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Mueller Industries (NYSE: MLI) lifts Q2 2026 sales and profit on strong demand

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Mueller Industries, Inc. reported higher second quarter 2026 results, with net sales of $1.43 billion versus $1.14 billion a year earlier and net income of $249.7 million versus $245.9 million. Operating income was $310.0 million versus $304.2 million, and diluted EPS rose to $1.13 from $1.11, both adjusted for a two-for-one stock split effective June 30, 2026. Dividends per share increased to $0.175 from $0.125.

The company highlighted a 15.7 percent increase in operating income after excluding a prior-year $36.3 million insurance gain. All three reporting segments saw unit volume growth, aided by price increases linked to higher material costs, including COMEX copper averaging $6.16 per pound. Net cash generated from operations was $212.3 million in the quarter, and cash plus short-term investments at quarter end totaled $1.42 billion, supporting acquisitions of Bison Metals Technologies and Chicago Extruded Metals as part of Mueller’s 2030 strategic plan.

Positive

  • Net sales grew to $1.43 billion from $1.14 billion, and after adjusting for a prior-year insurance gain, operating income increased 15.7%, reflecting strong underlying performance across all segments.
  • The balance sheet is very strong, with $1.42 billion in cash and short-term investments and long-term debt of only $5,243 (in thousands), providing substantial financial flexibility for acquisitions and growth initiatives.

Negative

  • None.

Filing Explained

As of June 27, long-term debt was $5,243 thousand and total equity $3,574,016 thousand; six-month repurchases were $76,439 thousand.

Form 8-K reports specified material events, and Mueller Industries uses this filing to attach its completed second-quarter earnings release for the quarter ended June 27, 2026.

The six-month cash-flow statement records $76,439 thousand of common-stock repurchases and $76,094 thousand of dividends paid to Mueller stockholders.

The filing therefore establishes company cash outflows through both shareholder dividends and repurchases, but it does not state how many shares the repurchase amount represents.

At June 27, 2026, the balance sheet listed $683,252 thousand of total liabilities, including $5,243 thousand of long-term debt, alongside $3,574,016 thousand of total equity; these are reported quarter-end balances, not stated borrowing capacity.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net sales Q2 2026 $1,427,923 Net sales for the quarter ended June 27, 2026 (in thousands)
Net income Q2 2026 $249,655 Net income attributable to Mueller Industries, Inc. for Q2 2026 (in thousands)
Diluted EPS Q2 2026 $1.13 Diluted earnings per share for the quarter ended June 27, 2026, split-adjusted
Operating income Q2 2026 $309,974 Operating income for the quarter ended June 27, 2026 (in thousands)
Net cash from operations YTD 2026 $292,001 Net cash provided by operating activities for six months ended June 27, 2026 (in thousands)
Cash and cash equivalents 6/27/2026 $1,388,748 Cash and cash equivalents on the balance sheet at June 27, 2026 (in thousands)
Current ratio 4.8 to 1 Current ratio at quarter end as described in the financial highlights
Acquisition of Bison Metals $138,269 Cash used for acquisition of business, net of cash acquired, for Bison Metals (in thousands)
two-for-one stock split financial
"Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026."
A two-for-one stock split doubles the number of a company's outstanding shares by giving shareholders two new shares for every one they own, while the total value of their holdings stays the same because the price per share is roughly halved. It matters to investors because it changes the share count and the per-share math used in valuations (like earnings per share) and can make individual shares more affordable and more liquid—like cutting each pizza slice in half so there are more, smaller slices but the same size pizza.
COMEX copper financial
"COMEX copper averaged $6.16 per pound during the quarter, a 30.6 percent increase."
COMEX copper is the benchmark copper futures contract traded on the COMEX division of the CME Group, representing a standardized agreement to buy or sell a set amount of copper at a future date. It acts like a central marketplace price tag for copper, helping producers, manufacturers and investors lock in prices, hedge risk and gauge global supply-and-demand trends—changes in the COMEX copper price often ripple through mining stocks, metal suppliers and industrial markets.
unconsolidated affiliates financial
"Income from unconsolidated affiliates, net of foreign tax, was $6,920 (in thousands)."
Companies in which a reporting firm owns a meaningful stake but does not have control, so their assets and liabilities are not merged into the reporting firm's financial statements. For investors, unconsolidated affiliates matter because the parent’s exposure to profits, losses and risks from those businesses appears differently—often as a single investment line or share of income—so you need to look beyond headline figures to judge the parent’s true economic ties and risks, like being a silent partner rather than the manager.
noncontrolling interests financial
"Net income attributable to noncontrolling interests was $(632) (in thousands) for the quarter."
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
current ratio financial
"Our cash and short-term investments balance at quarter end was $1.42 billion, and our current ratio remains strong at 4.8 to 1."
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.
Net sales Q2 2026 $1,427,923 (in thousands) versus $1,138,173 (in thousands) in Q2 2025
Net income Q2 2026 $249,655 (in thousands) versus $245,924 (in thousands) in Q2 2025
Diluted EPS Q2 2026 $1.13 versus $1.11 in Q2 2025, both split-adjusted
Operating income Q2 2026 $309,974 (in thousands) versus $304,168 (in thousands) in Q2 2025; 15.7% increase after excluding prior-year insurance gain
Guidance

