Honest Company Inc (HNST) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to The Honest Company’s fourth quarter and full year 2025 earnings call.

女士們、先生們，感謝你們的耐心等待。歡迎參加The Honest Company 2025年第四季及全年財報電話會議。

(Operator Instructions) Please be advised that today’s conference is being recorded. I would now like to hand the conference call over to Chris Mandeville, Interim Head of Investor Relations at The Honest Company. Please go ahead.

（操作員說明）請注意，今天的會議正在錄音。現在我將把電話會議交給The Honest Company的投資者關係臨時主管克里斯·曼德維爾。請繼續。

Good afternoon and thank you for joining our fourth quarter and full year 2025 conference call. With me today are Carla Vernón, our Chief Executive Officer; and Curtiss Bruce, our Chief Financial Officer.

下午好，感謝各位參加我們2025年第四季及全年業績電話會議。今天陪同我的是我們的執行長卡拉·弗農和我們的財務長柯蒂斯·布魯斯。

Before we begin I will remind you that our remarks today include forward‑looking statements subject to risks and uncertainties. We do not undertake any obligation to update these statements and actual results may differ materially. For a detailed discussion of these factors please refer to our safe harbor statements in today’s earnings materials and in our recent SEC filings.

在開始之前，我要提醒各位，我們今天的發言包含前瞻性陳述，這些陳述有風險和不確定性。我們不承擔更新這些聲明的義務，實際結果可能與這些聲明有重大差異。有關這些因素的詳細討論，請參閱我們今天發布的盈利材料和最近提交給美國證券交易委員會的文件中的安全港聲明。

We will also discuss certain non‑GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and accompanying presentation, which are available at investors.honest.com.

我們也將討論一些非GAAP財務指標。與最直接可比較的 GAAP 指標的調整表已包含在我們的收益報告和隨附的簡報中，可在 investors.honest.com 上取得。

Finally, please note that all consumption data included in our discussion today, unless otherwise noted, reflects Circana MULO+ measured channel data for the 52 weeks ended January 4, 2026, as compared to the prior year.

最後請注意，除非另有說明，我們今天討論中包含的所有消費數據均反映了 Circana MULO+ 測量的截至 2026 年 1 月 4 日的 52 週的渠道數據，並與上一年進行了比較。

With that, I’ll turn the call over to Carla.

好了，我這就把電話交給卡拉。

Thank you, Chris, and hello to everyone joining the call. Honest enters 2026 as a more focused and agile organization. Over the last several months, we’ve moved assertively to execute the Powering Honest Growth transformation we laid out last November. By exiting Honest.com as a direct fulfillment website, the apparel category, and our Canadian business, we’ve successfully narrowed our focus to our right‑to‑win core of wipes, personal care, and diapers.

謝謝你，克里斯，也向所有參加通話的朋友們問好。Honest 進入 2026 年時，將成為一個更專注和靈活的組織。在過去的幾個月裡，我們積極推動去年 11 月制定的「賦能誠信成長」轉型計畫。透過退出 Honest.com 的直接履行網站、服裝類別和加拿大業務，我們成功地將重點縮小到我們最有把握的核心業務：濕紙巾、個人護理和尿布。

With these exits we’ve also right‑sized SG&A in line with this more focused revenue base. Later in the year we expect additional financial efficiency as we consolidate our warehouse footprint. As a result of these actions, we begin 2026 with a leaner, higher‑margin operating model poised for growth.

透過這些退出，我們也根據這種更集中的收入基礎，對銷售、一般及行政費用進行了適當調整。今年晚些時候，隨著我們整合倉庫規模，預計財務效率將進一步提高。由於採取了這些措施，我們在 2026 年伊始就擁有了一個更精簡、利潤率更高的營運模式，為成長做好了準備。

Today my discussion will focus on the organic view of the product and channel mix that defines the resulting businesses after the strategic exits from Powering Honest Growth. As a reminder, organic excludes the impact of the exits of apparel, Canada, and Honest.com fulfillment. Our execution in Q4 enabled Honest to deliver on our revised guidance for the year.

今天我的討論將重點放在從「賦能誠實成長」策略退出後，最終形成的業務的產品和通路組合的有機視角。需要提醒的是，有機產品不包括服裝、加拿大和 Honest.com 物流退出帶來的影響。我們在第四季度的出色執行使Honest實現了我們修訂後的年度業績預期。

In 2025, Honest delivered organic revenue of $294 million, up 5.3% versus last year and squarely in line with our long‑term algorithm. Consumption growth of 5%, driven by double‑digit growth in unit sales, was in line with organic revenue growth and materially outpaced our comparative category growth of 2%.

2025 年，Honest 的有機收入為 2.94 億美元，比去年成長 5.3%，完全符合我們的長期演算法。消費成長 5%，主要得益於銷售兩位數的成長，與有機收入成長一致，並且顯著超過了我們同類產品 2% 的成長。

In 2025, our wipes and personal care portfolios delivered strong performance with consumption growth of 30% and 12% respectively, which drove market share gains for both. This strength and momentum offset the softness in diaper performance. In 2026, we expect the growth in wipes and personal care to continue offsetting weakness in diapers. I will share more on our diaper performance in a few moments.

2025年，我們的濕紙巾和個人護理產品組合表現強勁，消費量分別成長了30%和12%，推動了兩者市場份額的成長。這種強度和動力彌補了尿布性能上的不足。我們預計，到 2026 年，濕紙巾和個人護理用品的成長將繼續抵消尿布的疲軟。稍後我會詳細介紹我們的尿布性能。

Despite the volatile tariff environment, adjusted gross margins were 38.7%, an improvement of 50 basis points year over year, largely due to favorable product mix. Our 2025 adjusted EBITDA of $21.8 million was in line with our most recent guidance. We also closed out 2025 with a strengthened balance sheet, ending with $90 million cash on hand and no debt.

儘管關稅環境動盪，但調整後的毛利率為 38.7%，比去年同期提高了 50 個基點，這主要歸功於有利的產品組合。我們 2025 年調整後的 EBITDA 為 2,180 萬美元，與我們最近的預期一致。2025 年末，我們的資產負債表也得到了加強，年底手頭現金 9,000 萬美元，且無任何債務。

I’m confident in the strength of our business, the discipline of our asset‑light model, and our anticipated future cash generation. Based on that foundation, our Board of Directors has authorized a $25 million share repurchase program. This authorization reflects deep confidence in our strategy and our commitment to delivering long‑term value for our shareholders.

我對我們業務的實力、輕資產模式的嚴謹性以及我們預期的未來現金流充滿信心。基於此，我們的董事會已批准一項 2,500 萬美元的股票回購計畫。這項授權體現了我們對自身策略的深切信心，以及我們致力於為股東創造長期價值的承諾。

Looking back on 2025 performance in more detail, we are encouraged that momentum improved across the second half of the year, with Q4 organic revenue improving by 6 percentage points over the Q3 decline and returning the business to top‑line growth of 1% in Q4. This inflection in revenue quarter over quarter was largely because we lapped two retailer‑specific activations in 2024 that were mostly contained to Q3. Additionally, our total consumption improved by nearly 200 basis points quarter over quarter, driven by our higher‑margin wipes and personal care portfolios.

更詳細地回顧 2025 年的業績，我們感到鼓舞的是，下半年的發展勢頭有所改善，第四季度有機收入比第三季度下降了 6 個百分點，使業務在第四季度恢復了 1% 的營收成長。營收季比出現這種拐點，主要是因為我們在 2024 年完成了兩項零售商特定的推廣活動，這些活動主要集中在第三季。此外，由於我們利潤率較高的濕紙巾和個人護理產品組合的推動，我們的總消費量較上季增加了近 200 個基點。

Taken together, these drivers allowed our underlying strength to resurface in the fourth quarter. We’re proud that this momentum is reflected in our all‑time highest household penetration of 7.6% at year end. This penetration growth represents an increase of 1.7 million households versus the prior year, proving that the Honest brand continues to resonate with a widening audience.

綜合來看，這些因素使得我們在第四季重新展現了自身實力。我們很自豪，這一發展勢頭體現在我們年底達到的歷史最高家庭滲透率 7.6%。這一滲透率成長意味著與前一年相比增加了 170 萬戶家庭，證明 Honest 品牌繼續引起越來越廣泛受眾的共鳴。

Turning to 2026, for the full year we expect to deliver organic revenue growth of 4% to 6%, while also driving margin expansion due to our more efficient operating model. This dual focus on top‑line leadership and bottom‑line health is central to our value‑creation thesis. As a reminder, we continue to drive our strategy through the three strategic pillars that guide every piece of our work, brand maximization, margin enhancement, and operating discipline.

展望 2026 年，我們預計全年有機收入將成長 4% 至 6%，同時由於我們更有效率的營運模式，利潤率也將提升。這種對頂級領導力和底線健康的雙重關注是我們價值創造理論的核心。再次提醒大家，我們將繼續透過三大策略支柱來推動我們的策略，這三大策略支柱指導我們工作的各個層面：品牌最大化、利潤提升和營運紀律。

This will be evident in our three growth drivers for 2026. Our first two drivers support our goal of brand maximization, which is how we scale the Honest brand. Driver number one is our continued growth and leadership in the baby category. Driver number two is our plan to accelerate growth in households beyond those with babies. In addition to being a top baby brand, Honest also performs well in households beyond baby.

