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Mueller Industries Inc

Mueller Industries, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results

COLLIERVILLE, Tenn.--(BUSINESS WIRE)--Feb. 3, 2026-- Mueller Industries, Inc. (NYSE: MLI) today reported fourth quarter and full year results for 2025.

For the Fourth Quarter 2025 versus Fourth Quarter 2024:

  • Net sales: $962.4 million vs. $923.5 million, up 4.2%.
  • Operating income: $172.0 million vs. $170.3 million, up 1.0%.
  • Net income: $153.7 million vs. $137.7 million, up 11.6%.
  • Diluted EPS: $1.38 vs. $1.21, up 14.0%.

For the Full Year 2025 versus the Full Year 2024:

  • Net sales: $4.2 billion vs. $3.8 billion, up 10.5%.
  • Operating income: $958.5 million vs. $770.4 million, up 24.4%.
  • Net income: $765.2 million vs. $604.9 million, up 26.5%.
  • Diluted EPS: $6.86 vs. $5.31, up 29.2%.

Financial and Operating Commentary for the Fourth Quarter of 2025:

  • COMEX copper averaged $5.13 per pound during the quarter, 22% higher than the prior year period.
  • Net sales increased by $38.9 million. The increase was attributable to higher net selling prices due to rising raw material costs, but offset by lower unit volumes, primarily in our core copper and brass products.
  • Gross margin was impacted by an $18.2 million unrealized loss recorded on open hedge contracts, which resulted from the rapid rise in copper prices during the last two weeks of the quarter.
  • The Company generated $141.2 million of cash from operations during the fourth quarter.
  • Year-end cash and short-term investments totaled $1.39 billion, and our current ratio is 5.9 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “Our fourth quarter capped a year in which every quarter marked an improvement over the prior year period. Those results culminated in the highest annual operating and net income in our Company’s history, a particularly noteworthy achievement given that market conditions worsened compared to 2024, not to mention the disruption and costs that tariffs imposed on several of our businesses.”

He added, “We remain excited about our Company’s future. Although we do not expect market conditions to abruptly rebound in 2026, we nonetheless anticipate considerable improvements as the year progresses. This past year, we completed several operational improvement initiatives that will deliver financial benefits in 2026. We have absorbed the impact of changes in tariff and trade policies, and will continue to adapt as such policies evolve. Moreover, we continue to have opportunities to invest in and improve each of our business platforms. We have a strong balance sheet, no debt and the necessary capital not only to support these priorities, but also to pursue strategic acquisition opportunities when they arise.”

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; energy 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.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

For the Quarter Ended

 

For the Year Ended

(In thousands, except per share data)

 

December 27,
2025

 

December 28,
2024

 

December 27,
2025

 

December 28,
2024

 

 

 

 

 

 

 

 

 

Net sales

 

$

962,385

 

 

$

923,536

 

 

$

4,178,547

 

 

$

3,768,766

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

714,556

 

 

 

668,166

 

 

 

2,966,083

 

 

 

2,724,328

 

Depreciation and amortization

 

 

16,926

 

 

 

22,236

 

 

 

68,561

 

 

 

53,133

 

Selling, general, and administrative expense

 

 

56,413

 

 

 

64,703

 

 

 

248,651

 

 

 

226,696

 

Loss (gain) on disposal of assets, net

 

 

776

 

 

 

(1,827

)

 

 

(25,878

)

 

 

(5,780

)

Impairment charges

 

 

1,717

 

 

 

—

 

 

 

3,735

 

 

 

—

 

Gain on insurance proceeds

 

 

—

 

 

 

—

 

 

 

(41,147

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

171,997

 

 

 

170,258

 

 

 

958,542

 

 

 

770,389

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(60

)

 

 

(75

)

 

 

(108

)

 

 

(410

)

Interest income

 

 

12,123

 

 

 

10,695

 

 

 

41,068

 

 

 

53,468

 

Realized and unrealized gains on short-term investments

 

 

12,622

 

 

 

385

 

 

 

18,547

 

 

 

914

 

Gain on extinguishment of NMTC liability

 

 

—

 

 

 

1,265

 

 

 

—

 

 

 

1,265

 

Environmental expense

 

 

(847

)

 

 

(542

)

 

 

(2,151

)

 

 

(2,218

)

Pension plan termination expense

 

 

—

 

 

 

—

 

 

 

(4,830

)

 

 

—

 

Other income (expense), net

 

 

413

 

 

 

(3,774

)

 

 

1,294

 

 

 

(2,946

)

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

196,248

 

 

 

178,212

 

 

