The world’s most versatile lubricant—only a handful of people know its formula.

The product’s first commercial customer was Convair, an aerospace contractor based in San Diego, which used it to protect the outer shell of the Atlas intercontinental ballistic missile (ICBM) from rust. That shell also served as the outer wall of the fuel tank—so thin it resembled a cicada’s wing—and had to be pressurized with nitrogen while on standby to prevent collapse, making corrosion protection exceptionally demanding. The name “WD-40” came directly from the lab notebook: “WD” stood for “Water Displacement,” and “40” indicated it was the fortieth formulation attempt that succeeded. In other words, the R&D team endured 39 failures before arriving at this correct solution. This unassuming naming convention inadvertently became the brand’s most distinctive asset. The effectiveness was so remarkable that Convair employees began secretly filling their lunchboxes with WD-40 to take home for personal use. Several years later, founder Norm Larsen began experimenting with aerosol cans, reasoning that consumers would also need the product in home garages and workshops. In 1958, WD-40 debuted on store shelves in San Diego. Early sales were extremely informal. By 1960, the company had doubled in size—from three to seven employees—and sold an average of 45 cases per day out of car trunks to local hardware and sporting goods stores. The real turning point came in 1961, when Hurricane Carla struck the U.S. Gulf Coast: WD-40 received its first full-truck orders to repair vehicles and equipment damaged by floodwaters and torrential rain. Employees even worked overtime on Saturdays to meet demand from disaster zones. In 1969, Rocket Chemical Company officially changed its name to “WD-40 Company,” by which time the product had become the company’s sole offering. The rocket emblem once featured on early cans gradually disappeared, replaced by the now-iconic blue-and-yellow color scheme. During the Vietnam War, U.S. soldiers began receiving WD-40 in care packages to maintain the notoriously finicky M-16 rifle. By the early 1990s, the product had penetrated over 80% of American households, selling more than one million cans weekly; 81% of professionals reported using it at work. Today, WD-40 Company sells its products in over 170 countries and regions worldwide, generating approximately $620 million in revenue for fiscal year 2025. While this figure pales beside tech giants, it represents a true business miracle for a company that has relied almost exclusively on a single product for seven decades. The Value of Secrecy and the Allure of Scientific Inquiry WD-40’s formula has never been patented—a decision that seemed risky at the time but now appears remarkably astute. Patent protection is time-limited—in the U.S., typically 20 years—and filing a patent requires full public disclosure of technical details. WD-40’s founders understood this well: rather than settle for temporary legal protection, they chose to conceal the formula entirely. Without patent disclosure, competitors are left with no choice but to rely on reverse engineering—guessing and experimenting.

How does one forge a legend? WD-40—the ‘universal lubricant’—exemplifies both the glory and the challenges of a blockbuster consumer product.

WD-40 was finalized after the company tested 40 different formulations. At the time, the lab notebook labeled this successful version “Water Displacement, Formula #40”—abbreviated as “WD-40.” The company adopted this designation directly as the product’s name. The company first entered the consumer market in 1958 in San Diego, California. But it wasn’t until 1969, when John Barry assumed the roles of President and CEO, that the company formally rebranded itself as “WD-40 Company,” aligning its corporate identity with its flagship product. Barry remarked: “Since we’re no longer in the rocket business, we shouldn’t call ourselves Rocket Chemical Company.” One Strong Card Beats Ten Clever Tricks: WD-40 as the Ace Product The company has deliberately shrouded WD-40 in mystery, offering vague functional descriptions—and even actively encouraging and amplifying this ambiguity. For example, on Pinduoduo’s (PDD.O) official flagship store, the company claims WD-40 has over 2,000 uses, spanning household applications to aerospace. This deliberate vagueness is viewed internally as a core marketing strategy. (Source: Pinduoduo) For 70 years since its founding, WD-40 has remained virtually the company’s sole star product. In 2011, the company introduced one of its rare innovations: the WD-40 Specialty line. Examples include a lubricant specifically formulated for automobile sunroofs, a bicycle chain cleaner, an electronics cleaning spray, and a kitchen grease remover. However, the author remains uncertain whether some of these products are merely repackaged versions of the original WD-40, given that the classic formula appears capable of performing many of these same functions. (Source: Pinduoduo) The WD-40 family of maintenance products—including both the multi-purpose and specialty lines—continues to serve as the company’s primary revenue driver. At the end of fiscal year 2023, the maintenance products category (which, per the company’s 2023 Annual Report, derives the vast majority of its revenue from the WD-40 Multi-Use product) generated $504 million in revenue, accounting for 93.73% of total company revenue. Geographically, the Americas remain the company’s largest market: in fiscal year 2023, this region contributed $266 million in revenue—49.65% of total company revenue. (Source: FENGYUN App) Overall, WD-40 Company’s operational philosophy is “piercing the sky with a single needle”—relying overwhelmingly on one flagship product and its derivative variants as the principal revenue engine, while optimizing operational efficiency rather than pursuing business diversification. WD-40 Company is a relatively compact publicly traded firm. Its $537 million in revenue places it in the lower-mid tier among U.S. equities. With a current market capitalization of approximately $3.243 billion, it ranks around #3,300 among U.S. listed companies—approaching the scale commonly associated with small-cap stocks under many U.S. institutional valuation frameworks. Nonetheless, WD-40 remains highly favored by institutional investors, who collectively hold 86% of outstanding shares—a level of ownership typically seen only among blue-chip stocks in the S&P 500 Index. The company’s largest shareholders include BlackRock (BLK.N, 16%), Vanguard Group (12%), and Stichting Pensioenfonds ABP—the Netherlands’ largest pension fund (12%).

WD-40 Company Reports FY 2026 Revenue of $687.99 Million

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WD-40 Company reported FY 2026 net sales of $687.99 million, an 11% increase, while net income dropped 9.5% to $82.35 million. Sales grew across regions driven by Multi-Use and Specialist products.

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