MILLERKNOLL, INC. (MLKN) FY2025 10-K Annual Report
MILLERKNOLL, INC. (MLKN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Jul 21, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MILLERKNOLL, INC. FY2025 10-K Analysis
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
MILLERKNOLL, INC. FY2025 Key Financial MetricsXBRL
Revenue
$3.7B
▲ +1.1% YoY
Net Income
-$37M
▼ -144.8% YoY
Gross Margin
38.8%
▼ -36bp YoY
Operating Margin
1.4%
▼ -323bp YoY
Net Margin
-1.0%
▼ -327bp YoY
ROE
-2.9%
▼ -883bp YoY
Total Assets
$4.0B
▼ -2.3% YoY
EPS (Diluted)
$-0.54
▼ -148.6% YoY
Operating Cash Flow
$209M
▼ -40.6% YoY
Source: XBRL data from MILLERKNOLL, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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