Management reported strong demand in commercial, industrial and electrical markets, strong backlogs, and stated they are anticipating continued strength in the business while executing their 2030 strategic plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Mueller Industries (MLI) perform in Q2 2026?
Mueller Industries reported Q2 2026 net sales of $1.43 billion, up from $1.14 billion, and net income of $249.7 million versus $245.9 million. Diluted EPS was $1.13, slightly higher than $1.11, with all figures reflecting a recent two-for-one stock split.

What were Mueller Industries (MLI) operating results by segment in Q2 2026?
In Q2 2026, operating income was $248.3 million for Piping Systems, $42.8 million for Industrial Metals, and $42.6 million for the Climate segment. Unallocated expenses were $(23.7) million, resulting in total operating income of $310.0 million.

What is Mueller Industries (MLI) cash position and leverage after Q2 2026?
At June 27, 2026, Mueller held $1,388,748 (in thousands) in cash and $27,241 (in thousands) in short-term investments, for about $1.42 billion combined. Long-term debt was only $5,243 (in thousands), and the current ratio was a strong 4.8 to 1.

What acquisitions did Mueller Industries (MLI) complete in 2026 and for how much?
Mueller completed acquisitions of Bison Metals Technologies on March 30, 2026 and Chicago Extruded Metals on June 12, 2026. During the quarter, it used $138.3 million of cash to acquire Bison Metals Technologies, which already delivered a record second quarter.

How did Mueller Industries (MLI) cash flow from operations trend in 2026 year-to-date?
For the six months ended June 27, 2026, Mueller generated $292,001 (in thousands) in net cash from operating activities, compared with $304,161 (in thousands) in the prior-year period. Management also noted $212.3 million of net cash generated from operations during the second quarter alone.

What did Mueller Industries (MLI) say about its outlook and demand environment?
CEO Greg Christopher stated that Mueller delivered consistent year-over-year earnings growth and is seeing strengthening demand in commercial, industrial and electrical markets. He cited strong backlogs and said the company anticipates continued business strength while executing its 2030 strategic plan.
0000089439FALSE00000894392026-04-212026-04-21


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):July 21, 2026
mlilogo.jpg

MUELLER INDUSTRIES INC.
(Exact name of registrant as specified in its charter)  
Delaware1-677025-0790410
(State or other jurisdiction(Commission File(IRS Employer
of incorporation)Number)Identification No.)
  
150 Schilling BoulevardSuite 100
ColliervilleTennessee38017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(901)753-3200
Registrant’s Former Name or Address, if changed since last report:N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockMLINYSE
 
 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new of revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.

On July 21, 2026, the Registrant issued a press release announcing earnings for the quarter ended June 27, 2026. A copy of the press release announcing the second quarter 2026 earnings is attached as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits.
 
(d) Exhibits
 
 99.1
Press release, dated July 21, 2026 reporting second quarter 2026 earnings.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















2



 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 MUELLER INDUSTRIES, INC.
  
