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lorox-company

What Exactly Does Clorox Do?
Let me start by clarifying what Clorox actually is, because most people thi=
nk of one product when they hear the name. In reality, Clorox is a diversif=
ied manufacturer and marketer of consumer and professional products that ap=
pear in virtually every household across America and many internationally.
When I think about Clorox products I personally use, the list is surprising=
ly long. I clean my kitchen with Clorox bleach and Pine-Sol. I line my tras=
h cans with Glad bags. I store food with Glad wrap and containers. My cat u=
ses Fresh Step litter. I freshen my water with Brita filters. I use Clorox =
2 stain remover on my laundry. My family uses Clorox disinfecting wipes. I =
cook with Hidden Valley seasonings. These aren=E2=80=99t luxury items or di=
scretionary purchases=E2=80=94they=E2=80=99re consumable household essentia=
ls that families repurchase continuously.
The company manufactures and distributes across multiple categories includi=
ng disinfecting and cleaning products, trash bags and food storage products=
, professional cleaning solutions, pet care products, water filtration syst=
ems, food seasonings and dressings, and natural personal care brands. What =
I find most attractive about Clorox is the non-negotiable nature of these p=
roducts. People don=E2=80=99t stop buying cleaning supplies during recessio=
ns. Families don=E2=80=99t defer purchasing trash bags. Pet owners continue=
 buying litter regardless of economic conditions.
Clorox operates from its headquarters in Oakland, California, where the com=
pany was founded in 1913. The company employs approximately 9,000 people gl=
obally and distributes products in more than 100 countries. Over 111 years,=
 Clorox has built an extraordinary collection of brands, with many holding =
number one or number two market positions in their respective categories. T=
hat brand strength translates directly into consumer loyalty, pricing power=
, and market resilience.
How Clorox Actually Makes Its Money
Clorox Company 2024 Revenue by Business Segment Distribution
Clorox generated $7.09 billion in net sales during fiscal 2024 (the twelve =
months ending June 30, 2024). I need to note that this represents a decline=
 from $7.39 billion in fiscal 2023, primarily due to the operational devast=
ation caused by the August 2023 cyberattack I=E2=80=99ll discuss in detail =
later.
To understand Clorox=E2=80=99s revenue generation, I need to break down the=
 four distinct business segments, each serving different customer needs and=
 providing different growth prospects.
Health and Wellness Segment: This is the company=E2=80=99s largest profit e=
ngine, generating $2.48 billion in revenue, representing 35% of total sales=
=2E This segment encompasses disinfecti=
ng products, Clorox bleach, Pine-Sol c=
leaners, Liquid-Plumr drain openers, and other cleaning and disinfecting so=
lutions. What makes this segment particularly interesting is how it evolved=
=2E The COVID-19 pandemic permanently e=
levated consumer awareness about hygie=
ne and sanitation. While the panic purchasing frenzy of 2020-2021 has norma=
lized, baseline demand for these products remains elevated compared to pre-=
pandemic levels. Consumers continue prioritizing cleanliness and disinfecti=
on in ways that were less common five years ago.
Household Segment: The second-largest segment generated $1.95 billion (27.5=
% of revenue). This includes Glad trash bags, Glad wrap, Glad food storage =
containers, and related products. Think about this category for a moment=E2=
=80=94every household generates trash daily. Every household needs to wrap =
leftover food. These products represent automatic repeat purchases that con=
sumers never really think about. They run out, people buy more, repeat. Thi=
s predictable, high-frequency purchasing pattern is exactly what income inv=
estors should value.
Lifestyle Segment: This division produced $1.27 billion (17.9% of revenue) =
and showcases Clorox=E2=80=99s portfolio diversity through brands including=
 Burt=E2=80=99s Bees natural personal care products, Brita water filtration=
 systems, Hidden Valley salad dressings and seasoning mixes, and Fresh Step=
 cat litter. I particularly appreciate this segment=E2=80=99s approach=E2=
=80=94rather than concentrating all eggs in one basket, Clorox captures mul=
tiple consumer needs from personal care to pet care to food products. If co=
nsumer preferences shift away from one category, other categories provide o=
ffsetting support.
International Segment: International operations contributed $1.16 billion (=
16.4% of revenue), covering all manufacturing, distribution, and sales outs=
ide the United States. This includes operations in Canada, Latin America (i=
ncluding Mexico, Brazil, and Argentina), select Asian markets, and Australi=
a. The company recently divested its Argentina business to focus resources =
on higher-return markets. International markets provide growth potential as=
 hygiene standards and consumer spending on personal care products increase=
 in developing economies.
Below is a visual representation of how these segments break down:
Clorox Company 2024 Revenue by Business Segment Distribution
What strikes me about this revenue composition is the balance. Health and W=
ellness clearly dominates at 35%, but no single segment overwhelms the port=
folio. This diversification provides genuine stability. If disinfecting pro=
duct demand softens, trash bag sales continue. If international markets fac=
e headwinds, the strong domestic business compensates. This portfolio appro=
ach is fundamentally sound for a company seeking to deliver stable dividend=
 growth through various economic environments.
Who Are Clorox=E2=80=99s Customers?
Understanding customer types helps me assess revenue stability and recurrin=
g revenue visibility.
Retail Consumers: The vast majority of Clorox revenue comes from everyday c=
onsumers purchasing products through retail channels. This includes grocery=
 stores like Kroger and Albertsons, mass merchandisers like Walmart and Tar=
get, club stores like Costco, drug stores like CVS and Walgreens, dollar st=
ores, and increasingly through e-commerce platforms like Amazon. I apprecia=
te that Clorox products have achieved something unusual=E2=80=94they=E2=80=
=99re purchased across all economic demographics. Whether you shop at Whole=
 Foods (where Burt=E2=80=99s Bees commands premium prices) or Dollar Genera=
l (where Clorox products offer value), you=E2=80=99ll find the company=E2=
=80=99s brands on shelves. This cross-demographic appeal provides unusual s=
tability compared to luxury brands that suffer during economic downturns.
Professional and Institutional Customers: Clorox also serves businesses, he=
althcare facilities, schools, hotels, restaurants, offices, and other comme=
rcial operations through its professional products division. These customer=
s require industrial-strength cleaning and disinfecting solutions, often pu=
rchased through specialized B2B distributors. This channel provides valuabl=
e stability because commercial facilities have ongoing, non-discretionary c=
leaning and hygiene requirements. A hospital must maintain rigorous sanitat=
ion standards regardless of economic conditions. A restaurant must sanitize=
 kitchen surfaces regularly by law. An office must maintain employee health=
 and safety standards.
The customer loyalty I=E2=80=99ve observed with Clorox products is remarkab=
le. When consumers find cleaning or household products that work effectivel=
y, they rarely experiment with alternatives. If a consumer has used Clorox =
bleach for years with good results, they stick with that brand. The switchi=
ng costs=E2=80=94both financial and psychological=E2=80=94are minimal for a=
ny individual product, but the cumulative effect across millions of househo=
lds creates genuine brand loyalty that translates into pricing power and st=
able market share.
Where Does Clorox Operate?
Clorox=E2=80=99s geographic footprint reveals both strengths and constraint=
s worth understanding.
United States: Approximately 84% of revenue comes from U.S. operations, mak=
ing Clorox primarily a domestic American company with its market power conc=
entrated in the world=E2=80=99s largest consumer market. The United States =
provides stability, predictability, and Clorox=E2=80=99s strongest brand re=
cognition. Every major retail channel stocks Clorox products across all seg=
ments. The company maintains dominant market positions=E2=80=94number one i=
n trash bags through Glad, number one in disinfecting wipes, top positions =
in multiple other categories. The mature U.S. market provides reliable cash=
 flows but limited growth upside compared to international expansion opport=
unities.
International Markets: The remaining 16% of revenue comes from internationa=
l operations. Canada is the strongest market for Clorox given geographic pr=
oximity, similar consumer preferences, and established distribution network=
s. Latin America represents significant long-term opportunity, with operati=
ons in Mexico, Brazil, Colombia, and other countries. The company recently =
optimized its Latin America operations through strategic partnerships and p=
ortfolio rationalization. Asian markets and Australia provide additional ex=
posure, though these regions remain underdeveloped compared to Clorox=E2=80=
=99s position in North America.
This geographic concentration differs notably from competitors like Procter=
 and Gamble, which derive 40-50% of revenue internationally. I view this as=
 both a strategic strength and limitation. Strength: Clorox operates in the=
 wealthiest consumer market with established distribution and brand dominan=
ce, providing stability and profitability. Limitation: International market=
s are growing faster than the United States, and Clorox underweights these =
growth opportunities compared to more globally diversified competitors.
The company has pursued strategic alternatives to organic international exp=
ansion, including joint ventures that allow local partners to manage certai=
n markets while Clorox retains economic participation. This asset-light app=
roach optimizes returns rather than simply pursuing geographic growth for g=
rowth=E2=80=99s sake.
How Often Do Customers Actually Buy These Products?
This is where Clorox=E2=80=99s business model reveals its true power for di=
vidend investors. These are consumable products that customers purchase rep=
eatedly on highly predictable cycles.
Consider my own household purchasing patterns. I buy Clorox disinfecting wi=
pes every two to three weeks when I run out. Glad trash bags get replaced a=
pproximately weekly=E2=80=94we generate trash constantly. Fresh Step cat li=
tter gets purchased every two weeks as the litter box requires frequent ref=
reshing. Brita water filters get replaced every two months. Clorox bleach g=
ets replenished every month or two. Hidden Valley seasoning mixes get used =
regularly. These aren=E2=80=99t purchases I can defer or delay=E2=80=94they=
=E2=80=99re automatic household maintenance items that get replaced as soon=
 as they run out.
This purchasing pattern creates what economists call =E2=80=9Chigh purchase=
 frequency with low price sensitivity.=E2=80=9D Consumers buy these product=
s so frequently that the individual purchase amount feels trivial=E2=80=94a=
 package of trash bags costs eight dollars, bleach costs three dollars, cat=
 litter costs six dollars. Price increases of 10-15% on individual purchase=
s trigger minimal consumer resistance because the transaction feels small. =
But multiply those small increases across billions of annual transactions a=
cross millions of households, and Clorox generates substantial revenue and =
earnings growth from pricing actions.
The recurring revenue nature of Clorox=E2=80=99s business provides visibili=
ty into future cash flows that I find extremely valuable as an income inves=
tor. Unlike companies selling big-ticket discretionary items where purchase=
 timing varies dramatically based on economic conditions, Clorox can predic=
t quarterly revenue within relatively tight ranges based on historical cons=
umption patterns. This predictability translates directly into dividend saf=
ety and sustainability.
