What changed in this filing

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Item 1. Financial Statements

2026-01-05 compared with 2025-09-29 · 155 added, 135 removed, 613 unchanged (32% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Dollars in millions, except share data) Three Months Ended

(Unaudited) August 30, 2025 August 31, 2024

(Dollars in millions, except share data) Three Months Ended Six Months Ended

(Unaudited) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Net sales $ 955.2 $ 970.4 $ 1,910.9 $ 1,831.9

9 unchanged sentences

Interest and other investment income ( 0.7 ) ( 1.5 ) ( 1.8 ) ( 3.1 )

Other expense (income), net 7.5 ( 1.4 )

Earnings (loss) before income taxes and equity income 28.7 ( 1.7 )

Income tax expense (benefit) 7.6 ( 1.1 )

Other (income) expense, net ( 1.2 ) ( 1.3 ) 6.3 ( 2.7 )

Earnings before income taxes and equity income 32.5 44.9 61.2 43.2

Income tax expense 7.3 9.8 14.9 8.7

Equity earnings from nonconsolidated affiliates, net of tax — 0.1 — 0.2

Net earnings (loss) 21.1 ( 0.5 )

Net earnings 25.2 35.2 46.3 34.7

Net earnings attributable to redeemable noncontrolling interests 1.0 1.1 1.9 1.8

Net earnings (loss) attributable to MillerKnoll, Inc.

Net earnings attributable to MillerKnoll, Inc.

$ 24.2 $ 34.1 $ 44.4 $ 32.9

Earnings (loss) per share - basic $ 0.29 $ ( 0.02 )

Earnings (loss) per share - diluted $ 0.29 $ ( 0.02 )

Other comprehensive income (loss), net of tax

Earnings per share - basic $ 0.35 $ 0.49 $ 0.65 $ 0.47

Earnings per share - diluted $ 0.35 $ 0.49 $ 0.64 $ 0.47

Other comprehensive (loss), net of tax

Foreign currency translation adjustments $ ( 9.8 ) $ ( 36.2 ) $ 8.6 $ ( 20.8 )

Pension and post-retirement liability adjustments 0.1 2.8 0.2 2.9

Unrealized loss on interest rate swap agreement ( 5.8 ) ( 21.3 )

Other comprehensive income (loss), net of tax $ 12.7 $ ( 5.8 )

Unrealized (loss) gain on interest rate swap agreement ( 3.2 ) 3.6 ( 9.0 ) ( 17.7 )

Other comprehensive (loss), net of tax $ ( 12.9 ) $ ( 29.8 ) $ ( 0.2 ) $ ( 35.6 )

Comprehensive income (loss) 12.3 5.4 46.1 ( 0.9 )

6 unchanged sentences

(Dollars in millions, except share data)

(Unaudited) August 30, 2025 May 31, 2025

(Unaudited) November 29, 2025 May 31, 2025

Current Assets:

42 unchanged sentences

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Three Months Ended

(Unaudited) August 30, 2025 August 31, 2024

(Dollars in millions) Six Months Ended

(Unaudited) November 29, 2025 November 30, 2024

Cash Flows from Operating Activities:

Net earnings (loss) $ 21.1 $ ( 0.5 )

Net earnings $ 46.3 $ 34.7

Adjustments to reconcile net earnings to net cash provided by operating activities:

6 unchanged sentences

Increase in current assets ( 20.7 ) ( 75.1 )

Decrease in current liabilities ( 61.4 ) ( 12.8 )

(Decrease) increase in current liabilities ( 45.5 ) 18.0

Other, net ( 4.3 ) 7.4

12 unchanged sentences

Repayments of credit facility ( 645.4 ) ( 413.5 )

Proceeds from securitization facility 97.1 —

Repayments to securitization facility ( 42.8 ) —

Dividends paid ( 25.6 ) ( 26.2 )

10 unchanged sentences

Condensed Consolidated Statements of Stockholders' Equity

Three Months Ended August 30, 2025

Six Months Ended November 29, 2025

(Dollars in millions, except share data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss MillerKnoll, Inc.

