WD-40 Delivers A Nicely Greased Q2

WD-40’s second-quarter update landed late Thursday afternoon, looking solid in the ways that matter most. Q2 net sales rose 11% to $161.7 million, operating income increased 13% to $26.3 million, and adjusted diluted earnings per share rose 14% to $1.50 after stripping out a one-time tax benefit that lifted the prior-year comparison, though diluted EPS on a GAAP basis fell 32% because the prior-year quarter included that benefit. The quarter held up better than the headline GAAP comparison might suggest, with the underlying business looking steady, profitable, and in good working order.

The quarter’s revenue mix was strong across the board, showing that the growth was not hanging from one loose screw. Maintenance products, which are the company’s main strategic focus, made up 97% of second-quarter sales and grew 13%. WD-40 Multi-Use Product sales rose 12%, WD-40 Specialist sales climbed 20%, and all three geographic segments posted gains, with the Americas up 10%, EIMEA up 9%, and Asia-Pacific up 19%. Gross margin also improved to 55.6% from 54.6%, giving the quarter a little extra polish. For a company built around products people reach for when something is squeaking or stuck, the business itself proved to be well-oiled, naturally.

The quarter’s numbers would have been enough on their own, but WD-40 also kept its broader outlook intact. WD-40 reaffirmed its full-year fiscal 2026 guidance, still projecting net sales of $630 million to $655 million, gross margin of 55.5% to 56.5%, operating income of $103 million to $110 million, and diluted earnings per share of $5.75 to $6.15. The company also said it has clear visibility into the second half and expects promotional activity in the United States, along with momentum in EIMEA and Asia-Pacific, to help support the year.

The dividend and buyback moves added a little extra polish to the quarter. WD-40 declared its regular quarterly dividend of $1.02 per share, payable April 30, 2026, to stockholders of record at the close of business on April 17, 2026. The company also repurchased 38,175 shares for $8.0 million during the quarter and had $13.8 million remaining on its authorization as of February 28. Management said it expects to use the rest of that authorization during fiscal 2026. That made for a neat finish to a quarter that left WD-40 looking disciplined, profitable, and entirely at ease with its business model.

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