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Furnishings, fixtures & appliances · Consumer Cyclical · Fiscal year ends Jan 2
HNI reported revenue of $2.8B in the fiscal year ended Jan 2026, up 12.4% from the year before. Operating income was $126M, an operating margin of 4.4%, and net income was $54M. Operating cash flow of $276M less capital expenditure of $68M left free cash flow of $209M. Net debt was $1.1B.
Ranks among the 4 furnishings, fixtures & appliances companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 2,184 | 2,362 | 2,434 | 2,526 | 2,839 |
| Cost of revenue | 1,427 | 1,527 | 1,486 | 1,493 | 1,663 |
| Gross profit | 757 | 835 | 948 | 1,033 | 1,176 |
| Research & development | 39.4 | 47.8 | 47.2 | 53.6 | 56.6 |
| Selling, general & admin | 666 | 723 | 772 | 821 | 937 |
| Operating income | 85.4 | 155 | 90.3 | 207 | 126 |
| Interest expense | 7.2 | – | – | – | – |
| Pre-tax income | 78.3 | 146 | 64.8 | 179 | 90.8 |
| Income tax | 18.5 | 22.5 | 15.6 | 39.8 | 36.5 |
| Net income | 59.8 | 124 | 49.2 | 140 | 54.2 |
| Diluted EPS | 1.36 | 2.94 | 1.09 | 2.88 | 1.11 |
| Diluted shares | 44.0 | 42.2 | 45.4 | 48.5 | 48.9 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 52.3 | 17.4 | 28.9 | 20.2 | 209 |
| Receivables | 240 | 218 | 247 | – | – |
| Inventory | 182 | 180 | 197 | 194 | 475 |
| Current assets | 524 | 469 | 536 | 522 | 1,412 |
| Net PP&E | 367 | 353 | 555 | 530 | 1,137 |
| Goodwill | 297 | 306 | 441 | 442 | 958 |
| Total assets | 1,498 | 1,415 | 1,929 | 1,875 | 4,885 |
| Payables | 234 | 165 | 194 | 190 | 380 |
| Deferred revenue | 27.2 | 27.3 | 35.6 | 42.1 | 103 |
| Current liabilities | 506 | 395 | 464 | 478 | 1,139 |
| Short-term debt | 3.2 | 1.3 | 7.5 | 50.3 | 16.2 |
| Long-term debt | 175 | 189 | 428 | 294 | 1,277 |
| Total liabilities | 908 | 798 | 1,167 | 1,035 | 3,050 |
| Shareholders' equity | 590 | 617 | 761 | 840 | 1,836 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 132 | 81.2 | 268 | 227 | 276 |
| Capital expenditure | 66.5 | 68.4 | 79.1 | 52.9 | 67.8 |
| Free cash flow | 65.1 | 12.8 | 188 | 174 | 209 |
| Depreciation & amortisation | 83.1 | 84.2 | 94.9 | 108 | 107 |
| Stock-based compensation | 12.9 | 9.0 | 16.5 | 17.4 | 24.7 |
| Acquisitions | 44.6 | 11.4 | 370 | 0.0 | 390 |
| Share buybacks | 59.2 | 65.2 | 0.3 | 65.8 | 83.6 |
| Dividends paid | 53.8 | 53.2 | 58.5 | 63.6 | 63.1 |
| Dividend per share | 1.24 | 1.27 | 1.28 | 1.31 | 1.35 |
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.1% | 3.1% | 3.8% | 12.4% |
| Operating income growth (YoY) | – | 81.7% | −41.8% | 128.7% | −39.0% |
| EPS growth (YoY) | – | 116.2% | −62.9% | 164.2% | −61.5% |
| Gross margin | 34.7% | 35.4% | 39.0% | 40.9% | 41.4% |
| Operating margin | 3.9% | 6.6% | 3.7% | 8.2% | 4.4% |
| Net margin | 2.7% | 5.2% | 2.0% | 5.5% | 1.9% |
| Return on equityBlank when equity is negative | 10.1% | 20.1% | 6.5% | 16.6% | 3.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.6% | 15.2% | 6.2% | 14.8% | 3.4% |
| Free cash flow margin | 3.0% | 0.5% | 7.7% | 6.9% | 7.3% |
| Cash conversion (CFO ÷ net income) | 2.20x | 0.66x | 5.44x | 1.63x | 5.10x |
| Receivable days | 40 | 34 | 37 | – | – |
| Inventory days | 46 | 43 | 48 | 48 | 104 |
| Payable days | 60 | 40 | 48 | 47 | 83 |
| Interest cover | 11.9x | – | – | – | – |
| Debt ÷ equity | 0.30x | 0.31x | 0.57x | 0.41x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 126 | 173 | 407 | 324 | 1,084 |
| Current ratio | 1.03x | 1.19x | 1.16x | 1.09x | 1.24x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.