Colgate-Palmolive Company
- What it sells
- Total Oral, Personal and Home Care is 77% of revenue (fiscal year to Dec 2025), down from 78% two years earlier.
- Growing?
- Yes: revenue up 5% on a year earlier (quarter ended Sep 2026); earnings per share down 28% over the last four quarters.
- Expensive?
- Pricier than usual: 38.2× trailing earnings; its five-year median is 31.8×. Priced 51% above the peer median of 25.3x.
- Analysts?
- 62% of 21 say buy; average 12-month target $102, 4% above today's price.
- Risky?
- About average for a large company: its price swung 23% over the past year (the S&P 500's 14%), and it fell as much as 31% since Nov 2021.
Colgate-Palmolive is a global consumer products company selling Oral Care, Personal Care, Home Care, and Pet Nutrition products, including brands such as Colgate, Palmolive, Softsoap, Irish Spring, Ajax, and Hill’s Science Diet / Prescription Diet.
More about Colgate-Palmolive Company
It primarily generates revenue by manufacturing and selling branded products through retail and professional/veterinary channels across more than 200 countries and territories.
Market Position
The company is a scaled, innovation- and brand-led operator in everyday consumables, competing on brand equity, distribution reach, and R&D-backed product performance across oral care, household/personal hygiene, and pet nutrition categories. Its portfolio spans both premium and value tiers, supporting broad shelf presence and resilient repeat-purchase demand.
Key Segments
Colgate-Palmolive reports two product segments: Oral, Personal and Home Care and Pet Nutrition (Hill’s), with the Oral/Personal/Home portfolio managed across multiple geographic operating segments.
How has the stock done?
Over the past month CL rose 8.8%; the consumer staples ETF (XLP) rose 7.9% and the S&P 500 fell 2.7%.
Over the past six months CL rose 12.0%; the consumer staples ETF (XLP) rose 7.8% and the S&P 500 rose 2.6%.
Over the past year CL rose 24.6%; the consumer staples ETF (XLP) rose 17.8% and the S&P 500 rose 10.8%.
Over five years CL rose 25.5%; the consumer staples ETF (XLP) rose 25.0% and the S&P 500 rose 62.0%.
From Sep 4, 2024 to Nov 3, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.1% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 30, 2026 | ended Sep 2026 | $5.4B (+5% vs a year earlier) | $0.97 vs $0.93 (beat) | +4.6% | +3.6% |
| Jul 31, 2026 | ended Jun 2026 | $5.4B (+5% vs a year earlier) | $0.99 vs $0.95 (beat) | −1.9% | +1.8% |
| May 1, 2026 | ended Mar 2026 | $5.3B (+8% vs a year earlier) | $0.97 vs $0.94 (beat) | 0.0% | +2.6% |
| Jan 30, 2026 | ended Dec 2025 | $5.2B (+6% vs a year earlier) | $0.95 vs $0.91 (beat) | +7.8% | +10.8% |
| Oct 31, 2025 | ended Sep 2025 | $5.1B (+2% vs a year earlier) | — | −2.0% | +2.9% |
| Aug 1, 2025 | ended Jun 2025 | $5.1B (+1% vs a year earlier) | — | −0.6% | +1.0% |
| Apr 25, 2025 | ended Mar 2025 | $4.9B (−3% vs a year earlier) | — | −1.9% | −2.4% |
| Jan 31, 2025 | ended Dec 2024 | $4.9B (0% vs a year earlier) | — | −4.2% | −4.5% |
| Jul 26, 2024 | ended Jun 2024 | $5.1B (+5% vs a year earlier) | — | +4.5% | +6.5% |
| Apr 26, 2024 | ended Mar 2024 | $5.1B (+6% vs a year earlier) | — | +1.3% | +4.0% |
