Mueller Water Products FY2026 profit rises to $222M
The stated priorities are above-market sales growth, margin expansion and disciplined capital allocation.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Mueller Water Products, Inc. (MWA) furnished an updated investor presentation covering FY2026 results and strategy. For the year ended September 30, 2026, consolidated net sales were $1,475.0 million, GAAP net income was $221.9 million and adjusted EBITDA was $372.2 million, versus $1,429.7 million, $191.7 million and $326.2 million in FY2025.
FY2026 free cash flow was $207.3 million, compared with $172.0 million in FY2025; net cash provided by operating activities was $262.9 million and capital expenditures were $55.6 million. FY2026 GAAP net income per diluted share was $1.41, versus $1.22 in FY2025; adjusted net income per diluted share was $1.57, versus $1.31.
Segment net sales were $817.5 million for Water Flow Solutions and $657.5 million for Water Management Solutions, compared with $824.9 million and $604.8 million, respectively, in FY2025. The presentation identifies adjusted net income, adjusted EBITDA and free cash flow as non-GAAP measures, provides reconciliations to GAAP results, and cautions against treating them as substitutes for GAAP results. It states the information is furnished, not filed.
3 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFY2026 net income was $221.9 million, versus $191.7 million.
- Moderate pointFY2026 adjusted EBITDA was $372.2 million, versus $326.2 million.
- Moderate pointFY2026 net cash provided by operating activities was $262.9 million, versus $219.3 million.
Negative
- None.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Consolidated net sales: $1,475.0 million
GAAP net income: $221.9 million
Adjusted EBITDA: $372.2 million
+4 more
7 metrics
Consolidated net sales
$1,475.0 million
Year ended September 30, 2026; FY2025: $1,429.7 million
GAAP net income
$221.9 million
FY2026; FY2025: $191.7 million
Adjusted EBITDA
$372.2 million
FY2026; FY2025: $326.2 million
Free cash flow
$207.3 million
FY2026; FY2025: $172.0 million
Net cash provided by operating activities
$262.9 million
FY2026; FY2025: $219.3 million
Net income per diluted share
$1.41
FY2026; FY2025: $1.22
Adjusted net income per diluted share
$1.57
FY2026; FY2025: $1.31
Key Terms
Adjusted EBITDA, Free cash flow, weighted average diluted shares outstanding, portfolio optimization costs
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA $269.5 $162.0 ($59.3) $372.2"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"Free cash flow $207.3"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
portfolio optimization costs financial
"Portfolio optimization costs (5) — 3.1 — 3.1"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were MWA's FY2026 sales and net income?
For the year ended September 30, 2026, MWA reported consolidated net sales of $1,475.0 million and GAAP net income of $221.9 million. FY2025 figures were $1,429.7 million and $191.7 million, respectively.
How much free cash flow did MWA report for FY2026?
MWA reported free cash flow of $207.3 million for FY2026, compared with $172.0 million in FY2025. Net cash provided by operating activities was $262.9 million and capital expenditures were $55.6 million in FY2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 9, 2026
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices)
(Registrant’s telephone number, including area code)
Not Applicable.
(Former name or former address, if changed since last report)
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:
| Written communication 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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| 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 or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | |||||||||||||
Item 7.01. Regulation FD Disclosure.
An updated version of an investor presentation used by representatives of Mueller Water Products, Inc. (the “Company”) is attached as Exhibit 99.1. The presentation will be accessible online through the Investors section of the Company’s website located at www.muellerwaterproducts.com. The information on our website is not a part of this Form 8-K.
