UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 23, 2025

Masco Corporation

(Exact name of Registrant as Specified in Charter)

Delaware	1-5794	38-1794485
(State or Other Jurisdiction of <br>Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
17450 College Parkway,	Livonia,	Michigan	48152
---	---	---	---
(Address of Principal Executive Offices)			(Zip Code)

(313) 274-7400

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $1.00 par valueMASNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99 is a copy of the press release dated April 23, 2025 reporting Masco Corporation’s financial results for the first quarter 2025 and certain other information and supplemental information prepared for use in connection with the financial results for the first quarter 2025. On April 23, 2025, Masco Corporation will hold an investor conference call and webcast to discuss financial results for the first quarter 2025.

This information, including Exhibit 99 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99 Press Release of Masco Corporation dated April 23, 2025 reporting Masco Corporation’s financial results for the first quarter 2025 and certain other information and supplemental information prepared for use in connection with the financial results for the first quarter 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MASCO CORPORATION
By:	/s/ Richard J. Westenberg
Name:	Richard J. Westenberg
Title:	Vice President, Chief Financial Officer and Treasurer

April 23, 2025

Document

Exhibit 99

MASCO CORPORATION REPORTS FIRST QUARTER 2025 RESULTS

Highlights

•Net sales decreased 6 percent to $1,801 million

•Operating profit margin was 15.9 percent; adjusted operating profit margin was 16.0 percent

•Earnings per share was $0.87

•Repurchased 1.8 million shares for $130 million

•Due to tariff and macroeconomic uncertainty, we are not providing full year 2025 financial guidance at this time

LIVONIA, Mich. (April 23, 2025) - Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its first quarter 2025 results.

2025 First Quarter Results

•On a reported basis, compared to the first quarter 2024:

•Net sales decreased 6 percent to $1,801 million; in local currency and excluding divestitures, net sales decreased 3 percent

◦Plumbing Products’ net sales decreased 1 percent; in local currency net sales increased 1 percent

◦Decorative Architectural Products’ net sales decreased 16 percent; in local currency and excluding divestitures, net sales decreased 8 percent

◦In local currency, North American sales decreased 7 percent and International sales were flat

•Gross margin increased 20 basis points to 35.8 percent from 35.6 percent

•Operating profit decreased 10 percent to $286 million from $318 million

•Operating margin decreased 60 basis points to 15.9 percent from 16.5 percent

•Net income decreased 10 percent to $0.87 per share, compared to $0.97 per share

•Compared to first 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 20 basis points to 35.9 percent from 35.7 percent

•Operating profit decreased 11 percent to $288 million from $322 million

•Operating margin decreased 70 basis points to 16.0 percent from 16.7 percent

•Net income decreased 6 percent to $0.87 per share, compared to $0.93 per share

•Liquidity at the end of the first quarter was $1,246 million (including availability under our revolving credit facility)

“During the first quarter, we delivered solid adjusted operating profit margin of 16.0 percent and adjusted earnings per share of $0.87, and we returned $196 million to shareholders through dividends and share repurchases,” said Masco President and CEO, Keith Allman. “We also experienced significant changes in the geopolitical and macroeconomic environment, including the enactment of new and broad-reaching tariffs. Our experienced teams are actively taking steps in an effort to mitigate these increased costs through pricing actions, cost savings initiatives, and sourcing changes, as we have done in the past.”

“Due to the uncertainty that persists around how these changes will impact demand, pricing, and product costs across our industry, we are not providing full-year financial guidance at this time,” continued Allman. “We are focused on responding rapidly to the shifting economic landscape and believe our market leading brands, service levels, and innovative repair and remodel-oriented product portfolio best position Masco to continue to deliver long-term shareholder value.”

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 first 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 Wednesday, April 23, 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 30320.

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 30320#. The telephone replay will be available approximately two hours after the end of the call and continue through May 23, 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

robin_zondervan@mascohq.com

#

MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three Months Ended March 31, 2025 and 2024

(in millions, except per common share data)


	2025		2024
Net sales	$	1,801	$	1,926
Cost of sales	1,157		1,241
Gross profit	644		685
Selling, general and administrative expenses	358		367
Operating profit	286		318
Other income (expense), net:
Interest expense	(26)		(25)
Other, net	(7)		(5)
	(32)		(30)
Income before income taxes	254		289
Income tax expense	56		60
Net income	198		229
Less: Net income attributable to noncontrolling interest	12		14
Net income attributable to Masco Corporation	$	186	$	215
Income per common share attributable to Masco Corporation (diluted):
Net income	$	0.87	$	0.97
Average diluted common shares outstanding	213		221

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months Ended March 31, 2025 and 2024

(dollars in millions)


