Please wait

masco_logoxgray.jpg
 
MASCO CORPORATION REPORTS SECOND QUARTER 2025 RESULTS

Highlights
•Net sales decreased 2 percent to $2,051 million; in local currency and excluding divestitures, net sales were in line with prior year
•Operating profit margin increased 110 basis points to 20.1 percent; adjusted operating profit margin increased 100 basis points to 20.1 percent
•Earnings per share was $1.28; adjusted earnings per share grew 8 percent to $1.30
•Repurchased 1.6 million shares for $101 million
•Expect 2025 earnings per share in the range of $3.87 - $4.07 per share, and on an adjusted basis, $3.90 - $4.10 per share

LIVONIA, Mich. (July 31, 2025) - Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its second quarter 2025 results.

2025 Second Quarter Results
•On a reported basis, compared to the second quarter 2024:
•Net sales decreased 2 percent to $2,051 million; in local currency and excluding divestitures, net sales were in line with prior year
◦Plumbing Products’ net sales increased 5 percent; in local currency net sales increased 4 percent
◦Decorative Architectural Products’ net sales decreased 12 percent; in local currency and excluding divestitures, net sales decreased 4 percent
◦In local currency, North American sales decreased 3 percent and International sales increased 1 percent
•Gross margin increased 10 basis points to 37.6 percent from 37.5 percent
•Operating profit increased 4 percent to $412 million from $397 million
•Operating margin increased 110 basis points to 20.1 percent from 19.0 percent
•Net income increased 9 percent to $1.28 per share, compared to $1.17 per share
•Compared to second quarter 2024, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent, were as follows:
•Gross margin increased 10 basis points to 37.7 percent from 37.6 percent
•Operating profit increased 4 percent to $413 million from $399 million
•Operating margin increased 100 basis points to 20.1 percent from 19.1 percent
•Net income increased 8 percent to $1.30 per share, compared to $1.20 per share
•Liquidity at the end of the second quarter was $1,344 million (including availability under our revolving credit facility)
“During the first half of this year, we demonstrated our ability to successfully navigate a dynamic geopolitical and macroeconomic environment through our focused execution,” said Masco President and CEO, Jon Nudi. “Our second quarter results were strong as we expanded adjusted operating profit margin by 100 basis points to 20.1 percent, and we grew adjusted earnings per share by 8 percent to $1.30. Additionally, our capital allocation strategy enabled us to return $167 million to shareholders through dividends and share repurchases.”
“For the second half of this year, we remain confident in the ability of our teams to continue to execute our strategic priorities to drive results, even while uncertainty surrounding near-term market conditions persists,” continued Nudi. “Therefore, we are restoring our financial guidance for 2025.”
“We believe sales across the global repair and remodel markets will be down low-single digits for the year. We expect our full year 2025 sales will be generally in line with the prior year when adjusted for divestitures and currency, as we expect to continue to outperform the market in 2025,” said Nudi. “We anticipate our full year adjusted earnings per share to be in the range of $3.90 to $4.10. With our industry leading brands, innovative product portfolio, and strong customer service, as well as our disciplined capital allocation, we believe Masco is well positioned to continue to deliver long-term shareholder value.”




1

Dividend Declaration
Masco’s Board of Directors declared a quarterly dividend of $0.31 per share, payable on August 25, 2025 to shareholders of record on August 8, 2025.
About Masco
Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and hansgrohe® faucets, bath and shower fixtures; Liberty® branded decorative and functional hardware; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.
The 2025 second quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.
Conference Call Details
A conference call regarding items contained in this release is scheduled for Thursday, July 31, 2025 at 8:00 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing 800-549-8228 or 289-819-1520. Please use the conference identification number 73279.
The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.
A replay of the call will be available on Masco’s website or by phone by dialing 888-660-6264 or 289-819-1325. Please use the playback passcode 73279#. The telephone replay will be available approximately two hours after the end of the call and continue through August 31, 2025.
Safe Harbor Statement
This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements.
Our future performance may be affected by the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands, to develop innovative products and respond to changing consumer purchasing practices and preferences, our ability to maintain our public image and reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, the impact on demand, pricing and product costs resulting from tariffs, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks and risks associated with our reliance on information systems and technology. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.
Investor Contact
Robin Zondervan
Vice President, Investor Relations and FP&A
313.792.5500
MascoInvestorRelations@mascohq.com
# # #




