Jun 2026 (Q3 FY26) — Jul 29, 2026
Scotts Miracle-Gro Q3 FY26 — Strong Performance and Reaffirmed Guidance with EPS Increase
Read the full callScotts Miracle-Gro (SMG) earnings
- Jun 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
Scotts Miracle-Gro earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,172 | +1.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.5 | −4.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 112 | −24.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
18 of 19 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total adjusted EBITDA (SMG 2.0) | north of $1 billion | Mar 2026 | while the $1 billion increase in net sales and $1 billion in EBITDA remain the targets. Our immediate focus is on quality earnings growth and margin expansion, which will naturally lead us to those long-term financial milestones on a consistent basis that might push achievement beyond 2030. | Diluted |
| Year-end net leverage ratio | high 3x | Sep 2025 | Leverage as of the third quarter was 3.78x compared with 4.15x a year ago | On Track |
| Divestiture of Hawthorne Gardening to a dedicated cannabis company | sell Hawthorne Gardening to a dedicated cannabis company by fiscal year end (FY25) | Mar 2025 | having classified it as a discontinued operation last quarter and completing its divestiture in early April | Achieved* |
1 of SCOTTS MIRACLE-GRO CO's 40 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Total company net sales increased 1% to $1.17 billion in Q3, and 2% to $2.99 billion year-to-date.
- Non-GAAP adjusted EPS from continuing operations increased to $2.82 per share in Q3 from $2.62 last year, and full-year guidance raised to $4.30-$4.45 per share.
- Year-to-date non-GAAP gross margin rate improved by 130 basis points to 35.7% (GAAP) / 35.8% (non-GAAP).
- Leverage ratio improved to 3.78x from 4.15x a year ago.
- E-commerce POS dollars were up 27% year-to-date, now representing 13% of total POS dollars (a 300 basis point improvement).
Qualified
- Q3 GAAP gross margin rate declined to 31.2% (GAAP) / 31.3% (non-GAAP) from 32.1% / 32.3% in prior year, impacted by higher freight and commodity costs.
- Retailer inventories were slightly elevated over prior year by high single-digit percentages, expected to slow Q4 purchasing activity.
- Full-year U.S. consumer sales growth is expected to be at the lower end of the sales guide due to anticipated slowdown in Q4 purchasing.
- Q3 GAAP net income from continuing operations declined to $103.6 million or $1.75 per share from $154.7 million or $2.64 per share a year ago, due to $64 million in impairment, restructuring, and nonrecurring items.
Price
$54.25 +9.11% · +$4.53
Performance −3.5% 1Y
1Y: $56.21 on 14 Oct 2025 → $54.25. High $73.47 (16 Jul 2026), low $48.44 (28 Sept 2026).
- Previous close
- $49.72
- 52-week range
- $48.44 – $73.47
- One year
- −1.70%
Overview
- Symbol
- SMG
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
18 of 19 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total adjusted EBITDA (SMG 2.0) | north of $1 billion | Mar 2026 | while the $1 billion increase in net sales and $1 billion in EBITDA remain the targets. Our immediate focus is on quality earnings growth and margin expansion, which will naturally lead us to those long-term financial milestones on a consistent basis that might push achievement beyond 2030. | Diluted |
| Year-end net leverage ratio | high 3x | Sep 2025 | Leverage as of the third quarter was 3.78x compared with 4.15x a year ago | On Track |
| Divestiture of Hawthorne Gardening to a dedicated cannabis company | sell Hawthorne Gardening to a dedicated cannabis company by fiscal year end (FY25) | Mar 2025 | having classified it as a discontinued operation last quarter and completing its divestiture in early April | Achieved* |
Claimed
- Total company net sales increased 1% to $1.17 billion in Q3, and 2% to $2.99 billion year-to-date.
- Non-GAAP adjusted EPS from continuing operations increased to $2.82 per share in Q3 from $2.62 last year, and full-year guidance raised to $4.30-$4.45 per share.
- Year-to-date non-GAAP gross margin rate improved by 130 basis points to 35.7% (GAAP) / 35.8% (non-GAAP).
- Leverage ratio improved to 3.78x from 4.15x a year ago.
- E-commerce POS dollars were up 27% year-to-date, now representing 13% of total POS dollars (a 300 basis point improvement).
Qualified
- Q3 GAAP gross margin rate declined to 31.2% (GAAP) / 31.3% (non-GAAP) from 32.1% / 32.3% in prior year, impacted by higher freight and commodity costs.
