mli-20260328

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 28, 2026
			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ______ to ______
			Commission file number 1-6770

MUELLER INDUSTRIES INC.

(Exact name of registrant as specified in its charter)


Delaware			25-0790410
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


150 Schilling Boulevard	Suite 100
Collierville	Tennessee	38017
(Address of principal executive offices)		(Zip Code)

(901) 753-3200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, $0.01 Par Value	MLI	NYSE

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of the Registrant’s common stock outstanding as of April 17, 2026 was 110,570,613.

MUELLER INDUSTRIES, INC.

FORM 10-Q

For the Quarterly Period Ended March 28, 2026

As used in this report, the terms “Company,” “Mueller,” and “Registrant” mean Mueller Industries, Inc. and its consolidated subsidiaries taken as a whole, unless the context indicates otherwise.

INDEX


		Page Number
Part I. Financial Information

	Item 1. – Financial Statements (Unaudited)

	a.) Condensed Consolidated Statements of Income	3

	b.) Condensed Consolidated Statements of Comprehensive Income	4

	c.) Condensed Consolidated Balance Sheets	5

	d.) Condensed Consolidated Statements of Cash Flows	7

	e.) Condensed Consolidated Statements of Changes in Equity	9

	f.) Notes to Condensed Consolidated Financial Statements	11

	Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations	25

	Item 3. – Quantitative and Qualitative Disclosures About Market Risk	33

	Item 4. – Controls and Procedures	35

Part II. Other Information

	Item 1. – Legal Proceedings	35

	Item 1A. – Risk Factors	35

	Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	36

	Item 5. – Other Information	36

	Item 6. – Exhibits	37

Signatures		38

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	For the Quarter Ended
(In thousands, except per share data)		March 28, 2026		March 29, 2025

Net sales		$	1,193,005	$	1,000,165

Cost of goods sold		834,561		728,185
Depreciation and amortization		16,652		17,123
Selling, general, and administrative expense		66,785		63,060
Loss (gain) on disposal of assets, net		1,533		(14,465)
Gain on sale of business		(41,407)		—
Asset impairments		2,653		—



Operating income		312,228		206,262

Interest expense		—		(25)
Interest income		11,870		9,901
Unrealized losses on short-term investments		(2,037)		(5,010)

Other (expense) income, net		(1,232)		92

Income before income taxes		320,829		211,220

Income tax expense		(79,555)		(51,475)
Income (loss) from unconsolidated affiliates, net of foreign tax		115		(458)

Consolidated net income		241,389		159,287
Net income attributable to noncontrolling interests		(2,371)		(1,855)

Net income attributable to Mueller Industries, Inc.		$	239,018	$	157,432

Weighted average shares for basic earnings per share		109,094		110,739
Effect of dilutive stock-based awards		1,815		2,333

Adjusted weighted average shares for diluted earnings per share		110,909		113,072

Basic earnings per share		$	2.19	$	1.42

Diluted earnings per share		$	2.16	$	1.39

Dividends per share		$	0.35	$	0.25

See accompanying notes to condensed consolidated financial statements.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the Quarter Ended
(In thousands)		March 28, 2026		March 29, 2025

Consolidated net income		$	241,389	$	159,287

Other comprehensive (loss) income, net of tax:
Foreign currency translation		(5,910)		2,919
Net change with respect to derivative instruments and hedging activities, net of tax of $584 and $(594)		(2,010)		2,046
Net change in pension and postretirement obligation adjustments, net of tax of $(40) and $(822)		92		2,495
Attributable to unconsolidated affiliates, net of tax of $75 and $817		(257)		(2,814)

Total other comprehensive (loss) income, net		(8,085)		4,646

Consolidated comprehensive income		233,304		163,933
Comprehensive income attributable to noncontrolling interests		(2,527)		(1,059)

Comprehensive income attributable to Mueller Industries, Inc.		$	230,777	$	162,874

See accompanying notes to condensed consolidated financial statements.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(In thousands, except share data)	March 28, 2026		December 27, 2025

Assets

Current assets:
Cash and cash equivalents	$	1,382,345	$	1,367,003
Short-term investments	20,696		22,733
Accounts receivable, less allowance for credit losses of $3,651 in 2026 and $2,545 in 2025	670,511		475,566
Inventories	545,451		510,463
Other current assets	53,037		69,980

Total current assets	2,672,040		2,445,745

Property, plant, and equipment, net	530,300		536,466
Operating lease right-of-use assets

SEC Form 10-Q filed by Mueller Industries Inc.