HNI Q4 revenue beats expectations on Steelcase acquisition; EPS misses

HNI

25/02/2026 12:40

Overview

Office furniture maker's Q4 revenue rose 38.3%, beating analyst expectations

Adjusted EPS for Q4 missed analyst expectations

Company completed acquisition of Steelcase, impacting Q4 results

Outlook

HNI expects full-year 2026 net sales to more than double year-over-year, including Steelcase; sees modest organic growth

Company projects fifth consecutive year of double-digit non-GAAP EPS growth in 2026 despite slight expected drop in Q1

First-quarter 2026 consolidated net sales expected to increase by over 130% year-over-year

Result Drivers

STEELCASE ACQUISITION - Acquisition contributed to significant sales increase but also higher SG&A and acquisition costs

SYNERGY CAPTURE - Volume growth, productivity gains, and synergy capture drove non-GAAP EPS growth

MARGIN EXPANSION - Non-GAAP operating margin expanded due to productivity and synergy benefits

Company press release: ID:nBw4Vtqy8a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Sales
Beat
$888.40 mln
$713.46 mln (3 Analysts)
Q4 Adjusted EPS
Miss
$0.83
$0.91 (4 Analysts)
Q4 EPS
-$0.94


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the business support supplies peer group is "buy"

Wall Street's median 12-month price target for HNI Corp is $71.50, about 47.2% above its February 24 closing price of $48.57

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)