# MILLERKNOLL, INC. (MLKN) Informational only - not investment advice. CIK: 0000066382 SIC: 2520 Office Furniture SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 25](/major-group/25/) > [SIC 2520 Office Furniture](/industry/2520/) Latest 10-K filed: 2026-07-20 SEC page: https://www.sec.gov/edgar/browse/?CIK=66382 Filing source: https://www.sec.gov/Archives/edgar/data/66382/000006638226000092/mlkn-20260530.htm ## At a glance FY2026 · period end 2026-05-30 · filed 2026-07-20 · accession 0000066382-26-000092 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000066382.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,841,700,000 USD | 2026 | verified | | Net income | 91,500,000 USD | 2026 | verified | | Assets | 4,000,500,000 USD | 2026 | verified | | Free cash flow | 77,600,000 USD | 2026 | computed | | Net margin | 2.38% | 2026 | computed | | Operating margin | 5.16% | 2026 | computed | | Revenue YoY | +4.68% | 2026 | computed | | ROE | 6.82% | 2026 | 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 = FY2026 revenue ÷ FY2025 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 | MLKN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 2.4% | 2.4% | 50 | 11 | | Operating margin | 5.2% | 4.8% | 56 | 10 | | Revenue growth | 4.7% | 1.6% | 60 | 11 | | FCF margin | 2.0% | 6.0% | 20 | 11 | | ROE | 6.8% | 6.8% | 50 | 11 | | ROA | 2.3% | 2.3% | 50 | 11 | | Liabilities / equity | 1.93 | 1.31 | 70 | 11 | | Current ratio | 1.58 | 1.89 | 20 | 11 | 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 25 SIC Major Group 25, 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 | 3841700000 | USD | 2026 | 2026-07-20 | | Net income | 91500000 | USD | 2026 | 2026-07-20 | | Assets | 4000500000 | USD | 2026 | 2026-07-20 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000066382.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 2,278,200,000 | 2,381,200,000 | 2,567,200,000 | 2,486,600,000 | 2,465,100,000 | 3,946,000,000 | 4,087,100,000 | 3,628,400,000 | 3,669,900,000 | 3,841,700,000 | | Net income | | | 123,900,000 | 128,100,000 | 160,500,000 | -8,700,000 | 174,600,000 | -27,100,000 | 42,100,000 | 82,300,000 | -36,900,000 | 91,500,000 | | Operating income | | | 191,100,000 | 178,900,000 | 203,500,000 | -37,900,000 | 232,500,000 | 39,800,000 | 122,300,000 | 167,200,000 | 50,500,000 | 198,300,000 | | Gross profit | | | 864,200,000 | 873,000,000 | 929,900,000 | 911,200,000 | 951,100,000 | 1,352,700,000 | 1,430,000,000 | 1,419,500,000 | 1,422,600,000 | 1,488,800,000 | | Diluted EPS | | | 2.05 | 2.12 | 2.70 | -0.15 | 2.94 | -0.37 | 0.55 | 1.11 | -0.54 | 1.32 | | Operating cash flow | | | 202,100,000 | 166,500,000 | 216,400,000 | 221,800,000 | 332,300,000 | -11,900,000 | 162,900,000 | 352,300,000 | 209,300,000 | 199,900,000 | | Capital expenditures | | | 87,300,000 | 70,600,000 | 85,800,000 | 69,000,000 | 59,800,000 | 94,700,000 | 83,300,000 | 78,400,000 | 107,600,000 | 122,300,000 | | Dividends paid | | | 39,400,000 | 42,400,000 | 45,600,000 | 36,400,000 | 34,500,000 | 54,500,000 | 57,100,000 | 55,600,000 | 51,700,000 | 51,100,000 | | Share buybacks | | 14,100,000 | 23,700,000 | 46,500,000 | 47,900,000 | 26,600,000 | 900,000 | 16,200,000 | 16,000,000 | 138,200,000 | 84,900,000 | | | Assets | | | 1,306,300,000 | 1,479,500,000 | 1,569,300,000 | 2,053,900,000 | 2,076,800,000 | 4,514,000,000 | 4,274,800,000 | 4,043,600,000 | 3,950,200,000 | 4,000,500,000 | | Liabilities | | | 694,000,000 | 784,200,000 | 829,500,000 | 1,360,500,000 | 1,139,300,000 | 2,980,000,000 | 2,734,600,000 | 2,584,600,000 | 2,615,100,000 | 2,594,600,000 | | Stockholders' equity | | | 587,500,000 | 664,600,000 | 719,200,000 | 652,400,000 | 860,500,000 | 1,427,100,000 | 1,432,600,000 | 1,385,100,000 | 1,275,800,000 | 1,342,600,000 | | Cash and cash equivalents | 63,700,000 | 84,900,000 | 96,200,000 | 203,900,000 | 159,200,000 | 454,000,000 | 396,400,000 | 230,300,000 | | | 193,700,000 | 167,700,000 | | Free cash flow | | | 114,800,000 | 95,900,000 | 130,600,000 | 152,800,000 | 272,500,000 | -106,600,000 | 79,600,000 | 273,900,000 | 101,700,000 | 77,600,000 | ### 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 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 5.44% | 5.38% | 6.25% | -0.35% | 7.08% | -0.69% | 1.03% | 2.27% | -1.01% | 2.38% | | Operating margin | | | 8.39% | 7.51% | 7.93% | -1.52% | 9.43% | 1.01% | 2.99% | 4.61% | 1.38% | 5.16% | | Return on equity | | | 21.09% | 19.27% | 22.32% | -1.33% | 20.29% | -1.90% | 2.94% | 5.94% | -2.89% | 6.82% | | Return on assets | | | 9.48% | 8.66% | 10.23% | -0.42% | 8.41% | -0.60% | 0.98% | 2.04% | -0.93% | 2.29% | | Liabilities / equity | | | 1.18 | 1.18 | 1.15 | 2.09 | 1.32 | 2.09 | 1.91 | 1.87 | 2.05 | 1.93 | | Current ratio | | | 1.28 | 1.56 | 1.48 | 1.95 | 1.90 | 1.50 | 1.67 | 1.53 | 1.58 | 1.58 | ## As-reported value updates 2 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/MLKN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000066382.