Scotts Miracle-Gro第三季淨銷售微增1% 惟盈利跌25% 完成出售Hawthorne業務

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________
FORM 10-Q 
_________________________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026 
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to 
Commission File Number: 001-11593 
____________________________________ 
The Scotts Miracle-Gro Company

(Exact name of registrant as specified in its charter)
____________________________________________

Ohio31-1414921
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

14111 Scottslawn Road, Marysville, Ohio 43041 
(Address of principal executive offices) (Zip Code)
(937) 644-0011
(Registrant’s telephone number, including area code)
_____________________________________________ 
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $0.01 stated valueSMGNYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒  Accelerated filer☐
Non-accelerated filer☐  Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes☐No☒

As of July 31, 2026, there were 58,220,274 Common Shares outstanding.
1

Table of Contents

 

THE SCOTTS MIRACLE-GRO COMPANY
INDEX

PAGE NO.
PART I. FINANCIAL INFORMATION:

Item 1.
Financial Statements (Unaudited)

Condensed Consolidated Statements of Operations — Three and nine months ended June 27, 2026 and June 28, 2025
3

Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and nine months ended June 27, 2026 and June 28, 2025
4

Condensed Consolidated Statements of Cash Flows — Nine months ended June 27, 2026 and June 28, 2025
5

Condensed Consolidated Balance Sheets — June 27, 2026, June 28, 2025 and September 30, 2025
6

Notes to Condensed Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
30

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
44

Item 4.
Controls and Procedures
44

PART II. OTHER INFORMATION:

Item 1.
Legal Proceedings
45

Item 1A.
Risk Factors
45

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
46

Item 3.
Defaults Upon Senior Securities
46

Item 4.
Mine Safety Disclosures
46

Item 5.
Other Information
46

Item 6.
Exhibits
46

Index to Exhibits
47

Signatures
48

2

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
 
Three Months EndedNine Months Ended
June 27,
2026June 28,
2025June 27,
2026June 28,
2025
Net sales$1,172.1 $1,159.3 $2,986.1 $2,915.7 
Cost of sales805.0 784.6 1,918.5 1,903.8 
Cost of sales—impairment, restructuring and other 1.2 2.0 2.5 8.6 

Gross margin365.9 372.7 1,065.1 1,003.3 
Operating expenses:
Selling, general and administrative145.6 144.8 450.7 436.2 
Impairment, restructuring and other47.0 (1.0)51.0 25.9 

Other expense, net3.7 7.1 13.7 15.5 
Income from operations169.6 221.8 549.7 525.7 
Equity in income of unconsolidated affiliates(29.2)(25.3)(11.6)(9.5)

Interest expense28.0 31.8 86.5 102.2 
Other non-operating expense, net15.6 1.3 17.9 3.9 
Income from continuing operations before income taxes155.2 214.0 456.9 429.1 
Income tax expense from continuing operations51.6 59.3 137.8 119.7 
Net income from continuing operations103.6 154.7 319.1 309.4 
Income (loss) from discontinued operations, net of tax8.6 (5.6)(93.3)(12.3)
Net income $112.2 $149.1 $225.8 $297.1 

Basic net income (loss) per common share:
Continuing operations$1.78 $2.68 $5.49 $5.38 
Discontinued operations0.15 (0.10)(1.60)(0.21)
Basic net income per common share$1.93 $2.58 $3.89 $5.17 

Diluted net income (loss) per common share:
Continuing operations$1.75 $2.64 $5.40 $5.28 
Discontinued operations0.15 (0.10)(1.58)(0.21)
Diluted net income per common share$1.90 $2.54 $3.82 $5.07 

Weighted-average common shares outstanding during the period58.2 57.7 58.1 57.5 
Weighted-average common shares outstanding during the period plus dilutive potential common shares59.2 58.6 59.1 58.6 

See Notes to Condensed Consolidated Financial Statements.
3

Contents

THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)

Three Months EndedNine Months Ended
June 27,
2026June 28,
2025June 27,
2026June 28,
2025
Net income $112.2 $149.1 $225.8 $297.1 
Other comprehensive income (loss):
Net foreign currency translation adjustment(4.1)6.2 (3.8)1.3 
Net unrealized gain (loss) on derivative instruments, net of tax(2.7)0.1 (0.4)4.4 
Reclassification of net unrealized gain on derivative instruments to net income, net of tax(0.8)(1.5)(2.3)(5.3)

Net unrealized loss on securities, net of tax(2.3)(0.6)(2.7)(0.6)
Reclassification of net unrealized loss on securities to net income, net of tax7.9 — 7.9 — 
Pension and other post-retirement benefit adjustments, net of tax1.0 (3.0)4.9 — 
Total other comprehensive income (loss)(1.0)1.2 3.6 (0.2)
Comprehensive income$111.2 $150.3 $229.4 $296.9 

See Notes to Condensed Consolidated Financial Statements.

