马斯可木业 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. Yes☐No☑ Indicate by check mark whether the Registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirementsfor the past 90days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation 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☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" inRule 12b-2 of the Exchange Act. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the Registrant's Common Stock held by non-affiliates of the Registrant on June30, 2025 (based on the closing sale price of$64.36 of the Registrant's Common Stock, as reported by the New York Stock Exchange on such date) was approximately $13,438,348,177. Number of shares outstanding of the Registrant's Common Stock at January31, 2026: DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's definitive Proxy Statement to be filed for its 2026 Annual Meeting of Stockholders are incorporated by reference into PartIII of thisForm10-K. TABLE OF CONTENTS PART I 1.Business1A.Risk Factors1B.Unresolved Staff Comments1C.Cybersecurity2.Properties3.Legal Proceedings4.Mine Safety Disclosures PART II 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities6.[Reserved]7.Management's Discussion and Analysis of Financial Condition and Results of Operations7A.Quantitative and Qualitative Disclosures About Market Risk8.Financial Statements and Supplementary Data9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure9A.Controls and Procedures9B.Other Information9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 10.Directors, Executive Officers and Corporate Governance 11.Executive Compensation 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 13.Certain Relationships and Related Transactions, and Director Independence 14.Principal Accountant Fees and Services PART IV Cautionary Statement Concerning Forward-Looking Statements This Report contains statements that reflect our views about our future performance and constitute "forward-lookingstatements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by wordssuch as "outlook," "believe," "anticipate," "appear," "may," "will," "should," "intend," "plan," "estimate," "expect," "assume,""seek," "forecast," and similar references to future periods. Our views about future performance involve risks and uncertainties Our future performance may be affected by the levels of residential repair and remodel activity, and to a lesser extent, newhome construction, our ability to maintain our strong brands, to develop innovative products and respond to changingconsumer purchasing practices and preferences, our ability to maintain our public image and reputation, our ability to maintainour competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependenceon suppliers and service providers, extreme weather events and changes in climate, risks associated with our international These and other factors are discussed in detail in Item 1A. "Risk Factors" of this Report. Any forward-looking statementmade by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differmay emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake noobligation to update publicly any forward-looking statements as a result of new information, future events or otherwise. PART I Item 1. Business. Masco Corporation and its subsidiaries (the “Company”) is a global leader in the design, manufacture and distribution ofbranded home improvement and building products. Our portfolio of industry-leading brands includes BEHR® paint; DELTA®and HANSGROHE® faucets, bath and shower fixtures; LIBERTY® branded decorative and funct