| Revenue of $1.82B (-3.05% Y/Y) misses by $58.97M
CARTHAGE, Mo., Aug. 6, 2026 /PRNewswire/ —
2Q sales of $1.0 billion, a 6% decrease vs 2Q25, including a 5% decrease from divestitures
2Q EPS of $.33, 2Q adjusted1 EPS of $.39, a $.09 increase vs adjusted1 2Q25 EPS
President and CEO Karl Glassman commented, “We are pleased with how our teams managed through a challenging environment in the second quarter. Our employees remained focused on disciplined execution and cost management which, along with favorable items that we do not expect to repeat in future quarters, contributed to improved adjusted earnings.
“Bedding industry conditions remain challenged both by sluggish consumer activity and continued consolidations and bankruptcies across the value chain. We estimate that U.S. mattress market units declined by low double digits in the second quarter, similar to the declines we saw in the first quarter. In our Bedding Products segment, continued strong performance of our trade rod and wire business partially offset the decline from lower mattress demand.
“Across our other segments, demand remained soft in markets tied to housing and broader consumer spending as consumers were faced with additional uncertainty resulting from the war in the Middle East and higher gas prices. In Specialized Products, Automotive performed slightly below the market, which saw lower consumer demand across all regions. In Furniture, Flooring & Textile Products, growth in Textiles offset lower demand in the remaining businesses, which are more directly exposed to U.S. residential spending, leading to a slight improvement in trade sales.
“As we look forward, we remain focused on executing our strategic priorities while expecting ongoing macroeconomic headwinds to temper consumer demand across most of our businesses for the remainder of the year.
“Finally, we continue to progress towards the planned merger with Somnigroup. As previously announced, the waiting period under the HSR Antitrust Improvements Act expired in June. We anticipate the transaction to close upon satisfaction of the remaining closing conditions, including Leggett & Platt (LEG) shareholder approval at the special meeting planned for August 20th and the remaining required regulatory approvals. As previously stated, we believe this combination with a valued long–standing customer will create a leading global company – providing compelling strategic and financial value for our customers, employees, and the Leggett & Platt shareholders.”
SECOND QUARTER RESULTS
Second quarter sales were $1.0 billion, a 6% decrease versus second quarter last year
2025 divestitures decreased sales 5%
Organic sales2 were down 1%
Volume was down 4%, primarily from continued weak demand across most of our end markets, retailer merchandising changes in Adjustable Bed, and the decision during the fourth quarter of 2025 to walk away from a financially challenged customer in U.S. Spring
Raw material-related selling price increases added 2% to sales
Currency benefit increased sales 1%
Second quarter EBIT was $80 million, down from $90 million in second quarter 2025. Adjusted1 EBIT was $89 million, up from second quarter 2025 adjusted1 EBIT of $76 million.
Adjusted1 EBIT increased primarily from metal margin expansion, restructuring benefit, and other favorable items, most of which are not expected to repeat in future quarters. EBIT margin was 8.0%, down from 8.5% in the second quarter of 2025, and adjusted1 EBIT margin was 8.9%, up from 7.1%.
Second quarter EPS was $.33, a $.05 decrease versus second quarter 2025 EPS of $.38. Second quarter adjusted1 EPS was $.39, up $.09 versus second quarter 2025 adjusted1 EPS of $.30.
Second Quarter Results 1
EBIT (millions)
EPS
Bedding
Specialized
FF&T
Other
Total
2Q26
2Q25
2Q26
2Q25
2Q26
2Q25
2Q26
2Q25
2Q26
2Q25
2Q26
2Q25
Reported results
$42
$27
$19
$39
$29
$24
$(10)
$—
$80
$90
$.33
$.38
Adjustment items:
Gain on sale of real estate
(11)
(17)
—
(2)
—
—
—
—
(11)
(19)
(.06)
(.10)
Restructuring, restructuring-related, and impairment charges
6
2
3
1
1
1
—
—
10
4
.05
.02
Somnigroup merger costs
—
—
—
—
—
—
10
—
10
—
.07
—
Total adjustments
(5)
(15)
3
(1)
1
1
10
—
9
(15)
.06
(.08)
Adjusted results
$37
$13
$22
$38
$30
$25
$—
$—
$89
$76
$.39
$.30
1 Calculations impacted by rounding
DEBT AND CASH FLOW
Net Debt1 was 2.6x trailing 12-month adjusted EBITDA1
Total Debt at June 30 was $1.5 billion in three tranches of long-term bonds at $500 million each
Operating cash flow was $46 million in the second quarter, a decrease of $38 million versus second quarter 2025, reflecting an expected larger investment in working capital and lower earnings
Capital expenditures were $21 million
Dividends were $7 million
In May, Leggett & Platt’s Board of Directors declared a second quarter dividend of $.05 per share, flat versus last year’s second quarter dividend
In July, Leggett & Platt’s Board of Directors declared a third quarter dividend of $.05 per share, flat versus last year’s third quarter dividend. The dividend will be paid on August 24, 2026.
SEGMENT RESULTS – Second Quarter 2026 (versus 2Q 2025)
Bedding Products –
Trade sales decreased 1%
Volume decreased 7%, primarily due to retailer merchandising changes and lower volume with a certain customer in Adjustable Bed, demand softness in U.S. and European bedding markets, and the decision during the fourth quarter of 2025 to walk away from a financially challenged customer in U.S. Spring. These declines were partially offset by higher trade rod and wire sales.
Raw material-related selling price increases and currency benefit added 6% to sales
EBIT increased $15 million and adjusted1 EBIT increased $24 million
Adjusted1 EBIT increased primarily from metal margin expansion, favorable sales mix, temporary price-cost timing benefit in Specialty Foam, and restructuring benefit. These increases were partially offset by lower volume.
We believe U.S. mattress market units were down low double digits in the second quarter
Specialized Products –
Trade sales decreased 19%
2025 divestiture of Aerospace reduced sales 16%
Volume decreased 4% from softer market demand
Currency benefit increased sales 1%
EBIT decreased $20 million and adjusted1 EBIT decreased $15 million
Adjusted1 EBIT decreased primarily from earnings associated with the divested Aerospace business, currency impact, and lower volume
Automotive volume was slightly below major market production in the quarter, driven by underperformance in Asia partially offset by outperformance in Europe and North America
Furniture, Flooring & Textile Products –
Trade sales increased 1%
Volume was flat with growth in Textiles offset by declines in Home Furniture, Work Furniture, and Flooring
Raw material-related selling price increases added 1% to sales
2025 divestiture of a small facility in Work Furniture reduced sales <1%
EBIT and adjusted1 EBIT increased $5 million
Adjusted1 EBIT benefited from refunds of IEEPA tariffs that were paid during the eleven-month period they were in force. During that period, competitive pressures led to margin compression as cost increases, including tariffs, were not fully recovered through increased selling prices.
