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MASCO CORPORATION REPORTS FOURTH QUARTER
AND 2025 YEAR-END RESULTS

Highlights
•Fourth quarter net sales decreased 2 percent to $1,793 million
•Fourth quarter earnings per share was $0.80; adjusted earnings per share decreased 8 percent to $0.82
•Full year 2025 net sales decreased 3 percent to $7,562 million; in local currency and excluding divestitures, net sales decreased 2 percent
•Full year earnings per share was $3.86; adjusted earnings per share decreased 3 percent to $3.96
•Expect 2026 earnings per share in the range of $3.91 - $4.11 per share, and on an adjusted basis, $4.10 - $4.30 per share

LIVONIA, Mich. (February 10, 2026) - Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its fourth quarter and full-year 2025 results.

2025 Fourth Quarter Results
•On a reported basis, compared to the fourth quarter 2024:
•Net sales decreased 2 percent to $1,793 million; net sales decreased 3 percent in local currency
◦Plumbing Products’ net sales increased 5 percent; in local currency net sales increased 3 percent
◦Decorative Architectural Products’ net sales decreased 15 percent
◦In local currency, North American sales decreased 5 percent and International sales increased 1 percent
•Gross margin decreased 80 basis points to 33.9 percent from 34.7 percent
•Operating profit decreased 14 percent to $248 million from $290 million
•Operating margin decreased 210 basis points to 13.8 percent from 15.9 percent
•Net income decreased 6 percent to $0.80 per share, compared to $0.85 per share
•Compared to fourth 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 decreased 110 basis points to 33.7 percent from 34.8 percent
•Operating profit decreased 11 percent to $259 million from $291 million
•Operating margin decreased 150 basis points to 14.4 percent from 15.9 percent
•Net income decreased 8 percent to $0.82 per share, compared to $0.89 per share
•Liquidity at the end of the fourth quarter was $1,647 million (including availability under our revolving credit facility)
2025 Full Year Results
•On a reported basis, compared to the full year 2024:
•Net sales decreased 3 percent to $7,562 million; in local currency and excluding divestitures, net sales decreased 2 percent
◦Plumbing Products’ net sales increased 3 percent; in local currency net sales increased 2 percent
◦Decorative Architectural Products’ net sales decreased 14 percent; in local currency and excluding divestitures, net sales decreased 8 percent
◦In local currency, North American sales decreased 5 percent and International sales increased 1 percent
•Gross margin decreased 80 basis points to 35.4 percent from 36.2 percent
•Operating profit decreased 8 percent to $1,248 million from $1,363 million
•Operating margin decreased 90 basis points to 16.5 percent from 17.4 percent
•Net income increased 3 percent to $3.86 per share, compared to $3.76 per share




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•Compared to full year 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 decreased 80 basis points to 35.5 percent from 36.3 percent
•Operating profit decreased 7 percent to $1,272 million from $1,372 million
•Operating margin decreased 70 basis points to 16.8 percent from 17.5 percent
•Net income decreased 3 percent to $3.96 per share, compared to $4.10 per share
“Overall, our fourth quarter operating results were largely in line with our expectations, as we continued to navigate through a dynamic geopolitical and macroeconomic environment,” said Jon Nudi, Masco’s President and Chief Executive Officer. “We delivered adjusted operating profit of $259 million and adjusted earnings per share of $0.82 during the quarter. Additionally, our capital allocation strategy enabled us to return $281 million to shareholders in the quarter through dividends and share repurchases.”

“For the full year 2025, we delivered solid adjusted operating profit margins of 16.8 percent and adjusted earnings per share of $3.96, and we returned $832 million to shareholders through dividends and share repurchases,” continued Nudi. “We are taking decisive actions to further position our business to drive results and deliver long-term shareholder value. We recently established an Executive Committee with dual corporate and business unit representation to fully leverage our enterprise strengths, which will enable us to continue to deliver strong execution and accelerate growth moving forward.”

“We also began to implement various restructuring actions to further streamline our business, reduce headcount, and optimize operations. In connection with these actions, we incurred charges of approximately $18 million in the fourth quarter of 2025, and we expect to incur approximately $50 million in additional charges in 2026. We anticipate the savings generated from these actions will fund additional growth initiatives and contribute to future margin expansion.”

