On its fourth quarter of fiscal year 2026 earnings call, held on Oct. 21, 2026, WD-40 (NASDAQ:WDFC) announced full fiscal year net sales of $688 million, up 11% year over year. The company relies on its asset-light business model, which requires minimal capital expenditure to compound returns over time. Understanding management's execution across geographic expansion and margin recovery is essential for evaluating its long-term trajectory. Three takeaways stood out for long-term investors on the call. Direct distribution allows the company to capture higher revenue and build scale in key mature economies. Management transitioned Japan to a direct market to replicate its previous sales expansions in Mexico and Brazil. Gross margin, the percentage of revenue remaining after subtracting direct manufacturing costs, dipped to 52.8% in the fourth quarter due to elevated raw material costs. Management implemented targeted price increases and supply chain efficiencies to restore profit margins toward its long-term target of 55%.
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