13 unchanged sentences

August 30, 2025 68,503,628 $ 13.7 $ 682.2 $ 672.9 $ ( 69.3 ) $ 1,299.5

Three Months Ended August 31, 2024

Net earnings — — — 24.2 — 24.2

Other comprehensive income, net of tax — — — — ( 12.9 ) ( 12.9 )

Stock-based compensation expense — — 5.8 — — 5.8

Exercise of stock options 6,500 — 0.1 — — 0.1

Restricted and performance stock units released 14,070 — 0.3 — — 0.3

Employee stock purchase plan issuances 46,301 — 0.6 — — 0.6

Repurchase and retirement of common stock and common stock withheld for tax withholdings ( 320,519 ) — ( 5.0 ) — — ( 5.0 )

Dividends declared ($ 0.1875 per share)

— — — ( 13.1 ) — ( 13.1 )

Other — — — 0.2 — 0.2

November 29, 2025 68,249,980 $ 13.7 $ 684.0 $ 684.2 $ ( 82.2 ) $ 1,299.7

Six Months Ended November 30, 2024

(Dollars in millions, except share data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss MillerKnoll, Inc.

12 unchanged sentences

August 31, 2024 69,328,400 $ 13.9 $ 693.1 $ 724.0 $ ( 98.5 ) $ 1,332.5

Net earnings — — — 34.1 — 34.1

Other comprehensive income, net of tax — — — — ( 29.8 ) ( 29.8 )

Stock-based compensation expense — — 8.8 — — 8.8

Exercise of stock options 21,318 — 0.4 — — 0.4

Restricted and performance stock units released 6,323 — 0.4 — — 0.4

Employee stock purchase plan issuances 32,251 — 0.7 — — 0.7

Repurchase and retirement of common stock, including excise tax ( 955,646 ) ( 0.2 ) ( 23.2 ) — — ( 23.4 )

Directors' fees 1,773 — 0.1 — — 0.1

Dividends declared ($ 0.1875 per share)

— — — ( 13.0 ) — ( 13.0 )

November 30, 2024 68,434,419 $ 13.7 $ 680.3 $ 745.1 $ ( 128.3 ) $ 1,310.8

See accompanying notes to Condensed Consolidated Financial Statements.

1 unchanged sentence

(Dollars in millions, except share data)

Description of Business

Description of Business and Basis of Presentation

MillerKnoll, Inc.

15 unchanged sentences

Unless otherwise noted or indicated by the context, all references to "MillerKnoll," "we," "our," "Company" and similar references are to MillerKnoll, Inc., its predecessors, and controlled subsidiaries.

The accompanying unaudited Condensed Consolidated Financial Statements, taken as a whole, contain all adjustments that are of a normal recurring nature necessary to present fairly the financial position of the Company as of August 30, 2025.

Operating results for the three months ended August 30, 2025, are not necessarily indicative of the results that may be expected for the year ending May 30, 2026 ("fiscal 2026").

Operating results for the three and six months ended November 29, 2025, are not necessarily indicative of the results that may be expected for the year ending May 30, 2026 ("fiscal 2026").

These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended May 31, 2025 ("fiscal 2025").

10 unchanged sentences

The Company’s net cash pool position consisted of the following:

(In millions) August 30, 2025 May 31, 2025

(In millions) November 29, 2025 May 31, 2025

Gross cash position $ 133.3 $ 99.4

3 unchanged sentences

The Company evaluates all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements.

Recently Adopted Accounting Standards

ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

In November 2023, the FASB issued this ASU to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance.

The Company adopted ASU 2023-07 for the fiscal year ended May 31, 2025.

We adopted this guidance on a retrospective basis, which modified our annual disclosures beginning in fiscal 2025 and our interim disclosures beginning in fiscal 2026 but did not have a material effect on the Company's financial position, results of operations, or cash flows.

Refer to Note 13 Operating Segments in the accompanying notes to the consolidated statements for further detail.

Recently Issued Accounting Standards Not Yet Adopted

25 unchanged sentences

Revenue disaggregated by product type and reportable segment is provided in the table below:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

North America Contract:

28 unchanged sentences

Individual foreign country information is not provided as none of the individual foreign countries in which the Company operates are considered material for separate disclosure based on quantitative and qualitative considerations.

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

United States $ 684.2 $ 684.6 $ 1,378.6 $ 1,302.8

4 unchanged sentences

These payments represent contract liabilities and are included within the caption “Customer deposits” in the Condensed Consolidated Balance Sheets.

During the three months ended August 30, 2025, and August 31, 2024, the Company recognized net sales of $ 64.6 million and $ 72.8 million, respectively, related to customer deposits that were included in the balance sheet as of May 31, 2025, and June 1, 2024.

