Original source text
Reported EPS (diluted) of $1.23; Adjusted EPS (diluted) of $1.41, up 19% year-on-year
Net income of $68 million; Adjusted EBITDA of $181 million, up 9% year-on-year
Record second quarter operating cash flow; Repurchased 750 thousand shares in the quarter
Increases midpoint of full-year adjusted EBITDA and adjusted EPS guidance
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 30, 2026.
Second Quarter 2026 Noteworthy Items:
Net revenue was $950 million, up 5.8% year-on-year; organic revenue was up 2.6% year-on-year; Gross margin was 33.6%; adjusted gross margin of 34.2% increased 200 basis points year-on-year driven mainly by pricing execution and restructuring savings; Net income was $68 million; adjusted EBITDA was $181 million, up 9% versus last year; adjusted EBITDA margin was 19.1%, up 70 basis points year-on-year; Reported EPS (diluted) was $1.23; adjusted EPS (diluted) was $1.41, up 19% year-on-year, driven by higher adjusted net income; Record second quarter operating cash flow of $121 million dollars, up approximately 10% year-on-year. Summary of Second Quarter 2026 Results:
The Company’s net revenue for the second quarter of fiscal 2026 was $950 million, up 5.8% versus the second quarter of fiscal 2025. Pricing increased net revenue by 3.0%, which more than offset slightly lower volume, resulting in a 2.6% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 3.1% and 0.1%, respectively.
Gross profit in the second quarter of fiscal 2026 was $320 million. Adjusted gross profit was $325 million. Adjusted gross profit margin of 34.2% increased 200 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin.
Selling, general and administrative (SG&A) expense was $202 million in the second quarter of fiscal 2026 and adjusted SG&A was $196 million, up 11% year-on-year. Adjusting for the impact of foreign exchange and variable compensation related to higher projected income for the year, adjusted SG&A was up approximately 3% year-on-year.
Net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $68 million. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $78 million. Reported EPS (diluted) was $1.23 and adjusted EPS (diluted) was $1.41, up 19% year-on-year.
Adjusted EBITDA in the second quarter of fiscal 2026 was $181 million, up 9% year-on-year, driven principally by the impact of pricing execution and restructuring savings.
“We executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA, and EPS growth, with results above the midpoint of our EBITDA guidance range,” said Celeste Mastin, president and chief executive officer. “Our global sourcing capabilities and swift pricing actions have enabled us to maintain supply continuity and reliably serve our customers through market disruption. These efforts, combined with our Quantum Leap restructuring initiative, have strengthened our competitive position and we remain confident in our ability to deliver strong financial results.”
Mastin continued, “While the external environment remains dynamic, our focus is clear: we are executing on what we can control, leveraging our competitive strengths, and continuing to build a business that is more durable and better positioned to deliver superior long-term growth.”
Balance Sheet and Working Capital:
Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025.
Net working capital in the second quarter of fiscal 2026 was 16.4% as a percentage of annualized net revenue and decreased 260 basis points sequentially versus the first quarter. Cash flow from operations improved to $121 million, a record second quarter, driven primarily by higher net income. As previously communicated, cash flow delivery for 2026 is expected to be weighted to the second half of the year.
Fiscal 2026 Outlook:
As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026:
Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits and the impact from foreign exchange is still expected to be positive 1% to 2%; Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $650 million to $675 million; Adjusted EPS (diluted) is now expected to be in the range of $4.60 to $4.90; Cash flow from operations for fiscal 2026 is now expected to be in the range of $300 million to $325 million; Net revenue for the third quarter of 2026 is expected to be up mid-single digits; adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $180 million to $190 million. Conference Call:
The Company will hold a conference call on June 25, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the Company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on June 25, 2026, to 10:59 p.m. CT on July 1, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.
Regulation G:
The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the “Regulation G Reconciliation” tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.
About H.B. Fuller:
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com
Safe Harbor for Forward-Looking Statements:
Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of catastrophic events on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.
Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
Three Months Ended
Percent of
Three Months Ended
Percent of
May 30, 2026
Net Revenue
May 31, 2025
Net Revenue
Net revenue
$
950,271
100.0
%
$
898,095
100.0
%
Cost of sales
(630,617
)
(66.4
)%
(611,711
)
(68.1
)%
Gross profit
319,654
33.6
%
286,384
31.9
%
Selling, general and administrative expenses
(202,365
)
(21.3
)%
(186,340
)
(20.7
)%
Other income, net
5,627
0.6
%
7,141
0.8
%
Interest expense
(32,756
)
(3.4
)%
(34,865
)
(3.9
)%
Interest income
1,961
0.2
%
854
0.1
%
Income before income taxes and income from equity method investments
92,121
9.7
%
73,174
8.1
%
Income taxes
(25,584
)
(2.7
)%
(32,726
)
(3.6
)%
Income from equity method investments
1,268
0.1
%
1,397
0.2
%
Net income including non-controlling interest
67,805
7.1
%
41,845
4.7
%
Net income attributable to non-controlling interest
-
0.0
%
(17
)
(0.0
)%
Net income attributable to H.B. Fuller
$
67,805
7.1
%
$
41,828
4.7
%
Basic income per common share attributable to H.B. Fuller
$
1.25
$
0.77
Diluted income per common share attributable to H.B. Fuller
$
1.23
$
0.76
Weighted-average common shares outstanding:
Basic
54,430
54,443
Diluted
55,069
54,952
Six Months Ended
Percent of
Six Months Ended
Percent of
May 30, 2026
Net Revenue
May 31, 2025
Net Revenue
Net revenue
$
1,721,115
100.0
%
$
1,686,758
100.0
%
Cost of sales
(1,165,413
)
(67.7
)%
(1,173,299
)
(69.6
)%
Gross profit
555,702
32.3
%
513,459
30.4
%
Selling, general and administrative expenses
(386,816
)
(22.5
)%
(366,968
)
(21.8
)%
Other income, net
12,377
0.7
%
10,347
0.6
%
Interest expense
(65,627
)
(3.8
)%
(66,906
)
(4.0
)%
Interest income
4,034
0.2
%
1,954
0.1
%
Income before income taxes and income from equity method investments
119,670
7.0
%
91,886
5.4
%
Income taxes
(33,006
)
(1.9
)%
(38,671
)
(2.3
)%
Income from equity method investments
2,186
0.1
%
1,894
0.1
%
Net income including non-controlling interest
88,850
5.2
%
55,109
3.3
%
Net income attributable to non-controlling interest
-
0.0
%
(33
)
(0.0
)%
Net income attributable to H.B. Fuller
$
88,850
5.2
%
$
55,076
3.3
%
Basic income per common share attributable to H.B. Fuller
$
1.63
$
1.01
Diluted income per common share attributable to H.B. Fuller
$
1.61
$
0.99
Weighted-average common shares outstanding:
Basic
54,580
54,721
Diluted
55,291
55,490
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net income attributable to H.B. Fuller
$
67,805
$
41,828
$
88,850
$
55,076
Adjustments:
Acquisition project costs1
1,395
3,602
2,325
13,430
Organizational realignment2
4,413
6,635
14,435
15,409
Project One3
2,387
2,581
5,440
5,646
Other4
3,024
44
2,929
44
Discrete tax items5
356
13,961
454
14,952
Income tax effect on adjustments6
(1,848
)
(3,999
)
(5,386
)
(9,907
)
Adjusted net income attributable to H.B. Fuller7
77,532
64,652
109,047
94,650
Add:
Interest expense
32,584
34,484
64,957
66,514
Interest income
(1,961
)
(854
)
(4,030
)
(1,954
)
Adjusted Income taxes
27,075
22,765
37,937
33,626
Depreciation and Amortization expense8
45,815
44,613
91,838
87,180
Adjusted EBITDA7
$
181,045
$
165,660
$
299,749
$
280,016
Diluted Shares
55,069
54,952
55,291
55,490
Adjusted diluted income per common share attributable to H.B. Fuller7
$
1.41
$
1.18
$
1.97
$
1.71
Revenue
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Adjusted EBITDA margin6
19.1
%
18.4
%
17.4
%
16.6
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net Revenue:
Hygiene, Health and Consumable Adhesives
$
421,861
$
397,475
