Mueller Industries Inc 10-Q for FY2026 Q1

Mueller Industries Inc (MLI)

10-Q 2026-04-22 For: 2026-03-28

Added on April 22, 2026

About this 10-Q

Mueller Industries Inc filed this 10-Q on April 22, 2026, covering the quarter ended March 28, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.19B; up 19.3% from $1B a year earlier
Net income: $239.02M; up 51.8% from net income of $157.43M a year earlier
Diluted EPS: $2.16; up 55.4% from $1.39 a year earlier

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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 March 28, 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	25

	Item 3. – Quantitative and Qualitative Disclosures About Market Risk	33

	Item 4. – Controls and Procedures	35

Part II. Other Information

	Item 1. – Legal Proceedings	35

	Item 1A. – Risk Factors	35

	Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	36

	Item 5. – Other Information	36

	Item 6. – Exhibits	37

Signatures		38


	For the Quarter Ended
(In thousands, except per share data)		March 28, 2026		March 29, 2025

Net sales		$	1,193,005	$	1,000,165

Cost of goods sold		834,561		728,185
Depreciation and amortization		16,652		17,123
Selling, general, and administrative expense		66,785		63,060
Loss (gain) on disposal of assets, net		1,533		(14,465)
Gain on sale of business		(41,407)		—
Asset impairments		2,653		—



Operating income		312,228		206,262

Interest expense		—		(25)
Interest income		11,870		9,901
Unrealized losses on short-term investments		(2,037)		(5,010)

Other (expense) income, net		(1,232)		92

Income before income taxes		320,829		211,220

Income tax expense		(79,555)		(51,475)
Income (loss) from unconsolidated affiliates, net of foreign tax		115		(458)

Consolidated net income		241,389		159,287
Net income attributable to noncontrolling interests		(2,371)		(1,855)

Net income attributable to Mueller Industries, Inc.		$	239,018	$	157,432

Weighted average shares for basic earnings per share		109,094		110,739
Effect of dilutive stock-based awards		1,815		2,333

Adjusted weighted average shares for diluted earnings per share		110,909		113,072

Basic earnings per share		$	2.19	$	1.42

Diluted earnings per share		$	2.16	$	1.39

Dividends per share		$	0.35	$	0.25


	For the Quarter Ended
(In thousands)		March 28, 2026		March 29, 2025

Consolidated net income		$	241,389	$	159,287

Other comprehensive (loss) income, net of tax:
Foreign currency translation		(5,910)		2,919
Net change with respect to derivative instruments and hedging activities, net of tax of $584 and $(594)		(2,010)		2,046
Net change in pension and postretirement obligation adjustments, net of tax of $(40) and $(822)		92		2,495
Attributable to unconsolidated affiliates, net of tax of $75 and $817		(257)		(2,814)

Total other comprehensive (loss) income, net		(8,085)		4,646

Consolidated comprehensive income		233,304		163,933
Comprehensive income attributable to noncontrolling interests		(2,527)		(1,059)

Comprehensive income attributable to Mueller Industries, Inc.		$	230,777	$	162,874


	(Unaudited)
(In thousands, except share data)	March 28, 2026		December 27, 2025

Assets

Current assets:
Cash and cash equivalents	$	1,382,345	$	1,367,003
Short-term investments	20,696		22,733
Accounts receivable, less allowance for credit losses of $3,651 in 2026 and $2,545 in 2025	670,511		475,566
Inventories	545,451		510,463
Other current assets	53,037		69,980

Total current assets	2,672,040		2,445,745

Property, plant, and equipment, net	530,300		536,466
Operating lease right-of-use assets	22,868		27,211
Goodwill, net	297,739		298,188
Intangible assets, net	281,654		287,080
Investments in unconsolidated affiliates	106,690		108,631
Other assets	31,072		29,708

Total assets	$	3,942,363	$	3,733,029


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(In thousands, except share data)	March 28, 2026		December 27, 2025

Liabilities

Current liabilities:

Accounts payable	$	243,539	$	180,577
Accrued wages and other employee costs	38,033		58,125
Current portion of operating lease liabilities	7,907		8,520
Other current liabilities	209,802		165,912

Total current liabilities	499,281		413,134


Pension liabilities	200		212
Postretirement benefits other than pensions	8,173		8,181
Environmental reserves	15,501		15,684
Deferred income taxes	32,499		31,640
Noncurrent operating lease liabilities	14,917		18,970
Other noncurrent liabilities	10,960		9,302

Total liabilities	581,531		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 250,000,000; issued 160,366,008; outstanding 110,562,284 in 2026 and 111,179,750 in 2025	1,604		1,604
Additional paid-in capital	352,723		345,033
Retained earnings	3,961,908		3,761,575
Accumulated other comprehensive loss	(58,920)		(50,835)
Treasury common stock, at cost	(922,864)		(847,411)

Total Mueller Industries, Inc. stockholders' equity	3,334,451		3,209,966
Noncontrolling interests	26,381		25,940

Total equity	3,360,832		3,235,906

Commitments and contingencies	—		—

Total liabilities and equity	$	3,942,363	$	3,733,029


	For the Quarter Ended March 28, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	620,752	$	—	$	—	$	620,752
Brass rod, forgings, wire and cable	—		297,507		—		297,507
OEM components, tube and assemblies	—		10,934		33,442		44,376
Valves and plumbing specialties	139,776		—		—		139,776
Flex duct and other HVAC components	—		—		90,323		90,323
Other	—		12,836		—		12,836

	$	760,528	$	321,277	$	123,765	$	1,205,570

Intersegment sales							(12,565)

