With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are home equipment and furnishings and household and personal products.

Fortune Sector Leaders: Household Products

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

America's Most Innovative Companies

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-427-Clorox

The COVID-19 pandemic brought Clorox front and center as consumers scoured shelves for cleaning items. Double-digit percentage growth demand for products across all segments netted the company $939 million in profit in fiscal 2020, a 14.5% increase from 2019, and the company went up 47 spots on the list this year.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-474-Clorox

Clorox sells its namesake bleach as well as a number of household-goods brands, including Kingsford Charcoal, Pine-sol, Glad bags, Brita water filters, and Burt’s Bees care products. The company's cleaning products have been in exceptionally high demand due to the coronavirus pandemic.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

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Q3 2025

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Clorox (CLX): Company Profile, Stock Price, News, Rankings

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Clorox

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Good day, ladies and gentlemen, and welcome to The Clorox Company Third Quarter Fiscal Year twenty twenty five Earnings Release Conference Call. At this time, all participants are in a listen only mode. At the conclusion of our prepared remarks, we will conduct a question and answer session. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference call, Ms.

Lisa Byrne, Vice President of Investor Relations for The Clarks Company. Ms. Byrne, you may begin your conference.

Thank you, Paul. Good afternoon, and thank you for joining us. On the call with me today are Linda Rendle, our Chair and CEO and Luc Bele, our CFO. I hope everyone has had a chance to read our earnings release and prepared remarks, both of which are on our website. In just a moment, Linda will share a few opening comments and then we'll take your questions.

During this call, we may make forward looking statements, including about our fiscal year twenty twenty five outlook. These statements are based on management's current expectation, but may differ from actual results or outcome. In addition, we may refer to certain non GAAP financial measures. Please refer to the forward looking statements section, which identifies various factors that could affect such forward looking statements, which has been filed with the SEC. In addition, please refer to the non GAAP financial information section in our earnings release and the supplemental financial schedules in the Investor Relations section of our website for reconciliation of non GAAP financial measures to the most directly comparable GAAP measures.

Thank you for joining us today. I'd like to welcome Luke to his first call as CFO. Looking back to the start of the fiscal year, we expected a tougher consumer environment with increased competition and slower category growth. For the first half of the year and the first half of the third quarter, we saw just that. During the second half of the third quarter, however, U.

S. Consumer sentiment weakened substantially, and macroeconomic and geopolitical uncertainties drove changes in shopping behaviors, resulting in temporary category impact and lower than expected sales. Despite these headwinds, our fundamentals remain strong. We held overall market shares and delivered our tenth consecutive quarter of gross margin expansion, which enables us to keep reinvesting in our brands, our innovation pipeline and in the transformation of our business. As we look ahead, we anticipate consumers and retailers will remain under pressure, which is reflected in our updated outlook.

That said, we are confident in our portfolio of trusted brands and the essential role they play in consumers' daily lives. Our proven resilience and execution equip us to navigate the uncertainties ahead. For this year, that means we continue expect to deliver organic sales growth and another year of strong earnings growth while continuing to progress our long term strategy. With that, Luke and I will take your questions.

Thank you, Ms. Rendle. And our first question comes from Dara Mohsenian of Morgan Stanley.

take a step love to hear your perspective on what's driving the category weakness we're seeing. Traditionally, your categories have been pretty defensive and resilient. Obviously, you mentioned the weakness in the back half of the quarter with the macro uncertainty, but the reality is the broader market concerns ramped up more in April than the weakest we've seen in the household products categories beginning in February. So just a bit of additional perspective would be helpful on the category weakness we're seeing, how long you think this sustains and maybe difference versus what we've seen in past cycles?

Sure, Dara. I'll get us started. Thanks for the question. And maybe just I'll start with a step back. And I think, Dara, to your point, we've been around for a long time, 112, and we've seen a lot of different economic scenarios.

We've seen inflation, we've seen recession, certainly in the recent years with COVID, etcetera. And absolutely the case that our categories are fairly resilient during times like this. We play in household essentials, so we tend to see our categories at the high point in the low single digits positive. And at the lowest points, see them low single digits in the decline. And what we saw in this period is on average low single digit decline.

