On this page of StockholderLetter.com we present the latest annual shareholder letter from MASCO CORP /DE/ — ticker symbol MAS. Reading current and past MAS letters to shareholders can bring important insights into the investment thesis.
2025 A N N UA L R E P O RT
hansgrohe AT MASCO, Avalegra AquaUnit Wash Basin and Faucet Combination in Brushed Bronze WE BELIEVE IN DELIVERING BETTER LIVING POSSIBILITIES. Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of products enhances the way consumers all over the world experience and enjoy their living spaces. We believe in better living possibilities for our homes, our environment, and our communities. Across our businesses and geographies, we seek out possibilities to better ourselves, enhance our consumers lives, improve the world around us, and create long-term value for our shareholders.
OUR SEGMENTS BEHR 2026 Color of the Year, Hidden Gem D E C O R AT I V E ARCHITECTURAL PRODUCTS We are a leading supplier of architectural coatings sold for use in the Do-It-Yourself and Pro markets in the United States, Canada and Mexico. This segment primarily includes paints, primers, specialty coatings, stains and waterproo ng products, as well as paint applicators and accessories. This segment also includes shower doors, decorative cabinet and door hardware, and functional hardware. Delta VersaCurl Detangling Shower Tool PLUMBING PRODUCTS We are a leading provider of decorative and functional plumbing products with broad distribution worldwide. Through our premier brands, we offer an array of products, including faucets, showerheads and handheld showers, plumbing valves, bath hardware and accessories, bathing units, shower bases and enclosures, shower drains, steam shower systems, water ltration systems, sinks, kitchen accessories, spas, exercise pools, aquatic tness systems, and saunas. 1
A MESSAGE TO OUR SHAREHOLDERS Despite a dynamic geopolitical and macroeconomic environment for most of the year, Masco delivered solid pro tability in 2025 and remained disciplined on its capital allocation strategy to deliver value to our shareholders. While our net sales declined modestly, our strong cash ow allowed us to return $832 million to shareholders through dividends and share repurchases. Underscoring Masco s resilient business model, strong nancial position and con dence in our future performance, our Board recently authorized a new $2 billion share repurchase program and approved a 3% increase to our dividend for 2026, marking our 13th consecutive annual dividend increase. I m proud of how our team navigated signi cant headwinds in 2025, including tariffs, rising commodity costs, and lower market demand. Importantly, amidst a challenging market, we remained focused on our consumer-driven strategic priorities, which aim to leverage our industry-leading brands, expand commercial capabilities, and enhance operational excellence to drive long-term growth. In addition, we continued to demonstrate the strength of our innovation pipeline achieving a vitality index of approximately 25% and strong channel partnerships. I m pleased to share the following highlights: Brizo SensoriPlus Digital Shower Delta Faucet Company (DFC) demonstrated continued omnichannel excellence in 2025, achieving notable market share gains in the e-commerce channel and receiving The Home Depot Kitchen and Bath Partner 2 of the Year award. The team also continued to deliver meaningful innovation to consumers with the successful launch of several new products across its brand portfolio, including the Delta VersaCurl Detangling Shower Tool and Brizo SensoriPlus digital shower system. The team s relaunch of the Newport Brass brand also yielded strong results year over year, demonstrating progress in serving the luxury consumer. hansgrohe Raindance Alive Shower Hansgrohe gained additional market share in several key markets in 2025 through premium products with industry-leading designs. The team was recognized with two iF Gold Awards for Best of Best Design in the Industry for the Raindance Alive Collection and Avalegra AquaUnit Wash Basin and Faucet Combination. The team also continued to demonstrate its leadership in sustainability, receiving two awards for corporate strategy and production initiatives at the German Sustainability Projects 2025 award ceremony. Behr Paint Company was once again recognized with products rated number one in interior paint, exterior paint, and exterior stain in a third-party study, demonstrating the exceptional quality of our leading BEHR brand. Our continued strategic alignment and partnership with The Home Depot led to our recognition as Supplier of the Year for the paint department in the U.S. and Canada, and, for the rst time, interconnected partner of the year in Mexico. As part of its sustainability efforts, Behr launched BEHR PREMIUM PLUS ECOMIX Plant-Based Paint & Primer, the rst 100% all-acrylic paint and primer
BEHR BEHR PREMIUM PLUS ECOMIX Plant-Based Paint & Primer that meets the 20% minimum threshold of renewable materials set for the interior paints and coatings category by the USDA BioPreferred Program. Furthermore, in partnership with The Home Depot, Behr Paint Company continued to build capabilities to enhance the buying experience for our Pro customers including expanded delivery options, loyalty programs, and a growing sales force which will allow us to further capitalize on the sizable growth opportunity in the Pro paint market. Finnleo Custom Indoor Sauna At Watkins Wellness, the integration of Sauna360 into Watkins existing dealer network generated double-digit sales growth in a market with ongoing opportunities for increased household penetration. In 2025, Watkins also introduced cold plunge products, further expanding its presence in the consumer wellness market. Near the end of 2025, we began taking decisive actions to further position our business for long-term value creation. We 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 accelerated growth moving forward. We also began implementing various restructuring actions to further streamline our business and optimize operations. We anticipate that the savings generated from these actions will fund additional growth initiatives and contribute to future margin expansion. Looking forward, we expect to continue to outperform the market and achieve margin expansion through continued mitigation of higher tariff and commodity costs, cost savings resulting from restructuring actions, and ongoing operational ef ciencies across our business. While we anticipate the global repair and remodel markets to be roughly at in 2026, the fundamentals of our business remain strong. U.S. homeowner equity levels are at a record high, and over half of U.S. homes are now over 40 years old, providing greater demand for home renovation projects. Signi cant pent-up demand for larger renovation projects will be realized as consumer sentiment improves, interest rates decline, and existing home turnover increases. With these strong fundamentals and the actions we are taking to optimize the business, we believe we are well positioned to deliver above-market top and bottom-line growth. It s been an honor to step into the role of President and CEO of an organization with a history of strong performance. I m humbled to follow in the footsteps of great leaders whose vision, dedication, and integrity have shaped the company we are today, and I m committed to carrying forward with the same sense of purpose and responsibility. I want to thank all our employees for their efforts which have made Masco an industry leader. With this dedicated team, I m excited about building on our strengths together, the future of Masco, and the opportunities that lie ahead. Jonathon Nudi President and CEO 3
 • shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/31/2023 MAS Stockholder Letter
 • stockholder letter icon 4/1/2024 MAS Stockholder Letter
 • stockholder letter icon 4/7/2025 MAS Stockholder Letter
 • stockholder letter icon More "Metals Fabrication & Products" Category Stockholder Letters
 • Benford's Law Stocks icon MAS Benford's Law Stock Score = 77