$
768,388
$
765,700
Engineering Adhesives
283,239
276,418
525,688
513,177
Building Adhesive Solutions
245,171
224,202
427,039
407,881
Corporate unallocated
-
-
-
-
Total H.B. Fuller
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Segment Operating Income:
Hygiene, Health and Consumable Adhesives
$
56,370
$
43,401
$
85,361
$
73,349
Engineering Adhesives
46,856
46,977
77,999
75,028
Building Adhesive Solutions
25,013
22,114
30,201
28,691
Corporate unallocated
(10,950
)
(12,448
)
(24,675
)
(30,577
)
Total H.B. Fuller
$
117,289
$
100,044
$
168,886
$
146,491
Adjusted EBITDA7
Hygiene, Health and Consumable Adhesives
$
75,564
$
61,963
$
123,601
$
108,854
Engineering Adhesives
63,544
63,341
111,703
107,529
Building Adhesive Solutions
41,414
37,535
63,024
59,337
Corporate unallocated
523
2,821
1,421
4,296
Total H.B. Fuller
$
181,045
$
165,660
$
299,749
$
280,016
Adjusted EBITDA Margin7
Hygiene, Health and Consumable Adhesives
17.9
%
15.6
%
16.1
%
14.2
%
Engineering Adhesives
22.4
%
22.9
%
21.2
%
21.0
%
Building Adhesive Solutions
16.9
%
16.7
%
14.8
%
14.5
%
Corporate unallocated
NMP
NMP
NMP
NMP
Total H.B. Fuller
19.1
%
18.4
%
17.4
%
16.6
%
NMP = non-meaningful percentage
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Income before income taxes and income from equity method investments
$
92,121
$
73,174
$
119,670
$
91,886
Adjustments:
Acquisition project costs1
1,395
3,602
2,325
13,430
Organizational realignment2
4,413
6,635
14,435
15,409
Project One3
2,387
2,581
5,440
5,646
Other4
3,024
44
2,929
44
Adjusted income before income taxes and income from equity method investments9
$
103,340
$
86,036
$
144,799
$
126,415
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Income Taxes
$
(25,584
)
$
(32,726
)
$
(33,006
)
$
(38,671
)
Adjustments:
Acquisition project costs1
(230
)
(1,120
)
(466
)
(3,800
)
Organizational realignment2
(727
)
(2,063
)
(3,276
)
(4,455
)
Project One3
(393
)
(803
)
(1,170
)
(1,638
)
Other4
(497
)
(14
)
(473
)
(14
)
Discrete tax items5
356
13,961
454
14,952
Adjusted income taxes10
$
(27,075
)
$
(22,765
)
$
(37,937
)
$
(33,626
)
Adjusted income before income taxes and income from equity method investments
$
103,340
$
86,036
$
144,799
$
126,415
Adjusted effective income tax rate10
26.2
%
26.5
%
26.2
%
26.6
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net revenue
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Gross profit
$
319,654
$
286,384
$
555,702
$
513,459
Gross profit margin
33.6
%
31.9
%
32.3
%
30.4
%
Adjustments:
Acquisition project costs1
-
68
-
675
Organizational realignment2
2,583
2,467
7,521
7,923
Project One3
-
(94
)
-
1
Other4
2,500
-
2,501
-
Adjusted gross profit11
$
324,737
$
288,825
$
565,724
$
522,058
Adjusted gross profit margin11
34.2
%
32.2
%
32.9
%
31.0
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Selling, general and administrative expenses
$
(202,365
)
$
(186,340
)
$
(386,816
)
$
(366,968
)
Adjustments:
Acquisition project costs1
1,223
3,654
1,660
11,360
Organizational realignment2
1,734
3,633
5,623
4,929
Project One3
2,387
2,676
5,440
5,646
Other4
523
44
1,925
44
Adjusted selling, general and administrative expenses12
$
(196,498
)
$
(176,333
)
$
(372,168
)
$
(344,989
)
Hygiene, Health
Building
Three Months Ended:
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 30, 2026
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
58,862
$
47,958
$
27,887
$
134,707
$
(66,902
)
$
67,805
Adjustments:
Acquisition project costs1
-
-
-
-
1,395
