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 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 currencyPlumbing Products’ net sales increased 5 percent; in local currency net sales increased 3 percentDecorative Architectural Products’ net sales decreased 15 percentIn local currency, North American sales decreased 5 percent and International sales increased 1 percentGross margin decreased 80 basis points to 33.9 percent from 34.7 percentOperating profit decreased 14 percent to $248 million from $290 millionOperating margin decreased 210 basis points to 13.8 percent from 15.9 percentNet income decreased 6 percent to $0.80 per share, compared to $0.85 per shareCompared 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 percentOperating profit decreased 11 percent to $259 million from $291 millionOperating margin decreased 150 basis points to 14.4 percent from 15.9 percentNet income decreased 8 percent to $0.82 per share, compared to $0.89 per shareLiquidity 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 percentPlumbing Products’ net sales increased 3 percent; in local currency net sales increased 2 percentDecorative Architectural Products’ net sales decreased 14 percent; in local currency and excluding divestitures, net sales decreased 8 percentIn local currency, North American sales decreased 5 percent and International sales increased 1 percentGross margin decreased 80 basis points to 35.4 percent from 36.2 percentOperating profit decreased 8 percent to $1,248 million from $1,363 millionOperating margin decreased 90 basis points to 16.5 percent from 17.4 percentNet income increased 3 percent to $3.86 per share, compared to $3.76 per shareCompared 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 percentOperating profit decreased 7 percent to $1,272 million from $1,372 millionOperating margin decreased 70 basis points to 16.8 percent from 17.5 percentNet 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. 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. 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, 2025 2024 2025 2024 Net sales $ 1,793 $ 1,828 $ 7,562 $ 7,828 Cost of sales 1,186 1,192 4,883 4,997 Gross profit 607 635 2,679 2,831 Selling, general and administrative expenses 354 346 1,426 1,468 Impairment charge for other intangible assets 5 — 5 — Operating profit 248 290 1,248 1,363 Other income (expense), net: Interest expense (24 ) (24 ) (101 ) (99 ) Other, net 4 (8 ) (12 ) (103 ) (21 ) (32 ) (114 ) (202 ) Income before income taxes 227 258 1,135 1,161 Income tax expense 51 65 277 287 Net income 176 193 858 874 Less: Net income attributable to noncontrolling interest 11 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 outstanding 207 215 210 219 Historical information is available on our website. Amounts may not add due to rounding. 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, 2025 2024 2025 2024 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 reported 33.9 % 34.7 % 35.4 % 36.2 % Gross margin, as adjusted 33.7 % 34.8 % 35.5 % 36.3 % Selling, general and administrative expenses, as reported $ 354 $ 346 $ 1,426 $ 1,468 Rationalization charges 8 — 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 reported 19.7 % 18.9 % 18.9 % 18.8 % Selling, general and administrative expenses as a percent of net sales, as adjusted 19.3 % 18.9 % 18.7 % 18.7 % Operating profit, as reported $ 248 $ 290 $ 1,248 $ 1,363 Rationalization charges 6 1 19 9 Impairment charge for other intangible assets 5 — 5 — Operating profit, as adjusted $ 259 $ 291 $ 1,272 $ 1,372 Operating margin, as reported 13.8 % 15.9 % 16.5 % 17.4 % Operating margin, as adjusted 14.4 % 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. 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, 2025 2024 2025 2024 Income Per Common Share Reconciliations Income before income taxes, as reported $ 227 $ 258 $ 1,135 $ 1,161 Rationalization charges 6 1 19 9 Impairment charge for other intangible assets 5 — 5 — Loss on sale of business (1) — 8 — 88 Realized losses (gains) from private equity funds, net — — 4 (1 ) Income before income taxes, as adjusted 238 267 1,163 1,257 Tax at 24.5% rate (58 ) (65 ) (285 ) (308 ) Less: Net income attributable to noncontrolling interest 11 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 outstanding 207 215 210 219 (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 End High 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. MASCO CORPORATION Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited December 31, 2025 and 2024 (dollars in millions) December 31, 2025 December 31, 2024 Balance Sheet Assets Current assets: Cash and cash investments $ 647 $ 634 Receivables 1,028 1,035 Inventories 1,046 938 Prepaid expenses and other 119 123 Total current assets 2,840 2,730 Property and equipment, net 1,195 1,116 Goodwill 623 597 Other intangible assets, net 205 220 Operating lease right-of-use assets 233 231 Other assets 105 123 Total assets $ 5,201 $ 5,016 Liabilities Current liabilities: Accounts payable $ 810 $ 789 Notes payable 2 3 Accrued liabilities 761 767 Total current liabilities 1,573 1,560 Long-term debt 2,945 2,945 Noncurrent operating lease liabilities 221 223 Other liabilities 387 342 Total liabilities 5,125 5,069 Equity 76 (53 ) Total liabilities and equity $ 5,201 $ 5,016 As of December 31, 2025 2024 Other Financial Data Working capital days Receivable days 51 51 Inventory days 83 72 Payable days 70 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. 