(In millions) August 30, 2025 May 31, 2025

During the three and six months ended November 29, 2025, the Company recognized net sales of $ 14.2 million and $ 78.8 million, respectively, related to customer deposits that were included in the balance sheet as of May 31, 2025.

During the three and six months ended November 30, 2024, the Company recognized net sales of $ 8.8 million and $ 81.6 million, respectively, related to customer deposits that were included in the balance sheet as of June 1, 2024.

(In millions) November 29, 2025 May 31, 2025

Finished goods and work in process $ 357.9 $ 329.5

9 unchanged sentences

Foreign currency translation adjustments 1.3 1.2 2.5 5.0

Balance at August 30, 2025

Balance at November 29, 2025

$ 592.1 $ 160.3 $ 405.0 $ 1,157.4

(1) North America Contract segment had accumulated goodwill impairments of $ 36.7 million as of August 30, 2025, and May 31, 2025.

(2) Global Retail segment had accumulated goodwill impairments of $ 181.1 million as of August 30, 2025, and May 31, 2025.

(1) North America Contract segment had accumulated goodwill impairments of $ 36.7 million as of November 29, 2025, and May 31, 2025.

(2) Global Retail segment had accumulated goodwill impairments of $ 181.1 million as of November 29, 2025, and May 31, 2025.

Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:

2 unchanged sentences

Foreign currency translation adjustments 2.2

August 30, 2025 $ 435.7

November 29, 2025 $ 434.7

Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value.

8 unchanged sentences

Accordingly, we performed a quantitative valuation of each reporting unit during the third quarter of fiscal year 2025.

During the first quarter of fiscal year 2026 there was no impairment triggering event identified.

During the second quarter of fiscal year 2026 there was no impairment triggering event identified.

The Company used the discounted cash flow method under a weighting of the income and market approach to estimate the fair value of our reporting units.

37 unchanged sentences

If the estimated cash flows related to the Company's indefinite-lived intangibles were to decline in future periods, the Company may need to record additional impairment charges.

Management has not identified any events or changes in circumstances that may indicate an indefinite-lived intangible is more likely than not to be impaired as of the first quarter of fiscal year 2026.

Management has not identified any events or changes in circumstances that may indicate an indefinite-lived intangible is more likely than not to be impaired as of the second quarter of fiscal year 2026.

Earnings Per Share

5 unchanged sentences

The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share attributable to MillerKnoll, Inc.:

Three Months Ended

August 30, 2025 August 31, 2024

Numerator for both basic and diluted EPS, Net earnings (loss) attributable to MillerKnoll, Inc.

Three Months Ended Six Months Ended

November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Net earnings attributable to MillerKnoll, Inc.

- in millions $ 24.2 $ 34.1 $ 44.4 $ 32.9

3 unchanged sentences

Weighted-average common shares outstanding - diluted 68,907,511 70,032,959 69,010,070 70,768,547

Earnings (loss) per share attributable to MillerKnoll, Inc.

Earnings per share attributable to MillerKnoll, Inc.

- basic $ 0.35 $ 0.49 $ 0.65 $ 0.47

Earnings (loss) per share attributable to MillerKnoll, Inc.

Earnings per share attributable to MillerKnoll, Inc.

- diluted $ 0.35 $ 0.49 $ 0.64 $ 0.47

1 unchanged sentence

Stock-Based Compensation

The following table summarizes the stock-based compensation expense and related income tax effect for the three months ended:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

The following table summarizes the stock-based compensation expense and related income tax effect for the three and six months ended:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Stock-based compensation expense $ 5.8 $ 8.8 $ 15.1 $ 17.9

3 unchanged sentences

Stock-based compensation expense is recorded within Selling, general and administrative expenses on the Condensed Consolidated Statements of Comprehensive Income (Loss).

The Company's process for determining the provision for income taxes for the three months ended August 30, 2025, involved using an estimated annual effective tax rate which was based on expected annual income and statutory tax rates across the various jurisdictions in which it operates.

The effective tax rates were 26.5 % and 66.2 %, respectively, for the three month periods ended August 30, 2025, and August 31, 2024.

The year over year change in the effective tax rate for the three months ended August 30, 2025, resulted from the current quarter reflecting pre-tax income along with having unfavorable discrete impacts from the vesting of stock compensation.

The effective tax rate in the prior year quarter reflects the impact of pre-tax loss along with having favorable discrete impacts from stock compensation and return to provision true-ups related to the United States research and development tax credit.

For the three months ended August 30, 2025, the effective tax rate is higher than the United States federal statutory rate due to unfavorable discrete impacts from the vesting of stock compensation.

