Mueller Industries Inc 10-Q for FY2026 Q3

Mueller Industries Inc (MLI)

10-Q 2026-10-21 For: 2026-09-26

Added on October 22, 2026

About this 10-Q

Mueller Industries Inc filed this 10-Q on October 21, 2026, covering the quarter ended September 26, 2026 (FY2026 Q3).

Mueller Industries reported third-quarter net sales growth of 31.6%, a 6.3 percent change in net income attributable, and nine-month operating cash flow of 628,965 in thousands of US Dollars. AI summary

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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended September 26, 2026
			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ______ to ______
			Commission file number 1-6770


Delaware			25-0790410
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


150 Schilling Boulevard	Suite 100
Collierville	Tennessee	38017
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, $0.01 Par Value	MLI	NYSE


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page Number
Part I. Financial Information

	Item 1. – Financial Statements (Unaudited)

	a.) Condensed Consolidated Statements of Income	3

	b.) Condensed Consolidated Statements of Comprehensive Income	4

	c.) Condensed Consolidated Balance Sheets	5

	d.) Condensed Consolidated Statements of Cash Flows	7

	e.) Condensed Consolidated Statements of Changes in Equity	9

	f.) Notes to Condensed Consolidated Financial Statements	11

	Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations	31

	Item 3. – Quantitative and Qualitative Disclosures About Market Risk	41

	Item 4. – Controls and Procedures	43

Part II. Other Information

	Item 1. – Legal Proceedings	43

	Item 1A. – Risk Factors	43

	Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	44

	Item 5. – Other Information	44

	Item 6. – Exhibits	45

Signatures		46


	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


	For the Quarter Ended				For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Consolidated net income	$	224,317	$	210,248	$	715,993	$	618,018

Other comprehensive income (loss), net of tax:
Foreign currency translation	3,087		(6,701)		(7,933)		20,318
Net change with respect to derivative instruments and hedging activities, net of tax of $(70), $34, $181, and $(176)	242		(114)		(616)		601
Net change in pension and postretirement obligation adjustments, net of tax of $7, $(57), $(27), and $(765)	(19)		135		50		2,344
Attributable to unconsolidated affiliates, net of tax of $51, $353, $347, and $566	(176)		(1,217)		(1,196)		(1,950)

Total other comprehensive income (loss), net	3,134		(7,897)		(9,695)		21,313

Consolidated comprehensive income	227,451		202,351		706,298		639,331
Comprehensive income attributable to noncontrolling interests	(4,696)		(1,588)		(7,298)		(6,048)

Comprehensive income attributable to Mueller Industries, Inc.	$	222,755	$	200,763	$	699,000	$	633,283


	(Unaudited)
(In thousands, except share data)	September 26, 2026		December 27, 2025

Assets

Current assets:
Cash and cash equivalents	$	1,447,799	$	1,367,003
Short-term investments	33,100		22,733
Accounts receivable, less allowance for credit losses of $3,596 in 2026 and $2,545 in 2025	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
Goodwill, net	308,325		298,188
Intangible assets, net	342,674		287,080
Investments in unconsolidated affiliates	109,311		108,631
Other assets	33,934		29,708

Total assets	$	4,297,594	$	3,733,029


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(In thousands, except share data)	September 26, 2026		December 27, 2025

Liabilities

Current liabilities:

Accounts payable	$	297,923	$	180,577
Accrued wages and other employee costs	53,494		58,125
Current portion of operating lease liabilities	8,181		8,520
Other current liabilities	295,994		165,912

Total current liabilities	655,592		413,134

Long-term debt, less current portion	5,243		—
Pension liabilities	605		212
Postretirement benefits other than pensions	8,143		8,181
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

Equity

Mueller Industries, Inc. stockholders' equity:
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding	—		—
Common stock - $.01 par value; shares authorized 500,000,000 in 2026 and 250,000,000 in 2025; issued 320,732,016; outstanding 217,997,781 in 2026 and 222,359,500 in 2025 (1)	3,208		1,604
Additional paid-in capital	362,735		345,033
Retained earnings	4,355,779		3,761,575
Accumulated other comprehensive loss	(60,530)		(50,835)
Treasury common stock, at cost	(1,149,741)		(847,411)

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

Commitments and contingencies	—		—

Total liabilities and equity	$	4,297,594	$	3,733,029


(In thousands)	Initial Allocation		Measurement Period Adjustments		Updated Allocation

