Leggett & Platt Reports 4Q and Full Year 2025 Results

About this update from Leggett & Platt, Incorporated

CARTHAGE, Mo. , Feb. 11, 2026 /PRNewswire/ -- President and CEO Karl Glassman commented, "Throughout 2025, our teams executed our strategic priorities, including strengthening our balance sheet, improving operational efficiency, and positioning the company for long-term growth. We made significant progress on our deleveraging efforts, reducing our debt and lowering our net debt leverage ratio to 2.4x. This was a tremendous step toward achieving our long-term target of 2.0x, making Leggett more agile and enabling us to shift our focus to pursuing opportunities for growth and returning capital to shareholders. "We are pleased the restructuring plan we launched in early 2024 was substantially completed by the end of 2025, resulting in greater EBIT benefit with lower costs than originally expected. We are confident the significant improvements made over the past two years are sustainable, will support improved profitability and cash flow, and position us to benefit from the future recovery in residential market demand." FOURTH QUARTER RESULTS Fourth quarter sales were $939 million, an 11% 2 decrease versus fourth quarter last year Fourth quarter EBIT  was $32 million, down $12 million from fourth quarter 2024 EBIT of $44 million. Adjusted 1 EBIT was $48 million, an $8 million decrease from fourth quarter 2024 adjusted 1 EBIT. EBIT margin  was 3.4%, down from 4.1% in the fourth quarter of 2024, and adjusted 1 EBIT margin was 5.1%, down from 5.3%. Fourth quarter EPS  was $.18, an $.08 increase versus fourth quarter 2024 EPS of $.10. Fourth quarter adjusted 1 EPS was $.22, up $.01 versus fourth quarter 2024 adjusted 1  EPS of $.21. FULL YEAR RESULTS 2025 sales were $4.05 billion, a 7% 4 decrease versus 2024 2025 EBIT  was $356 million, up $786 million from 2024 EBIT of ($430) million. Adjusted 1 EBIT was $263 million, a $4 million decrease from 2024 adjusted 1 EBIT. EBIT margin  was 8.8%, up from (9.8%) in 2024, and adjusted 1 EBIT margin was 6.5%, up from 6.1%. 2025 EPS  was $1.69, a $5.42 increase versus 2024 EPS of ($3.73). 2025 adjusted 1 EPS was $1.05, flat versus 2024 adjusted 1  EPS of $1.05. 2025 DEBT, CASH FLOW, AND LIQUIDITY RESTRUCTURING PLAN 2026 GUIDANCE SEGMENT RESULTS  – Fourth Quarter 2025 (versus 4Q 2024) Bedding Products – Specialized Products  – Furniture, Flooring & Textile Products  – SEGMENT RESULTS  – Full Year 2025 (versus 2024) Bedding Products  – Specialized Products  – Furniture, Flooring & Textile Products  – SLIDES AND CONFERENCE CALL A set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com . Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Thursday, February 12. The webcast can be accessed from Leggett's website, via Leggett & Platt Q425 Webcast & Earnings Conference Call . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com . COMPANY DESCRIPTION:  Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 143-year-old Company is a leading supplier of bedding components and solutions; automotive seat comfort and convenience systems; home and work furniture components; geo components; flooring underlayment; and hydraulic cylinders for material handling and heavy construction applications. FORWARD-LOOKING STATEMENTS : This press release contains "forward-looking statements," identified