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HNI (HNI) investor relations material
HNI Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Non-GAAP EPS increased 7% year-over-year to $1.10, driven by record third quarter non-GAAP operating margin and strong execution despite tariff volatility and macro uncertainty.
Net sales for Q3 2025 increased 1.7% year-over-year to $683.8 million, with net income of $41.2 million and GAAP diluted EPS of $0.88, down 13.2% year-over-year due to $9.7 million in one-time Steelcase acquisition costs.
The pending acquisition of Steelcase, valued at $2.1 billion, is expected to deliver $120 million in synergies and $1.20 per share accretion when fully mature, with closing anticipated by year-end 2025.
Productivity gains, operating expense control, and Kimball International synergies contributed to margin improvements and earnings growth.
The One Big Beautiful Bill Act (OBBBA) was enacted, impacting tax provisions and expected to reduce cash tax payments in 2025.
Financial highlights
Total net sales grew 1.7% year-over-year in Q3 2025 to $683.8 million; non-GAAP operating margin reached a record 10.8%, up 10 basis points year-over-year.
Gross profit margin improved by 60 basis points to 42.1% in Q3 2025, reflecting improved productivity.
Workplace furnishings segment Q3 net sales grew 2.3% year-over-year to $516.9 million; non-GAAP segment operating profit margin exceeded 12%.
Residential building products Q3 net sales were flat at $166.9 million; segment operating margin remained strong at 18%.
For the first nine months of 2025, net sales rose 3.5% to $1,950.6 million, and net income increased 2.2% to $103.4 million.
Outlook and guidance
Margin expansion and revenue growth are expected to support ongoing year-over-year EPS improvement in Q4, with both segments projected to grow net sales at a high single-digit rate, aided by an extra week in the quarter.
Non-GAAP diluted EPS for Q4 2025 is projected to increase slightly year-over-year, driven by price-cost, volume growth, and productivity.
Full-year 2025 outlook calls for mid-teens percent growth in non-GAAP diluted EPS, with continued elevated earnings growth visibility through 2026.
The Steelcase acquisition is anticipated to close before the end of 2025, with integration and synergy realization as key priorities.
Capital expenditures for 2025 are projected at $75–$80 million.
Post-Steelcase, how will HNI deleverage?
Quantify 2025-2026 EPS from KII/Mexico
Why did RBP margin contract despite stable sales?
When is $1.20 Steelcase accretion fully mature?
What drives the 30-35% volume gap to pre-pandemic?
What sustains RBP market outperformance?
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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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