Mueller Industries Inc 10-Q for FY2026 Q2

Mueller Industries Inc (MLI)

10-Q 2026-07-22 For: 2026-06-27

Added on July 22, 2026

About this 10-Q

Mueller Industries Inc filed this 10-Q on July 22, 2026, covering the quarter ended June 27, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 27, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.43B; up 25.5% from $1.14B a year earlier
Net income: $249.66M; up 1.5% from net income of $245.92M a year earlier
Diluted EPS: $1.13; up 1.8% from $1.11 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 June 27, 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	30

	Item 3. – Quantitative and Qualitative Disclosures About Market Risk	39

	Item 4. – Controls and Procedures	41

Part II. Other Information

	Item 1. – Legal Proceedings	41

	Item 1A. – Risk Factors	41

	Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	42

	Item 5. – Other Information	42

	Item 6. – Exhibits	43

Signatures		44


	For the Quarter Ended				For the Six Months Ended
(In thousands, except per share data)	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025

Net sales	$	1,427,923	$	1,138,173	$	2,620,928	$	2,138,338

Cost of goods sold	1,032,577		785,194		1,867,138		1,513,379
Depreciation and amortization	17,335		17,905		33,987		35,028
Selling, general, and administrative expense	67,850		67,521		134,635		130,581
Loss (gain) on disposal of assets, net	187		(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 income	309,974		304,168		622,202		510,430

Interest expense	(134)		(17)		(134)		(42)
Interest income	10,978		8,222		22,848		18,123
Unrealized gains on short-term investments	6,545		13,212		4,508		8,202

Other expense, net	(1,127)		(1,142)		(2,359)		(1,050)

Income before income taxes	326,236		324,443		647,065		535,663

Income tax expense	(82,869)		(78,857)		(162,424)		(130,332)
Income from unconsolidated affiliates, net of foreign tax	6,920		2,897		7,035		2,439

Consolidated net income	250,287		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)	217,412		217,492		217,800		219,484
Effect of dilutive stock-based awards (1)	3,780		4,392		3,706		4,530

Adjusted weighted average shares for diluted earnings per share (1)	221,192		221,884		221,506		224,014

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


	For the Quarter Ended				For the Six Months Ended
(In thousands)	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025

Consolidated net income	$	250,287	$	248,483	$	491,676	$	407,770

Other comprehensive (loss) income, net of tax:
Foreign currency translation	(5,110)		24,100		(11,020)		27,019
Net change with respect to derivative instruments and hedging activities, net of tax of $(333), $384, $251, and $(210)	1,152		(1,331)		(858)		715
Net change in pension and postretirement obligation adjustments, net of tax of $6, $114, $(34), and $(708)	(23)		(286)		69		2,209
Attributable to unconsolidated affiliates, net of tax of $221, $(604), $296, and $213	(763)		2,081		(1,020)		(733)

Total other comprehensive (loss) income, net	(4,744)		24,564		(12,829)		29,210

Consolidated comprehensive income	245,543		273,047		478,847		436,980
Comprehensive income attributable to noncontrolling interests	(75)		(3,401)		(2,602)		(4,460)

Comprehensive income attributable to Mueller Industries, Inc.	$	245,468	$	269,646	$	476,245	$	432,520


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

Assets

Current assets:
Cash and cash equivalents	$	1,388,748	$	1,367,003
Short-term investments	27,241		22,733
Accounts receivable, less allowance for credit losses of $3,608 in 2026 and $2,545 in 2025	761,869		475,566
Inventories	607,654		510,463
Other current assets	59,759		69,980

Total current assets	2,845,271		2,445,745

Property, plant, and equipment, net	557,196		536,466
Operating lease right-of-use assets	19,239		27,211
Goodwill, net	413,160		298,188
Intangible assets, net	276,300		287,080
Investments in unconsolidated affiliates	109,729		108,631
Other assets	36,373		29,708

Total assets	$	4,257,268	$	3,733,029


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

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

Liabilities

Current liabilities:

Accounts payable	$	295,767	$	180,577
Accrued wages and other employee costs	50,879		58,125
Current portion of operating lease liabilities	7,589		8,520
Other current liabilities	241,589		165,912