這一點將在我們2026年的三大成長驅動因素中得到體現。我們的前兩個驅動因素支持我們實現品牌最大化的目標，這也是我們擴大 Honest 品牌規模的方式。首要驅動因素是我們持續成長並維持在嬰幼兒用品領域的領先地位。第二個驅動因素是我們的計劃，即加快除有嬰兒的家庭之外的其他家庭的成長。除了是頂級的嬰兒品牌外，Honest 在嬰兒以外的家庭中也表現出色。

In the U.S., 89% of households do not have any children under the age of six, including 75% of households that have no children at all. To complement our strategy of broadening the Honest brand, our third driver for 2026 is grounded in our margin enhancement and operating discipline pillars, which allow us to make continued progress on strengthening our financial profile and operational excellence.

在美國，89%的家庭沒有6歲以下的兒童，其中75%的家庭根本沒有孩子。為了配合我們擴大 Honest 品牌的策略，我們 2026 年的第三個驅動力是基於我們的利潤率提升和營運紀律支柱，這使我們能夠在加強財務狀況和卓越營運方面不斷取得進展。

Let me begin with our brand maximization drivers. The Honest brand is unique in its ability to travel seamlessly across categories, aisles, and demographics. This was evident in our household penetration growth in 2025, which was balanced across households with no kids and households with kids. Even as we embrace this expanded approach to growth, our story always begins with babies.

首先，我想談談我們品牌最大化的驅動因素。Honest 品牌的獨特之處在於它能夠無縫地跨越類別、貨架和人群。這一點在我們 2025 年的家庭滲透率成長中得到了體現，沒有孩子的家庭和有孩子的家庭的滲透率保持平衡。即使我們接受了這種擴展的成長方式，我們的故事也始終是從嬰兒開始的。

We believe there is no higher bar than the standard of care a parent gives to their babies. According to the National Institutes of Health, 42% of all parents and 49% of first‑time parents are concerned that their children have sensitive skin. This is why our Honest Standard, our rigorous set of guiding principles that shape every step of product development, including our commitment to formulating without more than 3,500 ingredients of concern, resonates strongly with our community.

我們認為，父母對嬰兒的關懷標準是最高的。根據美國國立衛生研究院的數據，42% 的父母和 49% 的初為人父母者擔心自己的孩子皮膚敏感。這就是為什麼我們的「誠實標準」（我們嚴格的指導原則，它指導著產品開發的每一個步驟，包括我們承諾配方中不含超過 3500 種令人擔憂的成分）能夠引起我們社區的強烈共鳴。

Honest is trusted by parents who demand a high standard of clean and refuse to compromise on safety or performance. Let me spend a moment addressing our diaper performance in 2025. The double‑digit consumption declines in our diaper business had a dampening effect on the otherwise strong growth of our wipes and personal care collections. And while diapers are no longer our largest category, they remain an important way to introduce the brand to the 11% of U.S. households with kids ages six or under.

Honest 深受那些對清潔度要求很高，並且絕不會在安全或性能方面妥協的父母的信賴。讓我花一點時間來談談我們2025年的尿布錶現。尿布業務兩位數以上的消費下降對我們濕紙巾和個人護理產品系列原本強勁的成長產生了抑製作用。雖然尿布不再是我們最大的品類，但它仍然是向美國 11% 的家庭（這些家庭有 6 歲或以下的孩子）介紹品牌的重要途徑。

Our diaper declines were largely driven by retail assortment shifts at select brick‑and‑mortar retailers, the lapping of two large promotional events, and macroeconomic pressures driving consumers toward lower‑priced items. Because today’s parents expect a value equation that balances price with performance and safety, we’re strengthening that equation for our diaper business through thoughtful investment in pricing and improvements to price‑pack architecture while continuing to deliver the quality materials, fit, and style we are known for.

我們的尿布銷售下降主要是由於部分實體零售商的零售商品種類變化、兩次大型促銷活動的結束以及宏觀經濟壓力促使消費者轉向價格更低的商品。由於當今的父母希望產品在價格、性能和安全性之間取得平衡，我們正在透過對定價的深思熟慮的投資和對價格包裝結構的改進來加強我們尿布業務的這一平衡，同時繼續提供我們一貫的優質材料、合身度和款式。

Now turning to baby wipes and personal care. We are confident that our 2026 baby growth plan will deliver ongoing strong momentum for our core products, along with a robust lineup of baby‑focused innovation rolling out this quarter. In 2025, our total Honest wipes portfolio delivered remarkable growth, with consumption up more than 30%, which is six times faster than comparative categories.

接下來轉向嬰兒濕紙巾和個人護理用品。我們相信，我們的 2026 年嬰兒用品成長計畫將為我們的核心產品帶來持續強勁的成長勢頭，同時，本季還將推出一系列以嬰兒為中心的創新產品。2025年，我們的Honest濕紙巾產品組合實現了顯著成長，消費量成長超過30%，是同類產品的六倍。

A standout performer was our all‑purpose baby wipes collection, which grew consumption by 25%, materially outpaced the category, and delivered the largest dollar share growth of any all‑purpose baby wipes brand. One of the key drivers of this growth was trade‑up to larger sizes. In response to demand for value and convenience, we’re launching our largest baby‑wipes configuration to date, with 16 full‑size packages in what we call our mega pack.

表現突出的是我們的多用途嬰兒濕紙巾系列，其消費量增長了 25%，遠遠超過了同類產品，並且在所有多用途嬰兒濕紙巾品牌中實現了最大的美元份額增長。推動這一成長的關鍵因素之一是消費者升級購買更大尺寸的商品。為了滿足消費者對價值和便利的需求，我們推出了迄今為止最大的嬰兒濕紙巾包裝，其中包含 16 個全尺寸包裝，我們稱之為超級包裝。

Our baby personal‑care success is driven by the same demand for clean, safe ingredients we see across the Honest portfolio. With 12% consumption growth in 2025, we are building on this momentum with strong innovation in 2026. Following the successful launch of our partnership with Disney, we’re expanding our Mickey and Friends bath‑time and bedtime items into additional retailers this year.

我們的嬰兒個人護理產品之所以成功，是因為人們對清潔、安全的成分有著與 Honest 旗下所有產品相同的需求。預計 2025 年消費成長 12%，我們將在此基礎上，在 2026 年大力推動創新。繼與迪士尼成功合作之後，今年我們將把米奇和朋友的沐浴和睡前用品推廣到更多零售商。

Our baby personal care portfolio also focuses on delivering sustainability and value. This quarter we’re adding a new item to our collection of milk‑carton‑style 32‑ounce refills, with the addition of our fragrance‑free shampoo and body wash. This gable‑top packaging uses 89% less plastic than our standard 10‑ounce bottle. Earlier this month we launched our fragrance‑free Sensitive Rich Cream Moisturizer, which offers a light, creamy texture and is clinically proven to deliver 48‑hour moisturization for babies' delicate skin.

我們的嬰兒個人護理產品組合也注重提供永續性和價值。本季度，我們將在牛奶盒式 32 盎司補充裝系列中新增一款產品，即我們的無香洗髮精和沐浴露。這種屋頂型包裝比我們標準的 10 盎司瓶子減少了 89% 的塑膠用量。本月初，我們推出了無香精的敏感肌滋潤霜，它質地輕盈柔滑，經臨床驗證可為嬰兒嬌嫩的肌膚提供 48 小時的保濕效果。

As I shared earlier, in addition to growing with baby households, we will bring intention and focus to our growth in households with bigger kids and households with no kids at all. This leverages momentum that has been developing. According to Numerator data, 54% of current Honest buyers are in no‑kid households, and we have a long history of appealing to those households.

正如我之前分享的，除了陪伴有嬰兒的家庭成長之外，我們還會關注有大孩子的家庭和沒有孩子的家庭的成長。這是利用了已經形成的良好勢頭。根據 Numerator 的數據，目前 Honest 的買家中有 54% 來自沒有孩子的家庭，而我們一直以來都非常重視吸引這類家庭。

Many families who trusted Honest for their babies stay with us even after the kids grow up. Some of our most popular items from the baby aisle, like shampoo and body wash, body lotion, conditioners, and detanglers, are favorites among households without babies. These households also discover Honest through products like our sanitizing wipes or our adult flushable wipes.

許多當初選擇信賴 Honest 將寶寶託付給我們的家庭，即使孩子長大後仍選擇我們。嬰兒用品區一些最受歡迎的商品，如洗髮精、沐浴露、潤膚露、護髮素和頭髮柔軟劑，也深受沒有嬰兒的家庭的喜愛。這些家庭也透過我們的消毒濕紙巾或成人可沖散濕紙巾等產品發現了 Honest 這個品牌。

We have big plans to unlock more growth in households with older kids or no kids. The next natural step in this journey is our expansion into the section of the store dedicated to big kids. As kids grow, they want things that reflect their growing independence, while still needing gentle and clean formulations. We are excited about our first launch into the big‑kid aisle in partnership with Disney Pixar’s Toy Story.