| Jan 26, 2024 | ended Dec 2023 | $5.0B (+7% vs a year earlier) | — | +3.4% | +4.2% |
| Oct 27, 2023 | ended Sep 2023 | $4.9B (+10% vs a year earlier) | — | +1.1% | +2.4% |
| Jul 28, 2023 | ended Jun 2023 | $4.8B (+8% vs a year earlier) | — | −1.1% | −1.1% |
| Apr 28, 2023 | ended Mar 2023 | $4.8B (+8% vs a year earlier) | — | +3.5% | +3.4% |
| Jan 27, 2023 | ended Dec 2022 | $4.6B (+5% vs a year earlier) | — | −3.5% | −1.6% |
| Oct 28, 2022 | ended Sep 2022 | $4.5B (+1% vs a year earlier) | — | +0.8% | −0.1% |
| Jul 29, 2022 | ended Jun 2022 | $4.5B (+5% vs a year earlier) | — | +2.4% | +1.6% |
| Apr 29, 2022 | ended Mar 2022 | $4.4B (+1% vs a year earlier) | — | −7.4% | −5.4% |
| Jan 28, 2022 | ended Dec 2021 | $4.4B (+2% vs a year earlier) | — | −0.3% | −1.9% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $5.4B in the quarter ended Sep 2026, up 5% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $4.6B | +5% |
| Mar 2023 | $4.8B | +8% |
| Jun 2023 | $4.8B | +8% |
| Sep 2023 | $4.9B | +10% |
| Dec 2023 | $5.0B | +7% |
| Mar 2024 | $5.1B | +6% |
| Jun 2024 | $5.1B | +5% |
| Sep 2024 | $5.0B | +2% |
| Dec 2024 | $4.9B | 0% |
| Mar 2025 | $4.9B | −3% |
| Jun 2025 | $5.1B | +1% |
| Sep 2025 | $5.1B | +2% |
| Dec 2025 | $5.2B | +6% |
| Mar 2026 | $5.3B | +8% |
| Jun 2026 | $5.4B | +5% |
| Sep 2026 | $5.4B | +5% |
Revenue went from $18.0B in FY22 to $20.4B in FY25; net income from $1.8B to $2.1B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $18.0B | $1.8B |
| FY23 | $19.5B | $2.3B |
| FY24 | $20.1B | $2.9B |
| FY25 | $20.4B | $2.1B |
In the fiscal year to Dec 2025, Total Oral, Personal and Home Care was 77% and Pet Nutrition was 23% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Total Oral, Personal and Home Care | $15.2B | 78% |
| FY2023 | Pet Nutrition | $4.3B | 22% |
| FY2024 | Total Oral, Personal and Home Care | $15.6B | 78% |
| FY2024 | Pet Nutrition | $4.5B | 22% |
| FY2025 | Total Oral, Personal and Home Care | $15.8B | 77% |
| FY2025 | Pet Nutrition | $4.6B | 23% |
A year earlier $0.91
Diluted, from SEC filings
Quarters: Colgate-Palmolive Company's SEC filings, named by the month they end. Fiscal years: Colgate-Palmolive Company's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $10.5 ends up as net income. Net margin was roughly flat over the past 3 years.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Dec 2022 | 55.6% | 4.4% | 0.1% |
| Mar 2023 | 56.9% | 19.1% | 7.8% |
| Jun 2023 | 57.8% | 20.2% | 10.4% |
| Sep 2023 | 58.5% | 20.9% | 14.4% |
| Dec 2023 | 59.6% | 21.7% | 14.5% |
| Mar 2024 | 60.0% | 20.7% | 13.5% |
| Jun 2024 | 60.6% | 21.6% | 14.5% |
| Sep 2024 | 61.1% | 21.2% | 14.6% |
| Dec 2024 | 60.3% | 21.5% | 14.9% |
| Mar 2025 | 60.8% | 21.9% | 14.1% |
| Jun 2025 | 60.1% | 21.1% | 14.5% |
| Sep 2025 | 59.4% | 20.6% | 14.3% |
| Dec 2025 | 60.2% | 1.8% | −0.7% |
| Mar 2026 | 60.6% | 18.1% | 12.1% |
| Jun 2026 | 61.5% | 19.0% | 12.9% |
| Sep 2026 | 60.2% | 20.3% | 14.0% |
+3.1 pts over 3 years
Roughly flat over 3 years
+0.5 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Colgate-Palmolive Company's annual reports to the SEC; quarters: SEC filings.