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 | 2022-02-26 | | | 0.16 | reported discrete quarter | | 2023-Q2 | 2022-12-03 | | | 0.21 | reported discrete quarter | | 2023-Q3 | 2023-03-04 | | | 0.01 | reported discrete quarter | | 2024-Q1 | 2023-09-02 | 917,700,000 | 16,700,000 | 0.22 | reported discrete quarter | | 2024-Q2 | 2023-09-02 | | 16,700,000 | | reported discrete quarter | | 2024-Q2 | 2023-12-02 | 949,500,000 | | 0.45 | reported discrete quarter | | 2024-Q3 | 2023-12-02 | | 33,500,000 | | reported discrete quarter | | 2024-Q3 | 2024-03-02 | 872,300,000 | | 0.30 | reported discrete quarter | | 2024-Q4 | 2024-06-01 | 888,900,000 | 9,900,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-08-31 | 861,500,000 | -1,200,000 | -0.02 | reported discrete quarter | | 2025-Q2 | 2024-08-31 | | -1,200,000 | | reported discrete quarter | | 2025-Q2 | 2024-11-30 | 970,400,000 | | 0.49 | reported discrete quarter | | 2025-Q3 | 2024-11-30 | | 34,100,000 | | reported discrete quarter | | 2025-Q3 | 2025-03-01 | 876,200,000 | | -0.19 | reported discrete quarter | | 2025-Q4 | 2025-05-31 | 961,800,000 | -57,100,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-08-30 | 955,700,000 | 20,200,000 | 0.29 | reported discrete quarter | | 2026-Q2 | 2025-08-30 | | 20,200,000 | | reported discrete quarter | | 2026-Q2 | 2025-11-29 | 955,200,000 | | 0.35 | reported discrete quarter | | 2026-Q3 | 2025-11-29 | | 24,200,000 | | reported discrete quarter | | 2026-Q3 | 2026-02-28 | 926,600,000 | | 0.34 | reported discrete quarter | | 2026-Q4 | 2026-05-30 | 1,004,200,000 | 23,600,000 | | derived Q4 = FY annual - nine-month YTD | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MLKN's latest 10-K: [/company/MLKN/business/](/company/MLKN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MLKN's latest 10-K: [/company/MLKN/risk-factors/](/company/MLKN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/66382/000006638226000050/mlkn-20260228.htm Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Confidence: high Filing date: 2026-03-30 Report date: 2026-02-28 Liquidity and Capital Resources The table below summarizes the net change in Cash and cash equivalents for the nine months ended as indicated. [[GREPCENT_TABLE]] [["(In millions)","February 28, 2026","","March 1, 2025"],["Cash provided by (used in):"],["Operating activities","$","135.1","","","$","138.4"],["Investing activities","(77.8)","","","(60.3)"],["Financing activities","(83.8)","","","(127.6)"],["Effect of exchange rate changes","7.4","","","(11.1)"],["Net change in Cash and cash equivalents","$","(19.1)","","","$","(60.6)"]] [[/GREPCENT_TABLE]] 43 Cash Flows - Operating Activities Net cash provided by operating activities for the nine months ended February 28, 2026, totaled $135.1 million compared to $138.4 million in the same period of the prior year. The principal source of our operating cash flow is net earnings, meaning cash receipts from the sale of our products, net of costs to manufacture, distribute, and market our products and changes in working capital. Working capital remained a use of cash in the current year but decreased compared to the prior year. Our working capital consists primarily of receivables from customers, inventory, prepaid expenses, accounts payable, accrued compensation, and accrued other expenses. The following all affect these account balances: •Fluctuations in inventory levels; and •The timing of collection of our receivables; and •Changes in accruals related to variable compensation. Cash Flows - Investing Activities Cash used in investing activities for the nine months ended February 28, 2026, was $77.8 million, as compared to $60.3 million in the same period of the prior year. The increase was primarily driven by higher capital expenditures in the current year. At the end of the third quarter of fiscal 2026, there were outstanding commitments for capital purchases of $22.7 million. The Company plans to fund these commitments through a combination of cash on hand and cash flows from operations. The Company expects full-year capital purchases to be between $120 million and $130 million which will be primarily related to investments in the Company's facilities, (including manufacturing, showrooms, and retail stores) and equipment as well as investments associated with achieving the Company's sustainability goals. This compares to full-year capital spending of $107.6 million in fiscal 2025. Capital expenditures for the first nine months of fiscal 2026 were $83.4 million compared to $68.1 million for the nine months ended March 1, 2025. Cash Flows - Financing Activities Cash used in financing activities for the nine months ended February 28, 2026, was $83.8 million, compared to $127.6 million in the same period of the prior year. The decrease in cash used in the current year, compared to the prior year, was primarily due to: •The Company repurchased 705,141 shares, including shares withheld to satisfy tax withholdings, at a cost of $12.3 million in the current period as compared to 3,286,029 share repurchases, including shares withheld to satisfy tax withholding totaling $84.8 million in the same period of the prior year. •During the current period the Company entered into a three-year accounts receivable securitization facility. Net proceeds from the facility totaled $70.2 million in the