“As we move into 2026, we are announcing the integration of Liberty Hardware into Delta Faucet Company. This realignment is a key component of our consumer driven strategy to leverage our brands, capabilities, and scale across our organization,” said Nudi. “As a result of this integration, Liberty Hardware, which was previously reported in the Decorative Architectural Products segment, will be reported within our Plumbing Products segment moving forward.”

“For 2026, we believe sales across the global repair and remodel markets will be roughly flat. We expect our sales to be roughly flat to up low-single digits when adjusted for currency, as we expect to continue to outperform the market in 2026,” said Nudi. “Based on the market outlook, our expected operating performance, and our capital deployment actions, we anticipate full year adjusted earnings per share to be in the range of $4.10 to $4.30 per share. With our industry leading brands, consumer-focused product portfolio, strong balance sheet, and disciplined capital allocation, we believe Masco is well positioned to continue to deliver long-term shareholder value.”
Dividend Declaration and Share Repurchase Authorization
Masco’s Board of Directors declared a quarterly dividend of $0.32 per share, payable on March 9, 2026 to shareholders of record on February 20, 2026. The Board also authorized a new $2.0 billion share repurchase program effective February 10, 2026, replacing the existing authorization.
“Our dividend and our share repurchase program are important pillars of our capital allocation strategy to deliver value to our shareholders. The new $2.0 billion share repurchase program underscores Masco’s resilient business model, strong financial position and the Board’s confidence in our future performance,” concluded Nudi.
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 fourth quarter and full year supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.







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Conference Call Details
A conference call regarding items contained in this release is scheduled for Tuesday, February 10, 2026 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 68091.
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 68091#. The telephone replay will be available approximately two hours after the end of the call and continue through March 10, 2026.
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 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
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MASCO CORPORATION
Condensed Consolidated Statements of Operations - Unaudited
For the Three Months and Years Ended December 31, 2025 and 2024
(in millions, except per common share data)
Three Months Ended
December 31,
Year Ended
December 31,
 2025202420252024
Net sales$1,793 $1,828 $7,562 $7,828 
Cost of sales1,186 1,192 4,883 4,997 
Gross profit607 635 2,679 2,831 
Selling, general and administrative expenses354 346 1,426 1,468 
Impairment charge for other intangible assets5 — 5 — 
Operating profit248 290 1,248 1,363 
Other income (expense), net:
Interest expense(24)(24)(101)(99)
Other, net4 (8)(12)(103)
(21)(32)(114)(202)
Income before income taxes227 258 1,135 1,161 
Income tax expense51 65 277 287 
Net income176 193 858 874 
Less: Net income attributable to noncontrolling interest11 11 48 52 
Net income attributable to Masco Corporation$165 $182 $810 $822 
Income per common share attributable to Masco Corporation (diluted):
Net income$0.80 $0.85 $3.86 $3.76 
Average diluted common shares outstanding207 215 210 219 
 
Historical information is available on our website.

Amounts may not add due to rounding.
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MASCO CORPORATION
Exhibit A: Reconciliations - Unaudited
For the Three Months and Years Ended December 31, 2025 and 2024
(dollars in millions)
Three Months Ended
December 31,
Year Ended
December 31,
 2025202420252024
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations    
Net sales$1,793 $1,828 $7,562 $7,828 
Gross profit, as reported$607 $635 $2,679 $2,831 
Rationalization (income) charges (1)
(2)1 8 7 
Gross profit, as adjusted$605 $636 $2,688 $2,838 
Gross margin, as reported33.9 %34.7 %35.4 %36.2 %
Gross margin, as adjusted33.7 %34.8 %35.5 %36.3 %
Selling, general and administrative expenses, as reported$354 $346 $1,426 $1,468 
Rationalization charges8 — 11 2 
Selling, general and administrative expenses, as adjusted$346 $345 $1,416 $1,466 
Selling, general and administrative expenses as a percent of net sales, as reported19.7 %18.9 %18.9 %18.8 %
Selling, general and administrative expenses as a percent of net sales, as adjusted19.3 %18.9 %18.7 %18.7 %
Operating profit, as reported$248 $290 $1,248 $1,363 
Rationalization charges6 1 19 9 
Impairment charge for other intangible assets5 — 5 — 
Operating profit, as adjusted$259 $291 $1,272 $1,372 
Operating margin, as reported13.8 %15.9 %16.5 %17.4 %
Operating margin, as adjusted14.4 %15.9 %16.8 %17.5 %

(1) Represents income for the three months ended December 31, 2025 due to the $12 million gain on the sale of a building that was related to a previous rationalization activity, partially offset by rationalization charges.

