# MASCO CORP /DE/ (MAS)

Informational only - not investment advice.

CIK: 0000062996
SIC: 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 34](/major-group/34/) > [SIC 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures](/industry/3430/)
Latest 10-K filed: 2026-02-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=62996
Filing source: https://www.sec.gov/Archives/edgar/data/62996/000006299626000005/mas-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-10 · accession 0000062996-26-000005 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000062996.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 7,562,000,000 USD | 2025 | verified |
| Net income | 810,000,000 USD | 2025 | verified |
| Assets | 5,201,000,000 USD | 2025 | verified |
| Free cash flow | 866,000,000 USD | 2025 | computed |
| Net margin | 10.71% | 2025 | computed |
| Operating margin | 16.50% | 2025 | computed |
| Revenue YoY | -3.40% | 2025 | computed |

Stockholders' equity was not positive at FY2025 year-end (-185,000,000 USD, as filed); ROE and liabilities / equity are omitted rather than 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).

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

### Peer percentile fingerprint

| Ratio | MAS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.7% | 6.1% | 68 | 35 |
| Operating margin | 16.5% | 9.3% | 77 | 32 |
| Revenue growth | -3.4% | 4.5% | 17 | 36 |
| FCF margin | 11.5% | 10.7% | 56 | 35 |
| ROA | 15.6% | 4.4% | 100 | 36 |
| Current ratio | 1.81 | 2.59 | 29 | 36 |

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 34 SIC Major Group 34, 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 | 7562000000 | USD | 2025 | 2026-02-10 |
| Net income | 810000000 | USD | 2025 | 2026-02-10 |
| Assets | 5201000000 | USD | 2025 | 2026-02-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000062996.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 | 7,361,000,000 | 6,014,000,000 | 6,654,000,000 | 6,707,000,000 | 7,188,000,000 | 8,375,000,000 | 8,680,000,000 | 7,967,000,000 | 7,828,000,000 | 7,562,000,000 |
| Net income | 493,000,000 | 533,000,000 | 734,000,000 | 935,000,000 | 1,224,000,000 | 410,000,000 | 844,000,000 | 908,000,000 | 822,000,000 | 810,000,000 |
| Operating income | 1,087,000,000 | 1,029,000,000 | 1,077,000,000 | 1,088,000,000 | 1,295,000,000 | 1,405,000,000 | 1,297,000,000 | 1,348,000,000 | 1,363,000,000 | 1,248,000,000 |
| Gross profit | 2,462,000,000 | 2,220,000,000 | 2,327,000,000 | 2,371,000,000 | 2,587,000,000 | 2,863,000,000 | 2,713,000,000 | 2,836,000,000 | 2,831,000,000 | 2,679,000,000 |
| Diluted EPS | 1.48 | 1.66 | 2.37 | 3.22 | 4.59 | 1.62 | 3.63 | 4.02 | 3.76 | 3.86 |
| Operating cash flow | 789,000,000 | 751,000,000 | 1,032,000,000 | 833,000,000 | 953,000,000 | 930,000,000 | 840,000,000 | 1,413,000,000 | 1,075,000,000 | 1,022,000,000 |
| Capital expenditures | 180,000,000 | 173,000,000 | 219,000,000 | 162,000,000 | 114,000,000 | 128,000,000 | 224,000,000 | 243,000,000 | 168,000,000 | 156,000,000 |
| Dividends paid | 128,000,000 | 129,000,000 | 134,000,000 | 144,000,000 | 145,000,000 | 211,000,000 | 258,000,000 | 257,000,000 | 254,000,000 | 261,000,000 |
| Share buybacks | 459,000,000 | 331,000,000 | 654,000,000 | 896,000,000 | 727,000,000 | 1,026,000,000 | 914,000,000 | 353,000,000 | 751,000,000 | 571,000,000 |
| Assets | 5,164,000,000 | 5,534,000,000 | 5,393,000,000 | 5,027,000,000 | 5,777,000,000 | 5,575,000,000 | 5,187,000,000 | 5,363,000,000 | 5,016,000,000 | 5,201,000,000 |
| Liabilities | 5,240,000,000 | 5,351,000,000 | 5,324,000,000 | 5,083,000,000 | 5,356,000,000 | 5,497,000,000 | 5,429,000,000 | 5,247,000,000 | 5,069,000,000 | 5,125,000,000 |
| Stockholders' equity | -298,000,000 | -53,000,000 | -111,000,000 | -235,000,000 | 195,000,000 | -179,000,000 | -480,000,000 | -126,000,000 | -279,000,000 | -185,000,000 |
| Cash and cash equivalents | 990,000,000 | 1,194,000,000 | 552,000,000 | 697,000,000 | 1,326,000,000 | 926,000,000 | 452,000,000 | 634,000,000 | 634,000,000 | 647,000,000 |
| Free cash flow | 609,000,000 | 578,000,000 | 813,000,000 | 671,000,000 | 839,000,000 | 802,000,000 | 616,000,000 | 1,170,000,000 | 907,000,000 | 866,000,000 |

