Leggett & Platt Reports 1Q 2026 Results

Rhea-AI Summary

Leggett & Platt (NYSE: LEG) reported 1Q26 sales of $918 million, a 10% decline versus 1Q25 (5% from divestitures; organic sales down 5%). 1Q GAAP EPS was $0.14 and adjusted EPS was $0.15. First-quarter EBIT was $45 million versus $63 million a year ago. Net debt was 2.8x trailing adjusted EBITDA. The company withdrew 2026 guidance due to a pending acquisition by Somnigroup, expected to close by year-end 2026, and will not host a conference call.

AI-generated analysis. Not financial advice.

Positive

• Restructuring delivered measurable EBIT benefits
• Bedding segment adjusted EBIT up $8 million
• Metal margin expansion benefited trade rod sales

Negative

• Sales down 10% versus 1Q25
• GAAP EPS down 36% to $0.14
• Adjusted EBIT down from $67M to $43M
• Operating cash flow negative $56 million
• Net debt at 2.8x trailing adjusted EBITDA

News Market Reaction – SGI

-10.11% 1.8x vol

89 alerts

-10.11% News Effect

-5.3% Trough in 5 hr 16 min

-$1.75B Valuation Impact

$15.57B Market Cap

1.8x Rel. Volume

On the day this news was published, SGI declined 10.11%, reflecting a significant negative market reaction. Argus tracked a trough of -5.3% from its starting point during tracking. Our momentum scanner triggered 89 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $1.75B from the company's valuation, bringing the market cap to $15.57B at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 sales: $918 million Sales decline: 10% Q1 2026 EPS: $0.14 +5 more

8 metrics

Q1 2026 sales $918 million 1Q26 sales, down 10% vs 1Q25

Sales decline 10% Decrease in 1Q26 sales vs 1Q25

Q1 2026 EPS $0.14 Reported EPS, down from $0.22 in 1Q25

Q1 2026 adj. EPS $0.15 Adjusted EPS, down from $0.24 in 1Q25

Q1 2026 EBIT $45 million EBIT vs $63 million in 1Q25

Q1 2026 adj. EBIT $43 million Adjusted EBIT vs $67 million in 1Q25

Total debt $1.5 billion Three tranches of long-term bonds at $500M each

Operating cash flow -$56 million Q1 2026 operating cash flow, $63M lower vs 1Q25

Market Reality Check

Price: $62.68 Vol: Volume 5,380,207 is 1.81x...

high vol

$62.68 Last Close

Volume Volume 5,380,207 is 1.81x the 20-day average of 2,965,614 shares, indicating elevated pre-news activity. high

Technical Shares at $78.62 are trading below the $84.33 200-day moving average and about 20% under the 52-week high of $98.56.

Peers on Argus

SGI gained 5.53% while key peers were mixed: SN +3.1%, MHK +3.13%, PATK +1.52%, ...

1 Down

SGI gained 5.53% while key peers were mixed: SN +3.1%, MHK +3.13%, PATK +1.52%, WHR -1.44%, HNI -5.35%. Momentum scanner only flagged WHR with a sharp -16.39% move and no news, pointing to stock‑specific rather than broad sector drivers for SGI.

Previous Earnings Reports

4 past events · Latest: Feb 17 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Feb 17	Q4/FY 2025 earnings	Positive	-8.6%	Strong Q4 and 2025 results, Mattress Firm driven growth, higher dividend and EPS guidance.
Aug 07	Q2 2025 earnings	Positive	+0.4%	Q2 2025 net sales up 52.5%, higher gross margin, raised EPS guidance and dividend.
May 08	Q1 2025 earnings	Positive	-1.0%	Net sales up 34.9% from Mattress Firm, but reported net loss from acquisition costs.
Feb 20	Q4/FY 2024 earnings	Positive	-2.4%	Q4 2024 sales and operating income growth, higher adjusted EPS and dividend, 2025–2028 targets.

Pattern Detected

Recent earnings releases for SGI often saw negative next‑day reactions despite generally strong reported growth, suggesting a pattern of earnings‑day weakness.

Recent Company History

Across four prior earnings releases from Feb 2025 to Feb 2026, Somnigroup highlighted robust sales growth, rising adjusted EPS, dividend increases, and leverage improvement, largely driven by the Mattress Firm acquisition. Yet three of these events saw shares trade down the next day, with only one modest gain, producing an average move of about -2.87%. Today’s positive move contrasts with that history, and the article’s focus on Leggett & Platt’s weaker Q1 demand occurs against this backdrop of SGI’s prior growth‑led reports.