Historical information is available on our website.









Amounts may not add due to rounding.
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MASCO CORPORATION
Exhibit A: Reconciliations - Unaudited
For the Three Months and Years Ended December 31, 2025 and 2024
(in millions, except per common share data)
Three Months Ended
December 31,
Year Ended
December 31,
 2025202420252024
Income Per Common Share Reconciliations
Income before income taxes, as reported$227 $258 $1,135 $1,161 
Rationalization charges6 1 19 9 
Impairment charge for other intangible assets5 — 5 — 
Loss on sale of business (1)
— 8 — 88 
Realized losses (gains) from private equity funds, net
— — 4 (1)
Income before income taxes, as adjusted238 267 1,163 1,257 
Tax at 24.5% rate (58)(65)(285)(308)
Less: Net income attributable to noncontrolling interest11 11 48 52 
Net income, as adjusted$169 $191 $830 $897 
Net income per common share, as adjusted$0.82 $0.89 $3.96 $4.10 
Average diluted common shares outstanding207 215 210 219 
(1) Represents the loss for the three months and year ended December 31, 2024 from the sale of our Kichler Lighting business.

Outlook for the Year Ended December 31, 2026
Year Ended December 31, 2026
Low EndHigh End
Income Per Common Share Reconciliation
Net income per common share$3.91 $4.11 
Rationalization charges
0.19 0.19 
Net income per common share, as adjusted$4.10 $4.30 

Historical information is available on our website.
Amounts may not add due to rounding.
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MASCO CORPORATION
Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited
December 31, 2025 and 2024
(dollars in millions)
December 31, 2025December 31, 2024
Balance Sheet  
Assets  
Current assets:  
Cash and cash investments$647 $634 
Receivables1,028 1,035 
Inventories1,046 938 
Prepaid expenses and other119 123 
Total current assets2,840 2,730 
Property and equipment, net1,195 1,116 
Goodwill623 597 
Other intangible assets, net205 220 
Operating lease right-of-use assets233 231 
Other assets105 123 
Total assets$5,201 $5,016 
Liabilities  
Current liabilities:  
Accounts payable$810 $789 
Notes payable2 3 
Accrued liabilities761 767 
Total current liabilities1,573 1,560 
Long-term debt2,945 2,945 
Noncurrent operating lease liabilities221 223 
Other liabilities387 342 
Total liabilities5,125 5,069 
Equity76 (53)
Total liabilities and equity$5,201 $5,016 

 As of December 31,
20252024
Other Financial Data  
Working capital days  
Receivable days51 51 
Inventory days83 72 
Payable days70 70 
Working capital$1,264 $1,184 
Working capital as a % of sales (LTM)
16.7 %15.1 %

Historical information is available on our website.
Amounts may not add due to rounding.
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MASCO CORPORATION
Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited
For the Years Ended December 31, 2025 and 2024

(dollars in millions)
Year Ended December 31,
 20252024
Cash Flows From (For) Operating Activities:  
Cash provided by operating activities$1,098 $1,205 
Working capital changes(76)(130)
Net cash from operating activities1,022 1,075 
Cash Flows From (For) Financing Activities:  
Purchase of Company common stock(571)(751)
Excise tax paid on the purchase of Company common stock(6)(3)
Cash dividends paid(261)(254)
Purchase of redeemable noncontrolling interest— (15)
Dividends paid to noncontrolling interest(45)(37)
Proceeds from the exercise of stock options6 79 
Employee withholding taxes paid on stock-based compensation(10)(35)
Payment of debt(2)(3)
Net cash for financing activities(888)(1,017)
Cash Flows From (For) Investing Activities:  
Capital expenditures(156)(168)
Acquisition of business
— (4)
Proceeds from disposition of:
Business, net of cash disposed
— 126 
Property and equipment
14 1 
Other, net(3)(5)
Net cash for investing activities(144)(50)
Effect of exchange rate changes on cash and cash investments25 (9)
Cash and Cash Investments:  
Increase (decrease) for the year14 (1)
At January 1634 634 
At December 31$647 $634 
 
 As of December 31,
 20252024
Liquidity
Cash and cash investments$647 $634 
Revolver availability1,000 1,000 
Total Liquidity$1,647 $1,634 
 
Historical information is available on our website.


