MillerKnoll reported Q2 2026 revenue of $955.2 million, up 10.9% year-over-year and essentially flat versus the prior quarter (QoQ -0.05%). The gross profit of $372.2 million produced a gross margin of 38.97%, with operating income of $50.0 million and an operating margin of 5.23%. Net income reached $24.2 million, delivering a net margin of 2.53% and EPS of $0.35. Despite positive operating momentum, EBITDA remained negative at $22.3 million, reflecting non-cash depreciation, amortization and other expenses that offset operating earnings. Cash-flow dynamics were constructive: net cash provided by operating activities was $64.6 million and free cash flow was $21.3 million, supported by a favorable working capital movement (change in working capital of $65.2 million and other working capital components totaling $65.2 million). The balance sheet shows a robust cash balance of $180.4 million against total assets of $3.95 billion and a sizable leverage position, with total debt of $1.8218 billion and net debt of $1.6414 billion, alongside equity of $1.3628 billion. Capital allocation included modest share repurchases of $7.2 million and dividends of $12.7 million during the period. Management commentary points to ongoing emphasis on product mix optimization, cost discipline, and capital allocation discipline as the engine for profitability resilience in a cyclical office furniture market.