Historical Comparison

-2.9% avg move · In the past four earnings reports, SGI’s average next‑day move was about -2.87%, often negative desp...

earnings

-2.9%

Average Historical Move earnings

In the past four earnings reports, SGI’s average next‑day move was about -2.87%, often negative despite positive results. Today’s strength ahead of Q1 2026 results and amid Leggett & Platt’s softer quarter contrasts with that pattern.

Earnings history shows SGI evolving from steady growth in 2024 to acquisition‑driven expansion in 2025, with Mattress Firm boosting sales, adjusted EPS and dividends while leverage trends improved and multi‑year EPS targets were introduced.

Market Pulse Summary

The stock dropped -10.1% in the session following this news. A negative reaction despite positive co...

Analysis

The stock dropped -10.1% in the session following this news. A negative reaction despite positive corporate developments would have fit SGI’s recent earnings history, where four prior reports averaged about -2.87% next‑day. This Leggett & Platt update showed softer demand, lower EPS at $0.14, and reduced margins, which could have raised concerns about end‑market health for the combined company. Given mixed peer moves and already depressed trading below the $84.33 200‑day average, further downside would have highlighted market focus on cyclical risks and integration challenges.

Key Terms

eps, ebit, net debt, adjusted ebitda, +4 more

8 terms

eps financial

"1Q EPS of $.14, 1Q adjusted1 EPS of $.15, a $.09 decrease vs adjusted1 1Q25 EPS"

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

ebit financial

"First quarter EBIT was $45 million, down from $63 million in first quarter 2025."

EBIT (Earnings Before Interest and Taxes) measures a company's profit from normal business operations after paying direct running costs but before subtracting interest on debt and income taxes. Think of it as how well a store does at selling its goods once everyday expenses are covered, ignoring loan payments and tax bills. Investors use EBIT to compare operational performance across companies without the distortion of different financing or tax situations.

net debt financial

"Net Debt1 was 2.8x trailing 12-month adjusted EBITDA1"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

adjusted ebitda financial

"Net Debt1 was 2.8x trailing 12-month adjusted EBITDA1"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

operating cash flow financial

"Operating cash flow was negative $56 million in the first quarter, a decrease of $63 million"

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

capital expenditures financial

"Capital expenditures were $24 million"

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

form 10-q regulatory

"Quarterly Report on Form 10-Q for the quarter ended March 31, 2026"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

dividends financial

"Dividends were $7 million"

Dividends are cash payments a company gives to its shareholders from profits or cash reserves, effectively sharing part of its earnings with owners. They matter to investors because they provide a steady income stream, act like an interest or rent payment on owning the stock, and signal management’s confidence in the business—factors that influence total return and share price. Regular or special dividends can change an investor’s income and reinvestment strategy.

AI-generated analysis. Not financial advice.

CARTHAGE, Mo., May 7, 2026 /PRNewswire/ --

• 1Q sales of $918 million, a 10% decrease vs 1Q25, including a 5% decrease from divestitures
• 1Q EPS of $.14, 1Q adjusted¹ EPS of $.15, a $.09 decrease vs adjusted¹ 1Q25 EPS
• Withdrawing previously issued 2026 guidance due to the pending acquisition by Somnigroup International

President and CEO Karl Glassman commented, "In aggregate, first quarter sales were in line with our expectations, and restructuring actions implemented over the past two years continued to deliver EBIT benefits, reflecting continued progress in structurally improving our earnings profile.

"At the same time, first quarter results reflected lower market demand across most of our businesses compared to the prior year, particularly in residential end markets. Demand in our domestic bedding business was lower than anticipated, as the overall health of the U.S. industry remains challenged across both manufacturers and retailers due to continued weakness in consumer activity. Market conditions were stable early in the quarter, and the President's Day promotional period generally met expectations. As the quarter progressed, however, weather-related closures, economic uncertainty, and lower consumer sentiment driven by the war in Iran weighed on demand. As a result, we believe the U.S. mattress market declined by high single to low double digits in the first quarter.

"In addition to weak demand, our teams navigated a dynamic global environment related to the war in Iran, which drove higher transportation costs and increased transit times late in the quarter, as well as higher chemical prices that will begin to impact our costs in the second quarter. The combination of lower volume and continued cost pressures – most notably in our Furniture, Flooring & Textile Products segment – resulted in lower margins. We are mitigating these pressures through product and sourcing actions and by passing through price increases where appropriate.  

