Steelcase reported QQ3 2025 results featuring 3% organic revenue growth driven by the Americas, with a solid gross margin expansion contributing to profitability despite International softness. Management highlighted ongoing transformation initiatives, including a Europe/Asia restructuring, a major ERP implementation targeted for go-live in fiscal 2026, and a strategic pivot toward growth levers such as healthcare diversification and circularity solutions. The quarter also showcased meaningful progress in order trends within the Americas and early positive indicators in China, while International markets continued to face headwinds from discounting and slower demand. Management remains confident in finishing fiscal 2025 above the top end of prior guidance and outlined a cautious, but constructive path toward mid-single-digit organic revenue growth in fiscal 2026, tempered by a lower initial margin profile as ERP costs normalize and as transformation investments transition from capitalization to expense. Key takeaways for investors include: (i) a resilient, margin-friendly Americas business and market share gains, (ii) continued investment in a multi-year ERP and process simplification program, (iii) growth opportunities in healthcare and circularity offerings, and (iv) ongoing international inflationary/discounting pressures and supply-chain risks to monitor.