Customers and suppliers
In its latest annual report Colgate-Palmolive Company buys from Nielsen; sells to Walmart.
Suppliers
CLColgate-Palmolive CompanyCustomers
Colgate-Palmolive Company's 10-K for the year to Dec 2025 gives one customer's share of its revenue: Walmart Inc (11%).
Show the filings' numbers
| Period | Customer | Share of revenue | Filing |
|---|---|---|---|
| Year ended Dec 2023 | Walmart Inc | 11% | 10-K filed Feb 23, 2026 |
| Year ended Dec 2024 | Walmart Inc | 11% | 10-K filed Feb 23, 2026 |
| Year ended Dec 2025 | Walmart Inc | 11% | 10-K filed Feb 23, 2026 |
From Colgate-Palmolive Company's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Walmart | customer | “Our sales to Walmart, Inc. and its affiliates represented approximately 11% of our Net sales in 2025.” |
| Nielsen | supplier | “References to market share in this Annual Report on Form 10-K are based on a combination of consumption and market share data provided by third-party vendors, primarily Nielsen, and internal estimates.” |
Only the companies Colgate-Palmolive Company names in its 10-K filed Feb 23, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 38.2x, above the peer median of 25.3x, so it needs earnings to keep growing to hold up.
Priced 51% above the peer median of 25.3x.
Show the data
| Company | P/E (trailing) |
|---|---|
| EL · The Estée Lauder Companies Inc. | 111× |
| CL · Colgate-Palmolive Company | 38.2× |
| CHD · Church & Dwight Co., Inc. | 34.3× |
| PG · The Procter & Gamble Company | 25.3× |
| KVUE · Kenvue Inc | 21.9× |
| KMB · Kimberly-Clark Corporation | 10.8× |
At 38.2× trailing earnings CL is above most of its five-year range; the five-year median is 31.8×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 24.8× |
| Feb 8, 2022 | 31.7× |
| May 10, 2022 | 31.8× |
| Aug 10, 2022 | 34.9× |
| Nov 8, 2022 | 32.2× |
| Feb 9, 2023 | 34.2× |
| May 11, 2023 | 42.5× |
| Aug 11, 2023 | 42.7× |
| Nov 9, 2023 | 39.1× |
| Feb 12, 2024 | 30.1× |
| May 13, 2024 | 29.9× |
| Aug 13, 2024 | 29.2× |
| Nov 11, 2024 | 26.3× |
| Feb 13, 2025 | 24.9× |
| May 15, 2025 | 25.3× |
| Aug 15, 2025 | 23.9× |
| Nov 13, 2025 | 22.1× |
| Feb 17, 2026 | 36.4× |
| May 18, 2026 | 34.9× |
| Aug 18, 2026 | 36.2× |
| Nov 12, 2026 | 38.2× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $102, 4% above the current price; 62% of 21 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 13 analysts (62%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $88.40 to $102.46 (+16%), while CL went from $78.79 to $97.90 (+24%). In the past three months targets were raised 9 times and cut 3 times. 5 upgrades and 1 downgrade over the year; the latest: Rothschild & Co moved it to Buy from Neutral on Apr 21, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 3, 2026 | Barclays | Target raised | Equal-Weight | $95.00, was $87.00 |
| Nov 2, 2026 | UBS | Target raised | Buy | $112.00, was $106.00 |
| Nov 2, 2026 | Morgan Stanley | Target raised | Overweight | $111.00, was $104.00 |
| Nov 2, 2026 | BNP Paribas | Target raised | Outperform | $108.00, was $97.00 |
| Nov 2, 2026 | TD Cowen | Target raised | Hold | $97.00, was $90.00 |