 

1,012,362

 

 

 

820,462

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(43,115

)

 

 

(45,670

)

 

 

(247,351

)

 

 

(205,076

)

Income from unconsolidated affiliates, net of foreign tax

 

 

2,439

 

 

 

8,061

 

 

 

8,579

 

 

 

2,156

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

 

155,572

 

 

 

140,603

 

 

 

773,590

 

 

 

617,542

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

(1,860

)

 

 

(2,951

)

 

 

(8,399

)

 

 

(12,663

)

 

 

 

 

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

 

$

153,712

 

 

$

137,652

 

 

$

765,191

 

 

$

604,879

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

109,302

 

 

 

111,545

 

 

 

109,475

 

 

 

111,385

 

Effect of dilutive stock-based awards

 

 

1,721

 

 

 

2,415

 

 

 

2,017

 

 

 

2,580

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares for diluted earnings per share

 

 

111,023

 

 

 

113,960

 

 

 

111,492

 

 

 

113,965

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.41

 

 

$

1.23

 

 

$

6.99

 

 

$

5.43

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

1.38

 

 

$

1.21

 

 

$

6.86

 

 

$

5.31

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.25

 

 

$

0.20

 

 

$

1.00

 

 

$

0.80

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED

(Unaudited)

 

 

 

For the Quarter Ended

 

For the Year Ended

(In thousands)

 

December 27,
2025

 

December 28,
2024

 

December 27,
2025

 

December 28,
2024

 

 

 

 

 

 

 

 

 

Summary Segment Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

Piping Systems Segment

 

$

607,165

 

 

$

592,834

 

 

$

2,708,727

 

 

$

2,514,096

 

Industrial Metals Segment

 

 

252,179

 

 

 

229,017

 

 

 

1,023,629

 

 

 

818,439

 

Climate Segment

 

 

110,642

 

 

 

112,622

 

 

 

497,929

 

 

 

488,446

 

Elimination of intersegment sales

 

 

(7,601

)

 

 

(10,937

)

 

 

(51,738

)

 

 

(52,215

)

 

 

 

 

 

 

 

 

 

Net sales

 

$

962,385

 

 

$

923,536

 

 

$

4,178,547

 

 

$

3,768,766

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

Piping Systems Segment

 

$

147,697

 

 

$

148,912

 

 

$

772,316

 

 

$

617,451

 

Industrial Metals Segment

 

 

13,426

 

 

 

14,399

 

 

 

105,048

 

 

 

92,560

 

Climate Segment

 

 

27,901

 

 

 

33,718

 

 

 

145,053

 

 

 

146,054

 

Unallocated expenses

 

 

(17,027

)

 

 

(26,771

)

 

 

(63,875

)

 

 

(85,676

)

 

 

 

 

 

 

 

 

 

Operating income

 

$

171,997

 

 

$

170,258

 

 

$

958,542

 

 

$

770,389

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In thousands)

 

December 27,
2025

 

December 28,
2024

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

1,367,003

 

$

1,037,229

Short-term investments

 

 

22,733

 

 

 

21,874

 

Accounts receivable, net

 

 

475,566

 

 

 

450,113

 

Inventories

 

 

510,463

 

 

 

462,279

 

Other current assets

 

 

69,980

 

 

 

40,734

 

 

 

 

 

 

Total current assets

 

 

2,445,745

 

 

 

2,012,229

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

536,466

 

 

 

515,131

 

Operating lease right-of-use assets

 

 

27,211

 

 

 

32,702

 

Other assets

 

 

723,607

 

 

 

730,844

 

 

 

 

 

 

 

 

$

3,733,029

 

 

$

3,290,906

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current portion of debt

 

$

—

 

 

$

1,094

 

Accounts payable

 

 

180,577

 

 

 

173,743

 

Current portion of operating lease liabilities

 

 

8,520

 

 

 

8,117

 

Other current liabilities

 

 

224,037

 

 

 

215,033

 

 

 

 

 

 

Total current liabilities

 

 

413,134

 

 

 

397,987

 

 

 

 

 

 

Pension and postretirement liabilities

 

 

8,393

 

 

 

11,199

 

Environmental reserves

 

 

15,684

 

 

 

15,423

 

Deferred income taxes

 

 

31,640

 

 

 

25,742

 

Noncurrent operating lease liabilities

 

 

18,970

 

 

 

24,547

 

Other noncurrent liabilities

 

 

9,302

 

 

 

11,600

 

 

 

 

 

 

Total liabilities

 

 

497,123

 

 

 

486,498

 

 

 

 

 