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Contents

THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended
June 27,
2026June 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 other15.7 16.0 

Share-based compensation expense38.3 55.6 
Depreciation47.0 47.1 
Amortization4.2 9.4 
Deferred taxes115.3 76.5 

Loss on sale of business101.8 — 
Unrealized loss on investments15.7 — 
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)
Inventories61.1 42.5 
Prepaid and other current assets(2.6)12.6 
Accounts payable83.7 14.7 
Other current liabilities39.6 38.7 
Other non-current items20.0 (6.1)
Other, net(6.7)(2.2)
Net cash provided by operating activities195.2 197.2 

INVESTING ACTIVITIES

Investments in property, plant and equipment(63.1)(54.5)
Net cash disposed of on sale of business(35.0)— 

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 loans1,243.5 695.6 
Repayments under revolving and bank lines of credit and term loans(1,237.8)(734.9)

Financing and issuance fees(8.9)— 
Dividends paid(116.3)(116.2)
Purchase of Common Shares(12.1)(18.4)

Cash received from exercise of stock options3.9 11.2 

Other financing, net25.9 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 period32.8 62.4 
Cash and cash equivalents at end of period$27.7 $39.6 

See Notes to Condensed Consolidated Financial Statements.
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Contents

THE SCOTTS MIRACLE-GRO COMPANY
Condensed Consolidated Balance Sheets
(In millions, except per share data) 
(Unaudited)
 
June 27,
2026June 28,
2025September 30,
2025
ASSETS
Current assets:
Cash and cash equivalents$27.7 $39.6 $32.8 
Accounts receivable, less allowances of $15.6, $13.3 and $10.5, respectively
713.0 545.7 160.8 

Inventories481.4 485.4 542.7 
Current assets held for sale— 108.6 84.8 
Prepaid and other current assets127.0 104.0 119.2 
Total current assets1,349.1 1,283.3 940.3 
Investment in unconsolidated affiliates65.2 65.9 53.6 
Property, plant and equipment, net of accumulated depreciation of $864.9, $817.3 and $819.7, respectively
635.1 580.9 607.6 
Goodwill243.9 243.9 243.9 
Intangible assets, net350.1 352.6 352.0 
Noncurrent assets held for sale— 105.7 91.9 
Other assets524.0 458.3 452.7 
Total assets$3,167.4 $3,090.6 $2,742.0 

LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Current portion of debt$277.0 $52.1 $57.2 
Accounts payable310.3 246.3 221.4 

Current liabilities held for sale— 36.2 24.3 
Other current liabilities523.5 464.0 436.8 
Total current liabilities1,110.8 798.6 739.7 
Long-term debt1,836.3 2,136.2 2,049.2 
Noncurrent liabilities held for sale— 11.6 9.6 
Other liabilities429.0 315.1 301.0 
Total liabilities3,376.1 3,261.5 3,099.5 
Commitments and contingencies (Note 11)

Equity (deficit):
Common shares and capital in excess of $0.01 stated value per share; shares outstanding of 58.2, 57.7 and 57.8, respectively
350.1 347.3 351.6 
Retained earnings404.3 485.2 294.7 
Treasury shares, at cost; 10.0, 10.4 and 10.4 shares, respectively
(857.1)(895.9)(894.1)
Accumulated other comprehensive loss(106.0)(107.5)(109.7)

Total equity (deficit)(208.7)(170.9)(357.5)
Total liabilities and equity (deficit)$3,167.4 $3,090.6 $2,742.0 

See Notes to Condensed Consolidated Financial Statements.
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THE SCOTTS MIRACLE-GRO COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 
(Dollars in millions, except per share data)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
The Scotts Miracle-Gro Company (“Scotts Miracle-Gro”) and its subsidiaries (collectively, with Scotts Miracle-Gro, the “Company”) are engaged in the manufacturing, marketing and sale of products for lawn and garden care. The Company’s products are primarily sold in North America. The Company’s North America consumer lawn and garden business is highly seasonal, with more than 75% of its annual net sales occurring in the second and third fiscal quarters. 
Prior to April 8, 2026, the Company operated the Hawthorne segment, which provided nutrients, lighting and other materials used for indoor and hydroponic gardening. The Company completed the divestitures of its Hawthorne business in North America on April 8, 2026 and its Hawthorne business based in the Netherlands on September 30, 2025. During the three months en