MAS Shareholder/Stockholder Letter Transcript:

2025 A N N UA L R E P O RT

hansgrohe
AT MASCO,
Avalegra AquaUnit Wash Basin
and Faucet Combination in
Brushed Bronze
WE BELIEVE
IN DELIVERING
BETTER LIVING
POSSIBILITIES.
Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building
products. Our portfolio of products enhances the way consumers all over the world experience and enjoy their living spaces.
We believe in better living possibilities   for our homes, our environment, and our communities. Across our businesses and
geographies, we seek out possibilities to better ourselves, enhance our consumers    lives, improve the world around us, and
create long-term value for our shareholders.

OUR SEGMENTS
BEHR  
2026 Color of the Year, Hidden Gem
D E C O R AT I V E
ARCHITECTURAL
PRODUCTS
We are a leading supplier of architectural
coatings sold for use in the Do-It-Yourself and
Pro markets in the United States, Canada
and Mexico. This segment primarily includes
paints, primers, specialty coatings, stains
and waterproo   ng products, as well as paint
applicators and accessories. This segment also
includes shower doors, decorative cabinet and
door hardware, and functional hardware.
Delta  
VersaCurl    Detangling Shower Tool
PLUMBING
PRODUCTS
We are a leading provider of decorative and
functional plumbing products with broad
distribution worldwide. Through our premier
brands, we offer an array of products,
including faucets, showerheads and handheld
showers, plumbing valves, bath hardware
and accessories, bathing units, shower bases
and enclosures, shower drains, steam shower
systems, water    ltration systems, sinks, kitchen
accessories, spas, exercise pools, aquatic
   tness systems, and saunas.
1