"Despite these macroeconomic challenges and disruptions, we remain focused on our long-term priorities. As previously announced, we signed a merger agreement with Somnigroup, a valued long–standing customer and partner, that provides Leggett & Platt shareholders with an opportunity to participate in the future growth and value creation of a leading global company. For more than 140 years, Leggett & Platt has been defined by innovation, quality, and strong customer partnerships. We believe this combination positions us well to continue delivering compelling strategic and financial value for our customers, employees and shareholders."

FIRST QUARTER RESULTS

First quarter sales were $918 million, a 10% decrease versus first quarter last year

• 2025 divestitures decreased sales 5%
• Organic sales² were down 5%
  • Volume was down 9%, primarily from continued weak demand across most of our end markets and retailer merchandising changes in Adjustable Bed
  • Raw material-related selling price increases added 2% to sales
  • Currency benefit increased sales 2%

First quarter EBIT was $45 million, down from $63 million in first quarter 2025. Adjusted¹ EBIT was $43 million, down from first quarter 2025 adjusted¹ EBIT of $67 million.

• Adjusted¹ EBIT decreased primarily from lower volume, earnings associated with the divested Aerospace business, and continued margin compression in our Flooring business driven by higher costs combined with pricing pressure resulting from the soft demand environment, partially offset by metal margin expansion in trade rod. Additionally, higher stock-based compensation expense and an increase in bad debt reserves related to Bedding customers contributed to the year-over-year decline.

EBIT margin was 4.8%, down from 6.2% in the first quarter of 2025, and adjusted¹ EBIT margin was 4.7%, down from 6.5%.

First quarter EPS was $.14, an $.08 decrease versus first quarter 2025 EPS of $.22. First quarter adjusted¹ EPS was $.15, down $.09 versus first quarter 2025 adjusted¹ EPS of $.24.

	First Quarter Results 1
	EBIT (millions)												EPS
	Bedding		Specialized		FF&T		Other		Total
	1Q26	1Q25	1Q26	1Q25	1Q26	1Q25	1Q26	1Q25	1Q26	1Q25		1Q26		1Q25
Reported results	$26	$10	$18	$28	$4	$25	($3)	$—	$45	$63		$.14		$.22
Adjustment items:
Gain on sale of real estate	(10)	—	—	—	—	(3)	—	—	(10)	(3)		(.05)		(.02)
Restructuring, restructuring-related, and impairment charges	5	3	—	3	<1	—	—	—	5	7		.03		.04
Somnigroup merger costs	—	—	—	—	—	—	4	—	4	—		.03		—
Total adjustments	(5)	3	—	3	<1	(3)	4	—	(1)	4		.01		.02
Adjusted results	$21	$13	$18	$32	$5	$22	<$1	$—	$43	$67		$.15		$.24
1 Calculations impacted by rounding

DEBT AND CASH FLOW

• Net Debt¹ was 2.8x trailing 12-month adjusted EBITDA¹
• Debt at March 31
  • Total debt of $1.5 billion in three tranches of long-term bonds at $500 million each
• Operating cash flow was negative $56 million in the first quarter, a decrease of $63 million versus first quarter 2025, reflecting an expected larger use of working capital and lower earnings
• Capital expenditures were $24 million
• Dividends were $7 million
  • In February, Leggett & Platt's Board of Directors declared a first quarter dividend of $.05 per share, flat versus last year's first quarter dividend

SEGMENT RESULTS – First Quarter 2026 (versus 1Q 2025)

Bedding Products –

• Trade sales decreased 7%
  • Volume decreased 12%, primarily due to retailer merchandising changes in Adjustable Bed, volume softness in Specialty Foam, and the decision during the fourth quarter 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
  • 2025 divestiture of a small U.S. machinery business reduced sales 1%
• EBIT increased $16 million and adjusted¹ EBIT increased $8 million
• Adjusted¹ EBIT increased primarily from metal margin expansion in trade rod and restructuring benefit partially offset by lower volume
• We believe the U.S. mattress market was down high single to low double digits and domestic production was down high single digits in the first quarter

