MillerKnoll sells design furniture to offices, healthcare, schools and homes. In fiscal 2026 its margins recovered, but free cash flow shrank and the debt from its Knoll purchase barely moved.
The office chair you sit on at work, or a sofa in a design shop, may well come from MillerKnoll. It owns design brands such as Herman Miller and Knoll, making furniture for offices, healthcare and education, plus modern furnishings for homes. Businesses buy directly or through independent dealers (firms that resell its products). Households buy in its own stores, online and from other retailers. Buying Knoll gave the group its current shape and left it with heavy debt.
The main engine is North America Contract, which sells furniture for offices, healthcare and schools in the United States and Canada. Companies and institutions pay for design and brand when fitting out offices or buildings. Global Retail sells to consumers and retailers, and International Contract reaches Europe, Asia and other regions through dealers. Three things decide what remains. First, materials and parts, made or bought in several countries and exposed to tariffs (import taxes). Second, the cost of selling through showrooms, stores and brands, which does not shrink quickly when orders slow. Third, interest on the acquisition debt, paid before shareholders see anything. Because selling costs are heavy, a small shift in (the share of sales left after the cost of making the goods) moves profit a lot.
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