 

Total Mueller Industries, Inc. stockholders’ equity

 

 

3,209,966

 

 

 

2,773,165

 

Noncontrolling interests

 

 

25,940

 

 

 

31,243

 

 

 

 

 

 

Total equity

 

 

3,235,906

 

 

 

2,804,408

 

 

 

 

 

 

 

 

$

3,733,029

 

 

$

3,290,906

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Year Ended

(In thousands)

 

December 27,
2025

 

December 28,
2024

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Consolidated net income

 

$

773,590

 

 

$

617,542

 

Reconciliation of consolidated net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

68,561

 

 

 

53,376

 

Stock-based compensation expense

 

 

26,764

 

 

 

26,787

 

Provision for doubtful accounts receivable

 

 

143

 

 

 

1,147

 

Income from unconsolidated affiliates

 

 

(8,579

)

 

 

(2,156

)

Dividends from unconsolidated affiliates

 

 

6,824

 

 

 

4,769

 

Unrealized gains on short-term investments

 

 

(1,852

)

 

 

(549

)

Gain on disposals of assets, net

 

 

(25,878

)

 

 

(5,780

)

Insurance proceeds - noncapital related

 

 

15,469

 

 

 

18,900

 

Gain on sale of securities

 

 

(16,695

)

 

 

(365

)

Gain on insurance proceeds

 

 

(41,147

)

 

 

—

 

Impairment charges

 

 

3,735

 

 

 

—

 

Gain on extinguishment of NMTC liability

 

 

—

 

 

 

(1,265

)

Deferred income tax expense (benefit)

 

 

6,565

 

 

 

(867

)

Change in fair value of contingent consideration

 

 

(4,636

)

 

 

—

 

Changes in assets and liabilities, net of effects of businesses acquired:

 

 

 

 

Receivables

 

 

(19,093

)

 

 

(56,565

)

Inventories

 

 

(40,428

)

 

 

(32,768

)

Other assets

 

 

(16,377

)

 

 

(1,046

)

Current liabilities

 

 

35,078

 

 

 

24,360

 

Other liabilities

 

 

(5,363

)

 

 

(1,145

)

Other, net

 

 

(1,237

)

 

 

1,533

 

 

 

 

 

 

Net cash provided by operating activities

 

$

755,444

 

 

$

645,908

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Proceeds from sale of assets, net of cash transferred

 

$

38,508

 

 

$

12,005

 

Purchase of short-term investments

 

 

(70,748

)

 

 

(21,325

)

Purchase of long-term investments

 

 

(781

)

 

 

(6,785

)

Proceeds from the sale of securities

 

 

88,436

 

 

 

98,465

 

Acquisition of businesses, net of cash acquired

 

 

—

 

 

 

(602,692

)

Capital expenditures

 

 

(68,805

)

 

 

(80,203

)

Insurance proceeds - capital related

 

 

4,531

 

 

 

6,100

 

Payment received for (issuance of) notes receivable with unconsolidated affiliates

 

 

1,250

 

 

 

(3,800

)

Investment received from noncontrolling interests

 

 

600

 

 

 

—

 

Investments in unconsolidated affiliates

 

 

(17,902

)

 

 

(8,700

)

 

 

 

 

 

Net cash used in investing activities

 

$

(24,911

)

 

$

(606,935

)

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(Unaudited)

 

 

 

For the Year Ended

(In thousands)

 

December 27,
2025

 

December 28,
2024

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Dividends paid to stockholders of Mueller Industries, Inc.

 

$

(109,050

)

 

$

(89,107

)

Dividends paid to noncontrolling interests

 

 

(12,240

)

 

 

—

 

Repayments of long-term debt

 

 

(185

)

 

 

(222

)

Issuance of debt by consolidated joint ventures, net

 

 

—

 

 

 

397

 

Repurchase of common stock

 

 

(243,615

)

 

 

(48,681

)

Net cash used to settle stock-based awards

 

 

(29,528

)

 

 

(22,865

)

 

 

 

 

 

Net cash used in financing activities

 

$

(394,618

)

 

$

(160,478

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

10,347

 

 

 

(13,823

)

 

 

 

 

 

Increase (decrease) in cash, cash equivalents, and restricted cash

 

 

346,262

 

 

 

(135,328

)

Cash, cash equivalents, and restricted cash at the beginning of the year

 

 

1,038,895

 

 

 

1,174,223

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash at the end of the year

 

$

1,385,157

 

 

$

1,038,895

 

 

Jeffrey A. Martin
(901) 753-3226

Source: Mueller Industries, Inc.