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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-35166
FORTUNE BRANDS INNOVATIONS HOURLY EMPLOYEE RETIREMENT SAVINGS PLAN
1 Horizon Way, Building N, Deerfield, Illinois 60015
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Table of Contents
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Page |
Report of Independent Registered Public Accounting Firm |
1 |
Financial Statements |
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Statements of Net Assets Available For Benefits |
2 |
Statements of Changes in Net Assets Available For Benefits |
3 |
Notes to Financial Statements |
4 |
Schedule H, Line 4i—Schedule of Assets (Held at End of Year) |
13 |
Signature |
14 |
Exhibit Index |
15 |
Exhibit 23.1 Consent of Independent Registered Public Accounting Firm |
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Note: Other supplemental schedules required by the Employee Retirement Income Security Act have been omitted because such supplemental schedules are not applicable to the Fortune Brands Innovations Hourly Employee Retirement Savings Plan.
Report of Independent Registered Public Accounting Firm
To the Fortune Brands Innovations Employee Benefits Committee and Plan Participants of
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
Deerfield, Illinois
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Fortune Brands Innovations Hourly Employee Retirement Savings Plan (the “Plan”) as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ BDO USA, P.C.
We have served as the Plan’s auditor since 2020.
Chicago, Illinois
June 26, 2026
1
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2025 and 2024 (Dollars in thousands)
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2025 |
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2024 |
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Assets |
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Plan’s interest in Fortune Brands Innovations, Inc. |
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Defined Contribution Master Trust |
$ |
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$ |
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Receivables |
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Company contributions |
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Participant contributions |
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Notes receivable from participants |
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Total receivables |
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NET ASSETS AVAILABLE FOR BENEFITS |
$ |
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$ |
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The accompanying notes are an integral part of these statements.
2
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years ended December 31, 2025 and 2024 (Dollars in thousands)
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2025 |
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2024 |
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Additions |
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Change in Plan’s interest in Fortune Brands Innovations, Inc. |
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Defined Contribution Master Trust |
$ |
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$ |
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Interest income on notes receivable from participants |
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Company contributions |
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Participant contributions |
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Rollover contributions |
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Total additions |
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Deductions |
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Benefits paid to participants |
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Administrative expense |
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Total deductions |
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Net increase prior to transfers |
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Transfers from the Plan, net (See Note C) |
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NET INCREASE |
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Net assets available for benefits |
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Beginning of year |
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End of year |
$ |
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$ |
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The accompanying notes are an integral part of these statements.
3
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
NOTE A—DESCRIPTION OF PLAN
The following provides a brief description of the Plan. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
Fortune Brands Innovations, Inc. is a leading home, security and digital products company whose purpose is to elevate every life by transforming spaces into havens (“Fortune Brands”).
Fortune Brands maintains a tax-qualified defined contribution retirement plan covering eligible employees of Fortune Brands and its operating companies named the Fortune Brands Innovations Hourly Employee Retirement Savings Plan (the “Plan”). The name of the Plan was changed from Fortune Brands Home & Security Hourly Employee Retirement Savings Plan following the Fortune Brands’ name change in December 2022. The Plan is designed to encourage and facilitate systematic savings and investment by eligible employees for their retirement. The Plan is maintained by Fortune Brands and is intended to comply with Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and is subject to various provisions of the Code and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Fortune Brands Employee Benefits Committee serves as the Plan’s administrator (“Plan Administrator”).
Fortune Brands and each of its operating companies that participate in the Plan are referred to collectively as the “Companies” and individually as a “Company.” Operating companies that participated in the Plan during the years ended December 31, 2025 and/or 2024 included: Fortune Brands Water Innovations, LLC (“FBWI”); Moen Incorporated (“Moen”); Rohl LLC (“Rohl”); Victoria & Albert Bath LLC (“Victoria & Albert”); Fiber Composites, LLC (“Fiberon”), and the hourly-paid production employees of AEI, LLC and Comfort Bilt, LLC (collectively, “Larson”).
