Abstract
MillerKnoll will release fiscal Q2 2026 results on December 17, 2025 Post Market; this preview summarizes consensus revenue, margin, net profit, and adjusted EPS expectations alongside segment dynamics and analyst perspectives from June 10, 2025 to December 10, 2025.
Market Forecast
For the current quarter, MillerKnoll’s revenue is projected at USD 943.13 million with an estimated adjusted EPS of USD 0.41 and EBIT of USD 53.71 million; the year-over-year change implies revenue down 01.73%, adjusted EPS down 23.27%, and EBIT down 19.08%. No company guidance on gross profit margin or net margin was disclosed in the collected forecast, but prior results suggest mixed margin progress. The company’s main businesses are North America Contract, Global Retail, and International Contract; the outlook call highlights ongoing SKU simplification and cost discipline, while demand remains uneven. The most promising segment is Global Retail, supported by design-led brand equity and renovation programs; last quarter, this segment delivered USD 254.30 million and contributed 26.61% of revenue, with management emphasizing assortment productivity and online channel improvements.
Last Quarter Review
In the previous quarter, MillerKnoll reported revenue of USD 955.70 million, a gross profit margin of 38.52%, GAAP net profit attributable to the parent company of USD 20.20 million, a net profit margin of 02.11%, and adjusted EPS of USD 0.45; year-over-year, adjusted EPS rose 25.00% and EBIT increased 20.44%, while revenue grew 10.93%. A notable highlight was the EPS and EBIT beat versus prior consensus, reflecting better-than-expected execution and operating efficiency gains. Main business performance showed North America Contract at USD 533.90 million, Global Retail at USD 254.30 million, and International Contract at USD 167.50 million; revenue contributions were 55.86%, 26.61%, and 17.53% respectively, indicating balanced growth across channels.
Current Quarter Outlook
North America Contract
North America Contract remains the largest revenue contributor and the primary lever for quarterly performance. The segment’s sensitivity to corporate capex cycles, workplace reconfigurations, and project timing can shape near-term orders, with activity varying by sector exposure. Against a macro backdrop of cautious spending, order visibility appears steady but not broad-based, suggesting mid-single-digit fluctuations around prior run-rate. Operating focus on lead-time reductions, pricing discipline, and mix optimization can mitigate revenue pressure, while procurement savings and manufacturing efficiencies may offer incremental margin support even with modest volume swings.
Global Retail
Global Retail is positioned as the most promising business in the current setup given brand resonance and ongoing portfolio improvements. The segment benefits from design-icon franchises and omnichannel enhancements that support conversion and average ticket, although discretionary demand remains uneven across geographies. With renovations and merchandising resets underway, management’s emphasis on assortment productivity and digital experience is expected to lift sell-through and reduce markdown intensity. If channel mix continues to shift toward direct and higher-margin products, gross margin resilience could partly offset the forecasted EPS decline, supporting EBIT stability relative to revenue.
International Contract
International Contract performance hinges on regional macro trends and currency translation effects, with project pipelines showing variability by market. The last quarter’s revenue base of USD 167.50 million indicates meaningful scale, yet quarter-to-quarter volatility can arise from large project timing and cross-border sourcing dynamics. Operational priorities include maintaining service levels across markets and pursuing selective pricing actions where inflation recovery remains incomplete. Sustained execution on cost control and supply chain agility should help preserve margins even if revenue growth moderates, while design-led differentiation keeps the bid funnel active.
Stock Price Drivers This Quarter
Share performance will likely pivot on the degree of margin stability relative to consensus in an environment of soft top-line expectations. Investors will watch gross margin progression against the prior 38.52% baseline to gauge cost actions and mix benefits. EPS delivery versus the USD 0.41 projection will be a central catalyst; any variance tied to SG&A efficiency, freight costs, or pricing realization could re-rate expectations for the second half. Segment commentary on Global Retail momentum and North America Contract order trends will inform the sustainability of mid-cycle improvements and the path for EBIT normalization.
Analyst Opinions
Across recent institutional commentary gathered within the period, the majority stance is cautiously positive, highlighting operational improvements and the potential for margin resilience despite softer revenue. Analysts point to prior-quarter execution beats and disciplined cost management as supportive factors for the upcoming print, with several notes indicating upside risk if pricing and mix remain favorable. Well-followed sell-side voices emphasize ongoing brand strength in design-led retail and a constructive view on EBIT trajectories, while acknowledging near-term demand variability. The prevailing interpretation is that stable-to-improving margins could compensate for modest sales declines, and that clarity on order trends in North America Contract will be pivotal for sentiment into the next quarter.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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