Mueller Industries, Inc. Reports Third Quarter 2026 Earnings

Higher unit volumes and material-cost price adjustments contributed to sales growth, while acquisition accounting added $9.4 million in charges.

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COLLIERVILLE, Tenn.--(BUSINESS WIRE)-- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2026. Comparisons are to the third quarter of 2025.

• Net Sales increased to $1.42 billion versus $1.08 billion.
• Net Income increased to $221.2 million versus $208.1 million.
• Operating Income increased to $281.6 million versus $276.1 million.
• Diluted EPS* increased to $1.00 versus $0.94.
• Dividends per share* increased to $.175 versus $.125.

* Diluted EPS and dividends per share have been adjusted to reflect the two-for-one stock split that took effect on 6/30/2026.

Third Quarter Financial and Operating Highlights:

• COMEX copper averaged $6.48 per pound during the quarter, a 34.2 percent increase over the prior year period.
• Unit volume growth across most of our businesses, combined with price adjustments related to the rise in material costs, contributed to the increase in net sales.
• The results include $9.4 million in charges related to purchase accounting for recent acquisitions.
• Net cash generated from operations was $337.0 million, raising our cash and short-term investments at quarter end to $1.48 billion.
• During the quarter, we purchased 3.2 million shares of our common stock for a total of $201.9 million. Year-to-date, we have purchased 4.5 million shares.
• Our current ratio remains strong at 4.4 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “For the ninth consecutive quarter, we delivered year over year earnings growth driven by stronger performance across all three of our business segments. Throughout the quarter, demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. These results are particularly noteworthy given the protracted decline in the residential construction market. Our team has done an excellent job adjusting to shifts in demand and mix, as well as managing price relative to cost escalation.”

Regarding the outlook, he added “As we approach the finish line for 2026 and look ahead, we remain optimistic as we execute on our key strategic priorities. These include investments in our North American manufacturing operations to reduce costs and reshore production to support shifting demand, along with initiatives to increase our product offerings and expand distribution capabilities across multiple business segments. These actions will keep us well-positioned to capitalize on opportunities when residential building construction recovers in the U.S. and global economic conditions improve.”

Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; electrical transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.

*********************

Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,” “appear,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
		For the Quarter Ended								For the Nine Months Ended
(In thousands, except per share data)		September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025
Net sales		$	1,418,598			$	1,077,824			$	4,039,526			$	3,216,162
Cost of goods sold			1,057,156				738,148				2,924,294				2,251,527
Depreciation and amortization			21,173				16,607				55,160				51,635
Selling, general, and administrative expense			63,048				61,657				197,683				192,238
(Gain) loss on disposal of assets, net			—				(11,852	)			1,720				(26,654	)
Gain on sale of business			—				—				(41,407	)			—
Asset impairments			—				2,018				2,653				2,018
Gain on insurance proceeds			(4,352	)			(4,869	)			(4,352	)			(41,147	)
Operating income			281,573				276,115				903,775				786,545
Interest expense			(136	)			(6	)			(270	)			(48	)
Interest income			12,002				10,822				34,850				28,945
Unrealized gains (losses) on short-term investments			5,859				(2,277	)			10,367				5,925
Pension plan termination expense			—				(4,830	)			—				(4,830	)
Other (expense) income, net			(62	)			627				(2,421	)			(423	)
Income before income taxes			299,236				280,451				946,301				816,114
Income tax expense			(76,607	)			(73,904	)			(239,031	)			(204,236	)
Income from unconsolidated affiliates, net of foreign tax			1,688				3,701				8,723				6,140
Consolidated net income			224,317				210,248				715,993				618,018
Net income attributable to noncontrolling interests			(3,117	)			(2,125	)			(6,120	)			(6,539	)
Net income attributable to Mueller Industries, Inc.		$	221,200			$	208,123			$	709,873			$	611,479
Weighted average shares for basic earnings per share (1)			216,988				218,228				217,530				219,066
Effect of dilutive stock-based awards (1)			3,129				3,632				3,513				4,230
Adjusted weighted average shares for diluted earnings per share (1)			220,117				221,860				221,043				223,296
Basic earnings per share (1)		$	1.02			$	0.95			$	3.26			$	2.79
Diluted earnings per share (1)		$	1.00			$	0.94			$	3.21			$	2.74
Dividends per share (1)		$	0.175			$	0.125			$	0.525			$	0.375
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
		For the Quarter Ended								For the Nine Months Ended
(In thousands)		September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025
Summary Segment Data:
Net sales:
Piping Systems Segment		$	890,610			$	718,404			$	2,597,713			$	2,101,562
Industrial Metals Segment			409,377				248,939				1,085,652				771,450
Climate Segment			142,827				126,665				411,544				387,287
Elimination of intersegment sales			(24,216	)			(16,184	)			(55,383	)			(44,137	)
Net sales		$	1,418,598			$	1,077,824			$	4,039,526			$	3,216,162
Operating income:
Piping Systems Segment		$	225,260			$	216,159			$	690,616			$	624,619
Industrial Metals Segment			33,713				30,928				120,771				91,622
Climate Segment			46,270				38,900				122,232				117,152
Unallocated expenses			(23,670	)			(9,872	)			(29,844	)			(46,848	)
Operating income		$	281,573			$	276,115			$	903,775			$	786,545

