Mueller Water Products (MWA) FY2025 results: revenue $1.4 billion, up 8.7% on the year
Mueller Water Products, Inc. (MWA) reported revenue of $1.4 billion for fiscal 2025, the year ended 30 September 2025, up 8.7% on the year before. Net income was $192 million, up 65.4%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2025.
Revenue
$1.4 billion
+8.7% on the year
FY2018FY2025
Operating margin
18.2%
13.8% a year earlier
FY2018FY2025
Net income
$192 million
+65.4% on the year
FY2018FY2025
Diluted EPS
$1.22
+64.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 10 new.
Quarter sales rose on volumes and price: Net sales rose $32.6 million, or 9.4%, to $380.8 million. Management attributed the increase to higher volumes across most product lines and higher pricing.
Adjusted EBITDA margin expanded to 24.1%: Adjusted EBITDA rose 26.6% to $91.8 million, and the margin was 24.1% against 20.8%.
Water Flow Solutions sales grew 8.6%: Water Flow Solutions net sales rose 8.6% to $217.5 million. Iron gate and specialty valve volumes grew, while service brass volumes fell.
Gross margin rose to 36.8%: Gross profit rose 26.2% to $140.0 million on manufacturing efficiencies, volume growth and favorable price/cost. Gross margin was 36.8%, up 500 basis points.
Full-year adjusted EBITDA reached $326.2 million: Adjusted EBITDA rose 14.6% to $326.2 million, a 22.8% margin against 21.7%.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
219
239
109
-8.2%
Capital expenditure
47.3
47.4
47.6
-0.2%
Free cash flow
172
191
61.4
-10.1%
Free cash flow margin
12.0%
14.6%
4.8%
Cash from investing
-47.1
-47.2
-42.1
Cash from financing
-58.3
-46.0
-48.8
Depreciation and amortisation
46.9
66.2
62.5
-29.2%
Share-based compensation
10.7
9.0
8.5
+18.9%
Buybacks
15.0
10.0
10.0
+50.0%
Dividends paid
41.9
39.9
38.1
+5.0%
Dividend per share
$0.27
$0.26
$0.24
+4.7%
Diluted shares, weighted
158m
157m
157m
+0.4%
Shares outstanding at period end
156m
156m
156m
+0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
982
810
712
+21.2%
Debt
452
450
447
+0.5%
Operating lease liabilities
22.0
22.5
19.8
-2.2%
Finance lease liabilities
2.9
1.9
0.6
+52.6%
Other liabilities
381
352
326
+8.2%
Total liabilities and equity
1,839
1,636
1,505
+12.4%
Fixed assets
336
319
312
+5.3%
Goodwill
89.2
80.7
93.7
+10.5%
Intangible assets
307
310
334
-0.8%
Cash and equivalents
432
310
160
+39.2%
Receivables
212
209
217
+1.4%
Inventory
329
302
298
+8.9%
Other assets
135
106
90.3
+26.7%
Total assets
1,839
1,636
1,505
+12.4%
10-K for the year ended 30 September 2025, filed 19 November 2025: the filing.