2
MASCO CORPORATION
Condensed Consolidated Statements of Operations - Unaudited
For the Three and Six Months Ended June 30, 2025 and 2024
(in millions, except per common share data)
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net sales$2,051 $2,091 $3,852 $4,017 
Cost of sales1,278 1,306 2,435 2,547 
Gross profit772 785 1,416 1,470 
Selling, general and administrative expenses361 388 719 755 
Operating profit412 397 698 715 
Other income (expense), net:
Interest expense(26)(26)(52)(50)
Other, net(7)(5)(14)(10)
(33)(31)(66)(61)
Income before income taxes378 366 632 655 
Income tax expense95 94 150 154 
Net income283 272 482 501 
Less: Net income attributable to noncontrolling interest13 14 25 28 
Net income attributable to Masco Corporation$270 $258 $456 $473 
Income per common share attributable to Masco Corporation (diluted):
Net income$1.28 $1.17 $2.15 $2.14 
Average diluted common shares outstanding211 220 212 221 
 
Historical information is available on our website.

Amounts may not add due to rounding.
3
MASCO CORPORATION
Exhibit A: Reconciliations - Unaudited
For the Three and Six Months Ended June 30, 2025 and 2024
(dollars in millions)
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations    
Net sales$2,051 $2,091 $3,852 $4,017 
Gross profit, as reported$772 $785 $1,416 $1,470 
Rationalization charges1 1 3 5 
Gross profit, as adjusted$774 $786 $1,419 $1,475 
Gross margin, as reported37.6 %37.5 %36.8 %36.6 %
Gross margin, as adjusted37.7 %37.6 %36.8 %36.7 %
Selling, general and administrative expenses, as reported$361 $388 $719 $755 
Rationalization charges1 1 1 1 
Selling, general and administrative expenses, as adjusted$360 $387 $718 $754 
Selling, general and administrative expenses as a percent of net sales, as reported17.6 %18.6 %18.7 %18.8 %
Selling, general and administrative expenses as a percent of net sales, as adjusted17.6 %18.5 %18.6 %18.8 %
Operating profit, as reported$412 $397 $698 $715 
Rationalization charges2 2 4 6 
Operating profit, as adjusted$413 $399 $701 $721 
Operating margin, as reported20.1 %19.0 %18.1 %17.8 %
Operating margin, as adjusted20.1 %19.1 %18.2 %17.9 %


Historical information is available on our website.









Amounts may not add due to rounding.
4
MASCO CORPORATION
Exhibit A: Reconciliations - Unaudited
For the Three and Six Months Ended June 30, 2025 and 2024
(in millions, except per common share data)
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Income Per Common Share Reconciliations
Income before income taxes, as reported$378 $366 $632 $655 
Rationalization charges2 2 4 6 
Realized losses from private equity funds, net— — 5 — 
Income before income taxes, as adjusted380 368 640 660 
Tax at 24.5% rate (93)(90)(157)(162)
Less: Net income attributable to noncontrolling interest13 14 25 28 
Net income, as adjusted$274 $264 $458 $470 
Net income per common share, as adjusted$1.30 $1.20 $2.16 $2.13 
Average diluted common shares outstanding211 220 212 221 


Outlook for the Year Ended December 31, 2025
Year Ended December 31, 2025
Low EndHigh End
Income Per Common Share Reconciliation
Net income per common share$3.87 $4.07 
Rationalization charges
0.01 0.01 
Realized losses from private equity funds, net
0.02 0.02 
Net income per common share, as adjusted$3.90 $4.10 

Historical information is available on our website.
Amounts may not add due to rounding.
5
MASCO CORPORATION
Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited
June 30, 2025 and December 31, 2024
(dollars in millions)
June 30, 2025December 31, 2024
Balance Sheet  
Assets  
Current assets:  
Cash and cash investments$390 $634 
Receivables1,318 1,035 
Inventories1,097 938 
Prepaid expenses and other119 123 
Total current assets2,925 2,730 
Property and equipment, net1,174 1,116 
Goodwill621 597 
Other intangible assets, net219 220 
Operating lease right-of-use assets244 231 
Other assets106 123 
Total assets$5,288 $5,016 
Liabilities  
Current liabilities:  
Accounts payable$871 $789 
Notes payable48 3 
Accrued liabilities690 767 
Total current liabilities1,609 1,560 
Long-term debt2,945 2,945 
Noncurrent operating lease liabilities231 223 
Other liabilities352 342 
Total liabilities5,138 5,069 
Equity150 (53)
Total liabilities and equity$5,288 $5,016 

