Steelcase reported Q2 2025 revenue of $855.8 million and GAAP net income of $63.1 million (GAAP EPS $0.51), with adjusted EPS of $0.39. The quarter showed a modest organic growth in the Americas (driven by education and large corporate/government segments) but softer demand internationally, resulting in a blended top-line that was essentially flat year-over-year (YoY) at about +0.1% and +17.7% QoQ escalation from Q1. Margin discipline and cost-reduction initiatives contributed to margin expansion, with gross margin at 34.5% and operating margin at 10.5%, aided by favorable mix and efficiency actions such as line moves and a distribution-center optimization. Trailing four-quarter adjusted EBITDA reached $285 million (9.1% of revenue), underscoring Steelcase’s capacity to generate cash while pursuing growth investments. The company deployed capital through a land sale (~$44 million gain, offset in non-GAAP numbers) and returned ~$45 million to shareholders in the first half via buybacks and dividends. Management reiterates a four-pillar strategy: lead the transformation of the workplace, diversify customer/market segments, improve profitability, and use the business as a force for good, with education, healthcare, and government as key growth vectors. They also flag ERP deployment risk at the start of the next fiscal year and potential near-term shipment timing shifts related to that transition, which could affect Q4 vs Q1 dynamics. Overall, the setup remains constructive for the back half of FY2025 contingent on order timing and ERP execution.