Mueller Industries, Inc. (NYSE:MLI) announces results for the second quarter of 2026. Comparisons are to the second quarter of 2025.

Net Sales increased to $1.43 billion versus $1.14 billion.
Net Income increased to $249.7 million versus $245.9 million.
Operating Income increased to $310.0 million versus $304.2 million.
Diluted EPS* increased to $1.13 versus $1.11.
Dividends per share* increased to $.175 versus $.125.

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

Second Quarter Financial and Operating Highlights:

COMEX copper averaged $6.16 per pound during the quarter, a 30.6 percent increase over the prior year period.

Adjusting for the $36.3 million insurance gain ($28.1 million net of tax) recognized in the second quarter of 2025, we delivered a 15.7 percent increase in operating income.

Unit volume growth in each of our three reporting segments, combined with price increases related to the rise in material costs, contributed to the overall increase in net sales.

Net cash generated from operations was $212.3 million. We utilized $138.3 million during the quarter to acquire Bison Metals Technologies LLC.
Our cash and short-term investments balance at quarter end was $1.42 billion, and our current ratio remains strong at 4.8 to 1.

Regarding the results and outlook for the business, Greg Christopher, Mueller’s CEO said, "We delivered consistent year over year earnings growth and executed at a high level. Business demand continues to strengthen in our commercial, industrial and electrical markets. Backlogs are strong, and we are carrying out our 2030 strategic plan initiatives with a high sense of urgency. During the quarter, we completed two acquisitions in our core metals businesses — Bison Metals Technologies on March 30, 2026, and Chicago Extruded Metals on June 12, 2026. With Bison already having delivered a record second quarter, we expect both to meaningfully contribute in the near term.

We are optimistic that the U.S. residential construction markets will eventually improve, and look forward to a resolution of the conflict in Iran, leading to lower energy costs and reduced inflationary pressures. As such, we are anticipating continued strength in our business."

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.

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	For the Quarter Ended						For the Six Months Ended
(In thousands, except per share data)	June 27, 2026			June 28, 2025			June 27, 2026			June 28, 2025

Net sales	$	1,427,923		$	1,138,173		$	2,620,928		$	2,138,338

Cost of goods sold		1,032,577			785,194			1,867,138			1,513,379
Depreciation and amortization		17,335			17,905			33,987			35,028
Selling, general, and administrative expense		67,850			67,521			134,635			130,581
Loss (gain) on disposal of assets, net		187			(337	)		1,720			(14,802	)
Gain on sale of business		—			—			(41,407	)		—
Asset impairments		—			—			2,653			—
Gain on insurance proceeds		—			(36,278	)		—			(36,278	)

Operating income		309,974			304,168			622,202			510,430

Interest expense		(134	)		(17	)		(134	)		(42	)
Interest income		10,978			8,222			22,848			18,123
Unrealized gains on short-term investments		6,545			13,212			4,508			8,202
Other expense, net		(1,127	)		(1,142	)		(2,359	)		(1,050	)

Income before income taxes		326,236			324,443			647,065			535,663

Income tax expense		(82,869	)		(78,857	)		(162,424	)		(130,332	)
Income from unconsolidated affiliates, net of foreign tax		6,920			2,897			7,035			2,439

Consolidated net income		250,287			248,483			491,676			407,770

Net income attributable to noncontrolling interests		(632	)		(2,559	)		(3,003	)		(4,414	)

Net income attributable to Mueller Industries, Inc.	$	249,655		$	245,924		$	488,673		$	403,356

Weighted average shares for basic earnings per share ⁽¹⁾		217,412			217,492			217,800			219,484
Effect of dilutive stock-based awards ⁽¹⁾		3,780			4,392			3,706			4,530

Adjusted weighted average shares for diluted earnings per share ⁽¹⁾		221,192			221,884			221,506			224,014

Basic earnings per share ⁽¹⁾	$	1.15		$	1.13		$	2.24		$	1.84

Diluted earnings per share ⁽¹⁾	$	1.13		$	1.11		$	2.21		$	1.80

Dividends per share ⁽¹⁾	$	0.175		$	0.125		$	0.350		$	0.250


⁽¹⁾ Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026.