| Nov 2, 2026 | JP Morgan | Target cut | Overweight | $102.00, was $104.00 |
| Nov 2, 2026 | RBC Capital | Target raised | Outperform | $105.00, was $104.00 |
| Nov 2, 2026 | Wells Fargo | Target raised | Equal-Weight | $95.00, was $90.00 |
| Nov 2, 2026 | B of A Securities | Target raised | Buy | $105.00, was $100.00 |
| Oct 19, 2026 | JP Morgan | Target raised | Overweight | $104.00, was $103.00 |
| Oct 5, 2026 | Wells Fargo | Target cut | Equal-Weight | $90.00, was $95.00 |
| Sep 21, 2026 | Piper Sandler | Target cut | Overweight | $95.00, was $98.00 |
| Sep 8, 2026 | RBC Capital | Target kept | Outperform | $104.00 |
| Aug 3, 2026 | UBS | Target raised | Buy | $109.00, was $106.00 |
| Aug 3, 2026 | TD Cowen | Target raised | Hold | $90.00, was $85.00 |
| Aug 3, 2026 | JP Morgan | Target cut | Overweight | $103.00, was $104.00 |
| Aug 3, 2026 | RBC Capital | Target raised | Outperform | $104.00, was $102.00 |
| Aug 3, 2026 | Evercore ISI Group | Target raised | Outperform | $101.00, was $100.00 |
| Jul 21, 2026 | Barclays | Target raised | Equal-Weight | $87.00, was $80.00 |
| Jul 16, 2026 | JP Morgan | Target raised | Overweight | $104.00, was $96.00 |
| Jul 16, 2026 | UBS | Target raised | Buy | $106.00, was $100.00 |
| Jul 14, 2026 | Citigroup | Target raised | Buy | $110.00, was $105.00 |
| Jul 9, 2026 | Piper Sandler | Target raised | Overweight | $96.00, was $92.00 |
| Jul 8, 2026 | Wells Fargo | Target raised | Equal-Weight | $95.00, was $92.00 |
| Jun 11, 2026 | Bernstein | Began coverage | Market Perform | $96.00 |
| May 5, 2026 | Barclays | Target raised | Equal-Weight | $80.00, was $79.00 |
| May 4, 2026 | JP Morgan | Target raised | Overweight | $96.00, was $95.00 |
| May 4, 2026 | UBS | Target raised | Buy | $100.00, was $98.00 |
| May 4, 2026 | RBC Capital | Target kept | Outperform | $102.00 |
| Apr 23, 2026 | Morgan Stanley | Target cut | Overweight | $95.00, was $100.00 |
| Apr 21, 2026 | Rothschild & Co | Upgrade | Buy, was Neutral | $100.00, was $93.00 |
| Apr 17, 2026 | JP Morgan | Target cut | Overweight | $95.00, was $97.00 |
| Apr 14, 2026 | Barclays | Target cut | Equal-Weight | $79.00, was $88.00 |
| Apr 10, 2026 | B of A Securities | Target cut | Buy | $102.00, was $105.00 |
| Apr 8, 2026 | Wells Fargo | Target cut | Equal-Weight | $92.00, was $100.00 |
| Apr 8, 2026 | Piper Sandler | Target cut | Overweight | $92.00, was $96.00 |
| Apr 7, 2026 | UBS | Target cut | Buy | $98.00, was $100.00 |
| Mar 30, 2026 | Deutsche Bank | Upgrade | Buy, was Hold | $98.00, was $90.00 |
| Feb 3, 2026 | Barclays | Target raised | Equal-Weight | $88.00, was $83.00 |
| Feb 2, 2026 | Jefferies | Target raised | Hold | $91.00, was $85.00 |
| Feb 2, 2026 | Citigroup | Target raised | Buy | $105.00, was $95.00 |
| Feb 2, 2026 | JP Morgan | Target raised | Overweight | $97.00, was $93.00 |
| Feb 2, 2026 | Wells Fargo | Target raised | Equal-Weight | $94.00, was $86.00 |
| Feb 2, 2026 | Evercore ISI Group | Target raised | Outperform | $100.00, was $94.00 |
| Feb 2, 2026 | Piper Sandler | Target raised | Overweight | $96.00, was $88.00 |
