MillerKnoll, Inc.

hermanmiller.com

What Do They Do?

Designs, makes and sells furniture, seating and home furnishings for workplaces, healthcare and education institutions, and residential customers.

How Do They Make Money?

Customers buy products and related services under trade-credit terms; product sales are tied to delivery, while service sales are spread across the period the work is done.

revenue

Segment	Share	How money arrives
Workplace Sold outright	39% FY2023: 38%	Sold outright
Performance Seating Sold outright	22% FY2023: 22%	Sold outright
Lifestyle Sold outright	33% FY2023: 34%	Sold outright
Other Products	5.7% FY2023: 5.9%

Who Are Their Customers?

Organizations and individuals buy furnishings for offices, healthcare, education and homes through independent dealers, direct sales, retailers, catalogs and online stores.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2024: 5% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2026 and turned 2 cents into free cash flow.

Operating income, FY2026

5% of revenue

▲ +293% vs FY2025 ($50.5M, 1%)

Net income, FY2026

2% of revenue

▲ Now profitable vs FY2025 (−$36.9M, −1%)

Free cash flow, FY2026

2% of revenue

▼ −24% vs FY2025 ($101.7M, 3%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Aug 29, 2026

Revenue: ▼ −3%; vs $955.7M in Q1 FY2026
Net income: ▲ +32%; vs $20.2M in Q1 FY2026

Workplace share of revenue vs 40.9% in Q1 FY2026

Flat. Revenue was $3.8B in FY2026, about the same as the $3.9B of FY2022.

Revenue over time

Workplace Performance Seating Lifestyle Other Products

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Haworth, HNI, Arhaus, Crate & Barrel Holdings, RH, Room & Board, Wayfair, and Williams-Sonoma

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