For the three months ended August 31, 2024, the effective tax rate was higher than the United States federal statutory rate due to reflecting pre-tax loss along with favorable discrete impacts from the vesting of stock compensation and return to provision true-ups related to the United States research and development tax credit.

The Company's process for determining the provision for income taxes for the three and six months ended November 29, 2025, involved using an estimated annual effective tax rate which was based on expected annual income and statutory tax rates across the various jurisdictions in which it operates.

The effective tax rates were 22.5 % and 21.8 %, respectively, for the three month periods ended November 29, 2025, and November 30, 2024.

The year over year change in the effective tax rate for the three months ended November 29, 2025, resulted from the prior year quarter reflecting favorable discrete impacts from return to provision true-ups related to the United States research and development credit and the current quarter having no comparable impacts.

For both the three months ended November 29, 2025, and the three months ended November 30, 2024, the effective rate is higher than the United States federal statutory rate due to United States state income taxes and the mix of earnings in tax jurisdictions that had rates that were higher than the United States federal statutory rate.

The effective tax rates were 24.3 % and 20.0 %, respectively, for the six months ended November 29, 2025, and November 30, 2024.

The year over year increase in the effective tax rate for the six months ended November 29, 2025, resulted from the current six months having unfavorable discrete impacts from stock compensation and the prior year period having favorable discrete impacts from return to provision true-ups related to the United States research and development tax credit.

For the six months ended November 29, 2025, the effective tax rate is higher than the United States federal statutory rate due to United States state income taxes, the mix of earnings in tax jurisdictions having rates higher than the United States federal statutory rate and unfavorable discrete impacts from the vesting of stock compensation.

For the six months ended November 30, 2024, the effective tax rate is lower than the United States federal statutory rate due to favorable discrete impacts from stock compensation and return to provision true-ups related to the United States research and development tax credit.

The Company recognizes interest and penalties related to uncertain tax benefits through Income tax expense in its Condensed Consolidated Statements of Comprehensive Income.

Interest and penalties recognized in the Company's Condensed Consolidated Statements of Comprehensive Income were negligible for the three months ended August 30, 2025, and August 31, 2024.

The Company's recorded liability for potential interest and penalties related to uncertain tax benefits was:

(In millions) August 30, 2025 May 31, 2025

Liability for interest and penalties $ 0.7 $ 0.6

Liability for uncertain tax positions, current $ 1.7 $ 1.6

The Company is subject to periodic audits by domestic and foreign tax authorities.

Currently, the Company is undergoing routine periodic audits in both domestic and foreign tax jurisdictions.

It is reasonably possible that the amounts of unrecognized tax benefits could change in the next twelve months as a result of these audits.

Tax payments related to these audits, if any, are not expected to be material to the Company's Condensed Consolidated Statements of Comprehensive Income.

For the majority of tax jurisdictions, the Company is no longer subject to state, local, or non-United States income tax examinations by tax authorities for fiscal years before 2019.

Interest and penalties recognized in the Company's Condensed Consolidated Statements of Comprehensive Income were negligible for the three and six months ended November 29, 2025, and November 30, 2024.

Fair Value Measurements

2 unchanged sentences

The carrying value and fair value of the Company's long-term debt, including current maturities, is as follows for the periods indicated:

(In millions) August 30, 2025 May 31, 2025

(In millions) November 29, 2025 May 31, 2025

Carrying value $ 1,350.2 $ 1,337.0

6 unchanged sentences

These forward contracts are not designated as hedging instruments.

The following table sets forth financial assets and liabilities measured at fair value through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of August 30, 2025, and May 31, 2025.

(In millions) August 30, 2025 May 31, 2025

Financial Assets NAV Quoted prices in active markets (Level 1) Quoted prices with other observable inputs (Level 2) NAV Quoted prices in active markets (Level 1) Quoted prices with other observable inputs (Level 2)

(In millions) November 29, 2025 May 31, 2025

Financial Assets NAV Quoted prices with other observable inputs (Level 2) NAV Quoted prices with other observable inputs (Level 2)

Cash equivalents:

12 unchanged sentences

The interest rate swap agreements are designated as cash flow hedging instruments.

The following table sets forth financial assets and liabilities measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of August 30, 2025, and May 31, 2025.