Total consideration	$	138,269	$	1,295	$	139,564

Allocated to:
Cash	—		3,868		3,868
Inventories	17,651		5,389		23,040
Other current assets	7,020		(6,221)		799
Property, plant, and equipment	20,216		29,894		50,110

Tax-deductible goodwill	115,882		(104,927)		10,955
Intangible assets	—		73,530		73,530
Other assets	1,601		(166)		1,435
Total assets acquired	162,370		1,367		163,737

Accounts payable	15,832		292		16,124

Other current liabilities	3,026		(220)		2,806
Long-term debt	5,243		—		5,243


Total liabilities assumed	24,101		72		24,173



Net assets acquired	$	138,269	$	1,295	$	139,564


	For the Quarter Ended September 26, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	757,841	$	—	$	—	$	757,841
Brass rod, forgings, wire and cable	—		380,823		—		380,823
OEM components, tube and assemblies	—		12,806		41,367		54,173
Valves and plumbing specialties	132,769		—		—		132,769
Flex duct and other HVAC components	—		—		101,460		101,460
Other	—		15,748		—		15,748

	$	890,610	$	409,377	$	142,827	$	1,442,814

Intersegment sales							(24,216)

Net sales							$	1,418,598


	For the Quarter Ended September 27, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	591,206	$	—	$	—	$	591,206
Brass rod, forgings, wire and cable	—		215,017		—		215,017
OEM components, tube and assemblies	—		20,236		33,237		53,473
Valves and plumbing specialties	127,198		—		—		127,198
Flex duct and other HVAC components	—		—		93,428		93,428
Other	—		13,686		—		13,686

	$	718,404	$	248,939	$	126,665	$	1,094,008

Intersegment sales							(16,184)

Net sales							$	1,077,824


	For the Nine Months Ended September 26, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	2,172,787	$	—	$	—	$	2,172,787
Brass rod, forgings, wire and cable	—		1,005,209		—		1,005,209
OEM components, tube and assemblies	—		34,933		113,943		148,876
Valves and plumbing specialties	424,926		—		—		424,926
Flex duct and other HVAC components	—		—		297,601		297,601
Other	—		45,510		—		45,510

	$	2,597,713	$	1,085,652	$	411,544	$	4,094,909

Intersegment sales							(55,383)

Net sales							$	4,039,526


	For the Nine Months Ended September 27, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	1,732,354	$	—	$	—	$	1,732,354
Brass rod, forgings, wire and cable	—		668,054		—		668,054
OEM components, tube and assemblies	—		59,174		101,878		161,052
Valves and plumbing specialties	369,208		—		—		369,208
Flex duct and other HVAC components	—		—		285,409		285,409
Other	—		44,222		—		44,222

	$	2,101,562	$	771,450	$	387,287	$	3,260,299

Intersegment sales							(44,137)

Net sales							$	3,216,162


	For the Quarter Ended September 26, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

External net sales	$	876,056	$	402,803	$	139,739	$	1,418,598
Internal net sales	14,554		6,574		3,088		24,216

	890,610		409,377		142,827		1,442,814






Less: (1)
Manufacturing costs (2)	636,950		364,954		88,673		1,090,577
Sales and marketing expense	8,036		1,917		3,744		13,697
Distribution expense	11,347		614		501		12,462
Other segment items (3)	9,017		8,179		3,639		20,835

Segment operating income	225,260		33,713		46,270		305,243

Reconciliation of segment operating income:
Corporate expenses							(23,670)

Interest expense							(136)
Interest income							12,002
Unrealized gains on short-term investments							5,859



Other expense, net							(62)

Income before income taxes							$	299,236

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(2) Manufacturing costs include material, manufacturing conversion costs, and freight.
(3) Other segment items include administrative employee compensation expense, professional fees, foreign currency exchange gains/losses, other overhead costs, and other items such as gains/losses on disposal of assets, impairment charges, and gains on insurance proceeds (as applicable).


