Research · Sep 3, 2026
[CHD] Church & Dwight Thesis 2026: Touchland Acquisition Expands Into Premium Personal Care
Church & Dwight Co. FY25 revenue $6.20B (+2%); op income $1.08B (+34%); NI $737M (+26%); EPS $3.02 (+27%). FCF $1.09B (+11%). All 3 divisions grew faster than category in 2025. 4 of 8 power brands grew share; Hero + TheraBreath grew double digits. ARM & HAMMER #1 in wash loads. TheraBreath at 12% household penetration. International +5.5% organic. Touchland (premium hand sanitizer + skincare) acquired Q3; Spinbrush + Vitamins divested; Flawless + Showerheads shut down. Specialty hair + skin pod created (Hero + BATISTE + Touchland). $900M FY25 buyback (vs $0 FY24). 4.2% dividend increase announced for FY26. Evergreen model pillars: ARM & HAMMER $2B → $3B; oral care via TheraBreath; international scaling; innovation + marketing. FY26 guide: organic 3-4%; reported sales $6.1-$6.2B; gross margin +100bp; EPS +5-8%; cash flow $1.15B.