	2025			2024
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations
Net sales	$	1,801		$	1,926
Gross profit, as reported	$	644		$	685
Rationalization charges	2			3
Gross profit, as adjusted	$	646		$	688
Gross margin, as reported	35.8		%	35.6		%
Gross margin, as adjusted	35.9		%	35.7		%
Selling, general and administrative expenses, as reported	$	358		$	367
Rationalization charges	1			—
Selling, general and administrative expenses, as adjusted	$	358		$	367
Selling, general and administrative expenses as a percent of net sales, as reported	19.9		%	19.1		%
Selling, general and administrative expenses as a percent of net sales, as adjusted	19.9		%	19.1		%
Operating profit, as reported	$	286		$	318
Rationalization charges	2			3
Operating profit, as adjusted	$	288		$	322
Operating margin, as reported	15.9		%	16.5		%
Operating margin, as adjusted	16.0		%	16.7		%

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months Ended March 31, 2025 and 2024

(in millions, except per common share data)


	2025		2024
Income Per Common Share Reconciliations
Income before income taxes, as reported	$	254	$	289
Rationalization charges	2		3
Realized losses from private equity funds, net	5		—
Income before income taxes, as adjusted	261		292
Tax at 24.5% rate	(64)		(72)
Less: Net income attributable to noncontrolling interest	12		14
Net income, as adjusted	$	184	$	206
Net income per common share, as adjusted	$	0.87	$	0.93
Average diluted common shares outstanding	213		221

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

March 31, 2025 and December 31, 2024

(dollars in millions)

	March 31, 2025		December 31, 2024
Balance Sheet
Assets
Current assets:
Cash and cash investments	$	377	$	634
Receivables	1,258		1,035
Inventories	1,047		938
Prepaid expenses and other	116		123
Total current assets	2,798		2,730
Property and equipment, net	1,133		1,116
Goodwill	605		597
Other intangible assets, net	218		220
Operating lease right-of-use assets	237		231
Other assets	115		123
Total assets	$	5,107	$	5,016
Liabilities
Current liabilities:
Accounts payable	$	868	$	789
Notes payable	133		3
Accrued liabilities	602		767
Total current liabilities	1,603		1,560
Long-term debt	2,945		2,945
Noncurrent operating lease liabilities	228		223
Other liabilities	337		342
Total liabilities	5,113		5,069
Equity	(6)		(53)
Total liabilities and equity	$	5,107	$	5,016
	As of March 31,
---	---	---	---	---	---	---
	2025			2024
Other Financial Data
Working capital days
Receivable days	56			55
Inventory days	82			81
Payable days	69			71
Working capital	$	1,437		$	1,470
Working capital as a % of sales (LTM)	18.7		%	18.6		%

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Three Months Ended March 31, 2025 and 2024

(dollars in millions)

	Three Months Ended March 31,
	2025		2024
Cash Flows From (For) Operating Activities:
Cash provided by operating activities	$	262	$	314
Working capital changes	(419)		(409)
Net cash for operating activities	(158)		(94)
Cash Flows From (For) Financing Activities:
Purchase of Company common stock	(130)		(145)
Cash dividends paid	(66)		(64)
Purchase of redeemable noncontrolling interest	—		(15)
Proceeds from revolving credit borrowings, net	131		49
Proceeds from the exercise of stock options	2		75
Employee withholding taxes paid on stock-based compensation	(8)		(33)
Decrease in debt, net	—		(1)
Net cash for financing activities	(72)		(134)
Cash Flows From (For) Investing Activities:
Capital expenditures	(32)		(31)
Other, net	—		(2)
Net cash for investing activities	(33)		(33)
Effect of exchange rate changes on cash and cash investments	6		(6)
Cash and Cash Investments:
Decrease for the period	(257)		(266)
At January 1	634		634
At March 31	$	377	$	368
	As of March 31,
---	---	---	---	---
	2025		2024
Liquidity
Cash and cash investments	$	377	$	368
Revolver availability	869		951
Total Liquidity	$	1,246	$	1,319

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Segment Data - Unaudited

For the Three Months Ended March 31, 2025 and 2024

(dollars in millions)


	2025			2024			Change
Plumbing Products
Net sales	$	1,185		$	1,192		(1)	%
Operating profit, as reported	$	217		$	226
Operating margin, as reported	18.3		%	19.0		%
Rationalization charges	2			3
Operating profit, as adjusted	219			228
Operating margin, as adjusted	18.5		%	19.1		%
Depreciation and amortization	26			26
EBITDA, as adjusted	$	245		$	255
Decorative Architectural Products
Net sales	$	617		$	734		(16)	%
Operating profit, as reported	$	96		$	124
Operating margin, as reported	15.6		%	16.9		%
Rationalization charges	—			1
Operating profit, as adjusted	96			125
Operating margin, as adjusted	15.6		%	17.0		%
Depreciation and amortization	7			10
EBITDA, as adjusted	$	103		$	134
Total
Net sales	$	1,801		$	1,926		(6)	%
Operating profit, as reported - segment	$	313		$	350
General corporate expense, net	(27)			(31)
Operating profit, as reported	286			318
Operating margin, as reported	15.9		%	16.5		%
Rationalization charges - segment	2			3
Operating profit, as adjusted	288			322
Operating margin, as adjusted	16.0		%	16.7		%
Depreciation and amortization - segment	33			36
Depreciation and amortization - other	2			2
EBITDA, as adjusted	$	322		$	360

Historical information is available on our website.

Amounts may not add due to rounding.