Mueller Industries, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results
COLLIERVILLE, Tenn.--( BUSINESS WIRE)--Mueller Industries, Inc. (NYSE: MLI) today reported fourth quarter and full year results for 2025.
For the Fourth Quarter 2025 versus Fourth Quarter 2024:
For the Full Year 2025 versus the Full Year 2024:
Financial and Operating Commentary for the Fourth Quarter of 2025:
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