 As of June 30,
20252024
Other Financial Data  
Working capital days  
Receivable days55 54 
Inventory days87 82 
Payable days68 71 
Working capital$1,544 $1,447 
Working capital as a % of sales (LTM)
20.1 %18.4 %

Historical information is available on our website.
Amounts may not add due to rounding.
6
MASCO CORPORATION
Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited
For the Six Months Ended June 30, 2025 and 2024

(dollars in millions)
Six Months Ended June 30,
 20252024
Cash Flows From (For) Operating Activities:  
Cash provided by operating activities$606 $648 
Working capital changes(459)(395)
Net cash from operating activities148 252 
Cash Flows From (For) Financing Activities:  
Purchase of Company common stock(231)(290)
Excise tax paid on the purchase of Company common stock(6)— 
Cash dividends paid(132)(128)
Purchase of redeemable noncontrolling interest— (15)
Dividends paid to noncontrolling interest(15)(12)
Proceeds from revolving credit borrowings, net46 — 
Proceeds from the exercise of stock options2 75 
Employee withholding taxes paid on stock-based compensation(8)(33)
Decrease in debt, net(1)(1)
Net cash for financing activities(344)(404)
Cash Flows From (For) Investing Activities:  
Capital expenditures(68)(74)
Acquisition of business
— (4)
Other, net(1)(1)
Net cash for investing activities(70)(80)
Effect of exchange rate changes on cash and cash investments22 (5)
Cash and Cash Investments:  
Decrease for the period(243)(236)
At January 1634 634 
At June 30$390 $398 
 
 As of June 30,
 20252024
Liquidity
Cash and cash investments$390 $398 
Revolver availability954 1,000 
Total Liquidity$1,344 $1,398 
 
Historical information is available on our website.


Amounts may not add due to rounding.
7
MASCO CORPORATION
Segment Data - Unaudited
For the Three and Six Months Ended June 30, 2025 and 2024
(dollars in millions)
Three Months Ended June 30,Six Months Ended June 30,
 20252024Change20252024Change
Plumbing Products      
Net sales$1,312 $1,253 5 %$2,497 $2,445 2 %
Operating profit, as reported$275 $247 $492 $472 
Operating margin, as reported21.0 %19.7 %19.7 %19.3 %
Rationalization charges2 2 4 5 
Operating profit, as adjusted276 249 496 477 
Operating margin, as adjusted21.0 %19.9 %19.9 %19.5 %
Depreciation and amortization27 27 52 53 
EBITDA, as adjusted$303 $276 $548 $530 
Decorative Architectural Products
Net sales$738 $838 (12)%$1,355 $1,572 (14)%
Operating profit, as reported$157 $174 $253 $299 
Operating margin, as reported21.3 %20.8 %18.7 %19.0 %
Rationalization charges— — — 1 
Operating profit, as adjusted157 174 253 299 
Operating margin, as adjusted21.3 %20.8 %18.7 %19.0 %
Depreciation and amortization7 9 15 19 
EBITDA, as adjusted$165 $184 $268 $318 
Total
Net sales$2,051 $2,091 (2)%$3,852 $4,017 (4)%
Operating profit, as reported - segment$432 $421 $745 $771 
General corporate expense, net(20)(24)(47)(55)
Operating profit, as reported412 397 698 715 
Operating margin, as reported20.1 %19.0 %18.1 %17.8 %
Rationalization charges - segment2 2 4 6 
Operating profit, as adjusted413 399 701 721 
Operating margin, as adjusted20.1 %19.1 %18.2 %17.9 %
Depreciation and amortization - segment34 36 67 72 
Depreciation and amortization - other2 2 4 4 
EBITDA, as adjusted$449 $437 $772 $797 

Historical information is available on our website.
Amounts may not add due to rounding.
8