(In millions) August 30, 2025 May 31, 2025

(In millions) November 29, 2025 May 31, 2025

Financial Assets Balance Sheet Location Quoted Prices with Other Observable Inputs (Level 2) Quoted Prices with Other Observable Inputs (Level 2)

43 unchanged sentences

As a result of the transaction, under the terms of the agreement the Company effectively will convert one month Term SOFR floating interest rate plus applicable margin to 3.950 % fixed interest rate plus applicable margin as of the forward start date.

The interest rate swaps were designated as cash flow hedges at inception and the facts and circumstances of the hedged relationships remain consistent with the initial quantitative effectiveness assessment in that the hedged instruments remain an effective accounting hedge as of August 30, 2025.

Since a designated derivative meets hedge accounting criteria, the fair value of the hedge is recorded in the Consolidated Statements of Stockholders’ Equity as a component of Accumulated other comprehensive loss, net of tax.

9 unchanged sentences

Effective fixed interest rates include the rates amended effective January 31, 2023, or February 3, 2023, for the first three swaps included in the chart above.

The following table summarizes the effects of the interest rate swap agreements for the three months ended:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

The following table summarizes the effects of the interest rate swap agreements for the three and six months ended:

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

(Loss) gain recognized in Other comprehensive loss (income) (effective portion) $ ( 3.2 ) $ 3.6 $ ( 9.0 ) $ ( 17.7 )

Gain reclassified from Accumulated other comprehensive loss into earnings $ 4.9 $ 6.8 $ 10.3 $ 14.5

There were no gains or losses recognized in earnings for hedge ineffectiveness for the three month periods ended August 30, 2025, and August 31, 2024.

There were no gains or losses recognized in earnings for hedge ineffectiveness for the three and six month periods ended November 29, 2025, and November 30, 2024.

The amount of gain expected to be reclassified from Accumulated other comprehensive income into earnings during the next twelve months is $ 13.3 million, net of tax is $ 10.0 million.

Redeemable Noncontrolling Interests

Changes in the Company's redeemable noncontrolling interest in HAY for the three months ended August 30, 2025, and August 31, 2024, are as follows:

(In millions) August 30, 2025 August 31, 2024

Changes in the Company's redeemable noncontrolling interest in HAY for the six months ended November 29, 2025, and November 30, 2024, are as follows:

(In millions) November 29, 2025 November 30, 2024

Beginning Balance $ 59.3 $ 73.9

13 unchanged sentences

Changes in the warranty reserve for the stated periods were as follows:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Accrual Balance — beginning $ 69.8 $ 69.7 $ 69.7 $ 70.4

7 unchanged sentences

However, the Company is ultimately liable for claims that may occur against them.

As of August 30, 2025, the Company had a maximum financial exposure related to performance bonds totaling approximately $ 11.7 million.

As of November 29, 2025, the Company had a maximum financial exposure related to performance bonds totaling approximately $ 12.4 million.

The Company has no history of claims, nor is it aware of circumstances that would require it to pay, under any of these arrangements.

The Company also believes that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect the Company's Consolidated Financial Statements.

Accordingly, no liability has been recorded in respect to these bonds as of either August 30, 2025, or May 31, 2025.

Accordingly, no liability has been recorded in respect to these bonds as of either November 29, 2025, or May 31, 2025.

The Company has entered into standby letter of credit arrangements for purposes of protecting various insurance companies and lessors against default on insurance premium and lease payments.

As of August 30, 2025, the Company had a maximum financial exposure from these standby letters of credit totaling approximately $ 12.0 million, all of which is considered usage against the Company's revolving line of credit.

As of November 29, 2025, the Company had a maximum financial exposure from these standby letters of credit totaling approximately $ 12.1 million, all of which is considered usage against the Company's revolving line of credit.

The Company has no history of claims, nor is it aware of circumstances that would require it to perform under any of these arrangements and believes that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect the Company's Consolidated Financial Statements.

Accordingly, no liability has been recorded with respect to these arrangements as of August 30, 2025, or May 31, 2025.

Accordingly, no liability has been recorded with respect to these arrangements as of November 29, 2025, or May 31, 2025.

Contingencies

2 unchanged sentences

Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt as of August 30, 2025, and May 31, 2025, consisted of the following:

(In millions) August 30, 2025 May 31, 2025

Short-term borrowings and long-term debt as of November 29, 2025, and May 31, 2025, consisted of the following:

(In millions) November 29, 2025 May 31, 2025

Syndicated revolving line of credit, due April 2030 $ 345.0 $ 330.8

1 unchanged sentence

Term Loan B, 6.1657 %, due August 2032

Accounts Receivable Securitization Facility, 4.9477 % due September 2028

Supplier financing program 2.4 2.0

22 unchanged sentences

This amendment was accounted for as a debt extinguishment, and the remaining unamortized debt issuance costs of $ 7.8 million from the original Term Loan B issuance were written off as an expense during the quarter and recorded within Other expense (income), net on the Condensed Consolidated Statements of Comprehensive Income (Loss).

