WD-40 Company Revenue in 2025

WD-40 Company reported $620M in revenue for fiscal year 2025. This represents a growth of 5% compared to the 2024 figure of $591M.

Net income of $91 million on $620 million in revenue in fiscal 2025 implies a net margin of roughly 14.7 percent — high for a consumer products company and a direct reflection of the 55.5 percent gross margin that the trade secret and brand pricing power create. The 28 percent return on invested capital validates the asset-light manufacturing model: toll blending means the company doesn't own production equipment, so the denominator in that calculation stays small. Revenue grew from $525 million in fiscal 2023 to $620 million in 2025, a 18 percent increase over two years driven primarily by price increases and international market expansion. The growth outside North America is the strategic priority: 176 countries reached, with Europe and Asia Pacific as the primary growth markets as do-it-yourself culture spreads and WD-40's brand penetration deepens in markets where it was historically underrepresented. The market capitalization of $2.8 billion against $620 million in revenue implies a price-to-sales multiple above four — premium pricing for a consumer goods company, reflecting the market's confidence in the durability of the trade secret moat and the margin structure it supports. The fiscal 2022 aerosol can crisis — aluminum prices up 40 percent, production caps implemented, major retailers put on allocation — demonstrated the single genuine vulnerability in the model. The company's lack of manufacturing ownership means that raw material shocks hit it directly, and the inability to quickly switch suppliers during a shortage puts retail relationships at temporary risk. The episode passed without permanent damage, but it revealed a supply chain concentration that aggressive growth will eventually need to address.