HNI earnings date
HNI (HO9) Q3 2026 Earnings Report
DE:HO9 Q3 2026 EPS Results
- Actual EPS
- EUR 1.45
- Consensus EPS
- EUR 1.24
- Beat/Miss
- Beat by +EUR 0.21
- One Year Ago EPS
- EUR 0.98
DE:HO9 Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.43B
- Expected Revenue
- EUR 1.43B
- Beat/Miss
- Missed by -EUR 8.03M
- YoY Revenue Growth
- +132.95%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
HNI's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. HNI reported earnings well above expectations, broad-based volume and order growth, record workplace margins, significant residential profit improvement, ahead-of-plan Steelcase synergies, strong cash flow, lower leverage, and continued double-digit EPS growth expectations for 2027. The principal challenges were temporary inflation-driven price-cost pressure, international Steelcase weakness, persistent housing and new-construction headwinds, and selected market softness, but management described these issues as manageable and maintained an optimistic outlook.
HNI expects the fifth consecutive year of double digit earnings improvement in 2026 and full year organic revenue growth in the low single digits in both segments; fourth-quarter legacy workplace net sales are expected to increase at a low-single-digit rate year over year, or at a mid-single-digit rate excluding the negative impact of the extra week a year ago, while including Steelcase total workplace furnishings net sales are expected to nearly double, and Residential Building Products net sales are expected to be roughly unchanged, or increase at a low-single-digit rate excluding the extra week. Non GAAP diluted EPS is expected to increase at a rate in the mid-20 percent range in the fourth quarter, full-year non GAAP EPS growth is expected at 20% to 25% above 2025 full year results of $3.46, net interest expense is expected to total about $80 million, and the full-year tax rate should be approximately 24%; Steelcase is expected to be neutral to earnings per share in 2026 overall, price-cost neutrality is expected in 2027 after a $10 million to $15 million fourth-quarter drag, and synergies are expected to reach at least $130 million when fully mature, with the $120 million original target achieved by the end of year 4. HNI expects double digit diluted non GAAP EPS growth again in 2027, net sales improvement again in 2027, manufacturing network optimization savings to total nearly $30 million, with about a third recognized in 2026 and the remaining 2-thirds benefiting 2027 and 2028 equally, and leverage to return to at or below 1.5x on an annualized basis within 18 to 24 months of the closing of the deal in December 2025.
- Third-Quarter Earnings Significantly Exceeded ExpectationsNon-GAAP diluted EPS was $1.62, ahead of internal expectations and up nearly 50% year over year. GAAP diluted EPS was $1.23. Management attributed profit improvement to the Steelcase acquisition, operational productivity, price-cost favorability, organic volume growth, cost and expense management, and operating leverage.
- Broad-Based Revenue and Volume GrowthBoth segments reported year-over-year volume and order growth in the third quarter. Total net sales increased 13.3% overall and 6% on an organic basis. Workplace Furnishings net sales increased 6% organically, with volume up 2%, while Residential Building Products net sales increased 5%, with volume up 4%.
- Workplace Furnishings Margin ExpansionNon-GAAP segment operating margin excluding Steelcase expanded 390 basis points year over year to a third-quarter record of 16.2%. Legacy workplace revenue increased 6% organically, and management said profit transformation efforts, strategic cost initiatives, and volume leverage are continuing to improve profitability.
- Strong Workplace Orders and Demand IndicatorsWorkplace Furnishings orders increased 6% year over year in the third quarter, with Steelcase order growth stronger than legacy workplace furnishings and contract customers solidly outperforming small and medium-sized businesses. Project funnel, bid quotes, customer visits, RFPs, and design requests were strong, while win rates were improving.
- Steelcase Integration and Synergy Capture Ahead of PlanSteelcase integration efforts are on track, with synergy capture ahead of plan. Total mature synergies are now expected to reach at least $130 million, compared with the original $120 million target, and the original target is expected to be achieved by the end of year 4. The company also increased its Steelcase year-2 EPS expectation from $0.60 to $0.70.
- Residential Building Products Outperformed Despite Housing HeadwindsResidential Building Products delivered 5% net sales growth, exceeding the company's expectations despite housing-market headwinds. Remodel and retrofit revenue increased double digits and more than offset continued market-driven weakness in new construction. The segment delivered 180 basis points of margin expansion and 16% year-over-year profit growth.