我們制定了宏偉的計劃，旨在為有大孩子或沒有孩子的家庭帶來更多增長。下一步的自然發展方向是拓展到商店中專門面向大孩子的區域。隨著孩子們長大，他們想要一些能夠體現他們日益增長的獨立性的東西，同時仍然需要溫和、清潔的配方。我們很高興能與迪士尼皮克斯的《玩具總動員》合作，首次進軍大童市場。

We are taking bath time to infinity and beyond with a lineup of six items featuring Woody, Buzz, Jessie, and other Toy Story characters. The collection launched this month online and in Walmart stores and will roll out to additional retailers ahead of the Toy Story 5 release this summer.

我們將沐浴時光帶向無限遠方，推出了一系列六款產品，包括伍迪、巴斯光年、翠絲和其他《玩具總動員》角色。該系列產品本月已在線上和沃爾瑪門市推出，並將於今年夏季《玩具總動員5》上映前推廣至更多零售商。

In 2026, we are also poised to continue our growth in the 75% of U.S. households that do not have any babies or little kids. We have a two‑pronged strategy for these households. In many cases, our existing items already meet their needs, so in 2025 we began evolving our marketing to reach these older households. We are also designing new items specifically with these households in mind.

2026年，我們也將在美國75%沒有嬰兒或幼兒的家庭中持續維持成長動能。我們針對這些家庭採取雙管齊下的策略。在許多情況下，我們現有的產品已經能夠滿足他們的需求，因此在 2025 年，我們開始調整行銷策略，以吸引這些老年家庭。我們也正在專門為這些家庭設計新產品。

A great example is our countertop‑friendly adult flushable wipes collection, which grew consumption by 175% in 2025 and has ascended to the top five in Amazon’s personal cleansing wipes set. Following our 2025 brick‑and‑mortar launches at H‑E‑B and Target, we expanded to Walmart stores earlier this month.

一個很好的例子是我們適合放在檯面上的成人可沖散濕巾系列，該系列在 2025 年的消費量增長了 175%，並已躋身亞馬遜個人清潔濕巾套裝前五名。繼我們在 H&E&B 和 Target 推出 2025 年實體店之後，本月初我們又擴展到了沃爾瑪門市。

We also expanded our sanitizing wipes with two new scents, grapefruit and lavender, along with new pocket packs for on‑the‑go use. These are rolling into market now. This strategy to grow across demographics is not a pivot; it is an advancement of what is working. Our community has spoken. The Honest brand and the Honest Standard are for everyone, from babies and kids to kids at heart.

我們還推出了兩種新的消毒濕紙巾香味：葡萄柚和薰衣草，以及方便隨身攜帶的全新口袋包裝。這些產品現在正陸續進入市場。這種跨人群成長的策略並非轉型，而是對現有有效策略的推進。我們的社區已經表達了他們的意見。Honest 品牌和 Honest 標準是為所有人，從嬰兒和兒童到童心未泯的大人。

Finally, we are driving value creation through margin enhancement and operating discipline. Now that we have exited our lower‑margin and less strategically aligned categories and channels, we will deliver end‑to‑end efficiencies in our supply chain along with improvements in inventory management and reductions in SG&A. With these Powering Honest Growth actions in place, we expect to deliver gross margins in the low 40s in 2026.

最後，我們透過提高利潤率和加強營運紀律來推動價值創造。現在我們已經退出了利潤率較低且策略契合度較低的品類和通路，我們將實現供應鏈的端到端效率，同時改善庫存管理並降低銷售、一般及行政費用。憑藉這些推動誠信成長的措施，我們預計到 2026 年毛利率將達到 40% 左右。

We have strengthened our balance sheet, lowered our cost structure, and built clear momentum in our right‑to‑win categories. Today we believe Honest is better positioned than ever to deliver long‑term value to our shareholders while building a stronger and bigger Honest.

我們加強了資產負債表，降低了成本結構，並在我們理應獲勝的領域中建立了明顯的勢頭。今天，我們相信Honest比以往任何時候都更有能力為股東創造長期價值，同時打造一個更強大、更大的Honest。

With that, I will now turn things over to Curtiss, who will provide more detail on our Q4 and full‑year 2025 performance as well as our 2026 outlook.

接下來，我將把發言權交給柯蒂斯，他將詳細介紹我們 2025 年第四季和全年的業績以及 2026 年的展望。

Thank you, Carla, and good afternoon, everyone. The financial results we are sharing today represent the conclusion of a necessary and decisive chapter for The Honest Company. While our headline numbers for 2025 reflect the deliberate streamlining of our portfolio, the underlying metrics reveal a business that is fundamentally stronger than it was a year ago.

謝謝你，卡拉，大家下午好。我們今天公佈的財務業績標誌著誠實公司一個必要且決定性篇章的結束。雖然我們 2025 年的主要數據反映了我們對業務組合的刻意精簡，但基本指標顯示，公司業務的根本實力比一年前更強。

Through Powering Honest Growth, we have built a stronger financial foundation designed to power our future expansion. This program is expected to deliver $10 million to $15 million in annualized savings, serving as a direct catalyst for margin expansion, while at the same time providing us with the fuel to reinvest and drive growth in our highest‑margin portfolios.

透過“賦能誠信成長”，我們建立了更強大的財務基礎，旨在為我們未來的擴張提供動力。該計劃預計每年可節省 1,000 萬至 1,500 萬美元，直接促進利潤率擴張，同時為我們提供資金，以便對利潤率最高的投資組合進行再投資並推動其成長。

To that end, our execution is moving at pace. Since our announcement in November, we have seamlessly exited non‑strategic channels and categories, taken actions to right‑size our SG&A, and initiated plans to consolidate our footprint that will deliver structural improvements and efficiencies in 2026 that will endure well beyond this year. The performance and guidance I will detail today provide evidence of this continued scale for Honest.

為此，我們的執行工作正在快速推進。自 11 月宣布以來，我們已順利退出非策略管道和類別，採取措施調整銷售、一般及行政費用，並啟動了整合業務佈局的計劃，這將在 2026 年帶來結構性改進和效率提升，並且這些改進和效率提升將持續到今年以後。我今天將詳細介紹的業績和指導方針，為 Honest 持續擴大規模提供了證據。

Beginning with our fourth quarter results, revenue was $88 million, down 11.8% year over year. This decline primarily reflects the deliberate impact of our strategic exits, partially offset by the continued momentum Carla detailed in our total wipes and baby personal care collections. On an organic basis, revenue grew 0.7% to $71.3 million, reflecting continued momentum in our total wipes and personal care categories, largely offset by ongoing diaper sales declines.

從我們第四季的業績來看，營收為 8,800 萬美元，年減 11.8%。這一下滑主要反映了我們策略性退出的有意影響，但部分被卡拉詳細介紹的我們在濕紙巾和嬰兒個人護理系列產品方面持續的成長勢頭所抵消。以有機成長計算，營收成長 0.7% 至 7,130 萬美元，反映出濕紙巾和個人護理品類的持續成長勢頭，但被尿布銷售的持續下滑所抵消。

Importantly, this was a significant inflection from our third quarter performance as we lapped select merchandise headwinds, observed continued strength in our wipes and personal care portfolios, and executed on targeted investments. Gross margin was 15.7% compared to 38.8% in the prior‑year period. This was primarily related to a discrete inventory write‑down on apparel as we finalized our exit of this lower‑margin portfolio.

重要的是，這與我們第三季度的業績相比是一個重要的轉折點，因為我們克服了部分商品銷售的不利因素，觀察到我們的濕巾和個人護理產品組合持續強勁增長，並執行了有針對性的投資。毛利率為 15.7%，而去年同期為 38.8%。這主要與我們最終退出這個低利潤率投資組合時對服裝進行的離散庫存減值有關。

Additionally, an increase in tariff costs was a slight hit compared to the prior‑year period. These pressures were partially mitigated by favorable product mix as we shift toward our higher‑margin wipes and personal care portfolios and a decrease in fulfillment costs. On an adjusted basis, gross margin was 38.3% and generally in line with the prior‑year period.

此外，關稅成本的增加與去年同期相比略有影響。這些壓力在一定程度上因有利的產品組合而得到緩解，因為我們轉向了利潤率更高的濕紙巾和個人護理產品組合，並且履行成本有所下降。經調整後，毛利率為 38.3%，與去年同期大致持平。

Operating expenses increased $2 million year over year. This reflected $4.2 million of the total restructuring costs we expect to realize from Powering Honest Growth, partially mitigated by lower year‑over‑year SG&A, primarily reflecting a reduction in legal expenses. Q4 marketing expenses were consistent with the prior‑year period.

