Revenue growth remains highly inconsistent, oscillating between a 5.9% contraction and a 7.1% expansion, while operating margins remain constrained by a high fixed-cost base that limited the 2026Q2 operating margin to 5.9%.
| Metric | TTM | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Sales/Revenue | 3.26B | 3.17B | 3.16B | 3.23B | 2.77B | 2.6B | 3.72B | 3.44B | 3.06B | 3.03B | 3.06B | 3.06B | 2.99B | 2.87B | 2.75B | 2.44B | 2.29B | 3.18B | 3.42B | 3.1B | 2.87B | 2.61B | 2.35B | 2.59B | 3.09B | 3.89B | 3.32B | 2.74B | 2.76B | 2.41B |
| Revenue Growth % | 3.92% | 0.2% | -2.26% | 16.59% | 6.8% | -30.28% | 8.15% | 12.69% | 0.76% | -0.9% | 0.01% | 2.37% | 4.19% | 4.34% | 12.82% | 6.34% | -28.02% | -6.93% | 10.44% | 7.96% | 9.76% | 11.43% | -9.33% | -16.27% | -20.49% | 17.18% | 20.92% | -0.63% | 14.6% | - |
| Cost of Goods Sold | 2.17B | 2.12B | 2.15B | 2.31B | 2.01B | 1.83B | 2.51B | 2.36B | 2.05B | 2.02B | 2.09B | 2.14B | 2.04B | 2B | 1.94B | 1.69B | 1.64B | 2.24B | 2.29B | 2.15B | 1.99B | 1.86B | 1.69B | 1.82B | 2.13B | 2.41B | 2.07B | 1.65B | 1.66B | 1.46B |
| COGS % of Revenue | - | 66.95% | 67.96% | 71.56% | 72.54% | 70.62% | 67.37% | 68.4% | 67.07% | 66.68% | 68.26% | 70.06% | 68.38% | 69.81% | 70.55% | 69.5% | 71.65% | 70.25% | 67.09% | 69.4% | 69.34% | 71.16% | 71.96% | 70.51% | 68.82% | 62.14% | 62.47% | 60.02% | 60.19% | 60.55% |
| Gross Profit | 1.09B | 1.05B | 1.01B | 919.4M | 761.5M | 762.8M | 1.22B | 1.09B | 1.01B | 1.01B | 971.2M | 916M | 945.2M | 866M | 809.7M | 743.3M | 649.8M | 947M | 1.13B | 947.9M | 879.5M | 753.9M | 657.6M | 762.9M | 963.2M | 1.47B | 1.24B | 1.1B | 1.1B | 950.2M |
| Gross Margin % | 33.53% | 33.05% | 32.04% | 28.44% | 27.46% | 29.38% | 32.63% | 31.6% | 32.93% | 33.32% | 31.74% | 29.94% | 31.62% | 30.19% | 29.45% | 30.5% | 28.35% | 29.75% | 32.91% | 30.6% | 30.66% | 28.84% | 28.04% | 29.49% | 31.18% | 37.86% | 37.53% | 39.98% | 39.81% | 39.45% |
| Gross Profit Growth % | - | 3.37% | 10.12% | 20.74% | -0.17% | -37.23% | 11.7% | 8.13% | -0.43% | 4.04% | 6.03% | -3.09% | 9.15% | 6.95% | 8.93% | 14.39% | -31.38% | -15.89% | 18.78% | 7.78% | 16.66% | 14.64% | -13.8% | -20.8% | -34.53% | 18.22% | 13.51% | -0.21% | 15.63% | - |
| Operating Expenses | 963.5M | 888M | 894.6M | 853.9M | 741.4M | 684.2M | 958.2M | 904.3M | 850.1M | 809.3M | 790M | 768M | 757M | 806.7M | 708.3M | 661.2M | 648.4M | 866.8M | 923.1M | 831.8M | 724.9M | 714.1M | 635.3M | 738.4M | 863.4M | 1B | 972.7M | 779.2M | 781.3M | 723.8M |
| OpEx % of Revenue | - | 28.05% | 28.31% | 26.42% | 26.74% | 26.35% | 25.73% | 26.26% | 27.82% | 26.69% | 25.82% | 25.1% | 25.33% | 28.12% | 25.76% | 27.13% | 28.29% | 27.23% | 26.98% | 26.85% | 25.27% | 27.32% | 27.08% | 28.54% | 27.95% | 25.86% | 29.33% | 28.41% | 28.31% | 30.05% |
