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.”

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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.

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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

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MUELLER INDUSTRIES, INC.

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 (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
(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)
						For the Quarter Ended												For the Six Months Ended
(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

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MUELLER INDUSTRIES, INC.

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

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MUELLER INDUSTRIES, INC.

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)

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						For the Six Months Ended
(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

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