### 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 | 6.70% | 8.86% | 11.03% | 13.94% | 17.03% | 4.90% | 9.72% | 11.40% | 10.50% | 10.71% |
| Operating margin | 14.77% | 17.11% | 16.19% | 16.22% | 18.02% | 16.78% | 14.94% | 16.92% | 17.41% | 16.50% |
| Return on assets | 9.55% | 9.63% | 13.61% | 18.60% | 21.19% | 7.35% | 16.27% | 16.93% | 16.39% | 15.57% |
| Current ratio | 2.01 | 1.96 | 1.64 | 1.75 | 1.80 | 1.76 | 1.56 | 1.68 | 1.75 | 1.81 |

## As-reported value updates

10 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/MAS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000062996.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-Q2 | 2022-06-30 |  |  | 1.18 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.97 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.90 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 2,127,000,000 | 263,000,000 | 1.16 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,979,000,000 | 249,000,000 | 1.10 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,882,000,000 | 191,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,926,000,000 | 215,000,000 | 0.97 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,091,000,000 | 258,000,000 | 1.17 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,983,000,000 | 167,000,000 | 0.77 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,828,000,000 | 182,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,801,000,000 | 186,000,000 | 0.87 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,051,000,000 | 270,000,000 | 1.28 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,917,000,000 | 189,000,000 | 0.90 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,793,000,000 | 165,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,918,000,000 | 213,000,000 | 1.05 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/62996/000006299626000027/mas-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Overview

Due to a dynamic geopolitical and macroeconomic environment, we are experiencing, and may continue to experience, lower market demand for our products. We have been experiencing, and may continue to experience, elevated commodity and other input costs, as well as employee-related cost inflation. Additionally, we have been experiencing, and may continue to experience, elevated costs, principally in our Plumbing Products segment, due to tariffs, particularly those related to China. We seek to mitigate the impact of elevated tariffs and other costs over time with pricing, cost savings initiatives, sourcing changes, and other activities. Consumer demand for our products, however, could further diminish if consumer confidence erodes and the price of our products and other consumer goods increases.

In the first quarter of 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) were unlawful. Subsequently, the U.S. Court of International Trade ordered U.S. Customs and Border Protection to refund IEEPA tariffs previously collected. During the second quarter of 2026, we began receiving refunds related to IEEPA tariffs. Additionally, as of June 30, 2026, we have recognized a receivable for tariff refunds not yet paid that are considered to be probable of collection and reasonably estimable.

We plan to deliver above-market top- and bottom-line growth through a consumer driven strategy leveraging our industry-leading brands, expanded commercial capabilities, and enhanced operational excellence.  We remain confident in the fundamentals of our business and long-term strategy. We believe that our strong financial position and cash flow generation, together with our investments in our industry-leading branded building products, our continued focus on innovation and customer service and disciplined capital allocation, will allow us to drive long-term growth and create value for our shareholders.

From time to time, we take actions to drive efficiency in our business through the strategic rationalization of our businesses, including business consolidations, plant closures, headcount reductions and other cost savings initiatives. In the fourth quarter of 2025, we began implementing various restructuring actions to further streamline our business, reduce headcount, and optimize operations. In connection with these actions, we incurred approximately $12 million and $20 million in charges in the three and six months ended June 30, 2026, respectively, and we expect to incur approximately $50 million in charges during the full year of 2026. Additionally, in the first quarter of 2026, we began the implementation of an internal reorganization resulting in the integration of our Liberty Hardware (“Liberty”) business, a distributor of cabinet and other hardware and shower doors, into our Delta Faucet business. As a result of the integration, all segment information herein, including comparable prior periods, include Liberty in our Plumbing Products segment rather than our Decorative Architectural Products segment.