| Selling, General & Admin | 0 | 878.1M | 600K | 806.3M | 711.7M | 0 | 0 | 0 | 0 | 0 | 0 | 738.4M | 0 | 0 | 708.3M | 661.2M | 648.4M | 842.9M | 874.7M | 831.8M | 758.1M | 722.3M | 677.6M | 754.9M | 893.2M | 1B | 830.9M | 672.2M | 686M | 630.4M |
| SG&A % of Revenue | - | 27.74% | 0.02% | 24.94% | 25.67% | - | - | - | - | - | - | 24.13% | - | - | 25.76% | 27.13% | 28.29% | 26.48% | 25.57% | 26.85% | 26.42% | 27.63% | 28.89% | 29.18% | 28.91% | 25.79% | 25.06% | 24.51% | 24.86% | 26.18% |
| Research & Development | 0 | 50.4M | 48.2M | 0 | 0 | 0 | 0 | 0 | 0 | 35.8M | 33M | 35.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.59% | 1.53% | - | - | - | - | - | - | 1.18% | 1.08% | 1.16% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | -40.5M | 845.8M | 3.8M | 0 | 684.2M | 958.2M | 904.3M | 850M | 11.9M | 16.3M | 0 | 757M | 806.7M | 4.3M | 0 | 0 | 23.9M | 0 | 0 | -33.2M | -8.2M | -42.3M | -16.5M | -29.8M | 2.7M | 141.8M | 107M | 95.3M | 93.4M |
| Operating Income | 129.1M | 158.1M | 117.8M | 65.5M | 20.1M | 43M | 257M | 183.6M | 156M | 200.2M | 174.6M | 144.9M | 165.9M | 59.3M | 97.1M | 51.5M | -11.5M | 1M | 202.8M | 113.7M | 82.5M | 18.2M | -73.5M | -53.2M | 19.7M | 303.7M | 271.8M | 337.4M | 317.4M | 226.4M |
| Operating Margin % | 3.96% | 4.99% | 3.73% | 2.03% | 0.72% | 1.66% | 6.9% | 5.33% | 5.11% | 6.6% | 5.71% | 4.74% | 5.55% | 2.07% | 3.53% | 2.11% | -0.5% | 0.03% | 5.93% | 3.67% | 2.88% | 0.7% | -3.13% | -2.06% | 0.64% | 7.82% | 8.2% | 12.3% | 11.5% | 9.4% |
| Operating Income Growth % | - | 34.21% | 79.85% | 225.87% | -53.26% | -83.27% | 39.98% | 17.69% | -22.08% | 14.66% | 20.5% | -12.66% | 179.76% | -38.93% | 88.54% | 547.83% | -1250% | -99.51% | 78.36% | 37.82% | 353.3% | 124.76% | -38.16% | -370.05% | -93.51% | 11.74% | -19.44% | 6.3% | 40.19% | - |
| EBITDA | 206.6M | 238.9M | 201.4M | 155.5M | 103.3M | 128.2M | 342.6M | 265.2M | 221.8M | 260.5M | 240.3M | 204.8M | 225.9M | 117.6M | 153.5M | 115.9M | 62.7M | 88.3M | 295.2M | 215.1M | 201.9M | 145.8M | 67.9M | 103.8M | 192.1M | 466.2M | 413.6M | 444.4M | 412.7M | 319.8M |
| EBITDA Margin % | 6.34% | 7.55% | 6.37% | 4.81% | 3.73% | 4.94% | 9.2% | 7.7% | 7.26% | 8.59% | 7.85% | 6.69% | 7.56% | 4.1% | 5.58% | 4.76% | 2.74% | 2.77% | 8.63% | 6.94% | 7.04% | 5.58% | 2.89% | 4.01% | 6.22% | 12% | 12.47% | 16.2% | 14.95% | 13.28% |
| EBITDA Growth % | -21.62% | 18.62% | 29.52% | 50.53% | -19.42% | -62.58% | 29.19% | 19.57% | -14.86% | 8.41% | 17.33% | -9.34% | 92.09% | -23.39% | 32.44% | 84.85% | -28.99% | -70.09% | 37.24% | 6.54% | 38.48% | 114.73% | -34.59% | -45.97% | -58.79% | 12.72% | -6.93% | 7.68% | 29.05% | - |