Can Clorox Raise Prices Successfully?
This question is absolutely critical for understanding long-term dividend g=
rowth potential, and I need to give you an honest, nuanced answer.
Between fiscal 2021 and fiscal 2024, Clorox faced unprecedented cost inflat=
ion. Input costs for resin (used in plastic bottles and bags), bleach, pulp=
, and other raw materials surged 30-50%. Transportation costs skyrocketed d=
ue to fuel prices and supply chain disruptions. Labor costs increased signi=
ficantly. Packaging costs soared. In response, management executed multiple=
 rounds of aggressive price increases totaling mid-to-high teens percentage=
 increases across the portfolio over three years.
What happened next? Remarkably, most price increases stuck. Volume declined=
 modestly=E2=80=94down approximately 5-7% in some categories as some consum=
ers traded down to private label alternatives or reduced consumption slight=
ly. But the revenue mathematics worked powerfully in Clorox=E2=80=99s favor=
=2E A 15% price increase combined with=20=
a 6% volume decline still generates ap=
proximately 8% net revenue growth. In fiscal 2023, organic sales grew 14% d=
riven almost entirely by favorable pricing, demonstrating the power of Clor=
ox=E2=80=99s pricing leverage.
Gross margins expanded substantially during this period as pricing benefits=
 exceeded cost inflation. The company generated record profit margins, demo=
nstrating genuine pricing power=E2=80=94the ability to pass through cost in=
creases without experiencing catastrophic volume losses that would exceed p=
ricing gains.
However, I need to inject critical realism here for potential investors. Th=
e pricing environment in 2025-2026 looks fundamentally different from 2021-=
2023. Inflation has moderated significantly from the double-digit rates of =
2021-2022. Consumer price fatigue is evident across all product categories =
after years of relentless price increases. Retailers are pushing back aggre=
ssively against manufacturer price increase requests, recognizing that cons=
umers are shopping more carefully and private label products have captured =
meaningful share. Private label alternatives have improved substantially in=
 quality while maintaining significant price premiums, making the value pro=
position more attractive.
Looking forward, I expect Clorox will implement modest pricing increases of=
 1-3% annually to offset normal input cost inflation and maintain current p=
rofit margins. The extraordinary pricing actions of 2021-2023 that drove do=
uble-digit earnings growth were extraordinary responses to extraordinary in=
flation that are unlikely to recur in normal economic environments. Future =
dividend growth will probably depend more on operational efficiency, market=
 share maintenance, and cost management rather than pricing leverage alone.
What Happens to Clorox During Recessions?
Clorox 2023 Cyberattack Impact and Recovery Timeline
I=E2=80=99ve studied Clorox=E2=80=99s performance through multiple economic=
 cycles, and the historical evidence is compelling regarding the company=E2=
=80=99s defensive characteristics during downturns.
The 2008-2009 Financial Crisis Experience:
During the Great Recession, Clorox demonstrated genuine defensive qualities=
=2E The company=E2=80=99s revenue actually=
 grew from $5.3 billion in fiscal 2=
008 to $5.5 billion in fiscal 2009, a time when many companies saw double-d=
igit revenue declines as consumers stopped buying. Consumers didn=E2=80=99t=
 stop buying cleaning supplies, trash bags, or household essentials even wh=
en tightening discretionary spending elsewhere.
The stock declined approximately 25% from peak to trough during the crisis=
=E2=80=94a significant loss, but substantially less severe than the broader=
 market=E2=80=99s 51% decline during the same period. Even more importantly=
, Clorox never cut its dividend and continued increasing it annually throug=
hout the crisis. Shareholders who held through the downturn not only recove=
red losses faster than the broader market but also received steadily increa=
sing dividend income throughout the recovery.
The 2020 COVID-19 Pandemic Response:
The pandemic recession proved unique because it actually benefited Clorox i=
nitially. When COVID-19 struck, consumer demand for disinfecting and cleani=
ng products exploded as people became acutely focused on sanitation. Clorox=
=E2=80=99s revenue surged from $6.2 billion in fiscal 2019 to $7.0 billion =
in fiscal 2020, then to $7.3 billion in fiscal 2021. The company couldn=E2=
=80=99t manufacture products fast enough to meet demand. Store shelves were=
 consistently empty as consumers stockpiled cleaning supplies and the compa=
ny was demand-constrained rather than supply-constrained.
During this pandemic-driven boom, Clorox=E2=80=99s stock soared to all-time=
 highs above $230 per share as investors bid up shares of companies benefit=
ing from pandemic-related demand shifts. The company expanded manufacturing=
 capacity, increased employment, and generated extraordinary profits.
However, the post-COVID normalization has proven challenging. As consumers =
worked through pandemic stockpiles and cleaning routines gradually normaliz=
ed back toward pre-pandemic patterns, Clorox faced difficult year-over-year=
 revenue comparisons. Revenue has essentially flatlined for three years, os=
cillating between $7.0-7.4 billion annually. The exceptional pandemic surge=
 created a tough baseline for comparison, and organic growth has stalled.
The 2023 Cyberattack Crisis=E2=80=94A Different Kind of Recession:
While not a traditional recession, the August 2023 cyberattack tested Cloro=
x more severely than any economic downturn in company history. Criminals su=
ccessfully infiltrated Clorox=E2=80=99s information technology systems, enc=
rypting critical data and forcing the company to take systems offline. The =
company was forced to operate essential manufacturing and order processing =
functions manually, without computerized systems.
The immediate impact was devastating. Clorox=E2=80=99s manufacturing operat=
ions ground to a halt. The company couldn=E2=80=99t process retail orders e=
fficiently. Distribution was disrupted. Retailers couldn=E2=80=99t replenis=
h inventory. Store shelves emptied of Clorox products nationwide. First-qua=
rter fiscal 2024 revenue plunged 28% year-over-year as supply couldn=E2=80=
=99t meet demand=E2=80=94the opposite of normal demand constraints.
Clorox estimated total damages at $356 million, including $49-57 million in=
 direct costs for forensics, information technology recovery, and consultin=
g services, plus hundreds of millions in lost sales, market share erosion, =
and temporary profit margin compression during recovery. The cyberattack wa=
s the single largest operational disaster in Clorox=E2=80=99s modern histor=
y.
Clorox 2023 Cyberattack Impact and Recovery Timeline
What impresses me profoundly about Clorox=E2=80=99s response is how the com=
pany navigated this crisis. Despite losing the ability to manufacture and s=
hip products for extended periods and facing a temporary loss of market sha=
re, Clorox never cut or suspended its dividend. Management prioritized shar=
eholder income even during the company=E2=80=99s darkest period in decades.=
 The dividend continued, and the company maintained its 48-year streak of c=
onsecutive annual dividend increases despite operational catastrophe.
The recovery has been gradual but steady. By the end of fiscal 2024, Clorox=
 had restored approximately 90% of lost market share and normalized service=
 levels to retailers. The company expects full market share recovery by the=
 end of fiscal 2025. This recovery trajectory demonstrates the underlying s=
trength of Clorox=E2=80=99s business model and brand loyalty. Despite losin=
g the ability to supply products for weeks, consumers didn=E2=80=99t perman=
ently switch to private label alternatives. Retailers wanted to restock imm=
ediately when supply returned. Market share came back relatively quickly be=
cause consumers genuinely value Clorox brands.
The cyberattack, while devastating short-term, actually validates that Clor=
ox=E2=80=99s competitive moat is real. The company lost its primary competi=
tive advantage=E2=80=94the ability to manufacture and distribute products=
=E2=80=94yet market share erosion proved temporary and recoverable. This co=
nfirms that brand loyalty and product preference genuinely exist and aren=
=E2=80=99t merely the result of convenient distribution.
The Dividend Story: 48 Years of Consecutive Increases
Clorox Dividend Per Share Growth History 2016-2025
Now I get to the aspect of Clorox that excites me most as a dividend invest=
or. Clorox is a Dividend Aristocrat, having increased its dividend every si=
ngle year for 48 consecutive years. That=E2=80=99s nearly five decades of u=
ninterrupted dividend growth through multiple recessions, competitive chall=
enges, two major wars, oil crises, financial system disruptions, a pandemic=
, and now a catastrophic cyberattack. Few things in the investment world ar=
e as reliable as Clorox=E2=80=99s commitment to shareholder income.
The dividend progression tells a story of unwavering management commitment =
to shareholders across very different business environments:
2016: $3.52 per share annually
2017: $3.68 per share, representing 4.5% growth year-over-year
2018: $3.92 per share, representing 6.5% growth year-over-year
2019: $4.16 per share, representing 6.1% growth year-over-year
2020: $4.44 per share, representing 6.7% growth year-over-year
2021: $4.64 per share, representing 4.5% growth year-over-year
2022: $4.76 per share, representing 2.6% growth year-over-year
2023: $4.80 per share, representing 0.8% growth year-over-year
2024: $4.88 per share, representing 1.7% growth year-over-year
2025: $4.96 per share, representing 1.6% growth year-over-years3.amazonaws
Clorox Dividend Per Share Growth History 2016-2025
I notice something important in this progression that tells the story of Cl=
orox=E2=80=99s recent challenges. From 2016-2020, Clorox averaged 5-6% annu=
al dividend growth, which is respectable for a mature consumer staples comp=
any. Since 2021, however, dividend growth has slowed significantly to 1-2% =
annually. This reflects the operational and financial challenges the compan=
y has faced=E2=80=94margin pressure from commodity cost inflation, the diff=
iculty of sustaining high-single-digit dividend growth, and the cyberattack=
 disruption.
Yet despite these challenges, what stands out is that Clorox maintained its=
 Dividend Aristocrat streak even through the cyberattack crisis. When faced=
 with operational disaster and plunging profits in fiscal 2024, management =
could have suspended dividend increases to preserve cash and weather the st=
orm. Instead, they implemented a modest 1.6% increase in 2025, protecting t=
he 48-year streak of uninterrupted increases.
This dividend discipline speaks volumes about management priorities and con=
fidence in underlying business resilience. Even at the company=E2=80=99s lo=
west point, leadership believed the business would recover sufficiently to =
support continued dividend growth. That=E2=80=99s the kind of conviction I =
want to see from dividend-paying companies in my portfolio.
The current annual dividend stands at $4.96 per share, paid quarterly at $1=
=2E24 per share. The payment frequen=
cy provides regular income=E2=80=94approx=
imately $1.24 every quarter assuming stable dividend rates going forward.
The Current Dividend Yield: An Exceptional Entry Point
Clorox Dividend Yield Trend 2016-2025 with Current 5.00% Yield
Here=E2=80=99s where Clorox becomes genuinely interesting for income-focuse=
d investors right now. The current dividend yield sits at 5.00%, dramatical=
ly elevated compared to the historical trading range of 2.5-3.5% that preva=
iled from 2016-2022.
