Mueller Industries Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 21 July 2026: press release. The quarter’s numbers.

Key takeaways

Net sales rose on volume and price: Net sales were $1.43 billion versus $1.14 billion. Management attributed the increase to unit volume growth in all three segments and price increases tied to higher material costs. Source
Adjusted operating income up 15.7%: Operating income was $310.0 million versus $304.2 million. Excluding the 2025 insurance gain of $36.3 million, management reported a 15.7 percent increase in operating income. Source
Piping Systems sales rose, profit slipped: Piping Systems net sales were $946.6 million versus $743.5 million. Segment operating income was $248.3 million versus $250.3 million. Source
Copper cost averaged 30.6% higher: COMEX copper averaged $6.16 per pound in the quarter, 30.6 percent above the prior year period. Source
Chicago Extruded Metals closed in June: The company completed the Chicago Extruded Metals acquisition on June 12, 2026, and the Bison Metals Technologies acquisition on March 30, 2026, both in core metals businesses. Source
Quarterly operating cash generation: Net cash generated from operations was $212.3 million in the quarter. Source

“We delivered consistent year over year earnings growth and executed at a high level.”
Greg Christopher, Mueller’s CEO

What changed from last quarter

New: Chicago Extruded Metals acquisition completed on June 12, 2026, following the Bison Metals Technologies acquisition in the first quarter. Source
New: Two-for-one stock split took effect on June 30, 2026, and per-share figures were adjusted retroactively. Source

Results and growth drivers

Net sales rose on volume and price: Net sales were $1.43 billion versus $1.14 billion. Management attributed the increase to unit volume growth in all three segments and price increases tied to higher material costs. Source
Adjusted operating income up 15.7%: Operating income was $310.0 million versus $304.2 million. Excluding the 2025 insurance gain of $36.3 million, management reported a 15.7 percent increase in operating income. Source
Net income and diluted EPS higher: Net income attributable to Mueller was $249.7 million versus $245.9 million. Diluted EPS was $1.13 versus $1.11, with per-share figures adjusted for the stock split. Source
Six-month operating income higher: Six-month operating income was $622.2 million versus $510.4 million. The six-month figures include a $41.4 million gain on sale of business and a $2.7 million asset impairment. Source

Segments and demand

Piping Systems sales rose, profit slipped: Piping Systems net sales were $946.6 million versus $743.5 million. Segment operating income was $248.3 million versus $250.3 million. Source
Industrial Metals sales and profit up: Industrial Metals net sales were $355.0 million versus $270.6 million. Segment operating income was $42.8 million versus $30.6 million. Source
Climate sales up, profit flat: Climate Segment net sales were $145.0 million versus $137.5 million. Segment operating income was $42.6 million in both periods. Source
Demand strengthening in key markets: Management described demand as strengthening in its commercial, industrial and electrical markets. Source
Residential recovery expected eventually: Management said it is optimistic that U.S. residential construction markets will eventually improve. No timing was given. Source

“As such, we are anticipating continued strength in our business.”
Greg Christopher, Mueller’s CEO

Costs, margins and pricing

Copper cost averaged 30.6% higher: COMEX copper averaged $6.16 per pound in the quarter, 30.6 percent above the prior year period. Source
Cost of goods sold rose with sales: Cost of goods sold was $1,032.6 million versus $785.2 million. SG&A expense was $67.9 million versus $67.5 million. Source
Unallocated expenses increased: Unallocated expenses were $23.7 million in the quarter versus $19.4 million in the prior year quarter. Source

Acquisitions and strategy

Chicago Extruded Metals closed in June: The company completed the Chicago Extruded Metals acquisition on June 12, 2026, and the Bison Metals Technologies acquisition on March 30, 2026, both in core metals businesses. Source
Bison posted a record second quarter: Management said Bison Metals Technologies already delivered a record second quarter. Source
2030 strategic plan under way: Management said the company is carrying out its 2030 strategic plan initiatives with a high sense of urgency. Source

