Steelcase Reports Second Quarter Fiscal 2026 Results

Steelcase Inc., a global leader in office furniture and workplace solutions, has released its financial results for the second quarter of fiscal 2026. The company reported a revenue increase of 5% compared to the same period last year, driven by strong growth from large corporate customers in the Americas and the Indian market in the International segment.

Financial Highlights

For the second quarter, Steelcase reported:

• Revenue of $897.1 million, up from $855.8 million in the prior year.
• Net income of $35.0 million, or $0.29 per share, compared to $63.1 million, or $0.53 per share, in the prior year.
• Adjusted earnings per share of $0.45, an increase from $0.39 in the prior year.
• Gross margin remained approximately flat at 34.4% despite higher tariff and restructuring costs.
• Orders grew by 6% compared to the prior year, led by continued growth from large corporate customers in the Americas.

Business and Operational Highlights

The company's revenue growth was driven by a 3% increase in the Americas and a 13% increase in the International segment. The Americas growth was primarily due to strong demand from large corporate customers, while the International segment saw significant contributions from India, China, and the United Kingdom, partially offset by declines in France and Germany.

Operating income for the quarter was $53.1 million, a decrease of $36.9 million compared to the prior year. This included $11.9 million in restructuring costs and $7.1 million in costs related to the pending merger with HNI Corporation.

Strategic Initiatives and Corporate Developments

On August 3, 2025, Steelcase entered into a Merger Agreement with HNI Corporation, under which HNI will acquire Steelcase in a cash and stock transaction valued at approximately $2.2 billion. The transaction is expected to close by the end of calendar year 2025, subject to shareholder and regulatory approvals.

The Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on or before October 20, 2025, to shareholders of record as of October 6, 2025.

Management's Perspective

Sara Armbruster, President and CEO, commented, "Our second quarter revenue and order growth was led by continued strengthening of demand from our large corporate customers. Business leaders are making investments in their workplaces as they bring their employees together, and they are turning to Steelcase for research-driven solutions that support connection, creativity, and performance."

Dave Sylvester, Senior Vice President and CFO, added, "Higher volume in India and China drove the $5 million reduction in our year-over-year adjusted operating loss in our International segment this quarter. We executed additional actions this quarter that are targeted to further reduce our cost structure to support our goal of improved profitability in our International segment."

Future Outlook

Steelcase remains focused on executing its strategy and winning new business while preparing for the anticipated acquisition by HNI. The company continues to help customers around the world reimagine their workplaces to support how people want to work today and in the future.

SEC Filing: STEELCASE INC [ SCS ] - 8-K - Sep. 24, 2025