營運費用較去年增加200萬美元。這反映了我們預計從「推動誠實成長」計畫中實現的 420 萬美元重組總成本，部分被同比較低的銷售、一般及行政費用所抵消，主要反映了法律費用的減少。第四季行銷費用與上年同期持平。

In the quarter, the Company reported a net loss of $23.6 million, primarily related to the one‑time costs associated with Powering Honest Growth. Adjusted EBITDA for the fourth quarter was $3.8 million, down $4.8 million versus last year, largely due to lower revenue. Adjusted EBITDA margin was 4.3%.

該季度，該公司報告淨虧損 2,360 萬美元，主要與 Powering Honest Growth 相關的一次性成本有關。第四季調整後 EBITDA 為 380 萬美元，比去年同期下降 480 萬美元，主要原因是營收下降。調整後 EBITDA 利潤率為 4.3%。

Turning to our full year 2025 results, revenue was $371.3 million, representing a 1.9% decrease compared to the prior year. This top‑line performance primarily reflects the intentional impact of our strategic exits under Powering Honest Growth. On an organic basis, full‑year revenue increased 5.3%, landing squarely within our long‑term algorithm and highlighting the underlying strength in our core wipes and personal care portfolios.

展望 2025 年全年業績，營收為 3.713 億美元，較前一年下降 1.9%。這項主要業績反映了我們在「推動誠實成長」策略下進行的策略退出所帶來的預期影響。從有機成長來看，全年收入成長了 5.3%，完全符合我們的長期演算法，並突顯了我們核心濕紙巾和個人護理產品組合的潛在優勢。

Our GAAP gross margin for the year was 33.3% compared to 38.2% in 2024. This contraction was driven largely by a discrete inventory write‑down on apparel and an impact from increased tariff costs. These factors were partially offset by a more favorable product mix. On an adjusted basis, gross margin was 38.7%, an increase of 50 basis points over the prior year, highlighting the underlying health of our core business.

本年度的 GAAP 毛利率為 33.3%，而 2024 年的毛利率為 38.2%。此次萎縮主要是由於服裝庫存減損以及關稅成本增加的影響。這些不利因素部分被較有利的產品組合所抵消。經過調整後，毛利率為 38.7%，比上年增長 50 個基點，凸顯了我們核心業務的良好基礎。

Total operating expenses decreased by $9 million or 5.8%, primarily driven by a reduction in SG&A related to lower legal and stock‑based compensation expense compared to the prior year. This was partially offset by the aforementioned discrete restructuring costs and a strategic increase in marketing to support our growth. For the full year, we reported a net loss of $15.7 million compared to a loss of $6.1 million in 2024, with the variance almost entirely attributable to the discrete costs associated with our transformation.

總營運費用減少了 900 萬美元，降幅為 5.8%，主要原因是與前一年相比，法律及股票選擇權補償費用降低，導致銷售、一般及行政費用減少。上述損失部分被前文所述的重組成本以及為支持公司成長而進行的策略性行銷投入增加所抵消。全年淨虧損為 1,570 萬美元，而 2024 年的虧損為 610 萬美元，這一差異幾乎完全歸因於與轉型相關的離散成本。

On an adjusted basis, net income was $8.3 million. Finally, adjusted EBITDA was $22 million, which landed within our updated outlook range and compared to $25.9 million in 2024.

經調整後，淨收入為 830 萬美元。最後，調整後的 EBITDA 為 2,200 萬美元，符合我們更新後的預期範圍，而 2024 年的預期為 2,590 萬美元。

Now turning to our cash flow and balance sheet for the year, we generated free cash flow of $13.6 million, a substantial improvement compared to the $1 million in the prior year. This strength was driven by significant working capital improvements stemming from our focus on operating discipline. Our balance sheet ended the year in an exceptionally strong position with $89.6 million in cash and cash equivalents and zero debt.

現在來看看我們今年的現金流量和資產負債表，我們產生了 1,360 萬美元的自由現金流，與前一年的 100 萬美元相比有了顯著改善。這項優勢源自於我們對營運紀律的重視，從而帶來了營運資金的顯著改善。年底時，我們的資產負債表狀況非常穩健，擁有 8,960 萬美元現金及現金等價物，且零負債。

This capital position, coupled with our asset‑light operating model, provides us with significant financial flexibility. As Carla shared earlier, with this strength as the backdrop, our Board of Directors has authorized our inaugural share repurchase program of up to $25 million, effective immediately. This decision is a direct reflection of our confidence in Powering Honest Growth and the substantial near‑ and long‑term benefits we expect this transformation to deliver.

這種資本狀況，加上我們輕資產的營運模式，為我們提供了相當大的財務彈性。正如卡拉之前分享的那樣，在這種實力的支撐下，我們的董事會已批准了我們第一個高達 2500 萬美元的股票回購計劃，立即生效。這項決定直接反映了我們對「賦能誠實成長」的信心，以及我們預期這項轉型將帶來的巨大近期和長期效益。

We believe our current valuation does not fully reflect the structural improvements we are making to our operating model, and this program underscores our commitment to a disciplined capital allocation strategy—one that balances reinvestment in our growth initiatives with a clear focus on returning value to our shareholders. As we look ahead, the decisive actions we’ve taken to optimize our portfolio have created a much stronger foundation for profitable growth.

我們認為，我們目前的估值並沒有完全反映出我們正在對營運模式進行的結構性改進，而該計劃凸顯了我們對嚴謹的資本配置策略的承諾——該策略在平衡對增長計劃的再投資與明確關注為股東創造價值之間取得了平衡。展望未來，我們為優化投資組合所採取的果斷措施，為獲利成長奠定了更堅實的基礎。

We have effectively shifted our resources toward the categories where Honest has the clearest competitive advantage, and our 2026 framework reflects the early returns of that discipline. For 2026, we expect the following: reported revenue declines of 18% to 16% due to our strategic exits; organic revenue growth of 4% to 6% in line with our long‑term algorithm; adjusted gross margins in the low 40s; and adjusted EBITDA of $20 million to $23 million.

我們已有效地將資源轉移到 Honest 具有最明顯競爭優勢的類別，而我們的 2026 年框架反映了這一策略的早期成果。對於 2026 年，我們預計：由於策略性退出，報告收入將下降 18% 至 16%；有機收入成長 4% 至 6%，符合我們的長期演算法；調整後的毛利率在 40% 左右；調整後的 EBITDA 為 2,000 萬美元至 2,300 萬美元。

To provide greater color, we anticipate sequential improvement in our organic growth throughout the year. While we face difficult comparisons in the first half of 2026, particularly in Q1 due to last year’s retailer inventory buildup ahead of tariffs, our momentum will be driven by a robust pipeline of innovation and significant distribution gains established early in the year that will build throughout 2026.

為了呈現更豐富的色彩，我們預計全年有機成長將逐步改善。儘管我們在 2026 年上半年面臨著艱難的比較，尤其是在第一季度，因為去年零售商在關稅生效前囤積了大量庫存，但我們的發展勢頭將得益於年初建立的強大的創新產品線和顯著的分銷渠道拓展，這些優勢將在 2026 年持續增強。

For modeling purposes, it is also important to account for a high‑teens percentage hit to reported sales resulting from the strategic business exits we finalized in 2025. While this impacts the reported top line, it effectively concentrates our resources on our most profitable categories.

為了建模的目的，還必須考慮到，由於我們在 2025 年完成的策略性業務退出，報告的銷售額將受到高達 10% 的衝擊。雖然這會影響公佈的營收數據，但它有效地將我們的資源集中在最賺錢的類別上。

Our adjusted gross margin expectations reflect the continued success and ongoing shift in our revenue base toward our higher‑growth, higher‑margin wipes and personal care portfolios. As these categories represent an increasing share of our total business, we expect a consistent mix benefit to our consolidated margin profile. However, tariffs will remain a year‑over‑year headwind until they enter the base period beginning in Q2.

我們調整後的毛利率預期反映了我們收入基礎的持續成功以及向高成長、高利潤的濕紙巾和個人護理產品組合的持續轉變。由於這些類別在我們整體業務中所佔比例越來越大，我們預計這將持續改善我們的合併利潤率。然而，在進入第二季開始的基期之前，關稅仍將持續構成年比不利因素。

Regarding supply‑chain efficiencies realized under Powering Honest Growth, we expect these savings to materialize in the second half of the year as we move past the implementation phase of our footprint optimization. Specifically, we are consolidating from two fulfillment centers into our state‑of‑the‑art facility in Las Vegas with a focus on automated, large‑scale retail fulfillment.

關於「推動誠信成長」計畫下實現的供應鏈效率提升，我們預計隨著我們完成足跡優化實施階段，這些節省將在下半年實現。具體來說，我們將從兩個物流中心整合到我們在拉斯維加斯的最先進的設施中，重點是自動化、大規模零售物流。

We are executing against a comprehensive project plan designed to ensure the continuity and stability of our operations. By applying our core principle of operating discipline to this move, we are focused on maintaining strong service levels for our retail partners and consumers throughout the process.

