FBIN

Fortune Brands Innovations, Inc.

NYSE · CONSUMER DISCRETIONARY · MILLWOOD, VENEER, PLYWOOD, & STRUCTURAL WOOD MEMBERS

40.95

+0.16 +0.39%

USD · close Oct 21

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MKT CAP $4.9BP/E 33.0DIV YIELD —FCF YIELD 8.19%REV TTM $4.4B −2.3%NET INCOME $148.9M −62.2%NET DEBT $2.3B52W 33.39 – 64.44SEC XBRL · TTM TO Invalid Date

How FBIN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

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words, now 31,947

New in FY2025

Long-Term Debt In June 2025, we repaid all $500 million in aggregate principal of our 4.000% senior unsecured notes issued in June 2015 at their maturity date using a combination of cash on hand and commercial paper borrowings.
In September 2023, we repaid all $600 million in aggregate principal of our 2023 4.000% senior unsecured notes at their maturity date in September 2023 using cash on hand.
In June 2023, we issued $600 million in aggregate principal 5.875% senior unsecured notes maturing in 2033 in a registered public offering.
We used the net proceeds from the notes offering to redeem our 2023 4.000% senior unsecured notes that matured in September 2023 and for general corporate purposes.
At December 27, 2025, we had aggregate outstanding notes in the principal amount of $2.2 billion, with varying maturities (the “Notes”).
The following table provides a summary of our outstanding Notes, including the carrying value of the Notes, net of underwriting commissions, price discounts and debt issuance costs as of December 27, 2025 and December 28, 2024: (in millions) Net Carrying Value Coupon Rate Principal Amount Issuance Date Maturity Date December 27, 2025 December 28, 2024 4.000% Senior Notes $ 500.0 June 2015 June 2025 $ — $ 499.6 3.250% Senior Notes $ 700.0 September 2019 September 2029 697.2 696.5 4.000% Senior Notes $ 450.0 March 2022 March 2032 447.2 446.7 4.500% Senior Notes $ 450.0 March 2022 March 2052 436.9 436.4 5.875% Senior Notes $ 600.0 June 2023 June 2033 594.8 594.1 Total Senior Notes $ 2,176.1 $ 2,673.3 Commercial Paper 368.8 — Total Debt $ 2,544.9 $ 2,673.3 Less: current portion — 499.6 Total long-term debt $ 2,544.9 $ 2,173.7 Credit Facilities In August 2022, we entered into a third amended and restated $1.25 billion revolving credit facility (the “2022 Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes.
Interest rates under the 2022 Revolving Credit Agreement are variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and our long-term credit rating and can range from SOFR + 1.02% to SOFR + 1.525%.
Under the 2022 Revolving Credit Agreement, we are required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0.
In addition, our ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0.
There were no outstanding borrowings under this facility as of December 27, 2025 or December 28, 2024.
As of December 27, 2025, we were in compliance with all covenants under this facility.
In January 2026, we entered into a fourth amended and restated $1.25 billion revolving credit facility (the “2026 Revolving Credit Agreement”).
The 2026 Revolving Credit Agreement extends the 2022 Revolving Credit Agreement for a five-year term maturing in January 2031 .
Borrowings under the 2026 Revolving Credit Agreement will bear interest at variable rates equal to, at the Company’s election, the term SOFR rate applicable for an interest period selected by us.
The applicable term SOFR rate margin will be determined based on the ratings of our senior unsecured long-term debt securities.
The daily simple SOFR rate margins range from 0.80 % to 1.30 %.
The required ratio of consolidated EBITDA to consolidated interest expense and the ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA under the 2026 Revolving Credit Agreement remained unchanged from the 2022 Revolving Credit Agreement.
We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $30.5 million in aggregate as of December 27, 2025 and December 28, 2024, of which there were no outstanding balances as of December 27, 2025 and December 28, 2024.
