Mueller Industries, Inc. Reports Third Quarter 2026 Earnings

COLLIERVILLE, Tenn., October 20, 2026 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2026. Comparisons are to the third quarter of 2025.

•Net Sales increased to $1.42 billion versus $1.08 billion.

•Net Income increased to $221.2 million versus $208.1 million.

•Operating Income increased to $281.6 million versus $276.1 million.

•Diluted EPS* increased to $1.00 versus $0.94.

•Dividends per share* increased to $.175 versus $.125.

* Diluted EPS and dividends per share have been adjusted to reflect the two-for-one stock split that took effect on 6/30/2026.

Third Quarter Financial and Operating Highlights:

•COMEX copper averaged $6.48 per pound during the quarter, a 34.2 percent increase over the prior year period.

•Unit volume growth across most of our businesses, combined with price adjustments related to the rise in material costs, contributed to the increase in net sales.

•The results include $9.4 million in charges related to purchase accounting for recent acquisitions.

•Net cash generated from operations was $337.0 million, raising our cash and short-term investments at quarter end to $1.48 billion.

•During the quarter, we purchased 3.2 million shares of our common stock for a total of $201.9 million. Year-to-date, we have purchased 4.5 million shares.

• Our current ratio remains strong at 4.4 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “For the ninth consecutive quarter, we delivered year over year earnings growth driven by stronger performance across all three of our business segments. Throughout the quarter, demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. These results are particularly noteworthy given the protracted decline in the residential construction market. Our team has done an excellent job adjusting to shifts in demand and mix, as well as managing price relative to cost escalation.”

Regarding the outlook, he added “As we approach the finish line for 2026 and look ahead, we remain optimistic as we execute on our key strategic priorities. These include investments in our North American manufacturing operations to reduce costs and reshore production to support shifting demand, along with initiatives to increase our product offerings and expand distribution capabilities across multiple business

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segments. These actions will keep us well-positioned to capitalize on opportunities when residential building construction recovers in the U.S. and global economic conditions improve.”

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 Nine Months Ended
(In thousands, except per share data)						September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Net sales						$	1,418,598					$	1,077,824					$	4,039,526					$	3,216,162
Cost of goods sold						1,057,156						738,148						2,924,294						2,251,527
Depreciation and amortization						21,173						16,607						55,160						51,635
Selling, general, and administrative expense						63,048						61,657						197,683						192,238
(Gain) loss on disposal of assets, net						—						(11,852)						1,720						(26,654)
Gain on sale of business						—						—						(41,407)						—
Asset impairments						—						2,018						2,653						2,018
Gain on insurance proceeds						(4,352)						(4,869)						(4,352)						(41,147)
Operating income						281,573						276,115						903,775						786,545
Interest expense						(136)						(6)						(270)						(48)
Interest income						12,002						10,822						34,850						28,945
Unrealized gains (losses) on short-term investments						5,859						(2,277)						10,367						5,925
Pension plan termination expense						—						(4,830)						—						(4,830)
Other (expense) income, net						(62)						627						(2,421)						(423)
Income before income taxes						299,236						280,451						946,301						816,114
Income tax expense						(76,607)						(73,904)						(239,031)						(204,236)
Income from unconsolidated affiliates, net of foreign tax						1,688						3,701						8,723						6,140
Consolidated net income						224,317						210,248						715,993						618,018
Net income attributable to noncontrolling interests						(3,117)						(2,125)						(6,120)						(6,539)
Net income attributable to Mueller Industries, Inc.						$	221,200					$	208,123					$	709,873					$	611,479
Weighted average shares for basic earnings per share (1)						216,988						218,228						217,530						219,066
Effect of dilutive stock-based awards (1)						3,129						3,632						3,513						4,230
Adjusted weighted average shares for diluted earnings per share (1)						220,117						221,860						221,043						223,296
Basic earnings per share (1)						$	1.02					$	0.95					$	3.26					$	2.79
Diluted earnings per share (1)						$	1.00					$	0.94					$	3.21					$	2.74
Dividends per share (1)						$	0.175					$	0.125					$	0.525					$	0.375
(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 Nine Months Ended
(In thousands)						September 26, 2026						September 27, 2025						September 26, 2026						September 27, 2025
Summary Segment Data:
Net sales:
Piping Systems Segment						$	890,610					$	718,404					$	2,597,713					$	2,101,562
Industrial Metals Segment						409,377						248,939						1,085,652						771,450
Climate Segment						142,827						126,665						411,544						387,287
Elimination of intersegment sales						(24,216)						(16,184)						(55,383)						(44,137)
Net sales						$	1,418,598					$	1,077,824					$	4,039,526					$	3,216,162
Operating income:
Piping Systems Segment						$	225,260					$	216,159					$	690,616					$	624,619
Industrial Metals Segment						33,713						30,928						120,771						91,622
Climate Segment						46,270						38,900						122,232						117,152
Unallocated expenses						(23,670)						(9,872)						(29,844)						(46,848)
Operating income						$	281,573					$	276,115					$	903,775					$	786,545