This exceptional yield didn=E2=80=99t result from increased dividend paymen=
ts=E2=80=94the company is only growing the dividend 1-2% annually. Rather, =
the elevated yield resulted from the stock price collapsing approximately 4=
5% from peak levels near $180 per share in early 2023 to approximately $99 =
per share today. The market=E2=80=99s pessimism about growth prospects and =
operational challenges has created a pricing disconnect that benefits incom=
e investors willing to buy quality assets at depressed valuations.
I calculate the annual dividend of $4.96 on a stock price of approximately =
$99 creates a 5.00% current yield. For income investors, this represents ex=
ceptional value compared to recent history. The last time Clorox offered yi=
elds above 4.5% was during the 2020 COVID-19 market crash when stocks broad=
ly crashed, and before that, you=E2=80=99d have to go back to the 2008-2009=
 financial crisis to find comparable yields.
The payout ratio stands at approximately 77.4% based on trailing twelve-mon=
th earnings. This is elevated compared to Clorox=E2=80=99s historical range=
 of 55-65%, but it=E2=80=99s not alarming or unsustainable. The payout rati=
o spiked because earnings temporarily declined during the cyberattack recov=
ery period when revenues were disrupted but dividend payments continued unc=
hanged. As operations normalize and earnings recover to historical normaliz=
ed levels, I expect the payout ratio to decline back toward 60-65%, providi=
ng more cushion for future dividend growth and reducing dividend cut risk.
My Investment Assessment: Is This Opportunity Worth Seizing Today?...

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  .typography .captioned-image-container figure:has(> a.image2-offset-left)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-left) {
    margin-left: var(--image-offset-margin);
  }
  .typography .captioned-image-container figure:has(> a.image2-offset-right=
),
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (max-width: 1024px) {
  .typography,
  .typography.editor {
    /* Disable offset on mobile/tablet */
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left),
  .typography .captioned-image-container figure:has(> a.image2-align-right)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right) {
    float: none;
    margin: 1em auto;
    max-width: 100%;
    width: auto;
    padding: 0;
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left.t=
hefp),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left.thefp),
  .typography .captioned-image-container figure:has(> a.image2-align-right.=
thefp),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right.thefp) {
    margin: 1em auto;
  }
  .typography .captioned-image-container figure:has(> a.image2-offset-left)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-left),
  .typography .captioned-image-container figure:has(> a.image2-offset-right=
),
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-right) {
    margin: 1em auto;
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left) =
=2Eimage2-inset,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left) .image2-inset,
  .typography .captioned-image-container figure:has(> a.image2-align-right)=
 .image2-inset,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right) .image2-inset {
    display: block;
    justify-content: initial;
  }
}
@media (max-width: 768px) {
  .typography .markup div.sponsorship-campaign-embed,
  .typography.editor .markup div.sponsorship-campaign-embed {
    margin-top: 24px;
    margin-bottom: 24px;
  }
  .typography .markup div.sponsorship-campaign-embed:first-child,
  .typography.editor .markup div.sponsorship-campaign-embed:first-child {
    margin-top: 0px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.youtube-overlay,
  .typography.editor .markup div.youtube-overlay,
  .typography .markup div.vimeo-overlay,
  .typography.editor .markup div.vimeo-overlay {
    display: none !important;
  }
}
@media screen and (max-width: 370px) {
  .typography .markup div.tiktok-wrap,
  .typography.editor .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
  .typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
    padding: 24px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
  .typography .markup div.subscription-widget-wrap-editor .subscription-wid=
get.show-subscribe,
  .typography.editor .markup div.subscription-widget-wrap-editor .subscript=
ion-widget.show-subscribe,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
    padding: 0px 24px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.subscription-widget-wrap-editor .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap-editor .subscript=
ion-widget.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed,
  .typography.editor .markup .twitter-embed,
  .typography .markup .tweet,
  .typography.editor .markup .tweet {
    padding: 12px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed .tweet-text,
  .typography.editor .markup .twitter-embed .tweet-text,
  .typography .markup .tweet .tweet-text,
  .typography.editor .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed .tweet-photos-container.two,
  .typography.editor .markup .twitter-embed .tweet-photos-container.two,
  .typography .markup .tweet .tweet-photos-container.two,
  .typography.editor .markup .tweet .tweet-photos-container.two,
  .typography .markup .twitter-embed .tweet-photos-container.three,
  .typography.editor .markup .twitter-embed .tweet-photos-container.three,
  .typography .markup .tweet .tweet-photos-container.three,
  .typography.editor .markup .tweet .tweet-photos-container.three,
  .typography .markup .twitter-embed .tweet-photos-container.four,
  .typography.editor .markup .twitter-embed .tweet-photos-container.four,
  .typography .markup .tweet .tweet-photos-container.four,
  .typography.editor .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed a.expanded-link .expanded-link-img,
  .typography.editor .markup .twitter-embed a.expanded-link .expanded-link-=
img,
  .typography .markup .tweet a.expanded-link .expanded-link-img,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed a.expanded-link .expanded-link-descrip=
tion,
  .typography.editor .markup .twitter-embed a.expanded-link .expanded-link-=
description,
  .typography .markup .tweet a.expanded-link .expanded-link-description,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
    display: none;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup .apple-podcast-container,
  .typography.editor .markup .apple-podcast-container {
    width: unset;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
  .typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
    margin: 0 auto 16px auto;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
    display: flex;
    justify-content: center;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container {
    height: 38px;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container a.comment {
    height: 38px;
    line-height: 38px;
    padding-right: 10px;
  }
}
@media screen and (max-width: 480px) {
  .share-button-container .separator {
    display: block;
    margin: 0;
    height: 8px;
    border-left: none;
  }
}
@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
    padding-left: 0;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container a.mobile {
    display: none !important;
  }
}
@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
    padding: 36px;
    height: 680px;
  }
}
@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
    position: absolute;
    bottom: 36px;
    margin: 0px;
  }
}
@media screen and (max-width: 650px) {
  .header-anchor-parent {
    display: none;
  }
}
@media screen and (max-width: 768px) {
  .post {
    padding: 16px 0 0 0;
  }
}
@media screen and (max-width: 650px) {
  .post .post-header .post-label {
    margin-top: 8px;
  }
}
@media screen and (max-width: 650px) {
  .post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
    margin-top: 6px;
  }
}
@media screen and (max-width: 650px) {
  .post .footer-facepile-container {
    height: 64px;
    padding: 0 16px;
    display: flex;
    align-items: center;
    justify-content: flex-start;
    width: 100%;
  }
}
@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
    justify-content: center;
  }
}
@media screen and (max-width: 650px) {
  .post .post-footer.next-prev {
    height: 64px;
    justify-content: space-between;
    box-sizing: border-box;
  }
}
@media screen and (max-width: 650px) {
  .post-contributor-footer .post-contributor-bio-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-table-row {
    display: flex;
    flex-direction: row;
  }
  .post-contributor-footer .post-contributor-bio-userhead-cell,
  .post-contributor-footer .post-contributor-bio-body-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-cell {
    flex-grow: 1;
  }
  .post-contributor-footer .post-contributor-bio-body-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-table-row {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell,
  .post-contributor-footer .post-contributor-bio-controls-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell {
    margin: 0 0 16px 0;
  }
  .post-contributor-footer .post-contributor-bio-controls-cell {
    width: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls {
    margin: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls .button.primary {
    width: 100%;
  }
  .post-contributor-footer .post-contributor-bio-text {
    font-size: 14px;
  }
}
@media screen and (min-width: 768px) {
  .post-silhouette {
    padding: 32px 0;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-title {
    margin-top: 10.44225025px;
    height: 120px;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta {
    width: 75%;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta.with-byline-image {
    margin: 20px 0;
  }
}
@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    padding-right: 16px;
  }
}
@media screen and (max-width: 370px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    font-size: 14px;
  }
}
@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
  .post-meta.alternative-meta .post-meta-item.guest-author-publication {
    display: none;
  }
}
@media screen and (max-width: 370px) {
  .post-meta .post-meta-item .post-meta-button {
    height: 36px !important;
    /* important to override in-line height style on emails */
  }
  .post-meta .post-meta-item .post-meta-button .meta-button-label {
    display: none;
  }
  .post-meta .post-meta-item .post-meta-button > svg {
    margin-right: 0;
  }
}
@media screen and (max-width: 370px) {
  .post-meta .post-meta-item {
    font-size: 12px;
  }
}
@media screen and (max-width: 650px) {
  .post .floating-subscribe-button {
    bottom: 20px;
    right: 20px;
  }
}
@media (max-width: 1024px) {
  body .pullquote-align-left,
  body .pullquote-align-right,
  body .pullquote-align-wide,
  body .pullquote-align-center {
    float: none;
    margin: 0 auto;
    width: 100%;
    max-width: 100%;
  }
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  body .markup table.image-wrapper img,
  body .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}
@media (min-width: 1024px) {
  body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off=
set-left) {
    margin-left: var(--image-offset-margin);
  }
  body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off=
set-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (min-width: 1300px) {
  body .captioned-image-container figure:has(> a.image2-offset-left) {
    margin-left: var(--image-offset-margin);
  }
  body .captioned-image-container figure:has(> a.image2-offset-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (max-width: 1024px) {
  body {
    /* Disable offset on mobile/tablet */
  }
  body .captioned-image-container figure:has(> a.image2-align-left),
  body .captioned-image-container figure:has(> a.image2-align-right) {
    float: none;
    margin: 1em auto;
    max-width: 100%;
    width: auto;
    padding: 0;
  }
  body .captioned-image-container figure:has(> a.image2-align-left.thefp),
  body .captioned-image-container figure:has(> a.image2-align-right.thefp) =
{
    margin: 1em auto;
  }
  body .captioned-image-container figure:has(> a.image2-offset-left),
  body .captioned-image-container figure:has(> a.image2-offset-right) {
    margin: 1em auto;
  }
  body .captioned-image-container figure:has(> a.image2-align-left) .image2=
-inset,
  body .captioned-image-container figure:has(> a.image2-align-right) .image=
2-inset {
    display: block;
    justify-content: initial;
  }
}
@media (max-width: 768px) {
  body .markup div.sponsorship-campaign-embed {
    margin-top: 24px;
    margin-bottom: 24px;
  }
  body .markup div.sponsorship-campaign-embed:first-child {
    margin-top: 0px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.youtube-overlay,
  body .markup div.vimeo-overlay {
    display: none !important;
  }
}
@media screen and (max-width: 370px) {
  body .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}
@media screen and (max-width: 650px) {
  body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
    padding: 24px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