The weighted-average interest rates on these borrowings were zero in 2025 and 2024.
Commercial Paper We operate a commercial paper program (the “Commercial Paper Program”) pursuant to which we may issue unsecured commercial paper notes.
Our 2022 Revolving Credit Agreement is the liquidity backstop for the repayment of any notes issued under the Commercial Paper Program, as amended, and as such, borrowings under the Commercial Paper Program are included in Long-term debt in the condensed consolidated balance sheets.
Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed, with the aggregate principal amount outstanding at any time, including borrowings under the 2022 Revolving Credit Agreement, as amended, not to exceed $ 1.25 billion.
We expect to use any issuances under the Commercial Paper Program for general corporate purposes.
Outstanding borrowings under the Commercial Paper Program as of December 27, 2025 and December 28, 2024 were $ 368.8 million and zero , respectively.
There were no events of default as of December 27, 2025.
Cash and Seasonality In 2025, we invested approximately $57 million in incremental capacity to support long-term growth potential and new products inclusive of cost reduction and productivity initiatives.
We expect capital spending in 2026 to be in the range of $110 million to $140 million.
As of December 27, 2025, we had cash and cash equivalents of $264.0 million, of which $234.9 million was held at non-U.S. subsidiaries.
Share Repurchases In 2025, we repurchased 4.0 million shares of our outstanding common stock under our share repurchase programs for $247.8 million.
As of December 27, 2025, our total remaining share repurchase authorization under the program was approximately $827.2 million.
The share repurchase program does not obligate us to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.
Dividends In 2025, we paid dividends in the amount of $120.6 million to our stockholders.
Our subsidiaries are not limited by long-term debt or other agreements in their abilities to pay cash dividends or to make other distributions with respect to their capital stock or other payments to us.
On February 29, 2024, we acquired SpringWell for a purchase price of $105.6 million, net of cash acquired of $1.4 million.
We completed the acquisition for a total purchase price of approximately $813.9 million, net of cash acquired of $21.9 million.
Cash Flows Below is a summary of cash flows for years ended 2025, 2024, and 2023.
(In millions) 2025 2024 2023 Net cash provided by operating activities $ 478.6 $ 667.8 $ 1,055.8 Net cash used in investing activities (104.9 ) (302.9 ) (1,037.8 ) Net cash used in financing activities (503.3 ) (363.4 ) (271.3 ) Effect of foreign exchange rate changes on cash 11.5 (11.5 ) 0.5 Net decrease in cash, cash equivalents and restricted cash $ (118.1 ) $ (10.0 ) $ (252.8 ) Net cash provided by operating activities was $478.6 million in 2025, compared to $667.8 million in 2024.
The $189.2 million decrease in net cash provided by operating activities from 2024 to 2025 was primarily due to lower net income in 2025, an increase in inventory balances and a decrease in accrued expenses and other liabilities compared to the prior period, partially offset by an increase in accounts payable.
Net cash used in investing activities was $104.9 million in 2025 compared to $302.9 million in 2024.
The decrease in net cash used in investing activities of $198.0 million from 2024 to 2025 reflects the absence of acquisition-related outflows in 2025 and lower capital expenditures in 2025 as compared to 2024.The decrease in net cash used in investing activities of $734.9 million from 2023 to 2024 reflects the net cash paid for the acquisition of SpringWell for $105.6 million in 2024, as compared to the acquisition of the Acquired Businesses of $784.1 million in 2023, as well as a decrease in capital expenditures of $63.2 million.

