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The Scotts Miracle-Gro
The Scotts Miracle-Gro (SMG) investor relations material
The Scotts Miracle-Gro Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary28 Jan, 2026
Executive summary
Strategic focus on long-term value creation, with new financial priorities through 2030 and a multi-year growth plan targeting $1B in incremental sales and $1B in EBITDA by 2030.
Announced advanced discussions to divest the Hawthorne subsidiary, classifying it as a discontinued operation effective Q1 2026, with closing expected in fiscal Q2 2026.
Board approved a new $500M multi-year share repurchase program to begin in late 2026, aiming to reduce share count to 40M, aligned with leverage reduction and capital priorities.
Reaffirmed fiscal 2026 guidance, stating Hawthorne's reclassification does not impact the full-year outlook.
Major investments in innovation, marketing, automation, and technology, with annual investments approaching $1B.
Financial highlights
Q1 2026 net sales (excluding Hawthorne) were $354.4M; U.S. Consumer sales reached $328.5M, ahead of expectations due to early season load-in.
GAAP gross margin rate was 25%, up 90 bps year-over-year; adjusted gross margin was 25.4% vs. 24.5% prior year.
Non-GAAP adjusted EBITDA for Q1 was $3M, up from $0.9M year-over-year, ahead of expectations due to timing of sales.
GAAP net loss from continuing operations was $47.8M ($0.83/share) vs. $66.1M ($1.15/share) prior year; adjusted loss was $44.6M ($0.77/share) vs. $50.2M ($0.88/share) prior year.
Interest expense fell 20% year-over-year to $27.2M; leverage ratio improved to 4.03x from 4.52x.
Outlook and guidance
Fiscal 2026 guidance: U.S. consumer net sales growth in low single digits, adjusted gross margin rate of at least 32%, adjusted EPS of $4.15–$4.35, mid-single digit adjusted EBITDA growth, and $275M free cash flow.
Leverage ratio targeted to decline to high threes by year-end, below 3.5x by end of FY27.
Management expresses high confidence in outperforming guidance, with incentive plans requiring outperformance for full payout.
Long-term plan targets 5% annual top-line growth through innovation, pricing, volume, and modest M&A.
Explain the $104.8M Hawthorne valuation charge
What factors influence share repurchase timing?
Reconcile Q1 US Consumer sales with FY26 guidance
Prioritize 2030 growth drivers: volume, price, M&A
What is the long-term share repurchase commitment?
E-commerce: What operational changes are needed?
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Frequently asked questions
The Scotts Miracle-Gro Company manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally. It offers lawn fertilizers, grass seed products, spreaders, other durable products, weed control products, outsourced manufactured soilless growing media and plastic plant containers, landscape fabrics, weed barriers/landscape fabrics, lawn/garden decorative products consisting of outdoor décor, holiday décor items during appropriate seasons, deck and patio décor items comprising outdoor pottery sets, pots and planters for patio decks and gardens; bird feeders; window boxes; trellises; obelisks; and whitewash cedar boards used in construction of window boxes. The Scotts Miracle-Gro Company was founded in 1868 and is headquartered in Marysville, Ohio.
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