Steelcase Inc. has recently released its 10-Q report, providing a detailed look at the company's financial performance for the first quarter of 2026. The company, incorporated in 1912 and headquartered in Grand Rapids, Michigan, operates through its Americas and International segments, offering a wide range of furniture and architectural products and services to various industries.
In the first quarter of 2026, Steelcase Inc. reported revenue of $779.0 million, representing a 7% increase compared to the same period in the prior year. The Americas segment drove this growth with a 9% increase in revenue, while the International segment experienced a 1% decline on an organic basis. Operating income for the quarter was $25.5 million, a significant increase of $7.9 million from the prior year.
The company's restructuring actions in the Americas targeted approximately $20 million in annualized spending to prioritize investments in strategic initiatives and growth areas. Additionally, procedures with applicable unions and works councils in Europe were initiated to further reduce the cost structure in response to weak macroeconomic factors and lower demand in Germany and France.
Despite challenges such as declines in orders from education and government customers in the Americas and macroeconomic factors affecting small-to-midsize businesses in Europe, Steelcase Inc. recorded a net income of $13.6 million and earnings per share of $0.11 in the first quarter of 2026, compared to net income of $10.9 million and earnings per share of $0.09 in the prior year.
The company's non-GAAP financial measures, including organic revenue growth, adjusted operating income, and adjusted earnings per share, provide additional insights into its financial performance and are used by management to monitor and evaluate results and trends.
The market has reacted to these announcements by moving the company's shares -4.5% to a price of $10.40. Check out the company's full 10-Q submission here.
