WD-40 Company develops and sells maintenance products, and homecare and cleaning products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides multi-purpose maintenance products that include aerosol sprays, non-aerosol trigger sprays, and in liquid-bulk form products under the WD-40 Multi-Use brand name; and specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand, as well as various products under the WD-40 Bike brand name. It also offers multi-purpose and specialty drip oils, and spray lubricant products, as well as other specialty maintenance products under the 3-IN-ONE brand name; and professional spray maintenance products and lubricants for the bike market under the GT85 brand name. In addition, the company provides automatic toilet bowl cleaners under the 2000 Flushes brand name; aerosol and liquid trigger carpet stain and odor eliminators under the Spot Shot brand; room and rug deodorizers under the Carpet Fresh brand name; carpet and household cleaners, and rug and room deodorizers under the 1001 brand; heavy-duty hand cleaner products under the Lava brand name in the United States, as well as under the Solvol brand name in Australia; and automatic toilet bowl cleaners under the X-14 brand name. It sells its products primarily through warehouse club stores, hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, farm supply, sport retailers, and independent bike dealers. The company was founded in 1953 and is headquartered in San Diego, California.
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Here are a few analogies to describe WD-40:
- It's like the Clorox for lubricants and maintenance sprays, owning a dominant, iconic brand in a specific chemical product category.
- It's a specialized Church & Dwight for essential household and industrial maintenance products, building a portfolio around its iconic namesake.
- It's like the "Kleenex" of the home and industrial maintenance world, with its namesake product being so ubiquitous it's almost a generic term.
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- WD-40 Multi-Use Product: The original multi-purpose spray that lubricates, penetrates, protects against rust, and displaces moisture.
- WD-40 Specialist: A line of professional-grade maintenance products designed for specific tasks like degreasing, penetrating, and lubricating.
- 3-IN-ONE: A brand of specialized lubricating oils and sprays for household, workshop, and automotive applications.
- LPS Laboratories: Industrial-grade maintenance products including degreasers, lubricants, and corrosion inhibitors for demanding professional environments.
- GT85: A multi-purpose spray with PTFE that cleans, lubricates, and protects, often used in sports and automotive sectors.
- X-14: A brand of heavy-duty cleaning products, primarily known for powerful mold and mildew stain removers.
- 2000 Flushes: Automatic toilet bowl cleaners designed to keep toilets fresh and free of stains.
- Spot Shot: Carpet and upholstery stain removers formulated to lift tough stains from fabrics.
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WD-40 Company (symbol: WDFC) sells primarily to other companies (Business-to-Business, or B2B) through a diverse network of distributors and retailers worldwide. These companies then sell WD-40 products to end-users, who can be individuals or businesses.
According to WD-40's annual report (10-K filing), no single customer accounted for 10% or more of consolidated net sales for the fiscal years ended August 31, 2023, 2022, or 2021. This indicates a broad and diversified customer base rather than reliance on a few dominant buyers.
However, based on their distribution channels, WD-40's major customers are the large retail chains, wholesale distributors, and online platforms that carry their products. Examples of the types of companies that serve as their major customers include:
- Mass Merchandisers/General Retailers:
- Walmart (WMT)
- Target Corporation (TGT)
- Home Centers and Hardware Stores:
- The Home Depot (HD)
- Lowe's Companies, Inc. (LOW)
- Automotive Parts Outlets:
- AutoZone, Inc. (AZO)
- O'Reilly Automotive, Inc. (ORLY)
- Industrial Distributors:
- W.W. Grainger, Inc. (GWW)
- Fastenal Company (FAST)
- Online Retailers/Platforms:
These companies represent the primary distribution channels through which WD-40's products reach a vast global market.
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Steven Brass
President, Chief Executive Officer and Director
Steven Brass was appointed President and Chief Executive Officer of WD-40 Company on September 1, 2022, following his role as President and Chief Operating Officer since 2019. He joined WD-40 Company in 1991 and has held various management positions, including European commercial director, and division president for the Americas and chief brand officer.
Sara Hyzer
Chief Financial Officer, Vice President - Finance, Treasurer
Sara Hyzer assumed the role of Chief Financial Officer of WD-40 Company on November 1, 2022. She joined the company in 2021 as vice president, global finance strategy. Prior to her tenure at WD-40 Company, Ms. Hyzer spent over two decades at PricewaterhouseCoopers LLP, where she served as an audit partner for six years, working with both publicly traded and privately held companies across various industries. She is a Certified Public Accountant.
Patricia Olsem
Division President - Americas
Patricia Olsem serves as the Division President, Americas for WD-40 Company. In this capacity, she is responsible for all facets of the business and long-range strategic plans within the Americas region, encompassing USA Brand Management and Americas Innovation. Ms. Olsem brings over 20 years of experience in marketing and innovation for consumer packaged goods (CPG) companies, having worked for various large, small, public, and private organizations throughout her career.
Jeffrey Lindeman
Vice President, Chief People, Culture and Capability Officer
Jeffrey Lindeman holds the position of Vice President, Chief People, Culture and Capability Officer at WD-40 Company.
Phenix Kiamilev
Vice President, General Counsel, Corporate Secretary
Phenix Kiamilev serves as the Vice President, General Counsel, and Corporate Secretary for WD-40 Company.
