costs of $25.0–$35.0 million through Q1 2027, with a projected cash impact of $15.0–$20.0 million in 2026, aimed at restructuring and supply chain efficiencies.