NASDAQ: FLXS
FLEXSTEEL INDUSTRIES INCCIK 0000037472 · SIC 2510 · Household Furniture
Flexsteel Industries, Inc. and Subsidiaries (the “Company,” “Flexsteel,” or “Our”) is one of the largest residential furniture manufacturers, importers, and marketers in the U.S. Flexsteel addresses different consumer groups through our core brand, Flexsteel, and several category-specific… About this business →
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Latest financial statements
From 10-K filed Aug 19, 2026 (period ending Jun 30, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations
| Description | Year ended Jun 30, 2026 | Year ended Jun 30, 2025 | Three months ended Mar 31, 2025 |
|---|---|---|---|
| Revenue: | |||
| Total revenue / net sales | 459.2 | 441.1 | 114.0 |
| Cost of revenue / cost of sales | 345.7 | 343.1 | |
| Gross profit | 113.4 | 97.9 | 25.3 |
| Operating expenses: | |||
| Demand creation / marketing | 5.5 | 3.4 | |
| Research and development | 2.6 | 2.1 | |
| Selling, general and administrative | 70.9 | 66.7 | |
| Other operating expenses, net | 119.0 | ||
| Operating income | 42.5 | 26.6 | (5.1) |
| Interest expense | 0.02 | 0.07 | |
| Other income/(expense), net | 0.4 | ||
| Income before income taxes | 43.8 | 27.0 | |
| Income tax expense/(benefit) | 10.7 | 6.8 | |
| Net income | 33.1 | 20.2 | (3.7) |
| Basic earnings per share | 6.46 | 3.84 | (0.71) |
| Diluted earnings per share | 6.07 | 3.55 | (0.71) |
Consolidated Balance Sheets
| Description | Jun 30, 2026 | Jun 30, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 16.7 | 40.0 |
| Accounts receivable, net | 42.7 | 35.2 |
| Inventories | 90.6 | 89.1 |
| Other current assets | 8.4 | 8.0 |
| Assets held for sale | — | — |
| Total current assets | 158.4 | 172.4 |
| Property, plant and equipment, net | 36.0 | 36.2 |
| Operating lease right-of-use assets, net | 35.7 | 41.5 |
| Deferred income taxes and other assets | 7.9 | 12.4 |
| Other assets | 16.1 | 19.9 |
| TOTAL ASSETS | 254.0 | 282.5 |
| Current liabilities: | ||
| Current portion of operating lease liabilities | 8.4 | 7.8 |
| Income taxes payable | — | 1.3 |
| Deferred revenue, current | 0.4 | 0.2 |
| Other current liabilities | 66.8 | 52.6 |
| Total current liabilities | 75.7 | 62.0 |
| Operating lease liabilities | 43.5 | 51.6 |
| Deferred income taxes and other liabilities | 1.4 | 1.0 |
| Total liabilities | 120.5 | 114.6 |
| Shareholders' equity: | ||
| Common stock | 8.6 | 8.5 |
| Capital in excess of stated value | 41.1 | 40.6 |
| Retained earnings (deficit) | 219.2 | 190.4 |
| Treasury stock | (135.5) | (71.7) |
| Total shareholders' equity | 133.5 | 167.9 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 254.0 | 282.5 |
Consolidated Statements of Cash Flows
| Description | Year ended Jun 30, 2026 | Year ended Jun 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 51.5 | 37.0 |
| Investing Activities: | ||
| Net cash from investing activities | (3.9) | 9.4 |
| Financing Activities: | ||
| Net cash from financing activities | (70.9) | (11.2) |
| Net increase/(decrease) in cash | (23.3) | 35.2 |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
About FLEXSTEEL INDUSTRIES INC
Source: Item 1 (Business) from the 10-K filed August 19, 2026. Description as filed by the company with the SEC.
Item 1. Business
General
Flexsteel Industries, Inc. and Subsidiaries (the “Company,” “Flexsteel,” or “Our”) is one of the largest residential furniture manufacturers, importers, and marketers in the U.S. Flexsteel addresses different consumer groups through our core brand, Flexsteel, and several category-specific sub-brands: Zecliner, Statements, Zen, Perfect Match, and Pulse, all of which have unique value propositions tailored to specific consumer needs. We offer a wide assortment of product solutions for different areas within the home including stationary and motion sofas, loveseats, chairs, and sectionals, as well as bedroom furniture, dining tables and chairs, occasional and entertainment tables, and kitchen storage. For more than 130 years, Flexsteel has strived to create strong consumer value with unmatched quality, comfort, and durability, backed by innovation and highlighted by its patented Blue Steel Spring technology, designed to deliver lasting comfort and support. Today, Flexsteel products are available nationwide through retail partners and online channels.
The Company operates in one reportable segment, furniture products. The Company’s furniture products business involves the distribution of manufactured and imported products consisting of a broad line of furniture for the residential market.