by the context in which they appear or words such as "expect," "anticipated," "estimate," and "guidance," including, but not limited to volume; sales, EPS, adjusted EPS; capital expenditures; depreciation and amortization; net interest expense; fully diluted shares; operating cash flow; incremental sales attrition; EBIT margin; adjusted EBIT margin; effective tax rate; dividends; raw material related price increases; currency impact; incremental EBIT benefit; share repurchases; net cash from real estate sales, and restructuring and restructuring related cash and non-cash costs. Such statements are expressly qualified by cautionary statements described in this provision and reflect only the beliefs, expectations, and assumptions of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks include: risks associated with our review of any potential transaction between the Company and Somnigroup International, Inc. including the impact on our stock price, customer relationships, business, and the timeline for the completion of the review process which there can be no assurance that the process will result in any particular outcome; increased trade costs, including tariffs; regarding the Restructuring Plan, our ability to timely receive anticipated EBIT benefits, and expected net cash from real estate sales, our ability to accurately forecast sales and earnings; the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: global inflationary and deflationary impacts; the demand for our products and our customers' products; our manufacturing facilities' ability to obtain necessary raw materials, parts, and labor, and to ship finished products; the impairment of goodwill and long-lived assets; our ability to access the commercial paper market or borrow under our credit facility; supply chain shortages and disruptions; our ability to manage working capital; our ability to collect receivables; price and product competition; cost of raw materials, labor and energy; cash generation sufficient to pay our debts or the dividend; cash repatriation from foreign accounts; our ability to pass along cost increases through increased selling prices; conflict between China and Taiwan; our ability to maintain profit margins if customers change the quantity or mix of our products; political risks; tax audits and rates; foreign operating risks; cybersecurity incidents; customer losses and insolvencies; disruption to our steel rod mill and wire mills and other operations because of severe weather-related events, natural disaster, fire, explosion, terrorism, pandemic, or governmental action; ability to develop innovative products; foreign currency fluctuation; share repurchases; anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; sustainability obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's Form 10-K and subsequent Form 10-Qs. INVESTOR CONTACTS : Investor Relations Ryan M. Kleiboeker, Executive Vice President Katelyn J. Pierce, Analyst (417) 358-8131 or [email protected]   Shares outstanding Common stock (at end of period) 135.5 134.4 0.8 % 135.5 134.4 0.8 % Basic (average for period) 138.9 137.5 138.5 137.3 Diluted (average for period) 140.4 138.2 1.6 % 139.7 137.3 1.7 % CASH FLOW  FOURTH QUARTER YEAR TO DATE (In millions) 2025 2024 Change 2025 2024 Change Net earnings (loss) $ 25.1 $ 14.2 $ 235.4 $ (511.4) Depreciation