Specialized Products –

• Trade sales decreased 19%
  • 2025 divestiture of Aerospace reduced sales 17%
  • Volume decreased 5% from lower market demand
  • Raw material-related selling price increases added 1% to sales
  • Currency benefit increased sales 2%
• EBIT decreased $11 million and adjusted¹ EBIT decreased $14 million
• Adjusted¹ EBIT decreased primarily from earnings associated with the divested Aerospace business and lower volume
• Automotive volume outperformed major market production by ~1% in the quarter

Furniture, Flooring & Textile Products –

• Trade sales decreased 7%
  • Volume decreased 7% from declines in Home Furniture, Flooring, and Textiles partially offset by growth in Work Furniture
  • Raw material-related selling price increases and currency benefit increased sales 1%
  • 2025 divestiture of a small facility in Work Furniture reduced sales 1%
• EBIT decreased $20 million and adjusted¹ EBIT decreased $17 million
• Adjusted¹ EBIT decreased primarily from lower volume impacts, margin compression in our Flooring business, currency impact, and start-up costs associated with a new Home Furniture facility in Vietnam

2026 GUIDANCE AND CONFERENCE CALL

On April 13, 2026, the Company entered into an agreement to be acquired by Somnigroup International Inc. (NYSE: SGI). The transaction is anticipated to close by year-end 2026, subject to customary closing conditions, including approval by Leggett & Platt's shareholders and receipt of applicable regulatory approvals. As is customary while a transaction is pending, Leggett & Platt's previously issued guidance for 2026 is not being updated in conjunction with this quarter's earnings release and should no longer be relied upon. Additionally, Leggett & Platt will not host a conference call. For further details on quarterly performance, please refer to Leggett & Platt's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is expected to be filed today with the Securities and Exchange Commission.

1 Please refer to attached tables for Non-GAAP Reconciliations

2 Trade sales excluding acquisitions/divestitures in the last 12 months

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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 words such as "expect," "anticipate," "estimate," or by the context in which they appear, including, but not limited to, the health of the U.S. bedding industry, consumer activity, EBIT benefit from restructuring activities, future growth and value creation as well as the delivery of compelling strategic and financial value for customers, employees and shareholders associated with the Somnigroup Merger (as defined below), and the closing of the Somnigroup Merger by year-end 2026 subject to customary closing conditions. 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 the Agreement and Plan of Merger, dated April 13, 2026 (as may be amended from time to time, the "Somnigroup Merger Agreement"), by and among Somnigroup International Inc. ("Somnigroup"), Sparrow Unity Corporation, a Missouri corporation and a direct, wholly owned subsidiary of Somnigroup ("Merger Sub") and Leggett, pursuant to which, subject to the terms and conditions of the Somnigroup Merger Agreement, Merger Sub will merge with and into Leggett (the "Somnigroup Merger"), with Leggett surviving the Somnigroup Merger as a direct, wholly owned subsidiary of Somnigroup, including (i) Leggett's shareholders inability to determine the value of consideration to be received in a completed Somnigroup Merger because the exchange ratio is fixed and the market price of Somnigroup common stock will fluctuate; (ii) the completion of the Somnigroup Merger is subject to certain conditions that may not be satisfied or waived, including Leggett shareholder approval and certain governmental and regulatory approvals; (iii) an event, change or other circumstance could give rise to delays in completing the Somnigroup Merger or the termination of the Somnigroup Merger Agreement; (iv) Leggett's business relationships may be subject to disruption due to uncertainty associated with the Somnigroup Merger; (v) the diversion of management time from ongoing business operations and opportunities as a result of the Somnigroup Merger; (vi) failure to complete the Somnigroup Merger could negatively impact the share price and the future business and financial results of Leggett; (vii) potential litigation against the Company could result in substantial costs, an injunction preventing the completion of the Somnigroup Merger and/or a judgment resulting in the payment of damages; (viii) the Company will incur significant transaction and merger-related costs in connection with the Somnigroup Merger; and (ix) the possibility that the expected benefits of the Somnigroup Merger are not realized when expected or at all; impacts of the Iranian war; increased trade costs, including tariffs; regarding the 2024 and 2026 Restructuring Plans,  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, or governmental action; ability to develop innovative products; foreign currency fluctuation; 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. There may be other factors that may cause Leggett's actual results to differ materially from the forward-looking statements. Leggett does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.  

