HNI (HNI) FY2025 results: revenue $2.8 billion, up 12.4% on the year
HNI Corp. (HNI) reported revenue of $2.8 billion for fiscal 2025, the year ended 3 January 2026, up 12.4% on the year before. Net income was $54 million, down 61.1%, and diluted earnings per share $1.11. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2026.
Revenue
$2.8 billion
+12.4% on the year
FY2018FY2025
Operating margin
4.4%
8.2% a year earlier
FY2018FY2025
Net income
$54 million
-61.1% on the year
FY2018FY2025
Diluted EPS
$1.11
-61.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Fourth-quarter sales rose 38.3 percent: Net sales reached $888.4 million, including $187.5 million from Steelcase. Organic net sales rose 10.1 percent year-over-year.
Fourth-quarter GAAP loss per share: Net loss was $49.2 million after $86.3 million of acquisition costs. Non-GAAP diluted EPS was $0.83, against $0.87 a year earlier.
Non-GAAP EPS grew, fourth straight year: Excluding Steelcase, 2025 non-GAAP diluted EPS was $3.74, up 22 percent. Consolidated non-GAAP diluted EPS was $3.46, up 13.1 percent.
Workplace margin fell on Steelcase accounting: Segment operating margin was 5.3 percent, down 130 basis points. Non-GAAP segment margin was 6.6 percent, down 110 basis points; legacy Workplace non-GAAP margin was 10.0 percent.
Synergies add $1.20 when fully mature: Management expects Steelcase synergies of $120 million to add $1.20 to non-GAAP diluted EPS when fully mature, with modest accretion in 2026.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
276
227
268
+21.9%
Capital expenditure
67.8
52.9
79.1
+28.2%
Free cash flow
208
174
188
+20.0%
Free cash flow margin
7.3%
6.9%
7.7%
Cash from investing
-444
-51.0
-445
Cash from financing
363
-182
189
Depreciation and amortisation
107
108
94.9
-0.6%
Share-based compensation
24.7
17.4
16.5
+42.0%
Buybacks
83.6
65.8
0.3
+27.1%
Dividends paid
63.1
63.6
58.5
-0.8%
Dividend per share
$1.35
$1.31
$1.28
+3.1%
Diluted shares, weighted
49m
48m
45m
+0.8%
Shares outstanding at period end
71m
47m
47m
+51.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,836
840
761
+118.5%
Non-controlling interest
0.0
0.3
0.3
Debt
1,293
345
436
+275.2%
Operating lease liabilities
225
110
104
+104.9%
Finance lease liabilities
7.3
8.9
7.9
-18.0%
Other liabilities
1,524
572
619
+166.7%
Total liabilities and equity
4,885
1,875
1,929
+160.5%
Fixed assets
1,137
530
555
+114.7%
Goodwill
958
442
441
+116.7%
Intangible assets
426
133
162
+219.7%
Investments
36.7
27.9
24.9
+31.5%
Cash and equivalents
209
20.2
28.9
+935.6%
Receivables
n/a
n/a
247
Inventory
475
194
197
+144.6%
Other assets
1,643
528
273
+211.3%
Total assets
4,885
1,875
1,929
+160.5%
10-K for the year ended 3 January 2026, filed 3 March 2026: the filing.