Steelcase INC

Market Movers (8-K)

HNI Corporation has successfully completed its acquisition of Steelcase Inc., creating a combined entity with pro forma annual revenues of $5.8 billion.
Steelcase Inc. shareholders have overwhelmingly approved the merger agreement with HNI Corporation, paving the way for an anticipated closing on December 10, 2025.
Capital raise
Steelcase Inc. filed an 8-K to provide supplemental disclosures for its merger with HNI Corporation, addressing shareholder lawsuits alleging fiduciary duty breaches and misrepresentation.
Worse than expected
Capital raise
Delay expected
Steelcase Inc. and HNI Corporation announce December 4, 2025, as the deadline for Steelcase shareholders to elect their preferred merger consideration.
Steelcase Inc. announced executive leadership changes, including the departure of its CEO and Chief People Officer, effective upon the closing of its transaction with HNI Corporation.
Steelcase Inc. has entered into a First Supplemental Indenture to amend its 5.125% Senior Notes due 2029, facilitating its pending acquisition by HNI Corporation.
Capital raise

Quarterly Earnings (10-Q)

Steelcase reported a significant drop in Q2 net income and EPS, despite revenue growth, as it progresses with its merger with HNI Corporation and implements extensive restructuring initiatives.
Worse than expected
Steelcase Inc. announced increased revenue and net income for the first quarter of fiscal 2026, driven by a strong order backlog, but faced significant cash outflow from operations and modest declines in new orders.
Worse than expected
Steelcase Inc. saw a 2% increase in revenue in Q3 2025, driven by growth in the Americas, despite a decline in international markets and a non-cash pension settlement charge impacting earnings.
Worse than expected
Steelcase Inc. reported a significant increase in net income for the second quarter of 2025, primarily due to a gain from the sale of land and improved gross margins.
Better than expected
Steelcase Inc. saw improved earnings in the first quarter of 2025, driven by pricing benefits, despite a slight decrease in revenue.
Better than expected

Annual Reports (10-K)

Steelcase Inc. reports flat revenue but improved earnings for fiscal year 2025, driven by a gain from the sale of land and favorable tax items.
Steelcase Inc. saw improved earnings in fiscal year 2024, driven by pricing actions and operational improvements, despite a slight decrease in revenue.
Better than expected

Insider Trading (Form 4)

A Steelcase Inc. executive reported changes in beneficial ownership of Class A Common Stock following the company's acquisition by HNI Corporation.
Steelcase Director Linda K Williams reported the disposal of 60,907 Class A Common Stock shares following Steelcase's acquisition by HNI Corporation.
Steelcase Inc.'s SVP and CFO, David C. Sylvester, reported changes in beneficial ownership following the company's acquisition by HNI Corporation on December 10, 2025.
Steelcase Inc.'s VP, Chief People Officer, Donna K. Flynn, reported changes in beneficial ownership following the company's merger with HNI Corporation on December 10, 2025.
Steelcase Director Sanjay Gupta disposed of all 42,341 Class A Common Stock shares following the company's acquisition by HNI Corporation on December 10, 2025.
Steelcase SVP Allan W. Smith JR disclosed changes in his beneficial ownership of Class A Common Stock following the company's acquisition by HNI Corporation on December 10, 2025.

Proxy Statements (Def-14A)

HNI Corporation is set to acquire Steelcase Inc. in a two-step merger, offering Steelcase shareholders a mix of cash and HNI common stock, with an estimated $120 million in annual synergies.
Worse than expected
Capital raise
Steelcase Inc. has filed a definitive proxy statement (DEFA14A) with the U.S. Securities and Exchange Commission, indicating the upcoming availability of materials for a shareholder meeting.
Steelcase Inc. has released its definitive proxy statement for the 2025 Annual Meeting of Shareholders, outlining proposals for director elections, executive compensation, and a significant amendment to its Incentive Compensation Plan, following a fiscal year marked by improved net income despite flat revenue.
Better than expected
Steelcase Inc. is holding its 2024 Annual Meeting of Shareholders to vote on director elections, executive compensation, and the approval of an incentive compensation plan.
Steelcase Inc. has filed a definitive proxy statement with the SEC regarding its upcoming shareholder meeting.

Schedule 13D - Activist Investments

HNI Corporation has finalized its acquisition of Steelcase Inc., making it a wholly-owned subsidiary through a series of mergers and conversions.
HNI Corporation has entered into a definitive agreement to acquire Steelcase Inc. through a two-step merger, offering shareholders a choice of cash, stock, or a mixed consideration.

Schedule 13G - Passive Investments

Fifth Third Bancorp and its subsidiaries have reported a complete divestment of their beneficial ownership in Steelcase Inc. Class A Common Stock.
Fifth Third Bancorp and its affiliates have filed an amended Schedule 13G, disclosing an 8.6% beneficial ownership in Steelcase Inc. Class A Common Stock.
The Vanguard Group has filed an amended Schedule 13G, reporting an 8.6% beneficial ownership in Steelcase Inc. common stock.
Pzena Investment Management, LLC has filed an amended Schedule 13G, reporting a 0.3% beneficial ownership in Steelcase Inc. common stock.
BlackRock reports 6.0% beneficial ownership in Steelcase Inc. Class A Stock.
Dimensional Fund Advisors LP has reported a 4.9% beneficial ownership stake in Steelcase Inc. common stock as of September 30, 2025.