HNI (HNI) financial statements
HNI reported revenue of $2.8B in fiscal 2025, up 2.9% a year over 9 years.
Net income was $54M and the operating margin 4.4%, against 6.1% in 2016.
Free cash flow was $208M, and the company returned $63M in dividends and $84M in net buybacks.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HNI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.2B | $2.3B | $2.2B | $2.0B | $2.2B | $2.4B | $2.4B | $2.5B | $2.8B |
| Cost of revenue | $1.4B | $1.4B | $1.4B | $1.4B | $1.2B | $1.4B | $1.5B | $1.5B | $1.5B | $1.7B |
| Gross profit | $835M | $784M | $835M | $834M | $721M | $757M | $835M | $948M | $1.0B | $1.2B |
| Research and development | $28M | $32M | $33M | $35M | $35M | $39M | $48M | $47M | $54M | $57M |
| Selling, general and admin | $668M | $672M | $691M | $680M | $621M | $666M | $723M | $772M | $821M | $937M |
| Operating income | $134M | $77M | $128M | $151M | $61M | $85M | $155M | $90M | $206M | $126M |
| Interest expense | $5M | $6M | $9M | $9M | $7M | $7M | — | — | — | — |
| Pre-tax income | $129M | $71M | $119M | $143M | $54M | $78M | $146M | $65M | $179M | $91M |
| Income tax | $43M | -$19M | $25M | $32M | $12M | $18M | $22M | $16M | $40M | $36M |
| Net income | $86M | $90M | $93M | $111M | $42M | $60M | $124M | $49M | $140M | $54M |
| EPS (diluted) | $1.88 | $2.00 | $2.11 | $2.54 | $0.98 | $1.36 | $2.94 | $1.09 | $2.88 | $1.11 |
| Diluted shares | 46M | 45M | 44M | 43M | 43M | 44M | 42M | 45M | 48M | 49M |
| Gross margin | 37.9% | 36.0% | 37.0% | 37.1% | 36.9% | 34.7% | 35.4% | 39.0% | 40.9% | 41.4% |
| Operating margin | 6.1% | 3.5% | 5.7% | 6.7% | 3.1% | 3.9% | 6.6% | 3.7% | 8.2% | 4.4% |
| Net margin | 3.9% | 4.1% | 4.1% | 4.9% | 2.1% | 2.7% | 5.2% | 2.0% | 5.5% | 1.9% |
Balance sheet
Fiscal years, from HNI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $25M | $78M | $53M | $118M | $54M | $19M | $34M | $27M | $216M |
| Receivables | $229M | $259M | $255M | $278M | $208M | $240M | $218M | $247M | — | — |
| Inventory | $118M | $156M | $157M | $163M | $138M | $182M | $180M | $197M | $194M | $475M |
| Total current assets | $433M | $489M | $532M | $529M | $496M | $524M | $469M | $536M | $522M | $1.4B |
| Property, plant and equipment | $356M | $390M | $385M | $382M | $366M | $367M | $352M | $555M | $530M | $1.1B |
| Goodwill | $291M | $280M | $271M | $271M | $292M | $297M | $306M | $441M | $442M | $958M |
| Total assets | $1.3B | $1.4B | $1.4B | $1.5B | $1.4B | $1.5B | $1.4B | $1.9B | $1.9B | $4.9B |
| Total current liabilities | $463M | $490M | $434M | $479M | $439M | $506M | $395M | $464M | $478M | $1.1B |
| Long-term debt | $180M | $240M | $249M | $174M | $175M | $175M | $189M | $428M | $294M | $1.3B |
| Total liabilities | $829M | $877M | $839M | $868M | $827M | $908M | $798M | $1.2B | $1.0B | $3.0B |
| Shareholders' equity | $501M | $514M | $563M | $584M | $590M | $590M | $616M | $761M | $840M | $1.8B |
| Net debt | $178M | $253M | $173M | $123M | $59M | $126M | $173M | $407M | $324M | $1.1B |
Cash flow
Fiscal years, from HNI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $223M | $133M | $186M | $219M | $214M | $132M | $81M | $268M | $227M | $276M |
| Capital spending | $93M | $109M | $64M | $67M | $42M | $66M | $60M | $79M | $53M | $68M |
| Free cash flow | $130M | $24M | $123M | $152M | $173M | $65M | $21M | $188M | $174M | $208M |
| Stock-based compensation | $8M | $8M | $7M | $7M | $8M | $13M | $9M | $16M | $17M | $25M |
| Dividends paid | $48M | $50M | $51M | $52M | $52M | $54M | $53M | $58M | $64M | $63M |
| Share buybacks (net) | -$56M | -$58M | -$30M | -$84M | -$7M | -$59M | -$65M | -$300,000 | -$66M | -$84M |
| Net borrowing | $612M | $339M | $323M | $141M | $83M | $5M | $414M | $684M | $228M | $1.3B |
| Free cash flow margin | 5.9% | 1.1% | 5.4% | 6.8% | 8.8% | 3.0% | 0.9% | 7.7% | 6.9% | 7.3% |
| Dividends per share | $1.07 | $1.11 | $1.15 | $1.20 | $1.21 | $1.22 | $1.26 | $1.29 | $1.31 | $1.29 |
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Open HNI in InvestinglyQuestions
What was HNI's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does HNI generate?
$208M in fiscal 2025 (operating cash flow minus capital spending).
From HNI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.