The information provided pursuant to this Item 7.01, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 | Investor presentation, dated November 11, 2026 | ||||
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Mueller Water Products, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Dated: November 9, 2026 | MUELLER WATER PRODUCTS, INC. | |||||||||||||
| By: | /s/ Melissa Rasmussen | |||||||||||||
| Melissa Rasmussen | ||||||||||||||
| Senior Vice President and Chief Financial Officer | ||||||||||||||
Where Intelligence Meets Infrastructure® Investor Presentation November 11, 2026
In an effort to provide investors with additional information regarding the Company’s results as determined by accounting principles generally accepted in the United States (“GAAP”), the Company also provides non-GAAP information that management believes is useful to investors. These non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should not consider any of these non-GAAP measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies. Adjusted net income, adjusted net income per diluted share, adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are non- GAAP measures that the Company presents as performance measures because management uses these measures to evaluate the Company’s underlying performance on a consistent basis across periods and to make decisions about operational strategies. Management also believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company’s recurring performance. Free cash flow is a non-GAAP liquidity measure used to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The Company regularly evaluates its portfolio of businesses and product lines as part of its strategic planning process and may incur costs associated with portfolio optimization initiatives, including, but not limited to, transaction-related expenses, restructuring costs, and other costs related to acquisitions, divestitures, or other strategic actions. The calculations of these non-GAAP measures and reconciliations to GAAP results are included as an attachment to this presentation, which has been posted online at www.muellerwaterproducts.com. The Company does not reconcile forward-looking non-GAAP measures to the comparable GAAP measures, as permitted by Regulation S-K, as certain items, e.g., expenses related to corporate development activities, transactions, pension expenses/(benefits), corporate restructuring and non-cash asset impairment, may have not yet occurred, are out of the Company’s control or cannot be reasonably predicted without unreasonable efforts. Additionally, such reconciliation would imply a degree of precision and certainty regarding relevant items that may be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company's financial performance. Non-GAAP Measures 2
This presentation contains certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or anticipates will or may occur in the future are forward-looking statements, including, without limitation, statements regarding outlooks, projections, forecasts, expectations, commitments, trend descriptions and the ability to capitalize on trends, value creation, long-term strategies, and the execution or acceleration thereof, operational improvements, inventory positions, the benefits of capital investments, financial or operating performance, including driving increased margins, operational and commercial initiatives, capital allocation, growth strategy plans, and the demand for the Company’s products. Forward-looking statements are based on certain assumptions and assessments made by the Company in light of the Company’s experience and perception of historical trends, current conditions, and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including, without limitation, changing regulatory, trade and tariff conditions, including the impact of the Section 232 tariffs on the products produced by our Krausz business; logistical challenges and supply chain disruptions, geopolitical conditions, public health crises, or other events; inventory and in-stock positions of our distributors and end customers; an inability to realize the anticipated benefits from our operational initiatives, including our large capital investments, plant closures, and reorganization and related strategic realignment or portfolio optimization activities, including the execution of transitioning the metering business to Zenner USA; an inability to attract or retain a skilled and diverse workforce, increased competition related to the workforce, and labor markets; an inability to protect the Company’s information systems against service interruption; risks resulting from possible