And there is some nuance in that, I think would be helpful to break apart. Maybe I'll just start with Q3. I'll talk about what we're beginning to see in Q4 and April, and maybe just how we're thinking about it moving forward. But if you look at Q3 through mid February, generally in line with what we had expected. And to be clear, for fiscal year twenty twenty five, we expected a more strained consumer.

So categories going from about 2%, two point five % down to about plus one And that's what we saw through the first half of the year and the first half of the quarter. And then with a lot of the uncertainties coming with different macroeconomic policies, what you were seeing with tariffs, we begin to see that change in mid February. At the beginning of that that change, what we really saw was changing baskets within the retail locations people shop for our brands. So we saw people prioritizing food a bit more. We saw that market basket shifting within the store.

Then as tariffs came out, we saw consumers actually changing their wallet much more broadly, well beyond the market basket that includes our goods. So we saw things saw things like people buying more automobile, people buying iPhones. The wallet was changing pretty dramatically, and what we saw was conserving behavior in many of our categories. That resulted in excuse me. That result in our categories being down flat to I'm gonna take a sip of water.

Sorry. Hold on for a second. Alright. That's better. Our category is being flat to, again, download, so it could just and pretty volatile in that period between mid February and the end of the quarter.

And I think what we're seeing is consumers react. You know, the new cycle every other day is changing, and so consumers are thinking about how they meet all of their needs across the broad range of market basket and ensure that they have their essentials at home. What kind of, you know, buoys our confidence is what we're not seeing is consumers change their at home behavior in our categories. So we're not seeing people, for example, trade down to private label in any meaningful way in our categories. We're not seeing people decide to not participate in our categories.

What we're seeing is people buying smaller sizes or larger sizes in our portfolio. We're seeing they're using every less bit of what they have at home. And what they're trying to do is prioritize the purchases they need to prioritize given the environment that's going on, externally. So that gives us confidence that our categories will continue to be resilient because we're not seeing that behavior change in any substantial way. And again, we play in those essentials.

So what does that mean for what we're seeing maybe in Q4 and just how we think about the timeframe on this? For Q4, April was a very similar look to what we saw in the back half of Q3. We saw a range from category being flat one week to down 2.5 and pretty volatile, up and down. But I would say, you know, what we expect for the quarter, the categories to be down low single digits based on on what we're seeing, and that's what we've contemplated in the outlook. The big question for all of us is how long will this last?

And at this point, it's very difficult to say because it's difficult to say exactly what will happen as it relates to tariffs, the geopolitical environment, which continues to be pretty volatile and uncertain. But the thing we're certain of is our categories generally are pretty resilient. I still think they're pretty resilient given what's going on right now. Consumer behavior in our categories remains largely unchanged. People are pinching pennies right now to try to make it work.

And what we're just looking at really closely is does that behavior start to change and do we start to see behaviors? Again, nothing yet, but we're watching closely private label, we're watching trade down really closely, we're watching channel shift. And then at what point do consumers feel more confident in their ability to navigate whatever is coming and we see our category growth return to that low single digits that we would expect. That timing is uncertain, but we just feel confident in our ability to navigate it until we get to that point.

next question comes from Filippo Folorni of Citi.

Hey, good afternoon everyone. I wanted to just expand on Dara's question a little bit longer term, Linda. Obviously, you have a 3% to 5% long term algorithm on organic sales, which assumes a healthier level of category growth. So assuming the categories remain relatively softer,

think about like your underlying opportunity from an organic sales standpoint as we think about exiting fiscal twenty twenty five and into 2026? Thank you.

Thanks, Filip. Obviously, we're not setting guidance for fiscal year twenty twenty six or beyond now, but I'll just make some kind of overall comments. The first would be you're absolutely right that our 3% to 5% growth algorithm is predicated on having category growth back to what we would normally expect it to be around two percent, two point five percent. And we don't have visibility to that category growth at this moment. But again, would expect based on the consumer fundamentals over time that will come back.