我們正在執行一項全面的專案計劃，旨在確保我們營運的連續性和穩定性。我們將秉持嚴謹的營運原則，致力於在整個過程中為零售合作夥伴和消費者提供優質的服務。

Finally, our adjusted EBITDA expectations reflect the operational leverage inherent in our leaner business model. To fully appreciate the significance of our profitability outlook, it is important to look beyond the absolute dollars. While we expect our adjusted EBITDA performance to be consistent with the prior year, it is being generated off a materially lower reported sales base. The fact that we are maintaining our profit levels while intentionally shedding nearly one‑fifth of our top line is a testament to the fundamental improvement in our business model.

最後，我們調整後的 EBITDA 預期反映了我們更精簡的商業模式中固有的營運槓桿作用。要充分理解我們獲利前景的重要性，就不能只看絕對的金額。雖然我們預計調整後的 EBITDA 業績將與上一年保持一致，但這是由於報告的銷售基數大幅下降所致。我們明明有意削減了近五分之一的營業額，卻依然維持了利潤水平，這證明了我們商業模式的根本性改善。

In terms of the shape of the year for adjusted EBITDA, we expect performance to strengthen as the year progresses, mirroring the cadence of our organic growth and gross margin profile. When we look at the long‑term earnings power of The Honest Company, we see a business that has moved past the era of structural complexity and into a phase of structural leverage.

就調整後 EBITDA 的年度走勢而言，我們預計隨著時間的推移，業績將有所增強，與我們的內生成長和毛利率走勢相一致。當我們審視The Honest Company的長期獲利能力時，我們發現這家公司已經走出了結構複雜的時代，進入了結構槓桿化的階段。

Regarding our top‑line potential, our 4% to 6% organic growth algorithm remains the appropriate yardstick for our long‑term framework, anchored in our focus on driving sustained market share gains. Just as brand maximization is a catalyst for revenue growth, we see a similarly long runway for continued margin enhancement.

關於我們的收入成長潛力，我們 4% 至 6% 的有機成長演算法仍然是我們長期框架的合適衡量標準，其核心是我們專注於推動市場份額的持續成長。正如品牌最大化是營收成長的催化劑一樣，我們看到利潤率持續提升的空間也同樣廣闊。

As our higher‑margin, higher‑velocity products continue to outpace the broader portfolio, we are establishing a new elevated baseline for gross margin. Additionally, the supply‑chain efficiencies and SG&A right‑sizing we expect to realize are not one‑time wins. We believe they are structural enhancements to our earnings power.

由於我們利潤率更高、銷售速度更快的產品持續超越整體產品組合，我們正在建立一個新的更高的毛利率基準。此外，我們預期實現的供應鏈效率和銷售、管理及行政費用的合理化並不是一次性的成功。我們認為這些措施將從根本上提升我們的獲利能力。

As I close, I want to express my confidence about 2026 and the great future ahead for Honest. We are moving forward with a more productive portfolio, a stronger financial foundation, and a clear line of sight toward sustainable, profitable growth. We are committed to ensuring that the Honest brand thrives in the modern household for years to come.

最後，我想表達我對 2026 年以及 Honest 美好未來的信心。我們正朝著更有效率的投資組合、更強大的財務基礎和實現可持續獲利成長的清晰目標邁進。我們致力於確保 Honest 品牌在未來的歲月裡繼續在現代家庭中蓬勃發展。

With that, I turn it over to Carla for final remarks.

接下來，我把發言權交給卡拉，請她做最後的總結發言。

Thank you, Curtiss. Powering Honest Growth was never just about restructuring. It was about unlocking the full potential of the Honest business model and brand. In 2025, we did the heavy lifting to streamline our portfolio and establish a stronger financial foundation.

謝謝你，柯蒂斯。推動誠實成長從來不只是重組的問題。其目的是為了充分釋放 Honest 商業模式和品牌的潛力。2025年，我們做了大量工作來精簡投資組合，並建立更強大的財務基礎。

And now in 2026, we build on the great momentum of our core products, our strong brand building, and our great innovation lineup. This year, as always, our progress is due to the incredible execution by our team.

如今到了 2026 年，我們憑藉著核心產品的巨大發展勢頭、強大的品牌建設和強大的創新陣容，繼續前進。今年，和往年一樣，我們的進步歸功於團隊出色的執行力。

Curtiss and I offer our sincere thanks to our employees, proudly known as our Honest butterflies across our LA -- Las Vegas, and Minneapolis locations. Their resilience and commitment as a community continue to power our success. We enter 2026 with a high degree of confidence in our ability to deliver sustainable, profitable growth.

Curtiss 和我衷心感謝我們的員工，他們是我們洛杉磯、拉斯維加斯和明尼阿波利斯分公司引以為傲的「誠實蝴蝶」。他們的韌性和社區凝聚力不斷推動我們的成功。我們對2026年實現可持續獲利成長的能力充滿信心。

Thank you for your support as we build a stronger, more focused, and enduring Honest. And now I turn it over to the operator to open the line for questions.

感謝您對我們打造更強大、更專注、更持久的 Honest 的支持。現在我把麥克風交給接線員，請他接聽提問電話。

Thank you. (Operator Instructions) One moment, please.

謝謝。（操作說明）請稍等片刻。

Owen Rickert, Northland Capital Markets.

歐文‧里克特，北地資本市場。

Hey guys, thanks for taking my question. It’s great to see the underlying strength of the organic business with that returning to positive territory. With the $25 million share repurchase announcement signaling confidence from the Board, how should we think about the cadence of organic growth building throughout 2026?

各位好，感謝你們回答我的問題。很高興看到有機業務的潛在實力重回正軌。2500萬美元的股票回購計畫顯示了董事會的信心，我們應該如何看待2026年全年有機成長的節奏？

Hi, Owen. As we exit 2025, we really try to express and indicate our confidence in the momentum we see as we’re exiting the year. We leave Q4 with consumption of north of 3%, 3.5%, and that sets us up well for the strength you heard about in our wipes and personal care businesses, where we expect continued strong performance this year.

你好，歐文。2025 年即將結束，我們真心希望表達並表明我們對這一年即將結束之際所展現的發展勢頭充滿信心。在第四季結束時，消費量超過 3% 至 3.5%，這為我們濕紙巾和個人護理業務的強勁表現奠定了良好的基礎，我們預計這些業務今年將繼續保持強勁的業績。

We’ve got a lineup of innovation against what we know works in wipes. I talked about new products already shipping in the quarter, and personal care entering that kids’ personal care set for the first time. We’re expecting the complement of new product innovation along with momentum on the core, and we want to undergird all of that with the strength of our business model through supply chain improvements we’ll see across the year. Curtiss shared we’re optimizing our fulfillment‑center footprint; some of those benefits will happen as the year progresses.

我們有一系列創新產品，旨在對抗我們已知的有效濕紙巾產品。我談到了本季已經上市的新產品，以及首次將個人護理產品納入兒童個人護理套裝。我們期待新產品創新能與核心業務的強勁勢頭相輔相成，我們希望透過全年供應鏈的改進，增強我們商業模式的實力，從而鞏固這一切。Curtiss表示，我們正在優化我們的物流中心佈局；隨著時間的推移，其中一些好處將會出現。

Bringing SG&A in line with our smaller revenue base was an important piece of progress we wanted to demonstrate in our transformation, and we’ll be doing that over the course of the year. I think Curtiss can dive into more of the specifics quarter over quarter, but overall, we’re looking forward to continuing strengthening through the year.

將銷售、一般及行政費用與我們較小的收入基礎保持一致，是我們轉型過程中想要展現的重要進展，我們將在今年內實現這一目標。我認為柯蒂斯可以逐季度深入分析更多細節，但總的來說，我們期待在今年繼續加強實力。

Yeah, let me add that the momentum Carla is talking about that we exit the year with gives us a lot of confidence to deliver our 4% to 6% organic revenue growth guidance for the year. It’s worth noting that organic growth will, however, represent down 18% to down 16% on a reported basis.

是的，我還要補充一點，卡拉所說的我們在年底取得的良好勢頭，讓我們很有信心實現今年4%至6%的有機收入成長目標。值得注意的是，以報告數據計算，有機成長率將下降 18% 至 16%。

In order to help with modeling, we provided the 2025 quarterly organic base in the press release. You can also find it on the website in the IR section in our Q4 presentation. In terms of the phasing from an organic‑growth perspective by quarter, we expect sequential improvement in our growth rate as we lap the tariff inventory build in Q1 2025. We are absolutely confident in our ability to deliver our guidance on both the top and bottom line.

為了幫助建模，我們在新聞稿中提供了 2025 年季度有機基數。您也可以在網站的投資者關係部分找到它，該部分位於我們第四季度的簡報中。從季度有機成長的角度來看，我們預計隨著我們在 2025 年第一季完成關稅庫存建設，我們的成長率將逐步提高。我們完全有信心在營收和利潤兩方面都提供指導。

Got it. Super helpful, guys. Secondly, with nearly $90 million of cash and no debt, how do you balance buybacks with reinvestment and maybe marketing and innovation going forward, especially with the stated goal of accelerating growth in those core categories?

