Here are the 10-K annual reports from Flexsteel Industries (FLXS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow FLXS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FLXS filings page.
Flexsteel Industries, Inc. (FLXS) reported continued improvement for the year ended June 30, 2026, with net sales of $459.2 million, up 4.1% from 2025, led by $28.0 million growth in soft seating, partly offset by declines in ready-to-assemble and casegoods products. Gross margin rose to 24.7% from 22.2%, helped by a 200 bps benefit from tariff refunds under the International Emergency Economic Powers Act and mix optimization. Net income increased to $33.1 million (diluted EPS $6.07) from $20.2 million ($3.55) in 2025.
Operating cash flow strengthened to $51.5 million, funding $63.7 million of share repurchases and $4.4 million of dividends, while cash fell to $16.7 million and shareholders’ equity to $133.5 million. The company ended 2026 with no borrowings on its revolving credit facility and letters of credit of $0.9 million. Backlog increased to $70.1 million from $66.5 million a year earlier.
Flexsteel operates primarily through manufacturing in Mexico and sourcing from Vietnam, exposing it to significant tariff and trade-policy risk, including a Section 232 tariff on most seating products that is scheduled to rise from 25% to 30% on January 1, 2027, absent changes. It also carries $35.7 million of right-of-use assets, including a Mexicali facility previously impaired by $14.1 million in 2025, which may face further write-down if not utilized or successfully subleased.
Flexsteel Industries operates a single reportable segment selling residential furniture across the U.S. The company tested and documented controls over inventory valuation and lease right-of-use assets. Management recorded a $14.1 million pre-tax non-cash impairment on the Mexicali, Mexico manufacturing facility lease right-of-use asset and completed several property disposals, recording pre-tax gains of $0.7 million and $3.7 million on ancillary building sales. The company holds 3,207,158 treasury shares at a cost of $71.7 million and has $30 million remaining under its December 2024 repurchase authorization. Customer deposits were $0.25 million at June 30, 2025 versus $0.14 million a year earlier. The credit agreement provides an $85 million revolving line (plus up to $5 million in letters of credit), contains customary covenants including a fixed coverage ratio >=1.00, and management reported covenant compliance as of June 30, 2025.