Revenue scaled sharply to $1.6B in 2026Q3 with gross margin recovering to 42.6%, yet operating margin of 8.6% and net margin volatility from -5.5% to 5.7% over recent quarters suggest acquisition accounting and restructuring charges are masking underlying profitability.
HNI Corporation (HNI) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.3B | 2.84B | 2.53B | 2.43B | 2.36B | 2.18B | 1.96B | 2.25B | 2.26B | 2.18B | 2.2B | 2.3B | 2.22B | 2.06B | 2B | 1.83B | 1.69B | 1.66B | 2.48B | 2.57B | 2.68B | 2.43B | 2.09B | 1.76B | 1.69B | 1.79B | 2.05B | 1.79B | 1.7B | 1.36B | 998.1M |
| Revenue Growth % | 104.43% | 12.37% | 3.8% | 3.06% | 8.12% | 11.71% | -12.98% | -0.48% | 3.77% | -1.25% | -4.38% | 3.68% | 7.9% | 2.79% | 9.3% | 8.7% | 1.84% | -33.15% | -3.61% | -4.08% | 10.13% | 16.23% | 19.24% | 3.73% | -5.57% | -12.41% | 14.36% | 5.48% | 24.49% | 36.53% | 11.76% |
| Cost of Goods Sold | 3.15B | 1.69B | 1.52B | 1.48B | 1.55B | 1.46B | 1.26B | 1.44B | 1.45B | 1.41B | 1.37B | 1.47B | 1.44B | 1.35B | 1.32B | 1.2B | 1.11B | 1.09B | 1.66B | 1.67B | 1.77B | 1.56B | 1.35B | 1.12B | 1.09B | 1.18B | 1.38B | 1.17B | 1.12B | 897.6M | 654.2M |
| COGS % of Revenue | - | 59.57% | 60.12% | 61% | 65.59% | 66.71% | 64.36% | 63.98% | 64.07% | 64.72% | 61.98% | 63.67% | 64.96% | 65.78% | 66.04% | 65.47% | 65.62% | 66.03% | 67.05% | 65.12% | 65.88% | 64.09% | 64.52% | 63.59% | 64.56% | 65.9% | 67.46% | 65.45% | 66.02% | 65.87% | 65.54% |
| Gross Profit | 2.15B | 1.15B | 1.01B | 949.2M | 812.8M | 727.2M | 696.86M | 809.36M | 811.31M | 767.61M | 837.81M | 837.1M | 778.9M | 704.99M | 680.63M | 633.16M | 579.82M | 562.58M | 816.26M | 896.58M | 914.47M | 873.69M | 742.78M | 639.22M | 599.88M | 611.3M | 665.88M | 618.2M | 576.4M | 465.1M | 343.9M |
| Gross Margin % | 40.49% | 40.43% | 39.88% | 39% | 34.41% | 33.29% | 35.64% | 36.02% | 35.93% | 35.28% | 38.02% | 36.33% | 35.04% | 34.22% | 33.96% | 34.53% | 34.38% | 33.97% | 32.95% | 34.88% | 34.12% | 35.91% | 35.48% | 36.41% | 35.44% | 34.1% | 32.54% | 34.55% | 33.98% | 34.13% | 34.46% |
| Gross Profit Growth % | - | 13.92% | 6.14% | 16.78% | 11.77% | 4.35% | -13.9% | -0.24% | 5.69% | -8.38% | 0.09% | 7.47% | 10.48% | 3.58% | 7.5% | 9.2% | 3.06% | -31.08% | -8.96% | -1.96% | 4.67% | 17.62% | 16.2% | 6.56% | -1.87% | -8.2% | 7.71% | 7.25% | 23.93% | 35.24% | 18.67% |
| Operating Expenses | 1.84B | 907.1M | 790.7M | 772M | 692.5M | 635.49M | 596.26M | 655.64M | 667.42M | 655.45M | 640.51M | 658.46M | 638.38M | 598.91M | 590.51M | 549.53M | 509.46M | 514.15M | 705.52M | 693.13M | 705.22M | 653.51M | 563.49M | 480.74M | 454.19M | 464.21M | 487.85M | 471.7M | 397.3M | 320M | 240.9M |
| OpEx % of Revenue | - | 31.95% | 31.3% | 31.72% | 29.32% | 29.09% | 30.49% | 29.18% | 29.56% | 30.12% | 29.07% | 28.57% | 28.72% | 29.07% | 29.47% | 29.97% | 30.2% | 31.04% | 28.48% | 26.96% | 26.32% | 26.86% | 26.92% | 27.38% | 26.83% | 25.9% | 23.84% | 26.36% | 23.42% | 23.48% | 24.14% |