Capital, cash and shareholder returns

Quarterly operating cash generation: Net cash generated from operations was $212.3 million in the quarter. Source
Six-month operating cash flow lower: Net cash provided by operating activities was $292.0 million for the six months, versus $304.2 million in the prior year period. Source
Bison purchase funded from cash: Management said $138.3 million of cash was used in the quarter to acquire Bison Metals Technologies LLC. Source
Cash and investments at $1.42 billion: Cash and short-term investments were $1.42 billion at quarter end. Management also gave a current ratio of 4.8 to 1. Source
Quarterly dividend per share increased: Dividends per share were $0.175 versus $0.125, with both figures adjusted for the two-for-one stock split. Source
Share repurchases and dividends paid: Six-month repurchases of common stock were $76.4 million, versus $243.6 million in the prior year period. Dividends paid to stockholders were $76.1 million. Source

Working capital and balance sheet

Receivables and inventories rose: Accounts receivable were $761.9 million and inventories were $607.7 million, compared with $475.6 million and $510.5 million at December 27, 2025. Source
Total equity increased: Total equity was $3,574.0 million at quarter end, compared with $3,235.9 million at December 27, 2025. Source
Long-term debt of $5.2 million: Long-term debt was $5.2 million at quarter end, compared with none at December 27, 2025. Source

Coming up, as management said on 21 July 2026

Acquisitions expected to add near term: Management expects both Bison Metals Technologies and Chicago Extruded Metals to meaningfully contribute in the near term. Source

Risks management discussed

Operational: Raw material cost increases were passed through in selling prices, and management cited price increases tied to the rise in material costs. Source
External: Management cited the conflict in Iran as linked to energy costs and inflationary pressures, and said it looks forward to a resolution. Source

Earlier plans management reported on

Not stated: Management said it is carrying out the 2030 strategic plan initiatives, with no status given beyond that. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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.”

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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	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		217,412		217,492		217,800		219,484
Effect of dilutive stock-based awards		3,780		4,392		3,706		4,530
Adjusted weighted average shares for diluted earnings per share		221,192		221,884		221,506		224,014
Basic earnings per share	$1.15		$1.13		$2.24		$1.84
Diluted earnings per share	$1.13		$1.11		$2.21		$1.80
Dividends per share	$0.175		$0.125		$0.350		$0.250
Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.

	For the Quarter Ended				For the Six Months Ended
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
(In thousands)	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Summary Segment Data:
Net sales:
Piping Systems Segment	$946,575		$743,475		$1,707,103		$1,383,158
Industrial Metals Segment		354,998		270,598		676,275		522,511
Climate Segment		144,952		137,515		268,717		260,622
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 Segment		42,787		30,610		87,058		60,694
Climate Segment		42,583		42,628		75,962		78,252
Unallocated expenses	(23,742)		(19,366)		(6,174)		(36,976)
Operating income	$309,974		$304,168		$622,202		$510,430

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 investments		27,241		22,733
Accounts receivable, net		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
Other assets		835,562		723,607
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		292,468		224,037
Total current liabilities		595,824		413,134
Long-term debt		5,243		-
Pension and postretirement liabilities		8,389		8,393
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
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
Total liabilities and equity	$4,257,268		$3,733,029

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Six Months Ended
(In thousands)	June 27, 2026	June 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 amortization	33,987	35,028
Stock-based compensation expense	15,846	13,940
Provision for credit losses	818	73
Income from unconsolidated affiliates	(7,035)	(2,439)
Dividends from unconsolidated affiliates	4,621	2,812
Insurance proceeds - noncapital related	-	12,345
Loss (gain) on disposals of assets, net	1,720	(14,802)
Gain on sale of business	(41,407)	-
Unrealized gains on short-term investments	(4,508)	(8,202)
Impairment charges	2,653	-
Gain on insurance proceeds	-	(36,278)
Deferred income tax expense	3,109	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 assets	983	(4,371)
Current liabilities	167,903	72,259
Other liabilities	2,365	(2,420)
Other, net	675	(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 sold	57,004	-
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 assets	62	21,135
Other	-	600
Net cash used in investing activities	$(125,833)	$(33,486)

	For the Six Months Ended
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)	June 27, 2026	June 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)
Other	3,100	-
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 cash	5,564	(32,160)
Cash, cash equivalents, and restricted cash at the beginning of the period	1,385,157	1,038,895
Cash, cash equivalents, and restricted cash at the end of the period	$1,390,721	$1,006,735