In the meantime, we would expect our category growth to be suppressed given the fact that our categories are down. So our growth will be reflecting in that. When we talk about fiscal year twenty twenty six, we'll talk about what we expect again, not setting that right now. But certainly for Q4, you're seeing muted growth and you see that in the remainder of our outlook for Q4 given what we're seeing in the categories.

Great. That's helpful. And maybe one for Luke. In your guidance, you mentioned the impact of tariff on gross margin on a net basis. But can you give us a sense of like what the gross impact from tariffs that you're expecting and your plan to mitigate that impact?

Yes. Thanks, Filippo. Maybe just as a piece of context, we talked about it in the past, but our exposure to tariff is relatively limited. When you look at our portfolio, we tend to manufacture closely to where we sell our products. Having said that, given maturity of the tariff rate, the impact unmitigated impact that we expect is a twelve month run rate of about $100,000,000 Now you'll see less than a fair share in Q4.

We expect about 10,000,000 to $20,000,000 in the outlook. That's because we currently have inventory and it's going to take time to for the tariffs to work through that inventory and hit our P and L. Now I would say this is so this is fairly material, but all in all, we think it's manageable and we expect that we'll be able to offset that over time. Now obviously, we already started working on mitigations and working at a broad set of levers. We're looking at changing sourcing or make other change to supply chains.

We're looking at potential reformulations, of course, productivity improvements as well as some levels of strategic pricing. Now we don't expect to see some broad based price increase, but we're certainly looking at targeted price increase that would be more modest in magnitude than what we've seen in the past few years.

next question comes from Peter Grom of UBS.

Thanks, operator, and welcome, Luke. I wanted to ask a little bit on gross margin guidance just in the context of the fourth quarter, just the year to date performance implies a really kind of tough exit rate. And look, I know the guidance always included that assumption, but I'm curious if the drivers have changed. And I guess what I'm trying to get at,

kind of take away from the implied 4Q pressure that we kind of need to take into account as we think about fiscal twenty six? I know we just touched on tariffs in your response to Filipa's question. You aren't giving guidance on '26 right now. Totally get that. But is there anything else that's really changed as we think about kind of the puts and takes for gross margin in the fourth quarter?

Thanks, Peter. Yes, I would say, if you look at our gross margin for the fourth quarter, it's let's say, it's about 44%. So it's fairly close to the average for the full year, which is going to be about 44.5%. The other thing I mentioned is a lot of our assumptions remain consistent with our prior outlook. There's a few changes and let me walk you through them.

First, we had some timing that was favorable in Q3 and unfavorable in Q4. And this has to do with some manufacturing expenses that were shifted from one quarter to the other. So that's about half a point that's favorable on Q3 and half a point that's unfavorable in Q4. The second thing I would say is generally, both Q3 and Q4, our cost savings are coming a little stronger as well as some other expenses coming slightly more favorable. So that adds up a little bit.

And then of course, there's the impact of tariffs in Q4. I just mentioned it, it's going to be about $10,000,000 to $20,000,000 So a few puts and takes, but all in all, we expect gross margin in Q4 to be about 44 basis points, very much aligned with what we're seeing for the year. And that gives you a good sense of what kind of what is our exit gross margin coming into next year.

That's super helpful, Luke. Then I guess just I wanted to ask, I think in the prepared remarks, touched on some retail destocking that happened at the end of the quarter. Is there any

some guardrail around how much of the impact that had? And has that kind of continued at all? Or is that contemplated at all in kind of the fourth quarter sales guidance?

Sure. Q3, that happened very late in the quarter. And what we're seeing from retailers generally is not broad inventory retail destocking. This was limited to our household business and came late in the quarter based on some things that they were doing to adjust to the ever changing environment. We do expect some impact in Q4.

I'll have Luke walk through the impacts for both quarters. As we look at this and as we understand retailers' plans, I think it's just helpful perspective. We don't view this as a strategic issue. We're not seeing any consumer out of stocks at shelf that's putting any of our category at risk. This really is retailers doing everything possible to manage their complex supply chains given the changing environment.