SECOND QUARTER 2026 AND THE FIRST SIX MONTHS 2026 VERSUS

SECOND QUARTER 2025 AND THE FIRST SIX MONTHS 2025

Consolidated Results of Operations

We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, we believe that certain non-GAAP financial measures used in managing the business may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. These non-GAAP financial measures should be considered in addition to, and not as an alternative for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Within the tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes.

The following discussion of consolidated results of operations refers to the three and six months ended June 30, 2026 compared to the same periods of 2025.

16

NET SALES

Below is a summary of our net sales, in millions, for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Change","","2026","","2025","","Change"],["Net sales, as reported","$","1,992","","","$","2,051","","","(3)","%","","$","3,910","","","$","3,852","","","2","%"],["Currency translation","(10)","","","\u2014","","","","","(52)","","","\u2014"],["Net sales, excluding the effect of currency translation","$","1,982","","","$","2,051","","","(3)","%","","$","3,858","","","$","3,852","","","\u2014","%"]]
[[/GREPCENT_TABLE]]

Our net sales for the three months ended June 30, 2026, were $1,992 million, which decreased three percent compared to the three months ended June 30, 2025. Excluding the effect of currency translation, net sales decreased three percent, primarily due to lower North America sales volume, which decreased sales by five percent, partially offset by higher net selling prices across the entire company, which increased sales by one percent, and higher International sales volume, which increased sales by one percent.

Our net sales for the six months ended June 30, 2026, were $3,910 million, which increased two percent compared to the six months ended June 30, 2025. Excluding the effect of currency translation, net sales were consistent with the comparative prior period, primarily due to higher net selling prices across the entire company, which increased sales by three percent, offset by lower North America sales volume, which decreased sales by three percent.

RESULTS OF OPERATIONS

Below is a summary of our results of operations for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Favorable / (Unfavorable)","","2026","","2025","","Favorable / (Unfavorable)"],["Net sales","$","1,992","","","$","2,051","","","(3)","%","","$","3,910","","","$","3,852","","","2","%"],["Cost of sales","(1,124)","","","(1,278)","","","12","%","","(2,356)","","","(2,435)","","","3","%"],["Gross profit","$","868","","","$","772","","","12","%","","$","1,553","","","$","1,416","","","10","%"],["Gross margin","43.6","%","","37.6","%","","600 bps","","39.7","%","","36.8","%","","290 bps"],["Selling, general and administrative expenses","$","(397)","","","$","(361)","","","(10)","%","","$","(766)","","","$","(719)","","","(7)","%"],["Selling, general and administrative expenses as a percent of net sales","(19.9)","%","","(17.6)","%","","(230) bps","","(19.6)","%","","(18.7)","%","","(90) bps"],["Operating profit","$","470","","","$","412","","","14","%","","$","787","","","$","698","","","13","%"],["Operating profit margin","23.6","%","","20.1","%","","350 bps","","20.1","%","","18.1","%","","200 bps"]]
[[/GREPCENT_TABLE]]

17

Three Months Ended June 30, 2026

Our gross profit for the three months ended June 30, 2026, was $868 million, an increase of 12 percent, and was positively impacted by lower tariff costs (inclusive of IEEPA tariff refunds), cost savings initiatives, and three percent due to higher net selling prices, partially offset by five percent due to lower sales volume, as well as higher commodity costs, an increase in other expenses, and unfavorable sales mix.

Our selling, general and administrative expenses for the three months ended June 30, 2026, were $397 million, an increase of 10 percent, and were negatively impacted by six percent due to increased employee-related costs and one percent due to increased legal and professional fees, as well as an increase in other expenses.

Our operating profit for the three months ended June 30, 2026, was $470 million, an increase of 14 percent, and was positively impacted by increased gross profit, partially offset by higher selling, general and administrative expenses. These results were inclusive of the net tariff benefit from IEEPA tariff refunds of approximately $95 million for the three months ended June 30, 2026, principally within the Plumbing Products segment.