  body .markup div.subscription-widget-wrap-editor .subscription-widget.sho=
w-subscribe,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
    padding: 0px 24px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
  body .markup div.subscription-widget-wrap-editor .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed,
  body .markup .tweet {
    padding: 12px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed .tweet-text,
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.two,
  body .markup .twitter-embed .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .twitter-embed .tweet-photos-container.four,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed a.expanded-link .expanded-link-img,
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed a.expanded-link .expanded-link-description,
  body .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}
@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
    width: unset;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
    margin: 0 auto 16px auto;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
 {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-link=
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    display: flex;
    justify-content: center;
  }
}
@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 12px;
  }
}
@media screen and (max-width: 420px) {
  body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
    width: 72px !important;
  }
}
@media screen and (min-width: 481px) {
  body .share-button-container {
    height: auto;
  }
}
@media screen and (max-width: 480px) {
  body .share-button-container .separator {
    display: block !important;
    margin: 0 !important;
    height: 8px !important;
    border-left: none !important;
  }
}
@media screen and (max-width: 650px) {
  .digest .item .post-meta-item.audience {
    display: none;
  }
}
@media screen and (min-width: 500px) {
  .digest-publication .logo img {
    width: 42px;
    height: 42px;
    border-radius: 8px;
  }
}
@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
    margin-left: calc(10 + 32px - 24px);
  }
}
@media screen and (max-width: 650px) {
  .comment > .comment-list {
    padding-left: 24px;
  }
}
@media screen and (max-width: 650px) {
  .finish-magic-login-modal .modal-content .container {
    padding: 24px 0;
  }
}
@media (max-width: 650px) {
  .reader2-text-b3 {
    line-height: 24px;
  }
}
@media screen and (max-width: 650px) {
  .reader2-text-h4 {
    line-height: 24px;
  }
}
@media screen and (min-width: 541px) {
  .user-profile-modal {
    padding-left: 12px;
    padding-right: 12px;
  }
}
@media screen and (max-width: 650px) {
  .subscribe-widget form.form .sideBySideWrap button.rightButton {
    padding: 10px 12px;
  }
}
@media screen and (min-width: 541px) {
  .pub-icon:hover .logo-hover,
  .feed-item-icon:hover .logo-hover {
    display: block;
  }
}
@media screen and (max-width: 650px) {
  .post-ufi.single-full-width-button .post-ufi-button-wrapper {
    width: 100%;
    padding: 16px;
  }
  .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
    display: none;
  }
  .post-ufi.single-full-width-button .post-ufi-button {
    width: 100%;
    justify-content: center;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper {
    padding: 0;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor {
    padding: 0;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor:active {
    padding: 0;
  }
}
@media only screen and (max-width: 650px) {
  .file-embed-button.wide,
  .file-embed-error-button.wide {
    display: none;
  }
}
@media only screen and (min-width: 630px) {
  .file-embed-button.narrow,
  .file-embed-error-button.narrow {
    display: none;
  }
}
@media screen and (min-width: 541px) {
  .audio-player-wrapper .audio-player {
    min-width: 500px;
  }
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ht: 36px;font-size: 32px;"><a href=3D"https://substack.com/app-link/post?pu=
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hIZEIDO1QvRFsRnu0zlY9peg6oJFMQzDNWhhQlQ4dc" style=3D"color: rgb(54,55,55);t=
ext-decoration: none;">&#128202; Business Analysis: Clorox Company (CLX)</a=
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n: auto;text-align: start;unicode-bidi: isolate;font-family: 'SF Pro Displa=
y',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe=
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-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility=
;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin:=
 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;=
">Is It A Good Opportunity To Invest Today</h3><table class=3D"post-meta" r=
ole=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" style=3D"margin: 1em 0;height: 20px;align-items: center;"><tbody>=
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tyle=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset color-prima=
ry-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medi=
um-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-em=
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5,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Compact'=
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Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;tex=
t-decoration: none" href=3D"https://substack.com/@getdividends">Get Dividen=
ds</a></div></td></tr></tbody></table></td></tr><tr><td><table role=3D"pres=
entation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><=
tbody><tr><td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-re=
set color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size-11-N=
uY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-Egz=
BVA" style=3D"list-style: none;font-size: 11px;line-height: 20px;text-decor=
ation: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Compact',-a=
pple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,He=
lvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Sym=
bol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><tim=
e datetime=3D"2026-01-24T13:43:17.731Z">Jan 24</time></div></td><td width=
=3D"4" style=3D"min-width: 4px"></td><td style=3D"vertical-align:middle;"><=
table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><div class=
=3D"pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-met=
a-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq res=
et-IxiVJZ meta-EgzBVA" style=3D"list-style: none;font-size: 11px;line-heigh=
t: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0;font-famil=
y: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'S=
egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em=
oji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-sp=
acing: .2px;">&#8729;</div></td><td width=3D"4" style=3D"min-width: 4px"></=
td><td style=3D"vertical-align:middle;"><div class=3D"pencraft pc-reset col=
or-paid-LmY0EP line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight=
-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" transla=
ted=3D"" style=3D"list-style: none;font-size: 11px;line-height: 20px;text-d=
ecoration: unset;color: rgb(94,73,217);margin: 0;font-family: 'SF Compact',=
-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,=
Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI S=
ymbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;">Pr=
eview</div></td></tr></tbody></table></td></tr></tbody></table></td></tr></=
tbody></table></td><td align=3D"right"><table role=3D"presentation" width=
=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td s=
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</tr></tbody></table></td></tr></tbody></table></td><td align=3D"right"><ta=
ble role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><table role=
=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=
=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-button-outline" hr=
ef=3D"https://open.substack.com/pub/getdividends/p/business-analysis-clorox=
-company?utm_source=3Demail&redirect=3Dapp-store&utm_campaign=3Demail-read-=
in-app" style=3D"font-family: system-ui,-apple-system,BlinkMacSystemFont,'S=
egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em=
oji','Segoe UI Symbol';display: inline-block;font-weight: 500;border: 1px s=
olid rgb(0,0,0,.1);border-radius: 9999px;text-transform: uppercase;font-siz=
e: 12px;line-height: 12px;padding: 9px 14px;text-decoration: none;color: rg=
b(119,119,119);"><div class=3D"email-button-spacer" style=3D"font-size: 16p=
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ical-align: middle;margin-right: 4px">READ IN APP</span><img class=3D"icon =
text-icon" src=3D"https://substackcdn.com/image/fetch/$s_!ET-_!,w_36,c_scal=
e,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%=
2FLucideArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%252380=
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;min-height: 18px;border: none;vertical-align: middle;margin-right: 0;margi=
n-left: 0;max-width: 18px" alt=3D""></a></td></tr></tbody></table></td></tr=
></tbody></table></td></tr></tbody></table></td></tr><tr height=3D"16"><td =
height=3D"16" style=3D"font-size:0px;line-height:0;">&nbsp;</td></tr></tbod=
y></table></div></div><div class=3D"post typography" dir=3D"auto" style=3D"=
--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-heig=
ht: 26px;"><div class=3D"body markup" dir=3D"auto" style=3D"text-align: ini=
tial;font-size: 16px;line-height: 26px;width: 100%;word-break: break-word;m=
argin-bottom: 16px;"><h2 class=3D"header-anchor-post" style=3D"position: re=
lative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-appl=
e-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'A=
pple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-web=
kit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webki=
t-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appear=
ance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-=
height: 1.16em;font-size: 1.625em;margin-top: 0;">What Exactly Does Clorox =
Do?</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;">Let me start by clarifying what Clorox actually is, be=
cause most people think of one product when they hear the name. In reality,=
 Clorox is a diversified manufacturer and marketer of consumer and professi=
onal products that appear in virtually every household across America and m=
any internationally.</p><div class=3D"captioned-image-container-static" sty=
le=3D"font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style=
=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrapper" width=3D"10=
0%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D=
"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td =
style=3D"text-align: center;"></td><td class=3D"content" align=3D"left" wid=
th=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" target=3D=
"_blank" href=3D"https://substack.com/redirect/bae45a96-11a9-4380-9737-375e=
534ea937?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_f=
I" rel=3D"" style=3D"position: relative;flex-direction: column;align-items:=
 center;padding: 0;width: auto;height: auto;border: none;text-decoration: n=
one;display: block;margin: 0;"><img class=3D"wide-image" data-attrs=3D"{&qu=
ot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/imag=
es/59ff4e88-5b4d-48e3-bb4c-07c783a0b841_1536x1024.png&quot;,&quot;srcNoWate=
rmark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&qu=
ot;height&quot;:971,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&qu=
ot;bytes&quot;:953747,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;typ=
e&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot=
;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https:=
//getdividends.net/i/185047409?img=3Dhttps%3A%2F%2Fsubstack-post-media.s3.a=
mazonaws.com%2Fpublic%2Fimages%2F59ff4e88-5b4d-48e3-bb4c-07c783a0b841_1536x=
1024.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;=
offset&quot;:false}" alt=3D"" width=3D"550" height=3D"366.7925824175824" sr=
c=3D"https://substackcdn.com/image/fetch/$s_!FhCe!,w_1100,c_limit,f_auto,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazona=
ws.com%2Fpublic%2Fimages%2F59ff4e88-5b4d-48e3-bb4c-07c783a0b841_1536x1024.p=
ng" style=3D"border: none !important;vertical-align: middle;display: block;=
-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !=
important;max-width: 100% !important;margin: 0 auto;"></a></td><td style=3D=
"text-align: center;"></td></tr></tbody></table></figure></div><p style=3D"=
margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"=
>When I think about Clorox products I personally use, the list is surprisin=
gly long. I clean my kitchen with Clorox bleach and Pine-Sol. I line my tra=
sh cans with Glad bags. I store food with Glad wrap and containers. My cat =
uses Fresh Step litter. I freshen my water with Brita filters. I use Clorox=
 2 stain remover on my laundry. My family uses Clorox disinfecting wipes. I=
 cook with Hidden Valley seasonings. These aren&#8217;t luxury items or dis=
cretionary purchases&#8212;they&#8217;re consumable household essentials th=
at families repurchase continuously.</p><p style=3D"margin: 0 0 20px 0;colo=
r: rgb(54,55,55);line-height: 26px;font-size: 16px;">The company manufactur=
es and distributes across multiple categories including disinfecting and cl=