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

						(Unaudited)
(In thousands)						September 26, 2026						December 27, 2025
ASSETS
Cash and cash equivalents						$	1,447,799					$	1,367,003
Short-term investments						33,100						22,733
Accounts receivable, net						723,993						475,566
Inventories						621,390						510,463
Other current assets						53,215						69,980
Total current assets						2,879,497						2,445,745
Property, plant, and equipment, net						602,787						536,466
Operating lease right-of-use assets						21,066						27,211
Other assets						794,244						723,607
Total assets						$	4,297,594					$	3,733,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable						$	297,923					$	180,577
Current portion of operating lease liabilities						8,181						8,520
Other current liabilities						349,488						224,037
Total current liabilities						655,592						413,134
Long-term debt						5,243						—
Pension and postretirement liabilities						8,748						8,393
Environmental reserves						15,758						15,684
Deferred income taxes						46,345						31,640
Noncurrent operating lease liabilities						13,097						18,970
Other noncurrent liabilities						10,493						9,302
Total liabilities						755,276						497,123
Total Mueller Industries, Inc. stockholders’ equity						3,511,451						3,209,966
Noncontrolling interests						30,867						25,940
Total equity						3,542,318						3,235,906
Total liabilities and equity						$	4,297,594					$	3,733,029

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MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

						For the Nine Months Ended
(In thousands)						September 26, 2026						September 27, 2025
Cash flows from operating activities
Consolidated net income						$	715,993					$	618,018
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization						55,160						51,635
Stock-based compensation expense						23,307						20,328
Provision for credit losses						802						67
Income from unconsolidated affiliates						(8,723)						(6,140)
Dividends from unconsolidated affiliates						5,701						5,440
Insurance proceeds - noncapital related						—						15,469
Loss (gain) on disposals of assets, net						1,720						(26,654)
Gain on sale of business						(41,407)						—
Unrealized gains on short-term investments						(10,367)						(5,925)
Impairment charges						2,653						2,018
Gain on insurance proceeds						(4,352)						(41,147)
Deferred income tax expense						17,282						10,627
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables						(253,596)						(100,830)
Inventories						(95,916)						(40,669)
Other assets						3,466						(8,756)
Current liabilities						219,818						120,796
Other liabilities						1,376						286
Other, net						(3,952)						(330)
Net cash provided by operating activities						$	628,965					$	614,233
Cash flows from investing activities
Capital expenditures						$	(60,764)					$	(48,982)
Acquisition of business, net of cash acquired						(135,752)						—
Proceeds from sale of business, net of cash sold						57,004						—
Insurance proceeds - capital related						4,352						4,531
Purchase of short-term investments						—						(26,633)
Purchase of long-term investments						(5,834)						(781)
Proceeds from sales of assets						62						38,478
Other						—						600
Net cash used in investing activities						$	(140,932)					$	(32,787)

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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
						For the Nine Months Ended
(In thousands)						September 26, 2026						September 27, 2025
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.						$	(113,869)					$	(81,723)
Repurchase of common stock						(278,297)						(243,615)
Repayments of debt						—						(185)
Net cash used to settle stock-based awards						(24,882)						(29,528)
Dividends paid to noncontrolling interests						(5,051)						(12,240)
Other						3,100						—
Net cash used in financing activities						$	(418,999)					$	(367,291)
Effect of exchange rate changes on cash						(4,214)						9,836
Increase in cash, cash equivalents, and restricted cash						64,820						223,991
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						$	1,449,977					$	1,262,886

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