current period. This was offset in part by: •Net payments on the credit agreement of $37.3 million in the current period compared to net borrowings of $24.0 million in the same period of the prior year. •The refinancing of Term Loan B resulted in a net cash outflow of $65.6 million in the current period. In the prior year, term loan debt was reduced by $29.7 million through scheduled principal payments. •Deferred financing costs of $2.2 million were incurred in the current period in connection with the refinancing of Term Loan B. Sources of Liquidity The Company maintains an open market share repurchase program under our existing share repurchase authorization and may repurchase shares from time to time based on management’s evaluation of market conditions, share price and other factors. At the end of the third quarter of fiscal 2026, the Company had a well-positioned balance sheet and liquidity profile. The Company has access to liquidity through credit facilities as well as cash and cash equivalents. These sources have been summarized below. For additional information, refer to Note 12 to the Condensed Consolidated Financial Statements. [[GREPCENT_TABLE]] [["(In millions)","February 28, 2026","","May 31, 2025"],["Cash and cash equivalents","$","174.6","","","$","193.7"],["Availability under syndicated revolving line of credit","419.4","","","382.2"],["Total liquidity","$","594.0","","","$","575.9"]] [[/GREPCENT_TABLE]] 44 Of the Cash and cash equivalents noted above at the end of the third quarter of fiscal 2026, the Company had $161.4 million of Cash and cash equivalents held outside the United States. The Company’s syndicated revolving line of credit, which matures in April 2030, provides the Company with up to $725 million in revolving variable interest borrowing capacity and allows the Company to borrow incremental amounts, at its option, subject to negotiated terms as outlined in the agreement. Outstanding borrowings bear interest at rates based on the prime rate, federal funds rate, SOFR or negotiated terms as outlined in the agreement. As of February 28, 2026, the total debt outstanding related to borrowings under the syndicated revolving line of credit was $293.5 million with available borrowings on this facility of $419.4 million. The Company intends to repatriate $137.3 million of undistributed foreign earnings all of which is held in cash in certain foreign jurisdictions with the remainder of undistributed earnings outside the U.S. recorded in working capital. The Company has recorded a $3.5 million deferred tax liability related to foreign withholding taxes on these future dividends received in the U.S. from foreign subsidiaries. A significant portion of the $137.3 million of undistributed foreign earnings was previously taxed under the U.S. Tax Cut and Jobs Act (TCJA). The Company intends to remain indefinitely reinvested in the remaining undistributed earnings outside the U.S. which is estimated to be approximately $382.9 million on February 28, 2026. The Company believes cash on hand, cash generated from operations, and borrowing capacity will provide adequate liquidity to fund near term and foreseeable future business operations, capital needs, upcoming debt maturities, future dividends and share repurchases, subject to financing availability in the marketplace. Contractual Obligations Contractual obligations associated with ongoing business and financing activities will require cash payments in future periods. A table summarizing the amounts and estimated timing of these future cash payments as of May 31, 2025, was provided in the Company's Annual Report on Form 10-K for the year ended May 31, 2025. There have been no material changes in such obligations since that date. Guarantees See Note 11 to the Condensed Consolidated Financial Statements. Variable Interest Entities See Note 16 to the Condensed Consolidated Financial Statements. Contingencies See Note 11 to the Condensed Consolidated Financial Statements. Critical Accounting Policies The Company strives to report financial results clearly and understandably. The Company follows accounting principles generally accepted in the United States in preparing its consolidated financial statements, which require certain estimates and judgments that affect the financial position and results of operations for the Company. The Company continually reviews the accounting policies and financial information disclosures. A summary of the more significant accounting policies that require the use of estimates and judgments in preparing the financial statements is provided in the Company's Annual Report on Form 10-K for the year ended May 31, 2025. New Accounting Standards See Note 2 to the Condensed Consolidated Financial Statements. 45 Cautionary Note Regarding Forward-Looking Statements This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include those relating to future events, anticipated results of operations, our expectations regarding future market conditions, our business strategies, our assessment of risks we face, and other aspects of our operations or operating results. These forward-looking statements generally can be identified by phrases such as "will," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations or financial condition or the price of our stock. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those indicated in such forward-looking statements, including, but not limited to: •The effects of the ongoing conflict and broader geopolitical instability in the Middle East, including with respect to negative impacts on our supply chain, decreased sales within the region or beyond due to supply chain constraints, and broader inflationary and macroeconomic effects; •Changes to U.S. and international trade policies, including new or increased tariffs and changing import/export regulations, which impact both the cost and availability of materials and components used to manufacture our products as well as demand for our products; •Challenges in implementing our growth strategy and the possibility that the assumptions on which that strategy was built prove inaccurate; •Consumer spending levels, which have a significant impact on demand for our products within our Global Retail segment; •Global and national economic conditions such as heightened inflation, uncertainty regarding future interest rates, foreign currency exchange rate fluctuations, the escalating conflict in the Middle East, the continuation of the Russia-Ukraine war, and potential governmental responses to these events; •Cybersecurity threats and risks; •Public health crises, such as pandemics and epidemics, and governmental policies and actions to protect the health and safety of individuals or to maintain the functioning of national or global economies; •Risks related to the additional debt incurred in connection with our acquisition of Knoll, including increased interest expense, our ability to comply with our debt covenants and obligations, and limitations on certain business activities imposed by our credit agreement; •Availability and pricing of raw materials; •Financial strength of our dealers and customers; •Pace and level of government procurement; and •Outcome of pending litigation or governmental audits or investigations. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to MillerKnoll’s periodic reports and other filings with the SEC, including the risk factors identified in our most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the year ended May 31, 2025. The forward-looking statements included in this report are made only as of the date hereof. MillerKnoll does not undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/66382/000006638226000092/mlkn-20260530.htm Complete FY 2026 MD&A: /company/MLKN/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-07-20 Report date: 2026-05-30 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations This Management's Discussion and Analysis should be read in conjunction with the Company's Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K. Refer also to the information provided under the heading "Forward-Looking Statements" in this Annual Report on Form 10-K. Executive Overview MillerKnoll is a collective of dynamic brands that comes together to design the world we live in. From the spaces we make that help us live and work better, to how we manufacture our products, to the ways we solve challenges facing our customers and global community, design is our tool for creating positive impact. Our optimism leads us as we redefine modern for the 21st century, shaping a future that’s more sustainable, caring, and beautiful for all people and our planet. MillerKnoll's products are sold internationally through controlled subsidiaries or branches in various countries including the United Kingdom, Denmark, Italy, France, the Netherlands, Canada, Japan, Mexico, Australia, Singapore, China, Hong Kong, India, and Brazil. The Company’s products are sold in over 100 countries primarily through independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the Company’s eCommerce platforms. The Company is globally positioned in terms of manufacturing operations. In North America, manufacturing and distribution operations are in Georgia, New York, North Carolina, Michigan, Pennsylvania, and Texas in the United States, as well as Toronto and Mexico City. In Europe, the Company's manufacturing presence is in the United Kingdom and Italy. Manufacturing operations globally also include facilities located in Brazil, China, and India. The Company manufactures products using a system of lean manufacturing techniques collectively referred to as the MillerKnoll Performance System (MKPS). For its contract furniture business, MillerKnoll strives to maintain efficiencies and cost savings by minimizing the amount of inventory on hand. Accordingly, production is order-driven with direct materials and components purchased as needed to meet demand. These factors result in a high rate of inventory turns related to our manufactured inventories. A key element of the Company's manufacturing strategy is to limit fixed production costs by sourcing component parts from strategic suppliers. This strategy has allowed the Company to increase the variable nature of its cost