What changed in this filing

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Item 1. Business

2026-02-10 compared with 2025-02-11 · 25 added, 62 removed, 68 unchanged (56% of the section changed)

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We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders.

We believe that our solid results of operations and financial position for 2024 resulted from our continued focus on our three strategic pillars:

• drive the full potential of our core businesses;

• leverage opportunities across our enterprise;

• actively manage our portfolio.

In 2024, we continued to return value to our shareholders by repurchasing approximately 10.0 million shares of our common stock and increasing our quarterly dividend by approximately two percent compared to 2023.

In addition, in the third quarter of 2024, we completed the divestiture of our Kichler Lighting business.

We believe that our solid results of operations and financial position for 2025 resulted from our continued focus on our strategy to drive the full potential of our core businesses, leverage opportunities across our enterprise, and actively manage our portfolio.

In 2025, we continued to return value to our shareholders by repurchasing approximately 8.5 million shares of our common stock and increasing our quarterly dividend by approximately seven percent compared to 2024.

Our Business Segments

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We primarily sell these products to home center retailers, online retailers, mass merchandisers, wholesalers and distributors that, in turn, sell them to plumbers, building contractors, remodelers, smaller retailers, consumers and homebuilders.

The majority of our faucet, bathing and showering products are sold primarily in North America, Europe and China under the brand names DELTA ® , BRIZO ® , PEERLESS ® , HANSGROHE ® , AXOR ® , KRAUS ® , EASY DRAIN ® , NEWPORT BRASS ® , GINGER ® , BRASSTECH ® and WALTEC ® .

Our BRISTAN™ and HERITAGE™ products are sold primarily in the United Kingdom.

• We manufacture acrylic tubs, bath and shower enclosure units , and shower bases and trays .

Our DELTA, PEERLESS and MIROLIN ® products are sold primarily to home center retailers in North America.

Our DELTA and MIROLIN ® products are sold primarily to home center retailers in North America.

Our MIROLIN products are also sold to wholesalers and distributors in Canada.

• Our spas, exercise pools, aquatic fitness systems and saunas are manufactured and sold under our HOT SPRING ® , CALDERA ® , FREEFLOW SPAS ® , FANTASY SPAS ® , AQUATERRA ® , LIFESMART ® , ENDLESS POOLS ® , TYLO ® , FINNLEO ® and HELO ® brands, as well as under other trademarks.

• Our spas, exercise pools, aquatic fitness systems and saunas are manufactured and sold under our HOT SPRING ® , CALDERA ® , FREEFLOW SPAS ® , FANTASY SPAS ® , AQUATERRA ® , LIFESMART ® , ENDLESS POOLS ® , TYLÖ ® , FINNLEO ® and HELO ® brands, as well as under other trademarks.

Our spas, exercise pools and saunas are sold worldwide to independent specialty retailers and distributors and our spas and saunas are also sold to online mass merchandisers.

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These systems include touchless activation, voice activation, controlled volume dispensing and provide for monitoring and controlling the temperature and flow of water and are compatible with a range of faucets, showerheads and other showering components.

• We also supply high-quality, custom thermoplastic solutions, extruded plastic profiles and specialized fabrications, as well as PEX tubing, to manufacturers, distributors and wholesalers for use in diverse applications that include faucets and plumbing supplies, appliances, oil and gas equipment and building products.

• We also perform electron beam irradiation services and supply high-quality, custom thermoplastic solutions, extruded plastic profiles, specialized fabrications and PEX tubing to manufacturers, distributors and wholesalers for use in diverse applications that include faucets and plumbing supplies, appliances and building products.

We believe that our plumbing products are among the leaders in sales in North America and Europe.

Competitors of the majority of our products in this segment include Dornbracht AG & Co.

KG, Zurn Elkay Water Solutions Corporation, Fortune Brands Innovations, Inc.'s Moen, Rohl and Riobel brands, Kohler Co., Lixil Group Corporation’s American Standard and Grohe brands, Spectrum Brands Holdings, Inc.'s Pfister faucets as well as private label and digitally native brands.

Competitors of the majority of our products in this segment include Dornbracht GmbH & Co.