Amounts may not add due to rounding.
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MASCO CORPORATION
Segment Data - Unaudited
For the Three Months and Years Ended December 31, 2025 and 2024
(dollars in millions)
Three Months Ended
December 31,
Year Ended
December 31,
 20252024Change20252024Change
Plumbing Products      
Net sales$1,248 $1,189 5 %$4,992 $4,853 3 %
Operating profit, as reported$207 $198 $895 $911 
Operating margin, as reported16.6 %16.7 %17.9 %18.8 %
Rationalization (income) charges(3)1 9 9 
Accelerated depreciation related to rationalization activity— — 1 — 
Operating profit, as adjusted204 200 904 920 
Operating margin, as adjusted16.3 %16.8 %18.1 %19.0 %
Depreciation and amortization30 28 110 107 
EBITDA, as adjusted$234 $228 $1,014 $1,027 
Decorative Architectural Products
Net sales$545 $639 (15)%$2,570 $2,975 (14)%
Operating profit, as reported$62 $113 $443 $549 
Operating margin, as reported11.4 %17.7 %17.2 %18.5 %
Rationalization charges8 — 9 1 
Impairment charge for other intangible assets5 — 5 — 
Operating profit, as adjusted76 113 457 550 
Operating margin, as adjusted13.9 %17.7 %17.8 %18.5 %
Depreciation and amortization8 7 30 35 
EBITDA, as adjusted$83 $120 $487 $585 
Total
Net sales$1,793 $1,828 (2)%$7,562 $7,828 (3)%
Operating profit, as reported - segment$269 $311 $1,338 $1,460 
General corporate expense, net(22)(21)(89)(97)
Operating profit, as reported248 290 1,248 1,363 
Operating margin, as reported13.8 %15.9 %16.5 %17.4 %
Rationalization charges - segment6 1 18 9 
Accelerated depreciation related to rationalization activity - segment— — 1 — 
Impairment charge for other intangible assets5 — 5 — 
Operating profit, as adjusted259 291 1,272 1,372 
Operating margin, as adjusted14.4 %15.9 %16.8 %17.5 %
Depreciation and amortization - segment38 35 140 143 
Depreciation and amortization - other2 2 7 7 
EBITDA, as adjusted$298 $328 $1,420 $1,522 

Historical information is available on our website.
Amounts may not add due to rounding.
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MASCO CORPORATION
Recasted Segment Data - Unaudited
For the Years Ended December 31, 2025 and 2024
(dollars in millions)
Year Ended December 31, 2025
Year Ended December 31, 2024
 
Reported
Adjustment (1)
Recasted
Reported
Adjustment (1)
Recasted
Plumbing Products      
Net sales$4,992 $218 $5,209 $4,853 $260 $5,113 
Operating profit, as reported$895 $12 $906 $911 $43 $954 
Operating margin, as reported17.9 %17.4 %18.8 %18.7 %
Rationalization charges
9 1 10 9 — 9 
Accelerated depreciation related to rationalization activity1 — 1 — — — 
Operating profit, as adjusted$904 $13 $917 $920 $43 $962 
Operating margin, as adjusted18.1 %17.6 %19.0 %18.8 %
Decorative Architectural Products
Net sales$2,570 $(218)$2,353 $2,975 $(260)$2,715 
Operating profit, as reported$443 $(12)$431 $549 $(43)$507 
Operating margin, as reported17.2 %18.3 %18.5 %18.7 %
Rationalization charges9 (1)8 1 — 1 
Impairment charge for other intangible assets5 — 5 — — — 
Operating profit, as adjusted$457 $(13)$444 $550 $(43)$507 
Operating margin, as adjusted17.8 %18.9 %18.5 %18.7 %
Total
Net sales$7,562 $— $7,562 $7,828 $— $7,828 
Operating profit, as reported - segment$1,338 $— $1,338 $1,460 $— $1,460 
General corporate expense, net(89)— (89)(97)— (97)
Operating profit, as reported1,248 — 1,248 1,363 — 1,363 
Operating margin, as reported16.5 %16.5 %17.4 %17.4 %
Rationalization charges - segment18 — 18 9 — 9 
Accelerated depreciation related to rationalization activity - segment1 — 1 — — — 
Impairment charge for other intangible assets5 — 5 — — — 
Operating profit, as adjusted$1,272 $— $1,272 $1,372 $— $1,372 
Operating margin, as adjusted16.8 %16.8 %17.5 %17.5 %

(1) Represents the impact of the internal reorganization resulting in the integration of our Liberty Hardware business into our Delta Faucet business.

