hni-20260404

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM

10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

April 4, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________to____________

Commission File Number:

1-14225

HNI Corporation

Iowa

(Exact name of registrant as specified in its charter)

42-0617510

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

600 East Second Street

P.O. Box 1109

Muscatine

Iowa

52761-0071

(Address of principal executive offices) (Zip Code)

(

563

)

272-7400

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

HNI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Smaller reporting company

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, $1 Par Value

Outstanding as of

April 4, 2026

71,992,908


HNI Corporation and Subsidiaries
Quarterly Report on Form 10-Q

Table of Contents

PART I. FINANCIAL INFORMATION
		Page
Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Statements of Comprehensive Income - Three Months Ended A pril 4, 2026 and March 29, 2025	3

	Condensed Consolidated Balance Sheets - A pril 4, 2026 and January 3, 2026	4

	Condensed Consolidated Statements of Equity - Three Months Ended April 4, 2026 a nd March 29, 2025	6

	Condensed Consolidated Statements of Cash Flows - Three Months Ended April 4, 2026 and March 29, 2025	7

	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	32

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33





Item 5.	Other Information	33

Item 6.	Exhibits	34

Signatures		35

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements


HNI Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (In millions, except per share data)
(Unaudited)

	Three Months Ended
	April 4, 2026		March 29, 2025

Net sales	$	1,347.5	$	599.8
Cost of sales	847.6		361.4
Gross profit	499.9		238.4
Selling and administrative expenses	514.8		207.6
Acquisition costs	3.5		—
Restructuring and impairment charges	18.0		6.4
Operating income (loss)	(36.4)		24.4
Other non-operating income, net	1.5		—
Interest expense, net	20.7		5.5
Income (loss) before income taxes	(55.6)		18.9
Income taxes	(16.8)		5.0
Net income (loss)	(38.8)		13.9
Less: Net income (loss) attributable to non-controlling interest	—		(0.0)
Net income (loss) attributable to HNI Corporation	$	(38.8)	$	13.9

Average number of common shares outstanding – basic	71.6		47.0
Net income (loss) attributable to HNI Corporation per common share – basic	$	(0.55)	$	0.30
Average number of common shares outstanding – diluted	71.6		48.0
Net income (loss) attributable to HNI Corporation per common share – diluted	$	(0.55)	$	0.29

Foreign currency translation adjustments	$	(4.5)	$	(0.1)
Change in unrealized gains (losses) on marketable securities, net of tax	(0.1)		0.1

Change in derivative financial instruments, net of tax	0.6		(0.6)
Other comprehensive income (loss), net of tax	(4.0)		(0.5)
Comprehensive income (loss)	(42.8)		13.4
Less: Comprehensive income (loss) attributable to non-controlling interest	—		(0.0)
Comprehensive income (loss) attributable to HNI Corporation	$	(42.8)	$	13.4

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Amounts may not sum due to rounding.


HNI Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In millions)
(Unaudited)

	April 4, 2026		January 3, 2026
Assets
Current Assets:
Cash and cash equivalents	$	71.4	$	209.2
Short-term investments	6.8		6.5
Receivables	552.8		571.1
Allowance for credit losses

SEC Form 10-Q filed by HNI Corporation