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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
HNI
HNI (HNI) investor relations material
HNI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved fourth consecutive year of double-digit non-GAAP EPS growth, with 2025 EPS up 22% year-over-year to $3.74, and average annual growth rate exceeding 15%.
Completed the acquisition of Steelcase, transforming the workplace furnishings industry and creating a market leader, with integration off to a strong start.
Total net sales increased 12.4% year-over-year to $2.8 billion, with 6% organic growth; adjusted operating margin expanded 80 basis points to 9.4%.
Fourth quarter net sales were $888.4 million, with a net loss of $49.2 million due to acquisition-related costs.
Strong customer response and positive momentum in both Workplace Furnishings and Residential Building Products segments.
Financial highlights
Non-GAAP diluted EPS for legacy business was $3.74, up 22% from 2024; adjusted EPS excluding Steelcase stub and purchase accounting was $3.53.
Full-year GAAP diluted EPS was $1.11; non-GAAP diluted EPS (excluding Steelcase) was $3.74.
Consolidated operating margin was 8.6% for the year; non-GAAP operating margin (excluding Steelcase) expanded 80 bps to 9.4%.
Gross profit margin expanded 50 bps to 41.4% year-over-year.
Acquisition costs related to Steelcase totaled $94.6 million for the year.
Outlook and guidance
Expecting a fifth year of double-digit non-GAAP EPS growth in 2026, driven by Steelcase synergies and ongoing strategic initiatives.
Steelcase synergies projected at $120 million, with $1.20 non-GAAP EPS accretion when fully realized.
Q1 2026 net sales projected to increase over 130% year-over-year, but non-GAAP EPS to decrease slightly due to timing and investment.
Full-year 2026: mid-single digit revenue growth in Workplace Furnishings, low single-digit growth in Building Products; consolidated net sales expected to more than double year-over-year due to Steelcase.
Leverage expected to return to pre-deal levels (1-1.5x net debt/EBITDA) within 18-24 months.
What specific cost areas drive Steelcase synergies?
Detail RBP's front-end investments driving growth
What specific initiatives sustain WF margin expansion?
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Next HNI earnings date
Q1 20266 May, 2026
HNI
Next HNI earnings date
Q1 20266 May, 2026
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Frequently asked questions
HNI Corporation provides contract furnishing products and services, residential fireplace and hearth products, and steel-related commercial roofing systems. The company offers furniture and textile products, including seating, casegoods, freestanding office systems, filing and storage units, wood desk surfaces, tables and panels, ergonomic work tools and accessories, productivity solutions, flooring products, lighting solutions, window coverings and fabrics for use in office environments; and architectural walls solutions for the office segment that include moveable walls. The company was incorporated in 1944 and is headquartered in Muscatine, Iowa.
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