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The WD-40 Company (WDFC) faces several key risks to its business operations and financial performance. Based on recent filings and analyses, the most significant risks include global economic conditions and inflation, intense industry competition, and foreign currency fluctuations.
- Global Economic Conditions and Inflation: WD-40's business and financial results are susceptible to adverse global economic conditions, including recessions, inflation, tariffs, and geopolitical trade disruptions. Such conditions can lead to reduced consumer spending and industrial output, which in turn decreases demand for the company's products. Furthermore, input cost inflation and supply chain constraints can significantly impact the company's profitability by increasing raw material and freight costs.
- Intense Industry Competition: The market for household and industrial maintenance products is highly competitive. WD-40 faces competition from a range of players, including large, diversified corporations, smaller niche companies, and private label brands. Competitors frequently vie for market share based on price, product innovation, and distribution channels. This competitive landscape can challenge WD-40's ability to maintain pricing power and market position.
- Foreign Currency Fluctuations: A substantial portion of WD-40 Company's revenue is generated outside the United States, with over 60% of its sales derived internationally. Consequently, fluctuations in foreign currency exchange rates can negatively impact the company's reported revenue and margin figures, even if the underlying operational performance remains strong in constant currency terms.
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WD-40 Company's main products include its signature WD-40 Multi-Use Product, the WD-40 Specialist line, and WD-40 BIKE products, which primarily fall under the broader categories of specialty lubricants and maintenance products. The company also traditionally marketed homecare and cleaning products, but it is in the process of divesting these segments.
The addressable markets for WD-40's main products are sized as follows:
- Specialty Lubricants Market: The global specialty lubricants market was valued at approximately USD 34.7 billion in 2025 and is projected to reach USD 55.6 billion by 2035. Other estimates place the global market at USD 40.3 billion in 2023, expected to grow to around USD 59.1 billion by 2033, or USD 57.87 billion in 2024, projected to reach USD 69.78 billion by 2030. Regionally, the North American specialty lubricants market is valued at approximately USD 10 billion. The Asia Pacific region held a significant share, valued at about USD 16.6 billion in 2023.
- WD-40 Specialist Products: The global benchmark sales opportunity for WD-40 Specialist products is estimated to be approximately USD 605 million, with an additional USD 530 million in "land and expand" growth potential.
- Household Cleaning Products Market: The global household cleaning products market was estimated at USD 315.9 billion in 2024 and is expected to grow to USD 497.5 billion by 2034. Another source valued the global market at USD 270.36 billion in 2024, projected to reach USD 379.76 billion by 2032. In the U.S., the household cleaning products market is projected to reach an estimated value of USD 85.22 billion by 2032. The Asia Pacific region represented a significant portion, with a market size of USD 92.95 billion in 2023. Europe held the largest market share, accounting for 33.5% in 2024.
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WD-40 Company (WDFC) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Geographic Expansion: The company is focused on leading geographic expansion, particularly in high-potential international markets. This is considered a significant long-term growth opportunity, with strong performance observed in emerging markets such as India, Latin America, and the EIMEA (Europe, India, Middle East, and Africa) segment. WD-40 has transitioned Brazil to a direct market model and anticipates substantial growth in the region, aiming for it to become a $20 million+ market within three to five years.
- Premiumization of WD-40 Multi-Use Product: A strategic focus on "premiumization and innovation" with products like Smart Straw and EZ Reach is expected to continue fortifying WD-40's market position and contributing to both revenue growth and improved gross margins. Premiumized products have already accounted for approximately half of multi-use product sales.
- Growth of WD-40 Specialist Product Line: Driving the growth of the WD-40 Specialist product line is a "Must-Win Battle" for the company. Management is targeting a compound annual growth rate (CAGR) of over 15% for WD-40 Specialist sales, leveraging geographic expansion and product development within this line. This product line has demonstrated robust growth across various regions.
- Digital Commerce Acceleration: Scaling e-commerce capabilities and digital expansion are anticipated to drive sales growth. E-commerce sales have already shown a year-over-year increase, indicating the importance of digital channels for global brand visibility and customer engagement.
- Strategic Pricing: The company has demonstrated pricing power, with increases in average selling prices contributing to improved gross margins. This suggests that strategic pricing will likely continue to be a component of revenue growth, helping to offset potential inflationary headwinds and maintain profitability.
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Share Repurchases
- WD-40 Company repurchased 50,250 shares for a total of $12.3 million at an average price of $245.06 per share during the fiscal year ended August 31, 2025.
- A share buyback program announced on July 10, 2023, was completed, with 84,500 shares repurchased for $20.39 million.
- The company plans to accelerate its share repurchase activity to fully utilize its remaining authorization.
Outbound Investments
- In the fourth quarter of fiscal year 2025, WD-40 sold certain homecare and cleaning product brands in its EIMEA segment.
- The company is pursuing the sale of additional homecare and cleaning product portfolios in the Americas segment, expected in fiscal year 2026.
- This strategy aligns with a shift towards higher-margin maintenance products, focusing on expanding the WD-40 Multi-Use Product and the WD-40 Specialist line.
Capital Expenditures
- From fiscal years 2017 to 2021, capital investments were above the typical range due to spending on new office facilities and manufacturing equipment to increase capacity and improve proprietary delivery systems.
- Free cash flow in fiscal year 2022 was negatively impacted by investments made in the United States supply chain.
- Future capital allocation emphasizes strategic investments in digital commerce and supply chain optimization to support margin improvements.