Six Months Ended June 30, 2026

Our gross profit for the six months ended June 30, 2026, was $1,553 million, an increase of 10 percent, and was positively impacted by eight percent due to higher net selling prices, as well as lower tariff costs (inclusive of IEEPA tariff refunds) and cost savings initiatives, partially offset by three percent due to lower sales volume, as well as higher commodity costs, an increase in other expenses, and unfavorable sales mix.

Our selling, general and administrative expenses for the six months ended June 30, 2026, were $766 million, an increase of seven percent, and were negatively impacted by two percent due to increased employee-related costs, two percent due to unfavorable foreign currency translation, one percent due to increased legal and professional fees, as well as an increase in other expenses.

Our operating profit for the six months ended June 30, 2026, was $787 million, an increase of 13 percent, and was positively impacted by increased gross profit, partially offset by higher selling, general and administrative expenses. These results were inclusive of the net tariff benefit from IEEPA tariff refunds of approximately $95 million for the six months ended June 30, 2026, principally within the Plumbing Products segment.

OTHER INCOME (EXPENSE), NET

Below is a summary of our other income (expense), net, in millions, for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Favorable / (Unfavorable)","","2026","","2025","","Favorable / (Unfavorable)"],["Interest expense","$","(28)","","","$","(26)","","","(8)","%","","$","(54)","","","$","(52)","","","(4)","%"],["Other, net","(2)","","","(7)","","","71","%","","(2)","","","(14)","","","86","%"],["Other income (expense), net","$","(30)","","","$","(33)","","","9","%","","$","(55)","","","$","(66)","","","17","%"]]
[[/GREPCENT_TABLE]]

18

INCOME TAXES

Below is a summary of our income tax expense, in millions, and our effective tax rate for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Favorable / (Unfavorable)","","2026","","2025","","Favorable / (Unfavorable)"],["Income tax expense","$","(107)","","$","(95)","","(13)%","","$","(170)","","$","(150)","","(13)%"],["Effective tax rate","(24.3)","%","","(25.1)","%","","80 bps","","(23.3)","%","","(23.7)","%","","40 bps"]]
[[/GREPCENT_TABLE]]

NET INCOME AND INCOME PER COMMON SHARE - ATTRIBUTABLE TO MASCO CORPORATION

Below is a summary of our net income, in millions, and diluted income per common share for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","Favorable / (Unfavorable)","","2026","","2025","","Favorable / (Unfavorable)"],["Net income","$","318","","","$","270","","","18","%","","$","531","","","$","456","","","16","%"],["Diluted income per common share","$","1.60","","","$","1.28","","","25","%","","$","2.64","","","$","2.15","","","23","%"]]
[[/GREPCENT_TABLE]]

Business Segment Results

The following tables set forth our net sales and operating profit information by business segment, dollars in millions.

[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/62996/000006299626000005/mas-20251231.htm
Complete FY 2025 MD&A: /company/MAS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-10
Report date: 2025-12-31

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

The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by, our consolidated financial statements (and notes related thereto) and other more detailed financial information appearing elsewhere in this Report. Further, you should read the following discussion and analysis of our financial condition and results of operations together with the “Risk Factors” included elsewhere in this Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. See also “Cautionary Statement Concerning Forward-Looking Statements” at the beginning of this Report. Amounts may not add due to rounding.

Overview

We design, manufacture and distribute branded home improvement and building products. These products are sold primarily for repair and remodeling activity and, to a lesser extent, new home construction. We sell our products through home center retailers, online retailers, wholesalers and distributors, mass merchandisers, hardware stores, direct to the consumer, professional contractors and homebuilders.

We continue to pursue our strategy of driving the full potential of our core businesses, leveraging opportunities across our enterprise, and actively managing our portfolio. We remain confident in the fundamentals of our business and long-term strategy. We execute our strategy by investing in our brands, developing innovative products, making capital investments, and focusing on continuous productivity improvement and operational excellence, among other initiatives. We believe that our strong financial position and cash flow generation, together with our investments in our industry-leading branded building products, our continued focus on innovation and customer service and disciplined capital allocation, will allow us to drive long-term growth and create value for our shareholders.