The Plan’s assets are held in the Fortune Brands Innovations, Inc. Defined Contribution Master Trust (the “Master Trust”), along with the assets of the Fortune Brands Innovations Retirement Savings Plan and the remaining assets of the Larson Manufacturing Company Employee Profit Sharing Plan, for investment purposes. The Master Trust investments are administered and held by Fidelity Management Trust Company (the “Trustee” or “Fidelity”).
Contributions
Plan contributions are held by the Trustee and accumulated in individual participant accounts. Pursuant to the terms of the Plan, participants may make tax-deferred contributions and/or Roth 401(k) contributions of up to
4
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
The Plan permits participants to make after-tax contributions, and to elect to automatically make after-tax contributions after reaching the dollar limitation on tax-deferred contributions and/or Roth 401(k) contributions. The sum of tax-deferred contributions, Roth 401(k) contributions and after-tax contributions may not exceed
Participants eligible to make tax-deferred contributions and/or Roth 401(k) contributions may roll over balances from another eligible tax-qualified retirement plan or individual retirement account into the Plan.
Eligible employees who have neither enrolled in the Plan nor affirmatively declined enrollment in the Plan are automatically enrolled and are deemed to have elected to make tax-deferred contributions equal to
In 2025 and 2024, the Companies made a matching contribution (in varying amounts stated in the Plan document) on a participant’s elective contributions. Moen, Rohl and Victoria & Albert made a profit-sharing contribution on behalf of its eligible employees in 2025 and 2024.
The Plan makes various investment funds available to participants to direct the investment of their accounts, including a Company stock fund, which gives participants the option to purchase shares of Fortune Brands Common Stock. The Plan has designated the Fortune Brands Common Stock Fund in the Plan as being held by an employee stock ownership plan.
Participant account balances are maintained to reflect each participant’s beneficial interest in each of the investment funds available under the Plan. Participant account balances are increased by Company and participant contributions (including rollovers) and decreased by the amount of withdrawals and distributions. Income and losses on Plan assets are allocated to participants’ accounts based on the ratio of each participant’s account balance invested in an investment fund to the total of all participants’ account balances invested in that fund as of the preceding valuation date.
Vesting
Participant contributions and earnings on those contributions vest immediately. For all Companies that provide a matching contribution, vesting in the Company matching contribution and earnings on those contributions occurs upon the earliest of the following:
(1) retirement under a Company pension plan or after attainment of age 55 and 5 years of service; (2) death;
(3) termination of employment due to disability; (4) attainment of normal retirement age (generally 65); (5) termination of employment without fault, and (6) after one year of service.
5
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
Vesting in matching contributions made on behalf of Rohl employees prior to August 1, 2017 and earnings on those contributions occurs on the first of the following: (1) attainment of age 59-1/2; (2) termination of employment by reason of disability; (3) death; and (4) completion of five years of vesting service. Vesting in matching contributions made on behalf of Fiberon employees prior to November 1, 2019 and earnings on those contributions occurs on the first of the following: (1) termination of employment by reason of disability; (2) death; and (3) completion of five years of vesting service. Vesting in matching contributions made on behalf of Larson employees occurs on the first of the following (1) attainment of age 55 while employed; (2) termination of employment by reason of disability; (3) death; and (4) completion of six years of vesting service.
Moen, Rohl and Victoria & Albert employees are
Forfeitures
Forfeited non-vested accounts totaled $
Notes Receivable from Participants
A participant may apply for up to two loans of at least $
Each loan bears a rate of interest commensurate with prevailing market rates at the time of issuance. Repayment is made through payroll deductions so that the loan is repaid evenly over the term of the loan.
Distributions and Withdrawals
Benefits are distributed from a participant’s account upon a participant’s death, retirement or other termination of employment and may be payable in cash (generally, in a lump sum or installment payments and in some cases in the form of an annuity) or rolled over (into a traditional or Roth IRA). The Plan also permits in-service withdrawals to be made by participants who are employed by one of the Companies and who have incurred a “hardship” as defined in the Plan, who have attained age 59-1/2, or who are performing qualified military service, as described in the Plan.
NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”).
6
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
Contributions and Contributions Receivable
The contributions are recorded on the accrual method of accounting. Contributions receivable are obligations arising from amounts owed to the Plan that have not been included in the Plan's investments at year end. Employee contributions, and any related Company matching contributions, are recorded when the contributions are withheld from compensation. Profit-sharing are recorded in the period that the related compensation was paid to the participant.
