$SMG

SCOTTS MIRACLE-GRO CO

CIK:0000825542|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 1,172.1	$ 1,159.3	$ 2,986.1	$ 2,915.7
Cost of sales	805.0	784.6	1,918.5	1,903.8
Cost of sales—impairment, restructuring and other	1.2	2.0	2.5	8.6
Gross margin	365.9	372.7	1,065.1	1,003.3
Operating expenses:
Selling, general and administrative	145.6	144.8	450.7	436.2
Impairment, restructuring and other	47.0	(1.0)	51.0	25.9
Other expense, net	3.7	7.1	13.7	15.5
Income from operations	169.6	221.8	549.7	525.7
Equity in income of unconsolidated affiliates	(29.2)	(25.3)	(11.6)	(9.5)
Interest expense	28.0	31.8	86.5	102.2
Other non-operating expense, net	15.6	1.3	17.9	3.9
Income from continuing operations before income taxes	155.2	214.0	456.9	429.1
Income tax expense from continuing operations	51.6	59.3	137.8	119.7
Net income from continuing operations	103.6	154.7	319.1	309.4
Income (loss) from discontinued operations, net of tax	8.6	(5.6)	(93.3)	(12.3)
Net income	$ 112.2	$ 149.1	$ 225.8	$ 297.1
Basic net income (loss) per common share:
Income (loss) from continuing operations (USD per share)	$ 1.78	$ 2.68	$ 5.49	$ 5.38
Income (loss) from discontinued operations (USD per share)	0.15	(0.10)	(1.60)	(0.21)
Basic income (loss) per common share (USD per share)	1.93	2.58	3.89	5.17
Diluted net income (loss) per common share:
Income (loss) from continuing operations (USD per share)	1.75	2.64	5.40	5.28
Income (loss) from discontinued operations (USD per share)	0.15	(0.10)	(1.58)	(0.21)
Diluted income (loss) per common share (USD per share)	$ 1.90	$ 2.54	$ 3.82	$ 5.07
Weighted-average common shares outstanding during the period (in shares)	58.2	57.7	58.1	57.5
Weighted-average common shares outstanding during the period plus dilutive potential common shares (in shares)	59.2	58.6	59.1	58.6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
OPERATING ACTIVITIES
Net income	$ 225.8	$ 297.1
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment, restructuring and other	15.7	16.0
Share-based compensation expense	38.3	55.6
Depreciation	47.0	47.1
Amortization	4.2	9.4
Deferred taxes	115.3	76.5
Loss on sale of business	101.8	0.0
Unrealized loss on investments	15.7	0.0
Equity in income of unconsolidated affiliates	(11.6)	(9.5)
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(552.1)	(395.2)
Inventories	61.1	42.5
Prepaid and other current assets	(2.6)	12.6
Accounts payable	83.7	14.7
Other current liabilities	39.6	38.7
Other non-current items	20.0	(6.1)
Other, net	(6.7)	(2.2)
Net cash provided by operating activities	195.2	197.2
INVESTING ACTIVITIES
Investments in property, plant and equipment	(63.1)	(54.5)
Net cash disposed of on sale of business	(35.0)	0.0
Other investing, net	(4.0)	(5.5)
Net cash used in investing activities	(102.1)	(60.0)
FINANCING ACTIVITIES
Borrowings under revolving and bank lines of credit and term loans	1,243.5	695.6
Repayments under revolving and bank lines of credit and term loans	(1,237.8)	(734.9)
Financing and issuance fees	(8.9)	0.0
Dividends paid	(116.3)	(116.2)
Purchase of Common Shares	(12.1)	(18.4)
Cash received from exercise of stock options	3.9	11.2
Other financing, net	25.9	4.5
Net cash used in financing activities	(101.8)	(158.2)
Effect of exchange rate changes on cash	(0.2)	0.5
Net decrease in cash and cash equivalents, including cash and cash equivalents classified within current assets held for sale	(8.9)	(20.5)
Less: Net increase (decrease) in cash and cash equivalents classified within current assets held for sale	(3.8)	2.3
Net decrease in cash and cash equivalents	(5.1)	(22.8)
Cash and cash equivalents at beginning of period	32.8	62.4
Cash and cash equivalents at end of period	$ 27.7	$ 39.6

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 27, 2026	Sep. 30, 2025	Jun. 28, 2025
Current assets:
Cash and cash equivalents	$ 27.7	$ 32.8	$ 39.6
Accounts receivable, less allowances of $15.6, $13.3 and $10.5, respectively	713.0	160.8	545.7
Inventories	481.4	542.7	485.4
Current assets held for sale	0.0	84.8	108.6
Prepaid and other current assets	127.0	119.2	104.0
Total current assets	1,349.1	940.3	1,283.3
Investment in unconsolidated affiliates	65.2	53.6	65.9
Property, plant and equipment, net of accumulated depreciation of $864.9, $817.3 and $819.7, respectively	635.1	607.6	580.9
Goodwill	243.9	243.9	243.9
Intangible assets, net	350.1	352.0	352.6
Noncurrent assets held for sale	0.0	91.9	105.7
Other assets	524.0	452.7	458.3
Total assets	3,167.4	2,742.0	3,090.6
Current liabilities:
Current portion of debt	277.0	57.2	52.1
Accounts payable	310.3	221.4	246.3
Current liabilities held for sale	0.0	24.3	36.2
Other current liabilities	523.5	436.8	464.0
Total current liabilities	1,110.8	739.7	798.6
Long-term debt	1,836.3	2,049.2	2,136.2
Noncurrent liabilities held for sale	0.0	9.6	11.6
Other liabilities	429.0	301.0	315.1
Total liabilities	3,376.1	3,099.5	3,261.5
Commitments and contingencies
Equity (deficit):
Common Stock, Shares Issued, Not Disclosed	true	true	true
Number Of Authorized Shares Not Disclosed	true	true	true
Common shares and capital in excess of $0.01 stated value per share; shares outstanding of 58.2, 57.7 and 57.8, respectively	$ 350.1	$ 351.6	$ 347.3
Retained earnings	404.3	294.7	485.2
Treasury shares, at cost; 10.0, 10.4 and 10.4 shares, respectively	(857.1)	(894.1)	(895.9)
Accumulated other comprehensive loss	(106.0)	(109.7)	(107.5)
Total equity (deficit)	(208.7)	(357.5)	(170.9)
Total liabilities and equity (deficit)	$ 3,167.4	$ 2,742.0	$ 3,090.6