10-K · July 20, 2026
MillerKnoll delivered a fiscal-2026 GAAP recovery, with revenue up 4.7% to $3.842B and diluted EPS of $1.32 versus a $0.54 loss, but most of the operating-profit rebound reflects the non-recurrence of $158.3M of…
Earnings analysis · 10-Q
MLKN earnings analysis
Filed September 28, 2026 · Our reading of the company's report
The latest report
MillerKnoll delivered a mixed quarter: revenue fell 3.4% to $923.4M and backlog declined 3.1% to $669.2M, but orders grew 3.2%, GAAP diluted EPS increased to $0.38, and gross margin expanded to 41.7%. Global Retail was…
Read full summary
MillerKnoll delivered a mixed quarter: revenue fell 3.4% to $923.4M and backlog declined 3.1% to $669.2M, but orders grew 3.2%, GAAP diluted EPS increased to $0.38, and gross margin expanded to 41.7%. Global Retail was the principal operating bright spot, while North America Contract and International Contract weakened materially. Cash flow and liquidity improved, although the margin result benefited from a $16.5M tariff refund that may not recur and inventories and debt increased.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.38
What stood out
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EPS improved despite lower revenue
Net sales were $923.4M, down 3.4% from $955.7M year over year, while orders increased 3.2% to $913.9M. Diluted GAAP EPS rose 31.0% to $0.38 from $0.29, and adjusted diluted EPS was $0.53 versus $0.45.
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Margin expansion was significant
Gross margin expanded to 41.7% from 38.5%, a 320-basis-point increase. The improvement included a $16.5M benefit from IEEPA tariff refunds, as well as favorable pricing.
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Global Retail drove operating uplift
Global Retail revenue increased 2.6% to $261.0M and adjusted operating earnings rose to $18.3M from $3.0M. Global Retail operating margin increased to 6.1% from 0.6%.
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Operating cash flow improved
Operating cash flow increased to $49.1M from $9.4M year over year. Capital expenditures were $32.5M versus $30.7M, implying calculated cash generation after capex of approximately $16.6M.
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Liquidity remained adequate
Cash increased to $178.6M from $167.7M at May 30, 2026, while total liquidity rose to $580.4M from $571.7M, including $401.8M of revolver availability.
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Orders returned to growth
Orders increased 17.3% in International Contract and 4.3% in Global Retail, helping total orders grow 3.2% despite a 1.7% decline in North America Contract orders.
What to watch
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Contract demand remains weak
Backlog declined 3.1% to $669.2M, while total sales fell 3.4% to $923.4M. North America Contract and International Contract sales declined 5.3% and 6.4%, respectively.
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Margin benefit may not recur
The $16.5M IEEPA tariff refund materially supported gross margin, which increased to 41.7%. Management is still evaluating additional claims, and the filing identifies potential tariff-refund clawback or reversal as a risk.
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Cost pressures offset margin gains
Operating expenses increased 6.0%, or $18.9M, driven by approximately $13M of higher compensation, $6M of restructuring charges and $5M of new-store costs. Total restructuring charges were $6.5M versus $0.5M in the prior-year quarter.
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Inventory build pressures cash flow
Inventories increased to $514.7M from $488.4M at May 30, 2026, while management reported that working capital used $22.4M of cash during the quarter. Higher inventory partially offset improved receivables collections.
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Leverage and interest exposure
Total debt increased to $1,307.4M from $1,294.6M, including $311.5M of revolver borrowings and $56.5M under the accounts receivable securitization facility. Interest-rate exposure remains material, with swaps covering an aggregate notional amount of $1.15B.
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No formal risk-factor update
The filing states there were no material changes in risk factors from the fiscal 2026 Form 10-K. Nevertheless, the filing continues to identify executive leadership transition, trade policy, macroeconomic conditions and consumer spending as risks; CEO transition costs were $1.7M in the quarter.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance. It expects full-year capital purchases of $125.0M-$135.0M, versus $122.3M in fiscal 2026, and had $26.5M of outstanding capital purchase commitments at quarter end. Prior company guidance was discussed in the September 22 earnings release rather than this filing.
Earlier filings 4
10-Q · March 30, 2026
MillerKnoll reported Q3 net sales of $926.6 million (up from $876.2 million a year ago but down vs. the prior quarter), with gross margin of $352.9 million (≈38.1%) and operating earnings of $44.9 million (operating…
10-Q · January 5, 2026
MillerKnoll reported Q2 2026 revenues of $955.2 million, reflecting a slight decline of 1.5% from the prior quarter and a 1.5% decrease from the same period last year. The company reported a diluted EPS of $0.35, which…
10-Q · September 29, 2025
MillerKnoll reported quarterly net sales of $955.7 million (up $94.2 million vs. prior-year $861.5 million) and diluted EPS of $0.29 (vs. $(0.02) prior year), beating consensus. Operating earnings rose to $53.5 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.