- Retailer inventories were slightly elevated over prior year by high single-digit percentages, expected to slow Q4 purchasing activity.
- Full-year U.S. consumer sales growth is expected to be at the lower end of the sales guide due to anticipated slowdown in Q4 purchasing.
- Q3 GAAP net income from continuing operations declined to $103.6 million or $1.75 per share from $154.7 million or $2.64 per share a year ago, due to $64 million in impairment, restructuring, and nonrecurring items.
The full ledger
Open SCOTTS MIRACLE-GRO CO’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — Apr 29, 2026
Scotts Miracle-Gro Q2 FY26 — Leverage Reduction, Gross Margin Expansion, and Strategic Growth Initiatives
Read the full callEvery analysed call
Scotts Miracle-Gro earnings calls (SMG)
Financials
What the filings say
Net profit, year on year: −25% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 415 | 367 | 1,390 | 1,159 | 387 | 354 | 1,460 | 1,172 |
| Operating profit | -216 | -46 | 350 | 222 | -150 | -22 | 402 | 170 |
| Operating margin | −52.1% | −12.5% | 25.2% | 19.1% | −38.8% | −6.2% | 27.5% | 14.5% |
| Interest | 33 | 34 | 37 | 32 | 27 | 27 | 31 | 28 |
| Profit before tax | -312 | -91 | 306 | 214 | -191 | -63 | 365 | 155 |
| Tax rate | 21.8% | 27.3% | 27.9% | 27.7% | 20.3% | 24.5% | 27.8% | 33.3% |
| Net profit | — | -69 | 218 | 149 | -152 | -125 | 239 | 112 |
| EPS ($ per share) | — | -1.21 | 3.78 | 2.58 | — | -2.16 | 4.11 | 1.93 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 420 | 442 | 483 | 477 | 364 | 353 | 362 | 352 |
| Reserves | 920 | 1,275 | 1,236 | 1,605 | 1,020 | 491 | 304 | 295 |
| Total liabilities | 2,695 | 2,306 | 2,678 | 3,787 | 4,149 | 3,681 | 3,263 | 3,100 |
| Fixed assets | 531 | 546 | 560 | 622 | 606 | 610 | 610 | 608 |
| Total assets | 3,055 | 3,029 | 3,381 | 4,800 | 4,297 | 3,414 | 2,872 | 2,742 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 343 | 227 | 558 | 272 | -129 | 531 | 668 | 371 |
| Cash from investing | -581 | 255 | 47 | -539 | -283 | -66 | -100 | -112 |
| Cash from financing | 151 | -496 | -607 | 494 | 255 | -520 | -528 | -294 |
| Net cash flow | -87 | -15 | -2 | 228 | -157 | -55 | 40 | -35 |
| Capital expenditure | -68 | -42 | -63 | -107 | -113 | -93 | -84 | -97 |
| Free cash flow | 274 | 184 | 495 | 165 | -242 | 438 | 584 | 274 |
SMG revenue by segment
United States Consumer grew from 85% to 88% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| United States Consumer | 85% | 82% | 92% | 87% | — | 93% | 94% | 88% | +0.3% |
| All Other Segments | 10% | 6% | 5% | 11% | 7% | 7% | 6% | 12% | +10.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q4 FY2025 · share of revenue
- US 89% ↓ 5 pt
As SMG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
95 filings between Oct 31, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
$49.5K
1 purchase by 1 insider
Sales
$5.47M
5 sales by 3 insiders
Compensation
not trading decisions- 26
- Award — granted as compensation
- 12
- Option exercise — converted options into shares
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 38 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Hagedorn Partnership, L.P. | — | $5.34M | Aug 3, 2026 |
| Johnson Stephen L | — | $80.0K | Jul 30, 2026 |
| Kingdon Mark D | — | $51.2K | Aug 10, 2026 |
| Scheiwer Mark J | $49.5K | — | Feb 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Scheiwer Mark J EVP, CFO & CAO | Option exercise | 500 | $0 |
| Oct 1, 2026 | Johnson Stephen L Director | Award | 144 | — |
| Oct 1, 2026 | Sandoval Brian E Director | Award | 575 | — |
