HNI Corporation
HNI
Jodie read · what matters now
Inventory rose 130.4%, faster than the 120.7% sales increase, as the acquisition reshaped HNI's balance sheet.
The story is only the start. Jodie keeps watching the filing evidence, the companies connected to HNI, and whether its market group begins moving.
Earlier comparable assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-05-06 against the comparable filing from 2025-05-07.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
What improved
- Revenue increased 124.7% versus the comparable filing period.
What weakened
- Operating income moved from a profit to a loss in the comparable period.
- Operating cash flow remained negative at -171.8M.
- Gross margin fell 2.6 percentage points.
Filing receipts
“This decrease was driven by impacts from the acquisition of Steelcase, including $64.2 million of incremental purchase accounting adjustments with respect to inventory step-up, and intangible amortization and depreciation related to the preliminary valuation of Steelcase, $20.5 million of restructuring and impairment charges, and lower net sales in the legacy HNI business, the effect of which were partially offset by improved net productivity and favorable price-cost.”
“The decrease was driven by impacts from the acquisition of Steelcase, including $64.2 million of incremental purchase accounting adjustments related to inventory step-up, intangible amortization and depreciation related to the preliminary valuation of Steelcase, $20.5 million of restructuring and impairment costs, and $6.6 million of acquisition costs, as well as lower net sales in the legacy HNI business, partially offset by improved net productivity.”
“The increase was driven by higher working capital usage, including settlement of certain acquisition related expense accruals in the current period.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Who this business touches
The relationships behind HNI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
Filing peers
Companies whose filings use similar operating language.
You can see the shape of the network here. Pro opens the original filing receipts, and alerts when connected names begin moving. See Pro →
What is moving around it
Live connections
HNI is currently a Participant in the organic co-movement group Packaging & Home Improvement. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Theme membership history
No durable theme membership has been observed for this name yet.