 By:
/s/ ANTHONY J. STEINRIEDE
 
 Name:Anthony J. Steinriede
 Title:Vice President - Corporate Controller
   
July 21, 2026  

 


 




















3



Exhibit Index
 
Exhibit No.Description 
  
99.1
Press release, dated July 21, 2026


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






















4

muellerlogoa07.jpg

Mueller Industries, Inc. Reports Second Quarter 2026 Earnings

COLLIERVILLE, Tenn., July 21, 2026 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the second quarter of 2026. Comparisons are to the second quarter of 2025.
•Net Sales increased to $1.43 billion versus $1.14 billion.
•Net Income increased to $249.7 million versus $245.9 million.
•Operating Income increased to $310.0 million versus $304.2 million.
•Diluted EPS* increased to $1.13 versus $1.11.
•Dividends per share* increased to $.175 versus $.125.
* Diluted EPS and dividends per share have been adjusted retroactively to reflect the two-for-one stock split that took effect on June 30, 2026.

Second Quarter Financial and Operating Highlights:
•COMEX copper averaged $6.16 per pound during the quarter, a 30.6 percent increase over the prior year period.
•Adjusting for the $36.3 million insurance gain ($28.1 million net of tax) recognized in the second quarter of 2025, we delivered a 15.7 percent increase in operating income.
•Unit volume growth in each of our three reporting segments, combined with price increases related to the rise in material costs, contributed to the overall increase in net sales.
•Net cash generated from operations was $212.3 million. We utilized $138.3 million during the quarter to acquire Bison Metals Technologies LLC.
•Our cash and short-term investments balance at quarter end was $1.42 billion, and our current ratio remains strong at 4.8 to 1.

Regarding the results and outlook for the business, Greg Christopher, Mueller’s CEO said, “We delivered consistent year over year earnings growth and executed at a high level. Business demand continues to strengthen in our commercial, industrial and electrical markets. Backlogs are strong, and we are carrying out our 2030 strategic plan initiatives with a high sense of urgency. During the quarter, we completed two acquisitions in our core metals businesses — Bison Metals Technologies on March 30, 2026, and Chicago Extruded Metals on June 12, 2026. With Bison already having delivered a record second quarter, we expect both to meaningfully contribute in the near term.

We are optimistic that the U.S. residential construction markets will eventually improve, and look forward to a resolution of the conflict in Iran, leading to lower energy costs and reduced inflationary pressures. As such, we are anticipating continued strength in our business.”

1

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.

CONTACT
Jeffrey A. Martin
(901) 753-3226
2

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter EndedFor the Six Months Ended
(In thousands, except per share data)June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Net sales$1,427,923 $1,138,173 $2,620,928 $2,138,338 
Cost of goods sold1,032,577785,1941,867,1381,513,379
Depreciation and amortization17,33517,90533,98735,028
Selling, general, and administrative expense67,85067,521134,635130,581
Loss (gain) on disposal of assets, net187 (337)1,720 (14,802)
Gain on sale of business— — (41,407)— 
Asset impairments— — 2,653 — 
Gain on insurance proceeds— (36,278)— (36,278)
Operating income309,974304,168622,202510,430
Interest expense(134)(17)(134)(42)
Interest income10,978 8,222 22,848 18,123 
Unrealized gains on short-term investments6,545 13,212 4,508 8,202 
Other expense, net(1,127)(1,142)(2,359)(1,050)
Income before income taxes326,236324,443 647,065535,663 
Income tax expense(82,869)(78,857)(162,424)(130,332)
Income from unconsolidated affiliates, net of foreign tax6,920 2,897 7,035 2,439 
Consolidated net income250,287 248,483 491,676 407,770 
Net income attributable to noncontrolling interests(632)(2,559)(3,003)(4,414)
Net income attributable to Mueller Industries, Inc.$249,655 $245,924 $488,673 $403,356 
Weighted average shares for basic earnings per share (1)
217,412217,492217,800219,484
Effect of dilutive stock-based awards (1)
3,7804,3923,7064,530
Adjusted weighted average shares for diluted earnings per share (1)
221,192221,884221,506224,014
Basic earnings per share (1)
$1.15 $1.13 $2.24 $1.84 
Diluted earnings per share (1)
$1.13 $1.11 $2.21 $1.80 
Dividends per share (1)
$0.175 $0.125 $0.350 $0.250 
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.
3

