MillerKnoll’s QQ1 2025 results show improving demand in the Americas Contract and International/ Specialty segments, supported by a 9.2% year‑over‑year backlog increase to $758 million and consolidated orders of $936 million, up 2.4% YoY. However, revenue declined 6.1% YoY to $862 million as a larger portion of orders remained in backlog and shipments lagged due to longer lead times from larger projects. Gross margin remained approximately 39%, with margin progression offset by unfavorable mix and reduced manufacturing leverage from lower production volumes. Operating income was modest at $15.2 million (operating margin 1.76%), and net income was negative at $1.2 million, reflecting ongoing leverage and inflationary pressures in a transitional demand environment. Management maintained full‑year guidance of $2.20 in adjusted earnings per share, with 2Q20 guidance of $0.51–$0.57 per share and net sales of $950–$990 million, while highlighting a cyber/holiday marketing shift that will move roughly $17–$23 million of revenue from Q2 to Q3. The quarter also featured strategic brand and footprint initiatives, including two MillerKnoll flagship locations (London and New York) and ongoing international dealer network integration aimed at accelerating cross‑brand adoption. Overall, the setup suggests a path to margin improvement in the back half as demand normalizes and overhead leverage returns, but near‑term profitability remains sensitive to mix, project timing, and macro momentum.