And I'll pass it over to Luke to talk about just how it impacted Q3 and how we're thinking about Q4.

Yes, certainly. So as you look in Q3, this was fairly modest. It was big when you look at the household segment. And when you look at total company, it was less than a point. And we expect most of the impact to actually come in Q4.

So it's hard to just put a specific numbers because there's a lot of volatility in Q4, but that's embedded in our outlook range.

Our next question comes from Anna Lazul of Bank of America.

Hi, good afternoon. Thank you so much for the question. I wanted to ask on the promotional activity that you mentioned in the prepared remarks as being largely normalized at this point, but it does appear you still have some promo activity in certain categories, like Glad maybe where promo activity might not be as productive at this point. So I was wondering if you could talk a bit about promotional activity by category. And then secondly, on the introduction of innovation, just wondering how you're squaring the introduction of more premium products with a weaker consumer sentiment and a greater need for product investment here.

Sure. So on promotion, we are seeing, at the aggregate level, promotion normalized and about what our expectation was. And so that's going back to levels that we saw pre COVID and that continues to be true. But we absolutely are seeing by category nuances and differences, some categories promotion is slightly lower than that, Some categories promotion is higher. You called out Glad, and that is one of the categories where we're seeing higher promotion.

And we're seeing from competition some fairly deep discounting going on, on different sizes at some large retailers. And we've seen that behavior since our second quarter, and we're seeing that persist through the third quarter, and into the fourth quarter. So definitely competition looking for share of wallet in that category. We've responded, but we're also trying to be very rational. We don't grow these categories by doing deep discounting and promotion.

We use that strategically to remind consumers to buy, to grow market baskets, to be in promotional activities with retailers at times that are important to them. So we're trying to be disciplined on this, but we're watching it really closely and ensuring that we have the right value at shelf. And that leads to your next question on innovation. And what we're seeing is consumers are absolutely willing to pay a premium for innovation that delivers them superior value and a better experience. We're seeing many of our innovations.

Centiva is a great example. That's a premium. That's doing very well as well as the recent launches in Toilet Wand, that's a premium. We're seeing our premium cat litter executions doing very well in market. Our premium Burt's Bees, Hidden Valley launches all doing well.

And at the same time, we're seeing consumers that are also looking for value in different ways, whether that be pack sizes, and we offer pack sizes that address all of those needs, whether they be low out of pocket opening price points or very large sizes to get the very best value per use or per ounce. And we're seeing consumers go there, and we feel good about the mix that we have across the retailers. And of course, you know, we're broadly assorted in all the retailers where consumers shop. So we feel good about the our ability to continue to innovate, innovate in premium segments, and it will also be very important for us to continue and ensure that we have the right promotions in place, again, at the levels that we expect that are normalized. We don't see that environment changing in any meaningful way at the moment outside of the small category examples that I called out.

And then continuing to ensure that we have the right price value as we do that limited strategic pricing that Luke talked about in response to tariffs. But overall, I would say, our value continues to be strong with consumers. If you look at the consumer value measure that we have, we're still significantly up than we were at the beginning of the strategy period and pre COVID. Actually, household penetration is up for us last fifty two weeks. Clorox is a brand that's up significantly over two points of household penetration in the last fifty two weeks.

And as you know, our Clorox portfolio is very premium in the category. So feeling good about our ability to deliver on that core value equation that we have, which is more premium products and premium experiences and consumers continue to be willing to pay for them.

Okay. That's super helpful. Thanks so much.

Our next question comes from Bonnie Herzog of Goldman Sachs.

All right. Thank you. Hi. I was hoping you could provide an update on your upcoming ERP transition. And how does the current demand backdrop impact your shipments and then the inventory build out?

I guess I'm trying to understand why you're now expecting a greater lift on organic sales from the transition in Q4 than you previously thought? How much visibility do you have on this? Also curious if you expect the unwind to be evenly split in Q1 and Q2 next year, possibly a greater impact in Q1?