| D&A (Non-Cash Add-back) | 77.5M | 80.8M | 83.6M | 90M | 83.2M | 85.2M | 85.6M | 81.6M | 65.8M | 60.3M | 65.7M | 59.9M | 60M | 58.3M | 56.4M | 64.4M | 74.2M | 87.3M | 92.4M | 101.4M | 119.4M | 127.6M | 141.4M | 157M | 172.4M | 162.5M | 141.8M | 107M | 95.3M | 93.4M |
| EBIT | 130.8M | 159.9M | 133M | 78.7M | 27.3M | 53M | 272.5M | 187M | 179M | 204.5M | 194.5M | 185.5M | 185.4M | 72.7M | 107.6M | 70.7M | -12.9M | 8.2M | 228.3M | 116.1M | 88.2M | 23.4M | 22.3M | 24.5M | 99.8M | 306.4M | 274.5M | 444.4M | 317.4M | 226.4M |
| Net Interest Income | -20.5M | -25.7M | -25.9M | -28.4M | -25.7M | -27.1M | -27.3M | -37.5M | -17.5M | -17.2M | -17.6M | -17.7M | -17.8M | -17.8M | -25.6M | -19.3M | -18.2M | -11.2M | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.8M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 25.7M | 25.7M | 25.9M | 28.4M | 25.7M | 27.1M | 27.3M | 37.5M | 17.5M | 17.2M | 17.6M | 17.7M | 17.8M | 17.8M | 25.6M | 19.3M | 18.2M | 17M | 16.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -24M | -23.9M | -10.7M | -13.9M | -18.5M | -17.1M | -11.8M | -19.7M | 6.3M | 100K | 200K | -7.9M | -18.7M | -4.4M | -15.1M | -100K | -19.6M | -9.8M | 8.6M | 10.9M | -6.1M | -13.2M | -18.5M | -6M | -21M | -1.8M | 25.2M | 8.9M | 30.5M | -175.1M |
| Pretax Income | 105.1M | 134.2M | 107.1M | 51.6M | 1.6M | 25.9M | 245.2M | 163.9M | 161.5M | 196.3M | 174.8M | 137M | 147.2M | 54.9M | 82M | 51.4M | -31.1M | -8.8M | 211.4M | 124.6M | 76.4M | 5M | -92M | -59.2M | -1.3M | 304.6M | 299.7M | 346.3M | 347.9M | 51.3M |
| Pretax Margin % | 3.22% | 4.24% | 3.39% | 1.6% | 0.06% | 1% | 6.58% | 4.76% | 5.29% | 6.47% | 5.71% | 4.48% | 4.92% | 1.91% | 2.98% | 2.11% | -1.36% | -0.28% | 6.18% | 4.02% | 2.66% | 0.19% | -3.92% | -2.29% | -0.04% | 7.84% | 9.04% | 12.63% | 12.61% | 2.13% |
| Income Tax | 9.8M | 13.5M | 26M | 16.3M | -2.4M | -200K | 45.5M | 37.9M | 80.8M | 71.7M | 4.5M | 50.9M | 59.5M | 16.1M | 25.3M | 31M | -17.5M | 2.9M | 78.2M | 17.7M | 27.5M | -6.7M | -50.6M | -22.2M | -1.5M | 110.9M | 115.5M | 124.9M | 130.9M | 23.6M |
| Effective Tax Rate % | 9.32% | 10.06% | 24.28% | 31.59% | -150% | -0.77% | 18.56% | 23.12% | 50.03% | 36.53% | 2.57% | 37.15% | 40.42% | 29.33% | 30.85% | 60.31% | 56.27% | -32.95% | 36.99% | 14.21% | 35.99% | -134% | 55% | 37.5% | 115.38% | 36.41% | 38.54% | 36.07% | 37.63% | 46% |
| Net Income | 95.3M | 120.7M | 81.1M | 35.3M | 4M | 26.1M | 199.7M | 126M | 80.7M | 124.6M | 170.3M | 86.1M | 87.7M | 38.8M | 56.7M | 20.4M | -13.6M | -11.7M | 133.2M | 106.9M | 48.9M | 12.7M | -23.2M | -266.1M | 1M | 193.7M | 184.2M | 221.4M | 217M | 27.7M |
| Net Margin % | 2.92% | 3.81% | 2.57% | 1.09% | 0.14% | 1.01% | 5.36% | 3.66% | 2.64% | 4.11% | 5.57% | 2.81% | 2.93% | 1.35% | 2.06% | 0.84% | -0.59% | -0.37% | 3.89% | 3.45% | 1.7% | 0.49% | -0.99% | -10.29% | 0.03% | 4.98% | 5.55% | 8.07% | 7.86% | 1.15% |