Total current liabilities	595,824		413,134

Long-term debt, less current portion	5,243		—
Pension liabilities	224		212
Postretirement benefits other than pensions	8,165		8,181
Environmental reserves	15,689		15,684
Deferred income taxes	34,513		31,640
Noncurrent operating lease liabilities	11,852		18,970
Other noncurrent liabilities	11,742		9,302

Total liabilities	683,252		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 221,184,688 in 2026 and 222,359,500 in 2025 (1)	1,604		1,604
Additional paid-in capital	360,901		345,033
Retained earnings	4,172,858		3,761,575
Accumulated other comprehensive loss	(63,664)		(50,835)
Treasury common stock, at cost	(923,949)		(847,411)

Total Mueller Industries, Inc. stockholders' equity	3,547,750		3,209,966
Noncontrolling interests	26,266		25,940

Total equity	3,574,016		3,235,906

Commitments and contingencies	—		—

Total liabilities and equity	$	4,257,268	$	3,733,029


(In thousands)	Bison



Allocated to:

Inventories	$	17,651
Other current assets	7,020
Property, plant, and equipment	20,216

Tax-deductible goodwill and intangible assets	115,882

Other assets	1,601
Total assets acquired	162,370

Accounts payable	15,832

Other current liabilities	3,026
Long-term debt	5,243


Total liabilities assumed	24,101



Net assets acquired	$	138,269


	For the Quarter Ended June 27, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	794,194	$	—	$	—	$	794,194
Brass rod, forgings, wire and cable	—		326,879		—		326,879
OEM components, tube and assemblies	—		11,193		39,134		50,327
Valves and plumbing specialties	152,381		—		—		152,381
Flex duct and other HVAC components	—		—		105,818		105,818
Other	—		16,926		—		16,926

	$	946,575	$	354,998	$	144,952	$	1,446,525

Intersegment sales							(18,602)

Net sales							$	1,427,923


	For the Quarter Ended June 28, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	615,352	$	—	$	—	$	615,352
Brass rod, forgings, wire and cable	—		233,756		—		233,756
OEM components, tube and assemblies	—		20,723		37,381		58,104
Valves and plumbing specialties	128,123		—		—		128,123
Flex duct and other HVAC components	—		—		100,134		100,134
Other	—		16,119		—		16,119

	$	743,475	$	270,598	$	137,515	$	1,151,588

Intersegment sales							(13,415)

Net sales							$	1,138,173


	For the Six Months Ended June 27, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	1,414,946	$	—	$	—	$	1,414,946
Brass rod, forgings, wire and cable	—		624,386		—		624,386
OEM components, tube and assemblies	—		22,127		72,576		94,703
Valves and plumbing specialties	292,157		—		—		292,157
Flex duct and other HVAC components	—		—		196,141		196,141
Other	—		29,762		—		29,762

	$	1,707,103	$	676,275	$	268,717	$	2,652,095

Intersegment sales							(31,167)

Net sales							$	2,620,928


	For the Six Months Ended June 28, 2025
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

Tube and fittings	$	1,141,148	$	—	$	—	$	1,141,148
Brass rod, forgings, wire and cable	—		453,037		—		453,037
OEM components, tube and assemblies	—		38,938		68,641		107,579
Valves and plumbing specialties	242,010		—		—		242,010
Flex duct and other HVAC components	—		—		191,981		191,981
Other	—		30,536		—		30,536

	$	1,383,158	$	522,511	$	260,622	$	2,166,291

Intersegment sales							(27,953)

Net sales							$	2,138,338


	For the Quarter Ended June 27, 2026
(In thousands)	Piping Systems		Industrial Metals		Climate		Total

External net sales	$	935,580	$	349,179	$	143,164	$	1,427,923
Internal net sales	10,995		5,819		1,788		18,602

	946,575		354,998		144,952		1,446,525






Less: (1)
Manufacturing costs (2)	664,137		302,554		94,689		1,061,380
Sales and marketing expense	8,408		1,975		4,076		14,459
Distribution expense	11,270		525		476		12,271
Other segment items (3)	14,414		7,157		3,128		24,699