eaning products, trash bags and food storage products, professional cleanin=
g solutions, pet care products, water filtration systems, food seasonings a=
nd dressings, and natural personal care brands. What I find most attractive=
 about Clorox is the non-negotiable nature of these products. People don&#8=
217;t stop buying cleaning supplies during recessions. Families don&#8217;t=
 defer purchasing trash bags. Pet owners continue buying litter regardless =
of economic conditions.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,=
55);line-height: 26px;font-size: 16px;">Clorox operates from its headquarte=
rs in Oakland, California, where the company was founded in 1913. The compa=
ny employs approximately 9,000 people globally and distributes products in =
more than 100 countries. Over 111 years, Clorox has built an extraordinary =
collection of brands, with many holding number one or number two market pos=
itions in their respective categories. That brand strength translates direc=
tly into consumer loyalty, pricing power, and market resilience.</p><h2 cla=
ss=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro =
Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,=
'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI =
Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialia=
sed;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibi=
lity;-moz-appearance: optimizelegibility;appearance: optimizelegibility;mar=
gin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.=
625em;">How Clorox Actually Makes Its Money</h2><div class=3D"captioned-ima=
ge-container-static" style=3D"font-size: 16px;line-height: 26px;margin: 32p=
x auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"imag=
e-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1=
=2E6em;"><tbody><tr><td style=3D"text-a=
lign: center;"></td><td class=3D"conte=
nt" align=3D"left" width=3D"1456" style=3D"text-align: center;"><a class=3D=
"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/093be3=
22-814b-44c0-beab-f1249ec3f03e?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_B=
iC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relative;flex-directio=
n: column;align-items: center;padding: 0;width: auto;height: auto;border: n=
one;text-decoration: none;display: block;margin: 0;"><img class=3D"wide-ima=
ge" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.ama=
zonaws.com/public/images/aa33d00a-fc3b-4287-b8c0-b4e8bcb04d62_2304x1728.png=
&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;im=
ageSize&quot;:null,&quot;height&quot;:1092,&quot;width&quot;:1456,&quot;res=
izeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Clorox Com=
pany 2024 Revenue by Business Segment Distribution&quot;,&quot;title&quot;:=
null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:f=
alse,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isP=
rocessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt=
=3D"Clorox Company 2024 Revenue by Business Segment Distribution" title=3D"=
Clorox Company 2024 Revenue by Business Segment Distribution" width=3D"550"=
 height=3D"412.5" src=3D"https://substackcdn.com/image/fetch/$s_!TmCp!,w_11=
00,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-p=
ost-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa33d00a-fc3b-4287-b8c0-b4e8=
bcb04d62_2304x1728.png" style=3D"border: none !important;vertical-align: mi=
ddle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bot=
tom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"><=
/a></td><td style=3D"text-align: center;"></td></tr></tbody></table></figur=
e></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;">Clorox Company 2024 Revenue by Business Segment Distri=
bution</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: =
26px;font-size: 16px;">Clorox generated $7.09 billion in net sales during f=
iscal 2024 (the twelve months ending June 30, 2024). I need to note that th=
is represents a decline from $7.39 billion in fiscal 2023, primarily due to=
 the operational devastation caused by the August 2023 cyberattack I&#8217;=
ll discuss in detail later.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54=
,55,55);line-height: 26px;font-size: 16px;">To understand Clorox&#8217;s re=
venue generation, I need to break down the four distinct business segments,=
 each serving different customer needs and providing different growth prosp=
ects.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2=
6px;font-size: 16px;"><strong>Health and Wellness Segment</strong><span>: T=
his is the company&#8217;s largest profit engine, generating $2.48 billion =
in revenue, representing 35% of total sales. This segment encompasses disin=
fecting products, Clorox bleach, Pine-Sol cleaners, Liquid-Plumr drain open=
ers, and other cleaning and disinfecting solutions. What makes this segment=
 particularly interesting is how it evolved. The COVID-19 pandemic permanen=
tly elevated consumer awareness about hygiene and sanitation. While the pan=
ic purchasing frenzy of 2020-2021 has normalized, baseline demand for these=
 products remains elevated compared to pre-pandemic levels. Consumers conti=
nue prioritizing cleanliness and disinfection in ways that were less common=
 five years ago.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,=
55);line-height: 26px;font-size: 16px;"><strong>Household Segment</strong><=
span>: The second-largest segment generated $1.95 billion (27.5% of revenue=
). This includes Glad trash bags, Glad wrap, Glad food storage containers, =
and related products. Think about this category for a moment&#8212;every ho=
usehold generates trash daily. Every household needs to wrap leftover food.=
 These products represent automatic repeat purchases that consumers never r=
eally think about. They run out, people buy more, repeat. This predictable,=
 high-frequency purchasing pattern is exactly what income investors should =
value.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h=
eight: 26px;font-size: 16px;"><strong>Lifestyle Segment</strong><span>: Thi=
s division produced $1.27 billion (17.9% of revenue) and showcases Clorox&#=
8217;s portfolio diversity through brands including Burt&#8217;s Bees natur=
al personal care products, Brita water filtration systems, Hidden Valley sa=
lad dressings and seasoning mixes, and Fresh Step cat litter. I particularl=
y appreciate this segment&#8217;s approach&#8212;rather than concentrating =
all eggs in one basket, Clorox captures multiple consumer needs from person=
al care to pet care to food products. If consumer preferences shift away fr=
om one category, other categories provide offsetting support.</span></p><p =
style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-siz=
e: 16px;"><strong>International Segment</strong><span>: International opera=
tions contributed $1.16 billion (16.4% of revenue), covering all manufactur=
ing, distribution, and sales outside the United States. This includes opera=
tions in Canada, Latin America (including Mexico, Brazil, and Argentina), s=
elect Asian markets, and Australia. The company recently divested its Argen=
tina business to focus resources on higher-return markets. International ma=
rkets provide growth potential as hygiene standards and consumer spending o=
n personal care products increase in developing economies.</span></p><p sty=
le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: =
16px;">Below is a visual representation of how these segments break down:</=
p><div class=3D"captioned-image-container-static" style=3D"font-size: 16px;=
line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: =
0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" styl=
e=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cen=
ter;"></td><td class=3D"content" align=3D"left" width=3D"1456" style=3D"tex=
t-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https:/=
/substack.com/redirect/093be322-814b-44c0-beab-f1249ec3f03e?j=3DeyJ1IjoiNms=
0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"pos=
ition: relative;flex-direction: column;align-items: center;padding: 0;width=
: auto;height: auto;border: none;text-decoration: none;display: block;margi=
n: 0;"><img class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quot;https=
://substack-post-media.s3.amazonaws.com/public/images/aa33d00a-fc3b-4287-b8=
c0-b4e8bcb04d62_2304x1728.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;f=
ullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1092,&qu=
ot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&qu=
ot;alt&quot;:&quot;Clorox Company 2024 Revenue by Business Segment Distribu=
tion&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:nu=
ll,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalR=
edirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&q=
uot;offset&quot;:false}" alt=3D"Clorox Company 2024 Revenue by Business Seg=
ment Distribution" title=3D"Clorox Company 2024 Revenue by Business Segment=
 Distribution" width=3D"550" height=3D"412.5" src=3D"https://substackcdn.co=
m/image/fetch/$s_!TmCp!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F=
aa33d00a-fc3b-4287-b8c0-b4e8bcb04d62_2304x1728.png" style=3D"border: none !=
important;vertical-align: middle;display: block;-ms-interpolation-mode: bic=
ubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !=
important;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></td>=
</tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color: r=
gb(54,55,55);line-height: 26px;font-size: 16px;">Clorox Company 2024 Revenu=
e by Business Segment Distribution</p><p style=3D"margin: 0 0 20px 0;color:=
 rgb(54,55,55);line-height: 26px;font-size: 16px;">What strikes me about th=
is revenue composition is the balance. Health and Wellness clearly dominate=
s at 35%, but no single segment overwhelms the portfolio. This diversificat=
ion provides genuine stability. If disinfecting product demand softens, tra=
sh bag sales continue. If international markets face headwinds, the strong =
domestic business compensates. This portfolio approach is fundamentally sou=
nd for a company seeking to deliver stable dividend growth through various =
economic environments.</p><h2 class=3D"header-anchor-post" style=3D"positio=
n: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,=
-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-ser=
if,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold=
;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-=
webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;a=
ppearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);=
line-height: 1.16em;font-size: 1.625em;">Who Are Clorox&#8217;s Customers?<=
/h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f=
ont-size: 16px;">Understanding customer types helps me assess revenue stabi=
lity and recurring revenue visibility.</p><p style=3D"margin: 0 0 20px 0;co=
lor: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Retail Consu=
mers</strong><span>: The vast majority of Clorox revenue comes from everyda=
y consumers purchasing products through retail channels. This includes groc=
ery stores like Kroger and Albertsons, mass merchandisers like Walmart and =
Target, club stores like Costco, drug stores like CVS and Walgreens, dollar=
 stores, and increasingly through e-commerce platforms like Amazon. I appre=
ciate that Clorox products have achieved something unusual&#8212;they&#8217=
;re purchased across all economic demographics. Whether you shop at Whole F=
oods (where Burt&#8217;s Bees commands premium prices) or Dollar General (w=
here Clorox products offer value), you&#8217;ll find the company&#8217;s br=
ands on shelves. This cross-demographic appeal provides unusual stability c=
ompared to luxury brands that suffer during economic downturns.</span></p><=
p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s=
ize: 16px;"><strong>Professional and Institutional Customers</strong><span>=
: Clorox also serves businesses, healthcare facilities, schools, hotels, re=
staurants, offices, and other commercial operations through its professiona=
l products division. These customers require industrial-strength cleaning a=
nd disinfecting solutions, often purchased through specialized B2B distribu=
tors. This channel provides valuable stability because commercial facilitie=
s have ongoing, non-discretionary cleaning and hygiene requirements. A hosp=
ital must maintain rigorous sanitation standards regardless of economic con=
ditions. A restaurant must sanitize kitchen surfaces regularly by law. An o=
ffice must maintain employee health and safety standards.</span></p><p styl=
e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1=
6px;">The customer loyalty I&#8217;ve observed with Clorox products is rema=
rkable. When consumers find cleaning or household products that work effect=
ively, they rarely experiment with alternatives. If a consumer has used Clo=
rox bleach for years with good results, they stick with that brand. The swi=
tching costs&#8212;both financial and psychological&#8212;are minimal for a=
ny individual product, but the cumulative effect across millions of househo=
lds creates genuine brand loyalty that translates into pricing power and st=
able market share.</p><h2 class=3D"header-anchor-post" style=3D"position: r=