future cybersecurity incidents; misappropriation of data or breaches of security; failure to comply with personal data protection and privacy laws; cyclical and changing demand in core markets such as municipal spending, residential construction and natural gas distribution; government monetary or fiscal policies; the impact of adverse weather conditions; the impact of manufacturing and product performance; the impact of wage, commodity and materials price inflation; foreign exchange rate fluctuations; the impact of higher interest rates; the impact of warranty charges and claims, and related accommodations; the strength of our brands and reputation; an inability to successfully resolve significant legal proceedings or government investigations; compliance with environmental, trade and anti-corruption laws and regulations; climate change and legal or regulatory responses thereto; the failure to integrate and/or realize any of the anticipated benefits of acquisitions or divestitures; an inability to achieve our goals and commitments in environmental and sustainability programs; and other factors that are described in the section entitled “RISK FACTORS” in Item 1A. of the Company’s most recent Annual Report on Form 10-K and later filings on Form 10-Q, as applicable. Forward-looking statements do not guarantee future performance and are only as of the date they are made. The Company undertakes no duty to update its forward- looking statements except as required by law. Undue reliance should not be placed on any forward-looking statements. You are advised to review any further disclosures the Company makes on related subjects in subsequent Forms 10-K, 10-Q, 8-K, and other reports filed with the United States Securities and Exchange Commission. Forward-Looking Statements 3
Mueller Water Products is powered by nearly 170 years of heritage and dedicated employees with shared values 4 Adjusted EPS 5-Year CAGR Free Cash Flow % of Net Sales 5-Year CAGR Liquidity As of 9/30/26 Net Sales Adjusted EBITDA % of Net Sales 5-Year CAGR Company Founded Employees Worldwide $1,475M 5.8% $372.2M 25.2% 12.8% 1857 ≈3,300 Manufacturing facilities and R&D Centers (4) $1.57 22.9% $207.3M 14.1% 17.1% $730.7M 14 Service Brass Fire Hydrants & Iron Gate Valves Specialty Valves Technology-Enabled Solutions Pipe Connections & Repair Geography and End Markets (2) (% of Consolidated Net Sales) Products and Segments (2,3) (% of Consolidated Net Sales) Water Flow Solutions Water Management Solutions United States 60-65% Repair and replacement of municipal water infrastructure Canada Rest of World 25-30% Residential Construction ≈10% Natural Gas Utilities and Industrial Applications (1) See Appendix and SEC Filings for Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures. 5-year period includes FY2022, FY2023, FY2024, FY2025, FY2026. (2) Consolidated net sales Information for geography, segments, products and end markets based on FY2026 information and estimates. (3) Water Flow Solutions includes iron gate valves, specialty valves and service brass products. Water Management Solutions includes fire hydrants, repair and installation, natural gas, metering, leak detection, pressure control and software products. (4) See Item 2. Properties in 10-K filing for more information. 2026 Highlights (1) 5-Year CAGR
5 Our Strategic Priorities Drive Above-Market Sales Growth Continue Margin Expansion Execute Disciplined Capital Allocation Vision To be the leader in water infrastructure solutions, solving challenges, enriching lives and safeguarding the future Operating System The Execution Engine Driving Sustainable Shareholder Value Execution Accountability Continuous Improvement How We Will Win
Mueller Operating System to drive discipline, execution, and excellence throughout the organization 6 A Disciplined System of Tools and Processes in Everything We Do to Drive Value for All Stakeholders Safety-first Mindset People & Leadership Priority Culture of Accountability Simplification to Reduce Complexity Business Process Excellence Strategic Price/Cost Management First-Class Quality & Delivery Seamless Customer Engagement Trusted Partner for Customer Success Market-Leading Innovation Focused Market Expansion Disciplined, Strategic Acquisitions Margin Expansion Accelerate Growth Engaged People Customer Experience Operating System
