A maker of interior furnishings and office systems, MillerKnoll sells desks, seating, textiles, and home goods under brands like Herman Miller, Knoll, and Design Within Reach to offices, schools, and homes around the world. The company formed in 2021 when Herman Miller—started in 1905 as the Star Furniture Company in Michigan and renamed after the father-in-law who financed it—bought Knoll, founded by Hans Knoll in New York in 1938. Its lineup includes such iconic designs as the Eames lounge chair and the Aeron office chair.
10-K · Fiscal year ended May 30, 2026 · SEC filing ↗
FY2026 net earnings swung to $91.5M from a $36.9M loss as prior-year $130M impairment did not repeat
The $130M that drove last year's loss did not repeat, and the company returned to profit. rose 4.7% to $3.84B, held at 38.8%, and attributable to MillerKnoll swung to $91.5M from a $36.9M loss as volumes grew across all segments. The story has stabilized, but thin cushions and tariff costs remain live exposures.
Key takeaways
attributable to MillerKnoll swung to $91.5M from a $36.9M loss in FY2025, primarily because the $130.0M in prior-year and charges did not repeat.
Consolidated grew 4.7% to $3,841.7M with 3.6% , driven by higher volumes across all three segments and $74M from net price increases.
No or indefinite-lived intangible asset was recorded in FY2026, after $130.0M of such charges in FY2025.
Section summaries
Business
MillerKnoll operates three segments—North America Contract, International Contract, and Global Retail—designing, manufacturing, and distributing interior furnishings and related services worldwide.
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The company sells seating, furniture systems, textiles, leather, felt, and home furnishings through independent dealers (approx. 53.6% of FY2026 sales), direct sales, retail stores, catalogs, and eCommerce platforms.
Its brand portfolio includes Herman Miller, Knoll, Design Within Reach, HAY, Muuto, Maharam, Geiger, and others, serving office, healthcare, education, and residential markets.
The North America Contract, International Contract, and Global Retail segments are supported by manufacturing in the U.S., UK, Italy, Canada, China, Brazil, Mexico, and India, with international sales across Canada, Europe, Middle East, Africa, Latin America, and Asia Pacific.
fell 5.9% to $1,290.5M, mainly from the absence of the prior-year , partially offset by $33M higher compensation and $15M in new store costs, and operating earnings rebounded to $198.3M from $50.5M.
held flat at 38.8% as favorable mix and fixed-cost were offset by tariff-related costs in the first half; Global Retail adjusted contracted 200 to 3.0% on tariff costs and new stores.
was $199.9M, down from $209.3M, while rose to $122.3M from $107.6M and total debt decreased to $1,294.6M from $1,337.0M.
What changed
The $160M Knoll run-rate cost synergy target was not confirmed in any filing since Q3 FY2025; the FY2026 report does not update it.
Global Retail risk flagged after the $92.3M FY2025 charge did not produce a further charge — no goodwill impairment was recorded in FY2026, though its fair-value cushion is now 1.1%.
FY2025 flagged of $120M-$130M for FY2026 versus $84.9M in FY2025; actual FY2026 was $122.3M, within range and up from $107.6M prior year.
Tariff impact flagged in FY2025 and Q1/Q3 FY2026 persisted: held flat at 38.8% as tariff-related costs offset mix and , and new risk factors name IEEPA refund claims of uncertain timing.
Order trend flagged after Q1 FY2026's 5.4% drop reversed to growth — Q2 orders rose 5.5% and Q3 rose 9.2%, with North America Contract up 13.1% in Q3; ended at $678.8M, down from $761.3M a year earlier.
Quarterly ran below year-ago levels through the year; full-year operating cash flow was $199.9M, down from $209.3M, extending the below-prior-year pattern flagged in Q3 FY2025.
What to watch
Q4 FY2026 and FY2027 orders in North America Contract and International Contract to see if the Q3 9.2% order rise holds after Q1's 5.4% drop
Next filing for any Global Retail, International Contract, or Coverings given cushions of 1.1%, 3.1%, and 8.5%
FY2027 as tariff-related costs and IEEPA refund claims meet the $125M-$135M plan
Confirmation of the $160M Knoll run-rate cost synergy target not updated since Q3 FY2025
No single independent dealer exceeded 2% of in FY2026; the largest customer represented approximately 5% of net sales, and the top ten customers together accounted for about 16%.
The company spent $66.7 million on design and research in FY2026 and holds numerous utility and design patents, with key trademarks including Aeron, Embody, Eames, and Barcelona.
stood at $678.8 million as of May 30, 2026, down from $761.3 million a year earlier, with substantially all expected to be filled within the next fiscal year.