elative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-app=
le-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'=
Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-we=
bkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webk=
it-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appea=
rance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line=
-height: 1.16em;font-size: 1.625em;">Where Does Clorox Operate?</h2><p styl=
e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1=
6px;">Clorox&#8217;s geographic footprint reveals both strengths and constr=
aints worth understanding.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,=
55,55);line-height: 26px;font-size: 16px;"><strong>United States</strong><s=
pan>: Approximately 84% of revenue comes from U.S. operations, making Cloro=
x primarily a domestic American company with its market power concentrated =
in the world&#8217;s largest consumer market. The United States provides st=
ability, predictability, and Clorox&#8217;s strongest brand recognition. Ev=
ery major retail channel stocks Clorox products across all segments. The co=
mpany maintains dominant market positions&#8212;number one in trash bags th=
rough Glad, number one in disinfecting wipes, top positions in multiple oth=
er categories. The mature U.S. market provides reliable cash flows but limi=
ted growth upside compared to international expansion opportunities.</span>=
</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;f=
ont-size: 16px;"><strong>International Markets</strong><span>: The remainin=
g 16% of revenue comes from international operations. Canada is the stronge=
st market for Clorox given geographic proximity, similar consumer preferenc=
es, and established distribution networks. Latin America represents signifi=
cant long-term opportunity, with operations in Mexico, Brazil, Colombia, an=
d other countries. The company recently optimized its Latin America operati=
ons through strategic partnerships and portfolio rationalization. Asian mar=
kets and Australia provide additional exposure, though these regions remain=
 underdeveloped compared to Clorox&#8217;s position in North America.</span=
></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;=
font-size: 16px;">This geographic concentration differs notably from compet=
itors like Procter and Gamble, which derive 40-50% of revenue international=
ly. I view this as both a strategic strength and limitation. Strength: Clor=
ox operates in the wealthiest consumer market with established distribution=
 and brand dominance, providing stability and profitability. Limitation: In=
ternational markets are growing faster than the United States, and Clorox u=
nderweights these growth opportunities compared to more globally diversifie=
d competitors.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-=
height: 26px;font-size: 16px;">The company has pursued strategic alternativ=
es to organic international expansion, including joint ventures that allow =
local partners to manage certain markets while Clorox retains economic part=
icipation. This asset-light approach optimizes returns rather than simply p=
ursuing geographic growth for growth&#8217;s sake.</p><h2 class=3D"header-a=
nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl=
e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob=
oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe =
UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f=
ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe=
arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6=
25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">How Of=
ten Do Customers Actually Buy These Products?</h2><p style=3D"margin: 0 0 2=
0px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This is wher=
e Clorox&#8217;s business model reveals its true power for dividend investo=
rs. These are consumable products that customers purchase repeatedly on hig=
hly predictable cycles.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,=
55);line-height: 26px;font-size: 16px;">Consider my own household purchasin=
g patterns. I buy Clorox disinfecting wipes every two to three weeks when I=
 run out. Glad trash bags get replaced approximately weekly&#8212;we genera=
te trash constantly. Fresh Step cat litter gets purchased every two weeks a=
s the litter box requires frequent refreshing. Brita water filters get repl=
aced every two months. Clorox bleach gets replenished every month or two. H=
idden Valley seasoning mixes get used regularly. These aren&#8217;t purchas=
es I can defer or delay&#8212;they&#8217;re automatic household maintenance=
 items that get replaced as soon as they run out.</p><p style=3D"margin: 0 =
0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This purc=
hasing pattern creates what economists call &#8220;high purchase frequency =
with low price sensitivity.&#8221; Consumers buy these products so frequent=
ly that the individual purchase amount feels trivial&#8212;a package of tra=
sh bags costs eight dollars, bleach costs three dollars, cat litter costs s=
ix dollars. Price increases of 10-15% on individual purchases trigger minim=
al consumer resistance because the transaction feels small. But multiply th=
ose small increases across billions of annual transactions across millions =
of households, and Clorox generates substantial revenue and earnings growth=
 from pricing actions.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5=
5);line-height: 26px;font-size: 16px;">The recurring revenue nature of Clor=
ox&#8217;s business provides visibility into future cash flows that I find =
extremely valuable as an income investor. Unlike companies selling big-tick=
et discretionary items where purchase timing varies dramatically based on e=
conomic conditions, Clorox can predict quarterly revenue within relatively =
tight ranges based on historical consumption patterns. This predictability =
translates directly into dividend safety and sustainability.</p><h2 class=
=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro Di=
splay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'S=
egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em=
oji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiase=
d;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibili=
ty;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margi=
n: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.62=
5em;">Can Clorox Raise Prices Successfully?</h2><p style=3D"margin: 0 0 20p=
x 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This question =
is absolutely critical for understanding long-term dividend growth potentia=
l, and I need to give you an honest, nuanced answer.</p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Betwee=
n fiscal 2021 and fiscal 2024, Clorox faced unprecedented cost inflation. I=
nput costs for resin (used in plastic bottles and bags), bleach, pulp, and =
other raw materials surged 30-50%. Transportation costs skyrocketed due to =
fuel prices and supply chain disruptions. Labor costs increased significant=
ly. Packaging costs soared. In response, management executed multiple round=
s of aggressive price increases totaling mid-to-high teens percentage incre=
ases across the portfolio over three years.</p><p style=3D"margin: 0 0 20px=
 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">What happened n=
ext? Remarkably, most price increases stuck. Volume declined modestly&#8212=
;down approximately 5-7% in some categories as some consumers traded down t=
o private label alternatives or reduced consumption slightly. But the reven=
ue mathematics worked powerfully in Clorox&#8217;s favor. A 15% price incre=
ase combined with a 6% volume decline still generates approximately 8% net =
revenue growth. In fiscal 2023, organic sales grew 14% driven almost entire=
ly by favorable pricing, demonstrating the power of Clorox&#8217;s pricing =
leverage.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heigh=
t: 26px;font-size: 16px;">Gross margins expanded substantially during this =
period as pricing benefits exceeded cost inflation. The company generated r=
ecord profit margins, demonstrating genuine pricing power&#8212;the ability=
 to pass through cost increases without experiencing catastrophic volume lo=
sses that would exceed pricing gains.</p><p style=3D"margin: 0 0 20px 0;col=
or: rgb(54,55,55);line-height: 26px;font-size: 16px;">However, I need to in=
ject critical realism here for potential investors. The pricing environment=
 in 2025-2026 looks fundamentally different from 2021-2023. Inflation has m=
oderated significantly from the double-digit rates of 2021-2022. Consumer p=
rice fatigue is evident across all product categories after years of relent=
less price increases. Retailers are pushing back aggressively against manuf=
acturer price increase requests, recognizing that consumers are shopping mo=
re carefully and private label products have captured meaningful share. Pri=
vate label alternatives have improved substantially in quality while mainta=
ining significant price premiums, making the value proposition more attract=
ive.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;">Looking forward, I expect Clorox will implement modest=
 pricing increases of 1-3% annually to offset normal input cost inflation a=
nd maintain current profit margins. The extraordinary pricing actions of 20=
21-2023 that drove double-digit earnings growth were extraordinary response=
s to extraordinary inflation that are unlikely to recur in normal economic =
environments. Future dividend growth will probably depend more on operation=
al efficiency, market share maintenance, and cost management rather than pr=
icing leverage alone.</p><h2 class=3D"header-anchor-post" style=3D"position=
: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-=
apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-seri=
f,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;=
-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-w=
ebkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;ap=
pearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);l=
ine-height: 1.16em;font-size: 1.625em;">What Happens to Clorox During Reces=
sions?</h2><div class=3D"captioned-image-container-static" style=3D"font-si=
ze: 16px;line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%=
;margin: 0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMSta=
tic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-a=
lign: center;"></td><td class=3D"content" align=3D"left" width=3D"1456" sty=
le=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" href=
=3D"https://substack.com/redirect/65c0d0bf-3a24-48a2-ab07-4a74e73540d7?j=3D=
eyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" s=
tyle=3D"position: relative;flex-direction: column;align-items: center;paddi=
ng: 0;width: auto;height: auto;border: none;text-decoration: none;display: =
block;margin: 0;"><img class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:=
&quot;https://substack-post-media.s3.amazonaws.com/public/images/073c6b52-e=
7fe-41ad-ae39-f2e7b0bf36cf_2848x1600.png&quot;,&quot;srcNoWatermark&quot;:n=
ull,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quo=
t;:818,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot=
;:null,&quot;alt&quot;:&quot;Clorox 2023 Cyberattack Impact and Recovery Ti=
meline&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:=
null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;interna=
lRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,=
&quot;offset&quot;:false}" alt=3D"Clorox 2023 Cyberattack Impact and Recove=
ry Timeline" title=3D"Clorox 2023 Cyberattack Impact and Recovery Timeline"=
 width=3D"550" height=3D"308.99725274725273" src=3D"https://substackcdn.com=
/image/fetch/$s_!04gg!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:ste=
ep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0=
73c6b52-e7fe-41ad-ae39-f2e7b0bf36cf_2848x1600.png" style=3D"border: none !i=
mportant;vertical-align: middle;display: block;-ms-interpolation-mode: bicu=
bic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !i=
mportant;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></td><=
/tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color: rg=
b(54,55,55);line-height: 26px;font-size: 16px;">Clorox 2023 Cyberattack Imp=
act and Recovery Timeline</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,5=
5,55);line-height: 26px;font-size: 16px;">I&#8217;ve studied Clorox&#8217;s=
 performance through multiple economic cycles, and the historical evidence =
is compelling regarding the company&#8217;s defensive characteristics durin=
g downturns.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-he=
ight: 26px;font-size: 16px;"><strong>The 2008-2009 Financial Crisis Experie=
nce</strong><span>:</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,=
55,55);line-height: 26px;font-size: 16px;">During the Great Recession, Clor=
ox demonstrated genuine defensive qualities. The company&#8217;s revenue ac=
tually grew from $5.3 billion in fiscal 2008 to $5.5 billion in fiscal 2009=
, a time when many companies saw double-digit revenue declines as consumers=