- Residential Growth Investments and Go-to-Market Initiatives Showing ResultsManagement said organizational realignment, consumer-focused changes, branding, new product investments, customer tools, and go-to-market initiatives are driving market outperformance. The company plans to continue investing with confidence in the residential business to take share and grow the category.
- Positive Fourth-Quarter Earnings OutlookNon-GAAP diluted EPS for the fourth quarter of 2026 is expected to increase in the mid-20 percent range year over year. Productivity savings, expense management, and tax planning are expected to more than offset modest year-over-year volume pressure, a temporary price-cost drag, and continued investments to drive future growth.
- Full-Year and 2027 EPS Growth ExpectationsHNI continues to expect full-year 2026 non-GAAP EPS growth of 20% to 25% above 2025's $3.46. Management also expects double-digit EPS growth again in 2027, with multiple years of elevated earnings growth visibility beyond 2027.
- Manufacturing Network Optimization SavingsManufacturing network optimization savings in legacy workplace furnishings are expected to total nearly $30 million. About one-third is expected to be recognized in 2026, with the remaining two-thirds benefiting 2027 and 2028 equally.
- Revenue Synergy Initiative Beginning to ScaleHNI is launching the HNI portfolio initiative to increase sales of HNI open-line brands across Steelcase and other dealer networks. The initiative includes pilots and test-and-learn programs that management plans to scale as traction develops. Management said it is increasingly confident in the benefits tied to this initiative, while current synergy projections assume no revenue synergies.
- Improving Office Market IndicatorsClass A peak-day occupancy in the top-10 metropolitan statistical areas is now above 95%. Office leasing activity grew for the fifth straight quarter in the third quarter, net absorption was positive for the fifth straight quarter with more than 6 million square feet absorbed, and 10 million square feet of nonviable space was taken offline.
- Return-to-Office and Commercial Contract TailwindsManagement said return to office, office absorption, lease expirations, and commercial contract activity are supporting demand. The company expects these trends to remain favorable into 2027 and beyond, with many lease expirations expected over the next 18 to 24 months.
- Strong Cash Flow and Reduced LeverageThe company said its balance sheet is strong and that strong free cash flow was used to meaningfully reduce net debt during the quarter. Ending debt leverage declined to 2.0x from 2.4x in the prior quarter. HNI expects leverage to return to at or below 1.5x on an annualized basis within 18 to 24 months of the December 2025 Steelcase closing.
- Financial Flexibility and Continued Investment CapacityHNI remains committed to maintaining significant financial flexibility to fund ongoing business investments, drive growth, and pay its long-standing dividend. Management said the combination of Steelcase benefits, cost management, and financial discipline is expected to drive increasing free cash flow and support continued investment.
- Broad-Based Workplace PerformanceWorkplace growth was described as broad based across regions. Small and medium-sized businesses remained resilient over the last two years, while large commercial contract activity accelerated alongside return-to-office trends. Health care was strong, and the company said it was competing well in the markets it serves.
- Improving Price-Cost Outlook for 2027The company said it has maintained a strategy of achieving price-cost neutrality over time and has done so over the last two years, including after tariffs began. Pricing actions taken in the second quarter and additional actions taken in the third quarter are expected to bring Steelcase to price-cost neutrality in 2027.
DE:HO9 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 0.95- | 0.74 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 1.241.45 | 0.98 | 47.27% (+0.47) | |
| Jul 30, 2026 | 2026 (Q2) | 0.931.14 | 0.99 | 14.41% (+0.14) | |
| May 06, 2026 | 2026 (Q1) | 0.260.30 | 0.39 | -22.73% (-0.09) | |
| Feb 25, 2026 | 2025 (Q4) | 0.810.74 | 0.78 | -4.60% (-0.04) | |
| Oct 28, 2025 | 2025 (Q3) | 0.960.98 | 0.92 | 6.80% (+0.06) | |
| Jul 24, 2025 | 2025 (Q2) | 0.770.99 | 0.71 | 40.51% (+0.29) | |
| May 07, 2025 | 2025 (Q1) | 0.300.39 | 0.33 | 18.92% (+0.06) | |
| Feb 20, 2025 | 2024 (Q4) | 0.660.78 | 0.88 | -11.22% (-0.10) | |
| Oct 29, 2024 | 2024 (Q3) | 0.880.92 | 0.83 | 10.75% (+0.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