KG, Fortune Brands Innovations, Inc.'s Moen, Rohl and Riobel brands, Kohler Co., Lixil Group Corporation’s American Standard and Grohe brands, Spectrum Brands Holdings, Inc.'s Pfister faucets, Villeroy & Boch's Ideal Standard brand, Zurn Elkay Water Solutions Corporation, as well as private label and digitally native brands.

Competitors of our spas, exercise pools, aquatic fitness systems and saunas include Artesian Spas, Harvia, Jacuzzi and Master Spas brands, among others.

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To help reduce the impact of this volatility, from time to time we may enter into long-term agreements with certain significant suppliers.

In addition, some of the products in this segment that we import have been and may in the future be subject to duties and tariffs.

In addition, we have experienced and may continue to experience significantly higher costs for some of the material inputs and products in this segment that we import as a result of increased duties and tariffs.

Decorative Architectural Products

Our Decorative Architectural Products segment primarily includes architectural coatings, including paints, primers, specialty coatings, stains and waterproofing products, as well as paint applicators and accessories.

These products are sold primarily in North America as well as in South America under the brand names BEHR ® , KILZ ® , WHIZZ ® , Elder & Jenks ® and other trademarks to “do‑it‑yourself” and professional customers through home center retailers and other retailers.

Net sales of architectural coatings comprised approximately 32 percent of our consolidated net sales in 2024, 2023, and 2022.

These products are sold primarily in North America as well as in South America under the brand names BEHR ® , KILZ ® , WHIZZ ® and other trademarks to “do‑it‑yourself” and professional customers through home center retailers and other retailers.

Net sales of architectural coatings comprised approximately 31 percent of our consolidated net sales in 2025 and 32 percent of our consolidated net sales in 2024 and 2023.

Our BEHR products are sold through The Home Depot, our largest customer overall, as well as this segment’s largest customer.

Our Behr business grants Behr brand exclusivity in the retail sales channel in North America to The Home Depot.

Our Behr business grants to The Home Depot Behr brand exclusivity in the retail sales channel in North America and exclusivity with respect to Kilz branded primer products in the home improvement big box retail sales channel and across online only mass market retail marketplaces in the United States and in the retail sales channel in Canada.

The granting of exclusivity affects our ability to sell those products and brands to other customers, and the loss of this segment’s sales to The Home Depot would have a material adverse effect on this segment’s business and on our consolidated business as a whole.

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We also have agreements with certain significant suppliers for this segment that are intended to help assure continued supply.

Our Decorative Architectural Products segment includes branded cabinet and door hardware, functional hardware, wall plates, hook and hook rail products, and outdoor living hardware, which are manufactured for us and sold to home center retailers, mass retailers, online retailers, other specialty retailers, original equipment manufacturers and wholesalers.

These products are sold under the LIBERTY ® , BRAINERD ® , FRANKLIN BRASS ® and other trademarks.

Our Decorative Architectural Products segment includes branded cabinet and door hardware, functional hardware, hook and hook rail products, and outdoor living hardware, which are manufactured for us and sold to home center retailers, online retailers, other specialty retailers, original equipment manufacturers and wholesalers.

These products are sold under the LIBERTY ® , FRANKLIN BRASS ® and other trademarks.

Our key competitors in North America include Amerock Hardware, Richelieu Hardware Ltd., Top Knobs and private label brands.

Decorative bath hardware, shower accessories, mirrors and shower doors are sold under the brand names DELTA ® and FRANKLIN BRASS ® and other trademarks to home center retailers, mass retailers, online retailers, other specialty retailers and wholesalers.

Competitors for these products include American Bath Group, LLC's Dreamline brand, Fortune Brands Innovations, Inc.'s Moen brand, Gatco Fine Bathware, Kohler Co.

Decorative bath hardware, shower accessories and shower doors are sold under the brand names DELTA ® and FRANKLIN BRASS ® and other trademarks to home center retailers, mass retailers, online retailers, other specialty retailers and wholesalers.

Competitors for these products include American Bath Group, LLC's Dreamline brand, Fortune Brands Innovations, Inc.'s Moen brand, Gatco Inc., Kohler Co.

and private label brands.

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Human Capital Management

The performance of our Company is impacted by our human capital management, and as a result we are focused on attracting, developing and retaining highly qualified, engaged employees, who have diverse experiences and backgrounds.

We have developed three strategic talent priorities:

leadership, diversity, equity and inclusion, and future workforce.

