HNI

Q2 FY2026 EarningsQ2 FY2026 missed consensus estimates on the bottom line despite revenue being roughly in-line. Revenue of $1.47B (-0.3% vs. consensus) was driven by the Steelcase acquisition, while GAAP EPS of $0.70 significantly missed the $1.045 mean estimate (-33%) due to heavy purchase accounting charges ($21.9M) and restructuring costs ($17.9M). Although gross margin beat expectations (44.0% vs. 41.0% expected) due to 240bps of tariff refunds, operating income was pressured by higher variable compensation and integration expenses. Management noted soft volumes due to geopolitical uncertainty but remains focused on realizing Steelcase synergies.