MillerKnoll Q1 FY2027: EPS Beats, $16.5M Tariff Refund Boosts Margins, New Restructuring Plan
MLKN sits 47% above its 52-week low of $13.773.
Summary
MillerKnoll's Q1 FY2027 10-Q confirms strong earnings with a $16.5M tariff refund boosting margins, a new restructuring plan, and continued share repurchases.
Key Events · Earnings and Guidance · MLKN
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Q1 FY2027 Earnings Beat
Diluted EPS of $0.38 (adjusted $0.53) on net sales of $923.4M, with net earnings of $26.6M attributable to MillerKnoll.
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IEEPA Tariff Refund
Recognized a $16.5M benefit in cost of sales from IEEPA tariff refunds, contributing approximately $0.11 to adjusted EPS and driving gross margin to 41.7%.
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2027 Restructuring Plan
Initiated a new restructuring plan with $6.5M in charges for workforce reductions and facility consolidation, following the completed 2026 plan.
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Share Repurchases
Repurchased 453,975 shares for $9.5M during the quarter; $155.3M remains available under the repurchase authorization.
Analysis · MLKN · Manufacturing
MillerKnoll's Q1 FY2027 10-Q confirms the strong results previewed in the September 22 earnings release, with diluted EPS of $0.38 (adjusted $0.53) and a 320 basis point gross margin expansion to 41.7%. The quarter benefited from a one-time $16.5 million IEEPA tariff refund, which alone contributed roughly $0.11 to adjusted EPS. Management also initiated a new 2027 restructuring plan with $6.5 million in charges aimed at workforce reductions and facility consolidation. Orders grew 3.2% year-over-year despite a 3.4% sales decline, suggesting demand stabilization. The company repurchased 453,975 shares for $9.5 million during the quarter, signaling confidence in valuation. Total liquidity stands at $580.4 million with $401.8 million available on the revolving credit facility.
How filings like this one have moved
In the 30 days to Oct 3, 2026, 28.9% of the 1668 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MLKN was trading at $20.28 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $13.77 to $24.71. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.