On this page of StockholderLetter.com we present the latest annual shareholder letter from Fortune Brands Innovations, Inc. — ticker symbol FBIN. Reading current and past FBIN letters to shareholders can bring important insights into the investment thesis.
Investing NOW for the FUTURE 2024 ANNUAL REPORT
FORTUNE BRANDS INNOVATIONS Fortune Brands Innovations, Inc. (NYSE: FBIN) is an industry-leading innovation company whose purpose is to Elevate Every Life by Transforming Spaces into Havens. The Company is focused on exciting, supercharged growth opportunities within the home, security and commercial building markets. * In this annual report, all data presented is from continuing operations for Fortune Brands Innovations, Inc., and all references to earnings per share, operating income, operating margin and EBITDA are on a before charges/gains basis, unless noted otherwise. Reconciliations of non-GAAP measures are presented on pages 96 101. Certain forward-looking statements included in this report are made within the meaning of the Private Securities Litigation Reform Act of 1995. Read more about these forward-looking statements on page 101.
Letter to SHAREHOLDERS 2024 Performance Overview In 2024, we delivered solid margin progress across our portfolio and generated impressive free cash flow. We saw market outperformance in areas of our core products portfolio. Our integrated and scaled digital business, along with milestone partnerships in digital water, contributed to our digital momentum, which included an acceleration of our digital water sales. These achievements were made while continuing to strategically invest in brand-building, innovation, and our ongoing digital transformation. Nicholas I. Fink Chief Executive Officer Dear Shareholders: I am proud of the progress we made in 2024 amidst a dynamic environment to unlock our long-term growth potential. We continued to focus our portfolio on the highest growth and most profitable opportunities within our categories, further aligned the Company to better support our business-unit led organization and drive growth, invested behind our key strategic initiatives and united our associates behind a new, visionary purpose: We Elevate Every Life by Transforming Spaces into Havens. Last year was a transformative one for Fortune Brands Innovations, as we further sharpened our focus on leading brands, innovation, and channel relationships. A testament to this progress is our recent inclusion in The Wall Street Journal s Top 250 Best-Managed Companies List of 2024, a reflection of the tenacity and innovation of our team and the strides we have made as a company. We believe the groundwork laid in 2024 positions us for long-term growth, and I am confident of our bright future. We continued to focus our portfolio on the highest growth and most profitable opportunities within our categories, further aligned the Company to better support our business-unit led organization and drive growth, invested behind our key strategic initiatives and united our associates behind a new, visionary purpose: We Elevate Every Life by Transforming Spaces into Havens. FINANCIAL HIGHLIGHTS* 12/28/2024 Total Net Sales $4.6 billion Earnings Per Share** $4.12 Operating Income** $781 million Operating Margin** 16.9% EBITDA** $956 million ** Includes corporate SG&A. FORTUNE BRANDS / 1
CAPITAL PERFORMANCE* Water Innovations Our brand survey work indicates that our Moen brand remains the most trusted kitchen and bath faucet brand in North America, and we saw exciting gains for our Moen Flo Smart Water Leak detection solution. The House of Rohl portfolio, which now includes Emtek, performed well and is resonating with luxury consumers and designers. We increased this segment s capacity by opening two new sites in 2024. 12/28/2024 Cash $381 million Debt-to-Capital** 52.5% Debt $2,673 million Market Capitalization $8.56 billion ** Debt-to-Capital represents gross debt (both short term and long term) divided by the sum of gross debt plus stockholders' equity. WATER INNOVATIONS FINANCIAL HIGHLIGHTS* Net sales were $2.6 billion Operating income was $604 million Operating margin was 23.5% Our achievements are driven by our enhanced structure that fuels our future, and with the dedication of our exceptional teams, who are committed to creating smarter, safer, and more beautiful homes and lives. Outdoors The Outdoors segment had a solid performance in 2024, driven by our strong relationships with big builders and the introduction of new product innovations. We focused on expanding our distribution channels and continued to drive innovation across our leading brands, resulting in solid sales and operating margin performance amidst a challenging market environment. OUTDOORS FINANCIAL HIGHLIGHTS* Net sales were $1.4 billion Operating income was $218 million Operating margin was 16.1% ACCELERATING GROWTH IN DIGITAL AND GROWING THE CORE 2 / FORTUNE BRANDS
SALES BY COUNTRY Security Our Security business faced challenges in 2024, but despite these setbacks, the segment made progress with new marketing and product initiatives and leadership. We also acquired a stake in a connected lockout tagout software platform to enhance our leadership in this emerging space, and we are rolling out our new Master Lock cLOTO solution. Yale continues to build partnerships which we expect will help to accelerate our growth. SECURITY FINANCIAL HIGHLIGHTS* United States Canada China EU/UK Rest of World 83% 7% 5% 3% 2% NORTH AMERICAN HOUSING MARKET BY CHANNEL Net sales were $694 million Operating income was $112 million Operating margin was 16.1% Investing for the Future As we look to 2025, we will continue to invest for the future and remain focused on driving abovemarket performance empowered by our strength in leading brands, innovative products, strong channel relationships, and digital transformation initiatives. We remain focused on sustainably growing margins, expanding cash generation, and strategically deploying our capital in impactful ways. R&R Single-Family New Construction Multifamily New Construction 66% 23% 11% Our achievements are driven by our enhanced structure that fuels our future, and with the dedication of our exceptional teams, who are committed to creating smarter, safer, and more beautiful homes and lives. I am confident that Fortune Brands is wellpositioned to achieve sustained growth and value creation in the years ahead. Regards, 2024 DIGITAL SALES $200+ million Nicholas I. Fink Chief Executive Officer February 25, 2025 Company data for the year ended December 28, 2024. FORTUNE BRANDS / 3
 • shareholder letter icon 3/31/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/30/2023 FBIN Stockholder Letter
 • stockholder letter icon 3/22/2024 FBIN Stockholder Letter
 • stockholder letter icon More "Consumer Goods" Category Stockholder Letters
 • Benford's Law Stocks icon FBIN Benford's Law Stock Score = 74


