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Leggett & Platt (LEG) investor relations material
Leggett & Platt Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 sales were $4.05 billion, down 7% year-over-year, with Q4 sales of $939 million, down 11% from Q4 2024; divestitures and volume declines contributed to the decrease.
Q4 adjusted EPS was $0.22, up $0.01 year-over-year; full-year adjusted EPS was $1.05, flat versus 2024.
Substantial completion of the 2024 restructuring plan delivered greater EBIT benefit and lower costs than expected.
Net debt leverage ratio improved to 2.4x at year-end 2025, moving closer to the 2.0x target.
Divestiture of Aerospace business in Q3 2025, with proceeds used for debt reduction and deleveraging.
Financial highlights
Q4 adjusted EBIT was $48 million (5.1% margin), down $8 million year-over-year; full-year adjusted EBIT was $263 million (6.5% margin), down $4 million.
Operating cash flow for 2025 was $338 million, up $33 million from 2024.
Net debt reduced by $376 million in 2025; net debt at year-end was $910 million.
Q4 adjusted EBITDA margin was 8.5%, flat year-over-year; full-year adjusted EBITDA margin was 9.5%, up 30 bps.
Significant non-GAAP adjustments included gains from asset and real estate sales and restructuring charges.
Outlook and guidance
2026 sales expected at $3.8–$4.0 billion, down 1%–6% from 2025, with divestitures reducing sales by 3%.
2026 adjusted EPS guidance: $1.00–$1.20; EBIT margin 6.3%–7.0%; operating cash flow projected at $225–$275 million.
CapEx for 2026 expected at $100–$115 million, higher due to project timing and equipment replacement.
Volume expected flat to down low-single digits across segments; no macro market recovery assumed in guidance.
Raw material and currency benefits expected to add low-single digit growth.
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