MILLERKNOLL, INC.
For the period ended May 30, 2026. Filed Jul 20, 2026.
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FY2026 · Filed Jul 20, 2026
MLKN$21.94-1.7%Stored close · as of Nov 10, 2026
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Item 8. Financial Statements and Supplementary Data
| Year Ended | |||
|---|---|---|---|
| (In millions, except per share data) | May 30, 2026 | May 31, 2025 | June 1, 2024 |
| Net sales | $3,841.7 | $3,669.9 | $3,628.4 |
| Cost of sales | 2,352.9 | 2,247.3 | 2,208.9 |
| Gross margin | 1,488.8 | 1,422.6 | 1,419.5 |
| Operating expenses: | |||
| Selling, general and administrative | 1,178.3 | 1,133.5 | 1,112.1 |
| Impairment charges | — | 130.0 | 16.8 |
| Restructuring expenses | 11.9 | 14.8 | 30.8 |
| Design and research | 100.3 | 93.8 | 92.6 |
| Total operating expenses | 1,290.5 | 1,372.1 | 1,252.3 |
| Operating earnings | 198.3 | 50.5 | 167.2 |
| Interest expense | 69.9 | 76.7 | 76.2 |
| Interest and other investment income | (4.1) | (5.4) | (6.1) |
| Other expense (income), net | 4.3 | 1.1 | (2.6) |
| Earnings (loss) before income taxes and equity income | 128.2 | (21.9) | 99.7 |
| Income tax expense | 32.4 | 11.6 | 14.7 |
| Equity (loss) earnings from nonconsolidated affiliate, net of tax | (0.1) | 0.3 | (0.4) |
| Net earnings (loss) | 95.7 | (33.2) | 84.6 |
| Net earnings attributable to redeemable noncontrolling interests | 4.2 | 3.7 | 2.3 |
| Net earnings (loss) attributable to MillerKnoll, Inc. | $91.5 | $(36.9) | $82.3 |
| Earnings (loss) per share - basic | $1.33 | $(0.54) | $1.12 |
| Earnings (loss) per share - diluted | 1.32 | (0.54) | 1.11 |
| Other comprehensive income, net of tax | |||
| Foreign currency translation adjustments | 19.6 | 35.1 | 8.3 |
| Pension and post-retirement liability adjustments | 0.2 | 2.4 | (9.5) |
| Unrealized (loss) gain on interest rate swap agreement | (7.1) | (26.8) | 3.6 |
| Other comprehensive income, net of tax | 12.7 | 10.7 | 2.4 |
| Comprehensive income (loss) | 108.4 | (22.5) | 87.0 |
| Comprehensive income attributable to redeemable noncontrolling interests | 4.2 | 3.7 | 2.3 |
| Comprehensive income (loss) attributable to MillerKnoll, Inc. | $104.2 | $(26.2) | $84.7 |
| (In millions, except share and per share data) | May 30, 2026 | May 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $167.7 | $193.7 |
| Accounts receivable, net of allowances of $8.4 and $9.3 | 357.4 | 350.2 |
| Unbilled accounts receivable | 18.3 | 26.9 |
| Inventories, net | 488.4 | 447.5 |
| Prepaid expenses | 88.7 | 74.6 |
| Other current assets | 16.7 | 15.8 |
| Total current assets | 1,137.2 | 1,108.7 |
| Property and equipment, net of accumulated depreciation of $1,221.3 and $1,142.7 | 511.3 | 496.1 |
| Right of use assets | 445.9 | 411.2 |
| Goodwill | 1,161.3 | 1,152.4 |
| Indefinite-lived intangibles | 435.3 | 432.5 |
| Other amortizable intangibles, net of accumulated amortization of $304.1 and $265.4 | 214.0 | 247.5 |
| Other noncurrent assets | 95.5 | 101.8 |
| Total Assets | $4,000.5 | $3,950.2 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $279.1 | $271.3 |
| Short-term borrowings and current portion of long-term debt | 25.1 | 16.0 |
| Accrued compensation and benefits | 93.8 | 92.5 |
| Short-term lease liability | 82.0 | 72.0 |
| Accrued warranty | 16.7 | 16.8 |
| Customer deposits | 89.7 | 102.5 |
| Other accrued liabilities | 134.7 | 132.7 |
| Total current liabilities | 721.1 | 703.8 |
| Long-term debt | 1,260.6 | 1,310.6 |
| Pension and post-retirement benefits | 7.0 | 7.1 |
| Lease liabilities | 433.8 | 413.4 |
| Accrued warranty | 52.6 | 52.8 |
| Other liabilities | 119.5 | 127.4 |
| Total Liabilities | 2,594.6 | 2,615.1 |
| Redeemable noncontrolling interests | 63.3 | 59.3 |
| 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, 68,180,011 and 67,804,913 shares issued and outstanding in 2026 and 2025, respectively) | 13.6 | 13.6 |
| Additional paid-in capital | 694.3 | 679.1 |
| Retained earnings | 704.0 | 665.1 |
| Accumulated other comprehensive loss | (69.3) | (82.0) |
| Total Stockholders' Equity | 1,342.6 | 1,275.8 |
| Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity | $4,000.5 | $3,950.2 |
Consolidated Statements of Stockholders' Equity
| Common Stock · Additional Paid-in Capital · Retained Earnings · Accumulated Other Comprehensive (Loss) Income · MillerKnoll, Inc. Stockholders' Equity | ||||||
|---|---|---|---|---|---|---|
| (In millions, except share and per share data) · Shares · Amount | ||||||
| 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 (loss) | — | — | — | (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 | (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 |
