HNI CORP

Listed Company

HNICIK 0000048287NYSELarge AcceleratedOffice Furniture (No Wood)IowaFY ends Jan 2

Period

FY 2025

Revenue

$2.84B

Net Income

$54.20M

Total Assets

$4.88B

Equity

$1.84B

Shares Out

71.27M

Op. Cash Flow

$276.30M

Business

HNI CORP is a global designer and provider of commercial workplace furnishings and a manufacturer and marketer of residential hearth products. It offers furniture systems, seating, storage, tables, architectural and ancillary products, hospitality and collaborative solutions, and a full array of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, outdoor fire features, facings, and accessories. The company reports two business segments: workplace furnishings and residential building products (Hearth & Home operating unit). Products are sold primarily through independent dealers, national distributors, eCommerce retailers, wholesalers, company-owned installing distribution and retail outlets, and select direct and export channels in North America, India, and Mexico.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	2,839	2,526	2,434	2,362	2,184
Cost of sales	1,663	1,493	1,486	1,527	1,427
Gross profit	1,176	1,033	948	835	757
Selling and administrative expenses	937	821	772	723	666
Acquisition costs	95	0	41	—	—
Restructuring, impairment, and loss on divestiture	19	6	45	—	—
Operating income	126	207	90	155	85
Interest expense, net	36	27	26	9	7
Other non-operating income, net	400,000	0	0	—	—
Income before income taxes	91	179	65	146	78
Income tax expense	37	40	16	23	19
Net income	54	140	49	124	60
Less: Net income attributable to non-controlling interest	0	0	0	0	0
Net income attributable to HNI Corporation	54	140	49	124	60
Average number of common shares outstanding basic (in shares)	48	47	45	42	43
Net income attributable to HNI Corporation per common share basic (in dollars per share)	1.13	2.95	1.11	2.97	1.38
Average number of common shares outstanding - diluted (in shares)	49	49	45	42	44
Net income attributable to HNI Corporation per common share diluted (in dollars per share)	1.11	2.88	1.09	2.94	1.36
Foreign currency translation adjustments	9	−400,000	−200,000	−6	400,000
Change in unrealized gains (losses) on marketable securities, net of tax	200,000	100,000	400,000	−700,000	−300,000
Change in pension and post-retirement liability, net of tax	3	1	0	4	1
Change in derivative financial instruments, net of tax	−400,000	2	−3	800,000	1
Other comprehensive income (loss), net of tax	12	2	−3	−1	2
Comprehensive income	66	142	47	123	62
Less: Comprehensive income (loss) attributable to non-controlling interest	0	0	0	0	0
Comprehensive income attributable to HNI Corporation	66	142	47	123	62

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	209	20	29	17	52
Short-term investments	7	6	6	2	1
Receivables	571	248	247	—	—
Allowance for credit losses	−1	−2	−4	−3	−3
Inventories, net	475	194	197	180	182
Prepaid expenses and other current assets	151	55	61	54	51
Total Current Assets	1,412	522	536	469	524
Land and land improvements	99	59	59	31	31
Buildings	529	408	407	275	295
Machinery and equipment	1,129	686	706	603	594
Construction in progress	59	26	22	34	30
Property plant and equipment	1,815	1,178	1,194	943	949
Less accumulated depreciation	−678	−649	−639	−590	−582
Net Property, Plant, and Equipment	1,137	530	555	353	367
Right-of-use - Finance Leases	11	14	12	11	10
Right-of-use - Operating Leases	275	122	115	88	83
Goodwill and Other Intangible Assets, net	1,703	624	652	440	472
Other Assets	348	63	58	53	43
Total Assets	4,885	1,875	1,929	1,415	1,498
Accounts payable and accrued expenses	1,016	391	419	368	474
Current maturities of debt	16	50	8	1	3
Current maturities of other long-term obligations	38	2	7	2	4
Current lease obligations - Finance	4	6	4	4	3
Current lease obligations - Operating	64	28	26	20	23
Total Current Liabilities	1,139	478	464	395	506
Long-Term Debt	1,277	294	428	189	175
Long-Term Lease Obligations - Finance	7	9	8	8	7
Long-Term Lease Obligations - Operating	225	110	104	79	64
Other Long-Term Liabilities	220	73	78	66	81
Deferred Income Taxes	181	72	85	61	75
Total Liabilities	3,050	1,035	1,167	—	—
Preferred stock - $1 par value, authorized 2.0 million shares, no shares outstanding	0	0	0	—	—
Common stock - $1 par value, authorized 200.0 million shares, outstanding: January 3, 2026- 71.3 million shares; December 28, 2024 - 47.2 million shares	71	47	47	41	43
Additional paid-in capital	1,170	202	202	49	39
Retained earnings	590	600	524	534	515
Accumulated other comprehensive income (loss)	4	−8	−11	−8	−7
Total HNI Corporation shareholders equity	1,836	840	761	617	590
Non-controlling interest	0	300,000	300,000	300,000	300,000
Total Equity	1,836	840	762	617	590
Total Liabilities and Equity	4,885	1,875	1,929	1,415	1,498

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	107	108	95	84	83
Other post-retirement and post-employment benefits	2	1	1	1	1
Stock-based compensation	25	17	17	9	13
Deferred income taxes	34	−14	−600,000	−15	−400,000
Asset impairment charges	8	0	32	6	—
Loss on sale of subsidiary	7	0	0	—	—
Other net	14	6	5	3	4
Net increase (decrease) in cash from operating assets and liabilities	24	−19	77	−73	−34
Decrease in other liabilities	2	−11	−7	−8	−500,000
Net cash flows from (to) operating activities	276	227	268	81	132
Capital expenditures	−66	−51	−78	−60	−54
Acquisition spending, net of cash acquired	−390	0	−370	−11	−45
Capitalized software	−2	−2	−1	−8	−13
Purchase of investments	−3	−3	−6	−3	−3
Sales or maturities of investments	5	5	5	2	3
Net proceeds from sale of subsidiary	8	0	3	70	0
Other net	4	400,000	2	0	200,000
Net cash flows from (to) investing activities	−444	−51	−445	−11	−111
Payments of debt	−783	−421	−436	−402	−3
Proceeds from debt	1,297	328	684	414	5
Dividends paid	−63	−64	−59	−53	−54
Purchase of HNI Corporation common stock	−84	−66	−300,000	−65	−59
Proceeds from sales of HNI Corporation common stock	4	51	2	5	31
Debt-issuance costs	−15	0	−3	—	—
Withholding related to net share settlements of equity based awards	−13	−8	6	—	—
Proceeds from COLI	32	0	0	—	—
Other net	−13	−4	−6	−4	−5
Net cash flows from (to) financing activities	363	−182	189	−105	−85
Net increase (decrease) in cash and cash equivalents	195	−6	12	−35	−64

Filings

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