| Selling, General & Admin | 1.84B | 850.5M | 737.1M | 724.8M | 644.7M | 596.07M | 560.94M | 620.95M | 634M | 623.61M | 612.41M | 627.36M | 608.67M | 571.62M | 563.61M | 526.43M | 487.66M | 493.05M | 677.68M | 669.16M | 677.65M | 626.17M | 533.68M | 480.74M | 454.19M | 464.21M | 487.85M | 406.2M | 344.3M | 284.4M | 215.6M |
| SG&A % of Revenue | - | 29.96% | 29.18% | 29.78% | 27.3% | 27.29% | 28.69% | 27.64% | 28.08% | 28.66% | 27.79% | 27.22% | 27.38% | 27.75% | 28.12% | 28.71% | 28.91% | 29.77% | 27.35% | 26.03% | 25.29% | 25.73% | 25.49% | 27.38% | 26.83% | 25.9% | 23.84% | 22.7% | 20.3% | 20.87% | 21.6% |
| Research & Development | 0 | 56.6M | 53.6M | 47.2M | 47.8M | 39.41M | 35.32M | 34.7M | 33.42M | 31.85M | 28.1M | 31.1M | 29.7M | 27.3M | 26.9M | 23.1M | 21.8M | 21.1M | 27.84M | 23.97M | 27.57M | 27.34M | 29.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.99% | 2.12% | 1.94% | 2.02% | 1.8% | 1.81% | 1.54% | 1.48% | 1.46% | 1.28% | 1.35% | 1.34% | 1.33% | 1.34% | 1.26% | 1.29% | 1.27% | 1.12% | 0.93% | 1.03% | 1.12% | 1.42% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.5M | 53M | 35.6M | 25.3M |
| Operating Income | 302.4M | 240.6M | 216.8M | 177.2M | 120.3M | 91.72M | 100.59M | 153.71M | 143.9M | 112.16M | 197.3M | 178.63M | 140.53M | 106.08M | 90.11M | 83.64M | 70.35M | 48.43M | 110.74M | 203.45M | 209.25M | 220.17M | 179.3M | 150.93M | 140.55M | 116.26M | 165.96M | 137.6M | 170.1M | 139.2M | 105.3M |
| Operating Margin % | 5.7% | 8.47% | 8.58% | 7.28% | 5.09% | 4.2% | 5.14% | 6.84% | 6.37% | 5.15% | 8.95% | 7.75% | 6.32% | 5.15% | 4.5% | 4.56% | 4.17% | 2.92% | 4.47% | 7.91% | 7.81% | 9.05% | 8.56% | 8.6% | 8.3% | 6.49% | 8.11% | 7.69% | 10.03% | 10.21% | 10.55% |
| Operating Income Growth % | - | 10.98% | 22.35% | 47.3% | 31.16% | -8.82% | -34.56% | 6.82% | 28.3% | -43.15% | 10.45% | 27.12% | 32.47% | 17.71% | 7.75% | 18.88% | 45.27% | -56.27% | -45.57% | -2.77% | -4.96% | 22.8% | 18.79% | 7.38% | 20.9% | -29.95% | 20.61% | -19.11% | 22.2% | 32.19% | 60.76% |
| EBITDA | 545.9M | 347.7M | 324.6M | 272.1M | 204.5M | 174.87M | 178.28M | 231.14M | 218.69M | 185.03M | 266.25M | 236.2M | 197.25M | 152.7M | 133.47M | 129.92M | 128.98M | 123.3M | 180.9M | 271.62M | 278.75M | 285.69M | 246M | 223.7M | 209.31M | 197.65M | 245.01M | 203.1M | 223.1M | 174.8M | 130.6M |
| EBITDA Margin % | 10.3% | 12.25% | 12.85% | 11.18% | 8.66% | 8.01% | 9.12% | 10.29% | 9.69% | 8.5% | 12.08% | 10.25% | 8.87% | 7.41% | 6.66% | 7.09% | 7.65% | 7.44% | 7.3% | 10.57% | 10.4% | 11.74% | 11.75% | 12.74% | 12.37% | 11.03% | 11.97% | 11.35% | 13.15% | 12.83% | 13.08% |
| EBITDA Growth % | 61.41% | 7.12% | 19.29% | 33.06% | 16.95% | -1.91% | -22.87% | 5.69% | 18.19% | -30.5% | 12.72% | 19.75% | 29.17% | 14.4% | 2.73% | 0.73% | 4.61% | -31.84% | -33.4% | -2.56% | -2.43% | 16.13% | 9.97% | 6.88% | 5.9% | -19.33% | 20.64% | -8.96% | 27.63% | 33.84% | 50.29% |
