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MasterBrand
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Latest analysis
Updated Nov 6, 2026
MasterBrand Q3 2026: American Woodmark merger inflates reported sales 48% while organic volume falls and operating income collapses 76%
The American Woodmark merger, closed May 28, 2026, added $355.7 million of incremental sales in Q3 2026, masking an organic revenue decline of $17.8 million driven by weaker R&R and single-family new construction demand. Operating income fell to $10.0 million from $41.7 million in Q3 2025, as higher manufacturing costs, unfavorable fixed-cost leverage, and $10.9 million of Woodmark integration restructuring charges overwhelmed cost-reduction savings. The company swung to a net loss of $9.2 million in Q3 2026 versus net income of $18.1 million a year earlier, with IEEPA tariff refunds of $10.9 million in the quarter providing partial relief against an otherwise deteriorating cost structure.
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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