INVESTOR CONTACT: Investor Relations
Ryan M. Kleiboeker, Executive Vice President
(417) 358-8131 or invest@leggett.com

LEGGETT & PLATT		Page 5 of 7								May 7, 2026
RESULTS OF OPERATIONS		FIRST QUARTER
(In millions, except per share data)		2026		2025		Change
Trade sales		$     918.2		$  1,022.1		(10) %
Cost of goods sold		747.5		832.1
Gross profit		170.7		190.0		(10) %
Selling & administrative expenses		121.5		123.6		(2) %
Amortization		3.6		5.0
Other (income) expense, net		1.1		(1.5)
Earnings before interest and income taxes		44.5		62.9		(29) %
Net interest expense		12.6		17.8
Earnings before income taxes		31.9		45.1
Income taxes		11.9		14.5
Net earnings		20.0		30.6
Less net income from noncontrolling interest		—		—
Net Earnings (loss) Attributable to L&P		$       20.0		$       30.6		(35) %
Earnings (loss) per diluted share
Net earnings (loss) per diluted share		$       0.14		$       0.22		(36) %
Shares outstanding
Common stock (at end of period)		136.4		135.1		1.0 %
Basic (average for period)		139.3		137.8
Diluted (average for period)		141.0		138.6		1.7 %
CASH FLOW		FIRST QUARTER
(In millions)		2026		2025		Change
Net earnings		$       20.0		$       30.6
Depreciation and amortization		28.2		31.6
Working capital decrease (increase)		(118.2)		(64.2)
Impairments		2.8		0.3
Other operating activities		11.1		8.5
Net Cash from Operating Activities		$      (56.1)		$         6.8		NM
Additions to PP&E		(24.3)		(13.3)
Proceeds from disposals of assets and businesses		14.3		5.6
Dividends paid		(6.8)		(6.7)
Repurchase of common stock, net		(3.4)		(2.0)
Additions (payments of) to debt, net		0.3		69.0
Other		(0.9)		3.0
Increase (Decrease) in Cash & Equivalents		$      (76.9)		$       62.4
BALANCE SHEET		Mar 31,		Dec 31,
(In millions)		2026		2025		Change
Cash and equivalents		$     510.5		$     587.4
Receivables		520.2		475.9
Inventories		663.3		622.6
Other current assets		53.0		57.7
Total current assets		1,747.0		1,743.6		0 %
Net fixed assets		658.4		664.0
Operating lease right-of-use assets		129.9		137.9
Goodwill		747.6		751.4
Intangible assets and deferred costs, both at net		236.2		239.5
TOTAL ASSETS		$  3,519.1		$  3,536.4		— %
Trade accounts payable		$     467.9		$     466.6
Current debt maturities		1.6		1.5
Current operating lease liabilities		50.0		51.5
Other current liabilities		229.2		255.4
Total current liabilities		748.7		775.0		(3) %
Long-term debt		1,496.6		1,496.2		0 %
Operating lease liabilities		99.7		106.7
Deferred taxes and other liabilities		134.4		135.9
Equity		1,039.7		1,022.6		2 %
Total Capitalization		2,770.4		2,761.4		0 %
TOTAL LIABILITIES & EQUITY		$  3,519.1		$  3,536.4		— %
LEGGETT & PLATT		Page 6 of 7								May 7, 2026
SEGMENT RESULTS 1		FIRST QUARTER
(In millions)		2026		2025		Change
Bedding Products
Trade sales		$     364.9		$     390.7		(7) %
EBIT		25.7		9.6		168 %
EBIT margin		7.0 %		2.5 %		450 bps	2
Restructuring, restructuring-related, and impairment charges		4.7		3.4
Gain on sale of real estate		(9.5)		—
Adjusted EBIT 3		20.9		13.0		61 %
Adjusted EBIT margin 3		5.7 %		3.3 %		240 bps
Depreciation and amortization		12.4		13.0
Adjusted EBITDA		33.3		26.0		28 %
Adjusted EBITDA margin		9.1 %		6.7 %		240 bps
Specialized Products
Trade sales		$     244.1		$     300.1		(19) %
EBIT		17.7		28.4		(38) %
EBIT margin		7.3 %		9.5 %		(220) bps
Restructuring, restructuring-related, and impairment charges		—		3.4
Adjusted EBIT 3		17.7		31.8		(44) %
Adjusted EBIT margin 3		7.3 %		10.6 %		(330) bps
Depreciation and amortization		8.1		10.4
Adjusted EBITDA		25.8		42.2		(39) %
Adjusted EBITDA margin		10.6 %		14.1 %		(350) bps
Furniture, Flooring & Textile Products
Trade sales		$     309.2		$     331.3		(7) %
EBIT		4.4		24.8		(82) %
EBIT margin		1.4 %		7.5 %		(610) bps
Restructuring, restructuring-related, and impairment charges		0.2		0.1
Gain on sale of real estate		—		(3.2)
Adjusted EBIT 3		4.6		21.7		(79) %
Adjusted EBIT margin 3		1.5 %		6.5 %		(500) bps
Depreciation and amortization		4.3		4.9
Adjusted EBITDA		8.9		26.6		(67) %
Adjusted EBITDA margin		2.9 %		8.0 %		(510) bps
Total Company
Trade sales		$     918.2		$  1,022.1		(10) %
EBIT - segments		47.8		62.8		(24) %
Intersegment eliminations and other		(3.3)		0.1
EBIT		44.5		62.9		(29) %
EBIT margin		4.8 %		6.2 %		(140) bps
Restructuring, restructuring-related, and impairment charges		4.9		6.9
Gain on sale of real estate		(9.5)		(3.2)
Somnigroup merger costs		3.5		—
Adjusted EBIT 3		43.4		66.6		(35) %