Our Chief Human Resources Officer is responsible for developing and executing our human capital strategy and provides regular updates to our Board of Directors’ Compensation and Talent Committee on our progress toward the achievement of these strategic initiatives.

We believe that our human capital initiatives work together to help our employees grow and thrive, and cultivate a culture where our employees feel like they belong.

Our Chief Human Resources Officer is responsible for developing and executing our human capital strategy and provides periodic updates to our Board of Directors’ Compensation and Talent Committee on our progress toward the achievement of our human capital initiatives.

We are currently focused on:

• Building a pipeline of great leaders

• Enabling a high-performance and continuous development culture

• Supporting holistic well-being and celebrating our people

• Providing competitive benefits and compensation

• Engaging and retaining our employees by continuously listening and improving

We believe that these initiatives work together to help our employees grow and thrive, and cultivate a culture where our employees feel like they belong.

We are also committed to keeping our employees healthy and safe in the workplace.

We support and foster the growth of our employees by providing development opportunities, experiences and tools that build and strengthen leadership capabilities.

Our Leadership Profile, which is how we internally describe the capabilities and behaviors that we believe make great leaders, serves as the foundation for how we select, develop and measure the performance of our leaders.

To develop a sustainable pipeline of leaders, we have robust and proactive talent management and succession planning processes to support our businesses.

In addition, our Board of Directors and executive management team regularly review our Company’s critical leadership roles and succession plans.

We are focused on building a continuous improvement and learning culture.

This is supported by frequent and candid feedback discussions about performance and development between employees and their managers, across peers, and within teams.

Diversity, Equity and Inclusion ("DE&I")

We believe a workplace that encourages different voices, perspectives and backgrounds creates better teams, better solutions and more innovation.

We strive to cultivate a sense of belonging for our employees.

We are focused on the following three key areas:

• Our workplace:

who we are and how it feels to work at Masco

• Our marketplace:

how we deliver innovative solutions that meet the needs of all our consumers and customers

• Our communities:

how we help increase access, equity, and inclusion with our diverse community partners

We have developed enterprise-wide initiatives in each strategic focus area and our businesses have developed plans designed to meet their specific needs that are aligned with these initiatives.

Our executive leadership team, DE&I Councils, and employee resource groups serve as advisors, ambassadors and change agents in implementing our enterprise-wide initiatives and their business unit plans.

Our workforce representation statistics are one indicator of our performance in advancing a diverse workforce.

Following is our workforce representation statistics as of December 31, 2024:

• In the U.S., our leadership team is comprised of 34 percent women and 27 percent racially / ethnically diverse individuals, as compared to the EEO-1 benchmark of 26 percent and 24 percent, respectively.

The EEO-1 leadership benchmark includes executive-level/senior-officials and managers, and first-level officials and managers.

• In the U.S., our salaried workforce is comprised of approximately 35 percent women and 31 percent racially / ethnically diverse individuals, as compared to the EEO-1 benchmark of 29 percent and 29 percent, respectively.

The EEO-1 salaried employees benchmark includes leadership, professionals and technicians.

• In the U.S., our hourly workforce, which includes hourly and exception hourly, is comprised of 37 percent women and 55 percent racially / ethnically diverse individuals, as compared to the EEO-1 benchmark of 27 percent and 35 percent, respectively.

The EEO-1 hourly employees benchmark includes all other EEO categories we did not include in the EEO-1 leadership and salaried benchmark.

Future Workforce

There are critical capabilities that our employees and our organization need to help us achieve our businesses objectives.

We leverage our Masco Operating System, our methodology to drive growth and productivity, to ensure that our businesses are focused on building these critical organizational capabilities by ensuring they have the right structure, talent, tools, and training in place.

Employee Engagement

In order to engage and retain our employees, we listen to our employees to understand their perspectives, needs and ideas by leveraging various forums, tools, and methods including surveys to measure key insights related to employee engagement, inclusion, well-being, and leadership, among others.

Employee Health and Safety

The safety of our employees is integral to our company.

In support of our safety efforts, we identify, assess, and investigate incidents and injury data, and each year set a goal to improve key safety performance indicators.

We communicate and train our workforce on the importance of safe work practices.

We also regularly consult with our employees on safety-related improvements to our operations.

Our Workforce

At December 31, 2025, we employed approximately 18,000 people.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business