1,395
Organizational realignment2
-
-
-
-
4,413
4,413
Project One3
-
-
-
-
2,387
2,387
Other4
-
-
-
-
3,024
3,024
Discrete tax items5
-
-
-
-
356
356
Income tax effect on adjustments6
-
-
-
-
(1,848
)
(1,848
)
Adjusted net income attributable to H.B. Fuller7
58,862
47,958
27,887
134,707
(57,175
)
77,532
Add:
Interest expense
-
-
-
-
32,584
32,584
Interest income
-
-
-
-
(1,961
)
(1,961
)
Adjusted Income taxes
-
-
-
-
27,075
27,075
Depreciation and amortization expense8
16,702
15,586
13,527
45,815
-
45,815
Adjusted EBITDA7
$
75,564
$
63,544
$
41,414
$
180,522
$
523
$
181,045
Revenue
$
421,861
$
283,239
$
245,171
$
950,271
-
$
950,271
Adjusted EBITDA Margin7
17.9
%
22.4
%
16.9
%
19.0
%
NMP
19.1
%
Hygiene, Health
Building
Six Months Ended
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 30, 2026
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
90,346
$
80,195
$
35,949
$
206,490
$
(117,640
)
$
88,850
Adjustments:
Acquisition project costs1
-
-
-
-
2,325
2,325
Organizational realignment2
-
-
-
-
14,435
14,435
Project One3
-
-
-
-
5,440
5,440
Other4
-
-
-
-
2,929
2,929
Discrete tax items5
-
-
-
-
454
454
Income tax effect on adjustments6
-
-
-
-
(5,386
)
(5,386
)
Adjusted net income attributable to H.B. Fuller7
90,346
80,195
35,949
206,490
(97,443
)
109,047
Add:
Interest expense
-
-
-
-
64,957
64,957
Interest income
-
-
-
-
(4,030
)
(4,030
)
Adjusted Income taxes
-
-
-
-
37,937
37,937
Depreciation and amortization expense8
33,255
31,508
27,075
91,838
-
91,838
Adjusted EBITDA7
$
123,601
$
111,703
$
63,024
$
298,328
$
1,421
$
299,749
Revenue
768,388
525,688
427,039
1,721,115
-
1,721,115
Adjusted EBITDA Margin7
16.1
%
21.2
%
14.8
%
17.3
%
NMP
17.4
%
Hygiene, Health
Building
Three Months Ended:
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 31, 2025
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
45,610
$
47,948
$
24,668
$
118,226
$
(76,398
)
$
41,828
Adjustments:
Acquisition project costs1
-
-
-
-
3,602
3,602
Organizational realignment2
-
-
-
-
6,635
6,635
Project One3
-
-
-
-
2,581
2,581
Other4
-
-
-
-
44
44
Discrete tax items5
-
-
-
-
13,961
13,961
Income tax effect on adjustments6
-
-
-
-
(3,999
)
(3,999
)
Adjusted net income attributable to H.B. Fuller7
45,610
47,948
24,668
118,226
(53,574
)
64,652
Add:
Interest expense
-
-
-
-
34,484
34,484
Interest income
-
-
-
-
(854
)
(854
)
Adjusted Income taxes
-
-
-
-
22,765
22,765
Depreciation and amortization expense8
16,353
15,393
12,867
44,613
-
44,613
Adjusted EBITDA7
$
61,963
$
63,341
$
37,535
$
162,839
$
2,821
$
165,660
Revenue
$
397,475
$
276,418
$
224,202
$
898,095
-
$
898,095
Adjusted EBITDA Margin7
15.6
%
22.9
%
16.7
%
18.1
%
NMP
18.4
%
Hygiene, Health
Building
Six Months Ended
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 31, 2025
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
77,771
$
76,970
$
33,799
$
188,540
$
(133,464
)
$
55,076
Adjustments:
Acquisition project costs1
-
-
-
-
13,430
13,430
Organizational realignment2
-
-
-
-
15,409
15,409
Project One3
-
-
-
-
5,646
5,646
Other4
-
-
-
-
44
44
Discrete tax items5
-
-
-
-
14,952
14,952
Income tax effect on adjustments6
-
-
-
-
(9,907
)
(9,907
)
Adjusted net income attributable to H.B. Fuller7
77,771
76,970
33,799
188,540
(93,890
)
94,650
Add:
Interest expense
-
-
-
-
66,514
66,514
Interest income
-
-
-
-
(1,954
)
(1,954
)
Adjusted Income taxes
-
-
-
-
33,626
33,626
Depreciation and amortization expense8
31,083
30,559
25,538
87,180
-
87,180
Adjusted EBITDA7
$
108,854
