# Fortune Brands Innovations, Inc. (FBIN)

Informational only - not investment advice.

CIK: 0001519751
SIC: 2430 Millwood, Veneer, Plywood, & Structural Wood Members
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 24](/major-group/24/) > [SIC 2430 Millwood, Veneer, Plywood, & Structural Wood Members](/industry/2430/)
Latest 10-K filed: 2026-02-23
SEC page: https://www.sec.gov/edgar/browse/?CIK=1519751
Filing source: https://www.sec.gov/Archives/edgar/data/1519751/000119312526063960/fbin-20251227.htm

## At a glance

FY2025 · period end 2025-12-27 · filed 2026-02-23 · accession 0001193125-26-063960 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001519751.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,463,200,000 USD | 2025 | verified |
| Net income | 298,800,000 USD | 2025 | verified |
| Assets | 6,520,600,000 USD | 2025 | verified |
| Free cash flow | 366,800,000 USD | 2025 | computed |
| Net margin | 6.69% | 2025 | computed |
| Operating margin | 11.56% | 2025 | computed |
| Revenue YoY | -3.16% | 2025 | computed |
| ROE | 12.51% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FBIN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 6.7% | 6.7% | 50 | 9 |
| Operating margin | 11.6% | 9.5% | 75 | 9 |
| Revenue growth | -3.2% | -5.0% | 62 | 9 |
| FCF margin | 8.2% | 8.2% | 50 | 9 |
| ROE | 12.5% | 9.8% | 62 | 9 |
| ROA | 4.6% | 7.2% | 25 | 9 |
| Liabilities / equity | 1.73 | 0.41 | 75 | 9 |
| Current ratio | 1.84 | 2.48 | 25 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 24 SIC Major Group 24, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4463200000 | USD | 2025 | 2026-02-23 |
| Net income | 298800000 | USD | 2025 | 2026-02-23 |
| Assets | 6520600000 | USD | 2025 | 2026-02-23 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001519751.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,984,900,000 | 5,283,300,000 | 5,485,100,000 | 5,764,600,000 | 3,621,300,000 | 4,801,100,000 | 4,723,000,000 | 4,626,200,000 | 4,609,000,000 | 4,463,200,000 |
| Net income | 413,200,000 | 472,700,000 | 389,800,000 | 431,300,000 | 554,400,000 | 772,400,000 | 686,700,000 | 404,500,000 | 471,900,000 | 298,800,000 |
| Operating income | 618,600,000 | 682,500,000 | 595,200,000 | 698,500,000 | 567,700,000 | 811,100,000 | 774,300,000 | 614,900,000 | 737,900,000 | 516,100,000 |
| Diluted EPS | 2.62 | 3.03 | 2.66 | 3.06 | 3.94 | 5.54 | 5.23 | 3.17 | 3.75 | 2.47 |
| Operating cash flow | 650,500,000 | 600,300,000 | 604,000,000 | 637,200,000 | 825,700,000 | 688,700,000 | 566,300,000 | 1,055,800,000 | 667,800,000 | 478,600,000 |
| Capital expenditures | 149,300,000 | 165,000,000 | 150,100,000 | 131,800,000 | 150,500,000 | 214,200,000 | 246,100,000 | 256,500,000 | 193,300,000 | 111,800,000 |
| Dividends paid | 98,200,000 | 110,300,000 | 115,200,000 | 123,000,000 | 133,300,000 | 143,000,000 | 145,600,000 | 116,800,000 | 119,600,000 | 120,600,000 |
| Share buybacks | 424,500,000 | 214,800,000 | 694,600,000 | 100,000,000 | 187,600,000 | 447,700,000 | 580,100,000 | 150,000,000 | 240,400,000 | 247,800,000 |