and amortization 31.7 34.1 122.4 136.0 Working capital decrease (increase) 68.2 59.1 83.3 30.0 Impairments 17.0 3.8 19.0 682.3 Deferred income tax benefit (19.8) (2.7) (20.2) (58.0) Other operating activities (0.7) 13.8 (101.7) 26.8 Net Cash from Operating Activities $ 121.5 $ 122.3 (1) % $ 338.2 $ 305.7 11 % Additions to PP&E (19.6) (21.8) (57.2) (81.6) Purchase of companies, net of cash — — — — Proceeds from disposals of assets and businesses 27.4 6.4 350.5 47.0 Dividends paid (6.8) (6.6) (27.0) (136.3) Repurchase of common stock, net — (0.4) (2.4) (4.9) Additions to (payments of) debt, net 0.8 (15.6) (376.2) (125.9) Other 3.4 (11.3) 11.3 (19.3) Increase (Decrease) in Cash & Equivalents $ 126.7 $ 73.0 $ 237.2 $ (15.3) BALANCE SHEET Dec 31, Dec 31, (In millions) 2025 2024 Change Cash and equivalents  $ 587.4 $ 350.2 Receivables  475.9 559.4 Inventories  622.6 722.6 Other current assets  57.7 58.3 Total current assets  1,743.6 1,690.5 3 % Net fixed assets  664.0 724.4 Operating lease right-of-use assets 137.9 175.7 Goodwill 751.4 794.4 Intangible assets and deferred costs, both at net 239.5 276.6 TOTAL ASSETS $ 3,536.4 $ 3,661.6 (3) % Trade accounts payable $ 466.6 $ 497.7 Current debt maturities  1.5 1.3 Current operating lease liabilities 51.5 53.4 Other current liabilities  255.4 294.0 Total current liabilities  775.0 846.4 (8) % Long-term debt 1,496.2 1,862.8 (20) % Operating lease liabilities 106.7 131.1 Deferred taxes and other liabilities  135.9 131.1 Equity 1,022.6 690.2 48 % Total Capitalization  2,761.4 2,815.2 (2) % TOTAL LIABILITIES & EQUITY $ 3,536.4 $ 3,661.6 (3) % LEGGETT & PLATT Page 9 of 10 February 11, 2026 SEGMENT RESULTS 1 FOURTH QUARTER YEAR TO DATE (In millions) 2025 2024 Change 2025 2024 Change Bedding Products Trade sales $ 373.8 $ 420.2 (11) % $ 1,558.4 $ 1,751.7 (11) % EBIT 25.5 1.6 NM 98.7 (549.0) NM EBIT margin 6.8 % 0.4 % 640 bps 2 6.3 % (31.3) % NM Goodwill impairment — 0.7 — 587.9 Restructuring, restructuring-related, and impairment charges 17.4 10.2 26.0 37.4 Gain on sale of real estate (5.0) (4.3) (21.7) (30.9) Net gain from insurance proceeds (21.6) — (34.7) — Adjusted EBIT 3 16.3 8.2 99 % 68.3 45.4 50 % Adjusted EBIT margin 3 4.4 % 2.0 % 240 bps 2 4.4 % 2.6 % 180 bps 2 Depreciation and amortization 15.6 15.3 55.1 59.0 Adjusted EBITDA 31.9 23.5 36 % 123.4 104.4 18 % Adjusted EBITDA margin 8.5 % 5.6 % 290 bps 7.9 % 6.0 % 190 bps Specialized Products Trade sales $ 240.7 $ 303.7 (21) % $ 1,122.4 $ 1,239.1 (9) % EBIT 24.3 25.4 (4) % 204.3 64.4 217 % EBIT margin 10.1 % 8.4 % 170 bps 18.2 % 5.2 % NM Goodwill impairment — — — 43.6 Gain on sale of Aerospace Products Group (4.1) — (90.9) — Restructuring, restructuring-related, and impairment charges 2.6 5.0 7.5 10.1 Gain on sale of real estate — — (1.7) — Adjusted EBIT 3 22.8 30.4 (25) % 119.2 118.1 1 % Adjusted EBIT margin 3 9.5 % 10.0 % (50) bps 10.6 % 9.5 % 110 bps Depreciation and amortization 8.2 11.6 34.7 43.0 Adjusted EBITDA 31.0 42.0 (26) % 153.9 161.1 (4) % Adjusted EBITDA margin 12.9 % 13.8 % (90) bps 13.7 % 13.0 % 70 bps Furniture, Flooring & Textile Products Trade sales $ 324.1 $ 332.5 (3) % $ 1,374.3 $ 1,392.8 (1) % EBIT 7.4 16.6 (55) % 78.6 58.2 35 % EBIT margin 2.3 % 5.0 % (270) bps 5.7 % 4.2 % 150 bps Goodwill impairment — — — 44.5 Restructuring, restructuring-related, and impairment charges 1.6 0.3 2.7 2.3 Gain on