FBIN Shareholder/Stockholder Letter Transcript:

Investing
NOW
for the
FUTURE
2024 ANNUAL REPORT

FORTUNE BRANDS
INNOVATIONS
Fortune Brands Innovations, Inc. (NYSE: FBIN) is an
industry-leading innovation company whose purpose
is to Elevate Every Life by Transforming Spaces
into Havens. The Company is focused on exciting,
supercharged growth opportunities within the home,
security and commercial building markets.
* In this annual report, all data presented is from continuing operations for Fortune Brands Innovations, Inc., and all references
to earnings per share, operating income, operating margin and EBITDA are on a before charges/gains basis, unless noted
otherwise. Reconciliations of non-GAAP measures are presented on pages 96   101. Certain forward-looking statements
included in this report are made within the meaning of the Private Securities Litigation Reform Act of 1995. Read more about
these forward-looking statements on page 101.

Letter to SHAREHOLDERS
2024 Performance Overview
In 2024, we delivered solid margin progress across
our portfolio and generated impressive free cash flow.
We saw market outperformance in areas of our core
products portfolio. Our integrated and scaled digital
business, along with milestone partnerships in digital
water, contributed to our digital momentum, which
included an acceleration of our digital water sales.
These achievements were made while continuing to
strategically invest in brand-building, innovation, and
our ongoing digital transformation.
Nicholas I. Fink
Chief Executive Officer
Dear Shareholders:
I am proud of the progress we made in 2024 amidst a
dynamic environment to unlock our long-term growth
potential. We continued to focus our portfolio on the
highest growth and most profitable opportunities
within our categories, further aligned the Company
to better support our business-unit led organization
and drive growth, invested behind our key strategic
initiatives and united our associates behind a
new, visionary purpose: We Elevate Every Life by
Transforming Spaces into Havens.
Last year was a transformative one for Fortune Brands
Innovations, as we further sharpened our focus on
leading brands, innovation, and channel relationships.
A testament to this progress is our recent inclusion
in The Wall Street Journal   s Top 250 Best-Managed
Companies List of 2024, a reflection of the tenacity
and innovation of our team and the strides we have
made as a company.
We believe the groundwork laid in 2024 positions
us for long-term growth, and I am confident of our
bright future.
   We continued to focus our
portfolio on the highest growth
and most profitable opportunities
within our categories, further
aligned the Company to better
support our business-unit led
organization and drive growth,
invested behind our key strategic
initiatives and united our
associates behind a new, visionary
purpose: We Elevate Every Life by
Transforming Spaces into Havens.   
FINANCIAL HIGHLIGHTS*
12/28/2024
Total Net Sales
$4.6 billion
Earnings Per Share**
$4.12
Operating Income**
$781 million
Operating Margin**
16.9%
EBITDA**
$956 million
** Includes corporate SG&A.
FORTUNE BRANDS /
1