structure, while retaining proprietary control over those production processes that the Company believes provide a competitive advantage. As a result of this strategy, the Company's manufacturing operations are largely assembly-based. A key element of the Company's growth strategy is to scale the Global Retail business through the Company's Herman Miller and Design Within Reach ("DWR") retail channels. DWR provides a channel to bring MillerKnoll's iconic and design-centric products across our brands such as Knoll, Muuto, and HAY, to retail customers, along with other proprietary and third-party products, with a focus on modern design. The Company is comprised of various operating segments as defined by generally accepted accounting principles in the United States (U.S. GAAP). The operating segments are determined on the basis of how the Company internally reports and evaluates financial information used to make operating decisions. The Company has identified the following segments: •North America Contract — Includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout the United States and Canada as well as the global operations of the Spinneybeck, FilzFelt, Maharam, Edelman, and Knoll Textile brands. •International Contract — Includes the operations associated with the design, sourcing, manufacture, and sale of furniture products, directly or indirectly through an independent dealership network for office, healthcare, and educational environments in Europe, the Middle East, Africa, Asia-Pacific, and Latin America. •Global Retail — Includes global operations associated with the sale of modern design furnishings and accessories to third party retailers, as well as direct to consumer sales through eCommerce, direct-mail catalogs, and physical retail stores, along with the global operations of the Holly Hunt brand. The Company also reports a corporate category consisting primarily of unallocated corporate expenses related to general corporate functions, including, but not limited to, certain legal, executive, corporate finance, information technology, administrative, and acquisition-related costs.                                          21 Core Strengths The Company relies on the following core strengths in delivering solutions to customers: •Product Portfolio and Brand Collective - MillerKnoll is a collective of globally recognized design brands known for working with some of the most well-known and respected designers in the world. Combined, the Company represents over 100 years of design research and exploration in service of humanity. Within the industries in which the Company operates, Herman Miller and Knoll, along with Colebrook Bosson Saunders, Design Within Reach, Edelman, FilzFelt, Geiger, HAY, Holly Hunt, Maharam, Muuto, NaughtOne and Spinneybeck are acknowledged as leading brands that inspire architects and designers to create their best design solutions. This portfolio has enabled MillerKnoll to connect with new audiences, channels, geographies, and product categories. Leveraging the collective brand equity of MillerKnoll across the lines of business is an important element of the Company's business strategy. •Design Leadership - The Company is committed to developing research-based functionality and aesthetically innovative new products and has a history of doing so, in collaboration with a global network of leading independent designers. The Company believes its skills and experience in matching problem-solving design with the workplace needs of customers provide the Company with a competitive advantage in the marketplace. An important component of the Company's business strategy is to actively pursue a program of new product research, design, and development. The Company accomplishes this through the use of an internal research and engineering staff that engages with third party design resources generally compensated on a royalty basis. •Unique Business Model - The Company has built a multi-channel distribution capability that it considers unique. Through contract furniture dealers, direct customer sales, retail stores and studios, eCommerce, wholesalers, and independent retailers, the Company serves contract and residential customers across a range of channels and geographies. As it pertains to its operations, the Company was among the first in the industry to embrace the concept of lean manufacturing. MKPS provides the foundation for all the Company's manufacturing operations. The Company is committed to continuously improving both product quality and production and operational efficiency. The Company believes these concepts hold significant promise for further gains in reliability, quality, and efficiency. •Global Scale and Reach - In addition to its global omni-channel distribution capability, the Company has a global network of designers, suppliers, manufacturing operations, and research and development centers that position the Company to serve contract and residential customers globally. The Company believes that leveraging this global scale will be an important enabler to executing its strategy. •Extraordinary People - We believe that our employees are a