知道了。太有幫助了，夥計們。其次，公司擁有近 9,000 萬美元現金且無債務，如何平衡股票回購與再投資，以及未來的行銷和創新，尤其是在既定目標下加速這些核心類別的成長？

Yeah, let me start by saying what a milestone this is for The Honest Company as a public entity to have our inaugural buyback authorization. I think that’s quite an achievement, quite a milestone for us, and as we said in the remarks, it’s a reflection of our ability to execute Powering Honest Growth. It’s a reflection of, as you stated, the $90 million we have in cash and zero debt, and that $90 million was a significant increase from our balance at the end of Q3, which is representative of our ability to execute Powering Honest Growth as we close the year.

首先，我想說，對於 The Honest Company 這家上市公司來說，獲得首支股票回購授權是一個重要的里程碑。我認為這是一個相當大的成就，對我們來說是一個重要的里程碑，正如我們在演講中所說，這反映了我們執行「賦能誠實成長」的能力。正如您所說，這反映了我們擁有 9000 萬美元現金且零債務，而這 9000 萬美元比我們在第三季度末的餘額有了顯著增長，這代表了我們在年底前執行“推動誠信增長”計劃的能力。

It also marks our confidence in our ability to execute the transformation program, our continued ability to generate cash, and the confidence we have in our ability to deliver on our 2026 guidance. We believe the valuation does not reflect the potential of this business nor our ability to execute the transformation. We will continue to prioritize investment and growth, maintain liquidity to weather any macroeconomic headwinds that could be in front of us, and balance that with returning value to shareholders. That is our capital allocation plan.

這也標誌著我們對執行轉型計劃的能力、持續創造現金流的能力以及實現 2026 年業績目標的信心。我們認為，目前的估值既沒有反映出這家企業的潛力，也沒有反映出我們執行轉型計畫的能力。我們將繼續優先考慮投資和成長，保持流動性以應對未來可能出現的任何宏觀經濟逆風，並在實現這一目標的同時，為股東創造價值。這就是我們的資本配置計畫。

Great, thanks for the color.

太好了，謝謝你提供的顏色。

Thank you.

謝謝。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

Hi, good evening, and thank you very much for the questions. I wanted to dive a bit deeper into some of the growth opportunities. In the past we’ve talked about ACV opportunities both in breadth and depth. You alluded to some of the innovation earlier on the call. Curtiss, you also talked about some distribution in terms of the sequencing of the growth. I wanted to get some color in terms of whether you can size how much of the growth you’re expecting now is from breadth versus depth for 2026, as we think about the growth opportunities.

您好，晚上好，非常感謝您的提問。我想更深入地探討一下一些成長機會。過去，我們已經從廣度和深度兩個方面討論過 ACV 的機會。您在之前的通話中提到過一些創新之處。Curtiss，你也談到了生長順序方面的一些分佈。我想了解一下，在考慮成長機會時，您能否衡量一下您目前預期到的 2026 年的成長中，有多少是來自廣度成長，有多少是來自深度成長。

Thank you.

謝謝。

Hi, Aaron. Nice to talk to you. As we look at how we’ve built 2026 with a top‑line growth algorithm in the 4% to 6% range, that growth is driven by a really nice balance of things. I think balance is going to be a theme for us. The growth is driven in a well‑balanced way by innovation of new product items and gaining distribution through the launch of those new items, like entering an entirely new aisle.

你好，亞倫。很高興和你聊天。當我們回顧我們如何建立 2026 年，並採用 4% 到 6% 的營收成長演算法時，這種成長是由各種因素之間非常好的平衡所驅動的。我認為平衡將是我們的主題。這種成長是透過新產品的創新和透過推出這些新產品來獲得分銷管道（例如進入一個全新的貨架區域）而以相當平衡的方式推動的。

The kids' personal care aisle is a different part of the store than where we are, where you find a lot of bubble baths and similar items, and we have an entire new lineup entering that aisle with six new items that already rolled out in the year. That’s a great example of growth driven by distribution of new items. We are also seeing growth and distribution gains on our core items as well. For example, we rolled out our flushable wipes over the last two years, only entering brick and mortar for the first time in 2025, and this quarter we’re seeing our first brick‑and‑mortar launch at Walmart for flushable wipes.

兒童個人護理區與我們所在區域不同，那裡有許多泡泡浴和類似產品，我們有一個全新的產品系列即將進入該區域，今年已經推出了六款新產品。這是新產品分銷驅動成長的絕佳例子。我們的核心產品也實現了成長，分銷通路也得到了拓展。例如，我們在過去兩年推出了可沖散濕紙巾，直到 2025 年才首次進入實體店銷售，而本季我們將在沃爾瑪首次推出可沖散濕紙巾的實體店銷售。

We’ve got a lot of strength and engine behind core items that still have more distribution upside; that’s just one example. We have distribution of the core, we have innovation of new items, and we have the momentum and velocity of the core, items already in market are doing quite well. For example, our all‑purpose baby wipes are doing very well. As Curtiss talked about, we want to fuel core growth by ensuring we have marketing investment across that as well.

我們的核心產品擁有強大的實力和強大的引擎，這些產品還有更大的分銷成長空間；這只是一個例子。我們有核心產品的通路，我們有新產品的創新，我們有核心產品的動能和發展速度，已上市的產品表現相當不錯。例如，我們的多用途嬰兒濕紙巾銷售量非常好。正如柯蒂斯所說，我們希望透過確保在行銷方面進行投資來推動核心成長。

So it’s really a three‑part growth and balance story as you see our growth. The other way to think about it, which I talked about today, is household types, which is an important unlock for us. We’re balanced there, too. Our business is surprising across kid and no‑kid households, today 54% of our revenue is from households with no kids, and our household‑penetration growth in 2025 was balanced with growth from no‑kid households and growth from households with little kids. As we drive growth, we do it with items created for those households and marketing designed to speak to them and build awareness of the products.

所以，正如你所看到的，我們的成長和平衡實際上是一個三部分組成的成長和平衡故事。另一種思考方式，也是我今天談到的，是家庭類型，這對我們來說是一個重要的突破。我們在那方面也保持平衡。我們的業務在有孩子和無孩子的家庭中都取得了令人驚訝的成績，目前我們 54% 的收入來自沒有孩子的家庭，而我們 2025 年的家庭滲透率增長將與無孩子家庭的增長和有小孩家庭的增長保持平衡。為了推動成長，我們打造專為這些家庭設計的產品，並進行旨在與他們溝通、提高產品知名度的行銷活動。

Okay, great, thank you for that color.

好的，太好了，謝謝你提供的顏色。

Second question for me is on the cost savings. It moved up again -- was $8 million to $15 million last quarter, now $10 million to $15 million, good to see the lower end raised. Can you talk about the sequencing of those savings, when we can expect it to flow through the P&L, and what would move it toward the low or high end of the range, and the key factors there?

我的第二個問題是關於成本節約。再次上調——上季度為 800 萬至 1500 萬美元，現在是 1000 萬至 1500 萬美元，很高興看到下限提高。您能否談談這些節省的順序，我們預計何時能將其計入損益表，以及哪些因素會導致其向範圍的低端或高端靠攏，以及關鍵因素是什麼？

Thank you.

謝謝。

Yeah, so, thank you for the question. I’ll just want to jump in here and reiterate the fact that we guided now to a gross margin in the low 40s. I am sure you remember back in Q2 when we crossed the 40% gross‑margin threshold for the first time; there was quite a bit of excitement with us on that achievement. So as we look at 2026 and we talk about the guidance, we did guide to the low 40s on an adjusted basis; those savings are going to come, or that performance is really connected to a couple of things.

是的，謝謝你的提問。我只想插一句，重申我們目前的毛利率預期在 40% 左右。我相信您還記得第二季我們首次突破 40% 毛利率大關的時候；當時我們都非常興奮。所以，當我們展望 2026 年並談到業績指引時，我們確實給出了調整後 40% 左右的指引；這些節省將會實現，或者說，這一業績實際上與幾件事有關。

Number one is, as we think about the higher‑margin categories that are driving growth in wipes and baby personal care, we will have a sustaining mix benefit throughout all four quarters related to mix. The second big driver for that outsized performance will be the transition from two warehouses down to one, and that execution is planned to start having the benefit in our business in the second half of the year.

第一點是，當我們考慮濕紙巾和嬰兒個人護理等高利潤類別的成長時，我們將在所有四個季度中持續獲得與產品組合相關的收益。推動業績大幅成長的第二個主要因素是倉庫數量從兩個減少到一個，預計這項調整將在下半年開始為我們的業務帶來效益。

We -- as you think about the range of outcomes -- I think the potential for more or less really comes down to the impact from a mix perspective. Is there more upside, or are the higher‑margin pieces of the business going to drive a higher mix benefit? And then related to the timing and the absolute volume of the savings related to the warehouse transition.

