10-K · March 4, 2026
Miller Industries completed the acquisition of Omars (Dec. 2, 2025) to expand its European footprint while FY2025 revenue materially declined versus FY2024 as management reduced production in 2H2025 to normalize…
Earnings analysis · 10-Q
MLR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Miller Industries reported Q1 2026 revenues of $180.9 million, down 19.8% year-over-year from $225.7 million in Q1 2025, with a substantial decline in EPS to $0.05 from $0.69. The company cited ongoing challenges from…
Read full summary
Miller Industries reported Q1 2026 revenues of $180.9 million, down 19.8% year-over-year from $225.7 million in Q1 2025, with a substantial decline in EPS to $0.05 from $0.69. The company cited ongoing challenges from acquisition-related expenses and regulatory hurdles, although it reaffirms a strong cash position with operating cash flow of $30.7 million in Q1 2026.
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.
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
- $0.05
- Gross margin
- 14.2%
What stood out
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Revenue Declined Significantly
Q1 2026 revenue declined to $180.9 million, a 19.8% decrease from $225.7 million in Q1 2025.
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Substantial EPS Drop
Diluted EPS for Q1 2026 fell to $0.05 from $0.69 in Q1 2025, marking a 92.8% decrease.
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Operating Cash Flow Surge
Operating cash flow improved significantly to $30.7 million for Q1 2026, compared to $2.7 million in the same period last year.
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Free Cash Flow Recovered
Free cash flow turned positive at $8.3 million for Q1 2026, up from a negative $2 million in Q1 2025.
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Increased Foreign Sales
Net foreign sales rose to $49.2 million in Q1 2026 from $39.3 million in Q1 2025, a 25.1% increase.
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Solid Cash Position Maintained
Cash and cash equivalents stood at $53.0 million as of March 31, 2026.
What to watch
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High Acquisition-Related Expenses
Acquisition-related expenses from Omars negatively impacted Q1 2026 results by approximately $0.13 per diluted share.
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Geopolitical Tensions Affecting Operations
Ongoing military conflicts in the Middle East may increase fuel costs, impacting demand for products.
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Rising Costs of Equipment Ownership
Increasing fuel costs and interest rates are expected to continue to challenge end-market demand.
Management's outlook
Revenue guidance re-affirmed at $850 million to $900 million for FY 2026.
Earlier filings 4
10-Q · November 5, 2025
Miller Industries reported 3Q25 net sales of $178,670,000 and diluted EPS of $0.27 (both disclosed in the Form 10-Q). Revenue and profitability are materially lower versus the prior-year quarter (3Q24 net sales…
10-Q · May 7, 2025
Miller Industries reported Q1 2025 revenue of $225,651,000 and diluted EPS of $0.69, with gross profit of $33,944,000 (≈15.0% margin) but operating margin compressed to ~4.8%. Net income fell to $8,065,000 from…
10-K · March 5, 2025
Miller Industries presents itself as “The World’s Largest Manufacturer of Towing and Recovery Equipment®” with a broad branded product portfolio and an extensive distributor network (approximately 76 North American…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.