MILLERKNOLL, INC.
For the period ended May 31, 2025. Filed Jul 21, 2025.
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FY2025 · Filed Jul 21, 2025
MLKN$21.94-1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Financial Statements and Supplementary Data
| Year Ended | |||
|---|---|---|---|
| (In millions, except per share data) | May 31, 2025 | June 1, 2024 | June 3, 2023 |
| Net sales | $3,669.9 | $3,628.4 | $4,087.1 |
| Cost of sales | 2,247.3 | 2,208.9 | 2,657.1 |
| Gross margin | 1,422.6 | 1,419.5 | 1,430.0 |
| Operating expenses: | |||
| Selling, general and administrative | 1,133.5 | 1,112.1 | 1,126.4 |
| Impairment charges | 130.0 | 16.8 | 41.2 |
| Restructuring expenses | 14.8 | 30.8 | 34.4 |
| Design and research | 93.8 | 92.6 | 105.7 |
| Total operating expenses | 1,372.1 | 1,252.3 | 1,307.7 |
| Operating earnings | 50.5 | 167.2 | 122.3 |
| Interest expense | 76.7 | 76.2 | 74.0 |
| Interest and other investment (income) expense | (5.4) | (6.1) | (2.8) |
| Other expense (income), net | 1.1 | (2.6) | (0.3) |
| (Loss) earnings before income taxes and equity income | (21.9) | 99.7 | 51.4 |
| Income tax expense | 11.6 | 14.7 | 4.5 |
| Equity earnings (loss) from nonconsolidated affiliate, net of tax | 0.3 | (0.4) | (0.8) |
| Net (loss) earnings | (33.2) | 84.6 | 46.1 |
| Net earnings attributable to redeemable noncontrolling interests | 3.7 | 2.3 | 4.0 |
| Net (loss) earnings attributable to MillerKnoll, Inc. | $(36.9) | $82.3 | $42.1 |
| (Loss) earnings per share - basic | $(0.54) | $1.12 | $0.56 |
| (Loss) earnings per share - diluted | (0.54) | 1.11 | 0.55 |
| Other comprehensive income, net of tax | |||
| Foreign currency translation adjustments | 35.1 | 8.3 | (20.1) |
| Pension and post-retirement liability adjustments | 2.4 | (9.5) | 13.1 |
| Unrealized (loss) gain on interest rate swap agreement | (26.8) | 3.6 | 19.0 |
| Other comprehensive income, net of tax | 10.7 | 2.4 | 12.0 |
| Comprehensive (loss) income | (22.5) | 87.0 | 58.1 |
| Comprehensive income attributable to redeemable noncontrolling interests | 3.7 | 2.3 | 4.0 |
| Comprehensive (loss) income attributable to MillerKnoll, Inc. | $(26.2) | $84.7 | $54.1 |
| (In millions, except share and per share data) | May 31, 2025 | June 1, 2024 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $193.7 | $230.4 |
| Accounts receivable, net of allowances of $9.3 and $7.4 | 350.2 | 308.3 |
| Unbilled accounts receivable | 26.9 | 22.2 |
| Inventories, net | 447.5 | 428.6 |
| Prepaid expenses | 74.6 | 66.5 |
| Assets held for sale | — | 3.5 |
| Other current assets | 15.8 | 10.1 |
| Total current assets | 1,108.7 | 1,069.6 |
| Property and equipment, net of accumulated depreciation of $1,142.7 and $1,090.7 | 496.1 | 492.0 |
| Right of use assets | 411.2 | 375.6 |
| Goodwill | 1,152.4 | 1,226.3 |
| Indefinite-lived intangibles | 432.5 | 465.5 |
| Other amortizable intangibles, net of accumulated amortization of $265.4 and $223.4 | 247.5 | 279.3 |
| Other noncurrent assets | 101.8 | 135.3 |
| Total Assets | $3,950.2 | $4,043.6 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $271.3 | $241.4 |
| Short-term borrowings and current portion of long-term debt | 16.0 | 43.5 |
| Accrued compensation and benefits | 92.5 | 104.5 |
| Short-term lease liability | 72.0 | 67.2 |
| Accrued warranty | 16.8 | 17.6 |
| Customer deposits | 102.5 | 100.2 |
| Other accrued liabilities | 132.7 | 123.3 |
| Total current liabilities | 703.8 | 697.7 |
| Long-term debt | 1,310.6 | 1,291.7 |
| Pension and post-retirement benefits | 7.1 | 10.0 |
| Lease liabilities | 413.4 | 360.4 |
| Other liabilities | 180.2 | 224.8 |
| Total Liabilities | 2,615.1 | 2,584.6 |
| Redeemable noncontrolling interests | 59.3 | 73.9 |
| Stockholders' Equity: | ||