 stopped buying. Consumers didn&#8217;t stop buying cleaning supplies, tras=
h bags, or household essentials even when tightening discretionary spending=
 elsewhere.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei=
ght: 26px;font-size: 16px;">The stock declined approximately 25% from peak =
to trough during the crisis&#8212;a significant loss, but substantially les=
s severe than the broader market&#8217;s 51% decline during the same period=
=2E Even more importantly, Clorox never=
 cut its dividend and continued increa=
sing it annually throughout the crisis. Shareholders who held through the d=
ownturn not only recovered losses faster than the broader market but also r=
eceived steadily increasing dividend income throughout the recovery.</p><p =
style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-siz=
e: 16px;"><strong>The 2020 COVID-19 Pandemic Response</strong><span>:</span=
></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;=
font-size: 16px;">The pandemic recession proved unique because it actually =
benefited Clorox initially. When COVID-19 struck, consumer demand for disin=
fecting and cleaning products exploded as people became acutely focused on =
sanitation. Clorox&#8217;s revenue surged from $6.2 billion in fiscal 2019 =
to $7.0 billion in fiscal 2020, then to $7.3 billion in fiscal 2021. The co=
mpany couldn&#8217;t manufacture products fast enough to meet demand. Store=
 shelves were consistently empty as consumers stockpiled cleaning supplies =
and the company was demand-constrained rather than supply-constrained.</p><=
p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s=
ize: 16px;">During this pandemic-driven boom, Clorox&#8217;s stock soared t=
o all-time highs above $230 per share as investors bid up shares of compani=
es benefiting from pandemic-related demand shifts. The company expanded man=
ufacturing capacity, increased employment, and generated extraordinary prof=
its.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;">However, the post-COVID normalization has proven chall=
enging. As consumers worked through pandemic stockpiles and cleaning routin=
es gradually normalized back toward pre-pandemic patterns, Clorox faced dif=
ficult year-over-year revenue comparisons. Revenue has essentially flatline=
d for three years, oscillating between $7.0-7.4 billion annually. The excep=
tional pandemic surge created a tough baseline for comparison, and organic =
growth has stalled.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);=
line-height: 26px;font-size: 16px;"><strong>The 2023 Cyberattack Crisis&#82=
12;A Different Kind of Recession</strong><span>:</span></p><p style=3D"marg=
in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Whi=
le not a traditional recession, the August 2023 cyberattack tested Clorox m=
ore severely than any economic downturn in company history. Criminals succe=
ssfully infiltrated Clorox&#8217;s information technology systems, encrypti=
ng critical data and forcing the company to take systems offline. The compa=
ny was forced to operate essential manufacturing and order processing funct=
ions manually, without computerized systems.</p><p style=3D"margin: 0 0 20p=
x 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">The immediate =
impact was devastating. Clorox&#8217;s manufacturing operations ground to a=
 halt. The company couldn&#8217;t process retail orders efficiently. Distri=
bution was disrupted. Retailers couldn&#8217;t replenish inventory. Store s=
helves emptied of Clorox products nationwide. First-quarter fiscal 2024 rev=
enue plunged 28% year-over-year as supply couldn&#8217;t meet demand&#8212;=
the opposite of normal demand constraints.</p><p style=3D"margin: 0 0 20px =
0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Clorox estimated=
 total damages at $356 million, including $49-57 million in direct costs fo=
r forensics, information technology recovery, and consulting services, plus=
 hundreds of millions in lost sales, market share erosion, and temporary pr=
ofit margin compression during recovery. The cyberattack was the single lar=
gest operational disaster in Clorox&#8217;s modern history.</p><div class=
=3D"captioned-image-container-static" style=3D"font-size: 16px;line-height:=
 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><ta=
ble class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-pad=
ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><=
td class=3D"content" align=3D"left" width=3D"1456" style=3D"text-align: cen=
ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co=
m/redirect/65c0d0bf-3a24-48a2-ab07-4a74e73540d7?j=3DeyJ1IjoiNms0MnJxIn0.eSE=
BM4t8vpgmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relat=
ive;flex-direction: column;align-items: center;padding: 0;width: auto;heigh=
t: auto;border: none;text-decoration: none;display: block;margin: 0;"><img =
class=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-=
post-media.s3.amazonaws.com/public/images/073c6b52-e7fe-41ad-ae39-f2e7b0bf3=
6cf_2848x1600.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&qu=
ot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:818,&quot;width&quot=
;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:=
&quot;Clorox 2023 Cyberattack Impact and Recovery Timeline&quot;,&quot;titl=
e&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold=
&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&q=
uot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:fals=
e}" alt=3D"Clorox 2023 Cyberattack Impact and Recovery Timeline" title=3D"C=
lorox 2023 Cyberattack Impact and Recovery Timeline" width=3D"550" height=
=3D"308.99725274725273" src=3D"https://substackcdn.com/image/fetch/$s_!04gg=
!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubs=
tack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F073c6b52-e7fe-41ad-ae3=
9-f2e7b0bf36cf_2848x1600.png" style=3D"border: none !important;vertical-ali=
gn: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;marg=
in-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 au=
to;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><=
/figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heig=
ht: 26px;font-size: 16px;">Clorox 2023 Cyberattack Impact and Recovery Time=
line</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;">What impresses me profoundly about Clorox&#8217;s resp=
onse is how the company navigated this crisis. Despite losing the ability t=
o manufacture and ship products for extended periods and facing a temporary=
 loss of market share, Clorox never cut or suspended its dividend. Manageme=
nt prioritized shareholder income even during the company&#8217;s darkest p=
eriod in decades. The dividend continued, and the company maintained its 48=
-year streak of consecutive annual dividend increases despite operational c=
atastrophe.</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei=
ght: 26px;font-size: 16px;">The recovery has been gradual but steady. By th=
e end of fiscal 2024, Clorox had restored approximately 90% of lost market =
share and normalized service levels to retailers. The company expects full =
market share recovery by the end of fiscal 2025. This recovery trajectory d=
emonstrates the underlying strength of Clorox&#8217;s business model and br=
and loyalty. Despite losing the ability to supply products for weeks, consu=
mers didn&#8217;t permanently switch to private label alternatives. Retaile=
rs wanted to restock immediately when supply returned. Market share came ba=
ck relatively quickly because consumers genuinely value Clorox brands.</p><=
p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s=
ize: 16px;">The cyberattack, while devastating short-term, actually validat=
es that Clorox&#8217;s competitive moat is real. The company lost its prima=
ry competitive advantage&#8212;the ability to manufacture and distribute pr=
oducts&#8212;yet market share erosion proved temporary and recoverable. Thi=
s confirms that brand loyalty and product preference genuinely exist and ar=
en&#8217;t merely the result of convenient distribution.</p><h2 class=3D"he=
ader-anchor-post" style=3D"position: relative;font-family: 'SF Pro Display'=
,-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe U=
I',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','=
Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz=
-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-mo=
z-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em=
 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">=
The Dividend Story: 48 Years of Consecutive Increases</h2><div class=3D"cap=
tioned-image-container-static" style=3D"font-size: 16px;line-height: 26px;m=
argin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table cla=
ss=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-al=
t: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td clas=
s=3D"content" align=3D"left" width=3D"1456" style=3D"text-align: center;"><=
a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redir=
ect/8d9a187b-9fed-41a6-a7b1-564eeb0b0e71?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vp=
gmQWaFc6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relative;fle=
x-direction: column;align-items: center;padding: 0;width: auto;height: auto=
;border: none;text-decoration: none;display: block;margin: 0;"><img class=
=3D"wide-image" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-=
media.s3.amazonaws.com/public/images/88db96e0-b265-4e8f-9f87-fd685fa456b8_2=
304x1728.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:n=
ull,&quot;imageSize&quot;:null,&quot;height&quot;:1092,&quot;width&quot;:14=
56,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quo=
t;Clorox Dividend Per Share Growth History 2016-2025&quot;,&quot;title&quot=
;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;=
:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;is=
Processing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" al=
t=3D"Clorox Dividend Per Share Growth History 2016-2025" title=3D"Clorox Di=
vidend Per Share Growth History 2016-2025" width=3D"550" height=3D"412.5" s=
rc=3D"https://substackcdn.com/image/fetch/$s_!XLeZ!,w_1100,c_limit,f_auto,q=
_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazon=
aws.com%2Fpublic%2Fimages%2F88db96e0-b265-4e8f-9f87-fd685fa456b8_2304x1728.=
png" style=3D"border: none !important;vertical-align: middle;display: block=
;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto =
!important;max-width: 100% !important;margin: 0 auto;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16=
px;">Clorox Dividend Per Share Growth History 2016-2025</p><p style=3D"marg=
in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Now=
 I get to the aspect of Clorox that excites me most as a dividend investor.=
 Clorox is a Dividend Aristocrat, having increased its dividend every singl=
e year for 48 consecutive years. That&#8217;s nearly five decades of uninte=
rrupted dividend growth through multiple recessions, competitive challenges=
, two major wars, oil crises, financial system disruptions, a pandemic, and=
 now a catastrophic cyberattack. Few things in the investment world are as =
reliable as Clorox&#8217;s commitment to shareholder income.</p><p style=3D=
"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;=
">The dividend progression tells a story of unwavering management commitmen=
t to shareholders across very different business environments:</p><ul style=
=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-specia=
l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi=
n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin=
: 0;">2016: $3.52 per share annually</p></li><li style=3D"margin: 8px 0 0 3=
2px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heig=
ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz=
e: 16px;margin: 0;">2017: $3.68 per share, representing 4.5% growth year-ov=
er-year</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bulle=
t;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box=
-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">2018: $3.=
92 per share, representing 6.5% growth year-over-year</p></li><li style=3D"=
margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54=
,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-l=
eft: 4px;font-size: 16px;margin: 0;">2019: $4.16 per share, representing 6.=
1% growth year-over-year</p></li><li style=3D"margin: 8px 0 0 32px;mso-spec=
ial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;mar=
gin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;marg=
in: 0;">2020: $4.44 per share, representing 6.7% growth year-over-year</p><=
/li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=
=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: bor=
der-box;padding-left: 4px;font-size: 16px;margin: 0;">2021: $4.64 per share=
, representing 4.5% growth year-over-year</p></li><li style=3D"margin: 8px =
0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line=
-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon=
t-size: 16px;margin: 0;">2022: $4.76 per share, representing 2.6% growth ye=
ar-over-year</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: =
bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: =
