Leggett & Platt
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Leggett & Platt (LEG) investor relations material

Leggett & Platt Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • 2025 sales were $4.05 billion, down 7% year-over-year, with Q4 sales of $939 million, down 11% from Q4 2024; divestitures and volume declines contributed to the decrease.

  • Q4 adjusted EPS was $0.22, up $0.01 year-over-year; full-year adjusted EPS was $1.05, flat versus 2024.

  • Substantial completion of the 2024 restructuring plan delivered greater EBIT benefit and lower costs than expected.

  • Net debt leverage ratio improved to 2.4x at year-end 2025, moving closer to the 2.0x target.

  • Divestiture of Aerospace business in Q3 2025, with proceeds used for debt reduction and deleveraging.

Financial highlights

  • Q4 adjusted EBIT was $48 million (5.1% margin), down $8 million year-over-year; full-year adjusted EBIT was $263 million (6.5% margin), down $4 million.

  • Operating cash flow for 2025 was $338 million, up $33 million from 2024.

  • Net debt reduced by $376 million in 2025; net debt at year-end was $910 million.

  • Q4 adjusted EBITDA margin was 8.5%, flat year-over-year; full-year adjusted EBITDA margin was 9.5%, up 30 bps.

  • Significant non-GAAP adjustments included gains from asset and real estate sales and restructuring charges.

Outlook and guidance

  • 2026 sales expected at $3.8–$4.0 billion, down 1%–6% from 2025, with divestitures reducing sales by 3%.

  • 2026 adjusted EPS guidance: $1.00–$1.20; EBIT margin 6.3%–7.0%; operating cash flow projected at $225–$275 million.

  • CapEx for 2026 expected at $100–$115 million, higher due to project timing and equipment replacement.

  • Volume expected flat to down low-single digits across segments; no macro market recovery assumed in guidance.

  • Raw material and currency benefits expected to add low-single digit growth.

Update on Somnigroup transaction evaluation costs
Remaining EBIT benefit from restructuring plan
Drivers for net debt to EBITDA ratio improvement
Path to 2.0x net debt target in 2026?
2026 restructuring costs vs. 2025 plan completion?
Growth strategy amid segment volume declines?
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Frequently asked questions

Leggett & Platt, Incorporated Leggett & Platt designs, manufactures and sells engineered components and products worldwide. It operates through three segments: Bed Products, Specialized Products and Furniture and Flooring Products. The Bed Products segment includes steel and aluminum bed frames, box springs, innerspring units, adjustable bed bases, wire forms and upholstered bedding components. The Specialized Product segment includes work furniture products, such as height-adjustable desks for corporate environments; precision die castings for automotive markets; a range of businesses including compression spring products for aerospace industries; specialty wire products for distributor customers; hardened gears for power train applications. The Furniture and Flooring Products segment offers floor covering underlayment materials; foam systems for the furniture industry; carpet cushion and padding. The company was founded by J.P. Leggett and C.B. Platt on July 14, 1883 and is headquartered in Carthage, MO.

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