and 288 more.

Gone since FY2024

Long-Term Debt In September 2023, we repaid all $600 million in aggregate principal of our 2023 4.000% senior unsecured notes at their maturity date in September 2023 using cash on hand.
In June 2023, the Company issued $600 million in aggregate principal 5.875% senior unsecured notes maturing in 2033 in a registered public offering.
The Company used the net proceeds from the notes offering to redeem its 2023 4.000% senior unsecured notes that matured in September 2023 and for general corporate purposes.
In March 2022, the Company issued $900 million in aggregate principal amount of senior unsecured notes in a registered public offering consisting of $450 million of 4.00% senior unsecured notes maturing in 2032 and $450 million of 4.50% senior unsecured notes maturing in 2052 (together, the “2022 Notes”).
The Company used the net proceeds from the 2022 Notes offering to redeem a portion of the outstanding balance on the 2021 Term Loan (as defined below).
At December 28, 2024, the Company had aggregate outstanding notes in the principal amount of $2.7 billion, with varying maturities (the “Notes”).
The following table provides a summary of the Company’s outstanding Notes, including the carrying value of the Notes, net of underwriting commissions, price discounts and debt issuance costs as of December 28, 2024 and December 30, 2023: (in millions) Net Carrying Value Coupon Rate Principal Amount Issuance Date Maturity Date December 28, 2024 December 30, 2023 4.000% Senior Notes $ 500.0 June 2015 June 2025 $ 499.6 $ 498.9 3.250% Senior Notes $ 700.0 September 2019 September 2029 696.5 695.7 4.000% Senior Notes $ 450.0 March 2022 March 2032 446.7 446.2 4.500% Senior Notes $ 450.0 March 2022 March 2052 436.4 435.9 5.875% Senior Notes $ 600.0 June 2023 June 2033 594.1 593.4 Total Senior Notes $ 2,673.3 $ 2,670.1 Less: current portion 499.6 — Total long-term debt $ 2,173.7 $ 2,670.1 Credit Facilities In August 2022, the Company entered into a third amended and restated $1.25 billion revolving credit facility (the “2022 Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes.
There were no outstanding borrowings under this facility as of December 28, 2024 or December 30, 2023.
As of December 28, 2024, we were in compliance with all covenants under this facility.
In November 2021, the Company entered into a 364-day, $400 million term loan credit agreement (the “2021 Term Loan”), for general corporate purposes, set to mature in November 2022.
On March 1, 2022, the Company entered into a First Amendment and Incremental Agreement to the 2021 Term Loan (the “First Amendment”).
The First Amendment provided for an increase in the principal amount from $400 million to $600 million.
On March 18, 2022, the Company entered into a Second Amendment and Incremental Agreement to the 2021 Term Loan (the “Second Amendment”), increasing the principal amount from $600 million to $1.1 billion.
The outstanding $1.1 billion under the 2021 Term Loan was repaid on March 25, 2022 with proceeds from the 2022 Notes offering (as described above) and other existing sources of liquidity.
We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $30.5 million in aggregate as of December 28, 2024 and December 30, 2023, of which there were no outstanding balances as of December 28, 2024 and December 30, 2023.
The weighted-average interest rates on these borrowings were zero in 2024 and 2023.
The Company’s 2022 Revolving Credit Agreement is the liquidity backstop for the repayment of any notes issued under the Commercial Paper Program, and as such, borrowings under the Commercial Paper Program are included in Long-term debt in the condensed consolidated balance sheets.
Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed, with the aggregate principal amount outstanding at any time, including borrowings under the 2022 Revolving Credit Agreement, not to exceed $ 1.25 billion.
There were no outstanding borrowings under our Commercial Paper facility as of December 28, 2024 or December 30, 2023.
There were no events of default as of December 28, 2024.
Cash and Seasonality In 2024, we invested approximately $60 million in incremental capacity to support long-term growth potential and new products inclusive of cost reduction and productivity initiatives.
We expect capital spending in 2025 to be in the range of $100 million to $140 million.
On December 28, 2024, we had cash and cash equivalents $381.1 million, of which $335.4 million was held at non-U.S. subsidiaries.
Share Repurchases In 2024, we repurchased 3.3 million shares of our outstanding common stock under the Company’s share repurchase programs for $240.4 million.
As of December 28, 2024, the Company’s total remaining share repurchase authorization under the then current program was approximately $ 484.4 million.
The share repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.
Dividends In 2024, we paid dividends in the amount of $119.6 million to the Company’s stockholders.
Our subsidiaries are not limited by long-term debt or other agreements in their abilities to pay cash dividends or to make other distributions with respect to their capital stock or other payments to the Company.
On February 29, 2024, we acquired SpringWell for a purchase price of $105.6 million, subject to post-closing adjustments, net of cash acquired of $1.4 million.
In July 2022, we acquired 100% of the outstanding equity of Aqualisa for a purchase price of $156.0 million, net of cash acquired of $4.8 million.
The results of Aqualisa are reported as part of the Water segment.
We financed the transaction with borrowings under our existing credit facility.
In January 2022, we acquired 100% of the outstanding equity of Solar Innovations LLC and an affiliated entity (together, "Solar") for a purchase price of $61.6 million, net of cash acquired of $4.8 million.
We financed the transaction using cash on hand and borrowings under our revolving credit facility.
The results of Solar are reported as part of the Outdoors segment.
Cash Flows Below is a summary of cash flows for 2024, 2023, and 2022, including continuing and discontinued operations.
See Note 5, "Discontinued Operations," of the Notes to the consolidated financial statements in Item 8 of this Annual Report on Form 10-K for additional information on cash flows from discontinued operations.
(In millions) 2024 2023 2022 Net cash provided by operating activities $ 667.8 $ 1,055.8 $ 566.3 Net cash used in investing activities (302.9 ) (1,037.8 ) (455.5 ) Net cash (used in) provided by financing activities (363.4 ) (271.3 ) 72.5 Effect of foreign exchange rate changes on cash (11.5 ) 0.5 (11.1 ) Net (decrease) increase in cash, cash equivalents and restricted cash $ (10.0 ) $ (252.8 ) $ 172.2 Net cash provided by operating activities was $667.8 million in 2024, compared to $1,055.8 million in 2023.
The $489.5 million increase in net cash provided by operating activities from 2022 to 2023 was driven by a $702.5 million increase in net cash provided by continuing operations due to an increase in net cash provided by working capital items resulting from initiatives to align working capital with current U.S. home product market activity and expected sales volume.
The $84.2 million settlement of our interest rate swaps in 2023 and increased accrued expenses and other liabilities also contributed to the increase in net cash provided by operating activities.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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