MillerKnoll Reports Mixed Q4 Results, Adjusted EPS Decline, and Modest FY27 Outlook
Summary
MillerKnoll reported Q4 and full fiscal year 2026 results with a return to GAAP profitability, but adjusted EPS declined and Q4 orders were down. The company's fiscal 2027 guidance projects modest sales growth but largely flat adjusted EPS.
Key Events
-
Q4 Fiscal 2026 Results
Net sales reached $1.004 billion (up 4.4% year-over-year) and diluted EPS was $0.34 (compared to -$0.84 in the prior year). Adjusted diluted EPS was $0.55, an 8.3% decline year-over-year.
-
Full Fiscal Year 2026 Results
Net sales were $3.842 billion (up 4.7% year-over-year) and diluted EPS was $1.32 (compared to -$0.54 in the prior year). Adjusted diluted EPS was $1.86, a 4.6% decline year-over-year.
-
Order Decline
Q4 orders decreased by 6.3% to $971.5 million, with an organic decline of 6.9%, primarily attributed to a prior year order pull-forward.
-
Fiscal 2027 Outlook
For Q1 FY2027, net sales are projected between $928 million and $968 million, with adjusted diluted EPS between $0.33 and $0.39. Full year 2027 net sales are expected to be $3.93 billion to $4.13 billion, with adjusted diluted EPS between $1.85 and $2.15.
Analysis
MillerKnoll's Q4 and full fiscal year 2026 results show a return to GAAP profitability, which is a positive development. However, adjusted earnings per share declined year-over-year for both the quarter and the full year. The company also reported a decrease in orders for Q4, and its Q1 fiscal 2027 guidance for adjusted EPS is sequentially lower than Q4 2026. While full year 2027 guidance projects modest sales growth, the adjusted EPS outlook is largely flat, indicating ongoing challenges despite the GAAP turnaround.
At the time of this filing, MLKN was trading at $17.29 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $13.77 to $23.18. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.