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED
(Unaudited)

	For the Quarter Ended						For the Six Months Ended
(In thousands)	June 27, 2026			June 28, 2025			June 27, 2026			June 28, 2025

Summary Segment Data:

Net sales:
Piping Systems Segment	$	946,575		$	743,475		$	1,707,103		$	1,383,158
Industrial Metals Segment		354,998			270,598			676,275			522,511
Climate Segment		144,952			137,515			268,717			260,622
Elimination of intersegment sales		(18,602	)		(13,415	)		(31,167	)		(27,953	)

Net sales	$	1,427,923		$	1,138,173		$	2,620,928		$	2,138,338

Operating income:
Piping Systems Segment	$	248,346		$	250,296		$	465,356		$	408,460
Industrial Metals Segment		42,787			30,610			87,058			60,694
Climate Segment		42,583			42,628			75,962			78,252
Unallocated expenses		(23,742	)		(19,366	)		(6,174	)		(36,976	)

Operating income	$	309,974		$	304,168		$	622,202		$	510,430

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(In thousands)	June 27, 2026		December 27, 2025
ASSETS
Cash and cash equivalents	$	1,388,748	$	1,367,003
Short-term investments		27,241		22,733
Accounts receivable, net		761,869		475,566
Inventories		607,654		510,463
Other current assets		59,759		69,980

Total current assets		2,845,271		2,445,745

Property, plant, and equipment, net		557,196		536,466
Operating lease right-of-use assets		19,239		27,211
Other assets		835,562		723,607

Total assets	$	4,257,268	$	3,733,029

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	295,767	$	180,577
Current portion of operating lease liabilities		7,589		8,520
Other current liabilities		292,468		224,037

Total current liabilities		595,824		413,134

Long-term debt		5,243		—
Pension and postretirement liabilities		8,389		8,393
Environmental reserves		15,689		15,684
Deferred income taxes		34,513		31,640
Noncurrent operating lease liabilities		11,852		18,970
Other noncurrent liabilities		11,742		9,302

Total liabilities		683,252		497,123

Total Mueller Industries, Inc. stockholders’ equity		3,547,750		3,209,966
Noncontrolling interests		26,266		25,940

Total equity		3,574,016		3,235,906

Total liabilities and equity	$	4,257,268	$	3,733,029

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	For the Six Months Ended
(In thousands)	June 27, 2026			June 28, 2025

Cash flows from operating activities
Consolidated net income	$	491,676		$	407,770
Reconciliation of consolidated net income to net cash provided by operating activities:
Depreciation and amortization		33,987			35,028
Stock-based compensation expense		15,846			13,940
Provision for credit losses		818			73
Income from unconsolidated affiliates		(7,035	)		(2,439	)
Dividends from unconsolidated affiliates		4,621			2,812
Insurance proceeds - noncapital related		—			12,345
Loss (gain) on disposals of assets, net		1,720			(14,802	)
Gain on sale of business		(41,407	)		—
Unrealized gains on short-term investments		(4,508	)		(8,202	)
Impairment charges		2,653			—
Gain on insurance proceeds		—			(36,278	)
Deferred income tax expense		3,109			4,420
Changes in assets and liabilities, net of effects of businesses acquired and sold:
Receivables		(292,241	)		(134,535	)
Inventories		(89,164	)		(41,190	)
Other assets		983			(4,371	)
Current liabilities		167,903			72,259
Other liabilities		2,365			(2,420	)
Other, net		675			(249	)

Net cash provided by operating activities	$	292,001		$	304,161

Cash flows from investing activities
Capital expenditures	$	(38,796	)	$	(30,691	)
Acquisition of business, net of cash acquired		(138,269	)		—
Proceeds from sale of business, net of cash sold		57,004			—
Insurance proceeds - capital related		—			2,655
Purchase of short-term investments		—			(26,633	)
Purchase of long-term investments		(5,834	)		(552	)
Proceeds from sales of assets		62			21,135
Other		—			600

Net cash used in investing activities	$	(125,833	)	$	(33,486	)


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	For the Six Months Ended
(In thousands)	June 27, 2026			June 28, 2025

Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	$	(76,094	)	$	(54,398	)
Repurchase of common stock		(76,439	)		(243,615	)
Repayments of debt		—			(111	)
Net cash used to settle stock-based awards		(497	)		(4,189	)
Dividends paid to noncontrolling interests		(4,956	)		(12,240	)
Other		3,100			—

Net cash used in financing activities	$	(154,886	)	$	(314,553	)

Effect of exchange rate changes on cash		(5,718	)		11,718

Increase (decrease) in cash, cash equivalents, and restricted cash		5,564			(32,160	)
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	$	1,390,721		$	1,006,735

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Jeffrey A. Martin

(901) 753-3226