mas-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number: 1-5794

Masco Corporation

(Exact name of Registrant as Specified in its Charter)

Delaware

38-1794485

(State or Other Jurisdiction of
Incorporation or Organization)

(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)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange
On Which Registered

Common Stock, $1.00 par value

MAS

New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Shares Outstanding at June 30, 2026
Common stock, par value $1.00 per share						197,187,430

MASCO CORPORATION

INDEX

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited):

Condensed Consolidated Balance Sheets as of J une 3 0 , 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 3 0 , 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2026 and 2025

Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 3 0 , 2026 and 2025

Notes to Condensed Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

MASCO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

June 30, 2026 and December 31, 2025

(In Millions, Except Share Data)


	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash investments	$	548	$	647

Receivables	1,342		1,028
Inventories	1,060		1,046
Prepaid expenses and other	119		119

Total current assets	3,069		2,840
Property and equipment, net	1,191		1,195
Goodwill	618		623
Other intangible assets, net	194		205
Operating lease right-of-use assets	253		233
Other assets	77		105

Total assets	$	5,401	$	5,201

LIABILITIES
Current liabilities:
Accounts payable	$	890	$	810
Notes payable	2		2
Accrued liabilities	754		761

Total current liabilities	1,646		1,573
Long-term debt	3,245		2,945
Noncurrent operating lease liabilities	246		221
Other liabilities	383		387

Total liabilities	$	5,519	$	5,125

Commitments and contingencies (Note J)


EQUITY
Masco Corporation's shareholders' equity:
Common shares, par value $1 per share Authorized shares: 1,400,000,000; Issued and outstanding: 2026 – 197,200,000; 2025 – 204,300,000	197		204
Preferred shares authorized: 1,000,000; Issued and outstanding: 2026 and 2025 – None	—		—
Paid-in capital	6		—
Retained deficit	(849)		(688)
Accumulated other comprehensive income	280		298
Total Masco Corporation's shareholders' deficit	(365)		(185)
Noncontrolling interest	247		261
Total equity	(118)		76
Total liabilities and equity	$	5,401	$	5,201

See notes to condensed consolidated financial statements.

Amounts may not add due to rounding.

MASCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

For the Three and Six Months Ended June 30, 2026 and 2025

(In Millions, Except Per Common Share Data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net sales	$	1,992	$	2,051	$	3,910	$	3,852
Cost of sales	1,124		1,278		2,356		2,435
Gross profit	868		772		1,553		1,416
Selling, general and administrative expenses	397		361		766		719


Operating profit	470		412		787		698
Other income (expense), net:
Interest expense	(28)		(26)		(54)		(52)
Other, net	(2)		(7)		(2)		(14)
	(30)		(33)		(55)		(66)
Income before income taxes	440		378		731		632
Income tax expense	107		95		170		150
Net income	333		283		561		482


Less: Net income attributable to noncontrolling interest	15		13		30		25
Net income attributable to Masco Corporation	$	318	$	270	$	531	$	456

Income per common share attributable to Masco Corporation:
Basic:


Net income	$	1.60	$	1.29	$	2.64	$	2.16
Diluted:


Net income	$	1.60	$	1.28	$	2.64	$	2.15

See notes to condensed consolidated financial statements.

Amounts may not add due to rounding.

MASCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

For the Three and Six Months Ended June 30, 2026 and 2025

(In Millions)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	333	$	283	$	561	$	482
Less: Net income attributable to noncontrolling interest	15		13		30		25
Net income attributable to Masco Corporation	$	318	$	270	$	531	$	456
Other comprehensive income (loss), net of tax
Currency translation adjustment	$	1	$	77	$	(26)	$	112

Pension and other post-retirement benefits	—		—		1		1

Other comprehensive income (loss), net of tax	1		77		(26)		112
Less: Other comprehensive (loss) income attributable to noncontrolling interest	(1)		16		(8)		25
Other comprehensive income (loss) attributable to Masco Corporation	$	3	$	61	$	(18)	$	88
Total comprehensive income	$	335	$	360	$	536	$	594
Less: Total comprehensive income attributable to noncontrolling interest	14		29		22		50
Total comprehensive income attributable to Masco Corporation	$	321	$	332	$	513	$	544

See notes to condensed consolidated financial statements.