| Preferred stock, no par value (10,000,000 shares authorized, none issued) | — | — |
| 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) | 13.6 | 14.1 |
| Additional paid-in capital | 679.1 | 725.3 |
| Retained earnings | 665.1 | 738.4 |
| Accumulated other comprehensive loss | (82.0) | (92.7) |
| Total Stockholders' Equity | 1,275.8 | 1,385.1 |
| Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity | $3,950.2 | $4,043.6 |
Consolidated Statements of Stockholders' Equity
| Common Stock · Additional Paid-in Capital · Retained Earnings · Accumulated Other Comprehensive (Loss) Income · Deferred Compensation Plan · MillerKnoll, Inc. Stockholders' Equity | |||||||
|---|---|---|---|---|---|---|---|
| (In millions, except share and per share data) · Shares · Amount | |||||||
| May 28, 2022 | 75,824,241 | $15.2 | $825.7 | $693.3 | $(107.1) | $— | $1,427.1 |
| Net earnings | — | — | — | 42.1 | — | — | 42.1 |
| Other comprehensive income, net of tax | — | — | — | — | 12.0 | — | 12.0 |
| Stock-based compensation expense | (39,839) | — | 20.2 | — | — | — | 20.2 |
| Exercise of stock options | 49,482 | — | 1.0 | — | — | — | 1.0 |
| Restricted and performance stock units released | 226,657 | — | 0.4 | — | — | — | 0.4 |
| Employee stock purchase plan issuances | 185,551 | — | 3.1 | — | — | — | 3.1 |
| Repurchase and retirement of common stock | (575,207) | (0.1) | (15.9) | — | — | — | (16.0) |
| Deferred stock unit | — | — | 0.6 | — | — | — | 0.6 |
| Director's fees | 27,785 | — | 0.6 | — | — | — | 0.6 |
| Redemption Value Adjustment | — | — | — | (1.9) | — | — | (1.9) |
| Dividends declared ($0.75 per share) | — | — | — | (57.2) | — | — | (57.2) |
| Other | — | — | 0.8 | (0.2) | — | — | 0.6 |
| June 3, 2023 | 75,698,670 | $15.1 | $836.5 | $676.1 | $(95.1) | $— | $1,432.6 |
| Net earnings | — | — | — | 82.3 | — | — | 82.3 |
| Other comprehensive income, net of tax | — | — | — | — | 2.4 | — | 2.4 |
| Stock-based compensation expense | (983) | — | 20.7 | — | — | — | 20.7 |
| Exercise of stock options | 74,096 | — | 1.7 | — | — | — | 1.7 |
| Restricted and performance stock units released | 457,965 | 0.1 | 0.9 | — | — | — | 1.0 |
| Employee stock purchase plan issuances | 139,211 | 0.1 | 2.9 | — | — | — | 3.0 |
| Repurchase and retirement of common stock | (6,022,646) | (1.2) | (138.2) | — | — | — | (139.4) |
| Director's fees | 31,379 | — | 0.8 | — | — | — | 0.8 |
| Redemption Value Adjustment | — | — | — | 34.5 | — | — | 34.5 |
| Dividends declared ($0.75 per share) | — | — | — | (55.0) | — | — | (55.0) |
| Other | — | — | — | 0.5 | — | — | 0.5 |
| June 1, 2024 | 70,377,692 | $14.1 | $725.3 | $738.4 | $(92.7) | $— | $1,385.1 |
| Net earnings | — | — | — | (36.9) | — | — | (36.9) |
| Other comprehensive income, net of tax | — | — | — | — | 10.7 | — | 10.7 |
| Stock-based compensation expense | — | — | 31.8 | — | — | — | 31.8 |
| Exercise of stock options | 95,901 | — | 1.9 | — | — | — | 1.9 |
| Restricted and performance stock units released | 417,843 | 0.1 | 1.4 | — | — | — | 1.5 |
| Employee stock purchase plan issuances | 155,758 | 0.1 | 2.9 | — | — | — | 3.0 |
| Repurchase and retirement of common stock, including excise tax | (3,291,176) | (0.7) | (84.9) | — | — | — | (85.6) |
| Deferred stock unit | 508 | — | — | — | — | — | — |
| Director's fees | 48,387 | — | 1.1 | — | — | — | 1.1 |
| Redemption Value Adjustment | — | — | — | 16.4 | — | — | 16.4 |
| Dividends declared ($0.75 per share) | — | — | — | (52.3) | — | — | (52.3) |
| Other | — | — | (0.4) | (0.5) | — | — | (0.9) |
| May 31, 2025 | 67,804,913 | $13.6 | $679.1 | $665.1 | $(82.0) | $— | $1,275.8 |
| Year Ended | |||
|---|---|---|---|
| (In millions) | May 31, 2025 | June 1, 2024 | June 3, 2023 |
| Cash Flows from Operating Activities: | |||