我們——當你考慮各種結果時——我認為結果多少取決於綜合影響。是否還有更大的上漲空間，還是利潤率更高的業務部分將帶來更高的組合效益？然後，也要考慮與倉庫轉型相關的節省的時間和絕對金額。

Okay, great, appreciate that color. I'll go and jump back in the queue.

好的，很棒，很喜歡這個顏色。我這就重新排隊。

Thank you.

謝謝。

Shovon Chowdhury, JPMorgan.

Shovon Chowdhury，摩根大通。

Hi, thanks for taking our question. I wanted to delve a little bit further into diapers. It’s 30% of your sales, and you called out the decline in diaper revenue. First, I wanted to clarify -- is this decline mainly due to the gender‑neutral print issue with target, which should not be a headwind this year, or is it worsened by fierce competition in the category? What is your expectation for diaper performance in the future?

您好，感謝您回答我們的問題。我想更深入地了解一下尿布。它佔你銷售額的 30%，而你也指出了尿布收入的下降。首先，我想澄清一下——這種下滑主要是由於 Target 的性別中性印刷問題（今年應該不會再造成不利影響），還是由於該品類的激烈競爭而加劇的？您對未來尿布的性能有何期望？

And if you could also give us a sense of -- you mentioned in your prepared remarks --the thoughtful pricing in diapers and improving price‑pack architecture. What is the price gap that you’re seeing? I understand you’re more premium products. There’s usually a price gap, but what is this price gap, and how much are you willing to close this gap? And if you can share thoughts on the latest trends and market‑share performance specifically for your diapers, that would be very appreciated. Thanks.

如果您還能讓我們了解一下——您在準備好的演講稿中提到——尿布的周全定價和改進價格包裝結構。你觀察到的價格差距是多少？我知道你們的產品比較偏向高端。通常會存在價格差距，但這個價格差距是多少？你願意為此付出多少代價？如果您能分享您對尿布最新趨勢和市場份額表現的看法，我們將非常感激。謝謝。

Thanks.

謝謝。

All right. Hi, Shovana. I want to make sure I break apart the different components of your question and make sure I address them. So let me start by stepping back and saying that it’s been a very volatile year. 2025 was a very volatile year for the diaper category overall, and I know people are probably hearing that not just from us. The category overall for 2025 was down 1%.

好的。你好，肖瓦娜。我想確保將你的問題分解成各個組成部分，並確保逐一解答。首先，我想回顧過去一年，指出今年市場波動非常劇烈。 2025年對整個尿布產業來說都是非常動盪的一年，我知道大家可能不只從我們這裡聽過類似的說法。2025 年該類別整體下降了 1%。

We know that there are a number of drivers causing that to happen. One of the biggest things we’re seeing is that with macroeconomic uncertainty, consumers in the diaper category in particular have been shown to switch to lower‑priced diaper items, and what we’re seeing is the category is losing dollars overall as consumers shift to lower‑priced items. And that certainly affects us as well when we see those consumer shifts.

我們知道有很多因素導致了這種情況的發生。我們看到的最大現象之一是，由於宏觀經濟的不確定性，尿布類產品的消費者尤其傾向於購買價格較低的尿布產品，因此，隨著消費者轉向價格更低的產品，尿布類產品的整體銷售額正在下降。當我們看到消費者行為的這些改變時，這當然也會對我們產生影響。

We also know that for us last year we had that lapping issue that I talked about that was a real driver of our Q3 diaper declines but was pretty well encapsulated to a Q3 impact. And then we know that we had portfolio simplification over the course of the year. Some of that portfolio simplification was indeed due to the ones you brought up, Shovana. The loss of the gendered prints at one of our largest retailers. We know that retailers are doing shifts and simplification of their sets overall, so that was among the drivers.

我們也知道，去年我們遇到了我之前提到的尿布重疊問題，這是我們第三季尿布銷量下降的一個真正原因，但這個問題的影響基本上被控制在了第三季度。然後我們知道，在這一年中，我們的投資組合得到了簡化。肖瓦娜，部分投資組合的簡化確實是因為你提到的那些因素造成的。我們最大的零售商之一的性別區分印花圖案消失了。我們知道零售商正在對他們的產品系列進行調整和簡化，這也是其中一個驅動因素。

As we look at the future and what we expect, we do believe that 2026 is likely to be another challenging year for Honest in diapers. And that will be driven somewhat by some of the same factors, the macroeconomic uncertainty. We’re going to be watching that just like everyone. There’s a lot, and it’s been changing quickly in the category, and there have been some aggressive moves by some of those lower‑priced competitors. So we’ll keep our eye on that.

展望未來，我們認為 2026 年對於 Honest 尿布品牌來說很可能又是充滿挑戰的一年。而這在某種程度上也是由一些相同的因素所驅動的，也就是宏觀經濟的不確定性。我們會像大家一樣關注這件事。這個領域變化很大，一些價格較低的競爭對手也採取了一些激進的措施。所以我們會密切關注此事。

We do believe that the portfolio simplification we’re experiencing will continue into the course of the year, but that’s already in our guidance, Shovana. So what we expect from our diaper business in ’26 is already reflected in this 4% to 6% top‑line growth algorithm. And when we think about how we want to address it in the future, you are right. We want to make sure we’ve got the right price‑value offering that makes sense for our business while maintaining our commitment to driving margin expansion as a whole.

我們相信，我們正在經歷的投資組合簡化將持續到今年年底，但這已經在我們的指導方針中有所體現，Shovana。因此，我們對尿布業務在 âFERPH26 的預期已經體現在這個 4% 到 6% 的營收成長演算法中。當我們思考將來如何解決這個問題時，你是對的。我們希望確保我們提供的價格/價值方案既符合我們的業務需求，又能維持我們整體上推動利潤率成長的承諾。

We want to do that in the right way and in a way that means so much to our consumers. But that’s also why we need to have a very balanced growth portfolio overall for our baby business in general, because we have a lot of strength we bring to the aisle and a lot of margin strength we bring as a leading baby brand that is not dependent on diapers the way it used to be when diapers were a bigger piece of our business.

我們希望以正確的方式，以一種對我們的消費者意義重大的方式來做到這一點。但這也是為什麼我們需要為我們的嬰兒業務整體上製定一個非常均衡的成長組合的原因，因為我們作為領先的嬰兒品牌，在貨架上擁有強大的實力和利潤優勢，而我們不再像以前那樣依賴尿布，那時尿布是我們業務中更大的一部分。

You did ask me about pricing and the price gap. Our average price gap can be anywhere from 20% to 30% of a price premium on an Honest diaper. We know we develop our diaper to a higher standard of clean, always trying to push the categories that we’re in, to bring the Honest Standard to life through the offering we bring and with the highest expectations of our sensitive‑skin consumers. That is something we need to make sure we get right in our cost structure, and that’s all been built in as we’ve already reflected in the guidance for the year.

你確實問過我關於定價和價格差距的問題。我們的平均價格差可能比 Honest 尿布高出 20% 到 30%。我們知道，我們致力於研發更高品質的清潔尿布，不斷突破我們所處的品類，透過我們提供的產品，將誠實標準融入產品之中，並滿足敏感肌膚消費者的最高期望。這是我們需要確保在成本結構中做到正確的一點，而這些都已經納入考慮，正如我們在年度業績指引中已經反映的那樣。

Thank you so much. I'll pass it on.

太感謝了。我會轉達的。

Thank you.

謝謝。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Hi, good afternoon. Thanks for taking my question.

您好，下午好。謝謝您回答我的問題。

I’d like to start as a follow‑up to the prior question on diapers. Especially given the dislocation we’ve seen this year from retailer actions, how should we think about consumption trends vs. the industry? And building off the price‑premium commentary and consumers trading down, how should we think about returning to consumption in excess of the industry in light of those headwinds to premium products? Thanks.

我想先就之前關於尿布的問題做一個後續問題。尤其考慮到今年零售商的行為所造成的混亂局面，我們該如何看待消費趨勢與產業之間的關係？基於價格溢價評論和消費者降級消費的趨勢，考慮到高端產品面臨的這些不利因素，我們應該如何看待恢復到超過行業平均水平的消費水平？謝謝。

I’m going to speak to the consumption trends. I want to make sure I totally understand your question, Anna, so if I’m not hitting on it, please let me know with a follow‑up. For our 2025 performance, as we look at our diaper consumption, we did share that we had double‑digit declines in diapers.

我將談談消費趨勢。安娜，我想確保我完全理解你的問題，所以如果我沒有說到點子上，請告訴我，並跟進一下。在展望 2025 年業績時，當我們審視尿布消耗量時，我們確實透露，尿布消耗量出現了兩位數的下降。

Now, that’s not the same everywhere, and that’s what’s been very interesting about us and our diaper performance. The category overall was down 1% as a diaper category. When we look at our diaper performance and we take out our performance at Target, our diaper consumption grew 2% for the year last year. So we’ve seen that our diaper dynamics can be different based on consumer patterns at various retailers, but overall, we are certainly experiencing the broad‑based challenges and headwinds the diaper category faces.