| Sep 30, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Sep 5, 2026 | Baxter Nathan Eric President and CEO | Tax withheld | 12,023 | $691.7K |
| Aug 31, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Aug 31, 2026 | Hagedorn Christopher EVP & Chief Strategy Officer | Other | 4 | $217 |
| Aug 10, 2026 | Kingdon Mark D Director | Sale | 831 | $51.2K |
| Aug 3, 2026 | Hagedorn Partnership, L.P. Director | Sale | 1,207 | $82.3K |
| Aug 3, 2026 | Hagedorn Partnership, L.P. Director | Sale | 28,793 | $1.94M |
| Jul 31, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Jul 31, 2026 | Hagedorn Christopher EVP & Chief Strategy Officer | Other | 4 | $217 |
| Jul 31, 2026 | Baxter Nathan Eric President and CEO | Other | 88 | $5.0K |
| Jul 30, 2026 | Johnson Stephen L Director | Sale | 1,171 | $80.0K |
| Jul 1, 2026 | Miaritis Nick EVP & Chief Brand Officer | Award | 16,043 | $0 |
| Jul 1, 2026 | Sandoval Brian E Director | Award | 420 | $28.8K |
| Jul 1, 2026 | Johnson Stephen L Director | Award | 105 | $7.2K |
| Jul 1, 2026 | Baxter Nathan Eric President and CEO | Award | 29,168 | $0 |
| Jun 30, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Jun 30, 2026 | Hagedorn Christopher EVP & Chief of Staff | Other | 4 | $217 |
| Jun 30, 2026 | Baxter Nathan Eric President and CEO | Other | 95 | $5.0K |
| May 29, 2026 | HAGEDORN JAMES Chairman & CEO | Other | 40 | $2.0K |
| May 29, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| May 29, 2026 | Baxter Nathan Eric President and COO | Other | 99 | $5.0K |
| May 29, 2026 | Hagedorn Christopher EVP & Chief of Staff | Other | 4 | $217 |
| Apr 30, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Apr 30, 2026 | Baxter Nathan Eric President and COO | Other | 98 | $5.0K |
| Apr 30, 2026 | Hagedorn Christopher EVP & Chief of Staff | Other | 4 | $217 |
| Apr 30, 2026 | HAGEDORN JAMES Chairman & CEO | Other | 39 | $2.0K |
| Apr 28, 2026 | Baxter Nathan Eric President and COO | Tax withheld | 5,897 | $385.5K |
| Apr 1, 2026 | Sandoval Brian E Director | Award | 472 | $28.8K |
| Apr 1, 2026 | Johnson Stephen L Director | Award | 6 | $366 |
| Mar 31, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Mar 31, 2026 | Baxter Nathan Eric President and COO | Other | 91 | $5.0K |
| Mar 31, 2026 | Hagedorn Christopher EVP & Chief of Staff | Other | 4 | $217 |
| Mar 31, 2026 | HAGEDORN JAMES Chairman & CEO | Other | 37 | $2.0K |
| Mar 30, 2026 | HAGEDORN JAMES Chairman & CEO | Tax withheld | 637 | $38.3K |
| Mar 30, 2026 | HAGEDORN JAMES Chairman & CEO | Option exercise | 1,720 | — |
| Feb 27, 2026 | Baxter Nathan Eric President and COO | Other | 90 | $5.0K |
| Feb 27, 2026 | HAGEDORN JAMES Chairman & CEO | Other | 36 | $2.0K |
| Feb 27, 2026 | Scheiwer Mark J EVP, CFO & CAO | Other | 3 | $150 |
| Feb 27, 2026 | Hagedorn Christopher EVP & Chief of Staff | Other | 4 | $217 |
| Feb 24, 2026 | Scheiwer Mark J EVP, CFO & CAO | Purchase | 693 | $49.5K |
| Feb 12, 2026 | Hagedorn Partnership, L.P. Director | Sale | 50,000 | $3.32M |
| Feb 3, 2026 | Kingdon Mark D Director | Option exercise | 165 | — |
| Feb 3, 2026 | Aviles Edith Director | Option exercise | 336 | — |
| Feb 3, 2026 | Todorov Dimiter EVP, CLO & CORPORATE SECRETARY | Tax withheld | 2,254 | $143.6K |
| Feb 3, 2026 | Scheiwer Mark J EVP, CFO & CAO | Tax withheld | 612 | $39.0K |
| Feb 3, 2026 | Sandoval Brian E Director | Option exercise | 336 | — |
| Feb 3, 2026 | Shumlin Peter E Director | Option exercise | 336 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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