A MESSAGE TO OUR SHAREHOLDERS
Despite a dynamic geopolitical and macroeconomic
environment for most of the year, Masco delivered
solid pro   tability in 2025 and remained disciplined on
its capital allocation strategy to deliver value to our
shareholders. While our net sales declined modestly,
our strong cash    ow allowed us to return $832 million to
shareholders through dividends and share repurchases.
Underscoring Masco   s resilient business model,
strong    nancial position and con   dence in our future
performance, our Board recently authorized a new $2
billion share repurchase program and approved a 3%
increase to our dividend for 2026, marking our 13th
consecutive annual dividend increase.
I   m proud of how our team navigated signi   cant
headwinds in 2025, including tariffs, rising commodity
costs, and lower market demand. Importantly, amidst
a challenging market, we remained focused on
our consumer-driven strategic priorities, which aim
to leverage our industry-leading brands, expand
commercial capabilities, and enhance operational
excellence to drive long-term growth. In addition, we
continued to demonstrate the strength of our innovation
pipeline   achieving a vitality index of approximately
25%   and strong channel partnerships. I   m pleased to
share the following highlights:
Brizo  
SensoriPlus    Digital Shower
Delta Faucet Company (DFC) demonstrated continued
omnichannel excellence in 2025, achieving notable
market share gains in the e-commerce channel and
receiving The Home Depot Kitchen and Bath Partner
2
of the Year award. The team also continued to deliver
meaningful innovation to consumers with the successful
launch of several new products across its brand portfolio,
including the Delta   VersaCurl    Detangling Shower Tool
and Brizo   SensoriPlus    digital shower system. The
team   s relaunch of the Newport Brass   brand also yielded
strong results year over year, demonstrating progress in
serving the luxury consumer.
hansgrohe
Raindance Alive Shower
Hansgrohe gained additional market share in several
key markets in 2025 through premium products with
industry-leading designs. The team was recognized
with two iF Gold Awards for Best of Best Design in the
Industry for the Raindance Alive Collection and Avalegra
AquaUnit Wash Basin and Faucet Combination. The
team also continued to demonstrate its leadership in
sustainability, receiving two awards for corporate strategy
and production initiatives at the German Sustainability
Projects 2025 award ceremony.
Behr Paint Company was once again recognized with
products rated number one in interior paint, exterior paint,
and exterior stain in a third-party study, demonstrating
the exceptional quality of our leading BEHR   brand. Our
continued strategic alignment and partnership with The
Home Depot led to our recognition as Supplier of the Year
for the paint department in the U.S. and Canada, and,
for the    rst time, interconnected partner of the year in
Mexico. As part of its sustainability efforts, Behr launched
BEHR PREMIUM PLUS   ECOMIX    Plant-Based Paint &
Primer, the    rst 100% all-acrylic paint and primer

BEHR  
BEHR PREMIUM PLUS   ECOMIX   
Plant-Based Paint & Primer
that meets the 20% minimum threshold of renewable
materials set for the interior paints and coatings
category by the USDA BioPreferred Program.
Furthermore, in partnership with The Home Depot,
Behr Paint Company continued to build capabilities to
enhance the buying experience for our Pro customers   
including expanded delivery options, loyalty programs,
and a growing sales force   which will allow us to further
capitalize on the sizable growth opportunity in the Pro
paint market.
Finnleo  
Custom Indoor Sauna
At Watkins Wellness, the integration of Sauna360 into
Watkins    existing dealer network generated double-digit
sales growth in a market with ongoing opportunities for
increased household penetration. In 2025, Watkins also
introduced cold plunge products, further expanding its
presence in the consumer wellness market.
Near the end of 2025, we began taking decisive actions
to further position our business for long-term value
creation. We 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 accelerated
growth moving forward. We also began implementing
various restructuring actions to further streamline our
business and optimize operations. We anticipate that
the savings generated from these actions will fund
additional growth initiatives and contribute to future
margin expansion.
Looking forward, we expect to continue to outperform
the market and achieve margin expansion through
continued mitigation of higher tariff and commodity
costs, cost savings resulting from restructuring
actions, and ongoing operational ef   ciencies across
our business. While we anticipate the global repair
and remodel markets to be roughly    at in 2026, the
fundamentals of our business remain strong. U.S.
homeowner equity levels are at a record high, and
over half of U.S. homes are now over 40 years old,
providing greater demand for home renovation projects.
Signi   cant pent-up demand for larger renovation
projects will be realized as consumer sentiment
improves, interest rates decline, and existing home
turnover increases. With these strong fundamentals and
the actions we are taking to optimize the business, we
believe we are well positioned to deliver above-market
top and bottom-line growth.
It   s been an honor to step into the role of President
and CEO of an organization with a history of strong
performance. I   m humbled to follow in the footsteps of
great leaders whose vision, dedication, and integrity
have shaped the company we are today, and I   m
committed to carrying forward with the same sense
of purpose and responsibility. I want to thank all our
employees for their efforts which have made Masco an
industry leader. With this dedicated team, I   m excited
about building on our strengths together, the future of
Masco, and the opportunities that lie ahead.
Jonathon Nudi
President and CEO
3


shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 

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