| Assets | 5,128,500,000 | 5,511,400,000 | 5,964,600,000 | 6,291,300,000 | 7,358,700,000 | 5,446,500,000 | 6,120,900,000 | 6,565,000,000 | 6,561,800,000 | 6,520,600,000 |
| Liabilities | 2,765,500,000 | 2,910,300,000 | 3,784,600,000 | 3,863,500,000 | 4,583,200,000 | 4,871,400,000 | 4,034,000,000 | 4,271,600,000 | 4,139,800,000 | 4,132,000,000 |
| Stockholders' equity | 2,363,000,000 | 2,601,100,000 | 2,180,000,000 | 2,427,800,000 | 2,775,500,000 | 3,064,800,000 | 2,086,900,000 | 2,293,400,000 | 2,422,000,000 | 2,388,600,000 |
| Cash and cash equivalents | 251,500,000 | 323,000,000 | 262,900,000 | 387,900,000 | 419,100,000 | 425,600,000 | 642,500,000 | 366,400,000 | 381,100,000 | 264,000,000 |
| Free cash flow | 501,200,000 | 435,300,000 | 453,900,000 | 505,400,000 | 675,200,000 | 474,500,000 | 320,200,000 | 799,300,000 | 474,500,000 | 366,800,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 8.29% | 8.95% | 7.11% | 7.48% | 15.31% | 16.09% | 14.54% | 8.74% | 10.24% | 6.69% |
| Operating margin | 12.41% | 12.92% | 10.85% | 12.12% | 15.68% | 16.89% | 16.39% | 13.29% | 16.01% | 11.56% |
| Return on equity | 17.49% | 18.17% | 17.88% | 17.77% | 19.97% | 25.20% | 32.91% | 17.64% | 19.48% | 12.51% |
| Return on assets | 8.06% | 8.58% | 6.54% | 6.86% | 7.53% | 14.18% | 11.22% | 6.16% | 7.19% | 4.58% |
| Liabilities / equity | 1.17 | 1.12 | 1.74 | 1.59 | 1.65 | 1.59 | 1.93 | 1.86 | 1.71 | 1.73 |
| Current ratio | 1.71 | 1.77 | 1.13 | 1.35 | 1.64 | 1.39 | 1.59 | 1.70 | 1.25 | 1.84 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FBIN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001519751.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.57 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | 0.66 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 0.80 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,261,200,000 | 136,500,000 | 1.07 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 1,161,300,000 | 81,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 1,109,600,000 | 96,400,000 | 0.76 | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 1,240,000,000 | 133,900,000 | 1.06 | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 1,155,300,000 | 136,600,000 | 1.09 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 1,104,200,000 | 105,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 1,033,100,000 | 51,400,000 | 0.42 | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 1,203,300,000 | 100,300,000 | 0.83 | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 1,149,200,000 | 70,800,000 | 0.59 | reported discrete quarter |
| 2025-Q4 | 2025-12-27 | 1,077,500,000 | 76,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-28 | 1,011,300,000 | 24,200,000 | 0.20 | reported discrete quarter |
| 2026-Q2 | 2026-06-27 | 1,153,900,000 | -22,500,000 | -0.19 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FBIN's latest 10-K: [/company/FBIN/business/](/company/FBIN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FBIN's latest 10-K: [/company/FBIN/risk-factors/](/company/FBIN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1519751/000119312526335205/fbin-20260627.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-27

Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto, which are included in this report, as well as our audited consolidated financial statements for the year ended December 27, 2025, which are included in our Annual Report on Form 10-K for the year ended December 27, 2025.

This discussion contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations for our business, operations, financial performance or financial condition, in addition to statements regarding our strategies and investments to enhance execution and realign our business, our expectations for the markets in which we operate, expected impacts from recently-announced organizational and leadership changes, the market potential of our brands, trends in the housing market, the potential impact of costs, including material and labor costs, the potential impact of inflation, expected capital spending, expected pension contributions, the expected effects of acquisitions, dispositions and other strategic transactions including the expected benefits and costs of the spin-off of MasterBrand, Inc. and the tax-free nature of the spin-off transaction, the anticipated effects of recently issued accounting standards on our financial statements, the anticipated impact of future tariff refunds and other matters that are not historical in nature. Statements that include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “outlook,” “positioned”, “confident,” “opportunity”, “focus” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may”, and “could” are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on current expectations, plans, estimates, assumptions and projections of our management about our industry, business and future financial results available at the time this report is filed with the SEC. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements, including but not limited to: (i) our reliance on the North American and Chinese home improvement, repair and remodel and new home construction activity levels, (ii) the housing market, downward changes in the general economy, unfavorable interest rates or other business conditions, (iii) the competitive nature of consumer and trade brand businesses, (iv) our ability to execute on our strategic plans and the effectiveness of our strategies in the face of business competition, (v) our reliance on key customers and suppliers, including wholesale distributors and dealers and retailers, (vi) risks associated with our recent leadership changes and our search processes to identify additional permanent members of senior management, (vii) risks relating to rapidly evolving technological change, (viii) risks associated with our ability to improve organizational productivity and global supply chain efficiency and flexibility, (ix) risks associated with global commodity and energy availability and price volatility, as well as the possibility of sustained inflation, (x) delays or outages in our information technology systems or computer networks or breaches of our information technology systems or other cybersecurity incidents, (xi) risks associated with doing business globally, including changes in trade-related tariffs (including recent U.S. tariffs announced or imposed on China, Canada, Mexico and other countries and any reciprocal actions taken by such countries) and risks with uncertain trade environments, (xii) risks associated with the disruption of operations, including as a result of severe weather events, (xiii) our inability to obtain raw materials and finished goods in a timely and cost-effective manner, (xiv) risks associated with strategic acquisitions, divestitures and joint ventures, including difficulties integrating acquired companies and the inability to achieve the expected financial results and benefits of transactions, (xv) impairments in the carrying value of goodwill or other acquired intangible assets, (xvi) risks of increases in our defined benefit-related costs and funding requirements, (xvii) our ability to attract and retain qualified personnel and other labor constraints, (xviii) the effect of climate change and the impact of related changes in government regulations and consumer preferences, (xix) risks associated with environmental, social and governance matters, (xx) potential liabilities and costs from claims and litigation, (xxi) changes in government and industry regulatory standards, (xxii) future tax law changes or the interpretation of existing tax laws, and (xxiii) our ability to secure and protect our intellectual property rights, as well as those described in the section of our Annual Report on Form 10-K for the year ended December 27, 2025 entitled Item 1A. “Risk Factors”. We undertake no obligation to, and expressly disclaim any such obligation to, update, amend, clarify or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or changes to future results over time or otherwise, except as required by law.

25

OVERVIEW

References to “Fortune Brands,” “the Company,” “we,” “our” and “us” refer to Fortune Brands Innovations, Inc. and its consolidated subsidiaries as a whole, unless the context otherwise requires. The Company is a leading home, security and digital products company whose purpose is to elevate every life by transforming spaces into havens. We sell our products through a wide array of sales channels, including kitchen and bath dealers, wholesalers oriented toward builders or professional remodelers, industrial and locksmith distributors, “do-it-yourself” remodeling-oriented home centers, showrooms, direct to consumer, e-commerce and other retail outlets.

We believe that the Company has certain competitive advantages including market-leading brands, a diversified mix of channels, lean and flexible supply chains, a strong capital structure, as well as a tradition of strong innovation and customer service. We are focused on outperforming our markets in growth, profitability and returns in order to drive increased stockholder value. We believe the Company’s track record reflects the long-term attractiveness and potential of the categories we serve and our leading brands. We believe the long-term outlook for our products remains favorable, and our strategic advantages, including the set of capabilities we refer to as the Fortune Brands Advantage, will help us to achieve profitable organic growth over time.

We continue to believe our most attractive opportunities are to invest in profitable organic growth initiatives, pursue accretive strategic acquisitions, non-controlling equity investments, and joint ventures, and return cash to stockholders through a combination of dividends and repurchases of shares of our common stock under our share repurchase program as explained in further detail under “Liquidity and Capital Resources” below.

The U.S. market for our products primarily consists of spending on both new home construction and repair and remodel activities within existing homes, with a substantial majority of the markets we serve consisting of repair and remodel spending. Growth in the U.S. market for our home products will largely depend on consumer confidence, employment, wage growth, home prices, equity levels and rates of extraction, stable mortgage rates and credit availability. Increases in inflation and mortgage rates during the preceding years have slowed the pace of single-family and existing home sales activity and new home construction and repair and remodel activities. However, we believe we are well positioned to manage the continued slow-down in the housing market as we believe the fundamental drivers of the housing market remain intact.