| Feb 2, 2026 | B of A Securities | Target raised | Buy | $100.00, was $90.00 |
| Feb 2, 2026 | Morgan Stanley | Target raised | Overweight | $100.00, was $87.00 |
| Feb 2, 2026 | Deutsche Bank | Target raised | Hold | $90.00, was $83.00 |
| Jan 16, 2026 | JP Morgan | Target raised | Overweight | $93.00, was $88.00 |
| Jan 14, 2026 | UBS | Target raised | Buy | $93.00, was $90.00 |
| Jan 13, 2026 | Wells Fargo | Upgrade | Equal-Weight, was Underweight | $86.00, was $77.00 |
| Jan 8, 2026 | TD Cowen | Target cut | Buy | $86.00, was $90.00 |
| Jan 7, 2026 | Piper Sandler | Upgrade | Overweight, was Neutral | $88.00, was $82.00 |
| Dec 18, 2025 | JP Morgan | Target raised | Overweight | $88.00, was $87.00 |
| Dec 11, 2025 | Argus Research | Downgrade | Hold, was Buy | — |
| Dec 9, 2025 | RBC Capital | Upgrade | Outperform, was Sector Perform | $88.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.91 | $0.95 | +4.4% |
| Mar ’26 | $0.94 | $0.97 | +3.2% |
| Jun ’26 | $0.95 | $0.99 | +4.2% |
| Sep ’26 | $0.93 | $0.97 | +4.3% |
The day after each of these reports the stock moved +7.8% (Dec 2025, beat); 0.0% (Mar 2026, beat); −1.9% (Jun 2026, beat); +4.6% (Sep 2026, beat).
For the quarter ending Dec 2026 (Colgate-Palmolive Company reports on Jan 29, 2027), analysts expect adjusted earnings of $0.98 a share, 3% more than the $0.95 of a year earlier, and revenue of $5.4B, up 3% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $4.10 a share, 5% more than the year before's estimate of $3.92, and revenue of $21.9B, up 2% on the year before's estimate.
Adjusted. Dec 2025: $0.95; range $0.96 to $1.02; 17 analysts
Dec 2025: $5.2B; range $5.3B to $5.4B; 13 analysts
Adjusted. The year to Dec 2026: $3.92 expected; range $3.97 to $4.25; 20 analysts
The year to Dec 2026: $21.4B expected; range $21.5B to $22.1B; 18 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 29, 2027 | EPS (adjusted) | $0.98 | $0.96 to $1.02 | 17 | $0.95 (Dec 2025) | +3% |
| Quarter ending Dec 2026, results Jan 29, 2027 | Revenue | $5.4B | $5.3B to $5.4B | 13 | $5.2B (Dec 2025) | +3% |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.97 | $0.89 to $1.02 | 13 | $0.97 (Mar 2026) | 0% |
| Quarter ending Mar 2027 | Revenue | $5.4B | $5.4B to $5.5B | 9 | $5.3B (Mar 2026) | +2% |
| Year ending Dec 2026 | EPS (adjusted) | $3.92 | $3.85 to $4.02 | 20 | — | — |
| Year ending Dec 2026 | Revenue | $21.4B | $21.0B to $21.5B | 18 | $20.4B (year to Dec 2025) | +5% |
| Year ending Dec 2027 | EPS (adjusted) | $4.10 | $3.97 to $4.25 | 20 | $3.92 (expected, year to Dec 2026) | +5% |
| Year ending Dec 2027 | Revenue | $21.9B | $21.5B to $22.1B | 18 | $21.4B (expected, year to Dec 2026) | +2% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $3.8B in free cash flow over the year, of which $3.2B went back to shareholders (dividends plus buybacks), leaving $600M in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $4.4B |
| Capex | −$600M |
| Free cash flow | $3.8B |
| Dividends | −$1.8B |
| Buybacks | −$1.4B |
| Cash retained | $600M |
For every $100 of market cap, the company generates about $4.9 in free cash flow a year.
