H.B. Fuller Company (FUL) Q4 2025 earnings summary

Executive summary

• Achieved double-digit EPS growth and delivered EBITDA at the top end of guidance, with strong momentum heading into 2026 and a clear path to surpassing a 20% EBITDA margin.

• Proactively managed a weak economic and manufacturing environment through pricing, cost actions, and portfolio repositioning toward higher-margin segments.

• Completed strategic acquisitions in medical adhesives and fastener coating systems, driving significant EBITDA and revenue growth.

• Q4 2025 net income reached $30 million, with adjusted EBITDA of $170 million, up 15% year-over-year; adjusted EBITDA margin rose to 19.0%, up 290 basis points year-over-year.

• Exited Q4 with strong momentum, on track to achieve >20% EBITDA margin in 2026.

Financial highlights

• Q4 net revenue down 3.1% year-on-year; up 0.9% adjusting for flooring divestiture; organic growth down 1.3% year-on-year, with volume down 2.5% and pricing up 1.2%.

• Q4 adjusted EBITDA $170M, up 15% year-on-year; margin 19%, up 290 bps.

• Q4 adjusted EPS $1.28, up 39% year-on-year; FY 2025 adjusted EPS $4.24, up 10.4% year-on-year.

• Cash flow from operations $107M in Q4, up 25% year-on-year; FY 2025 cash flow from operations $263M.

• FY 2025 adjusted EBITDA $621M, up 5% year-on-year, with a margin of 17.9%, up 130 bps.

Outlook and guidance

• 2026 net revenue expected flat to up 2% vs. 2025; organic revenue approximately flat.

• Adjusted EBITDA guidance $630–$660M; adjusted EPS $4.35–$4.70; core tax rate 26–27%.

• Operating cash flow expected $275–$300M before $160M in capex, including $50M for manufacturing consolidation.

• Q1 2026 revenue expected down low single digits due to Chinese New Year timing; Q1 EBITDA $110–$120M.

• All GBUs expected to deliver expanded margins in 2026.