We have been and may continue to be impacted by near-term supply, labor and freight constraints, a volatile geopolitical environment, as well as increased rates of inflation, increased interest rates and unfavorable fluctuations in foreign exchange rates. In addition, we have been adversely impacted and may in the future be impacted by tariff-related costs.

On February 20, 2026, the U.S. Supreme Court ruled that the U.S. tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the U.S. were unauthorized.  In March 2026, the Court of International Trade (“CIT”) issued refund orders and the administrative system the government created to process refunds began accepting refund claims on April 20, 2026.  During the second quarter of 2026, management determined that recovery of IEEPA tariff refund claims of $122.1 million were probable and estimable and recorded a refund receivable of $122.1 million and a related reduction to cost of products sold and inventory of $104.2 million and $17.9 million, respectively. As of June 27, 2026, the Company received $8.9 million of the submitted refund claims. The estimate reflects Company’s judgment regarding the portion of previously recognized IEEPA tariffs expected to be recoverable through the refund process, and it may be subject to change based on the ultimate resolution of refund claims. The ultimate amount of recoveries may differ from the Company’s estimates, based on additional guidance, the resolution of specific entry-level claims or other administrative developments. To the extent there are changes in amounts that become recoverable, including any associated interest, such amounts will be recognized in the period in which information about the probable and reasonably estimable amounts becomes known to the Company. We will continue to monitor changes to import and export policies of the U.S. and other countries that could impact our financial position, results of operations and cash flows.

The Company continues to actively work to mitigate the anticipated impacts of tariffs through a combination of supply chain actions, cost-out activities and strategic pricing actions across all of our channels and brands. However, this remains a rapidly evolving landscape, and the Company's ability to mitigate the anticipated impacts of tariffs could be affected by a number of factors, including additional tariffs or trade-related sanctions imposed by the U.S. or other countries, and if the Company is ultimately not able to substantially mitigate the impacts of tariffs, there would be negative impacts to the Company's results of operations. We are also unable, at this time, to determine any future negative impacts from reduced consumer spending as a result of inflationary or other macroeconomic pressures or uncertainty that may result from the imposition of current or future tariffs.

The Company announced on May 27, 2026 that, in collaboration with the Board of Directors, management initiated a formal strategic review of its Fiberon composite decking business. The review explores a range of strategic alternatives while Fiberon continues to operate its business, serve customers, and execute its commercial

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1519751/000119312526063960/fbin-20251227.htm
Complete FY 2025 MD&A: /company/FBIN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-23
Report date: 2025-12-27

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is a supplement to the accompanying consolidated financial statements and provides additional information on our business, recent developments, financial condition, liquidity and capital resources, cash flows and results of operations. MD&A is organized as follows:

•
Recent Developments: This section provides a summary of noteworthy recent developments in the most recently completed fiscal year in the operation of the business.

•
Overview: This section provides a general description of our business and a discussion of management’s general outlook regarding market demand, our competitive position and product innovation, as well as additional recent developments we believe are important to understanding our results of operations and financial condition or in understanding anticipated future trends.

•
Basis of Presentation: This section provides a discussion of the basis on which our consolidated financial statements were prepared.

•
Results of Operations: This section provides an analysis of our results of operations for the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023.

•
Liquidity and Capital Resources: This section provides a discussion of our financial condition as of December 27, 2025 and an analysis of our cash flows for each of the three years ended December 27, 2025, December 28, 2024 and December 30, 2023. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at December 27, 2025, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.

•
Critical Accounting Estimates: This section identifies and summarizes those accounting policies that significantly impact our reported results of operations and financial condition and require significant judgment or estimates on the part of management in their application.

Recent Developments

In January 2025, we announced plans to consolidate our U.S. regional offices into one campus headquarters in Deerfield, Illinois to best position the Company and its brands for long-term growth. The decision is expected to deliver a world-class, collaborative office environment to fuel innovation, accelerate its digital solutions, and grow its core products. This significant investment was supported by annual tax credits offered through Illinois' Economic Development for a Growing Economy ("EDGE") program. We expect to qualify for these credits in 2025. In connection with these consolidation activities and related organizational and personnel changes, we will incur cash and non-cash charges related to employee relocation, severance, retention, non-cash asset related costs, lease exit costs, and other transition costs. The majority of charges have been incurred in 2025 with the remaining charges expected to be incurred in 2026.