但是，並非所有地方都一樣，而這正是我們以及我們的尿布性能非常有趣的地方。尿布類產品整體銷售量下降了 1%。如果我們看一下尿布的銷售業績，並剔除在 Target 的銷售業績，那麼去年我們的尿布消費量增加了 2%。因此，我們已經看到，不同零售商的尿布市場動態會因消費者的消費模式而異，但總體而言，我們確實正在經歷尿布品類所面臨的廣泛挑戰和逆風。

Again, as we built our 2025 model, we were very clear‑eyed about what we expect from our diaper business and from our consumption. And as we look at our expectations to grow consumption overall across our portfolio for the year, our wipes and personal care businesses are performing strongly. That’s one of the reasons why we are bullish on our ability to grow with our highest‑margin businesses, where they can drive the biggest impact on our portfolio and with the households that love what we have and want more of it. That’s why we have a very balanced approach to our growth next year.

同樣，在建立 2025 年模型時，我們非常清楚地認識到我們對尿布業務和消費的期望。展望今年我們整體產品組合的消費成長預期，我們的濕紙巾和個人護理業務表現強勁。這也是我們對自身高利潤業務的成長能力充滿信心的原因之一，因為這些業務能夠對我們的投資組合以及那些喜歡我們產品並希望獲得更多產品的家庭產生最大的影響。這就是為什麼我們明年的成長策略非常均衡的原因。

Got it. Thanks, Carla. That's really helpful. It seems to suggest, you know, taking out the noise at that key retailer, underlying share actually, or underlying performance actually exceeded the category.

知道了。謝謝你，卡拉。這真的很有幫助。這似乎表明，你知道，剔除那家關鍵零售商的噪音後，其潛在份額或潛在業績實際上超過了同類產品。

It did.

確實如此。

Okay, perfect. Building on a prior question on the Q1, you know, the commentary of sequential improvement in organic growth through the year seems to imply that the Q1 is expected to produce year-over-year organic growth. Is that fair?

好的，完美。承接之前關於第一季度的問題，您也知道，關於全年有機增長逐年改善的評論似乎暗示，預計第一季將實現同比增長的有機增長。這樣公平嗎？

Yeah, that's very fair. We do expect organic growth in Q1. We expect sequential improvement thereafter. You heard that correctly.

是的，這很公平。我們預計第一季將實現內生成長。我們預計此後會逐步改善。你沒聽錯。

Got it. Just one more, if I could. I know you're now a couple quarters into the shift from DTC. Any high-level thoughts on your expectations for transfer of those sales to your retailers and anything you've seen thus far? Thanks.

知道了。如果可以的話，再來一個。我知道你現在已經從DTC過渡了幾個季度了。您對將這些銷售額轉移給零售商有何預期？目前為止您觀察到的情況如何？謝謝。

Yeah, I think we had a conservative assumption on the flowback to retailers as we exited the fulfillment. What we've seen early days, and I think it's, you know, very complicated and complex to attribute exactly where it's coming from when you look at the some of the early green shoots that we've seen as we've made that change on some of the retailer dot com sites. It has exceeded our original expectation, and so we're happy with the early, call it qualitative performance that we've seen.

是的，我認為我們在退出物流配送業務時，對零售商的回流情況做出了保守的假設。我們從早期就看到了一些跡象，我認為，你知道，要準確地歸因於這些跡象的來源是非常複雜的，因為我們在一些零售商的.com網站上進行了這種改變，並看到了一些早期的積極跡象。它超出了我們最初的預期，因此我們對目前看到的早期定性表現感到滿意。

Great. Thanks.

偉大的。謝謝。

Thank you.

謝謝。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Hey, guys. Just a couple follow-ups. A -- on the diaper side, you mentioned some investments in value. Can you just give us a sense of some of the adjustments you're making from a promotional cadence standpoint or pricing standpoint in 2026? Is that the most important intervention you're making in diapers, or are there other things that should also drive improved performance?

嘿，夥計們。還有幾個後續問題。A——關於尿布方面，你提到了一些價值投資。能否簡單介紹一下您在 2026 年從促銷節奏或定價角度做出的一些調整？這是你在尿布領域採取的最重要的干預措施嗎？還是說還有其他因素也能促進效果提升？

Is there a point where you think you can get back to consistent growth? Just on the share repurchase side, how do you think about repurchases? You mentioned that you see greater value here than perhaps the market is. Do you expect to repurchase aggressively, or is this more a program that's in place for opportune repurchases over time as opposed to putting the dollars to work right away?

你認為何時才能恢復持續成長？就股票回購而言，您如何看待股票回購？你提到你認為這裡的價值可能比市場價值更高。您預計會積極回購，還是說這是一個旨在隨著時間的推移伺機回購的計劃，而不是立即投入資金？

Thank you.

謝謝。

Yeah, maybe I'll start with the repurchase, and then we'll pivot to the first part of that question. The repurchase authorization of $25 million was open-ended, right? We've got no specific time horizon that we are executing against. I think when you look at the benchmarks, however, in the industry, it would indicate that most public companies, when they have an authorization program reach that limit or renew their program over the course of -- you know, a two- or three-year-time horizon.

是啊，或許我可以先從回購開始，然後再討論這個問題的第一部分。2500萬美元的回購授權是無上限的，對嗎？我們沒有設定具體的執行時間期限。但我認為，如果你看看行業基準，你會發現大多數上市公司在擁有授權計劃時，都會在兩到三年的時間範圍內達到上限或更新其計劃。

We absolutely believe that the valuation is not fully reflective. We will be opportunistic. I cannot tell you know, specifically when and how much, but we believe that it's undervalued, and we have an opportunity.

我們堅信，目前的估值並未完全反映其價值。我們將伺機而動。我現在無法具體告訴你何時以及金額多少，但我們認為它的價值被低估了，我們有機會。

Let me just hit the diaper. I think you were asking about diaper pricing and diaper value overall. I know you know, but obviously retailers set the pricing strategy that's in the market, and we don't discuss in advance any of our specific approaches to where we're going to execute and advance merchandising or promotional support against our categories.

讓我先打一下尿布。我想你是在問尿布的價格和整體性價比。我知道你也明白，但很顯然，零售商制定了市場上的定價策略，我們不會事先討論我們將在哪些品類中執行和推進商品銷售或促銷支援的具體方法。

What I would say is, in this category, in the diaper category right now, we do see that when we look at the overall performance of the category, the observation you can make is that consumers are shifting to lower-priced diaper offerings, many of which are manufactured in China.

我想說的是，就目前尿布這個品類而言，當我們觀察該品類的整體表現時，可以發現消費者正在轉向價格較低的尿布產品，其中許多都是在中國生產的。

We can take from that bringing consumers the right value equation is important. What we also see is that last year, when we take out the impact of one of our large retailers, our diaper business did grow. What that tells us is that our diaper business has a good value offering for the people who want the diaper that we offer.

由此可見，為消費者帶來正確的價值等式非常重要。我們也看到，去年，當我們剔除一家大型零售商的影​​響後，我們的尿布業務確實成長了。這說明，對於那些想要購買我們尿布的人來說，我們的尿布業務具有良好的性價比。

What's important as we look ahead is making sure we've always got that right, that we balance benefits and price with our overall responsible business model strategy, and that we also understand that the Honest brand has become very scalable across many categories, and that that's one of the reasons why we're shifting towards higher margin, higher growth areas, because this business will grow forward with baby households against a very broad array of categories like baby personal care, like wipes, like lotions. We feel very good about our baby strategy, and we will keep our eye on the right way to manage our diaper business.

展望未來，重要的是確保我們始終做對這一點，在整體負責任的商業模式戰略中平衡利益和價格，同時我們也明白 Honest 品牌已在許多類別中實現了高度可擴展性，這也是我們轉向高利潤、高增長領域的原因之一，因為這項業務將隨著嬰兒家庭的增長而發展，涵蓋嬰兒個人護理、濕巾、潤膚等非常廣泛的類別。我們對我們的嬰兒用品策略感到非常滿意，我們將繼續關注如何以正確的方式經營我們的尿布業務。

If I could just wrap that up, I just want to just reiterate that we have taken, modeling several multiple different scenarios on how our diaper business moves or doesn't move, throughout 2026, and all of that is reflected in the guidance that we provided today.

如果我能總結一下，我只想重申，我們已經模擬了多種不同的情景，來預測我們的尿布業務在 2026 年的發展情況，所有這些都體現在我們今天提供的指導意見中。

Great. Thank you, guys.

偉大的。謝謝大家。

Thank you. I'll now hand the call back over to CEO Carla Vernón for any closing remarks.

謝謝。現在我將把電話轉回給執行長卡拉·弗農，請她作總結發言。

I just want to thank everybody for joining us for the call today and giving us the opportunity to tell you about the confidence we have about 2026. I look forward to talking to you all next quarter.

我只想感謝今天參加我們電話會議的各位，感謝你們給我們這個機會，讓我們向你們表達我們對 2026 年的信心。我期待下個季度與大家交流。

Ladies and gentlemen, this does conclude today's conference call. Thank you for participating, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。