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
For the Quarter EndedFor the Six Months Ended
(In thousands)June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Summary Segment Data:
Net sales:
    Piping Systems Segment$946,575 $743,475 $1,707,103 $1,383,158 
    Industrial Metals Segment354,998270,598676,275522,511
    Climate Segment144,952137,515268,717260,622
    Elimination of intersegment sales(18,602)(13,415)(31,167)(27,953)
Net sales
$1,427,923 $1,138,173 $2,620,928 $2,138,338 
Operating income:
    Piping Systems Segment$248,346 $250,296 $465,356 $408,460 
    Industrial Metals Segment42,78730,61087,05860,694
    Climate Segment42,58342,62875,96278,252
    Unallocated expenses(23,742)(19,366)(6,174)(36,976)
Operating income$309,974 $304,168 $622,202 $510,430 


4

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
(In thousands)
June 27,
2026		December 27, 2025
ASSETS
Cash and cash equivalents$1,388,748 $1,367,003 
Short-term investments27,24122,733
Accounts receivable, net
761,869475,566
Inventories607,654510,463
Other current assets
59,75969,980
    Total current assets2,845,2712,445,745
Property, plant, and equipment, net557,196536,466
Operating lease right-of-use assets
19,23927,211 
Other assets
835,562723,607
Total assets$4,257,268 $3,733,029 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable$295,767 $180,577 
Current portion of operating lease liabilities
7,589 8,520 
Other current liabilities
292,468224,037
    Total current liabilities595,824413,134
Long-term debt5,243—
Pension and postretirement liabilities8,3898,393
Environmental reserves15,68915,684
Deferred income taxes34,51331,640
Noncurrent operating lease liabilities11,85218,970 
Other noncurrent liabilities
11,7429,302
    Total liabilities
683,252497,123
Total Mueller Industries, Inc. stockholders’ equity3,547,750 3,209,966
Noncontrolling interests
26,266 25,940
    Total equity
3,574,016 3,235,906
Total liabilities and equity$4,257,268 $3,733,029 








5

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

For the Six Months Ended
 (In thousands)
June 27, 2026June 28, 2025
Cash flows from operating activities
Consolidated net income$491,676 $407,770 
Reconciliation of consolidated net income to net cash provided by operating activities:  
Depreciation and amortization33,987 35,028 
Stock-based compensation expense15,846 13,940 
Provision for credit losses818 73 
Income from unconsolidated affiliates(7,035)(2,439)
Dividends from unconsolidated affiliates4,621 2,812 
Insurance proceeds - noncapital related— 12,345 
Loss (gain) on disposals of assets, net1,720 (14,802)
Gain on sale of business(41,407)— 
Unrealized gains on short-term investments(4,508)(8,202)
Impairment charges2,653 — 
Gain on insurance proceeds— (36,278)
Deferred income tax expense3,109 4,420 
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables(292,241)(134,535)
Inventories(89,164)(41,190)
Other assets983 (4,371)
Current liabilities167,903 72,259 
Other liabilities2,365 (2,420)
Other, net675 (249)
Net cash provided by operating activities$292,001 $304,161 
Cash flows from investing activities
Capital expenditures$(38,796)$(30,691)
Acquisition of business, net of cash acquired(138,269)— 
Proceeds from sale of business, net of cash sold57,004 — 
Insurance proceeds - capital related— 2,655 
Purchase of short-term investments— (26,633)
Purchase of long-term investments(5,834)(552)
Proceeds from sales of assets62 21,135 
Other— 600 
Net cash used in investing activities$(125,833)$(33,486)
6

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
 (In thousands)June 27, 2026June 28, 2025
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.$(76,094)$(54,398)
Repurchase of common stock(76,439)(243,615)
Repayments of debt— (111)
Net cash used to settle stock-based awards(497)(4,189)
Dividends paid to noncontrolling interests(4,956)(12,240)
Other3,100 — 
Net cash used in financing activities$(154,886)$(314,553)
Effect of exchange rate changes on cash(5,718)11,718 
Increase (decrease) in cash, cash equivalents, and restricted cash5,564 (32,160)
Cash, cash equivalents, and restricted cash at the beginning of the period1,385,157 1,038,895 
Cash, cash equivalents, and restricted cash at the end of the period$1,390,721 $1,006,735 
7

Source: View Original Filing on SEC EDGAR

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