Overview

We are an industry leading home, security and digital products company whose purpose is to elevate every life by transforming spaces into havens that is focused on the design, manufacture and sale of market-leading branded products in the following categories: plumbing and accessories, including digital water products, entry door and storm door systems, security and safety products, and outdoor performance materials used in decking and railing products.

22

For the year ended December 27, 2025, net sales based on country of destination were:

[[GREPCENT_TABLE]]
[["(In millions)"],["United States","","$","3,742.1","","","","84","%"],["Canada","","","344.1","","","8"],["China","","","147.2","","","3"],["Other international","","","229.8","","","5"],["Total","","$","4,463.2","","","","100","%"]]
[[/GREPCENT_TABLE]]

We believe that we have certain competitive advantages including market-leading brands, a diversified mix of channels, lean and flexible supply chains and a strong capital structure, as well as a tradition of strong innovation and customer service. We are focused on outperforming our markets in growth, profitability and returns in order to drive increased stockholder value. We believe our track record reflects the long-term attractiveness and potential of the categories we serve and our leading brands. We believe the long-term outlook for our products remains favorable, and we have a number of strategic advantages, including the set of capabilities we refer to as the Fortune Brands Advantage, that has helped us to continue to achieve profitable organic growth over time.

We continue to believe our most attractive opportunities are to invest in profitable organic growth initiatives, pursue accretive strategic acquisitions, non-controlling equity investments, and joint ventures, and return cash to stockholders through a combination of dividends and repurchases of shares of our common stock under our share repurchase program as explained in further detail under “Liquidity and Capital Resources” below.

The U.S. market for our products primarily consists of spending on both new home construction and repair and remodel activities within existing homes, with a substantial majority of the markets we serve consisting of repair and remodel spending. Growth in the U.S. market for our home products will largely depend on consumer confidence, employment, wage growth, home prices, equity levels and rates of extraction, stable mortgage rates and credit availability. Increases in inflation and mortgage rates during the preceding years have slowed the pace of single-family and existing home sales activity and new home construction and repair and remodel activities. However, we believe we are well positioned to manage the continued slow-down in the housing market as we believe the fundamental drivers of the housing market remain intact.

We have been and may continue to be impacted by near-term supply, labor and freight constraints, a volatile geopolitical environment, as well as sustained elevated rates of inflation, fluctuating interest rates, unfavorable fluctuations in foreign exchange rates and the ongoing and potentially worsening costs of tariffs (including existing and potential U.S. tariffs imposed or threatened to be imposed on China, Canada and Mexico and other countries and any retaliatory actions taken by such countries). We continue to manage these challenges and are diligently working to offset potential unfavorable impacts of these items through continuous productivity improvement initiatives and price increases.

We anticipate that, absent any mitigation efforts, our costs of goods sold will increase based on the tariffs that have been announced or imposed as of the date of this report. We are actively working to mitigate the anticipated impacts of tariffs through a combination of supply chain actions, cost-out activities and strategic pricing actions across all of our channels and brands. However, this is a rapidly evolving landscape, and our ability to mitigate the anticipated impacts of tariffs could be affected by a number of factors, including additional tariffs or trade-related sanctions imposed by the U.S. or other countries, and if we are ultimately not able to substantially mitigate the impacts of tariffs, there would be negative impacts to our results of operations. We are also unable at this time to determine any future negative impacts from reduced consumer spending as a result of inflationary or other macroeconomic pressures or uncertainty that may result from the imposition of current or future tariffs. We are currently monitoring, and will continue to monitor, potential changes to these tariffs or the imposition of reciprocal or other tariffs or trade restrictions by other countries.

During the three fiscal years ended December 27, 2025, our net sales declined at a compounded annual rate of 1.9% reflecting the contraction of the U.S. home products market and a decline in demand in our

23

international markets, partially offset by an increase in sales resulting from acquisitions. Operating income declined at a compounded annual rate of 12.6% with consolidated operating margins ranging between 12% and 16% from 2023 to 2025. The decline in operating income over this period was primarily due to the decline in net sales as well as asset impairment charges and higher restructuring and restructuring-related charges, partially offset by control over our operating expenses and the benefits of manufacturing productivity programs.

