MillerKnoll, Inc.

Fourth-quarter consolidated net sales were $1 billion, up 4.4% reported and 3.7% organically, while adjusted EPS was $0.55 versus $0.60 a year ago. Consolidated orders were $972 million, down 6.3% reported and 6.9% organically, and backlog was $679 million, down 10.8% year over year. Gross margin was 39.4%, up 20 basis points. For the full year, net sales were above $3.8 billion and adjusted EPS was $1.86. Guidance for Q1 FY2027 is net sales of $928 million to $968 million, gross margin of 38.7% to 39.7%, adjusted operating expense of $316 million to $326 million, and adjusted EPS of $0.33 to $0.39. Full-year FY2027 guidance is net sales of $3.93 billion to $4.13 billion and adjusted EPS of $1.85 to $2.15.

Jeff Stutz emphasized that MillerKnoll has momentum in the business but not yet the financial performance it wants. He said his priorities as interim CEO are stronger operating discipline, tighter cost control, and better balance sheet management through debt reduction and improved cash flow. He also highlighted confidence in retail expansion, selective international growth, and the value of the company’s brands and design footprint, while framing the current effort as sharpening execution rather than reinventing the company.

Kevin Veltman said Q4 adjusted EPS was $0.55, revenue was $1 billion, gross margin reached 39.4%, and cash flow from operations was $65 million. For the year, the company produced $200 million in operating cash flow, spent $122 million on capex, reduced debt by $41 million, and returned about $67 million to shareholders, including $51 million of dividends and $16 million of buybacks. He guided FY2027 to $3.93 billion to $4.13 billion in sales and $1.85 to $2.15 in adjusted EPS, and said leverage was 2.8x with a medium-term goal of 2.0x to 2.5x net debt-to-EBITDA.

Analysts focused on what is driving the FY2027 outlook by segment, the impact of Middle East disruption, pricing and elasticity, and capital allocation. Management said it was not giving a segment-by-segment revenue guide, but expects growth to be led by retail and sees Global Retail operating margin expanding year over year in each quarter. On pricing, management said Q4 and Q1 price-cost were slightly favorable, citing tariff recovery, a regular April list-price increase, and a new inflation surcharge that started in June. On Holly Hunt, management said the issue is mainly cost, product-development, and leadership execution, and that restructuring is underway.