The Clorox Company (CLX)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 1,078,000 | 943,000 | 647,000 | 546,000 | 398,000 | 360,000 | 157,000 | 151,000 | 238,000 | 130,000 | 575,000 | 538,000 | 607,000 | 579,000 | 320,000 | 559,000 | 900,000 | 1,194,000 | 1,550,000 | 1,453,000 |
| Revenue (ttm) | US$ in thousands | 7,104,000 | 7,019,000 | 7,165,000 | 7,469,000 | 7,093,000 | 7,209,000 | 7,310,000 | 7,035,000 | 7,389,000 | 7,171,000 | 7,065,000 | 7,041,000 | 7,107,000 | 7,108,000 | 7,080,000 | 7,231,000 | 7,341,000 | 7,522,000 | 7,524,000 | 7,131,000 |
| Pretax margin | 15.17% | 13.43% | 9.03% | 7.31% | 5.61% | 4.99% | 2.15% | 2.15% | 3.22% | 1.81% | 8.14% | 7.64% | 8.54% | 8.15% | 4.52% | 7.73% | 12.26% | 15.87% | 20.60% | 20.38% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,078,000K ÷ $7,104,000K
= 15.17%
The pretax margin of The Clorox Company exhibited notable fluctuations over the designated periods. Starting from a relatively high level of 20.38% as of September 30, 2020, the margin showed a slight increase to 20.60% by December 31, 2020. However, a pronounced deterioration commenced in the subsequent quarters, with the margin declining to 15.87% by March 31, 2021, and further decreasing to 12.26% by June 30, 2021. This downward trend continued into September 2021 and December 2021, with the pretax margin shrinking markedly to 7.73% and 4.52%, respectively.
The margin experienced a modest recovery in 2022, rising to 8.15% in March and 8.54% in June, before stabilizing around 7.64% in September and 8.14% in December. Nevertheless, the decline persisted in 2023, reaching a low of 1.81% in March, then gradually increasing to 3.22% by June, and slightly decreasing to 2.15% in September. Notably, a significant turnaround was observed starting in the first quarter of 2024, with the pretax margin improving to 4.99%, and continuing to ascend to 5.61% in June, 7.31% in September, and further to 9.03% in December. The upward trajectory persisted into 2025, reaching 13.43% in the first quarter and 15.17% in the second quarter.
Overall, the data reflects a period of considerable margin compression from late 2020 through early 2023, potentially indicative of increased costs, competitive pressures, or other operational challenges. This trend was subsequently reversed beginning in early 2024, signaling a recovery in profitability pre-tax efficiency.