HNI reported second-quarter 2026 net sales of $1.472 billion and GAAP diluted EPS of $0.70 for the quarter ended July 4, 2026. On a non-GAAP basis, adjusted diluted EPS was $1.27 and non-GAAP net income was $92.6 million. The results reflect the December 2025 Steelcase acquisition, net tariff benefits, restructuring charges and ongoing network optimization actions.

Financial Highlights

  • Net sales (GAAP) — $1,472.4 million for the three months ended July 4, 2026.
  • Gross profit — $647.2 million; gross margin (GAAP) 44.0% for the quarter.
  • Operating income (GAAP) — $92.1 million for the quarter; operating income (non-GAAP) — $141.4 million.
  • Net income (GAAP) — $51.1 million; non-GAAP net income — $92.6 million for the quarter.
  • EPS — diluted GAAP $0.70; diluted non-GAAP (adjusted) EPS $1.27 (14.4% increase vs. prior-year non-GAAP quarter).

Business Highlights

  • Acquisition impact — Consolidated results include Steelcase, which added $806.9 million to year-over-year net sales and materially affected segment margins and SG&A.
  • Workplace Furnishings momentum — Segment orders and quarter-ending backlog each grew 5% year-over-year; legacy Workplace showed organic net sales up slightly and is expected to turn to positive volume growth in Q3.
  • Residential Building Products — Quarter net sales modestly down (1.6%) with remodel-retrofit strength offset by weakness in new construction; segment non-GAAP operating margin expanded to 20.4%.
  • Operational initiatives — Network optimization in legacy Workplace expected to yield nearly $30 million in savings through 2028; Steelcase integration progressing with at least $120 million of synergies expected when fully mature.
  • Order trends and guidance — Management expects stronger organic revenue and margin expansion in back half of 2026, mid-to-high-20% Q3 non-GAAP EPS growth year-over-year, and full-year 2026 non-GAAP EPS growth of 20–25% including tariff impacts.

Original SEC Filing:

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