Manufacturing and Offshore Sourcing
During the fiscal year ended June 30, 2026, the Company operated manufacturing facilities located in Juarez, Mexico. This ongoing manufacturing operation is integral to the Company’s product offerings and distribution strategy by offering smaller and more frequent product runs of a wider product selection. The Company identifies and eliminates manufacturing inefficiencies and adjusts manufacturing schedules frequently to meet customer requirements. The Company has established relationships with key suppliers to ensure prompt delivery of quality component parts. The Company’s production includes the use of selected component parts sourced offshore to enhance value in the marketplace.
Read full description ↓
The Company integrates manufactured products with finished products acquired from offshore suppliers who can meet quality specifications and lead-time requirements. The Company will continue to pursue and refine this blended product offering and supply chain strategy, offering customers the requisite amount of choice of made-to-order manufactured goods, and ready-to-deliver imported products. This blended focus on products allows the Company to provide a wide range of price points, styles and product categories to satisfy customer requirements.
Competition
The furniture industry is highly competitive and includes a large number of U.S. and foreign manufacturers and distributors, none of which dominate the market. The Company competes in markets with a large number of relatively small manufacturers; however, certain competitors have substantially greater sales volumes than the Company. The Company’s products compete based on style, quality, comfort, functionality, price, delivery, service and durability. The Company believes its patented, guaranteed-for-life Blue Steel Spring,
manufacturing and sourcing capabilities, facility locations, commitment to customers, product quality, consumer insights, innovation, delivery, service, value and experienced production, sales, marketing and management teams, are some of its competitive advantages.
Seasonality
The Company’s overall business is not considered materially seasonal.
Foreign Operations
The Company has minimal export sales. On June 30, 2026, the Company had approximately 30 employees located in Asia to ensure Flexsteel’s quality standards are met and to coordinate the delivery of products acquired from overseas suppliers. The Company leases and operates three manufacturing facilities in Juarez, Mexico and leases one manufacturing facility in Mexicali, Mexico. The Company had approximately 900 employees located in Mexico on June 30, 2026. The four Mexico facilities total 1,061,000 square feet. As of June 30, 2026, the Company has not begun operations in the Mexicali facility and expects to sublease the facility until such time that demand necessitates the additional capacity. See “Risk Factors” in Item 1A and Note 2, Leases, of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K for further discussion of the leased assets.
Customer Backlog
The approximate backlog of customer orders believed to be firm as of the end of the current fiscal year and the prior two fiscal years were as follows (in thousands):
June 30, 2026
June 30, 2025
June 30, 2024
$
70,105
$
66,465
$
59,543
Raw Materials
The Company utilizes various types of wood, fabric, leather, filling material, high carbon spring steel, bar and wire stock, polyurethane foam and other raw materials in manufacturing furniture. The Company purchases these materials from numerous outside suppliers, both U.S. and foreign, and is not dependent upon any single source of supply. The costs of certain raw materials fluctuate, but all continue to be readily available within supplier lead-times; however, we could experience supply-chain disruptions at any time, which could impact the availability of materials.
Artificial Intelligence ("AI")
The Company is leveraging AI to strengthen the efficiency and effectiveness of its operational execution.
Industry Factors
The Company has exposure to actions by governments, including tariffs, see “Risk Factors” in Item 1A of this Annual Report on Form 10-K.
Government Regulations
The Company is subject to various local, state, and federal laws, regulations and agencies that affect businesses generally, see “Risk Factors” in Item 1A of this Annual Report on Form 10-K. Our compliance with federal, state and local laws and regulations did not have a material effect upon our capital expenditures, earnings or competitive position during the fiscal year ended June 30, 2026.
Environmental Matters
All of Flexsteel’s stakeholders have a responsibility to protect our employees and our environment. The officers of Flexsteel and its subsidiaries will use our role as business and community leaders to set the tone at the top to guide our management teams in their efforts to improve the workplace and the environment we directly impact. Because we are committed to sustainable business practices, to our people, and to our communities, we will continue to grow and expand the scope of our dedications to the stewardship of our valued resources. The Company is subject to environmental laws and regulations with respect to product content and industrial waste. Further discussion is included in “Risk Factors” in Item 1A of this Annual Report on Form 10-K.
Trademarks and Patents
The Company relies on patents, trademarks, trade secrets, proprietary know-how and other intellectual property in connection with its products and brands, including improvement patents on its Blue Steel Spring, and registered trademarks. In addition, our furniture products are designed by the Company's own design staff and through the services of third-party designers. New models and designs
of furniture, as well as new fabrics, are introduced continuously. We evaluate each new model or design for patentability and file patent applications for the United States on inventions, designs and improvements that we deem valuable, but these patents do expire at various times.
Employees
The Company had approximately 1,200 employees on June 30, 2026, including 6 employees who are covered by collective bargaining agreements. Substantially all of the Company's employees are full-time. Management believes it has good relations with employees.
Available Information
Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on our website (www.flexsteel.com) as soon as reasonably practicable after we electronically file the material with or furnish it to the U.S. Securities and Exchange Commission (SEC). Additionally, the SEC maintains an internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Information on our website or linked to our website is not incorporated by reference into this Annual Report.