CAPITAL PERFORMANCE*
Water Innovations
Our brand survey work indicates that our Moen
brand remains the most trusted kitchen and bath
faucet brand in North America, and we saw exciting
gains for our Moen Flo Smart Water Leak detection
solution. The House of Rohl portfolio, which now
includes Emtek, performed well and is resonating with
luxury consumers and designers. We increased this
segment   s capacity by opening two new sites in 2024.
12/28/2024
Cash
$381 million
Debt-to-Capital**
52.5%
Debt
$2,673 million
Market Capitalization
$8.56 billion
** Debt-to-Capital represents gross debt (both short
term and long term) divided by the sum of gross
debt plus stockholders' equity.
WATER INNOVATIONS FINANCIAL HIGHLIGHTS*
    Net sales were $2.6 billion
    Operating income was $604 million
    Operating margin was 23.5%
   Our achievements are driven
by our enhanced structure that
fuels our future, and with the
dedication of our exceptional
teams, who are committed to
creating smarter, safer, and more
beautiful homes and lives.   
Outdoors
The Outdoors segment had a solid performance
in 2024, driven by our strong relationships with
big builders and the introduction of new product
innovations. We focused on expanding our distribution
channels and continued to drive innovation across
our leading brands, resulting in solid sales and
operating margin performance amidst a challenging
market environment.
OUTDOORS FINANCIAL HIGHLIGHTS*
    Net sales were $1.4 billion
    Operating income was $218 million
    Operating margin was 16.1%
ACCELERATING GROWTH IN DIGITAL AND GROWING THE CORE
2
/ FORTUNE BRANDS

SALES BY COUNTRY
Security
Our Security business faced challenges in 2024, but
despite these setbacks, the segment made progress
with new marketing and product initiatives and
leadership. We also acquired a stake in a connected
lockout tagout software platform to enhance our
leadership in this emerging space, and we are rolling
out our new Master Lock cLOTO solution. Yale
continues to build partnerships which we expect will
help to accelerate our growth.
SECURITY FINANCIAL HIGHLIGHTS*
United States
Canada
China
EU/UK
Rest of World
83%
7%
5%
3%
2%
NORTH AMERICAN HOUSING
MARKET BY CHANNEL
    Net sales were $694 million
    Operating income was $112 million
    Operating margin was 16.1%
Investing for the Future
As we look to 2025, we will continue to invest for
the future and remain focused on driving abovemarket performance empowered by our strength in
leading brands, innovative products, strong channel
relationships, and digital transformation initiatives.
We remain focused on sustainably growing margins,
expanding cash generation, and strategically deploying
our capital in impactful ways.
R&R
Single-Family New Construction
Multifamily New Construction
66%
23%
11%
Our achievements are driven by our enhanced
structure that fuels our future, and with the dedication
of our exceptional teams, who are committed to
creating smarter, safer, and more beautiful homes
and lives. I am confident that Fortune Brands is wellpositioned to achieve sustained growth and value
creation in the years ahead.
Regards,
2024 DIGITAL SALES
$200+ million
Nicholas I. Fink
Chief Executive Officer
February 25, 2025
Company data for the year ended
December 28, 2024.
FORTUNE BRANDS /
3



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