MillerKnoll Inc. reported robust results for the fourth quarter of fiscal year 2025, which ended May 31, 2025. Consolidated net sales increased by 8.2% on a reported basis and 7.8% organically to $962 million, surpassing expectations. Consolidated new orders also saw significant growth, rising 11.1% reported and 10.7% organically, leading to a $78 million increase in backlog to $761 million.
For the full fiscal year 2025, net sales reached $3.67 billion, a 1.1% increase from the prior year, with adjusted diluted earnings per share of $1.95. The North America Contract segment was a key driver, with net sales up 2.2% and new orders growing nearly 16%. The International Contract segment also demonstrated widespread sales and order growth, while the Global Retail segment showed promising organic order growth of 6.7% in Q4.
Looking ahead to the first quarter of fiscal year 2026, MillerKnoll anticipates net sales between $899 million and $939 million, representing a 6.7% increase at the midpoint compared to the prior year. Adjusted diluted earnings per share are projected to be between $0.32 and $0.38. The company expects tariff-related costs of $9 million to $11 million before tax in Q1 FY26, with mitigation actions planned to offset these costs by the second half of fiscal 2026.
MillerKnoll plans strategic capital expenditures of $120 million to $130 million in fiscal year 2026, primarily focused on enhancing manufacturing capabilities, showrooms, and retail stores. The Global Retail segment is set for aggressive expansion, with plans to open an additional 10 to 15 new stores in the U.S. in fiscal year 2026, aiming to more than double its footprint over the next several years. The company maintains a strong liquidity position of $576 million and a net debt-to-EBITDA ratio of 2.88x, with recent refinancing extending maturities to 2030.
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