Sure, Bonnie. I'll start and then I'll pass it over to Luc to talk about the impacts and how we're thinking about that playing out over the couple of quarters. First, from an ERP perspective, we remain on track to our execution to make this transition coming up here at the beginning of next fiscal year. We are working really closely with retailers right now on the plans, and our team feels prepared and ready to go. And as you know, we had a successful transition on our ERP in Canada last year as well as a successful transition in our financial planning tools.

So I feel good about coming up on this transition and anxious to get the capabilities that this will unlock for the company. As it relates to the demand, this was something we gave a outlook to last quarter, but knew that this would be refined as we worked with retailers on their specific plans. And that's what you're seeing in the new outlook is that refinement as retailers have come back and given us a better idea of what they will take from an inventory perspective. Before I pass it to Luke, I'll just say one more thing, which is to the degree that the environment is volatile is just how we're thinking about this and how retailers are putting this in perspective. They have given us very clear idea of what they're going to take, but I would say we have a wide range in our outlook and these results could vary a bit given the fact that they are adjusting their inventories real time.

This is what they want to have in stock to ensure that our categories remain in stock. They have a lot of history of doing these. But as you can imagine, this is an interesting time to be doing this given what's going on. But we feel pretty good about these estimates given retailers, have worked at a very detailed level with us on exactly what they need by category. With that, I'll hand it over to Luke.

Yeah. No. Thanks, Linda. Yeah. So I think at that point, we have the plan is going as expected.

We we have the final confirmations from most of our retailers now. As Linda mentioned, there would be some you know, there's a little bit of variability around the numbers. But net in aggregate, we expect retailers to build about one point five weeks of inventory. And again, they're building their inventory ahead of us going live in the new system to make sure that they can mitigate any potential risk of out of stocks. Now as you look at the range, just for perspective, one or two days of inventories could equate to one or two points of growth in the quarter.

And so that's why you see a fairly wide range in our outlook. Now as far as the reversal, all of it, not only the impact on the P and L, but there will be also some impact on the balance sheets, reverse in the front half of next year with the vast majority reversing in the first quarter.

Okay. Thanks for that. I guess, Linda, you were mentioning earlier, I guess that's why I'm a little surprised given the slowing demand backdrop that now wants to buy more. And then maybe just a quick follow on question related to this. What should we expect in terms of short and long term margin impact as a result of your ERP transition?

I can't recall if you ever quantified that for us, but I know it's a positive. Thank you.

Sure. Yes. This is for retailers, this is a very important transition for them because they want to make sure that we meet our mutual goal, which is ensuring no impact to their shopper and to our consumer. And so it's very important to them during a time like this to ensure that they have that backup inventory, just like we have backup inventory planned in our own system to accommodate that. And they wouldn't want to put this at risk regardless of what's going on in the environment.

I think the volatility that we're referring to is the fact that they're managing this and just base inventory at the same time and that's why there's such a wide range around it. But they feel very strongly as do we that we hold excess inventory across the supply chain to ensure if there are any little bumps that we can cover them. So they remain committed to that as do we. Maybe just framing the margin piece, obviously, we have built a toolbox with our holistic margin management program to return margins to what they were pre COVID, and we've done that from a gross margin perspective. From a long term perspective, this continues to buoy our confidence in being able to deliver our EBIT margin goal, which is 25 to 50 basis points annually.

And this set of tools, the ERP, all of the technologies we're putting in place to not only help us grow, but also help us be more efficient are part of our confidence in continuing our margin expansion program even in an environment that's pretty uncertain and volatile.

And our next question comes from Robert Moskow of TD Cowen.

I actually had two questions. One was I was wondering if you could give us a little more like broad perspective on when you do give us a tariff impact, what do you think will be included in there? Will it be finished goods, packaging? Will it be exports to Canada that are that you will include in that estimate? And then a quick follow-up.

Yes, Rob. Most of it is packaging and raw supply, very little finished goods. And then we did mention there is some import coming from Canada and Mexico and The U. S, it's relatively small. I think we what we shared is about single digits of our total cost.

