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MillerKnoll MLKN Adjusted operating expenses

Discontinued — last reported Q2 '26

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Segments

By segment

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North America Contract:$142.3M+9.5%
Global Retail:$117.3M+5.8%
International Contract:$51.6M+16.5%

Other financials

Income statement

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Revenue$1.0B+4.4%
Gross profit$395.6M+5.0%
Operating income$51.4M-6.5%
Net income$23.6M+141%
EPS (diluted)$0.34+141%

Balance sheet

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Cash & equivalents$167.7M-13.4%
Total debt$1.8B-2.0%
Total equity$1.3B+5.2%
Total assets$4.0B+1.3%

Cash flow

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Operating cash flow$64.8M-8.6%
CapEx$38.9M-1.5%
Free cash flow$25.9M-17.5%

Valuation

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Market cap$1.67B+22.7%
Enterprise value$3.3B+9.9%
P/E18.2×
P/S0.4×+0.1×

Profitability

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Gross margin38.8%0.0pp
Operating margin5.2%+3.8pp
Net margin2.4%+1.8pp
FCF margin2%-0.8pp

Returns & leverage

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Return on equity7%+5.4pp
Debt / equity1.3×-0.1×
Current ratio1.6×0.0×

Where this comes from

Reported directly by MillerKnoll in its filing.

Tagged under the XBRL concept mlkn:OperatingExpensesAdjusted.

The source filing: MillerKnoll’s 10-Q, filed January 5, 2026.

Filed
Jan 5, 2026, 4:06 PM EST
Fiscal quarter
Q2 FY2026
Calendar quarter
Q4 2025
Accession
0000066382-26-000010
(In millions)Three Months Ended / November 29, 2025Three Months Ended / November 30, 2024Six Months Ended / November 29, 2025Six Months Ended / November 30, 2024
Adjusted operating expenses(1):
North America Contract$136.7$136.3$271.6$263.6
International Contract45.343.790.284.3
Global Retail118.8110.6228.7213.9
Total reportable segment adjusted operating expenses300.8290.6590.5561.8
Corporate15.517.533.833.2
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 Knoll pension plan termination charges.

Item 1: Financial Statements

FAQ

What is MillerKnoll's adjusted operating expenses?
MillerKnoll (MLKN) reported adjusted operating expenses of $316.3M in Q3 2025.
How has MillerKnoll's adjusted operating expenses changed year-over-year?
MillerKnoll's adjusted operating expenses increased by 2.7% year-over-year, from $308.1M to $316.3M.
What does adjusted operating expenses mean?
Total operating expenses excluding one-time charges such as impairment, restructuring, or integration costs. This metric helps investors evaluate the underlying cost structure and operational discipline of the business.

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