Office furniture manufacturer MillerKnoll (NASDAQ: MLKN) missed Wall Street’s revenue expectations in Q1 CY2026, but sales rose 5.8% year on year to $926.6 million. Next quarter’s revenue guidance of $975 million underwhelmed, coming in 1.8% below analysts’ estimates. Its non-GAAP profit of $0.43 per share was 4.4% below analysts’ consensus estimates.
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MillerKnoll (MLKN) Q1 CY2026 Highlights:
- Revenue: $926.6 million vs analyst estimates of $942 million (5.8% year-on-year growth, 1.6% miss)
- Adjusted EPS: $0.43 vs analyst expectations of $0.45 (4.4% miss)
- Revenue Guidance for Q2 CY2026 is $975 million at the midpoint, below analyst estimates of $993.2 million
- Adjusted EPS guidance for Q2 CY2026 is $0.52 at the midpoint, below analyst estimates of $0.61
- Operating Margin: 4.8%, up from -8.9% in the same quarter last year
- Backlog: $711.6 million at quarter end
- Market Capitalization: $1.30 billion
Company Overview
Created through the 2021 merger of industry icons Herman Miller and Knoll, MillerKnoll (NASDAQ: MLKN) designs, manufactures, and distributes interior furnishings for offices, healthcare facilities, educational settings, and homes worldwide.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul.
With $3.80 billion in revenue over the past 12 months, MillerKnoll is one of the larger companies in the business services industry and benefits from a well-known brand that influences purchasing decisions.
As you can see below, MillerKnoll’s sales grew at an impressive 10.4% compounded annual growth rate over the last five years. This shows it had high demand, a useful starting point for our analysis.
Long-term growth is the most important, but within business services, a half-decade historical view may miss new innovations or demand cycles. MillerKnoll’s recent performance shows its demand has slowed significantly as its annualized revenue growth of 1.4% over the last two years was well below its five-year trend. 
This quarter, MillerKnoll’s revenue grew by 5.8% year on year to $926.6 million, missing Wall Street’s estimates. Company management is currently guiding for a 1.4% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 5.4% over the next 12 months, an improvement versus the last two years. This projection is above average for the sector and indicates its newer products and services will catalyze better top-line performance.
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Operating Margin
MillerKnoll was profitable over the last five years but held back by its large cost base. Its average operating margin of 5.4% was weak for a business services business.
On the plus side, MillerKnoll’s operating margin rose by 7.3 percentage points over the last five years, as its sales growth gave it immense operating leverage.
This quarter, MillerKnoll generated an operating margin profit margin of 4.8%, up 13.7 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Sadly for MillerKnoll, its EPS declined by 7.9% annually over the last five years while its revenue grew by 10.4%. However, its operating margin actually improved during this time, telling us that non-fundamental factors such as interest expenses and taxes affected its ultimate earnings.
We can take a deeper look into MillerKnoll’s earnings to better understand the drivers of its performance. A five-year view shows MillerKnoll has diluted its shareholders, growing its share count by 16%. This dilution overshadowed its increased operational efficiency and has led to lower per share earnings. Taxes and interest expenses can also affect EPS but don’t tell us as much about a company’s fundamentals. 
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
For MillerKnoll, its two-year annual EPS growth of 2.4% was higher than its five-year trend. Accelerating earnings growth is almost always an encouraging data point.
In Q1, MillerKnoll reported adjusted EPS of $0.43, down from $0.44 in the same quarter last year. This print missed analysts’ estimates. Over the next 12 months, Wall Street expects MillerKnoll’s full-year EPS of $1.91 to grow 13.1%.
Key Takeaways from MillerKnoll’s Q1 Results
We struggled to find many positives in these results. Its EPS guidance for next quarter missed and its EPS fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock traded down 13.5% to $16.82 immediately following the results.
MillerKnoll’s latest earnings report disappointed. One quarter doesn’t define a company’s quality, so let’s explore whether the stock is a buy at the current price. We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