And we do have some exports to Canada as well, but again, it's a fairly small amount of the total product supplied in the country. So that's the extent, you know, that's the extent of our exposure.

Okay. And then and then the follow-up, I I think you're the first CPG company I've heard who's talked about the pull forward of spending on electronics, automobiles. I I totally get it. But do you have, like, any evidence that that impacts grocery basket, like purchases at Staples? Do do you think there's, like, money that comes out of one and goes into the other?

You know, I think it's safe to assume that consumers have one wallet, at the end of the day, and they're making distributive choices on that wallet. And what we're watching carefully is that wallet and what's happening. And certainly, the evidence would point to the fact that they are spending more in certain categories given what we're seeing broadly across industries well beyond ours. And then correspondingly, at the same time, we're seeing what we're seeing in in our categories. I think the piece that cements it for us is the fact that we're not seeing at home consumer behaviors change yet.

So that really points to the fact that they're changing the shape of their wallet and spending versus changing their behaviors and deprioritizing different categories. But at the end of the day, they have a limited amount of money and they have to distribute that based on their choices. And I think certainly they're reacting to an environment where they're not exactly sure what things are going to cost coming up in the future and they're thinking about those big purchases and they're trimming in others. And anecdotally, we talked to consumers and they have said just that. That's exactly what they're trying to do is manage their overall wallet.

Can we provide a one to one causal relationship? No. It would be too early to do that and and difficult. But certainly, all of the evidence points to the fact that consumers are adjusting their spending, and that's the reason why our categories are being impacted.

Our next question comes from Kamil Gajrawala of Jefferies.

Hey, everybody. I guess still digging into this this consumer, slowdown, which obviously you guys are not alone. But when I look between divisions and I see that, you know, how much more it seemed to impact household than some of the other divisions, which at least to me, would have guessed is a division that that, would be a little bit more resilient, particularly, so many sort of at home categories in there. So a couple of follow ups on that, which is, do you feel like maybe there's excess inventory within the consumers' pantry? Obviously, talked about retail.

And then second, what is it about those particular brands or category that were that led to them being impacted a lot more?

Yes, Komal, this one, I think, requires us to get into retail sales versus our sales. And that's where you're going to see a lot of the difference in what went on with household. So if you look at retail sales, those categories generally looked like the categories did for the rest of our portfolio. And frankly, looked well beyond what you'd see in scanner. So we certainly saw that in international, we saw that in professional, all of our categories impacted given what is going on.

For household as it relates to why sales was down, there's a few things going on. One, we talked about the inventory that Luke called out that the adjustments happened all in household for us. And that is impacting our sales, but not necessarily consumer takeaway or retail sales, because certainly we were in stock in those moments. We saw some timing and weather issues Easter is later. We had weather issues impacting Kingsford even though we grow share there.

And then litter, we had a promotion last year that we didn't lap this year and so there was a timing issue. But what I would say is generally those categories don't look any different than our other categories do. It's just a number of factors impacted our sales in Household this quarter. And then Luke talked about the fact there will be some impact in Q4 as that inventory correction continues to happen. But we would largely expect those things to normalize once you kind of take a step back and just don't look at the quarterly to quarterly impact, but over time.

The one place that we would say is being hit harder right now is Glad given the promotional environment. That was less about consumers adjusting their behavior given what's going on in the atmosphere and more around competitive activity. But that's no different than what we've seen in Glad over time. And so, you know, we feel decent that there's not a category that is, having a wildly different impact than another. On the positive, what I would call out is a good example of cleaning.

And that's a place where we grew share significantly. The category was down, but not as much as some of the other categories were. And you can see the performance on our sales were very strong as well as all the other line items from a margin and EBIT perspective. So again, the impacts varied. All of our categories were impacted to some degree, but the difference in what you're seeing in our sales number and retail sales would say that some of this, again, is timing and just impacts of lapping versus anything structurally different in our businesses.

Clorox (CLX) Q3 2025 Earnings Call Transcript

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