Use of Estimates
The preparation of the Plan’s financial statements in conformity with GAAP requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets available for Plan benefits and the changes in net assets available for Plan benefits and, when applicable, the disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
Investment Valuation
The Plan’s investments are reflected at fair value. Fair value is defined as the price that would be (i) received to sell an asset, or (ii) paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for the asset or liability. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk.
The Plan’s management follows ASC 820, Fair Value Measurements and Disclosures, which established a three-tiered hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The three levels of the fair value hierarchy are as follows:
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including:
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
7
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
Level 3 inputs are unobservable for the asset or liability (including the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability) and significant to the fair value measurement.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The Plan’s interest in the Master Trust at December 31, 2025 and 2024 is presented at fair value, which has been determined based on the fair value of the underlying investments of the Master Trust.
Plan management uses the following methods and significant assumptions to estimate fair value of investments. There have been no changes in the methodologies used at December 31, 2025 and 2024.
The investments held by the Master Trust are valued as follows:
Mutual funds: Valued at the net asset value (“NAV”) of shares held by the plan at year end, which is obtained from an active market.
Collective trust funds: Valued at the NAV of units of each bank collective trust. The NAV is used as a practical expedient to estimate fair value. The NAV, as provided by the Trustee, is based on the fair value of the underlying investments held by the funds less their liabilities. As of December 31, 2025 and 2024, there is no intention to sell or otherwise dispose of the investments in collective trust funds at prices different than their respective NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of a collective trust, the investment advisor generally reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations would be carried out in an orderly business manner.
Common stock: Valued at the closing price reported on the active market on which the security is traded.
Self-directed brokerage accounts: Valued based on the underlying holdings which consist of similar investment types as those investments described above. The valuation is consistent and in accordance with the valuation methods described above.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date.
See Note D – Interest in Master Trust for the investments held in the Master Trust as of December 31, 2025 and 2024, by level within the fair value hierarchy.
8
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan balance is reduced, and a benefit payment is recorded.
Income Recognition
Security transactions are accounted for on the trade-date basis. Dividend income is accrued on the ex- dividend date. Interest income is recorded on the accrual basis. Net realized and unrealized appreciation/depreciation, along with dividend income and interest income (excluding interest income on notes receivables from participants) are recorded in the accompanying statements of changes in net assets available for benefits as change in Plan’s interest in Master Trust. In addition, the Plan permits participants to have their proportional interest in dividends paid on stock held in the Fortune Brands Common Stock Fund either distributed to them in cash or reinvested in that fund.
Benefits Paid to Participants
Distributions and withdrawals are recorded when paid.
Administrative Expenses
Certain investment expenses incurred by the Plan are netted against earnings prior to allocation to participant accounts and are recorded in the accompanying statements of changes in net assets available for benefits as change in Plan’s interest in Fortune Brands Innovations Inc. Defined Contribution Master Trust. Participants’ accounts are directly charged for certain administrative expenses and any remaining expenses incurred are paid directly by the Plan’s suspense account. Expenses that are paid by the Company are excluded from these financial statements.
NOTE C—TRANSFERS TO AND FROM THE PLAN
Transfers between the Plan and the Fortune Brands Innovations Retirement Savings Plan occur due to participant changes in status from hourly to salaried, or vice versa, or transfers between the Companies. Total transfers from the Plan were $
NOTE D—INTEREST IN MASTER TRUST
The investments of the Master Trust are maintained under a trust agreement with the Trustee. The Plan, the Fortune Brands Innovations Retirement Savings Plan, and Larson Plan each have a divided interest in the Master Trust. The value of the Plan’s interest is based on the beginning of the year value of the Plan’s interest in the Master Trust, plus actual contributions and allocated investment income, less actual distributions. Investment income relating to the Master Trust is allocated to the individual plans on a prorated basis.