(In thousands)	September 26, 2026		December 27, 2025

Raw materials and supplies	$	184,234	$	280,810
Work-in-process	135,816		127,369
Finished goods	312,083		113,362
Valuation reserves	(10,743)		(11,078)

Inventories	$	621,390	$	510,463


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(In thousands)	Balance Sheet Location	September 26, 2026		December 27, 2025		Balance Sheet Location	September 26, 2026		December 27, 2025

Commodity contracts - gains	Other current assets	$	2,388	$	1,983	Other current liabilities	$	—	$	—
Commodity contracts - losses	Other current assets	—		—		Other current liabilities	(1,463)		(17,336)

Total derivatives (1)		$	2,388	$	1,983		$	(1,463)	$	(17,336)


	For the Quarter Ended September 26, 2026
(In thousands)	Gain (Loss) Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Gain Reclassified from AOCI (Effective Portion), Net of Tax

Cash flow hedges:
Commodity contracts	$	2,903	Cost of goods sold	$	(1,759)
Other	(902)		Other	—

Total	$	2,001	Total	$	(1,759)


	For the Nine Months Ended September 27, 2025
(In thousands)	Gain Recognized in AOCI (Effective Portion), Net of Tax		Classification Gains (Losses)	Gain Reclassified from AOCI (Effective Portion), Net of Tax

Cash flow hedges:
Commodity contracts	$	3,593	Cost of goods sold	$	(2,998)
Other	6		Other	—

Total	$	3,599	Total	$	(2,998)


	For the Nine Months Ended September 26, 2026
(In thousands)	Cumulative Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates		Total

Balance as of December 27, 2025	$	(52,079)	$	1,694	$	(3,295)	$	2,845	$	(50,835)

Other comprehensive (loss) income before reclassifications	(7,933)		4,093		86		(1,196)		(4,950)
Amounts reclassified from AOCI	—		(4,709)		(36)		—		(4,745)

Net current-period other comprehensive (loss) income	(7,933)		(616)		50		(1,196)		(9,695)


Balance as of September 26, 2026	$	(60,012)	$	1,078	$	(3,245)	$	1,649	$	(60,530)


	Amount reclassified from AOCI
	For the Quarter Ended				For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025		Affected line item

Unrealized gains on derivative commodity contracts	$	(2,270)	$	(813)	$	(6,077)	$	(3,868)	Cost of goods sold

	511		183		1,368		870		Income tax expense

	$	(1,759)	$	(630)	$	(4,709)	$	(2,998)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans	$	(22)	$	(20)	$	(66)	$	(61)	Other (expense) income, net
	10		10		30		31		Income tax expense

	$	(12)	$	(10)	$	(36)	$	(30)	Net of tax and noncontrolling interests


	For the Quarter Ended				Percent Change		For the Nine Months Ended				Percent Change
(In thousands)	September 26, 2026		September 27, 2025		2026 vs. 2025		September 26, 2026		September 27, 2025		2026 vs. 2025

Net sales	$	1,418,598	$	1,077,824	31.6	%	$	4,039,526	$	3,216,162	25.6	%
Operating income	281,573		276,115		2.0		903,775		786,545		14.9
Net income attributable to Mueller Industries, Inc.	221,200		208,123		6.3		709,873		611,479		16.1


(In thousands)	2026		2025

Increase (decrease) in:
Cash, cash equivalents, and restricted cash	$	64,820	$	223,991
Short-term investments	10,367		32,558
Property, plant, and equipment, net	66,321		15,571
Goodwill and intangible assets, net	65,731		(27,636)
Total debt	5,243		(1,094)
Working capital, net of cash and current debt	110,498		85,661

Net cash provided by operating activities	628,965		614,233
Net cash used in investing activities	(140,932)		(32,787)
Net cash used in financing activities	(418,999)		(367,291)


	(a) Total Number of Shares Purchased (1)	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2)

June 28, 2026 - July 25, 2026	5,300	$	9.53	—	40,760,390
July 26, 2026 - August 22, 2026	700,697	$	63.47	312,821	40,447,569
August 23, 2026 - September 26, 2026	2,937,760	$	63.18	2,937,760	37,509,809
Total	3,643,757			3,250,581


31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1			Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2			Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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			MUELLER INDUSTRIES, INC.


			/s/ Jeffrey A. Martin
			Jeffrey A. Martin
October 21, 2026			Chief Financial Officer and Treasurer
Date			(Principal Financial and Accounting Officer)


			/s/ Anthony J. Steinriede
October 21, 2026			Anthony J. Steinriede
Date			Vice President – Corporate Controller


1.	I have reviewed this quarterly report on Form 10-Q of Mueller Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: October 21, 2026
			/s/ Gregory L. Christopher
			Gregory L. Christopher
			Chief Executive Officer


(1)			The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)			The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



/s/ JEFFREY A. MARTIN
Jeffrey A. Martin
Chief Financial Officer
October 21, 2026