| Net Income Growth % | -24.43% | 48.83% | 129.75% | 782.5% | -84.67% | -86.93% | 58.49% | 56.13% | -35.23% | -26.83% | 97.79% | -1.82% | 126.03% | -31.57% | 177.94% | 250% | -16.24% | -108.78% | 24.6% | 118.61% | 285.04% | 154.74% | 91.28% | -26710% | -99.48% | 5.16% | -16.8% | 2.03% | 683.39% | - |
| Net Income (Continuing) | 95.3M | 120.7M | 81.1M | 35.3M | 4M | 26.1M | 199.7M | 126M | 80.7M | 124.6M | 170.3M | 86.1M | 87.7M | 38.8M | 56.7M | 20.4M | -13.6M | -11.7M | 133.2M | 106.9M | 48.9M | 11.7M | -41.4M | -36.2M | 0 | 193.7M | 184.2M | 221.4M | 217M | 27.7M |
| Discontinued Operations | 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 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.80 | 1.02 | 0.68 | 0.30 | 0.03 | 0.22 | 1.66 | 1.05 | 0.68 | 1.03 | 1.36 | 0.68 | 0.69 | 0.30 | 0.43 | 0.15 | -0.10 | -0.09 | 0.93 | 0.71 | 0.33 | 0.09 | -0.16 | -1.80 | 0.01 | 1.30 | 1.21 | 1.44 | 1.40 | 0.18 |
| EPS Growth % | -22.47% | 50% | 126.67% | 777.19% | -84.45% | -86.75% | 58.1% | 54.41% | -33.98% | -24.26% | 100% | -1.45% | 130% | -30.23% | 186.67% | 250% | -14.81% | -109.37% | 30.99% | 115.15% | 266.67% | 156.25% | 91.11% | -18100% | -99.23% | 7.44% | -15.97% | 2.86% | 677.78% | - |
| EPS (Basic) | - | 1.02 | 0.68 | 0.30 | 0.03 | 0.22 | 1.67 | 1.06 | 0.68 | 1.03 | 1.37 | 0.69 | 0.70 | 0.30 | 0.43 | 0.15 | -0.10 | -0.09 | 0.93 | 0.72 | 0.33 | 0.09 | -0.16 | -1.80 | 0.01 | 1.30 | 1.21 | 1.44 | 1.40 | 0.18 |
| Diluted Shares Outstanding | 119.3M | 115M | 114.5M | 113.2M | 114.2M | 115.2M | 117.9M | 119.5M | 117.1M | 118.9M | 122.8M | 126M | 127.3M | 129.1M | 129.6M | 132.9M | 132.9M | 134.4M | 143M | 150.56M | 148.18M | 148.2M | 147.8M | 147.83M | 147.6M | 150.8M | 152.23M | 153.75M | 155M | 153.89M |
| Basic Shares Outstanding | 118.6M | 114M | 114M | 112.8M | 113.8M | 114.9M | 117.3M | 119.1M | 119.2M | 120.7M | 124.3M | 124.4M | 126M | 127.4M | 129.6M | 132.9M | 132.9M | 134.4M | 143M | 148.47M | 148.18M | 141.11M | 145M | 147.83M | 147.08M | 149M | 152.23M | 153.75M | 155M | 153.89M |
| Dividend Payout Ratio | - | 39.44% | 58.69% | 162.32% | 1565% | 166.67% | 34.6% | 51.03% | 75.59% | 46.95% | 33.47% | 60.98% | 57.24% | 118.04% | 55.91% | 105.88% | - | - | 250.53% | 62.86% | 100.61% | 280.31% | - | - | 5750% | 34.02% | 36.54% | 28.5% | 97.19% | 150.9% |
Cyclical office demand volatility
According to the provided quarterly income statements, Steelcase's revenue growth has exhibited significant inconsistency, oscillating between a 5.9% contraction in 2024Q3 and a 7.1% expansion in 2026Q1, suggesting that the company's project-based business model remains highly sensitive to the timing of large-scale corporate office installations.