| D&A (Non-Cash Add-back) | 243.5M | 107.1M | 107.8M | 94.9M | 84.2M | 83.15M | 77.68M | 77.43M | 74.79M | 72.87M | 68.95M | 57.56M | 56.72M | 46.62M | 43.36M | 46.29M | 58.63M | 74.87M | 70.16M | 68.17M | 69.5M | 65.51M | 66.7M | 72.77M | 68.75M | 81.39M | 79.05M | 65.5M | 53M | 35.6M | 25.3M |
| EBIT | 211.4M | 125.9M | 206M | 90.3M | 155.3M | 84.45M | 61.1M | 152.73M | 127.71M | 76.66M | 133M | 164.07M | 113.27M | 106.61M | 88.47M | 81.21M | 56.29M | 2.71M | 86.06M | 194.89M | 207.56M | 218.23M | 179.75M | 158.47M | 145.69M | 147.09M | 178.03M | 166.1M | 179.1M | 145.1M | 103M |
| Net Interest Income | -80.6M | -35.1M | -27.2M | -25.5M | -8.8M | -7.2M | -7M | -8.63M | -9.45M | -6.08M | -4.78M | -6.51M | -7.92M | -9.28M | -10.02M | -11.33M | -11.43M | -11.66M | -15.69M | -16.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 579K | 297K | 305K | 395K | 418K | 626K | 842K | 623K | 471K | 415K | 1.17M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 80.6M | 35.1M | 27.2M | 25.5M | 8.8M | 7.2M | 7M | 8.63M | 10.03M | 6.38M | 5.09M | 6.9M | 8.34M | 9.91M | 10.87M | 11.95M | 11.9M | 12.08M | 16.86M | 18.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -213.1M | -149.8M | -37.5M | -112.4M | 26.1M | -13.45M | -46.21M | -11M | -25.17M | -41.55M | -68.39M | -21.46M | -35.59M | -9.37M | -12.51M | -13.48M | -23.87M | -56.1M | -41.55M | -26.72M | -16.01M | -4.3M | -429K | -7.54M | -5.14M | -30.83M | -12.07M | -28.5M | -9M | -5.9M | 2.3M |
| Pretax Income | 89.3M | 90.8M | 179.3M | 64.8M | 146.4M | 78.27M | 54.38M | 142.71M | 118.72M | 70.61M | 128.91M | 157.17M | 104.93M | 96.71M | 77.6M | 70.16M | 46.48M | -7.67M | 69.19M | 176.73M | 193.23M | 214.71M | 178.87M | 150.93M | 140.55M | 116.26M | 165.96M | 137.6M | 170.1M | 139.2M | 105.3M |
| Pretax Margin % | 1.68% | 3.2% | 7.1% | 2.66% | 6.2% | 3.58% | 2.78% | 6.35% | 5.26% | 3.25% | 5.85% | 6.82% | 4.72% | 4.69% | 3.87% | 3.83% | 2.76% | -0.46% | 2.79% | 6.88% | 7.21% | 8.82% | 8.54% | 8.6% | 8.3% | 6.49% | 8.11% | 7.69% | 10.03% | 10.21% | 10.55% |
| Income Tax | 36.2M | 36.5M | 39.8M | 15.6M | 22.5M | 18.46M | 12.47M | 32.21M | 25.4M | -19.29M | 43.27M | 51.76M | 43.78M | 33.34M | 29.28M | 24.41M | 16.8M | -1.41M | 23.63M | 57.14M | 63.67M | 77.72M | 65.29M | 52.83M | 49.19M | 41.85M | 59.75M | 50.2M | 63.8M | 52.2M | 37.2M |
| Effective Tax Rate % | 40.54% | 40.2% | 22.2% | 24.07% | 15.37% | 23.58% | 22.92% | 22.57% | 21.39% | -27.31% | 33.57% | 32.94% | 41.72% | 34.47% | 37.73% | 34.79% | 36.14% | 18.43% | 34.16% | 32.33% | 32.95% | 36.2% | 36.5% | 35% | 35% | 36% | 36% | 36.48% | 37.51% | 37.5% | 35.33% |
| Net Income | 53.1M | 54.2M | 139.5M | 49.2M | 123.9M | 59.8M | 41.9M | 110.5M | 93.38M | 89.8M | 85.58M | 105.44M | 61.47M | 63.68M | 48.97M | 45.99M | 26.94M | -6.44M | 45.45M | 120.38M | 123.38M | 137.42M | 113.58M | 98.11M | 91.36M | 74.41M | 106.22M | 87.4M | 106.3M | 87M | 68.1M |
