Millerknoll (MLKN) risk factors, FY2025 10-K

Millerknoll's FY2025 10-K, filed Jul 21, 2025, lists 23 risk factors in 4 groups. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
234 groups
Section length
5k wordsItem 1A

Millerknoll's biggest risks in the FY2025 10-K

  • MillerKnoll faces heavy debt burdens from the Knoll acquisition, hitting $1.31 billion by May 2025.
  • Trade policies, tariffs, and raw material costs threaten the supply chain.
  • Federal government sales face uncertainty from new efficiency initiatives.

The risks most specific to Millerknoll

  • Business Related Risks

    In connection with the July 2021 acquisition of Knoll, we incurred significant additional indebtedness, which has increased our interest expense and could adversely affect us, including by decreasing our business flexibility

    The consolidated long-term debt of MillerKnoll reached $1.31 billion as of May 31, 2025, following the July 2021 Knoll acquisition, which increases interest expense and limits flexibility.

  • Macroeconomic and Workplace Trends Related Risks

    Changes in spending or budgetary policies of the U.S. Federal Government may materially adversely affect our business

    Sales to the U.S. federal government represented approximately 4% of net sales in fiscal 2025, and are threatened by the Department of Government Efficiency executive order.

  • Macroeconomic and Workplace Trends Related Risks

    Manufacturing, Supply Chain and Distribution Related Risks

    Changes to U.S. trade policy, including new or increased tariffs and changing import and export regulations, continue to materially and adversely affect operating results.

  • Macroeconomic and Workplace Trends Related Risks

    Increases in the market prices of manufacturing materials may negatively affect our profitability

    Manufacturing costs are sensitive to commodity market prices and tariffs, particularly for steel, plastic, aluminum components, and particleboard.

  • Financial Related Risks

    We are subject to risks associated with self-insurance related to health benefits

    The company is self-insured for health benefits and retains insurable risk at an aggregate level above per-employee stop loss coverage.

  • General Risks

    A number of factors that affect our ability to successfully implement our retail studio strategy, including opening new locations and closing existing studios, are beyond our control. These factors may harm our ability to increase the sales and profitability of our retail operations

    Approximately 35% of Global Retail segment sales are transacted within physical retail stores, which also influence eCommerce and direct-mail catalog platforms.

  • General Risks

    We may incur significant increased costs and become subject to additional potential liabilities related to regulatory, market and or legal related measures to address climate change

    The company has announced science-based targets for the reduction of Scope 1, 2, and 3 greenhouse gas emissions, carrying risks of regulatory and market liabilities.

All 23 risk factors

Headings as the filing states them, in filing order.

Business Related Risks

  1. 01We may not be successful in implementing and managing our growth strategy
  2. 02Certain growth opportunities may require us to invest in acquisitions, alliances, and the startup of new business ventures. These investments, if available, may not perform according to plan and may involve the assumption of business, operational, or other risks that are new to our business
  3. 03In connection with the July 2021 acquisition of Knoll, we incurred significant additional indebtedness, which has increased our interest expense and could adversely affect us, including by decreasing our business flexibility

Macroeconomic and Workplace Trends Related Risks

  1. 04Adverse economic and industry conditions have had a negative impact on our business, results of operations and financial condition
  2. 05The markets in which we operate are highly competitive and we may not be successful in winning new business
  3. 06Our business presence outside the United States exposes us to certain risks that could negatively affect our results of operations and financial condition
  4. 07A sustained downturn in the economy could adversely impact our access to capital
  5. 08Changes in spending or budgetary policies of the U.S. Federal Government may materially adversely affect our business
  6. 09Manufacturing, Supply Chain and Distribution Related Risks
  7. 10Disruptions in the supply of raw and component materials could adversely affect our manufacturing and assembly operations
  8. 11Increases in the market prices of manufacturing materials may negatively affect our profitability
  9. 12Disruptions within our dealer network could adversely affect our business
  10. 13A shortage of qualified labor could negatively affect our business and materially reduce earnings

Financial Related Risks

  1. 14We are subject to risks associated with self-insurance related to health benefits
  2. 15Goodwill and indefinite-lived intangible asset impairment charges may adversely affect our operating results
  3. 16Impairment of long-lived assets may adversely affect our operating results
  4. 17Costs related to product defects could adversely affect our profitability

General Risks

  1. 18We are subject to risks and costs associated with protecting the integrity and security of our systems and confidential information
  2. 19We are subject to risks and potential costs associated with disruption to our technology systems as well as our ability to adequately maintain and update those systems to support growth initiatives and increasing business complexity
  3. 20We are unable to control the factors affecting consumer spending. Declines in consumer spending on furnishings could reduce demand for our products
  4. 21A number of factors that affect our ability to successfully implement our retail studio strategy, including opening new locations and closing existing studios, are beyond our control. These factors may harm our ability to increase the sales and profitability of our retail operations
  5. 22We may incur significant increased costs and become subject to additional potential liabilities related to regulatory, market and or legal related measures to address climate change
  6. 23Government and other regulations could adversely affect our business

Other Millerknoll 10-Ks

  • FY2026 10-K risk factors
    25 risks6 new4 dropped4 reworded

    Leadership transition, $1.26 billion debt, tariffs, geopolitical instability, AI adoption, and cybersecurity dominate newly emphasized risks.

    Filed Jul 20, 2026

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.