HNI reported consolidated net sales of $2,839.0 million for the year, a 12.4% increase driven by acquisition activity and underlying volume and price improvements, and delivered net income per diluted share of $1.11 (down from $2.88) after recording acquisition, restructuring and impairment impacts. Gross profit was $1,176.1 million with a 41.4% margin while operating income was $126.0 million, pressured by $94.6 million of acquisition-related costs and restructuring charges. Net income attributable to HNI totaled $54.2 million for the period.

Financial Highlights

• Net sales: $2,839.0 million, up 12.4% year-over-year.
• Gross profit: $1,176.1 million; gross margin 41.4% (up 50 basis points).
• Operating income: $126.0 million; operating margin 4.4% (down 380 basis points) reflecting acquisition and restructuring costs.
• Net income attributable to HNI: $54.2 million (down from $139.5 million prior year), inclusive of acquisition and impairment charges.
• Net income per diluted share: $1.11, compared with $2.88 in the prior year.

Business Highlights

• Revenue mix and growth drivers: Consolidated net sales growth was led by a 14.6% increase in workplace and 5.7% growth in residential; the Steelcase acquisition contributed $187.5 million in sales.
• Channel and brand expansion: Workplace Furnishings expanded across multiple channels while integrating the Steelcase business and leveraging established brands to broaden customer reach.
• Operational efficiency gains: Improved net productivity and increased utilization at the Mexico facility supported margin expansion despite the drag from acquisition-related costs.
• Strategic actions: Completed the Steelcase acquisition, captured synergies from the Kimball integration, and divested HNI India to focus on core strategic priorities.

Original SEC Filing: HNI CORP [ HNI ] - 10-K - Mar. 03, 2026