Historical information is available on our website.
Amounts may not add due to rounding.
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MASCO CORPORATION
Recasted Segment Data - Unaudited
For the Three Months Ended March 31, 2025 and June 30, 2025
(dollars in millions)
Three Months Ended March 31, 2025
Three Months Ended June 30, 2025
 ReportedAdjustment (1)
Recasted
Reported
Adjustment (1)
Recasted
Plumbing Products      
Net sales$1,185 $61 $1,246 $1,312 $60 $1,372 
Operating profit, as reported$217 $7 $225 $275 $10 $285 
Operating margin, as reported18.3 %18.1 %21.0 %20.8 %
Rationalization charges
2 — 2 2 — 2 
Operating profit, as adjusted$219 $7 $227 $276 $10 $286 
Operating margin, as adjusted18.5 %18.2 %21.0 %20.8 %
Decorative Architectural Products
Net sales$617 $(61)$556 $738 $(60)$679 
Operating profit, as reported$96 $(7)$88 $157 $(10)$147 
Operating margin, as reported15.6 %15.8 %21.3 %21.6 %
Total
Net sales$1,801 $— $1,801 $2,051 $— $2,051 
Operating profit, as reported - segment$313 $— $313 $432 $— $432 
General corporate expense, net(27)— (27)(20)— (20)
Operating profit, as reported286 — 286 412 — 412 
Operating margin, as reported15.9 %15.9 %20.1 %20.1 %
Rationalization charges - segment2 — 2 2 — 2 
Operating profit, as adjusted$288 $— $288 $413 $— $413 
Operating margin, as adjusted16.0 %16.0 %20.1 %20.1 %

(1) Represents the impact of the internal reorganization resulting in the integration of our Liberty Hardware business into our Delta Faucet business.

Historical information is available on our website.
Amounts may not add due to rounding.
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MASCO CORPORATION
Recasted Segment Data - Unaudited
For the Three Months Ended September 30, 2025 and December 31, 2025
(dollars in millions)
Three Months Ended September 30, 2025Three Months Ended December 31, 2025
 Reported
Adjustment (1)
Recasted
Reported
Adjustment (1)
Recasted
Plumbing Products      
Net sales$1,247 $43 $1,290 $1,248 $54 $1,302 
Operating profit, as reported$196 $— $196 $207 $(6)$201 
Operating margin, as reported15.7 %15.2 %16.6 %15.4 %
Rationalization charges (income)
8 1 8 (3)— (2)
Operating profit, as adjusted$204 $1 $205 $204 $(5)$199 
Operating margin, as adjusted16.4 %15.9 %16.3 %15.3 %
Decorative Architectural Products
Net sales$670 $(43)$627 $545 $(54)$491 
Operating profit, as reported$128 $— $127 $62 $6 $68 
Operating margin, as reported19.1 %20.3 %11.4 %13.8 %
Rationalization charges1 (1)— 8 — 8 
Impairment charge for other intangible assets— — — 5 — 5 
Operating profit, as adjusted$128 $(1)$127 $76 $5 $81 
Operating margin, as adjusted19.1 %20.3 %13.9 %16.5 %
Total
Net sales$1,917 $— $1,917 $1,793 $— $1,793 
Operating profit, as reported - segment$324 $— $324 $269 $— $269 
General corporate expense, net(20)— (20)(22)— (22)
Operating profit, as reported303 — 303 248 — 248 
Operating margin, as reported15.8 %15.8 %13.8 %13.8 %
Rationalization charges - segment8 — 8 6 — 6 
Impairment charge for other intangible assets— — — 5 — 5 
Operating profit, as adjusted$312 $— $312 $259 $— $259 
Operating margin, as adjusted16.3 %16.3 %14.4 %14.4 %

(1) Represents the impact of the internal reorganization resulting in the integration of our Liberty Hardware business into our Delta Faucet business.

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