MillerKnoll faces risks from CEO transition, tariff costs, limited goodwill cushion, and AI-driven industry change.
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The June 2026 CEO departure and interim appointment create leadership uncertainty that could disrupt strategy execution.
Tariffs and trade policy changes have already pressured , and refund claims under remain uncertain in timing and amount.
testing shows limited cushion for International Contract (3.1%), Global Retail (1.1%), and Coverings (8.5%), meaning modest adverse changes could trigger material charges.
The company warns that AI and agentic commerce may disintermediate sales channels or alter competitive dynamics, while its own AI adoption adds governance, data, and reputational risks.
Geopolitical instability and supplier disruptions could raise input costs and logistics expenses, while a qualified labor shortage may increase wages and constrain production.
As of May 30, 2026, the company operates 11 owned and 10 leased major facilities plus 93 retail stores globally.
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The largest owned facilities are in Zeeland, MI (771k sq ft), East Greenville, PA (735k sq ft), and Spring Lake, MI (615k sq ft), used for manufacturing, warehouse, and office.
The largest leased facilities are warehouses in Alburtis, PA (718k sq ft) and Batavia, OH (618k sq ft).
The 21 major properties primarily support the North America Contract (13 sites) and International Contract segment (6 sites).
The company operated 93 retail stores totaling approximately 577,366 square feet of selling space, led by 45 DWR Stores and 30 Herman Miller U.S. Stores.
Management considers existing facilities to be in good condition and adequate for design, production, distribution, and selling needs.
The Company states ordinary-course legal proceedings will not materially affect operations, cash flows, or financial condition.
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The Company is involved in legal proceedings and litigation arising in the ordinary course of business.
Management's opinion is that the outcome of currently pending proceedings will not materially affect consolidated operations, cash flows, or financial condition.
No specific cases, allegations, parties, or estimated financial exposures are disclosed.
MillerKnoll FY2026 net sales rose 4.7% to $3.84B, with operating earnings rebounding to $198.3M from $50.5M, driven by volume growth and prior-year impairment absence.
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Consolidated grew 4.7% to $3,841.7M, with of 3.6%, driven by higher volumes across all segments and $74M from net price increases.
held flat at 38.8% as favorable channel/product mix and fixed-cost were offset by tariff-related costs in the first half of the year.
Operating expenses fell 5.9% to $1,290.5M, primarily due to $130M in prior-year and trade name charges not repeating, partially offset by $33M higher compensation costs and $15M in new store costs.
North America Contract rose 4.9% (organic +4.8%) and expanded 280 to 9.0%, while International Contract organic sales declined 1.2% and adjusted operating margin fell 250 bps.
Global Retail increased 5.9% (organic +4.3%), but adjusted contracted 200 to 3.0% as tariff costs and new store investments weighed on profitability.
Liquidity remained solid at $571.7M; FY2027 is expected between $125M and $135M, focused on facilities, showrooms, and retail stores.
Quantitative and Qualitative Disclosures About Market Risk
The company faces commodity, foreign exchange, and interest rate risks, managing them through forward contracts and interest rate swaps.
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Commodity price changes, primarily steel, increased costs by $0.9 million in fiscal 2026 after a $5.7 million decrease in fiscal 2025.
The company uses forward currency contracts to hedge non-functional currency exposures, holding 18 such instruments as of May 30, 2026.
Foreign currency hedging and remeasurement resulted in a net loss of $0.9 million in fiscal 2026, down from a $6.1 million loss in fiscal 2025.
A hypothetical 100 change in interest rates would have an estimated $3.0 million annual impact on based on unhedged variable-rate debt.
The company holds five interest rate swaps with notional amounts totaling $1,150 million, converting variable-rate debt to fixed rates between 1.65% and 3.95%.
Translation of foreign functional currency financials increased by $19.6 million in fiscal 2026, compared to a $35.1 million increase in fiscal 2025.
MillerKnoll FY2026 net sales rose 4.7% to $3.84B, net earnings swung to $91.5M from a prior-year loss, and no goodwill impairment was recorded.
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grew to $3,841.7M, driven by increases across all three segments: North America Contract, International Contract, and Global Retail.
attributable to MillerKnoll swung to $91.5M from a loss of $36.9M in FY2025, primarily due to the absence of $130.0M in prior-year charges.
The company recorded no or indefinite-lived intangible asset charges in FY2026, after recognizing $130.0M in such charges in FY2025.
was $199.9M, down from $209.3M, while increased to $122.3M from $107.6M.
Total debt decreased to $1,294.6M from $1,337.0M, and the company amended its credit agreement multiple times, including a Term Loan B refinancing treated as a .
The was 25.3%, and the company adopted new income tax disclosure standards (ASU 2023-09).