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, 2025 2024 Cash Flows From (For) Operating Activities: Cash provided by operating activities $ 1,098 $ 1,205 Working capital changes (76 ) (130 ) Net cash from operating activities 1,022 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 options 6 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 investments 25 (9 ) Cash and Cash Investments: Increase (decrease) for the year 14 (1 ) At January 1 634 634 At December 31 $ 647 $ 634 As of December 31, 2025 2024 Liquidity Cash and cash investments $ 647 $ 634 Revolver availability 1,000 1,000 Total Liquidity $ 1,647 $ 1,634 Historical information is available on our website. Amounts may not add due to rounding. 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, 2025 2024 Change 2025 2024 Change 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 reported 16.6 % 16.7 % 17.9 % 18.8 % Rationalization (income) charges (3 ) 1 9 9 Accelerated depreciation related to rationalization activity — — 1 — Operating profit, as adjusted 204 200 904 920 Operating margin, as adjusted 16.3 % 16.8 % 18.1 % 19.0 % Depreciation and amortization 30 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 reported 11.4 % 17.7 % 17.2 % 18.5 % Rationalization charges 8 — 9 1 Impairment charge for other intangible assets 5 — 5 — Operating profit, as adjusted 76 113 457 550 Operating margin, as adjusted 13.9 % 17.7 % 17.8 % 18.5 % Depreciation and amortization 8 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 reported 248 290 1,248 1,363 Operating margin, as reported 13.8 % 15.9 % 16.5 % 17.4 % Rationalization charges - segment 6 1 18 9 Accelerated depreciation related to rationalization activity - segment — — 1 — Impairment charge for other intangible assets 5 — 5 — Operating profit, as adjusted 259 291 1,272 1,372 Operating margin, as adjusted 14.4 % 15.9 % 16.8 % 17.5 % Depreciation and amortization - segment 38 35 140 143 Depreciation and amortization - other 2 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. 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 reported 17.9 % 17.4 % 18.8 % 18.7 % Rationalization charges 9 1 10 9 — 9 Accelerated depreciation related to rationalization activity 1 — 1 — — — Operating profit, as adjusted $ 904 $ 13 $ 917 $ 920 $ 43 $ 962 Operating margin, as adjusted 18.1 % 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 reported 17.2 % 18.3 % 18.5 % 18.7 % Rationalization charges 9 (1 ) 8 1 — 1 Impairment charge for other intangible assets 5 — 5 — — — Operating profit, as adjusted $ 457 $ (13 ) $ 444 $ 550 $ (43 ) $ 507 Operating margin, as adjusted 17.8 % 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 reported 1,248 — 1,248 1,363 — 1,363 Operating margin, as reported 16.5 % 16.5 % 17.4 % 17.4 % Rationalization charges - segment 18 — 18 9 — 9 Accelerated depreciation related to rationalization activity - segment 1 — 1 — — — Impairment charge for other intangible assets 5 — 5 — — — Operating profit, as adjusted $ 1,272 $ — $ 1,272 $ 1,372 $ — $ 1,372 Operating margin, as adjusted 16.8 % 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. 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 Reported Adjustment (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 reported 18.3 % 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 adjusted 18.5 % 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 reported 15.6 % 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 reported 286 — 286 412 — 412 Operating margin, as reported 15.9 % 15.9 % 20.1 % 20.1 % Rationalization charges - segment 2 — 2 2 — 2 Operating profit, as adjusted $ 288 $ — $ 288 $ 413 $ — $ 413 Operating margin, as adjusted 16.0 % 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. 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, 2025 Three 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 reported 15.7 % 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 adjusted 16.4 % 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 reported 19.1 % 20.3 % 11.4 % 13.8 % Rationalization charges 1 (1 ) — 8 — 8 Impairment charge for other intangible assets — — — 5 — 5 Operating profit, as adjusted $ 128 $ (1 ) $ 127 $ 76 $ 5 $ 81 Operating margin, as adjusted 19.1 % 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 reported 303 — 303 248 — 248 Operating margin, as reported 15.8 % 15.8 % 13.8 % 13.8 % Rationalization charges - segment 8 — 8 6 — 6 Impairment charge for other intangible assets — — — 5 — 5 Operating profit, as adjusted $ 312 $ — $ 312 $ 259 $ — $ 259 Operating margin, as adjusted 16.3 % 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. Source: Masco Corporation