| Net earnings | — | — | — | 91.5 | — | 91.5 |
| Other comprehensive income, net of tax | — | — | — | — | 12.7 | 12.7 |
| Stock-based compensation expense | — | — | 26.0 | — | — | 26.0 |
| Exercise of stock options | 23,453 | — | 0.4 | — | — | 0.4 |
| Restricted and performance stock units released | 1,089,404 | 0.2 | 1.3 | — | — | 1.5 |
| Employee stock purchase plan issuances | 174,824 | — | 2.6 | — | — | 2.6 |
| Repurchase and retirement of common stock, including excise tax | (965,907) | (0.2) | (16.1) | — | — | (16.3) |
| Director's fees | 53,324 | — | 1.0 | — | — | 1.0 |
| Redemption Value Adjustment | — | — | — | (0.9) | — | (0.9) |
| Dividends declared ($0.75 per share) | — | — | — | (52.4) | — | (52.4) |
| Other | — | — | — | 0.7 | — | 0.7 |
| May 30, 2026 | 68,180,011 | $13.6 | $694.3 | $704.0 | $(69.3) | $1,342.6 |
| Year Ended | |||
|---|---|---|---|
| (In millions) | May 30, 2026 | May 31, 2025 | June 1, 2024 |
| Cash Flows from Operating Activities: | |||
| Net earnings (loss) | $95.7 | $(33.2) | $84.6 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation expense | 110.3 | 102.6 | 117.5 |
| Amortization expense | 38.0 | 37.9 | 37.6 |
| Deferred taxes | (11.6) | (45.0) | (38.8) |
| Pension contributions | (0.9) | (0.3) | (1.8) |
| Loss on extinguishment of debt | 8.0 | — | — |
| Impairment charges | — | 130.0 | 16.8 |
| Restructuring expenses | 1.9 | 14.8 | 30.8 |
| Stock-based compensation | 26.0 | 31.8 | 20.7 |
| Amortization of deferred financing costs | 2.7 | 4.6 | 4.6 |
| Bad debt expense | 1.6 | 5.1 | 3.3 |
| Operating leases | (4.3) | 4.7 | (4.3) |
| (Increase) decrease in long-term assets | (0.6) | 2.0 | 2.4 |
| Changes in current assets and liabilities: | |||
| Decrease (increase) in accounts receivable & unbilled accounts receivable | 1.2 | (41.9) | 35.2 |
| (Increase) decrease in inventories | (37.5) | (16.9) | 59.0 |
| (Increase) decrease in prepaid expenses and other | (13.9) | (13.9) | 25.6 |
| Increase (decrease) in accounts payable | 1.7 | 26.7 | (28.9) |
| (Decrease) increase in accrued liabilities | (14.0) | 1.0 | (7.5) |
| Other, net | (4.4) | (0.7) | (4.5) |
| Net Cash Provided by Operating Activities | 199.9 | 209.3 | 352.3 |
| Cash Flows from Investing Activities: | |||
| Advances of notes receivable | — | (3.3) | (14.7) |
| Collection of notes receivable | 6.9 | 6.8 | 2.8 |
| Capital expenditures | (122.3) | (107.6) | (78.4) |
| Proceeds from sale of property | 0.2 | 6.5 | — |
| Proceeds from the sale of equity method investment | — | — | 3.5 |
| Other, net | (0.4) | (3.3) | 0.5 |
| Net Cash Used in Investing Activities | (115.6) | (100.9) | (86.3) |
| Cash Flows from Financing Activities: | |||
| Proceeds from issuance of debt, net of discounts | 561.8 | 123.1 | — |
| Payments of deferred financing costs | (2.2) | (0.3) | — |
| Repayments of long-term debt | (631.3) | (75.7) | (31.3) |
| Proceeds from credit facility | 1,107.5 | 1,101.8 | 833.2 |
| Repayments of credit facility | (1,129.1) | (1,163.5) | (869.9) |
| Proceeds from securitization facility | 113.1 | — | — |
| Repayments to securitization facility | (70.2) | — | — |
| Dividends paid | (51.1) | (51.7) | (55.6) |
| Common stock issued | 4.5 | 6.0 | 5.9 |
| Common stock repurchases and payments for taxes related to net share settlement of equity awards | (16.3) | (84.9) | (138.2) |
| Distribution to noncontrolling interest | (3.1) | (4.4) | (2.8) |
| Other, net | (0.6) | (0.7) | (0.1) |
| Net Cash Used in Financing Activities | (117.0) | (150.3) | (258.8) |
| Effect of exchange rate changes on cash and cash equivalents | 6.7 | 5.2 | (0.3) |
| Net (Decrease) Increase In Cash and Cash Equivalents | (26.0) | (36.7) | 6.9 |
| Cash and cash equivalents, Beginning of Year | 193.7 | 230.4 | 223.5 |
| Cash and Cash Equivalents, End of Year | $167.7 | $193.7 | $230.4 |
Notes to the Consolidated Financial Statements
| Note 1 | Significant Accounting and Reporting Policies | 50 |
|---|---|---|
| Note 2 | Revenue from Contracts with Customers | 58 |
| Note 3 | Cash and Cash Equivalents | 60 |
| Note 4 | Inventories | 61 |
| Note 5 | Short-Term Borrowings and Long-Term Debt | 61 |
| Note 6 | Leases | 63 |
| Note 7 | Employee Benefit Plans | 64 |
| Note 8 | Common Stock and Per Share Information | 67 |
| Note 9 | Stock-Based Compensation | 67 |
| Note 10 | Income Taxes | 71 |
| Note 11 | Fair Value Measurements | 76 |
| Note 12 | Commitments and Contingencies | 81 |
| Note 13 | Operating Segments | 83 |
| Note 14 | Accumulated Other Comprehensive Loss | 86 |
| Note 15 | Restructuring and Integration Expense | 86 |
| Note 16 | Variable Interest Entities | 88 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.