MLKN

EX-99.1

2 mlkn8k_08292026ex991.htm

EX-99.1

Document

MillerKnoll, Inc. Reports First Quarter Fiscal 2027 Results

Zeeland, Mich., September 22, 2026 – MillerKnoll Inc. (NASDAQ: MLKN), a growth-oriented small-cap value company in the industrial and consumer sectors, today reported results for the first quarter of fiscal year 2027, ended August 29, 2026.

First Quarter Fiscal 2027 Financial Results

(Unaudited)

Three Months Ended

(Dollars in millions, except per share data)August 29, 2026August 30, 2025% Chg.

(13 weeks)(13 weeks)

Net sales$923.4 $955.7 (3.4)%

Gross margin %41.7 %38.5 %

Operating expenses$333.5 $314.6 6.0 %

Adjusted operating expenses* $320.1 $308.0 3.9 %

Operating earnings %5.6 %5.6 %

Adjusted operating earnings %* 7.1 %6.3 %

Earnings per share - diluted$0.38 $0.29 31.0 %

Adjusted earnings per share - diluted*

$0.53 $0.45 17.8 %

*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.

"We delivered strong first quarter earnings, above expectations, reflecting solid execution across the enterprise. Despite softer than expected demand patterns in the quarter, we remain confident in our earnings outlook for the second quarter and full fiscal year. We are directing our efforts toward three key areas: focused priority setting, disciplined cost management, and strengthening our balance sheet for long-term value creation. Our results this quarter reflect the early impact of this work, and we expect this progress to continue," said Jeff Stutz, Interim Chief Executive Officer.

First Quarter Tariff Refund Impact

•During the first quarter of fiscal 2027, we recognized an approximate $10 million net increase in our operating income related to refunds received from the U.S. government of previously paid IEEPA tariffs (the "tariff refunds"). This resulted in a net per share benefit of $0.11 to our diluted earnings per share and 110 basis points of net improvement in our operating margin in the quarter.

First Quarter

•Net sales of $923.4 million, down 3.4% as reported and down 3.3% organically*, year-over-year

•Orders of $913.9 million, up 3.2% as reported and up 3.5% organically*, year-over-year

•Gross margin increased 320 basis points and adjusted gross margin* increased 330 basis points, primarily from the tariff refunds and price realization, partially offset by inflationary cost pressure

•Operating expenses increased to $333.5 million, and adjusted operating expenses* increased to $320.1 million, driven primarily by higher compensation expense, including variable incentive compensation, and higher new store expense, partially offset by improved cost management

•Operating expense special charges of $13.4 million:

◦$6.0 million of restructuring charges related to targeted workforce reductions and facility consolidations

◦$5.7 million of purchase accounting amortization

◦$1.7 million of CEO transition costs

•Operating margin of 5.6%, compared to 5.6% in the prior year, and adjusted operating margin* of 7.1%, compared to 6.3% in the prior year, included 110 basis points in net tariff refunds benefit

1

•Diluted earnings per share of $0.38, compared to $0.29 in the prior year, and adjusted diluted earnings per share* of $0.53, compared to $0.45 in the prior year, included the $0.11 per share net benefit from tariff refunds

First Quarter 2027 Cash Flow, Debt, and Liquidity

•Liquidity, as of August 29, 2026, of $580.4 million reflected cash on hand and revolving credit facility availability

•Cash flow from operations of $49.1 million, compared to $9.4 million in the prior year

•Net debt-to-EBITDA ratio, as defined by our credit facility, of 2.75x

•Near term scheduled debt maturities:

◦$22.0 million in fiscal 2027

◦$25.8 million in fiscal 2028

◦$89.8 million in fiscal 2029

Dividend

•On July 14, 2026, MillerKnoll's Board of Directors declared a quarterly cash dividend of $0.1875 per share. The dividend is payable on October 15, 2026, to shareholders of record on August 29, 2026

First Quarter Fiscal 2027 Results by Segment

North America Contract

•Net sales of $505.6 million, down 5.3% as reported and down 5.2% organically*, year-over-year

•Orders of $483.7 million, down 1.7% as reported and down 1.6% organically*, year-over-year

•Operating margin of 9.4% compared to 10.7% in the prior year

•Adjusted operating margin* of 10.7%, down 70 basis points compared to prior year, primarily from deleverage on lower sales and inflationary cost pressure, partially offset by pricing realization and a benefit from tariff refunds

International Contract

•Net sales of $156.8 million, down 6.4% as reported and down 6.2% organically*, year-over-year

•Orders of $181.2 million, up 17.3% as reported and up 17.9% organically*, year-over-year

•Operating margin of 2.4% compared to 8.1% in the prior year

•Adjusted operating margin* of 4.6%, down 390 basis points year-over-year, primarily from deleverage on lowe

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.ce06d217.1784334251.a7598654

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.ce06d217.1784334253.a759a2e0

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.