sale of real estate — — (5.7) — Net gain from insurance proceeds — — — (2.2) Adjusted EBIT 3 9.0 16.9 (47) % 75.6 102.8 (26) % Adjusted EBIT Margin 3 2.8 % 5.1 % (230) bps 5.5 % 7.4 % (190) bps Depreciation and amortization 4.4 5.5 18.3 21.7 Adjusted EBITDA 13.4 22.4 (40) % 93.9 124.5 (25) % Adjusted EBITDA margin 4.1 % 6.7 % (260) bps 6.8 % 8.9 % (210) bps Total Company Trade sales $ 938.6 $ 1,056.4 (11) % $ 4,055.1 $ 4,383.6 (7) % EBIT - segments 57.2 43.6 31 % 381.6 (426.4) NM Intersegment eliminations and other (25.6) 0.1 (25.6) (3.5) EBIT 31.6 43.7 (28) % 356.0 (429.9) NM EBIT margin 3.4 % 4.1 % (70) bps 8.8 % (9.8) % NM Goodwill impairment — 0.7 — 676.0 Gain on sale of Aerospace Products Group (4.1) — (90.9) — Restructuring, restructuring-related, and impairment charges 21.6 15.5 36.2 49.8 Gain on sale of real estate (5.0) (4.3) (29.1) (30.9) Net gain from insurance proceeds  (21.6) — (34.7) (2.2) Pension settlement 22.0 — 22.0 — Somnigroup unsolicited offer evaluation costs 3.4 — 3.4 — CEO transition compensation costs — — — 3.7 Adjusted EBIT 3 47.9 55.6 (14) % 262.9 266.5 (1) % Adjusted EBIT margin 3 5.1 % 5.3 % (20) bps 6.5 % 6.1 % 40 bps Depreciation and amortization - segments 28.2 32.4 108.1 123.7 Depreciation and amortization - unallocated 4 3.5 1.7 14.3 12.3 Adjusted EBITDA $ 79.6 $ 89.7 (11) % $ 385.3 $ 402.5 (4) % Adjusted EBITDA margin 8.5 % 8.5 % 0 bps 9.5 % 9.2 % 30 bps LAST SIX QUARTERS  2024 2025 Selected Figures (In Millions) 3Q 4Q 1Q 2Q 3Q 4Q Trade sales 1,101.7 1,056.4 1,022.1 1,058.0 1,036.4 938.6 Sales growth (vs. prior year) (6) % (5) % (7) % (6) % (6) % (11) % Volume growth (same locations vs. prior year) (4) % (4) % (5) % (7) % (6) % (9) % Adjusted EBIT 3 76.0 55.6 66.6 75.6 72.8 47.9 Cash from operations 95.5 122.3 6.8 84.0 125.9 121.5 Adjusted EBITDA (trailing twelve months) 3 423.7 402.5 404.1 405.6 395.4 385.3 (Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 3,5 3.78 3.76 3.77 3.51 2.62 2.36 Organic Sales (Vs. Prior Year) 6 3Q 4Q 1Q 2Q 3Q 4Q Bedding Products (8) % (6) % (12) % (10) % (9) % (10) % Specialized Products (6) % (5) % (5) % (5) % (2) % (4) % Furniture, Flooring & Textile Products (4) % (4) % (1) % (2) % — % (2) % Overall  (6) % (5) % (7) % (6) % (4) % (6) % 1 Segment and overall company margins calculated on net trade sales. 2 bps = basis points; a unit of measure equal to 1/100th of 1%. 3 Refer to next page for non-GAAP reconciliations. 4 Consists primarily of depreciation of non-operating assets. 5 EBITDA based on trailing twelve months.  6 Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months. LEGGETT & PLATT Page 10 of 10 February 11, 2026 RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 10 Non-GAAP Adjustments 7 Full Year 2024 2025 (In millions, except per share data) 2024 2025 3Q 4Q 1Q 2Q 3Q 4Q Goodwill impairment 676.0 — — 0.7 — — — — Gain on sale of Aerospace Products Group — (90.9) — — — — (86.8) (4.1) Restructuring, restructuring-related, and impairment charges 49.8 36.2 12.3 15.5 6.9 3.6 4.1 21.6 Gain on sale of real estate (30.9) (29.1) (14.0) (4.3) (3.2) (18.4) (2.5) (5.0) Net gain from insurance proceeds (2.2) (34.7) — — — — (13.1) (21.6) Pension settlement — 22.0 — — — — — 22.0 Somnigroup unsolicited offer evaluation costs — 3.4 — — — — — 3.4 CEO transition compensation costs 3.7 — — — — — — — Non-GAAP Adjustments (Pretax) 8 696.4 (93.1) (1.7) 11.9 3.7 (14.8) (98.3) 16.3 Income tax impact (46.1) 1.3 0.4 (2.7) (1.3) 3.6 9.0 (10.0) Special tax item 9 5.4 2.3 — 5.4 — — 2.3 — Non-GAAP Adjustments (After Tax) 655.7 (89.5) (1.3) 14.6 2.4 (11.2) (87.0) 6.3 Diluted shares outstanding 137.3 139.7 138.0 138.2 138.6 139.6 140.2 140.4 EPS Impact of Non-GAAP Adjustments 4.78 (0.64) (0.01) 0.11 0.02 (0.08) (0.62) 0.04 Adjusted EBIT, EBITDA, Margin, and EPS 7 Full Year 2024 2025 (In millions, except per share data) 2024 2025 3Q 4Q 1Q 2Q 3Q 4Q Trade sales 4,383.6 4,055.1 1,101.7 1,056.4 1,022.1 1,058.0 1,036.4 938.6 EBIT (earnings before interest and taxes) (429.9) 356.0 77.7 43.7 62.9 90.4 171.1 31.6 Non-GAAP adjustments (pretax)  696.4 (93.1) (1.7) 11.9 3.7 (14.8) (98.3) 16.3 Adjusted EBIT 266.5 262.9 76.0 55.6 66.6 75.6 72.8 47.9 EBIT margin (9.8) % 8.8 % 7.1 % 4.1 % 6.2 % 8.5 % 16.5 % 3.4 % Adjusted EBIT Margin 6.1 % 6.5 % 6.9 % 5.3 % 6.5 % 7.1 % 7.0 % 5.1 % EBIT (429.9) 356.0 77.7 43.7 62.9 90.4 171.1 31.6 Depreciation and amortization 136.0 122.4 36.4 34.1 31.6 29.7 29.4 31.7 EBITDA (293.9) 478.4 114.1 77.8 94.5 120.1 200.5 63.3 Non-GAAP adjustments (pretax) 696.4 (93.1) (1.7) 11.9 3.7 (14.8) (98.3) 16.3 Adjusted EBITDA 402.5 385.3 112.4 89.7 98.2 105.3 102.2 79.6 EBITDA margin (6.7) % 11.8 % 10.4 % 7.4 % 9.2 % 11.4 % 19.3 % 6.7 % Adjusted EBITDA Margin 9.2 % 9.5 % 10.2 % 8.5 % 9.6 % 10.0 % 9.9 % 8.5 % Diluted EPS (3.73) 1.69 0.33 0.10 0.22 0.38 0.91 0.18 EPS impact of non-GAAP adjustments 4.78 (0.64) (0.01) 0.11 0.02 (0.08) (0.62) 0.04 Adjusted EPS 1.05 1.05 0.32 0.21 0.24 0.30 0.29 0.22 Net Debt to Adjusted EBITDA 11 Full Year 2024 2025 (In millions, except ratios) 2024 2025 3Q 4Q 1Q 2Q 3Q 4Q Total debt 1,864.1 1,497.7 1,879.3 1,864.1 1,936.4 1,793.5 1,497.2 1,497.7 Less: cash and equivalents (350.2) (587.4) (277.2) (350.2) (412.6) (368.8) (460.7) (587.4) Net debt 1,513.9 910.3 1,602.1 1,513.9 1,523.8 1,424.7 1,036.5 910.3 Adjusted EBITDA, trailing 12 months 402.5 385.3 423.7 402.5 404.1 405.6 395.4 385.3 Net Debt / 12-month Adjusted EBITDA 3.76 2.36 3.78 3.76 3.77 3.51 2.62 2.36 Aerospace Products Group 2024 2025 (In millions) 3Q 4Q 1Q 2Q 3Q 4Q Net trade sales 44.9 52.2 53.0 50.6 28.6 — EBIT 5.2 7.9 7.2 9.3 3.2 — Depreciation and amortization 2.5 2.6 2.5 — — — Net Earnings (assuming a 25% tax rate) 3.9 5.9 5.4 7.0 2.4 — 7 Management and investors use these measures as supplemental information to assess operational performance. 8 The non-GAAP adjustments are included in the following lines of the income statement: 2024 2025 3Q 4Q 1Q 2Q 3Q 4Q Cost of goods sold 0.8 8.7 0.5 — 1.7 1.4 Selling & administrative expenses  6.2 4.5 1.7 — — 3.6 Other (income) expense, net (8.7) (1.3) 1.5 (14.8) (100.0) 11.3 Total Non-GAAP Adjustments (Pretax) (1.7) 11.9 3.7 (14.8) (98.3) 16.3 9 The special tax item of $2.3 in Q3, 2025 is related to recent U.S. corporate income tax law changes, and the $5.4 in Q4, 2024 is the deferred tax asset valuation allowance related to a 2022 acquisition in the Specialized Products segment.  10 Calculations impacted by rounding. 11 Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit facility covenant ratio.    View original content to download multimedia: https://www.prnewswire.com/news-releases/leggett--platt-reports-4q-and-full-year-2025-results-302685501.html

View stock analysis, news, and events for Leggett & Platt, Incorporated