HNI is a manufacturer operating two businesses: workplace furnishings and residential hearth products. Workplace furnishings (~76% of revenue) is the larger segment, where HNI designs and sells office furniture — desks, seating, panels, tables, and storage — under a broad portfolio of brands. HNI serves two distinct channels: the contract channel (large corporations, government, healthcare, education, and hospitality), where customers work with architects and designers on complex, custom office layouts; and the SMB channel, where smaller businesses buy furniture based on price, quality, and delivery speed through dealer and distributor networks. The December 2025 acquisition of Steelcase for $1.9B significantly expanded HNI's scale and deepened its position in the premium contract market, with pro forma combined revenue exceeding $5.8B. HNI targets $120M in cost synergies from the deal. The residential building products segment (~24% of revenue) makes gas, wood, electric, and pellet-fueled fireplaces, stoves, and inserts under brands including Heat & Glo, Heatilator, Harman, and Vermont Castings. HNI sells these through independent dealers, distributors, and its own Fireside Hearth & Home retail and installation chain. Revenue splits between new construction and remodel & retrofit (R&R), with R&R tending to be more resilient. This segment runs at mid-to-high-teens operating margins. HNI's broader strategy focuses on margin expansion through lean manufacturing, network optimization, and acquisition synergies.