| Net Margin % | 1% | 1.91% | 5.52% | 2.02% | 5.25% | 2.74% | 2.14% | 4.92% | 4.14% | 4.13% | 3.88% | 4.58% | 2.77% | 3.09% | 2.44% | 2.51% | 1.6% | -0.39% | 1.83% | 4.68% | 4.6% | 5.65% | 5.43% | 5.59% | 5.4% | 4.15% | 5.19% | 4.88% | 6.27% | 6.38% | 6.82% |
| Net Income Growth % | -62.5% | -61.15% | 183.54% | -60.29% | 107.19% | 42.72% | -62.08% | 18.34% | 3.99% | 4.93% | -18.84% | 71.52% | -3.47% | 30.05% | 6.48% | 70.69% | 518.21% | -114.17% | -62.24% | -2.43% | -10.22% | 20.99% | 15.78% | 7.38% | 22.78% | -29.95% | 21.53% | -17.78% | 22.18% | 27.75% | 65.69% |
| Net Income (Continuing) | 53.1M | 54.3M | 139.5M | 49.2M | 123.9M | 59.81M | 41.92M | 110.5M | 93.33M | 89.9M | 85.64M | 105.41M | 61.16M | 63.37M | 48.33M | 45.75M | 29.68M | -6.26M | 45.56M | 119.58M | 129.56M | 138.16M | 113.58M | 98.11M | 91.36M | 74.41M | 106.22M | 87.4M | 106.3M | 87M | 68.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 514K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.4M | 0 | 300K | 300K | 300K | 300K | 326K | 324K | 326K | 509K | 406K | 345K | -86K | 89K | 301K | 265K | 471K | 341K | 158K | 1K | 500K | 140K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| EPS (Diluted) | 0.73 | 1.11 | 2.88 | 1.08 | 2.94 | 1.36 | 0.98 | 2.54 | 2.11 | 2.00 | 1.88 | 2.32 | 1.35 | 1.39 | 1.07 | 1.01 | 0.59 | -0.14 | 1.02 | 2.57 | 2.45 | 2.50 | 1.97 | 1.68 | 1.55 | 1.26 | 1.77 | 1.44 | 1.72 | 0.73 | 1.13 |
| EPS Growth % | -85.23% | -61.46% | 166.67% | -63.27% | 116.18% | 38.78% | -61.42% | 20.38% | 5.5% | 6.38% | -18.97% | 71.85% | -2.88% | 29.91% | 5.94% | 71.19% | 521.43% | -113.73% | -60.31% | 4.9% | -2% | 26.9% | 17.26% | 8.39% | 23.02% | -28.81% | 22.92% | -16.28% | 135.62% | -35.4% | 66.18% |
| EPS (Basic) | - | 1.13 | 2.94 | 1.11 | 2.97 | 1.38 | 0.98 | 2.56 | 2.14 | 2.05 | 1.93 | 2.38 | 1.37 | 1.41 | 1.08 | 1.03 | 0.60 | -0.14 | 1.03 | 2.58 | 2.46 | 2.51 | 1.99 | 1.69 | 1.55 | 1.26 | 1.77 | 1.44 | 1.72 | 0.73 | 1.13 |
| Diluted Shares Outstanding | 72.5M | 48.9M | 48.5M | 45.4M | 42.2M | 43.96M | 42.96M | 43.49M | 44.33M | 44.84M | 45.5M | 45.44M | 45.58M | 45.96M | 45.82M | 45.69M | 45.81M | 44.89M | 44.43M | 46.93M | 50.37M | 55.03M | 57.58M | 58.55M | 59.19M | 59.05M | 60.19M | 60.87M | 61.85M | 59.22M | 60.27M |
| Basic Shares Outstanding | 72.3M | 47.9M | 47.4M | 44.5M | 41.7M | 43.44M | 42.69M | 43.1M | 43.64M | 43.84M | 44.41M | 44.29M | 44.76M | 45.25M | 45.21M | 44.8M | 44.99M | 44.89M | 44.31M | 46.68M | 50.06M | 54.65M | 57.13M | 58.18M | 58.94M | 59.05M | 60.01M | 60.69M | 61.8M | 59.22M | 60.27M |
| Dividend Payout Ratio | - | 116.42% | 45.59% | 118.9% | 42.94% | 89.88% | 124.33% | 47.27% | 54.71% | 55.19% | 56.67% | 43.94% | 72.11% | 68.3% | 87.9% | 89.7% | 143.78% | - | 83.82% | 30.24% | 29.2% | 24.63% | 28.19% | 30.88% | 32.17% | 38.13% | 24.91% | 26.43% | 18.53% | 19.2% | 22.03% |
Quick answers to the most common questions about buying HNI stock.
