Short answer
Masco (MAS) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $7.6B (−3.4% year over year) and net income of $810M.
- Top risk flagged: Regulatory compliance risk with evolving international laws on anti-bribery, sanctions, tax, and trade increasing management costs and operational disruptions
FY2025 key financial metrics · XBRL
- Revenue
- $7.6B
- −3.4% YoY
- Net income
- $810M
- −1.5% YoY
- Operating margin
- 16.5%
- −0.9 pp YoY
- Gross margin
- 35.4%
- −0.7 pp YoY
- EPS (diluted)
- $3.86
- +2.7% YoY
- ROE
- -437.8%
- −143.2 pp YoY
- Operating cash flow
- $1.0B
- −4.9% YoY
Source: XBRL data from the Masco (MAS) FY2025 10-K on SEC EDGAR. USD.
Masco FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Design, manufacture, and distribution of branded home improvement and building products globally
- New connected water products with touchless, voice activation, and water monitoring capabilities introduced in Plumbing Products segment
- Continued strategic focus on maximizing core businesses and active portfolio management, including $8.5 million shares repurchased and 7% dividend increase
- Decorative Architectural Products represent 31% of net sales in 2025, slight decrease from 32% in prior two years
- Price volatility and tariff impact on raw materials (brass, acrylic resin, titanium dioxide) noted with long-term supplier agreements to mitigate risks
Management Discussion & Analysis
- Revenue $7,562M, down 3% YoY, or 2% excluding divestitures and currency; Plumbing Products up 3% to $4,992M, Decorative Architectural Products down 14% to $2,570M
- Operating margin 16.5% vs 17.4% reported; gross margin 35.4% vs 36.2%; Plumbing Products segment profit $895M (-2%), Decorative Architectural Products $443M (-19%)
- Cash from operations $1,022M; capital expenditures $156M; repurchased shares $576M; dividends paid $261M; $647M cash on hand at year-end
- 2026 capex guidance $190M; dividend expected to increase 3% to $1.28 per share annually; share repurchase authorization renewed for $2.0B
- Key risk: declining Decorative Architectural sales (down 14%), higher commodity/tariff costs impacting margins, and macroeconomic uncertainties affecting future outlook
Risk Factors
- Regulatory compliance risk with evolving international laws on anti-bribery, sanctions, tax, and trade increasing management costs and operational disruptions
- Geopolitical exposure: 21% net sales outside North America in 2025, notably Europe, with risks from trade disruptions, economic instability, and currency fluctuations
- Supply chain vulnerability from reliance on raw materials like brass, copper, and resins, impacted by tariffs and shortages elevating production costs in Plumbing Products segment
- Competitive risk from major customer concentration: The Home Depot accounted for 38% of 2025 net sales, with pricing power that could reduce Masco's margins
- Financial covenant risk: restrictive credit agreement covenants could limit borrowing if earnings decline or defaults occur, constraining financial flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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