MILLERKNOLL, INC.

Listed Company

MLKNCIK 0000066382NasdaqLarge AcceleratedOffice FurnitureMichiganFY ends May 30

Period

FY 2025

Revenue

$3.67B

Net Income

$-36.90M

Total Assets

$3.95B

Equity

$1.28B

Shares Out

68.37M

Op. Cash Flow

$209.30M

Business

MILLERKNOLL, INC. designs, researches, manufactures and distributes interior furnishings and related services for residential, office, healthcare and educational environments. The Company’s main products and services include seating, furniture systems, freestanding furniture, storage and casegoods, textiles, leather, felt, acoustic products and related specification, design and support services. MillerKnoll reports three segments: North America Contract, International Contract and Global Retail, together with a corporate category for unallocated corporate expenses. The Company sells globally through independent contract dealers, direct customer sales, owned and independent retailers, eCommerce platforms and its branded retail stores and studios.

Summary from filing dated 2025-07-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Net sales	3,670	3,628	4,087	3,946	2,465
Cost of sales	2,247	2,209	2,657	2,593	1,514
Gross margin	1,423	1,420	1,430	1,353	951
Selling, general and administrative	1,134	1,112	1,126	1,204	644
Impairment charges	130	17	41	0	0
Restructuring expenses	15	31	34	0	3
Design and research	94	93	106	109	72
Total operating expenses	1,372	1,252	1,308	1,313	719
Operating earnings	51	167	122	40	233
Interest expense	77	76	74	38	—
Interest and other investment (income) expense	−5	−6	−3	—	—
Other expense (income), net	1	−3	−300,000	12	−8
(Loss) earnings before income taxes and equity income	−22	100	51	−9	228
Income tax expense	12	15	5	11	48
Equity earnings (loss) from nonconsolidated affiliate, net of tax	300,000	−400,000	−800,000	0	300,000
Net (loss) earnings	−33	85	46	−20	180
Net earnings attributable to redeemable noncontrolling interests	4	2	4	7	6
Net (loss) earnings attributable to MillerKnoll, Inc.	−37	82	42	−27	175
(Loss) earnings per share - basic (in dollar per share)	−0.54	1.12	0.56	−0.37	2.96
(Loss) earnings per share - diluted (in dollar per share)	−0.54	1.11	0.55	−0.37	2.94
Foreign currency translation adjustments	35	8	−20	−90	52
Pension and post-retirement liability adjustments	2	−10	13	14	9
Unrealized (loss) gain on interest rate swap agreement	−27	4	19	35	8
Other comprehensive income, net of tax	11	2	12	−42	69
Comprehensive (loss) income	−23	87	58	−62	249
Comprehensive income attributable to redeemable noncontrolling interests	4	2	4	4	6
Comprehensive (loss) income attributable to MillerKnoll, Inc.	−26	85	54	−66	244

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	194	230	224	230	396
Accounts receivable, net of allowances of $9.3 and $7.4	350	308	334	349	205
Unbilled accounts receivable	27	22	29	32	16
Inventories, net	448	429	487	587	229
Prepaid expenses	75	67	93	112	45
Assets held for sale	0	4	0	—	—
Other current assets	16	10	9	7	8
Total current assets	1,109	1,070	1,176	1,318	907
Property and equipment, net of accumulated depreciation of $1,142.7 and $1,090.7	496	492	536	582	327
Right of use assets	411	376	416	426	215
Goodwill	1,152	1,226	1,222	1,226	364
Indefinite-lived intangibles	433	466	481	501	98
Other amortizable intangibles, net of accumulated amortization of $265.4 and $223.4	248	279	313	362	105
Other noncurrent assets	102	135	131	99	61
Total Assets	3,950	4,044	4,275	4,514	2,077
Accounts payable	271	241	270	355	178
Short-term borrowings and current portion of long-term debt	16	44	33	29	2
Accrued compensation and benefits	93	105	62	129	90
Short-term lease liability	72	67	77	80	45
Accrued warranty	17	18	21	19	15
Customer deposits	103	100	94	125	—
Other accrued liabilities	133	123	147	140	103
Total current liabilities	704	698	703	877	477
Long-term debt	1,311	1,292	1,365	—	—
Pension and post-retirement benefits	7	10	8	25	35
Lease liabilities	413	360	394	398	221
Other liabilities	180	225	266	300	132
Total Liabilities	2,615	2,585	2,735	2,980	1,139
Redeemable noncontrolling interests	59	74	108	107	77
Preferred stock, no par value (10,000,000 shares authorized, none issued)	0	0	0	0	0
Common stock, $0.20 par value (240,000,000 shares authorized, 67,804,913 and 70,377,692 shares issued and outstanding in 2025 and 2024, respectively)	14	14	15	15	12
Additional paid-in capital	679	725	837	826	95
Retained earnings	665	738	676	693	819
Accumulated other comprehensive loss	−82	−93	−95	−107	−65
Total Stockholders' Equity	1,276	1,385	1,433	1,427	861
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity	3,950	4,044	4,275	4,514	2,077

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Depreciation expense	103	118	115	112	72
Amortization expense	38	38	40	79	15
Loss on sale of equity method investment	0	400,000	0	—	—
Deferred taxes	−45	−39	−45	−22	7
Pension contributions	−300,000	−2	−12	−5	−5
Impairment charges	130	17	58	16	0
Restructuring expenses	15	31	34	0	3
Stock-based compensation	32	21	20	31	9
Amortization of deferred financing costs	5	5	5	4	400,000
Operating leases	5	−4	−3	—	—
Decrease (increase) in long-term assets	2	2	−5	−2	1
(Increase) decrease in accounts receivable & unbilled accounts receivable	−42	35	16	−92	−15
(Increase) decrease in inventories	−17	59	82	−166	−10
(Increase) decrease in prepaid expenses and other	−14	26	20	−40	−4
Increase (decrease) in accounts payable	27	−29	−83	52	43
Increase (decrease) in accrued liabilities	1	−8	−125	47	15
Other, net	4	−2	600,000	−16	5
Net Cash Provided by Operating Activities	209	352	163	−12	332
Advances of notes receivable	−3	−15	−5	−1	−2
Collection of notes receivable	7	3	0	0	—
Capital expenditures	−108	−78	−83	−95	−60
Proceeds from sales of property and dealers	7	0	300,000	3	14
Proceeds from life insurance policy	0	0	14	0	0
Proceeds from the sale of equity method investment	0	4	0	0	—
Other, net	−3	500,000	−2	2	−12
Net Cash (Used in) Investing Activities	−101	−86	−77	−1,172	−60
Proceeds from issuance of debt, net of discounts	123	0	0	1,007	0
Payments of deferred financing costs	−300,000	0	0	−9	0
Repayments of long-term debt	−76	−31	−26	−63	−50
Proceeds from credit facility	1,102	833	930	1,027	0
Repayments of credit facility	−1,164	−870	−916	−839	−265
Dividends paid	−52	−56	−57	−55	−35
Common stock issued	6	6	6	8	5
Common stock repurchased and retired	−85	−138	−16	−16	−900,000
Distribution to noncontrolling interest	−4	−3	−5	−7	0
Other, net	−700,000	−100,000	−2	700,000	−2
Net Cash (Used in) Financing Activities	−150	−259	−87	1,040	−348
Effect of exchange rate changes on cash and cash equivalents	5	−300,000	−6	−22	18
Net (Decrease) Increase In Cash and Cash Equivalents	−37	7	−7	−166	−58
Interest paid	69	71	71	29	13
Income taxes paid, net of cash received	51	28	35	37	16

Filings

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