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
		(Unaudited)
(In thousands)		September 26, 2026			December 27, 2025
ASSETS
Cash and cash equivalents		$	1,447,799		$	1,367,003
Short-term investments			33,100			22,733
Accounts receivable, net			723,993			475,566
Inventories			621,390			510,463
Other current assets			53,215			69,980
Total current assets			2,879,497			2,445,745
Property, plant, and equipment, net			602,787			536,466
Operating lease right-of-use assets			21,066			27,211
Other assets			794,244			723,607
Total assets		$	4,297,594		$	3,733,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	297,923		$	180,577
Current portion of operating lease liabilities			8,181			8,520
Other current liabilities			349,488			224,037
Total current liabilities			655,592			413,134
Long-term debt			5,243			—
Pension and postretirement liabilities			8,748			8,393
Environmental reserves			15,758			15,684
Deferred income taxes			46,345			31,640
Noncurrent operating lease liabilities			13,097			18,970
Other noncurrent liabilities			10,493			9,302
Total liabilities			755,276			497,123
Total Mueller Industries, Inc. stockholders’ equity			3,511,451			3,209,966
Noncontrolling interests			30,867			25,940
Total equity			3,542,318			3,235,906
Total liabilities and equity		$	4,297,594		$	3,733,029

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		For the Nine Months Ended
(In thousands)		September 26, 2026				September 27, 2025
Cash flows from operating activities
Consolidated net income		$	715,993			$	618,018
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization			55,160				51,635
Stock-based compensation expense			23,307				20,328
Provision for credit losses			802				67
Income from unconsolidated affiliates			(8,723	)			(6,140	)
Dividends from unconsolidated affiliates			5,701				5,440
Insurance proceeds - noncapital related			—				15,469
Loss (gain) on disposals of assets, net			1,720				(26,654	)
Gain on sale of business			(41,407	)			—
Unrealized gains on short-term investments			(10,367	)			(5,925	)
Impairment charges			2,653				2,018
Gain on insurance proceeds			(4,352	)			(41,147	)
Deferred income tax expense			17,282				10,627
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables			(253,596	)			(100,830	)
Inventories			(95,916	)			(40,669	)
Other assets			3,466				(8,756	)
Current liabilities			219,818				120,796
Other liabilities			1,376				286
Other, net			(3,952	)			(330	)
Net cash provided by operating activities		$	628,965			$	614,233
Cash flows from investing activities
Capital expenditures		$	(60,764	)		$	(48,982	)
Acquisition of business, net of cash acquired			(135,752	)			—
Proceeds from sale of business, net of cash sold			57,004				—
Insurance proceeds - capital related			4,352				4,531
Purchase of short-term investments			—				(26,633	)
Purchase of long-term investments			(5,834	)			(781	)
Proceeds from sales of assets			62				38,478
Other			—				600
Net cash used in investing activities		$	(140,932	)		$	(32,787	)
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		For the Nine Months Ended
(In thousands)		September 26, 2026				September 27, 2025
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.		$	(113,869	)		$	(81,723	)
Repurchase of common stock			(278,297	)			(243,615	)
Repayments of debt			—				(185	)
Net cash used to settle stock-based awards			(24,882	)			(29,528	)
Dividends paid to noncontrolling interests			(5,051	)			(12,240	)
Other			3,100				—
Net cash used in financing activities		$	(418,999	)		$	(367,291	)
Effect of exchange rate changes on cash			(4,214	)			9,836
Increase in cash, cash equivalents, and restricted cash			64,820				223,991
Cash, cash equivalents, and restricted cash at the beginning of the period			1,385,157				1,038,895
Cash, cash equivalents, and restricted cash at the end of the period		$	1,449,977			$	1,262,886

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261020522284/en/

Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.

Key Terms

diluted eps financial

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

purchase accounting financial

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

current ratio financial

The current ratio measures a company’s short-term ability to pay upcoming bills by comparing assets that can be turned into cash within a year (like cash, inventory, and receivables) to obligations due within the same period. Investors use it like a household budget check — a ratio above 1 suggests the company has more short-term resources than immediate debts, while a very low or very high ratio can signal liquidity risk or inefficient use of assets.

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