Net sales							$	1,193,005


	For the Quarter Ended March 29, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	525,796	$	—	$	—	$	525,796
Brass rod, forgings, wire and cable	—		219,281		—		219,281
OEM components, tube and assemblies	—		18,215		31,260		49,475
Valves and plumbing specialties	113,887		—		—		113,887
Flex duct and other HVAC components	—		—		91,847		91,847
Other	—		14,417		—		14,417

	$	639,683	$	251,913	$	123,107	$	1,014,703

Intersegment sales							(14,538)

Net sales							$	1,000,165


	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(In thousands)	Balance Sheet Location	March 28, 2026		December 27, 2025		Balance Sheet Location	March 28, 2026		December 27, 2025

Commodity contracts - gains	Other current assets	$	403	$	1,983	Other current liabilities	$	497	$	—
Commodity contracts - losses	Other current assets	—		—		Other current liabilities	(1,267)		(17,336)

Total derivatives (1)		$	403	$	1,983		$	(770)	$	(17,336)


	For the Quarter Ended March 28, 2026
(In thousands)	(Loss) 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	$	(1,600)	Cost of goods sold	$	(417)
Other	7		Other	—

Total	$	(1,593)	Total	$	(417)


	For the Quarter Ended March 29, 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	$	3,401	Cost of goods sold	$	(1,356)
Other	1		Other	—

Total	$	3,402	Total	$	(1,356)


	For the Quarter Ended March 28, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

External net sales	$	752,552	$	316,828	$	123,625	$	1,193,005
Internal net sales	7,976		4,449		140		12,565

	760,528		321,277		123,765		1,205,570

Reconciliation of net sales:
Elimination of intersegment net sales							(12,565)

Total net sales							1,193,005

Less: (1)
Manufacturing costs (2)	507,213		266,450		83,232		856,895
Sales and marketing expense	8,603		1,904		3,426		13,933
Distribution expense	11,136		515		491		12,142
Other segment items (3)	16,566		8,137		3,237		27,940

Segment operating income	217,010		44,271		33,379		294,660

Reconciliation of segment operating income:
Corporate expenses							(23,839)
Gain on sale of business							41,407

Interest income							11,870
Unrealized losses on short-term investments							(2,037)



Other expense, net							(1,232)

Income before income taxes							$	320,829

(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)	March 28, 2026		December 27, 2025

Raw materials and supplies	$	297,650	$	280,810
Work-in-process	132,657		127,369
Finished goods	125,722		113,362
Valuation reserves	(10,578)		(11,078)

Inventories	$	545,451	$	510,463


	For the Quarter Ended March 28, 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	(5,910)		(1,593)		103		(257)		(7,657)
Amounts reclassified from AOCI	—		(417)		(11)		—		(428)

Net current-period other comprehensive (loss) income	(5,910)		(2,010)		92		(257)		(8,085)


Balance as of March 28, 2026	$	(57,989)	$	(316)	$	(3,203)	$	2,588	$	(58,920)


		Amount reclassified from AOCI
	For the Quarter Ended
(In thousands)		March 28, 2026		March 29, 2025		Affected line item

Unrealized gains on derivative commodity contracts		$	(538)	$	(1,749)	Cost of goods sold

		121		393		Income tax expense

		$	(417)	$	(1,356)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans		$	(21)	$	(18)	Other (expense) income, net
		10		9		Income tax expense

		$	(11)	$	(9)	Net of tax and noncontrolling interests


	For the Quarter Ended			Percent Change
(In thousands)		March 28, 2026		March 29, 2025		2026 vs. 2025

Net sales		$	1,193,005	$	1,000,165	19.3	%
Operating income		312,228		206,262		51.4
Net income attributable to Mueller Industries, Inc.		239,018		157,432		51.8


(In thousands)	2026		2025

Increase (decrease) in:
Cash, cash equivalents, and restricted cash	$	1,645	$	(197,156)
Short-term investments	(2,037)		21,623
Property, plant, and equipment, net	(6,166)		77
Goodwill and intangible assets, net	(5,875)		(4,845)
Total debt	—		(966)
Working capital, net of cash and current debt	124,806		95,610

Net cash provided by operating activities	79,741		113,559
Net cash provided by (used in) investing activities	38,939		(23,440)
Net cash used in financing activities	(115,225)		(287,667)


	(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)

December 28, 2025 - January 24, 2026	6,230	$	39.67	—	21,030,195
January 25, 2026 - February 21, 2026	232,236	$	115.64	230,472	20,799,723
February 22, 2026 - March 28, 2026	426,684	$	115.28	419,528	20,380,195
Total	665,150			650,000


10.1			Credit Agreement, dated as of March 27 , 202 6 , among the Company (as borrower ), Bank of America, N.A. (as administrative agent , lender, swing line le nder and letter of credit issuer ), and such other parties from time to time (Incorporated herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, dated March 30 , 202 6 ).

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.

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase

101.INS			Inline XBRL Instance Document

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase

101.PRE			Inline XBRL Presentation Linkbase Document

101.SCH			Inline XBRL Taxonomy Extension Schema

104			Cover Page Interactive Data File (embedded within the Inline XBRL document and included in exhibit 101)


			MUELLER INDUSTRIES, INC.


			/s/ Jeffrey A. Martin
			Jeffrey A. Martin
April 22, 2026			Chief Financial Officer and Treasurer
Date			(Principal Financial and Accounting Officer)


			/s/ Anthony J. Steinriede
April 22, 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: April 22, 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
April 22, 2026