During the three months ended August 30, 2025, the Company made total principal payments on Term Loan B in the amount of $ 1.6 million.

During the three months ended August 31, 2024, the Company made total principal payments on Term Loan A and B in the amounts of $ 7.5 million and $ 1.6 million, respectively.

During the six months ended November 29, 2025, the Company made total principal payments on Term Loan A and B in the amounts of $ 2.5 million and $ 1.6 million, respectively.

During the six months ended November 30, 2024, the Company made total principal payments on Term Loan A and B in the amounts of $ 15.0 million and $ 3.1 million, respectively.

Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:

(In millions) August 30, 2025 May 31, 2025

(In millions) November 29, 2025 May 31, 2025

Syndicated revolving line of credit borrowing capacity $ 725.0 $ 725.0

3 unchanged sentences

$ 367.9 $ 382.2

Subsequent to the end of first quarter of fiscal year 2026, the Company entered into a three-year accounts receivable securitization facility in the aggregate amount of up to $ 90.0 million.

The proceeds from the facility will be used for general working capital purposes.

Accounts Receivable Securitization Facility

In September 2025, the Company entered into a three-year accounts receivable securitization facility (the "Facility"), scheduled to terminate September 2028, in the aggregate amount of up to $ 90.0 million.

Under the terms of the Facility, the Company sells, on a revolving basis, certain accounts receivables to MillerKnoll Receivables LLC, a direct wholly-owned, bankruptcy-remote special purpose entity (the "SPE") of the Company that in turn uses the receivables to secure the borrowings, the proceeds of which will be used for general working capital purposes.

The SPE is included in our Condensed Consolidated Financial Statements and therefore the accounts receivable owned by it are included in our Condensed Consolidated Balance Sheets.

However, the accounts receivable owned by the SPE are separate and distinct from our other assets and are not available to our other creditors should the Company become insolvent.

As of November 29, 2025, the SPE held $ 57.5 million of accounts receivable.

The securitization is treated as a secured borrowing for accounting purposes.

The outstanding balance as of November 29, 2025 is reported in Long-term debt in the Condensed Consolidated Balance Sheets.

Supplier Financing Program

2 unchanged sentences

The Company has lengthened the payment terms for certain suppliers that have chosen to participate in the program.

As a result, certain amounts due to suppliers have payment terms that are longer than standard industry practice and as such, these amounts have been excluded from “Accounts payable” in the Condensed Consolidated Balance Sheets as the amounts have been accounted for by the Company as current debt, within “Short-term borrowings and current portion of long-term debt.” As of August 30, 2025, and May 31, 2025, the liability related to the supplier financing program was $ 1.9 million and $ 2.0 million, respectively.

As a result, certain amounts due to suppliers have payment terms that are longer than standard industry practice and as such, these amounts have been excluded from “Accounts payable” in the Condensed Consolidated Balance Sheets as the amounts have been accounted for by the Company as current debt, within “Short-term borrowings and current portion of long-term debt.” As of November 29, 2025, and May 31, 2025, the liability related to the supplier financing program was $ 2.4 million and $ 2.0 million, respectively.

Accumulated Other Comprehensive Loss

The following table provides an analysis of the changes in accumulated other comprehensive loss for the three months ended August 30, 2025, and August 31, 2024:

The following table provides an analysis of the changes in accumulated other comprehensive loss for the six months ended November 29, 2025, and November 30, 2024:

(In millions) Cumulative Translation Adjustments Pension and Other Post-retirement Benefit Plans Interest Rate Swap Agreement Accumulated Other Comprehensive Loss

3 unchanged sentences

Net current period other comprehensive income (loss) 8.6 0.2 ( 9.0 ) ( 0.2 )

Balance at August 30, 2025 $ ( 52.2 ) $ ( 30.8 ) $ 13.7 $ ( 69.3 )

Balance at November 29, 2025 $ ( 62.0 ) $ ( 30.7 ) $ 10.5 $ ( 82.2 )

Balance at June 1, 2024 $ ( 105.7 ) $ ( 33.3 ) $ 46.3 $ ( 92.7 )