9
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
The Master Trust’s net assets and the Plan’s interest in the Master Trust’s net assets at December 31, 2025 and 2024 were as follows (in thousands):
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2025 |
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2024 |
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Master Trust |
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Plan’s Interest |
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Master Trust |
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Plan’s Interest |
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Investments, at fair value |
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Mutual funds |
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$ |
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$ |
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$ |
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$ |
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Collective trust funds |
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Common stock |
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Self-directed brokerage accounts |
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Total investments |
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Other receivables |
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Total net assets of the Master Trust |
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$ |
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$ |
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$ |
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$ |
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The net appreciation in fair value of investments, interest income, dividend income and administrative expenses related to the Master Trust for the years ended December 31, 2025 and 2024, were as follows:
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2025 |
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2024 |
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Net appreciation in fair value |
$ |
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$ |
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Interest income |
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Dividend income |
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Master Trust net investment income |
$ |
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$ |
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10
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
The following tables present the Master Trust’s investments by level within the fair value hierarchy as of December 31, 2025 and 2024:
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2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual funds |
$ |
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$ |
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$ |
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$ |
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Common Stock |
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Self-directed brokerage accounts |
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Total investments in the fair value hierarchy |
$ |
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$ |
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$ |
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Investments measured at NAV |
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Collective trust funds (a) |
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Total investments at fair value |
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$ |
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2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Mutual funds |
$ |
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$ |
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$ |
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$ |
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Common Stock |
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Self-directed brokerage accounts |
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Total investments in the fair value hierarchy |
$ |
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$ |
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$ |
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$ |
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Investments measured at NAV |
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Collective trust funds (a) |
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Total investments at fair value |
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$ |
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(a) Certain investments that are measured at fair value using NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits. Redemption from these funds is permitted with 30-days’ notice and for one fund with 12 to 30 months’ notice. There were no unfunded commitments, liquidity or redemption restrictions related to the common/collective trusts. These are all direct filing entities.
NOTE E—RISKS AND UNCERTAINTIES
The Plan provides for various investments in any combination of stocks, mutual funds and collective trust funds. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in market value could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.
11
Fortune Brands Innovations Hourly Employee Retirement Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2025 and 2024
(Amounts in thousands unless otherwise stated)
NOTE F—TAX STATUS
Effective
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing authorities; however, there are currently no audits for any tax periods in progress.
NOTE G—RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
Certain Master Trust investments are managed by Fidelity Investments. Fidelity Investments is an affiliate of the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions that are exempt from prohibited transaction rules. The Master Trust also holds shares of Fortune Brands Common Stock. The Plan’s portion of the Master Trust held
The Plan’s portion of fees paid to Fidelity through the Master Trust for recordkeeping and investment management services totaled $
NOTE H—PLAN TERMINATION
Although they have not expressed any intent to do so, the Companies have the right under the Plan to discontinue contributions at any time. Fortune Brands, as Plan sponsor, has the right to terminate the Plan at any time subject to the provisions of ERISA. In the event of Plan termination, participants will become fully vested in the Company contribution portion of their accounts.
NOTE I—SUBSEQUENT EVENTS
Management of the Plan has evaluated subsequent events through June 26, 2026, which is the date the financial statements were available to be issued.
12
Fortune Brands Innovations Hourly Retirement Savings Plan
EIN: 62-1411546 PN:002
SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2025 (Dollars in thousands)
|
|
(b) (c) |
|
|
|
(e) |
|
|
|
|
Description and identity of issue, |
|
(d) |
|
Current |
|
|
(a) |
|
borrower, lessor or similar party |
|
Cost** |
|
value |
|
|
|
|
Participant loans - |
|
|
|
|
|
|
* |
|
Interest rates ranging from |
|
|
|
$ |
|
|
*Indicates a party-in-interest to the Plan.
**Cost information omitted for investments that are fully participant directed.
13
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
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FORTUNE BRANDS INNOVATIONS HOURLY EMPLOYEE RETIREMENT SAVINGS PLAN |
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|
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June 26, 2026 |
By: |
/s/ Kristin E. Papesh |
|
|
Kristin E. Papesh |
|
|
Employee Benefits Committee of Fortune Brands Innovations, Inc. |
14
EXHIBIT INDEX
Exhibit Number |
|
Description |
23.1 |
|
Consent of Independent Registered Public Accounting Firm |