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MillerKnoll (MLKN) investor relations material

MillerKnoll Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary23 Sep, 2025

Executive summary

  • Net sales rose 10.9% year-over-year to $955.7 million, with organic growth of 10.0% and strong profitability gains; adjusted EPS increased 25% to $0.45.

  • Orders declined 5.4% year-over-year, mainly due to a significant order pull-forward in the prior quarter in North America Contract.

  • Leadership changes included a new Board Chair, promotion of Jeff Stutz to COO, and Kevin Veltman as Interim CFO.

  • Focus remains on accelerated product innovation, execution, and cost management while investing for growth.

  • Operating margin improved to 5.6% from 1.8% year-over-year; adjusted operating margin rose to 6.3%.

Financial highlights

  • Gross margin was 38.5%, down 50 basis points year-over-year, impacted by $8 million in net tariff-related costs.

  • Adjusted operating expenses were $308.0 million, or 32.2% of sales.

  • Net earnings attributable to shareholders were $20.2 million, compared to a loss of $1.2 million a year ago.

  • Cash and cash equivalents at quarter-end were $167.2 million, with total liquidity of $480.5 million.

  • Cash flow from operations was $9.4 million for the quarter.

Outlook and guidance

  • Q2 FY2026 net sales expected between $926 million and $966 million; adjusted EPS guidance is $0.38–$0.44.

  • Gross margin guidance: 37.6%–38.6%; adjusted operating expenses forecasted at $300–$310 million.

  • Full-year capital expenditures projected at $120–$130 million.

  • Guidance includes $2–$4 million in incremental tariff costs and costs for four new retail store openings.

  • Management believes current liquidity and cash flow are sufficient to fund operations, capital needs, debt maturities, dividends, and share repurchases.

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Frequently asked questions

Millerknoll, INC. manufactures and distributes interior furnishings worldwide. It operates through two segments, Comforter and Static Cling. The Comforter segment offers bedding products and sleep accessories under the Miller & Rhoads brand name. The Static Cling segment produces and distributes window fashions products. The company's brands include Miller & Rhoads, Room Essentials, Whitehall Interiors, Ashford Castle, Touch of Class, Gossamer Wings, Blue Cotton Candy and Honeysuckle Hill. It offers bedding products that include Comforters, Pillows and Mattress Pads. Its bedding products are featured in such furniture department stores as Walmart Stores Inc., Bed Bath & Beyond Inc., Target Corp., Macy's Inc., JCPenny Co., Sears Holdings Corp., Dillard's Inc., Penneys Inc. and Belk Stores LLC. The company is based in Zeeland, Michigan.

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