$
107,529
$
59,337
$
275,720
$
4,296
$
280,016
Revenue
$
765,700
$
513,177
$
407,881
$
1,686,758
-
$
1,686,758
Adjusted EBITDA Margin7
14.2
%
21.0
%
14.5
%
16.3
%
NMP
16.6
%
Three Months Ended
Six Months Ended
May 30, 2026
May 30, 2026
Price
3.0
%
1.8
%
Volume
(0.4
)%
(3.5
)%
Organic Growth13
2.6
%
(1.7
)%
M&A
0.1
%
0.4
%
Constant currency
2.7
%
(1.3
)%
F/X
3.1
%
3.3
%
Total H.B. Fuller Net Revenue
5.8
%
2.0
%
Revenue growth versus 2025
Three Months Ended
May 30, 2026
Net Revenue
F/X
Constant Currency
M&A
Organic Growth13
Hygiene, Health and Consumable Adhesives
6.1
%
3.1
%
3.0
%
0.0
%
3.0
%
Engineering Adhesives
2.5
%
3.2
%
(0.7
)%
0.3
%
(1.0
)%
Building Adhesive Solutions
9.4
%
3.2
%
6.2
%
0.0
%
6.2
%
Corporate Unallocated
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Total H.B. Fuller
5.8
%
3.1
%
2.7
%
0.1
%
2.6
%
Revenue growth versus 2025
Six Months Ended
May 30, 2026
Net Revenue
F/X
Constant Currency
M&A
Organic Growth13
Hygiene, Health and Consumable Adhesives
0.4
%
3.2
%
(2.8
)%
0.4
%
(3.2
)%
Engineering Adhesives
2.4
%
3.2
%
(0.8
)%
0.6
%
(1.4
)%
Building Adhesive Solutions
4.7
%
3.6
%
1.1
%
0.0
%
1.1
%
Corporate Unallocated
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Total H.B. Fuller
2.0
%
3.3
%
(1.3
)%
0.4
%
(1.7
)%
Three Months Ended
Trailing 12 Months14 Ended
August 30, 2025
November 29, 2025
February 28, 2026
May 30, 2026
May 30, 2026
Net income attributable to H.B. Fuller
$
67,160
$
29,732
$
21,045
$
67,805
$
185,742
Adjustments:
Acquisition project costs1
518
1,465
931
1,395
4,309
Organizational realignment2
4,620
11,396
10,022
4,413
30,451
Project One3
2,499
2,091
3,053
2,387
10,030
Other15
1,711
37,400
(95
)
3,024
42,040
Discrete tax items16
(3,742
)
(3,743
)
98
356
(7,031
)
Income tax effect on adjustments6
(3,402
)
(7,745
)
(3,539
)
(1,848
)
(16,534
)
Adjusted net income attributable to H.B. Fuller7
69,364
70,596
31,515
77,532
249,007
Add:
Interest expense
33,369
32,547
32,373
32,584
130,873
Interest income
(1,110
)
(1,756
)
(2,069
)
(1,961
)
(6,896
)
Adjusted Income taxes
23,671
23,420
10,862
27,075
85,028
Depreciation and Amortization expense17
45,298
45,246
46,023
45,815
182,382
Adjusted EBITDA7
$
170,592
$
170,053
$
118,704
$
181,045
$
640,394
May 30, 2026
November 29, 2025
May 31, 2025
Total debt
$
2,072,151
$
2,016,937
$
2,112,428
Less: Cash and cash equivalents
114,102
107,213
96,785
Net debt18
$
1,958,049
$
1,909,724
$
2,015,643
Trailing twelve months14 / Year ended Adjusted EBITDA
$
640,394
$
620,660
$
593,604
Net Debt-to-Adjusted EBITDA18
3.1
3.1
3.4
May 30, 2026
February 28, 2026
May 31, 2025
Accounts receivable, net
$
622,745
$
532,180
$
584,026
Inventories
526,737
506,776
495,588
Accounts payable
(526,321
)
(453,035
)
(481,957
)
Net working capital19
$
623,161
$
585,921
$
597,657
Net revenue three months ended
$
950,271
$
770,844
$
898,095
Annualized net revenue19
3,801,084
3,083,376
3,592,379
Net working capital as a percentage of annualized revenue19
16.4
%
19.0
%
16.6
%
May 30,
November 29,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
114,102
$
107,213
Accounts receivable (net of allowances of $12,712 and $11,922, as of May 30, 2026 and November 29, 2025, respectively)
622,745
564,339
Inventories
526,737
471,963
Other current assets
135,836
119,750
Total current assets
1,399,420
1,263,265
Property, plant and equipment
2,034,140
1,956,209
Accumulated depreciation
(1,066,347
)
(1,020,948
)
Property, plant and equipment, net
967,793
935,261
