10-Q · July 22, 2026
Mueller posted Q2 revenue of $1.428 billion, up 25.5% year over year and about 20.0% sequentially from $1.193 billion, while diluted EPS was $1.13 versus $1.11 a year ago and $1.08 in Q1. The growth was largely price-…
Earnings analysis · 10-Q
MLI earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
Mueller delivered strong third-quarter revenue of $1.419 billion, up 31.6% year over year, with gross margin of 31.5%, operating margin of 24.5%, and diluted EPS of $1.00. Free cash flow improved to $292 million, but…
Read full summary
Mueller delivered strong third-quarter revenue of $1.419 billion, up 31.6% year over year, with gross margin of 31.5%, operating margin of 24.5%, and diluted EPS of $1.00. Free cash flow improved to $292 million, but EPS missed the $1.15 consensus estimate and revenue declined slightly from $1.43 billion in the prior quarter. The filing provided no quantitative guidance, and the principal ongoing concerns are copper and brass costs, housing and construction conditions, tariffs, and currency exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.0
What stood out
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Revenue remained well above year-ago levels
Third-quarter revenue increased 31.6% year over year to $1.419 billion, although it declined approximately 0.8% sequentially from $1.43 billion in 2026 Q2 and exceeded the $1.285 billion consensus estimate.
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Sequential margin recovery
Gross margin expanded to 31.5% from 27.7% in the prior quarter and was essentially flat versus 31.5% in the year-ago quarter; operating margin increased to 24.5% from 21.7% sequentially but was below the 26.7% level in 2025 Q2.
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EPS increased but missed estimates
Diluted EPS was $1.00, up from $0.94 in the year-ago quarter, but below the $1.15 consensus estimate by $0.15, or approximately 13.0%.
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Cash generation strengthened
Free cash flow was $292 million, up from $191 million in 2026 Q2 and $63 million in 2026 Q1, indicating a substantial sequential improvement in cash generation.
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Significant share-repurchase capacity
The company had an authorization to repurchase up to 80 million shares through July 2028 and had repurchased approximately 42.5 million shares cumulatively through September 26, 2026.
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No reported control deficiencies
Disclosure controls were concluded effective as of September 26, 2026, and the filing reported no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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Copper cost and availability exposure
Copper and brass are the largest components of variable production costs, and the company held open futures contracts to purchase approximately $33.9 million of copper over the next 10 months and sell approximately $67.5 million over the next six months as of September 26, 2026.
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Limited interest-rate exposure
The company had $27.4 million of letters of credit outstanding and no variable-rate debt as of September 26, 2026; management stated that a hypothetical 10% increase in interest rates would have an insignificant unfavorable effect on pretax earnings and cash flows.
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Trade and currency uncertainty
The filing identifies enhanced U.S. tariffs, import/export restrictions, and other trade barriers as potential sources of material adverse impact; it also reported open forward contracts to sell approximately 7.4 million euros and 1.6 million Norwegian kroner through January 2027.
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No formal risk-factor update
Management stated that there were no material changes to the risk factors disclosed in the 2025 Form 10-K, while noting that unconsolidated affiliates could be adversely affected by unfavorable economic and market conditions.
Management's outlook
The filing provides no quantitative revenue or EPS guidance. Management's forward-looking statements remain subject to risks involving housing and commercial construction, commodities, tariffs, financing, and acquisitions.
Earlier filings 4
10-Q · April 22, 2026
Mueller Industries reported Q1 net sales of $1,193,005 (in thousands) and diluted EPS of $2.16, both materially above the prior-year quarter. Gross margin expanded to ~30.0% and operating margin widened to ~26.2%, aided…
10-K · February 25, 2026
Mueller Industries reported a stronger 2025 with consolidated revenue rising to approximately $4.18 billion (up ~11% vs. $3.77 billion in 2024) and free cash flow improving to about $687 million for the year. Gross…
10-Q · July 23, 2025
Mueller Industries reported Q2 net sales of $1,138,173,000 (up from $997,745,000 a year ago) and diluted EPS of $2.22 (vs $1.41 prior year). Gross margin expanded to 31.0% and operating margin to 26.7%, driven by higher…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.