NASDAQ: MLKN
MILLERKNOLL, INC.CIK 0000066382 · SIC 2520 · Office Furniture
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MLKN: revenue $3.84B, net income $91.5M. MLKN operating income surges 4.7% to $198.3M as FY25 impairments clear; revenue +4.7%
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MillerKnoll raises director retirement age to 75, removes mandatory age-72 exit
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MillerKnoll reports 4.4% Q4 sales growth, announces interim CEO as leadership transitions
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MillerKnoll CEO Andi Owen retires effective June 30; COO Jeff Stutz named interim CEO
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Latest financial statements
From 10-K filed Jul 20, 2026 (period ending May 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Comprehensive Income
(In millions, except per share data)
| Description | Year ended May 30, 2026 | Year ended May 31, 2025 | Year ended June 1, 2024 |
|---|---|---|---|
| Net sales | 3,841.7 | 3,669.9 | 3,628.4 |
| Cost of sales | 2,352.9 | 2,247.3 | 2,208.9 |
| Gross margin | 1,488.8 | 1,422.6 | 1,419.5 |
| Operating expenses: | |||
| Selling, general and administrative | 1,178.3 | 1,133.5 | 1,112.1 |
| Impairment charges | — | 130.0 | 16.8 |
| Restructuring expenses | 11.9 | 14.8 | 30.8 |
| Design and research | 100.3 | 93.8 | 92.6 |
| Total operating expenses | 1,290.5 | 1,372.1 | 1,252.3 |
| Operating earnings | 198.3 | 50.5 | 167.2 |
| Interest expense | 69.9 | 76.7 | 76.2 |
| Interest and other investment income | (4.1) | (5.4) | (6.1) |
| Other expense (income), net | 4.3 | 1.1 | (2.6) |
| Earnings (loss) before income taxes and equity income | 128.2 | (21.9) | 99.7 |
| Income tax expense | 32.4 | 11.6 | 14.7 |
| Equity (loss) earnings from nonconsolidated affiliate, net of tax | (0.1) | 0.3 | (0.4) |
| Net earnings (loss) | 95.7 | (33.2) | 84.6 |
| Net earnings attributable to redeemable noncontrolling interests | 4.2 | 3.7 | 2.3 |
| Net earnings (loss) attributable to MillerKnoll, Inc. | 91.5 | (36.9) | 82.3 |
| Earnings (loss) per share basic | 1.33 | (0.54) | 1.12 |
| Earnings (loss) per share diluted | 1.32 | (0.54) | 1.11 |
| Other comprehensive income, net of tax | |||
| Foreign currency translation adjustments | 19.6 | 35.1 | 8.3 |
| Pension and post-retirement liability adjustments | 0.2 | 2.4 | (9.5) |
| Unrealized (loss) gain on interest rate swap agreement | (7.1) | (26.8) | 3.6 |
| Other comprehensive income, net of tax | 12.7 | 10.7 | 2.4 |
| Comprehensive income (loss) | 108.4 | (22.5) | 87.0 |
| Comprehensive income attributable to redeemable noncontrolling interests | 4.2 | 3.7 | 2.3 |
| Comprehensive income (loss) attributable to MillerKnoll, Inc. | 104.2 | (26.2) | 84.7 |
Consolidated Balance Sheets
(In millions, except share and per share data)
| Description | May 30, 2026 | May 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 167.7 | 193.7 |
| Accounts receivable, net of allowances of $8.4 and $9.3 | 357.4 | 350.2 |
| Unbilled accounts receivable | 18.3 | 26.9 |
| Inventories, net | 488.4 | 447.5 |
| Prepaid expenses | 88.7 | 74.6 |
| Other current assets | 16.7 | 15.8 |
| Total current assets | 1,137.2 | 1,108.7 |
| Property and equipment, net of accumulated depreciation of $1,221.3 and $1,142.7 | 511.3 | 496.1 |
| Right of use assets | 445.9 | 411.2 |
| Goodwill | 1,161.3 | 1,152.4 |
| Indefinite-lived intangibles | 435.3 | 432.5 |
| Other amortizable intangibles, net of accumulated amortization of $304.1 and $265.4 | 214.0 | 247.5 |
| Other noncurrent assets | 95.5 | 101.8 |
| Total Assets | 4,000.5 | 3,950.2 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | 279.1 | 271.3 |
| Short-term borrowings and current portion of long-term debt | 25.1 | 16.0 |
| Accrued compensation and benefits | 93.8 | 92.5 |
| Short-term lease liability | 82.0 | 72.0 |
| Accrued warranty | 16.7 | 16.8 |
| Customer deposits | 89.7 | 102.5 |
| Other accrued liabilities | 134.7 | 132.7 |
| Total current liabilities | 721.1 | 703.8 |