During 2025, the U.S. home products market contracted due to a decline in both new housing construction and repair and remodel activity. We believe new housing construction activity decreased approximately 6% and spending for home repair and remodeling decreased approximately 1% in 2025 compared to 2024. In 2025, our net sales declined 3.2% due to lower sales in our international markets ($80.8 million) and unfavorable foreign exchange ($2.3 million), partially offset by disciplined pricing actions, including strategic adjustments to mitigate tariff-related costs and lower customer sales incentives. In 2025, operating income decreased 30.1% over 2024 primarily due to higher restructuring and restructuring-related charges, asset impairment charges, raw material cost inflation and higher distribution costs. These factors were partially offset by continued productivity gains across the segments supported by strategic sourcing initiatives and manufacturing efficiencies as well as reductions to incentive compensation.

Basis of Presentation

The consolidated financial statements in this Annual Report on Form 10-K have been derived from our accounts and those of our wholly-owned subsidiaries. The following discussion contains references to years 2025, 2024 and 2023, which represent fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023.

Results of Operations

The discussion of consolidated results of operations should be read in conjunction with the discussion of segment results of operations and our financial statements and notes thereto included in this Annual Report on Form 10-K. All amounts, percentages and disclosures for all periods presented reflect only our continuing operations unless otherwise noted.

[[GREPCENT_TABLE]]
[["(In millions)","","2025","","","% change","","","2024","","","% change","","","2023"],["Net sales:"],["Water","","$","2,447.6","","","","(4.6",")%","","$","2,564.6","","","","0.1","%","","$","2,562.2"],["Outdoors","","","1,323.0","","","","(2.0",")","","","1,350.1","","","","0.7","","","","1,341.1"],["Security","","","692.6","","","","(0.2",")","","","694.3","","","","(4.0",")","","","722.9"],["Total net sales","","$","4,463.2","","","","(3.2",")%","","$","4,609.0","","","","(0.4",")%","","$","4,626.2"],["Operating income:"],["Water","","$","542.2","","","","(8.9",")%","","$","595.1","","","","3.6","%","","$","574.3"],["Outdoors","","","83.5","","","","(57.8",")","","","198.0","","","","48.3","","","","133.5"],["Security","","","79.9","","","","(20.4",")","","","100.4","","","","60.9","","","","62.4"],["Corporate","","","(189.5",")","","","21.8","","","","(155.6",")","","","0.2","","","","(155.3",")"],["Total operating income","","$","516.1","","","","(30.1",")%","","$","737.9","","","","20.0","%","","$","614.9"]]
[[/GREPCENT_TABLE]]

Certain items had a significant impact on our results in 2025, 2024 and 2023. These included restructuring and restructuring-related charges, asset impairment charges, transaction expenses and the impact of changes in foreign currency exchange rates.

In 2025, financial results included:

•
restructuring and restructuring-related charges of $109.1 million are primarily attributable to costs associated with the decision to consolidate our U.S. regional offices into

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FBIN/mda/fy2025/
All MD&A years: /company/FBIN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FBIN/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026763 (https://www.sec.gov/Archives/edgar/data/1519751/000095017025026763/fbin-20241228.htm)
- [FY 2023 MD&A](/company/FBIN/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021148 (https://www.sec.gov/Archives/edgar/data/1519751/000095017024021148/fbin-20231230.htm)
- [FY 2022 MD&A](/company/FBIN/mda/fy2022/): filed 2023-02-28; accession 0000950170-23-005127 (https://www.sec.gov/Archives/edgar/data/1519751/000095017023005127/fbhs-20221231.htm)
- [FY 2021 MD&A](/company/FBIN/mda/fy2021/): filed 2022-02-28; accession 0000950170-22-002294 (https://www.sec.gov/Archives/edgar/data/1519751/000095017022002294/fbhs-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2430 Millwood, Veneer, Plywood, & Structural Wood Members) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FBIN.md · JSON record: /company/FBIN.json · verified financials: /company/FBIN/financials.json / /company/FBIN/financials.csv · machine TOC for the whole site: /llms.txt