The erratic top-line performance indicates that Steelcase struggles to maintain consistent organic growth in a post-pandemic environment where corporate capital expenditure is increasingly deferred. Investors should monitor whether the recent 4.8% growth in 2026Q2 represents a sustainable recovery or merely a temporary spike driven by the lumpy nature of project-based revenue recognition.
As reported in financial statements, Steelcase's gross margin has fluctuated within a narrow band, peaking at 34.8% in 2026Q2 while dipping as low as 31.2% in 2024Q1, which highlights the company's ongoing difficulty in fully offsetting commodity price volatility through its current pricing strategies.
The inability to consistently expand gross margins above the mid-30% range suggests that the company lacks the pricing power necessary to fully pass through inflationary costs to institutional clients. This margin profile appears vulnerable to any further spikes in raw material costs, particularly given the company's reliance on steel and aluminum.
Based on the income statement data, Steelcase's operating margin has shown extreme volatility, ranging from a low of 1.0% in 2024Q1 to a high of 10.5% in 2025Q2, indicating that the company's high fixed-cost manufacturing base prevents consistent operating leverage during periods of fluctuating revenue volume.
The wide variance in operating income suggests that the company is unable to effectively scale its overhead costs in alignment with revenue shifts. This lack of operating leverage implies that profitability remains highly dependent on achieving specific volume thresholds, leaving the bottom line exposed during cyclical downturns in office demand.
Analysis of the reported figures reveals that stock-based compensation (SBC) remains a recurring expense, reaching as high as $14.8 million in 2025Q1, which periodically dilutes the quality of net income and complicates the assessment of true operational profitability for shareholders over the observed ten-quarter period.
The inconsistent levels of SBC suggest that management's compensation structure may be creating noise in the quarterly earnings, making it difficult to discern underlying operational performance. Investors should be cautious of relying solely on headline EPS, as these non-cash charges significantly impact the net income margin in lower-revenue quarters.
While management emphasizes a shift toward architectural solutions, the data suggests that Steelcase's net margin remains thin at 3.9% in 2026Q2, raising concerns that the company's pivot may not be sufficient to overcome the structural decline in traditional office furniture demand and rising competitive pressures.
Short-term improvements in profitability may be masking a long-term erosion of the core business, as the company struggles to find a consistent growth engine. The reliance on project-based revenue makes the company particularly susceptible to a sustained downturn in commercial real estate, which could rapidly turn these thin margins negative.
Quick answers to the most common questions about buying SCS stock.
For fiscal year 2025, Steelcase Inc. (SCS) reported total revenue of $3.17B. This represents a 31.5% increase compared to $2.41B in 1997.
Steelcase Inc. (SCS) is profitable, generating $120.7M in net income for the fiscal year ending 2025 with a net profit margin of 3.8%.
Steelcase Inc. (SCS) reported an operating income of $158.1M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Steelcase Inc. (SCS) generated $1.05B in gross profit for the year, representing a gross profit margin of 33.1%. This demonstrates the company's core pricing power and production efficiency.