We continue to leverage the Masco Operating System, our methodology to drive growth and productivity, and continuous improvement initiatives across our enterprise to identify additional opportunities to improve our business operations. From time to time, we take actions to drive efficiency in the business focused on the strategic rationalization of our businesses, including business consolidations, plant closures, headcount reductions and other cost savings initiatives. In the fourth quarter of 2025, we began implementing various restructuring actions to further streamline our business, reduce headcount, and optimize operations. In connection with these actions, we incurred charges of approximately $18 million in the fourth quarter of 2025, and we expect to incur approximately $50 million in additional charges in 2026. Additionally, subsequent to December 31, 2025, we announced that we will implement an internal reorganization resulting in the integration of our Liberty Hardware (“Liberty”) business, a distributor of cabinet and other hardware and shower doors, into our Delta Faucet business. As a result of the integration, beginning with our Quarterly Report on Form 10-Q for the period ending March 31, 2026, Liberty will be included in our Plumbing Products segment rather than our Decorative Architectural Products segment.

Recent Trends

Due to changing market conditions, we are experiencing, and may continue to experience, lower market demand for our products. We have been experiencing, and may continue to experience, elevated commodity and other input costs, as well as employee-related cost inflation. Additionally, we have been experiencing, and may continue to experience, significantly higher costs to us, principally in our Plumbing Products segment, due to the recently enacted tariffs, particularly those related to China. We seek to mitigate the impact of higher tariffs and other unfavorable impact to our costs over time with pricing, cost savings initiatives, sourcing changes, and other activities. Consumer demand for our products, however, could further diminish if consumer confidence erodes and the price of our products and other consumer goods increases.

19

Consolidated Results of Operations

We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, we believe that certain non-GAAP performance measures and ratios, used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. These include the disclosure of net sales, operating profit and operating profit margins adjusted for certain items. Non-GAAP performance measures and ratios should be viewed in addition to, and not as an alternative for, our reported results under GAAP.

We discuss our consolidated results as well as our Business Segment results of operations for the year ended December 31, 2025 versus December 31, 2024. A detailed discussion of our consolidated and Business Segment results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 11, 2025.

NET SALES

Below is a summary of our net sales, in millions, for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Change"],["Net sales, as reported","$","7,562","","","$","7,828","","","(3)","%"],["Divestitures","\u2014","","","(178)"],["Net sales, excluding divestitures","7,562","","","7,650","","","(1)","%"],["Currency translation","(45)","","","\u2014"],["Net sales, excluding divestitures and the effect of currency translation","$","7,517","","","$","7,650","","","(2)","%"]]
[[/GREPCENT_TABLE]]

Our net sales for 2025 were $7,562 million, which decreased three percent compared to 2024. Excluding divestitures and the effect of currency translation, net sales decreased two percent. Our net sales for 2025 decreased primarily due to lower sales volume across the entire company which decreased sales by four percent, partially offset by higher net selling prices of plumbing products which increased sales by two percent.

20

RESULTS OF OPERATIONS

Below is a summary of our results of operations, dollars in millions, for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Change"],["Net sales","$","7,562","","","$","7,828","","","(3)","%"],["Cost of sales","(4,883)","","","(4,997)","","","(2)","%"],["Gross profit","$","2,679","","","$","2,831","","","(5)","%"],["Gross margin","35.4","%","","36.2","%","","(80) bps"],["Selling, general and administrative expenses","$","(1,426)","","","$","(1,468)","","","(3)","%"],["Selling, general and administrative expenses of a percent of net sales","(18.9)","%","","(18.8)","%","","(10) bps"],["Impairment charge for other intangible assets","$","(5)","","","$","\u2014","","","100","%"],["Operating profit, as reported","$","1,248","","","$","1,363","","","(8)","%"],["Rationalization charges","19","","","9","","","111","%"],["Impairment charge for other intangible assets","5","","","\u2014","","","100","%"],["Operating profit, excluding rationalization charges and impairment charge","$","1,272","","","$","1,372","","","(7)","%"],["Operating profit margin, as reported","16.5","%","","17.4","%","","(90) bps"],["Operating profit margin, excluding rationalization charges and impairment charge","16.8","%","","17.5","%","","(70) bps"]]
[[/GREPCENT_TABLE]]

Our gross profit for 2025 was $2,679 million, which decreased five percent, and was negatively impacted by higher commodity and tariff costs, four percent due to lower sales volume, two percent due to the divestiture of our Kichler Lighting ("Kichler") business, as well as an increase in other expenses (including inventory-related reserves). These amounts were partially offset by five percent due to higher net selling prices of plumbing products, as well as cost savings initiatives.