Goodwill
1,693,481
1,680,059
Other intangibles, net
766,626
805,867
Other assets
501,473
498,254
Total assets
$
5,328,793
$
5,182,706
Liabilities, non-controlling interest and total equity
Current liabilities:
Accounts payable
$
526,321
$
470,132
Accrued compensation
95,728
114,302
Income taxes payable
19,909
25,018
Other accrued expenses
137,103
133,907
Total current liabilities
779,061
743,359
Long-term debt
2,072,151
2,016,937
Accrued pension liabilities
51,281
51,317
Other liabilities
343,836
367,899
Total liabilities
$
3,246,329
$
3,179,512
Commitments and contingencies
Equity
H.B. Fuller stockholders' equity:
Preferred stock (no shares outstanding) shares authorized – 10,045,900
-
-
Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares issued and outstanding – 53,785,879 and 54,174,963 as of May 30, 2026 and November 29, 2025, respectively
$
53,786
$
54,175
Additional paid-in capital
275,507
298,017
Retained earnings
2,088,749
2,026,071
Accumulated other comprehensive loss
(335,578
)
(375,045
)
Total H.B. Fuller stockholders' equity
2,082,464
2,003,218
Non-controlling interest
-
(24
)
Total equity
2,082,464
2,003,194
Total liabilities, non-controlling interest and total equity
$
5,328,793
$
5,182,706
Six Months Ended
May 30, 2026
May 31, 2025
Cash flows from operating activities:
Net income including non-controlling interest
$
88,850
$
55,109
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation
48,772
44,837
Amortization
43,646
42,443
Deferred income taxes
(9,098
)
(14,068
)
Income from equity method investments, net of dividends received
(2,186
)
(1,894
)
Loss on the sale of business
-
1,515
Loss on impairment of intangible asset
-
478
Gain on sale or disposal of assets
(833
)
(101
)
Share-based compensation
12,580
12,003
Pension and other post-retirement plan benefit
(12,239
)
(11,039
)
Change in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net
(53,893
)
(28,942
)
Inventories
(51,313
)
(40,182
)
Other assets
(9,291
)
2,364
Accounts payable
80,473
11,602
Accrued compensation
(19,643
)
(23,494
)
Other accrued expenses
13,522
1,097
Income taxes payable
(10,287
)
(10,587
)
Pension plan assets and liabilities
698
76
Other liabilities
(6,052
)
24,804
Foreign currency remeasurement
3,463
(8,252
)
Net cash provided by operating activities
117,169
57,769
Cash flows from investing activities:
Purchased property, plant and equipment
(104,380
)
(64,534
)
Proceeds from sale of property, plant and equipment
4,408
1,438
Payment of holdback on acquisitions
(11,627
)
-
Purchased businesses, net of cash acquired
-
(162,032
)
Purchase of cost method investment
-
(2,549
)
Proceeds from the sale of a business
-
75,727
Net cash used in investing activities
(111,599
)
(151,950
)
Cash flows from financing activities:
Proceeds from issuance of long-term debt
627,000
784,900
Repayment of long-term debt
(571,683
)
(687,751
)
Payment of debt issuance costs
-
(1,047
)
Net payment of notes payable
-
(588
)
Dividends paid
(25,970
)
(24,864
)
Proceeds from stock options exercised
10,266
2,475
Repurchases of common stock
(48,771
)
(60,664
)
Net cash (used in) provided by financing activities
(9,158
)
12,461
Effect of exchange rate changes on cash and cash equivalents
10,477
9,153
Net change in cash and cash equivalents
6,889
(72,567
)
Cash and cash equivalents at beginning of period
107,213
169,352
Cash and cash equivalents at end of period
$
114,102
$
96,785
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