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MasterBrand
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Latest analysis
Updated Aug 5, 2026
MasterBrand swings to operating loss in Q2 2026 as American Woodmark acquisition costs overwhelm $125.5M revenue contribution
MasterBrand's Q2 2026 result is structurally negative before integration synergies materialize: the American Woodmark acquisition added $125.5 million in net sales but also drove $108.8 million in incremental cost of products sold, $36.5 million in acquisition-related SG&A, and $4.1 million in restructuring tied to the Monterrey plant closure, flipping operating income from $67.3 million to a loss of $27.8 million year-over-year. Organic demand remains in retreat — excluding American Woodmark, net sales declined $41.2 million in Q2 driven by $47.9 million of volume loss, with both repair-and-remodel and single-family new construction markets described as weaker versus the prior year. Tariff exposure adds a second layer of complexity: the company paid approximately $14.9 million in now-invalidated IEEPA tariffs and continues to face a 25 percent tariff on imported kitchen cabinets and vanities under Section 232.
Tone: defensiveRevenue
$2.7B
MBC 10-K · FY 2025
Employees
12,633
Revenue FY2024
$2.7B
Founded
1954
Profile
MBC 10-K Item 1 · Feb 13, 2026MasterBrand is the largest manufacturer of residential cabinets in North America, selling stock, semi-custom and premium cabinetry through dealer, retailer and builder channels across the United States and Canada. The company was spun off from Fortune Brands in December 2022 and trades independently on the NYSE. Its operational scale, lean-based business system and extensive dealer network underpin its competitive position.
Read filing description ↓ Collapse description ↑
MasterBrand, Inc., founded over 70 years ago in 1954 under the name United Cabinet Incorporated, is the largest manufacturer of residential cabinets in North America, based on 2024 reported net sales. Our products are sold throughout the United States and Canada to the remodeling and new construction markets through three primary channels: dealers, retailers and builders. We offer a comprehensive portfolio of leading residential cabinetry products for the kitchen, bathroom and other parts of the home. Our products are available in a wide variety of designs, finishes and styles and span the most attractive categories of the cabinets market: stock, semi-custom and premium cabinetry. Our unique product portfolio allows homeowners to create the living spaces of their dreams, tailored to their price point and personalized for their individual style. Our volume leadership allows us to achieve an advantaged cost structure and service platform by standardizing product platforms and components to the greatest extent possible — resulting in a more flexible facility footprint and an efficient supply chain. With the most extensive dealer network throughout the United States and Canada, we have an advantaged distribution model that we believe cannot be easily replicated. We plan to further extend our competitive advantages by using technology and data to enhance the consumer's experience from visualization and ordering to delivery and installation. We believe the combination of our leading market position and size, strategic vision, strong partnerships and commitment to continuous improvement will drive our future growth.
Primary products
- stock cabinetry
- semi-custom cabinetry
- premium cabinetry
- Dura Supreme cabinetry
- Bertch cabinetry
End markets
Geographies
Named customers
Lowe's Companies, Inc. ('Lowe's') comprised approximately 20 percent, 22 percent and 21 percent of our net sales for our 2025, 2024 and 2023 fiscal years, respectively. The Home Depot, Inc. ('Home Depot') comprised approximately 13 percent, 15 percent and 16 percent of our net sales for our 2025, 2024 and 2023 fiscal years, respectively.
Named competitors
“We are the largest manufacturer of residential cabinets in North America, based on 2024 reported net sales.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased modestly in fiscal 2025 driven by growth in the Dealers and Builders channels, partially offset by a decline in the Retailers channel.
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