Short answer
MILLERKNOLL, INC. (MLKN) filed its fiscal 2025 10-K annual report with the SEC on Jul 21, 2025. It reported revenue of $3.7B (+1.1% year over year) and net income of −$37M.
- Top risk flagged: Regulatory risk from oversight by Audit Committee on cybersecurity under Enterprise Risk Management framework
FY2025 key financial metrics · XBRL
- Revenue
- $3.7B
- +1.1% YoY
- Net income
- −$37M
- −144.8% YoY
- Operating margin
- 1.4%
- −3.2 pp YoY
- Gross margin
- 38.8%
- −0.4 pp YoY
- EPS (diluted)
- −$0.54
- −148.6% YoY
- ROE
- -2.9%
- −8.8 pp YoY
- Operating cash flow
- $209M
- −40.6% YoY
Source: XBRL data from the MILLERKNOLL, INC. (MLKN) FY2025 10-K on SEC EDGAR. USD.
MILLERKNOLL, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business designing, manufacturing, and distributing interior furnishings across residential, office, healthcare, and educational environments
- Emphasis on collective brands including Herman Miller®, Knoll®, and newer brands like Muuto® and NaughtOne® under MillerKnoll umbrella
- Strategic focus on sustainability and redefining modern design for the 21st century with positive social and environmental impact
- Global sales channels include independent dealers, direct sales, retailers, catalogs, and eCommerce platforms supporting broad market reach
- Corporate headquarters remain in Zeeland, Michigan, anchoring centralized global operations
Management Discussion & Analysis
- Revenue $3.67B, up 1.1% YoY ($42M increase), driven by North America Contract $1.97B (+2.4% organic) and International Contract $660M (+2.7% organic)
- Operating margin 1.4% vs 4.6% YoY due to $113M increase in non-cash intangible impairments and $108M higher Global Retail operating expenses
- Best segment: North America Contract operating earnings $121M (6.2% margin), up $14.2M (+13.3%); Worst segment: Global Retail operating loss $(66)M, down $117M YoY
- Operating cash flow $209M, down from $352M; Capex $107.6M (up from $78.4M), share repurchases $85M (vs $138M), dividends not explicitly stated
- Fiscal 2026 capex guidance $120-$130M for facilities and sustainability; management managing spending, working capital, liquidity strong with $576M total liquidity
Risk Factors
- Regulatory risk from oversight by Audit Committee on cybersecurity under Enterprise Risk Management framework
- Operational risk from reliance on Security Council led by CISO, CTO, Chief Legal Officer for cybersecurity incident response
- Governance risk due to quarterly cybersecurity reporting to Audit Committee and annual Board updates on risk trends
- Key-person dependency on CISO with extensive cybersecurity experience driving security posture and risk mitigation
- No disclosed geopolitical, competitive, or financial risks specific or timely in provided text
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