Adjusted EBIT margin 3		4.7 %		6.5 %		(180) bps
Depreciation and amortization - segments		24.8		28.3
Depreciation and amortization - unallocated 4		3.4		3.3
Adjusted EBITDA		$       71.6		$       98.2		(27) %
Adjusted EBITDA margin		7.8 %		9.6 %		(180) bps
LAST SIX QUARTERS		2024		2025								2026
Selected Figures (In Millions)		4Q		1Q		2Q		3Q		4Q		1Q
Trade sales		1,056.4		1,022.1		1,058.0		1,036.4		938.6		918.2
Sales growth (vs. prior year)		(5) %		(7) %		(6) %		(6) %		(11) %		(10) %
Volume growth (same locations vs. prior year)		(4) %		(5) %		(7) %		(6) %		(9) %		(9) %
Adjusted EBIT 3		55.6		66.6		75.6		72.8		47.9		43.4
Cash from operations		122.3		6.8		84.0		125.9		121.5		(56.1)
Adjusted EBITDA (trailing twelve months) 3		402.5		404.1		405.6		395.4		385.3		358.7
(Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 3,5		3.76		3.77		3.51		2.62		2.36		2.75
Organic Sales (Vs. Prior Year) 6		4Q		1Q		2Q		3Q		4Q		1Q
Bedding Products		(6) %		(12) %		(10) %		(9) %		(10) %		(6) %
Specialized Products		(5) %		(5) %		(5) %		(2) %		(4) %		(2) %
Furniture, Flooring & Textile Products		(4) %		(1) %		(2) %		— %		(2) %		(6) %
Overall		(5) %		(7) %		(6) %		(4) %		(6) %		(5) %
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 7 of 7								May 7, 2026
RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 10
Non-GAAP Adjustments 7		2024		2025								2026
(In millions, except per share data)		4Q		1Q		2Q		3Q		4Q		1Q
Goodwill impairment		0.7		—		—		—		—		—
Gain on sale of Aerospace Products Group		—		—		—		(86.8)		(4.1)		—
Restructuring, restructuring-related, and impairment charges		15.5		6.9		3.6		4.1		21.6		4.9
Gain on sale of real estate		(4.3)		(3.2)		(18.4)		(2.5)		(5.0)		(9.5)
Net gain from insurance proceeds		—		—		—		(13.1)		(21.6)		—
Pension settlement		—		—		—		—		22.0		—
Somnigroup merger costs		—		—		—		—		3.4		3.5
Non-GAAP Adjustments (Pretax) 8		11.9		3.7		(14.8)		(98.3)		16.3		(1.1)
Income tax impact		(2.7)		(1.3)		3.6		9.0		(10.0)		1.9
Special tax item  9		5.4		—		—		2.3		—		—
Non-GAAP Adjustments (After Tax)		14.6		2.4		(11.2)		(87.0)		6.3		0.8
Diluted shares outstanding		138.2		138.6		139.6		140.2		140.4		141.0
EPS Impact of Non-GAAP Adjustments		0.11		0.02		(0.08)		(0.62)		0.04		0.01
Adjusted EBIT, EBITDA, Margin, and EPS 7		2024		2025								2026
(In millions, except per share data)		4Q		1Q		2Q		3Q		4Q		1Q
Trade sales		1,056.4		1,022.1		1,058.0		1,036.4		938.6		918.2
EBIT (earnings before interest and taxes)		43.7		62.9		90.4		171.1		31.6		44.5
Non-GAAP adjustments (pretax)		11.9		3.7		(14.8)		(98.3)		16.3		(1.1)
Adjusted EBIT		55.6		66.6		75.6		72.8		47.9		43.4
EBIT margin		4.1 %		6.2 %		8.5 %		16.5 %		3.4 %		4.8 %
Adjusted EBIT Margin		5.3 %		6.5 %		7.1 %		7.0 %		5.1 %		4.7 %
EBIT		43.7		62.9		90.4		171.1		31.6		44.5
Depreciation and amortization		34.1		31.6		29.7		29.4		31.7		28.2
EBITDA		77.8		94.5		120.1		200.5		63.3		72.7
Non-GAAP adjustments (pretax)		11.9		3.7		(14.8)		(98.3)		16.3		(1.1)
Adjusted EBITDA		89.7		98.2		105.3		102.2		79.6		71.6
EBITDA margin		7.4 %		9.2 %		11.4 %		19.3 %		6.7 %		7.9 %
Adjusted EBITDA Margin		8.5 %		9.6 %		10.0 %		9.9 %		8.5 %		7.8 %
Diluted EPS		0.10		0.22		0.38		0.91		0.18		0.14
EPS impact of non-GAAP adjustments		0.11		0.02		(0.08)		(0.62)		0.04		0.01
Adjusted EPS		0.21		0.24		0.30		0.29		0.22		0.15
Net Debt to Adjusted EBITDA 11		2024		2025								2026
(In millions, except ratios)		4Q		1Q		2Q		3Q		4Q		1Q
Total debt		1,864.1		1,936.4		1,793.5		1,497.2		1,497.7		1,498.2
Less: cash and equivalents		(350.2)		(412.6)		(368.8)		(460.7)		(587.4)		(510.5)
Net debt		1,513.9		1,523.8		1,424.7		1,036.5		910.3		987.7
Adjusted EBITDA, trailing 12 months		402.5		404.1		405.6		395.4		385.3		358.7
Net Debt / 12-month Adjusted EBITDA		3.76		3.77		3.51		2.62		2.36		2.75
Aerospace Products Group		2024		2025								2026
(In millions)		4Q		1Q		2Q		3Q		4Q		1Q
Net trade sales		52.2		53.0		50.6		28.6		—		—
EBIT		7.9		7.2		9.3		3.2		—		—
Depreciation and amortization		2.6		2.5		—		—		—		—
Net Earnings (assuming a 25% tax rate)		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								2026
		4Q		1Q		2Q		3Q		4Q		1Q
Cost of goods sold		8.7		0.5		—		1.7		1.4		1.2
Selling & administrative expenses		4.5		1.7		—		—		3.6		3.5
Other (income) expense, net		(1.3)		1.5		(14.8)		(100.0)		11.3		(5.8)
Total Non-GAAP Adjustments (Pretax)		11.9		3.7		(14.8)		(98.3)		16.3		(1.1)
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.

