SCLNYSE

STEPAN CO

Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics · DE · CIK 94049

Manufactures and sells surfactants, polymers, and specialty chemicals for cleaning, insulation, and food products

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$1.24B

Market cap

$54.65

Last close

-1.9%

+2.1%

160K

Volume

Price · last 39 sessions+7.6%

May 4L $49.19 · H $55.71Jun 29

145

Total filings

May 6, 2026

Last filing

12/31

Fiscal year end

All 8-K · 87 10-Q · 31 DEF 14A · 11 10-K · 10 8-K/A · 3 SC 13G · 3

What Changed

Risk factors · Feb 27, 2025 → Feb 26, 2026

119 added · 93 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

For example, the non-GAAP financial measures presented in this Form 10-K may differ from similarly titled non-GAAP financial measures presented by other companies and other companies may not define these non-GAAP financial measures the same way as the Company does. 35 Reconciliations of Non-GAAP Adjusted Net Income and Diluted Earnings per Share Management uses the non-GAAP adjusted net income metric to evaluate the Company’s operating performance.
See Note 20, Sales of Assets, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for more details. • During the fourth quarter of 2025, the Company successfully closed on the sale of its manufacturing assets located in Lake Providence, Louisiana.
See Note 4, Goodwill and Other Intangible Assets , of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for additional details. • During the fourth quarter of 2025, the Company completed the sale of its Stepan Philippines Quaternaries, Inc.
See Note 20, Sales of Assets, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for more details. • During the fourth quarter 2025, the Company successfully closed on the sale of its manufacturing assets located in Lake Providence, Louisiana.
This decrease was mainly due to the non-recurrence of a $6.8 million pre-tax charge, related to a criminal social engineering fraud scheme, recognized in 2024 (see Note 24, Other Matter , of the notes to the 29 Company’s consolidated financial statements included in Item 8 of this Form 10-K).
In addition, during the fourth quarter of 2025, the Company recorded $15.9 million of gains on the sale of assets that were not attributed to any segments (see Note 20, Sales of Assets , of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K).
Partially offsetting the above, the Company recorded a $6.2 million goodwill impairment charge during the fourth quarter 2025 (see Note 4, Goodwill and Other Intangibles , of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K).
See the Overview and Segment Results - Corporate Expenses sections of this MD&A for further details. 25 • The Company recorded a $6.2 million goodwill impairment expense, related to its Mexican reporting unit, in 2025.
Based on the Company’s analysis, the fair value of the European polymers reporting unit was greater than its carrying value, and as a result, the Company did not record any impairment charge 34 as of December 31, 2025.
Corporate expenses, including deferred compensation, environmental remediation, a $6.2 million goodwill impairment charge and $15.9 million of gains recognized on the sale of assets, decreased $19.0 million, or 25 percent, year-over-year.
Holding all other assumptions constant, a 100 basis point increase in the discount rate would not result in impairment nor would a 1.5 decrease in the multiple used in the market-based computation result in an impairment.
During the periods covered by this Form 10-K, the Company was not party to any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on the Company’s financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources. 32 Pension Plans The Company sponsors a number of defined benefit pension plans, the most significant of which cover employees in the Company’s U.S. and U.K. locations.

No longer disclosed

For example, the non-GAAP financial measures presented in this Form 10-K may differ from similarly titled non-GAAP financial measures presented by other companies and other companies may not define these non-GAAP financial measures the same way as the Company does.
Most of this decrease was attributable to the non-recurrence of business restructuring and asset/goodwill/other intangibles impairment expenses ($14.0 million) in 2023, partially offset by $6.8 million of expenses associated with a criminal social engineering scheme in 2024.
See Note 22, Business Restructuring and Assets Impairment , of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for additional details. • The Company did not recognize any goodwill or other intangible impairment expense in 2024 versus $2.0 million in 2023.
See Note 4, Goodwill and Other Intangible Assets , of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) for additional details. 25 Net interest expense in 2024 increased $2.1 million, or 17 percent, versus the prior year.
Segment Results (In thousands) For the Year Ended December 31, Net Sales 2024 2023 Decrease Percent Change Surfactants $ 1,532,115 $ 1,602,819 $ (70,704 ) -4 Polymers 584,905 642,471 (57,566 ) -9 Specialty Products 63,254 80,478 (17,224 ) -21 Total Net Sales $ 2,180,274 $ 2,325,768 $ (145,494 ) -6 (In thousands) For the Year Ended December 31, Operating Income 2024 2023 Increase (Decrease) Percent Change Surfactants $ 85,618 $ 72,399 $ 13,219 18 Polymers 40,623 60,770 (20,147 ) -33 Specialty Products 20,908 11,476 9,432 82 Segment Operating Income $ 147,149 $ 144,645 $ 2,504 2 Corporate Expenses, Excluding Deferred Compensation, Business Restructuring and Asset Impairment and Goodwill and Other Intangibles impairment 74,514 67,655 6,859 10 Deferred Compensation Expense 2,155 4,371 (2,216 ) -51 Business Restructuring and Asset Impairment and Goodwill and Other Intangibles Impairment — 14,006 (14,006 ) -100 Total Operating Income $ 70,480 $ 58,613 $ 11,867 20 26 Surfactants Surfactant net sales in 2024 decreased $70.7 million, or four percent, versus the prior year.
In 2023, the Company recognized $1.0 million of goodwill impairment expense related to its Colombia reporting unit and $1.0 million of goodwill and other intangibles impairment expense related to its Lipid Nutrition reporting unit.
See the Overview and Segment Results - Corporate Expenses sections of this MD&A for further details. • The Company did not incur any business restructuring and asset impairment expense in 2024 versus $12.0 million in 2023.
Corporate expenses, including deferred compensation, environmental remediation, business restructuring, asset/goodwill/other intangibles impairment charges and expenses associated with a criminal social engineering scheme impacting one of the Company’s subsidiaries in Asia, decreased $9.4 million, or 11 percent, year-over-year.
Partially offsetting the aforementioned decreases was $6.8 million of pre-tax charges associated with a criminal social engineering scheme impacting one of the Company’s subsidiaries in Asia (see Note 24, Other Matter , of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K).
The decrease was mainly due to the non-recurrence of $14.0 million of business restructuring and asset/goodwill/other intangibles impairment charges that were recognized in 2023.
In addition, deferred income tax liabilities are excluded from the table due to the uncertainty of their timing. 32 During the periods covered by this Form 10-K, the Company was not party to any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on the Company’s financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.
The Company also recognized $3.2 million of asset impairment charges in the fourth quarter of 2023.

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