Masco (MAS) FY2025 results: revenue $7.6 billion, down 3.4% on the year

Masco designs, makes and distributes branded home improvement and building products, from BEHR paint through DELTA and HANSGROHE faucets, bath and shower fixtures to LIBERTY hardware and HOT SPRING spas. It reports two segments aggregated by product similarity, Plumbing Products and Decorative Architectural Products, the second of which is seasonal and normally sells more in the second and third calendar quarters, the peak season for repair and remodelling. In 2025 the company repurchased approximately 8.5 million shares of its common stock and raised its quarterly dividend by approximately seven percent against 2024.

Plumbing Products

The segment sells faucets, showerheads, valves, bath hardware and accessories, bathing units, shower bases and enclosures, shower drains, water filtration, sinks and kitchen accessories, mainly to home centre retailers, online retailers, mass merchandisers, wholesalers and distributors that resell to plumbers, contractors, remodellers, smaller retailers, consumers and homebuilders. Most faucet, bathing and showering products go to North America, Europe and China under DELTA, BRIZO, PEERLESS, HANSGROHE, AXOR, KRAUS and NEWPORT BRASS, with BRISTAN and HERITAGE sold mainly in Britain, and the company makes acrylic tubs, bath and shower enclosure units and shower bases, sold as DELTA and MIROLIN mainly to home centre retailers in North America. Spas, exercise pools, aquatic fitness systems and saunas carry the HOT SPRING, CALDERA, FREEFLOW SPAS, ENDLESS POOLS, TYLÖ, FINNLEO and HELO brands, sold worldwide through independent specialty retailers and distributors, with spas and saunas also going to online mass merchandisers. The segment also holds brass, copper and composite plumbing components sold under BRASSCRAFT, PLUMBSHOP and MASTER PLUMBER and under private label, connected water products with touchless and voice activation and monitoring of water temperature and flow, and a business supplying custom thermoplastic products, extruded plastic profiles and PEX tubing.

Decorative Architectural Products

The segment is mainly architectural coatings, meaning paints, primers, specialty coatings, stains and waterproofing products, plus applicators and accessories, sold in North and South America under BEHR, KILZ, WHIZZ and other marks to do-it-yourself and professional customers through home centres and other retailers. Architectural coatings were approximately 31 percent of consolidated net sales in 2025 and 32 percent in each of 2024 and 2023. BEHR products are sold through The Home Depot, the segment's largest customer and the company's largest overall, and the Behr business grants it brand exclusivity in the retail sales channel in North America along with exclusivity on Kilz primer in the big box channel and online marketplaces in the United States and the retail channel in Canada. The filing states that this exclusivity limits its ability to sell those brands elsewhere and that losing the segment's Home Depot sales would have a material adverse effect on the segment and the group as a whole. The segment also sells cabinet and door hardware, functional hardware, hook and hook rail products and outdoor living hardware under LIBERTY and FRANKLIN BRASS, along with decorative bath hardware, shower accessories and shower doors under DELTA and FRANKLIN BRASS.

Who it competes with

In plumbing the filing states that its products are among the leaders in sales in North America and Europe, against competitors including Dornbracht, the Moen, Rohl and Riobel brands, Kohler, the American Standard and Grohe brands, Pfister faucets, Ideal Standard, Zurn Elkay Water Solutions and private label brands, with spa and sauna rivals including Artesian Spas, Harvia, Jacuzzi and Master Spas. Foreign manufacturers competing with it sit mainly in Europe, China and Canada, and many competing faucet and showering products come from low-cost makers that add to price competition. In coatings the competitors are large national and international brands including Benjamin Moore, Glidden, Olympic and PPG Paints, Rust-Oleum and Zinsser, Minwax, Sherwin-Williams, Thompson's Water Seal, Valspar and Purdy, and the Wooster Brush Company, alongside regional brands. Hardware competitors include Amerock Hardware, Richelieu Hardware, Top Knobs and private label brands, and bath hardware and shower door rivals include Dreamline, Moen, Gatco and Kohler. The filing states that competition runs largely on brand reputation, product features and innovation, product quality, customer service, breadth of product offering and price.

Inputs, property and people

Many plumbing products contain brass, whose major components are copper and zinc, and the company has multiple domestic and foreign sources for its materials but has met price volatility there, sometimes entering long-term agreements with major suppliers to soften it. Acrylic resins and titanium dioxide are the principal raw materials in coatings; resin prices move with their components, titanium dioxide prices with global supply, demand and capacity, and crude oil, natural gas, propylene and petroleum by-products also feed into costs. It imports certain materials and products that have been subject to duties and tariffs, and holds agreements with some large coatings suppliers intended to help assure continued supply. It holds numerous United States and foreign patents, licences, trademarks, trade names, trade secrets and proprietary manufacturing processes, views them as important, but sees no reasonable likelihood of losing them in a way that would materially affect the business as a whole. At 31 December 2025 it employed approximately 18,000 people.

From Masco's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 10 February 2026: read the full 10-K.