0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">2023=
: $4.80 per share, representing 0.8% growth year-over-year</p></li><li styl=
e=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: r=
gb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padd=
ing-left: 4px;font-size: 16px;margin: 0;">2024: $4.88 per share, representi=
ng 1.7% growth year-over-year</p></li><li style=3D"margin: 8px 0 0 32px;mso=
-special-format: bullet;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5=
5);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: =
4px;font-size: 16px;">2025: $4.96 per share, representing 1.6% growth year-=
over-years3.amazonaws</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55=
);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4=
px;font-size: 16px;"></p></li></ul><div class=3D"captioned-image-container-=
static" style=3D"font-size: 16px;line-height: 26px;margin: 32px auto;"><fig=
ure style=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrapper" wi=
dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-componen=
t-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody=
><tr><td style=3D"text-align: center;"></td><td class=3D"content" align=3D"=
left" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" =
target=3D"_blank" href=3D"https://substack.com/redirect/8d9a187b-9fed-41a6-=
a7b1-564eeb0b0e71?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaFc6_BiC7I0YPmZYRMl=
UbJu36w_fI" rel=3D"" style=3D"position: relative;flex-direction: column;ali=
gn-items: center;padding: 0;width: auto;height: auto;border: none;text-deco=
ration: none;display: block;margin: 0;"><img class=3D"wide-image" data-attr=
s=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/pu=
blic/images/88db96e0-b265-4e8f-9f87-fd685fa456b8_2304x1728.png&quot;,&quot;=
srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;=
:null,&quot;height&quot;:1092,&quot;width&quot;:1456,&quot;resizeWidth&quot=
;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Clorox Dividend Per Sha=
re Growth History 2016-2025&quot;,&quot;title&quot;:null,&quot;type&quot;:n=
ull,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot=
;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&q=
uot;align&quot;:null,&quot;offset&quot;:false}" alt=3D"Clorox Dividend Per =
Share Growth History 2016-2025" title=3D"Clorox Dividend Per Share Growth H=
istory 2016-2025" width=3D"550" height=3D"412.5" src=3D"https://substackcdn=
=2Ecom/image/fetch/$s_!XLeZ!,w_1100,c_l=
imit,f_auto,q_auto:good,fl_progressive=
:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages=
%2F88db96e0-b265-4e8f-9f87-fd685fa456b8_2304x1728.png" style=3D"border: non=
e !important;vertical-align: middle;display: block;-ms-interpolation-mode: =
bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100=
% !important;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></=
td></tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color=
: rgb(54,55,55);line-height: 26px;font-size: 16px;">Clorox Dividend Per Sha=
re Growth History 2016-2025</p><p style=3D"margin: 0 0 20px 0;color: rgb(54=
,55,55);line-height: 26px;font-size: 16px;">I notice something important in=
 this progression that tells the story of Clorox&#8217;s recent challenges.=
 From 2016-2020, Clorox averaged 5-6% annual dividend growth, which is resp=
ectable for a mature consumer staples company. Since 2021, however, dividen=
d growth has slowed significantly to 1-2% annually. This reflects the opera=
tional and financial challenges the company has faced&#8212;margin pressure=
 from commodity cost inflation, the difficulty of sustaining high-single-di=
git dividend growth, and the cyberattack disruption.</p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Yet de=
spite these challenges, what stands out is that Clorox maintained its Divid=
end Aristocrat streak even through the cyberattack crisis. When faced with =
operational disaster and plunging profits in fiscal 2024, management could =
have suspended dividend increases to preserve cash and weather the storm. I=
nstead, they implemented a modest 1.6% increase in 2025, protecting the 48-=
year streak of uninterrupted increases.</p><p style=3D"margin: 0 0 20px 0;c=
olor: rgb(54,55,55);line-height: 26px;font-size: 16px;">This dividend disci=
pline speaks volumes about management priorities and confidence in underlyi=
ng business resilience. Even at the company&#8217;s lowest point, leadershi=
p believed the business would recover sufficiently to support continued div=
idend growth. That&#8217;s the kind of conviction I want to see from divide=
nd-paying companies in my portfolio.</p><p style=3D"margin: 0 0 20px 0;colo=
r: rgb(54,55,55);line-height: 26px;font-size: 16px;">The current annual div=
idend stands at $4.96 per share, paid quarterly at $1.24 per share. The pay=
ment frequency provides regular income&#8212;approximately $1.24 every quar=
ter assuming stable dividend rates going forward.</p><h2 class=3D"header-an=
chor-post" style=3D"position: relative;font-family: 'SF Pro Display',-apple=
-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Robo=
to,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe U=
I Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-fo=
nt-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appea=
rance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.62=
5em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">The Cur=
rent Dividend Yield: An Exceptional Entry Point</h2><div class=3D"captioned=
-image-container-static" style=3D"font-size: 16px;line-height: 26px;margin:=
 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"=
image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D=
"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em=
 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td class=3D"c=
ontent" align=3D"left" width=3D"1456" style=3D"text-align: center;"><a clas=
s=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/5c=
54d74e-768e-42f7-9cb5-8ae91bc6d4fa?j=3DeyJ1IjoiNms0MnJxIn0.eSEBM4t8vpgmQWaF=
c6_BiC7I0YPmZYRMlUbJu36w_fI" rel=3D"" style=3D"position: relative;flex-dire=
ction: column;align-items: center;padding: 0;width: auto;height: auto;borde=
r: none;text-decoration: none;display: block;margin: 0;"><img class=3D"wide=
-image" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3=
=2Eamazonaws.com/public/images/6d93977f=
-e321-4a19-844d-70817a15b470_2304x1728=
=2Epng&quot;,&quot;srcNoWatermark&quot;=
:null,&quot;fullscreen&quot;:null,&quo=
t;imageSize&quot;:null,&quot;height&quot;:1092,&quot;width&quot;:1456,&quot=
;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;Clorox=
 Dividend Yield Trend 2016-2025 with Current 5.00% Yield&quot;,&quot;title&=
quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&q=
uot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quo=
t;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}=
" alt=3D"Clorox Dividend Yield Trend 2016-2025 with Current 5.00% Yield" ti=
tle=3D"Clorox Dividend Yield Trend 2016-2025 with Current 5.00% Yield" widt=
h=3D"550" height=3D"412.5" src=3D"https://substackcdn.com/image/fetch/$s_!Q=
BnX!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs=
ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d93977f-e321-4a19-=
844d-70817a15b470_2304x1728.png" style=3D"border: none !important;vertical-=
align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;m=
argin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0=
 auto;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></tabl=
e></figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h=
eight: 26px;font-size: 16px;">Clorox Dividend Yield Trend 2016-2025 with Cu=
rrent 5.00% Yield</p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li=
ne-height: 26px;font-size: 16px;">Here&#8217;s where Clorox becomes genuine=
ly interesting for income-focused investors right now. The current dividend=
 yield sits at 5.00%, dramatically elevated compared to the historical trad=
ing range of 2.5-3.5% that prevailed from 2016-2022.</p><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This e=
xceptional yield didn&#8217;t result from increased dividend payments&#8212=
;the company is only growing the dividend 1-2% annually. Rather, the elevat=
ed yield resulted from the stock price collapsing approximately 45% from pe=
ak levels near $180 per share in early 2023 to approximately $99 per share =
today. The market&#8217;s pessimism about growth prospects and operational =
challenges has created a pricing disconnect that benefits income investors =
willing to buy quality assets at depressed valuations.</p><p style=3D"margi=
n: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">I ca=
lculate the annual dividend of $4.96 on a stock price of approximately $99 =
creates a 5.00% current yield. For income investors, this represents except=
ional value compared to recent history. The last time Clorox offered yields=
 above 4.5% was during the 2020 COVID-19 market crash when stocks broadly c=
rashed, and before that, you&#8217;d have to go back to the 2008-2009 finan=
cial crisis to find comparable yields.</p><p style=3D"margin: 0 0 20px 0;co=
lor: rgb(54,55,55);line-height: 26px;font-size: 16px;">The payout ratio sta=
nds at approximately 77.4% based on trailing twelve-month earnings. This is=
 elevated compared to Clorox&#8217;s historical range of 55-65%, but it&#82=
17;s not alarming or unsustainable. The payout ratio spiked because earning=
s temporarily declined during the cyberattack recovery period when revenues=
 were disrupted but dividend payments continued unchanged. As operations no=
rmalize and earnings recover to historical normalized levels, I expect the =
payout ratio to decline back toward 60-65%, providing more cushion for futu=
re dividend growth and reducing dividend cut risk.</p><h2 class=3D"header-a=
nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl=
e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob=
oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe =
UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f=
ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe=
arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6=
25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;margin-b=
ottom: 0;">My Investment Assessment: Is This Opportunity Worth Seizing Toda=
y?...</h2></div></div><div class=3D"paywall paywall-white-background" data-=
testid=3D"paywall" data-component-name=3D"Paywall" role=3D"region" aria-lab=
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px;line-height: 26px;"><h3 style=3D"font-family: 'SF Pro Display',-apple-sy=
stem-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,=
Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI S=
ymbol';-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antiali=
ased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibi=
lity;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,5=
5,55);line-height: 1.16em;font-size: 16px;font-weight: 600;margin-bottom: 2=
6px;">A subscription gets you:</h3><table><tbody><tr style=3D"height: 28.8p=
x;"><td class=3D"check" style=3D"font-weight: light;padding-right: 4px;colo=
r: rgb(27,196,125);"><img src=3D"https://substackcdn.com/image/fetch/$s_!8m=
7v!,w_32,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubst=
ack.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%252318=
7F22%26stroke%3D%2523187F22%26strokeWidth%3D3.6" width=3D"16" height=3D"16"=
 style=3D"border: none;vertical-align: middle;max-width: 16px" alt=3D""></t=
d><td style=3D"font-weight: light;">The Get Dividends Database (Covered Cal=
l ETFs, BDCs, REITs, etc)</td></tr><tr style=3D"height: 28.8px;"><td class=
=3D"check" style=3D"font-weight: light;padding-right: 4px;color: rgb(27,196=
,125);"><img src=3D"https://substackcdn.com/image/fetch/$s_!8m7v!,w_32,c_sc=
ale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fico=
n%2FSimpleCheckmarkIcon%3Fv%3D4%26height%3D32%26fill%3D%2523187F22%26stroke=
%3D%2523187F22%26strokeWidth%3D3.6" width=3D"16" height=3D"16" style=3D"bor=
der: none;vertical-align: middle;max-width: 16px" alt=3D""></td><td style=
=3D"font-weight: light;">Full Reports And Strategic Breakdowns</td></tr><tr=
 style=3D"height: 28.8px;"><td class=3D"check" style=3D"font-weight: light;=
padding-right: 4px;color: rgb(27,196,125);"><img src=3D"https://substackcdn=
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le,f_png,q_auto:good,fl_progressive:st=
eep/https%3A%2F%2Fsubstack.com%2Ficon%2FSimpleCheckmarkIcon%3Fv%3D4%26heigh=
t%3D32%26fill%3D%2523187F22%26stroke%3D%2523187F22%26strokeWidth%3D3.6" wid=
th=3D"16" height=3D"16" style=3D"border: none;vertical-align: middle;max-wi=
dth: 16px" alt=3D""></td><td style=3D"font-weight: light;">The Dividend Gro=
wth Portfolio &amp; The High Yield Portfolio (8%+ Yield)</td></tr></tbody><=
/table></div><table class=3D"email-ufi-2-bottom" role=3D"presentation" widt=
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dth: 100%;"><tbody><tr height=3D"16"><td height=3D"16" style=3D"font-size:0=
px;line-height:0;">&nbsp;</td></tr><tr><td><table role=3D"presentation" wid=
th=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td=
><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0"=
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