Scotts Miracle-gro Co (SMG) · Nov 4, 2026 · Earnings

Scotts Miracle-Gro earnings beat guidance as margins expand, sales slide

Beat — FY26 adjusted EPS $4.48 vs $4.30-$4.45 guidance

Scotts Miracle-Gro earnings beat its FY2026 EPS guidance, with margin expansion and cash flow improving despite a weak fourth-quarter sales finish.

Scotts Miracle-Gro is now a more focused North American consumer lawn-and-garden company after exiting Hawthorne, while pursuing its “SMG 2.0” strategy around branded products, channel expansion, innovation and cost savings. The prior setup already called for low-single-digit sales growth, at least 32% adjusted gross margin, $275 million of free cash flow and leverage in the high 3s, so this filing is mainly an execution test rather than a new strategic reveal.

The year finished above the company’s earnings bar. Adjusted diluted EPS from continuing operations reached $4.48, above the recently raised $4.30-$4.45 range, while free cash flow reached $278.4 million versus the $275 million target. The filing says the company “delivered adjusted earnings per share above its guidance.”

Metric	FY26	FY25	Prior guide
Net sales (Financial Highlights)	$3,288.9M (1%)	$3,255.8M	Low-single-digit growth
Adjusted diluted EPS (Financial Highlights)	$4.48 (18%)	$3.80	$4.30-$4.45
Adjusted gross margin (Financial Highlights)	32.4%	31.6%	At least 32%
Adjusted EBITDA (Financial Highlights)	$579.9M (2%)	$569.7M	Mid-single-digit growth
Free cash flow (Free Cash Flow)	$278.4M	$273.9M	$275M
Cash and equivalents (Balance Sheet)	$7.4M	$32.8M

Margins, not sales growth, carried the result. Full-year revenue rose only 1%, but adjusted gross margin expanded to 32.4% from 31.6%, helped by supply-chain savings, pricing and a richer branded-product mix. The company specifically says those benefits were “partially offset by higher commodity and freight costs.” 〔0〕

The quarterly finish was materially weaker than the annual headline. Fourth-quarter sales fell 11% to $302.9 million, U.S. Consumer sales fell 10%, and adjusted EBITDA declined 24% to a $106.7 million loss. That seasonally soft quarter does not overturn the full-year result, but it shows that the operating recovery remains dependent on margin discipline rather than broad-based top-line acceleration.

The balance sheet improved modestly, not decisively. Total debt declined to roughly $2.03 billion from $2.11 billion, and the company met its leverage objective, but cash fell to $7.4 million and equity remained negative at $(372.4) million. The Hawthorne exit also came with a $106.2 million pretax loss in fiscal 2026, so the cleaner business profile was achieved with a sizable one-time economic cost.

The next transformation adds execution risk even as it may support efficiency. Scotts began a multiyear IT overhaul, including replacing its ERP system, expects to spend more than $100 million, and targets substantial completion in fiscal 2028. It recorded $13.5 million of related costs in fiscal 2026, which management excludes from adjusted results.

Bottom line: This is a modest execution beat, not a rewrite of the story: Scotts exceeded its FY2026 EPS and cash-flow targets and expanded margins, but the weak fourth quarter and still-heavy balance sheet leave the SMG 2.0 growth case unfinished.

What to watch next

Fiscal 2027 plan and IT rollout through FY2028

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Scotts Miracle-Gro earnings beat guidance as margins expand, sales slide

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