For every $100 of market cap, you receive about $2.1 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $4.1 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $939M | $506M | $245M |
| Mar 2024 | $555M | $394M | $509M |
| Jun 2024 | $873M | $473M | $480M |
| Sep 2024 | $1.0B | $408M | $295M |
| Dec 2024 | $1.1B | $514M | $455M |
| Mar 2025 | $476M | $406M | $284M |
| Jun 2025 | $776M | $474M | $232M |
| Sep 2025 | $1.1B | $420M | $288M |
| Dec 2025 | $1.3B | $523M | $406M |
| Mar 2026 | $609M | $417M | $306M |
| Jun 2026 | $867M | $462M | $291M |
| Sep 2026 | $1.0B | $429M | $330M |
Colgate-Palmolive Company had 800M diluted shares in the quarter ended Sep 2026, 1.3% fewer than a year earlier, and 1.1% fewer each year on average since Jun 2020. It spent $1.3B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 28.3% and its net income fell 29.4%: fewer shares added about 1 point.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 859M |
| Sep 2020 | 862M |
| Mar 2021 | 851M |
| Jun 2021 | 849M |
| Sep 2021 | 846M |
| Mar 2022 | 844M |
| Jun 2022 | 839M |
| Sep 2022 | 838M |
| Mar 2023 | 833M |
| Jun 2023 | 831M |
| Sep 2023 | 827M |
| Mar 2024 | 826M |
| Jun 2024 | 824M |
| Sep 2024 | 822M |
| Mar 2025 | 815M |
| Jun 2025 | 813M |
| Sep 2025 | 810M |
| Mar 2026 | 805M |
| Jun 2026 | 802M |
| Sep 2026 | 800M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 0.8, short-term debt coverage is tight; shareholder equity is only under 1% of assets, so debt-to-equity (147.9) says little; net debt is 1.5 years of operating cash flow, which is manageable.
Assets that can be turned into cash soon are 0.8x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
Shareholder funds are only under 1% of assets, so $147.9 of debt per $1 of them says little about whether the debt can be carried. The years of operating cash flow it would take to repay it say more.
Cash and short-term investments of $1.3B against debt of $8.0B. Lease obligations of $566M are not counted: they are rent owed, not money borrowed.
Net debt of $6.7B is 1.5 years of the $4.4B its operations brought in over the last four quarters. Under 1 year is light; over 3 is heavy.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 6 funds whose copy leaves CL out (not traded on the exchange): Canada Pension Plan Investment Board, Swiss National Bank, Norges Bank, Mirae Asset Global Investments, Tom Kean Jr., Bridgewater Associates and 2 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 14 held CL at the end of their latest quarter (for most, Q3 2026). Over that quarter 8 added shares, 5 cut and 1 held the same. The largest of them is Norges Bank, 9.69M shares worth $888M at Jun 30, 2026, 11.2% fewer than at Dec 31, 2025.
Over their latest quarter
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Norges Bank | Q2 2026 vs Q4 2025 | 9.69M | $888M | −1.22M | −11% | Aug 12, 2026 |
| First Eagle Investment Management | Q3 2026 | 8.21M | $700M | −8.20M | −50% | Nov 10, 2026 |
| National Pension Service | Q3 2026 | 2.38M | $203M | −1,785 | −0.1% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 1.99M | $182M | +844,167 | +74% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 2.08M | $177M | −70,300 | −3.3% | Nov 12, 2026 |
| Renaissance Technologies | Q3 2026 | 1.64M | $140M | +761,800 | +86% | Nov 12, 2026 |
| Korea Investment | Q2 2026 | 742,483 | $68.1M | +260,573 | +54% | Aug 12, 2026 |
| Yacktman Asset Management | Q3 2026 | 792,400 | $67.6M | +1,500 | +0.2% | Nov 2, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 355,892 | $30.4M | +101,611 | +40% | Nov 3, 2026 |
| Fisher Asset Management | Q3 2026 | 100,653 | $8.6M | +39,268 | +64% | Nov 6, 2026 |
| Skye Global Management | Q2 2026 | 82,500 | $7.6M | +16,500 | +25% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 77,094 | $7.1M | −7,413 | −8.8% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 47,869 | $4.4M | +45,138 | +1653% | Aug 14, 2026 |
| Dodge & Cox | Q2 2026 | 14,000 | $1.3M | 0 | 0.0% | Aug 13, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.