HNI CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HNI CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,203	2,176	2,258	2,247	1,955	2,184	2,362	2,434	2,526	2,839
Cost of revenue	1,368	1,392	1,423	1,413	1,234	1,427	1,527	1,486	1,493	1,663
Gross profit	835	784	835	834	721	757	835	948	1,033	1,176
Research and development	28.1	31.8	33.4	34.7	35.3	39.4	47.8	47.2	53.6	56.6
Selling, general and administrative	668	672	691	680	621	666	723	772	821	937
Operating income	134	76.7	128	151	61.4	85.4	155	90.3	207	126
Interest expense	5.09	6.08	9.45	8.63	6.99	7.15
Interest income	0.31	0.3	0.58
Other non-operating income								0	0	0.4
Pre-tax income	129	70.6	119	143	54.4	78.3	146	64.8	179	90.8
Income tax	43.3	-19.3	25.4	32.2	12.5	18.5	22.5	15.6	39.8	36.5
Net income to minority interests	0.06	0.1	-0.05	-0	0	0	0	0	0	0
Net income	85.6	89.8	93.4	111	41.9	59.8	124	49.2	140	54.2
EBITDA	203	150	203	229	139	169	239	185	314	233
EPS, basic	1.93	2.05	2.14	2.56	0.98	1.38	2.97	1.11	2.95	1.13
EPS, diluted	1.88	2.00	2.11	2.54	0.98	1.36	2.94	1.09	2.88	1.11
Shares, basic (weighted)	44.4	43.8	43.6	43.1	42.7	43.4	41.7	44.5	47.4	47.9
Shares, diluted (weighted)	45.5	44.8	44.3	43.5	43	44	42.2	45.4	48.5	48.9
Dividend per share	1.09	1.13	1.17	1.21	1.22	1.24	1.27	1.28	1.31	1.35