Our selling, general and administrative expenses for 2025 were $1,426 million, which decreased three percent, and were positively impacted by three percent due to the divestiture of Kichler and one percent due to lower employee-related costs, partially offset by one percent due to unfavorable foreign currency translation.

Our operating profit for 2025 was $1,248 million, which decreased eight percent, and was negatively impacted by decreased gross profit and an impairment charge for other intangible assets, partially offset by lower selling, general and administrative expenses.

21

OTHER INCOME (EXPENSE), NET

Below is a summary of our other income (expense), net, in millions, for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Favorable / (Unfavorable)"],["Interest expense","$","(101)","","","$","(99)","","","(2)","%"],["Other, net","(12)","","","(103)","","","88","%"],["Other income (expense), net","$","(114)","","","$","(202)","","","44","%"]]
[[/GREPCENT_TABLE]]

Other, net included a loss on the sale of Kichler of $88 million, inclusive of costs to sell, for the year ended December 31, 2024.

INCOME TAXES

Below is a summary of our income tax expense, in millions, and our effective tax rate for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Favorable / (Unfavorable)"],["Income tax expense","$","(277)","","","$","(287)","","","3","%"],["Effective tax rate","(24.4)","%","","(24.7)","%","","30 bps"]]
[[/GREPCENT_TABLE]]

Refer to Note P to the consolidated financial statements for additional information.

NET INCOME AND INCOME PER COMMON SHARE - ATTRIBUTABLE TO MASCO CORPORATION

Below is a summary of our net income, in millions, and diluted income per common share for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Favorable / (Unfavorable)"],["Net income","$","810","","","$","822","","","(1)","%"],["Diluted income per common share","$","3.86","","","$","3.76","","","3","%"]]
[[/GREPCENT_TABLE]]

22

Business Segment Results

The following tables set forth our net sales and operating profit information by Business Segment, dollars in millions.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","","Percent Change"],["","2025","","2024","","2025 vs. 2024"],["Net Sales:"],["Plumbing Products","$","4,992","","","$","4,853","","","3","%"],["Decorative Architectural Products","2,570","","","2,975","","","(14)","%"],["Total","$","7,562","","","$","7,828","","","(3)","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","","Percent Change"],["","2025","","2024","","2025 vs. 2024"],["Operating Profit:"],["Plumbing Products","$","895","","","$","911","","","(2)","%"],["Decorative Architectural Products","443","","","549","","","(19)","%"],["Total","$","1,338","","","$","1,460","","","(8)","%"],["General corporate expense, net","(89)","","","(97)","","","(8)","%"],["Total operating profit","$","1,248","","","$","1,363","","","(8)","%"]]
[[/GREPCENT_TABLE]]

BUSINESS SEGMENT RESULTS DISCUSSION

Changes in operating profit in the following Business Segment Results discussion exclude general corporate expense, net, and compares each respective period to the same period of the immediately preceding year.

Plumbing Products

Sales

Net sales in the Plumbing Products segment increased three percent in 2025. In local currencies (including sales in currencies outside their respective functional curren

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

Read the full FY 2025 MD&A: /company/MAS/mda/fy2025/
All MD&A years: /company/MAS/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/MAS/mda/fy2024/): filed 2025-02-11; accession 0000062996-25-000004 (https://www.sec.gov/Archives/edgar/data/62996/000006299625000004/mas-20241231.htm)
- [FY 2023 MD&A](/company/MAS/mda/fy2023/): filed 2024-02-08; accession 0000062996-24-000006 (https://www.sec.gov/Archives/edgar/data/62996/000006299624000006/mas-20231231.htm)
- [FY 2022 MD&A](/company/MAS/mda/fy2022/): filed 2023-02-09; accession 0000062996-23-000008 (https://www.sec.gov/Archives/edgar/data/62996/000006299623000008/mas-20221231.htm)
- [FY 2021 MD&A](/company/MAS/mda/fy2021/): filed 2022-02-08; accession 0000062996-22-000011 (https://www.sec.gov/Archives/edgar/data/62996/000006299622000011/mas-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures) 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/MAS.md · JSON record: /company/MAS.json · verified financials: /company/MAS/financials.json / /company/MAS/financials.csv · machine TOC for the whole site: /llms.txt