MasterBrand (MBC) FY2025 results: revenue $2.7 billion, up 1.3% on the year
MasterBrand, Inc. (MBC) reported revenue of $2.7 billion for fiscal 2025, the year ended 28 December 2025, up 1.3% on the year before. Net income was $27 million, down 78.8%, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
- Quarterly sales fell with market: Q4 net sales were $644.6 million, down 3.5% from a year earlier, after a mid-single-digit market decline; price and tariff pricing partly offset the drop.
- Fourth-quarter net loss versus profit: The company reported a Q4 net loss of $42.0 million, against net income of $14.0 million a year earlier; net loss margin was (6.5)%.
- Full-year sales rose on Supreme: Full-year net sales were $2.7 billion, up 1.3%. A 5% contribution from Supreme and net price gains offset a mid-single-digit market decline.
- Q4 gross margin fell 440bp: Gross margin was 26.0%, down 440 basis points, on lower volume, mix, fixed-cost leverage, tariffs net of mitigation and restructuring-related expenses; ASP and Supreme synergies partly offset.
- Demand stayed soft in Q4: The CEO said demand remained soft and the trade environment became more complex in the fourth quarter.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,735 | 2,700 | 2,726 | +1.3% | |
| Cost of revenue | 1,907 | 1,823 | 1,825 | +4.6% | |
| Gross profit | 828 | 877 | 901 | -5.6% | |
| Gross margin | 30.3% | 32.5% | 33.1% | ||
| Selling, general and administrative | 668 | 603 | 570 | +10.7% | |
| Operating income | 119 | 236 | 306 | -49.5% | |
| Operating margin | 4.4% | 8.7% | 11.2% | ||
| Interest expense | 74.1 | 74.0 | 65.2 | +0.1% | |
| Pre-tax income | 46.3 | 168 | 239 | -72.5% | |
| Income tax | 19.6 | 42.4 | 56.7 | -53.8% | |
| Effective tax rate | 42.3% | 25.2% | 23.8% | ||
| Net income | 26.7 | 126 | 182 | -78.8% | |
| Net margin | 1.0% | 4.7% | 6.7% | ||
| Diluted EPS | $0.21 | $0.96 | $1.40 | -78.1% |
$ million except per share.
Read more
Free 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 | 196 | 292 | 406 | -33.0% | |
| Capital expenditure | 78.2 | 80.9 | 57.3 | -3.3% | |
| Free cash flow | 118 | 211 | 348 | -44.3% | |
| Free cash flow margin | 4.3% | 7.8% | 12.8% | ||
| Cash from investing | -74.4 | -581 | -56.9 | ||
| Cash from financing | -65.7 | 270 | -300 | ||
| Depreciation and amortisation | 93.5 | 77.3 | 64.3 | +21.0% | |
| Share-based compensation | 16.1 | 21.9 | 17.8 | -26.5% | |
| Buybacks | 18.1 | 6.5 | 22.0 | +178.5% | |
| Diluted shares, weighted | 129m | 131m | 130m | -1.3% | |
| Shares outstanding at period end | 127m | 128m | 127m | -0.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,345 | 1,295 | 1,194 | +3.9% | |
| Debt | 985 | 1,020 | 712 | -3.4% | |
| Operating lease liabilities | 175 | 55.0 | 46.3 | +218.5% | |
| Other liabilities | 596 | 560 | 429 | +6.3% | |
| Total liabilities and equity | 3,100 | 2,930 | 2,382 | +5.8% | |
| Fixed assets | 503 | 482 | 357 | +4.5% | |
| Goodwill | 1,128 | 1,126 | 925 | +0.2% | |
| Intangible assets | 548 | 571 | 336 | -4.1% | |
| Cash and equivalents | 183 | 121 | 149 | +52.0% | |
| Receivables | 150 | 191 | 203 | -21.3% | |
| Inventory | 269 | 276 | 250 | -2.6% | |
| Other assets | 319 | 163 | 163 | +95.6% | |
| Total assets | 3,100 | 2,930 | 2,382 | +5.8% |
10-K for the year ended 28 December 2025, filed 13 February 2026: the filing.