Amounts may not add due to rounding.

MASCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

For the Six Months Ended June 30, 2026 and 2025

(In Millions)


	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES:
Cash provided by operations	$	705	$	606
Increase in receivables	(327)		(271)
Increase in inventories	(22)		(133)
Increase (decrease) in accounts payable and accrued liabilities, net	61		(55)
Net cash from operating activities	417		148

CASH FLOWS FROM (FOR) FINANCING ACTIVITIES:

Purchase of common stock	(592)		(231)
Excise tax paid on the purchase of common stock	(5)		(6)
Cash dividends paid	(129)		(132)

Dividends paid to noncontrolling interest	(13)		(15)

Proceeds from revolving credit borrowings, net	—		46


Proceeds from term loan	300		—


Proceeds from the exercise of stock options	23		2
Employee withholding taxes paid on stock-based compensation	(14)		(8)

Payment of debt	(1)		(1)
Debt financing costs	(3)		—

Net cash for financing activities	(433)		(344)

CASH FLOWS FROM (FOR) INVESTING ACTIVITIES:
Capital expenditures	(77)		(68)










Other, net	(1)		(1)
Net cash for investing activities	(78)		(70)

Effect of exchange rate changes on cash and cash investments	(6)		22

CASH AND CASH INVESTMENTS:
Decrease for the period	(100)		(243)
At January 1	647		634
At June 30	$	548	$	390

See notes to condensed consolidated financial statements.

Amounts may not add due to rounding.

MASCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

For the Three and Six Months Ended June 30, 2026 and 2025

(In Millions, Except Per Common Share Data)


	Total		Common Shares ($1 par value)		Paid-In Capital		Retained (Deficit) Earnings		Accumulated Other Comprehensive Income		Noncontrolling Interest
Balance, January 1, 2025	$	(53)	$	212	$	—	$	(693)	$	201	$	227
Total comprehensive income	234		—		—		186		27		21
Shares issued	2		—		1		—		—		—
Shares retired:
Repurchased	(131)		(2)		(18)		(111)		—		—
Surrendered (non-cash)	(8)		—		—		(8)		—		—
Cash dividends declared	(66)		—		—		(66)		—		—
Stock-based compensation	17		—		17		—		—		—
Balance, March 31, 2025	$	(6)	$	211	$	—	$	(693)	$	228	$	248
Total comprehensive income	360		—		—		270		61		29

Shares retired:
Repurchased	(102)		(2)		(5)		(95)		—		—

Cash dividends declared	(65)		—		—		(65)		—		—
Dividends declared to noncontrolling interest	(42)		—		—		—		—		(42)

Stock-based compensation	5		—		5		—		—		—
Balance, June 30, 2025	$	150	$	209	$	—	$	(583)	$	289	$	234

MASCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Concluded)

For the Three and Six Months Ended June 30, 2026 and 2025

(In Millions, Except Per Common Share Data)


	Total		Common Shares ($1 par value)		Paid-In Capital		Retained (Deficit) Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest
Balance, January 1, 2026	$	76	$	204	$	—	$	(688)	$	298	$	261
Total comprehensive income (loss)	201		—		—		213		(21)		8
Shares issued	15		1		14		—		—		—
Shares retired:
Repurchased	(203)		(3)		(28)		(173)		—		—
Surrendered (non-cash)	(10)		—		—		(10)		—		—
Cash dividends declared	(65)		—		—		(65)		—		—
Stock-based compensation	13		—		13		—		—		—
Balance, March 31, 2026	$	27	$	202	$	—	$	(722)	$	278	$	269
Total comprehensive income	335		—		—		318		3		14
Shares issued	8		—		7		—		—		—
Shares retired:
Repurchased	(393)		(5)		(7)		(382)		—		—

Cash dividends declared	(63)		—		—		(63)		—		—
Dividends declared to noncontrolling interest	(37)		—		—		—		—		(