| Long-term debt | 1,260.6 | 1,310.6 |
| Pension and post-retirement benefits | 7.0 | 7.1 |
| Lease liabilities | 433.8 | 413.4 |
| Accrued warranty | 52.6 | 52.8 |
| Other liabilities | 119.5 | 127.4 |
| Total Liabilities | 2,594.6 | 2,615.1 |
| Redeemable noncontrolling interests | 63.3 | 59.3 |
| Stockholders' Equity: | ||
| Preferred stock, no par value (10,000,000 shares authorized, none issued) | — | — |
| Common stock, $0.20 par value (240,000,000 shares authorized, 68,180,011 and 67,804,913 shares issued and outstanding in 2026 and 2025, respectively) | 13.6 | 13.6 |
| Additional paid-in capital | 694.3 | 679.1 |
| Retained earnings | 704.0 | 665.1 |
| Accumulated other comprehensive loss | (69.3) | (82.0) |
| Total Stockholders' Equity | 1,342.6 | 1,275.8 |
| Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity | 4,000.5 | 3,950.2 |
Consolidated Statements of Cash Flows
(In millions)
| Description | Year ended May 30, 2026 | Year ended May 31, 2025 | Year ended June 1, 2024 |
|---|---|---|---|
| Cash Flows from Operating Activities: | |||
| Net earnings (loss) | 95.7 | (33.2) | 84.6 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation expense | 110.3 | 102.6 | 117.5 |
| Amortization expense | 38.0 | 37.9 | 37.6 |
| Deferred taxes | (11.6) | (45.0) | (38.8) |
| Pension contributions | (0.9) | (0.3) | (1.8) |
| Loss on extinguishment of debt | 8.0 | — | — |
| Impairment charges | — | 130.0 | 16.8 |
| Restructuring expenses | 1.9 | 14.8 | 30.8 |
| Stock-based compensation | 26.0 | 31.8 | 20.7 |
| Amortization of deferred financing costs | 2.7 | 4.6 | 4.6 |
| Bad debt expense | 1.6 | 5.1 | 3.3 |
| Operating leases | (4.3) | 4.7 | (4.3) |
| (Increase) decrease in long-term assets | (0.6) | 2.0 | 2.4 |
| Changes in current assets and liabilities: | |||
| Decrease (increase) in accounts receivable & unbilled accounts receivable | 1.2 | (41.9) | 35.2 |
| (Increase) decrease in inventories | (37.5) | (16.9) | 59.0 |
| (Increase) decrease in prepaid expenses and other | (13.9) | (13.9) | 25.6 |
| Increase (decrease) in accounts payable | 1.7 | 26.7 | (28.9) |
| (Decrease) increase in accrued liabilities | (14.0) | 1.0 | (7.5) |
| Other, net | (4.4) | (0.7) | (4.5) |
| Net Cash Provided by Operating Activities | 199.9 | 209.3 | 352.3 |
| Cash Flows from Investing Activities: | |||
| Advances of notes receivable | — | (3.3) | (14.7) |
| Collection of notes receivable | 6.9 | 6.8 | 2.8 |
| Capital expenditures | (122.3) | (107.6) | (78.4) |
| Proceeds from sale of property | 0.2 | 6.5 | — |
| Proceeds from the sale of equity method investment | — | — | 3.5 |
| Other, net | (0.4) | (3.3) | 0.5 |
| Net Cash Used in Investing Activities | (115.6) | (100.9) | (86.3) |
| Cash Flows from Financing Activities: | |||
| Proceeds from issuance of debt, net of discounts | 561.8 | 123.1 | — |
| Payments of deferred financing costs | (2.2) | (0.3) | — |
| Repayments of long-term debt | (631.3) | (75.7) | (31.3) |
| Proceeds from credit facility | 1,107.5 | 1,101.8 | 833.2 |
| Repayments of credit facility | (1,129.1) | (1,163.5) | (869.9) |
| Proceeds from securitization facility | 113.1 | — | — |
| Repayments to securitization facility | (70.2) | — | — |
| Dividends paid | (51.1) | (51.7) | (55.6) |
| Common stock issued | 4.5 | 6.0 | 5.9 |
| Common stock repurchases and payments for taxes related to net share settlement of equity awards | (16.3) | (84.9) | (138.2) |
| Distribution to noncontrolling interest | (3.1) | (4.4) | (2.8) |
| Other, net | (0.6) | (0.7) | (0.1) |
| Net Cash Used in Financing Activities | (117.0) | (150.3) | (258.8) |
| Effect of exchange rate changes on cash and cash equivalents | 6.7 | 5.2 | (0.3) |
| Net (Decrease) Increase In Cash and Cash Equivalents | (26.0) | (36.7) | 6.9 |
| Cash and cash equivalents, Beginning of Year | 193.7 | 230.4 | 223.5 |
| Cash and Cash Equivalents, End of Year | 167.7 | 193.7 | 230.4 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share data); (In millions, except share and per share data); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