Other comprehensive income (loss), net of tax before reclassifications 15.4 — ( 29.1 ) ( 13.7 )

Other comprehensive (loss) income, net of tax before reclassifications ( 20.8 ) — ( 32.2 ) ( 53.0 )

Reclassification from accumulated other comprehensive loss - Other, net — 2.9 14.5 17.4

Net current period other comprehensive income (loss) 15.4 0.1 ( 21.3 ) ( 5.8 )

Balance at August 31, 2024 $ ( 90.3 ) $ ( 33.2 ) $ 25.0 $ ( 98.5 )

Net current period other comprehensive (loss) income ( 20.8 ) 2.9 ( 17.7 ) ( 35.6 )

Balance at November 30, 2024 $ ( 126.5 ) $ ( 30.4 ) $ 28.6 $ ( 128.3 )

Operating Segments

The Company's operations are managed and evaluated around the organization and alignment of internal operations, the nature of our products, and geographical location.

The Company's operations are managed and evaluated around the organization and alignment of internal operations and geographical location.

Effective on March 1, 2025, the last day of the third quarter of fiscal year 2025, the Company implemented an organizational change that resulted in a change in reportable segments.

16 unchanged sentences

The following is a summary of certain key financial measures for the respective periods indicated:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

North America Contract $ 508.5 $ 524.7 $ 1,042.4 $ 1,000.9

3 unchanged sentences

Refer to Note 3 of the Consolidated Financial Statements for further disaggregation of revenue by operating segment.

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Adjusted cost of sales (1) :

4 unchanged sentences

(1) Adjusted cost of sales is defined as cost of sales excluding, when they occur, the impacts of restructuring charges and integration charges.

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Adjusted operating expenses (1) :

5 unchanged sentences

Total $ 316.3 $ 308.1 $ 624.3 $ 595.0

(1) Adjusted operating expenses is defined as operating expenses excluding, when they occur, the impacts of restructuring charges, integration charges, amortization of Knoll purchased intangibles and impairment charges.

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Adjusted operating earnings:

3 unchanged sentences

Total segment adjusted operating earnings $ 71.5 $ 86.4 $ 149.9 $ 152.0

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Reconciliation to net earnings:

5 unchanged sentences

Equity earnings from nonconsolidated affiliates, net of tax — 0.1 — 0.2

Income tax expense (benefit) 7.6 ( 1.1 )

Other expense (income), net 7.5 ( 1.4 )

Income tax expense 7.3 9.8 14.9 8.7

Other (income) expense, net ( 1.2 ) ( 1.3 ) 6.3 ( 2.7 )

Interest and other investment (income) ( 0.7 ) ( 1.5 ) ( 1.8 ) ( 3.1 )

4 unchanged sentences

Knoll pension plan termination charges — 0.5 — 1.0

Net earnings (loss) attributable to MillerKnoll, Inc.

Net earnings attributable to MillerKnoll, Inc.

$ 24.2 $ 34.1 $ 44.4 $ 32.9

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

Depreciation and amortization:

12 unchanged sentences

As part of restructuring and integration activities the Company has incurred expenses that qualify as exit and disposal costs under U.S.

These include severance and employee benefit costs as well as other direct separation benefit costs, right of use asset impairment charges, fixed asset impairment charges, and accelerated depreciation of fixed assets.

These include severance and employee benefit costs as well as other direct separation benefit costs, right of use asset impairment charges and fixed asset impairment charges.

Severance and employee benefit costs primarily relate to cash severance, as well as non-cash severance, including accelerated equity award compensation expense.

The Company also incurred expenses that are an integral component of, and directly attributable to, our restructuring and integration activities, which do not qualify as exit and disposal costs under U.S.

These include integration implementation costs that relate primarily to professional fees and non-cash losses incurred on debt extinguishment.

These include integration implementation costs that relate primarily to professional fees, non-cash losses incurred on debt extinguishment, and accelerated depreciation of fixed assets.

The expense associated with integration initiatives are included in Selling, general and administrative and the expenses associated with restructuring activities are included in Restructuring expense in the Condensed Consolidated Statements of Comprehensive Income.

9 unchanged sentences

• Other integration costs include professional fees and other incremental third-party expenses, including a loss on extinguishment of debt associated with financing of the Knoll acquisition.

For the three months ended August 30, 2025, there were no costs incurred related to the Knoll Integration.

