Newell Brands Inc. (NWL) SEC Filings & Earnings Calls

Rating-based pricing tiers may increase cost if corporate rating downgraded.

“Debt Rating thresholds raised; Level 1 requires corporate rating >BBB- (S&P) / >Baa3 (Moody's).”

Increased debt maturity profile but lower coupon than existing 6.375% notes

“to redeem in full its outstanding 6.375% senior notes due 2027” · word for word

No operational or financial performance update; event is purely capital structure management.

“No financial results or guidance provided.”

Home & Commercial Solutions segment still in core sales decline (-0.4%), indicating uneven recovery.

“Home & Commercial Solutions segment core sales decline of 0.4%”

Tariff recovery benefit is non-recurring; normalized earnings may decline once benefit laps.

“approximately $100 million pretax from tariff recoveries related to IEEPA tariffs that were expensed in 2025”

Operating cash flow still negative YTD despite improvement; working capital drag persists.

“Year-to-date operating cash outflow was $204 million compared with $271 million in the prior year period” · word for word

Debt refinancing risk; new facility secured by assets

“secured by a first-priority lien on certain assets” · word for word

Tariff uncertainty

“Uncertainty remains regarding the potential long-term replacement of the IEEPA Tariffs and the scope and duration of any such replacement tariffs.” · word for word

Inflationary pressure

“Gross profit also benefited from an increase in net sales and gross productivity that slightly more than offset inflationary pressures.”

Tariff cost pressure; $120M paid for IEEPA tariffs in 2025 not refunded.

“Outlook does not include any refund of the $120 million paid for IEEPA tariffs in 2025.” · word for word

Tariff exposure and uncertainty

“The Company continues to operate in a highly uncertain trade environment, with ongoing uncertainty regarding the scope, duration, legal sustainability and potential replacement of current tariffs.” · word for word

Soft demand and retailer inventory rebalancing

“Net sales were unfavorably impacted by continued soft demand, primarily in the H&CS segment.” · word for word

Interest rate exposure

“Interest expense, net increased by $12 million due to higher interest rates.” · word for word

Tariff Cost Exposure

“the negative impact of approximately $114 million of unbudgeted tariff costs” · word for word

Core Sales Weakness

“Core Sales >$7.189 billion $7.567 billion $7.718 billion $7.213 billion 16%” · word for word

Adjusted EPS Miss

“Adjusted Earnings Per Share >$.62 $.75 $.82 $.69 75%” · word for word

Low Stock Price / Valuation Risk

“closing market price of the Company's common stock on December 31, 2025 of $3.72” · word for word

Tax litigation risk

“the Company would be required to recognize an income tax expense of approximately $180 million to $220 million” · word for word

High leverage and refinancing risk

“Total debt $4,718 million; interest on debt $2,242 million; credit rating downgrades by Moody's and S&P”

Tariff and trade policy risk

“new tariffs imposed in 2025 by the United States of America ... as well as other countries' retaliatory actions” · word for word

Tariff costs continue to pressure margins and cash flow; $174M cash tariff costs in 2025.

“$174 million and $114 million of gross cash and P&L tariff impacts; additional $0.07 EPS headwind in 2026.” · word for word

Execution risk from international labor consultations and local law requirements may delay or alter planned savings.

“Decisions regarding the elimination of positions as well as the timing of separations are subject to local law and consultation requirements in certain countries.” · word for word

Tariff costs and trade disruptions are pressuring margins and demand.

“Gross margin would have expanded by 55 basis points in the third quarter if not for the temporary $24 million impact of one-time China tariffs.” · word for word

Retailer inventory destocking is a near-term headwind to sales.

“Sales were affected by reduced retail inventory levels... We believe the retailer inventory adjustment was a one-time event.” · word for word

International markets, particularly Brazil, are experiencing softness.

“Softness in international markets—particularly in Brazil.” · word for word

Tariff cost exposure

“The Company anticipates an incremental cash tariff cost of approximately $180 million in 2025.” · word for word

Soft global demand

“Net sales were unfavorably impacted primarily by continued softness in global demand.” · word for word