Strong track record of growth with 3rd consecutive year of record results, including adjusted EBITDA expansion of 680 bps. over past 5 years and 940 bps. improvement over past 3 years 7 Consolidated Adj. EBITDA (1) $ in Millions Adj. Net Income per Diluted Share (1) % of Net Sales 5.8% 5-Year CAGR 12.8% 5-Year CAGR 22.9% 5-Year CAGR NOTE: See SEC Filings for Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures. 5-year period includes FY2022, FY2023, FY2024, FY2025, FY2026. (1) Adjusted EBITDA excludes other charges of $25.7M in FY2021, $18.5M in FY2022, $15.9M in FY2023, $42.4M in FY2024, $18.5M in FY2025, and $31.5M in FY2026. $1,111 $1,247 $1,276 $1,315 $1,430 $1,475 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 $204 $195 $202 $285 $326 $372 $0 $50 $100 $150 $200 $250 $300 $350 $400 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 $0.56 $0.58 $0.63 $0.96 $1.31 $1.57 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Consolidated Net Sales $ in Millions
Supplemental Data 8
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) 9 (1) Gross profit includes $3.1 million of portfolio optimization costs in the Water Management Solutions segment, which primarily relate to certain transaction-related expenses and $0.6 million in closure costs for our legacy brass foundry in Decatur, Illinois, in the Water Flow Solutions segment. (2) Strategic reorganization and other charges primarily relate to expenses associated with certain transaction-related expenses, severance, our leadership transition, non-cash asset impairment expenses, and the closure of our legacy brass foundry in Decatur, Illinois. (3) The income tax expense of adjusting items reflects an effective tax rate of 22.7%, and may be subject to rounding. (4) The Company does not allocate interest, income taxes or pension amounts other than service to its segments. (5) Portfolio optimization costs are primarily associated with certain transaction-related expenses. Year ended September 30, 2026 Water Flow Solutions Water Management Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 817.5 $ 657.5 $ — $ 1,475.0 Gross profit (1) $ 329.5 $ 229.9 $ — $ 559.4 Selling, general and administrative expenses 90.1 91.4 59.3 240.8 Strategic reorganization and other charges (2) — 7.2 20.6 27.8 Operating income (loss) $ 239.4 $ 131.3 $ (79.9) $ 290.8 Operating margin 29.3 % 20.0 % 19.7 % Capital expenditures $ 26.1 $ 29.5 — $ 55.6 Net income $ 221.9 Net income margin 15.0 % Reconciliation of non-GAAP to GAAP performance measures: Net income $ 221.9 Strategic reorganization and other charges (2) 27.8 Decatur legacy brass foundry closure costs 0.6 Portfolio optimization costs (5) 3.1 Income tax expense of adjusting items (3) (7.2) Adjusted net income $ 246.2 Weighted average diluted shares outstanding 157.3 Net income per diluted share $ 1.41 Strategic reorganization and other charges per diluted share (2) 0.18 Decatur legacy brass foundry closure costs per diluted share 0.00 Portfolio optimization costs per diluted share (5) 0.02 Income tax expense of adjusting items per diluted share (3) (0.04) Adjusted net income per diluted share $ 1.57
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) 10 Year ended September 30, 2026 Water Flow Solutions Water Management Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 221.9 Income tax expense (4) 65.0 Interest expense, net (4) 3.8 Pension expense other than service (4) 0.1 Operating income (loss) $ 239.4 $ 131.3 $ (79.9) 290.8 Strategic reorganization and other charges (2) — 7.2 20.6 27.8 Portfolio optimization costs (5) — 3.1 — 3.1 Decatur legacy brass foundry closure costs 0.6 — — 0.6 Adjusted operating income (loss) 240.0 141.6 (59.3) 322.3 Pension expense other than service (4) — — (0.1) (0.1) Depreciation and amortization 29.5 20.4 0.1 50.0 Adjusted EBITDA $ 269.5 $ 162.0 $ (59.3) $ 372.2 Adjusted operating margin 29.4 % 21.5 % 21.9 % Adjusted EBITDA margin 33.0 % 24.6 % 25.2 % Reconciliation of free cash flow to net cash provided by operating activities: Net cash provided by operating activities $ 262.9 Less capital expenditures 55.6 Free cash flow $ 207.3 (1) Gross profit includes $3.1 million of portfolio optimization costs in the Water Management Solutions segment, which primarily relate to certain transaction-related expenses and $0.6 million in closure costs for our legacy brass foundry in Decatur, Illinois, in the Water Flow Solutions segment. (2) Strategic reorganization and other charges primarily relate to expenses associated with certain transaction-related expenses, severance, our leadership transition, non-cash asset impairment expenses, and the closure of our legacy brass foundry in Decatur, Illinois. (3) The income tax expense of adjusting items reflects an effective tax rate of 22.7%, and may be subject to rounding. (4) The Company does not allocate interest, income taxes or pension amounts other than service to its segments. (5) Portfolio optimization costs are primarily associated with certain transaction-related expenses.