critical success factor for our business. We strive to identify, hire, develop, motivate and retain the best employees. Our ability to attract, engage, and retain key employees has been and will remain critical to our success. Channels of Distribution The Company's products and services are offered to most of its customers under standard trade credit terms between 30 and 45 days. For all the items below, revenue is recognized when control transfers to the customer. The Company's products and services are sold through the following distribution channels: •Independent Contract Furniture Dealers - Most of the Company's product sales are made to a global network of independently owned and operated contract furniture dealerships. These dealers purchase the Company's products and distribute them to end customers. Many of these dealers also offer furniture-related services, including product installation. •Direct Contract Sales - The Company sells products and services directly to end customers without an intermediary (e.g., sales to the U.S. federal government). In most of these instances, the Company contracts separately with a dealer or third-party installation company to provide sales-related services. •eCommerce - The Company sells products in its portfolio of brands across the globe, through localized Herman Miller, Knoll, and DWR websites. These sites complement the Company’s existing methods of distribution and extend the Company's brands' reach for new and existing customers and clients. •Wholesale - Through the Company's Global Retail segment, certain products are sold on a wholesale basis to independent retailers located in various markets around the world.                                          22 •Retail Locations - As of May 30, 2026, the Company operated 93 retail stores, including 45 DWR stores, 39 Herman Miller stores, 4 Knoll stores, 1 Muuto store, 1 HAY store, and 3 outlet stores. Areas of Strategic Focus Our strategy is designed to harness the full potential of MillerKnoll while driving growth across all business segments, geographies, and customer groups and creating value for all our stakeholders. We will capitalize on global trends including hybrid and flexible work, consumers’ focus on investing in their homes, a focus on health and well-being, and an expectation of corporate social responsibility. Our strategy includes three key focus areas: Drive Customer Demand and Order Growth We are prioritizing programs to deliver world class experiences with every client interaction. We have a global, go-to-market framework for contract sellers, Design With Impact, that is organized around well-being, connection and change, and we are investing in MillerKnoll showrooms that bring our brands closer together to show the breadth of our offerings. As part of this work, we are enhancing and opening MillerKnoll showrooms in select markets, including, Atlanta, Chicago, Dallas, London, Los Angeles, New York, Toronto and San Francisco. In addition, we will continue to leverage the wide reach of our dealers’ showrooms around the globe. In retail, we are working to evolve and enhance the DWR experience. We are expanding the retail footprint of both our DWR and Herman Miller stores into new geographic markets, with a primary focus on growth within the United States. We are testing new store formats, expanding our product assortment and offering design services both in store and online to enhance the customer experience, attract new customers and grow existing customers. In addition, we continue to launch new online tools to support our trade customers, making it easier for them to incorporate our products in their client projects. Foster a Culture of Highly Engaged Associates As MillerKnoll, we have created one of the most talented teams in the industry. We are committed to nurturing this distinct competitive advantage by fostering a culture of highly engaged associates and inspiring belief in our shared future. We empower our associates [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/MLKN/mda/fy2026/ All MD&A years: /company/MLKN/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 2025 MD&A](/company/MLKN/mda/fy2025/): filed 2025-07-21; accession 0000066382-25-000069 (https://www.sec.gov/Archives/edgar/data/66382/000006638225000069/mlkn-20250531.htm) - [FY 2024 MD&A](/company/MLKN/mda/fy2024/): filed 2024-07-30; accession 0000066382-24-000053 (https://www.sec.gov/Archives/edgar/data/66382/000006638224000053/mlkn-20240601.htm) - [FY 2023 MD&A](/company/MLKN/mda/fy2023/): filed 2023-07-26; accession 0000066382-23-000058 (https://www.sec.gov/Archives/edgar/data/66382/000006638223000058/mlkn-20230603.htm) - [FY 2022 MD&A](/company/MLKN/mda/fy2022/): filed 2022-07-26; accession 0000066382-22-000046 (https://www.sec.gov/Archives/edgar/data/66382/000006638222000046/mlhr-20220528.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2520 Office Furniture) 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/MLKN.md · JSON record: /company/MLKN.json · verified financials: /company/MLKN/financials.json / /company/MLKN/financials.csv · machine TOC for the whole site: /llms.txt