For the three months ended August 31, 2024, we incurred $ 28.3 million of costs related to the Knoll Integration which was comprised of $ 25.8 million of long-lived asset impairment costs and other costs related to the consolidation of facilities as well as $ 2.5 million of other integration costs.

No liability balance remains as of August 30, 2025 for Knoll Integration costs that qualify as exit and disposal costs under U.S.

For the three months ended November 29, 2025 and November 30, 2024, and the six months ended November 29, 2025, there were no costs incurred related to the Knoll Integration.

For the six months ended November 30, 2024, we incurred $ 28.3 million of costs related to the Knoll Integration which was comprised of $ 25.8 million of exit and disposal costs related to the consolidation of facilities and $ 2.5 million of other integration costs.

No liability balance remains as of November 29, 2025 for Knoll Integration costs that qualify as exit and disposal costs under U.S.

The following is a summary of integration expenses by segment for the periods indicated:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

North America Contract $ — $ — $ — $ 24.8

5 unchanged sentences

During the first quarter of fiscal year 2026, the Company announced an action related to the 2026 restructuring plan ("2026 restructuring plan") to reduce expenses.

This restructuring activity included expenses related to a facilities consolidation plan, comprised primarily of accelerated depreciation of fixed assets.

During the three months ended August 30, 2025, the Company incurred $ 0.5 million of restructuring charges related to the 2026 restructuring plan.

This restructuring activity included expenses related to a facilities consolidation plan.

As a result, the Company revised the estimated useful lives of certain fixed assets, which increased depreciation expense.

In connection with the 2026 restructuring plan, restructuring charges totaled $ 1.5 million and $ 2.0 million for the three and six months ended November 29, 2025.

Included in these amounts was depreciation expense of $ 1.2 million and $ 1.7 million for the respective periods.

During the third quarter of fiscal year 2025, the Company announced actions related to the 2025 restructuring plan ("2025 restructuring plan") to reduce expenses.

7 unchanged sentences

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S.

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2026 restructuring plan for the three months ended August 30, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2026 restructuring plan for the six months ended November 29, 2025:

2026 Restructuring Plan

4 unchanged sentences

Non-Cash Costs — — —

August 30, 2025 $ — $ — $ —

November 29, 2025 $ 0.1 $ — $ 0.1

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S.

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2025 restructuring plan for the three months ended August 30, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2025 restructuring plan for the six months ended November 29, 2025:

2025 Restructuring Plan

4 unchanged sentences

Non-Cash Costs — — —

August 30, 2025 $ 2.1 $ — $ 2.1

The Company expects that remaining liability for the 2025 restructuring plan as of August 30, 2025, will be paid in fiscal year 2026.

November 29, 2025 $ 0.6 $ — $ 0.6

The Company expects that remaining liability for the 2025 restructuring plan as of November 29, 2025, will be paid in fiscal year 2026.

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S.

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2024 restructuring plan for the three months ended August 30, 2025:

GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2024 restructuring plan for the six months ended November 29, 2025:

2024 Restructuring Plan

4 unchanged sentences

Non-Cash Costs — — —

August 30, 2025 $ 0.6 $ — $ 0.6

The Company expects that remaining liability for the 2024 restructuring plan as of August 30, 2025, will be paid in fiscal year 2026.

November 29, 2025 $ 0.3 $ — $ 0.3

The Company expects that remaining liability for the 2024 restructuring plan as of November 29, 2025, will be paid in fiscal year 2026.

The following is a summary of restructuring costs by segment for the periods indicated:

Three Months Ended

(In millions) August 30, 2025 August 31, 2024

Three Months Ended Six Months Ended

(In millions) November 29, 2025 November 30, 2024 November 29, 2025 November 30, 2024

North America Contract $ 1.5 $ — $ 2.0 $ —

4 unchanged sentences

The Company entered into long-term notes receivable with certain independently owned dealers that are deemed to be variable interests in variable interest entities.

The carrying value of these notes receivable was $ 12.9 million and $ 13.5 million as of August 30, 2025, and May 31, 2025, respectively, and represents the Company’s maximum exposure to loss.

The carrying value of these notes receivable was $ 12.2 million and $ 13.5 million as of November 29, 2025, and May 31, 2025, respectively, and represents the Company’s maximum exposure to loss.

The Company is not deemed to be the primary beneficiary for any of these variable interest entities as each independently owned dealer controls the activities that most significantly impact the entity’s economic performance, including sales, marketing, and operations.

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-Q

Item 1. Financial Statements