 

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SOURCE Leggett & Platt Incorporated

FAQ

What were Leggett & Platt (LEG) 1Q 2026 sales and EPS?

Leggett & Platt reported $918 million in 1Q26 sales and GAAP EPS of $0.14. According to the company, adjusted EPS was $0.15, with sales down 10% versus 1Q25 and organic sales down 5%.

Why did Leggett & Platt withdraw 2026 guidance for LEG?

The company withdrew 2026 guidance because it entered a merger agreement to be acquired by Somnigroup. According to the company, the transaction is expected to close by year-end 2026, subject to shareholder and regulatory approvals.

How did segments perform in Leggett & Platt's 1Q26 report for LEG?

Bedding trade sales fell 7% while Specialized trade sales fell 19% and FF&T fell 7%. According to the company, Bedding adjusted EBIT rose and Flooring experienced margin compression from higher costs.

What was Leggett & Platt's cash flow and debt position in 1Q26 for LEG?

Operating cash flow was a negative $56 million and net debt was 2.8x trailing adjusted EBITDA. According to the company, total debt was $1.5 billion in three $500 million tranches.

Did Leggett & Platt pay a dividend in 1Q26 and what was it for LEG?

Leggett & Platt declared a first-quarter dividend of $0.05 per share, unchanged from last year. According to the company, dividends paid in the quarter totaled $7 million.