On this page of StockholderLetter.com we present the latest annual shareholder letter from WD 40 CO — ticker symbol WDFC. Reading current and past WDFC letters to shareholders can bring important insights into the investment thesis.

 •  10/31/2025 Letter Continued (Full PDF)
 •  11/2/2023 WDFC Stockholder Letter
 •  11/8/2024 WDFC Stockholder Letter
 •  More "Specialty Chemicals" Category Stockholder Letters
 •  WDFC Benford's Law Stock Score = 73

WDFC Shareholder/Stockholder Letter Transcript:

2025
ANNUAL
REPORT
A HERO BRAND, INNOVATION IN ACTION

DRIVING
INNOVATION.
EMPOWERING
THE FUTURE.

. . . . . i t 's S u p e rc a n !
AT WD-40 COMPANY, INNOVATION ISN   T JUST
USS T ABOUT
A B OU T
NEW PRODUCTS   IT   S ABOUT UNLOCKING
IN
NG NNEW
EW
POSSIBILITIES. WE DEFINE INNOVATION
ON AASS CCREATING
R
NEW AND BETTER WAYS FOR OUR ORGANIZATION
TO BE
O R G A NI Z
SUCCESSFUL. THAT INCLUDES UNCOVERING
NCOVERI FRESH USES
OD
DUCT S, EEVOLVING OUR
FOR OUR MAINTENANCE PRODUCTS,
GO-TO-MARKET STRATEGIES,
ES, AND
A ND STAYING FOCUSED
ON WHAT MATTERS MOST.
OPTIMIZING OUR
S T. IT
IT MEANS
ME
PORTFOLIO, STRENGTHENING
THENING CATEGORY LEADERSHIP,
EXTENDING OUR BR
BRAND
WITH PURPOSE, AND SHARING
R A ND
DW
KNOWLEDGE ACROSS
CRROS S GGLOBAL TEAMS. INNOVATION
HOW WE
IS HOW WE STAY
STTAY
AY FUTURE-FOCUSED   AND
FU
KEEP MOVING
VINNG FFORWARD,
O
TOGETHER.

INNOVATION
IN ACTION
HOW WE STAY FUTURE FORWARD
AT WD-40 COMPANY, INNOVATION
NOVATIO IS A MINDSET   
NOT A MOMENT. IT   S HOW WE STAY CURIOUS,
CONNECTED, AND COMMITTED
TO PROGRESS.
COMMIT
WE SPARK INNOVATION
VATION BY LISTENING CLOSELY,
LEARNING CONTINUOUSLY,
AND CHALLENGING
NTINUO
OURSELVES TO THINK
TH DIFFERENTLY, ACROSS TEAMS,
BORDERS, AND
ND BUSINESS STRATEGIES. IT   S A
CONTINUOUS JOURNEY, GROUNDED IN LEARNING
AND DRIVEN BY FOCUS, DESIGNED TO CREATE
IMPACT THAT LASTS.
2
WD-40 COMPANY | 2025 ANNUAL REPORT

INNOVATION THROUGH...
APPLICATION |
As the world changes, so do our end users    needs     and new uses for the blue and
yellow brand with the little red top naturally follow. That   s the beauty of our brands: they stay relevant, reliable, and
ready for what   s next. Much of this discovery comes from end users themselves. Every day, they find fresh ways to
put our products to work, revealing possibilities we hadn   t imagined. Harnessing these real-world insights expands
our innovation pipeline and unlocks opportunities across markets and categories     keeping us ready for what   s next.
OUR GO-TO-MARKET STRATEGY | Making our products available in 176 countries and
territories doesn   t happen by accident     it   s the result of thoughtful, flexible go-to-market strategies. We operate
through two models: direct markets (~80% of sales), and distributor markets (~20% of sales). In direct markets, we   re
establishing regional    hubs    that serve broader geographies, allowing us to scale more efficiently while staying close to
our end users. In distributor markets, we   re evolving select regions into    hybrid    models     embedding WD-40 Company
personnel alongside our partners to promote shared learning and deeper collaboration.
FOCUS |
At WD-40 Company, focus is a form of innovation. By streamlining our portfolio, we   re making
intentional choices that strengthen brand perception, reduce operational complexity, and increase impact. This    few
things, many places, bigger impact    approach allows us to concentrate our efforts where they matter most     delivering
solutions that are trusted, consistent, and widely available. Portfolio optimization isn   t just about simplification     it   s
about creating space for growth, agility, and long-term value.
CATEGORY LEADERSHIP | WD-40 Company is the only global brand in our category    
and we don   t take that lightly. We use our brand power to reimagine what the category can be, creating new value,
driving growth, and differentiating ourselves in meaningful ways. Category management isn   t just about maintaining
leadership     it   s about shaping the future. By thinking beyond the shelf and into the lives of our end users, we unlock
opportunities to elevate the entire category     reinforcing our relevance and expanding our impact.
SHARED LEARNING | At WD-40 Company, innovation doesn   t happen in isolation     it   s amplified
through shared learning. When teams openly share successes, failures, and lessons learned, they help each other
avoid repeating mistakes and accelerate progress. A solution that works in one product line or geography can spark a
breakthrough in another. That   s how innovation becomes repeatable, scalable, and sustainable. By building a culture of
curiosity and collaboration, we turn learning into a strategic advantage.
STRATEGIC BRAND EXTENSION | We innovate by extending our brand with purpose.
When we introduce WD-40 Specialist alongside WD-40 Multi-Use Product, we   re not just adding variety     we   re
strengthening our brand, capturing new segments, and offering end users more choice without diluting what makes our
core brand iconic. Strategic innovation within our portfolio allows us to meet evolving needs while staying true to who we
are. It   s a thoughtful balance of protection and progress     expanding our reach while reinforcing the trust people place
in our brands.


PRODUCT DEVELOPMENT | We are committed to our end users and innovate with them at
the center of everything we do. By listening closely to how they work, we design new products and packaging that
make tasks easier and open doors to new markets and categories. At the same time, we   re advancing innovation for
sustainability     from developing more responsible formulations to rethinking packaging with circular design in mind.
This dual focus keeps our brands relevant, competitive, and aligned with the values that matter most to our customers
and stakeholders.
WD-40 COMPANY | 2025 ANNUAL REPORT
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 10/31/2025 Letter Continued (Full PDF)