Segment operating income	248,346		42,787		42,583		333,716

Reconciliation of segment operating income:
Corporate expenses							(23,742)

Interest expense							(134)
Interest income							10,978
Unrealized gains on short-term investments							6,545



Other expense, net							(1,127)

Income before income taxes							$	326,236

(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)	June 27, 2026		December 27, 2025

Raw materials and supplies	$	307,974	$	280,810
Work-in-process	202,637		127,369
Finished goods	107,687		113,362
Valuation reserves	(10,644)		(11,078)

Inventories	$	607,654	$	510,463


	For the Quarter Ended June 27, 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	$	3,720	Cost of goods sold	$	(2,533)
Other	(35)		Other	—

Total	$	3,685	Total	$	(2,533)


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

Commodity contracts - gains	Other current assets	$	1,125	$	1,983	Other current liabilities	$	—	$	—
Commodity contracts - losses	Other current assets	(171)		—		Other current liabilities	—		(17,336)

Total derivatives (1)		$	954	$	1,983		$	—	$	(17,336)


	For the Quarter Ended June 28, 2025
(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	$	(329)	Cost of goods sold	$	(1,012)
Other	10		Other	—

Total	$	(319)	Total	$	(1,012)


	For the Six Months Ended June 28, 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	$	3,072	Cost of goods sold	$	(2,368)
Other	11		Other	—

Total	$	3,083	Total	$	(2,368)


	For the Six Months Ended June 27, 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	(11,020)		2,092		93		(1,020)		(9,855)
Amounts reclassified from AOCI	—		(2,950)		(24)		—		(2,974)

Net current-period other comprehensive (loss) income	(11,020)		(858)		69		(1,020)		(12,829)


Balance as of June 27, 2026	$	(63,099)	$	836	$	(3,226)	$	1,825	$	(63,664)


	Amount reclassified from AOCI
	For the Quarter Ended				For the Six Months Ended
(In thousands)	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025		Affected line item

Unrealized gains on derivative commodity contracts	$	(3,269)	$	(1,306)	$	(3,807)	$	(3,055)	Cost of goods sold

	736		294		857		687		Income tax expense

	$	(2,533)	$	(1,012)	$	(2,950)	$	(2,368)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans	$	(23)	$	(23)	$	(44)	$	(41)	Other expense, net
	10		12		20		21		Income tax expense

	$	(13)	$	(11)	$	(24)	$	(20)	Net of tax and noncontrolling interests


	For the Quarter Ended				Percent Change		For the Six Months Ended				Percent Change
(In thousands)	June 27, 2026		June 28, 2025		2026 vs. 2025		June 27, 2026		June 28, 2025		2026 vs. 2025

Net sales	$	1,427,923	$	1,138,173	25.5	%	$	2,620,928	$	2,138,338	22.6	%
Operating income	309,974		304,168		1.9		622,202		510,430		21.9
Net income attributable to Mueller Industries, Inc.	249,655		245,924		1.5		488,673		403,356		21.2


(In thousands)	2026		2025

Increase (decrease) in:
Cash, cash equivalents, and restricted cash	$	5,564	$	(32,160)
Short-term investments	4,508		34,835
Property, plant, and equipment, net	20,730		17,839
Goodwill and intangible assets, net	104,192		(21,620)
Total debt	5,243		(1,020)
Working capital, net of cash and current debt	195,091		178,367

Net cash provided by operating activities	292,001		304,161
Net cash used in investing activities	(125,833)		(33,486)
Net cash used in financing activities	(154,886)		(314,553)


	(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)

March 29, 2026 - April 25, 2026	6,400	$	9.28	—	40,760,390
April 26, 2026 - May 23, 2026	3,202	$	67.08	—	40,760,390
May 24, 2026 - June 27, 2026	—	$	—	—	40,760,390
Total	9,602			—


3.1			Certificate of Amendment of the Restated Certificate of Incorporation of the Registrant dated June 2 9 , 202 6 (Incorporated herein by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, dated July 1 , 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
July 22, 2026			Chief Financial Officer and Treasurer
Date			(Principal Financial and Accounting Officer)


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