For fiscal year 2025, HNI Corporation (HNI) reported total revenue of $2.84B. This represents a 184.4% increase compared to $998.1M in 1996.
HNI Corporation (HNI) is profitable, generating $54.2M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
HNI Corporation (HNI) reported an operating income of $240.6M, resulting in an operating profit margin of 8.5%. This margin reflects the operational efficiency of the business before interest and taxes.
HNI Corporation (HNI) generated $1.15B in gross profit for the year, representing a gross profit margin of 40.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Integration risk from Kimball
Metrics are mathematically derived from official filings.
Acquisition-Driven Revenue Step-Up
Based on reported figures, HNI's quarterly revenue reached $1.6B in 2026Q3, up 132.9% year over year, a jump that appears driven largely by the Kimball International acquisition rather than organic demand.
The step-change from roughly $684M in 2025Q3 to $1.6B suggests inorganic contribution dominates the reported growth, making the headline rate poorly indicative of underlying durability. Investors should separate acquired revenue from organic volume before extrapolating this trajectory. The sequential moderation from 2026Q2 to 2026Q3 also warrants monitoring to confirm whether top-line momentum is holding.
Gross Margin Recovery Lags Revenue Base
As reported in financial statements, HNI's gross margin improved to 42.6% in 2026Q3 after dipping to 34.6% in 2026Q1, yet remains below the 40-41% range seen in the 2024 quarters.
The recovery suggests pricing and mix improvements are partially offsetting input cost pressures, consistent with the premium residential hearth exposure. However, the gap versus 2024 levels may indicate that acquired lower-margin revenue or integration costs are diluting the consolidated gross profit rate. Sustained margin normalization would be a more meaningful signal than a single-quarter rebound.
Operating Leverage Remains Limited
Based on HNI's reported figures, SG&A absorbed roughly 33% of revenue in 2026Q3, leaving operating margin at 8.6% despite a gross margin of 42.6%.
The spread between gross and operating margin indicates that the overhead base is heavy relative to gross profit, limiting the flow-through of revenue growth to operating income. Operating income has not scaled proportionally with the revenue expansion, which suggests integration overhead may be absorbing incremental gains. Evidence of SG&A ratio compression would be needed to conclude that operating leverage is genuinely improving.
Net Income Sensitive to One-Time Items
According to reported filings, HNI's net margin swung from -5.5% in 2025Q4 to 5.7% in 2026Q3, a volatility that appears to reflect acquisition accounting and restructuring charges more than core operations.
The gap between operating margin and net margin in several quarters suggests non-operating items, interest expense, or tax effects are material contributors to reported earnings. Given the acquisition-related amortization, reported EPS may understate or overstate underlying profitability depending on the period. Adjusted metrics would be more reliable for assessing run-rate earnings power.
Integration Could Erode Margin Thesis
Based on the supplied data, the 2026Q1 operating loss of -$12.4M and negative net income of -$38.8M illustrate how quickly consolidated profitability can deteriorate during the Kimball integration period.
The bear case centers on the possibility that acquired revenue carries structurally lower margins and that integration synergies arrive more slowly than management implies. Continued dependence on a volatile office furniture segment, combined with rate-sensitive residential demand, could leave earnings exposed if the recent guidance raise proves premature. Investors should monitor whether operating margin sustains above 7% through upcoming quarters.