Research · Sep 3, 2026
[EPC] Edgewell Thesis 2026: Billie Scaling and Sun Care Growth Offset Wet Shave Erosion
Edgewell FY2025 revenue ~$2.17B with adj. EBITDA margins recovering to ~13.8% as Project Momentum restructuring ($50-60M annualized savings) offset wet shave volume declines. Billie DTC-to-retail expansion (~$180M, +13%) validates the $310M acquisition thesis, though short of the $250M milestone. Sun care (Banana Boat/Hawaiian Tropic) ~$545M growing on daily SPF category expansion. FY2026 thesis: Billie reaching $200-220M + sun care category growth sustain ~14% adj. EBITDA margins while wet shave private label (~27% share) continues pressuring Schick volume at -2% annually.