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) (1) Gross profit includes a charge of $5.6 million in connection with warranty obligations in the Water Management Solutions segment and $4.1 million in Inventory and other asset write-downs associated with the closure of our legacy brass foundry in Decatur, Illinois, in the Water Flow Solutions segment. (2) Strategic reorganization and other charges primarily relate to expenses associated with our leadership transition, certain transaction-related expenses, severance, and non-cash asset impairment. (3) The income tax expense of adjusting items reflects an effective tax rate of 24.6%, and may be subject to rounding. (4) The Company does not allocate interest, income taxes or pension amounts other than service to its segments. 11 Year ended September 30, 2025 Water Flow Solutions Water Management Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 824.9 $ 604.8 $ — $ 1,429.7 Gross profit (1) $ 296.3 $ 220.4 $ — $ 516.7 Selling, general and administrative expenses 90.3 96.9 60.1 247.3 Strategic reorganization and other charges (2) 1.0 0.7 7.1 8.8 Operating income (loss) $ 205.0 $ 122.8 $ (67.2) $ 260.6 Operating margin 24.9 % 20.3 % 18.2 % Capital expenditures $ 24.1 23.2 — $ 47.3 Net income $ 191.7 Net income margin 13.4 % Reconciliation of non-GAAP to GAAP performance measures: Net income $ 191.7 Warranty charge (1) 5.6 Strategic reorganization and other charges (2) 8.8 Inventory and other asset restructuring write-down 4.1 Income tax expense of adjusting items (3) (4.6) Adjusted net income $ 205.6 Weighted average diluted shares outstanding 157.5 Net income per diluted share $ 1.22 Warranty charge per diluted share (1) 0.04 Strategic reorganization and other charges per diluted share (2) 0.06 Inventory and other asset restructuring write-down per diluted share 0.03 Income tax expense of adjusting items per diluted share (3) (0.04) Adjusted net income per diluted share $ 1.31
Segment Results and Reconciliation of Non-GAAP to GAAP Performance Measures (UNAUDITED) 12 (1) Gross profit includes a charge of $5.6 million in connection with warranty obligations in the Water Management Solutions segment and $4.1 million in Inventory and other asset write-downs associated with the closure of our legacy brass foundry in Decatur, Illinois, in the Water Flow Solutions segment. (2) Strategic reorganization and other charges primarily relate to expenses associated with our leadership transition, certain transaction-related expenses, severance, and non-cash asset impairment. (3) The income tax expense of adjusting items reflects an effective tax rate of 24.6%, and may be subject to rounding. (4) The Company does not allocate interest, income taxes or pension amounts other than service to its segments. Year ended September 30, 2025 Water Flow Solutions Water Management Solutions Corporate Consolidated (dollars in millions, except per share amounts) Net income $ 191.7 Income tax expense (4) 62.5 Interest expense, net (4) 6.6 Pension benefit other than service (4) (0.2) Operating income (loss) $ 205.0 $ 122.8 $ (67.2) 260.6 Warranty charge (1) — 5.6 — 5.6 Strategic reorganization and other charges (2) 1.0 0.7 7.1 8.8 Inventory and other asset restructuring write-down 4.1 — — 4.1 Adjusted operating income (loss) 210.1 129.1 (60.1) 279.1 Pension benefit other than service (4) — — 0.2 0.2 Depreciation and amortization 26.6 20.2 0.1 46.9 Adjusted EBITDA $ 236.7 $ 149.3 $ (59.8) $ 326.2 Adjusted operating margin 25.5 % 21.3 % 19.5 % Adjusted EBITDA margin 28.7 % 24.7 % 22.8 % Reconciliation of free cash flow to net cash provided by operating activities: Net cash provided by operating activities $ 219.3 Less capital expenditures 47.3 Free cash flow $ 172.0