| Net (loss) earnings | $(33.2) | $84.6 | $46.1 |
| Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||
| Depreciation expense | 102.6 | 117.5 | 115.3 |
| Amortization expense | 37.9 | 37.6 | 39.8 |
| Loss on sale of equity method investment | — | 0.4 | — |
| Deferred taxes | (45.0) | (38.8) | (45.3) |
| Pension contributions | (0.3) | (1.8) | (11.7) |
| Impairment charges | 130.0 | 16.8 | 57.9 |
| Restructuring expenses | 14.8 | 30.8 | 34.0 |
| Stock-based compensation | 31.8 | 20.7 | 20.2 |
| Amortization of deferred financing costs | 4.6 | 4.6 | 4.6 |
| Operating leases | 4.7 | (4.3) | (3.3) |
| Decrease (increase) in long-term assets | 2.0 | 2.4 | (4.7) |
| Changes in current assets and liabilities: | |||
| (Increase) decrease in accounts receivable & unbilled accounts receivable | (41.9) | 35.2 | 15.6 |
| (Increase) decrease in inventories | (16.9) | 59.0 | 81.5 |
| (Increase) decrease in prepaid expenses and other | (13.9) | 25.6 | 19.6 |
| Increase (decrease) in accounts payable | 26.7 | (28.9) | (82.5) |
| Increase (decrease) in accrued liabilities | 1.0 | (7.5) | (124.8) |
| Other, net | 4.4 | (1.6) | 0.6 |
| Net Cash Provided by Operating Activities | 209.3 | 352.3 | 162.9 |
| Cash Flows from Investing Activities: | |||
| Advances of notes receivable | (3.3) | (14.7) | (5.1) |
| Collection of notes receivable | 6.8 | 2.8 | — |
| Capital expenditures | (107.6) | (78.4) | (83.3) |
| Proceeds from sales of property and dealers | 6.5 | — | 0.3 |
| Proceeds from life insurance policy | — | — | 13.5 |
| Proceeds from the sale of equity method investment | — | 3.5 | — |
| Other, net | (3.3) | 0.5 | (1.9) |
| Net Cash (Used in) Investing Activities | (100.9) | (86.3) | (76.5) |
| Cash Flows from Financing Activities: | |||
| Proceeds from issuance of debt, net of discounts | 123.1 | — | — |
| Payments of deferred financing costs | (0.3) | — | — |
| Repayments of long-term debt | (75.7) | (31.3) | (26.3) |
| Proceeds from credit facility | 1,101.8 | 833.2 | 929.9 |
| Repayments of credit facility | (1,163.5) | (869.9) | (916.2) |
| Dividends paid | (51.7) | (55.6) | (57.1) |
| Common stock issued | 6.0 | 5.9 | 5.5 |
| Common stock repurchased and retired | (84.9) | (138.2) | (16.0) |
| Distribution to noncontrolling interest | (4.4) | (2.8) | (4.9) |
| Other, net | (0.7) | (0.1) | (1.7) |
| Net Cash (Used in) Financing Activities | (150.3) | (258.8) | (86.8) |
| Effect of exchange rate changes on cash and cash equivalents | 5.2 | (0.3) | (6.4) |
| Net (Decrease) Increase In Cash and Cash Equivalents | (36.7) | 6.9 | (6.8) |
| Cash and cash equivalents, Beginning of Year | 230.4 | 223.5 | 230.3 |
| Cash and Cash Equivalents, End of Year | $193.7 | $230.4 | $223.5 |
| Other Cash Flow Information | |||
| Interest paid | $69.1 | $70.6 | $70.6 |
| Income taxes paid, net of cash received | $51.3 | $28.1 | $34.8 |
Notes to the Consolidated Financial Statements
| Note 1 | Significant Accounting and Reporting Policies | 51 |
|---|---|---|
| Note 2 | Revenue from Contracts with Customers | 60 |
| Note 3 | Inventories | 63 |
| Note 4 | Investments in Nonconsolidated Affiliates | 63 |
| Note 5 | Short-Term Borrowings and Long-Term Debt | 64 |
| Note 6 | Leases | 66 |
| Note 7 | Employee Benefit Plans | 67 |
| Note 8 | Common Stock and Per Share Information | 71 |
| Note 9 | Stock-Based Compensation | 71 |
| Note 10 | Income Taxes | 76 |
| Note 11 | Fair Value Measurements | 80 |
| Note 12 | Commitments and Contingencies | 84 |
| Note 13 | Operating Segments | 85 |
| Note 14 | Accumulated Other Comprehensive Loss | 88 |
| Note 15 | Restructuring and Integration Expense | 88 |
| Note 16 | Variable Interest Entities | 90 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.