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.3	23.3	76.8	52.1	116	52.3	17.4	28.9	20.2	209
Short-term investments	2.25	2.02	1.33	1.1	1.69	1.4	2	5.6	6.4	6.5
Receivables	229	259	255	278	208	240	218	247
Inventory	118	156	157	163	138	182	180	197	194	475
Other current assets	46.6	49.3	41.4	37.6	37.7	51.1	54.4	61.3	54.9	151
Total current assets	433	489	532	529	496	524	469	536	522	1,412
Property, plant and equipment	356	390	385	382	366	367	353	555	530	1,137
Lease right-of-use assets				72.9	70.2	82.9	88.4	115	122	275
Goodwill	291	280	271	271	292	297	306	441	442	958
Intangible assets	183	182	164	146	140	148	118	162	133	426
Long-term investments	10	10.5	10.7	13.1	13.4	14.4	12.3	19.3	21.5	30.2
Other non-current assets	28.6	21.3	20.2	21.3	21.1	43.1	53.2	58.4	63	348
Total assets	1,330	1,392	1,402	1,453	1,418	1,498	1,415	1,929	1,875	4,885
Accounts payable	202	236	221	228	191	234	165	194	190	380
Deferred revenue				8.63	21.1	27.2	27.3	35.6	42.1	103
Short-term debt	34	36.6	0.68	0.79	0.84	3.2	1.3	7.5	50.3	16.2
Total current liabilities	463	490	434	479	439	506	395	464	478	1,139
Long-term debt	180	240	249	174	175	175	189	428	294	1,277
Lease liabilities				58.2	53.2	63.8	78.9	104	110	225
Other non-current liabilities	75	70.4	72.8	68	81.3	80.7	66.3	78	72.9	220
Total liabilities	829	877	839	868	827	908	798	1,167	1,035	3,050
Total debt	214	277	250	175	175	178	190	436	345	1,293
Paid-in capital	0	7.03	18	19.8	38.7	39.2	49.1	202	202	1,170
Retained earnings	462	467	505	530	518	515	534	524	600	590
Other comprehensive income	-5	-3.61	-3.6	-8.07	-9.15	-6.8	-8	-10.6	-8.3	3.5
Shareholders' equity	501	514	563	584	590	590	617	761	840	1,836
Minority interests	0.41	0.51	0.33	0.32	0.33	0.3	0.3	0.3	0.3	0
Total equity	501	515	563	584	591	590	617	762	840	1,836
Total liabilities and equity	1,330	1,392	1,402	1,453	1,418	1,498	1,415	1,929	1,875	4,885
Shares outstanding	44.1	43.4	43.6	42.6	42.9	42.6	41.4	46.9	47.2	71.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	85.6	89.9	93.3	111	41.9	59.8	124	49.2	140	54.2
Depreciation and amortization	68.9	72.9	74.8	77.4	77.7	83.1	84.2	94.9	108	107
Stock-based compensation	8.14	7.75	7.32	6.83	7.8	12.9	9	16.5	17.4	24.7
Deferred income tax	19.1	-33	3.92	6.01	-12.1	-0.4	-15.9	-1	-13.2	33.7
Cash from operations	223	133	186	219	215	132	81.2	268	227	276
Capital expenditures	-93.4	-109	-63.7	-66.9	-41.8	-66.5	-68.4	-79.1	-52.9	-67.8
Acquisitions	-34.3	-0.9	-2.85	0	-58.3	-44.6	-11.4	-370	0	-390
Purchases of investments	-8.72	-3.45	-2.68	-6.7	-4.2	-3.4	-2.8	-5.7	-3.2	-2.8
Cash from investing	-153	-118	-41.2	-62.9	-100	-111	-10.7	-445	-51	-444
Debt issued	612	339	323	141	83.3	5	414	684	328	1,297
Debt repaid									-100
Stock issued	21.6	14.2	19.6	30.5	8.1	31.1	4.7	2.3	51.2	3.8
Share buybacks	-55.8	-57.5	-30.5	-83.9	-6.8	-59.2	-65.2	-0.3	-65.8	-83.6
Dividends paid	-48.5	-49.6	-51.1	-52.2	-52.1	-53.8	-53.2	-58.5	-63.6	-63.1
Cash from financing	-62.6	-28.1	-91.7	-181	-50.1	-84.5	-105	189	-182	363
Net change in cash	7.76	-13	53.5	-24.7	64	-63.9	-34.8	11.5	-6.4	195
Free cash flow	130	23.9	123	152	173	65.1	12.8	188	174	209
Interest paid	6.64	6.24	9.88	9.87	7.5	7.6	9.2	26.5	28.7	25.3
Income taxes paid	23.1	13.7	11.5	21.2	31.4	26.4	31.1	25	46.5	23.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $47.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.0%	Gross profit / revenue.
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.6%	Pre-tax income / revenue.
Net margin	0.1%	Net income / revenue.
Operating cash flow margin	4.6%	Cash from operations / revenue.
Effective tax rate	82.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.1%	Net income / average total assets.
Return on invested capital (ROIC)	2.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	35.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-39.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-25.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-61.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-61.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-27.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	50.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	20.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	153.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	118.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	43.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	160.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	51.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.36x	Current assets / current liabilities.
Quick ratio	0.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.76x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.5%	Total debt / total assets.
Liabilities / assets	62.5%	Total liabilities / total assets.
Net debt	$1.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$375.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$345.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	4.29x	Revenue / average property, plant and equipment.
Inventory turnover	5.20x	Cost of revenue / average inventory.
Days inventory	70 days	365 x average inventory / cost of revenue.
Days payables	129 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$60.92	Revenue / diluted weighted shares.
Operating cash flow per share	$2.78	Cash from operations / diluted weighted shares.
Book value per share	$25.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.79	Tangible book value / shares outstanding.
Cash per share	$1.50	(Cash + short-term investments) / shares outstanding.
Payout ratio	1,893.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.41B	Share price x shares outstanding.
Enterprise value	$4.67B	Market cap + total debt - cash - short-term investments.
P/E	774x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	1.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.86x	Market cap / tangible book value, when positive.
P/OCF	17.0x	Market cap / cash from operations, when positive.
EV/Sales	1.06x	Enterprise value / revenue.
EV/EBIT	52.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	0.1%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was HNI CORP's revenue in fiscal 2025?

HNI CORP reported revenue of $2.84B for fiscal 2025, 12.4% higher than the year before.

Was HNI CORP profitable in fiscal 2025?

Yes. Net income was $54.2M, a net margin of 1.9%.

How much free cash flow did HNI CORP generate in fiscal 2025?

Cash from operations of $276.3M minus capital expenditures of $67.8M left free cash flow of $208.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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