mwa-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32892

MUELLER WATER PRODUCTS, INC.

(Exact name of registrant as specified in its charter)


Delaware						20-3547095
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

1200 Abernathy Road N.E.

Suite 1200

Atlanta, GA 30328

(Address of principal executive offices)

(770) 206-4200

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01	MWA	New York Stock Exchange

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

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

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

There were 156,471,079 shares of common stock of the registrant outstanding as of May 1, 2026.

TABLE OF CONTENTS



ITEM		PAGE
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheets - March 31, 202 6 and September 30, 2025	3
	Unaudited Condensed Consolidated Statements of Operations - Three and Six Months Ended March 31, 2026 and 2025	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended March 31, 2026 and 2025	5
	Unaudited Condensed Consolidated Statements of Stockholders' Equity - Three and Six Months Ended March 31, 2026 and 2025	6
	Unaudited Condensed Consolidated Statements of Cash Flows - Six Months Ended March 31, 2026 and 2025	8
	Notes to the Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 4.	Controls and Procedures	34

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
	Signatures	38

Table of Contents

PART I

Item 1. FINANCIAL STATEMENTS

MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	March 31,		September 30,
	2026		2025

	(in millions, except share amounts)
Assets:
Cash and cash equivalents	$	421.0	$	431.5
Receivables, net of allowance for credit losses of $3.2 million and $3.6 million	208.6		211.9
Inventories, net	385.4		328.7
Other current assets	51.0		56.8
Total current assets	1,066.0		1,028.9
Property, plant and equipment, net	343.7		335.7
Intangible assets, net	305.7		307.3
Goodwill, net	92.1		89.2
Other noncurrent assets	77.3		77.8
Total assets	$	1,884.8	$	1,838.9

Liabilities and stockholders’ equity:
Current portion of long-term debt	$	1.4	$	1.2
Accounts payable	128.6		134.4
Other current liabilities	103.3		154.7
Total current liabilities	233.3		290.3
Long-term debt	451.0		450.4
Deferred income taxes	67.0		51.0
Other noncurrent liabilities	62.7		65.5
Total liabilities	814.0		857.2

Commitments and contingencies (Note 9.)

Preferred stock: par value $0.01 per share; 60,000,000 shares authorized; none outstanding as of March 31, 2026, and September 30, 2025	—		—
Common stock: par value $0.01 per share; 600,000,000 shares authorized; 156,446,656 and 156,331,004 shares outstanding as of March 31, 2026, and September 30, 2025, respectively	1.6		1.6
Additional paid-in capital	1,136.7		1,158.9
Accumulated deficit	(71.9)		(174.2)
Accumulated other comprehensive income (loss)	4.4		(4.6)
Total stockholders' equity	1,070.8		981.7
Total liabilities and stockholders' equity	$	1,884.8	$	1,838.9

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three months ended				Six months ended
	March 31,				March 31,
	2026		2025		2026		2025

	(in millions, except per share amounts)
Net sales	$	384.4	$	364.3	$	702.6	$	668.6
Cost of sales	239.9		236.3		438.3		437.6
Gross profit	144.5		128.0		264.3		231.0
Operating expenses:
Selling, general and administrative	59.7		55.7		119.5		109.6
Strategic reorganization and other charges	4.4		2.4		7.7		4.1
Total operating expenses	64.1		58.1		127.2		113.7
Operating income	80.4		69.9		137.1		117.3
Other expenses:
Pension benefit other than service	—		(0.1)		—		(0.1)
Interest expense, net	1.6		2.3		2.6		3.9

Total other expenses, net	1.6		2.2		2.6		3.8
Income before income taxes	78.8		67.7		134.5		113.5
Income tax expense	19.7		16.4		32.2		26.9
Net income	$	59.1	$	51.3	$	102.3	$	86.6

Net income per basic share	$	0.38	$	0.33	$	0.65	$	0.55
Net income per diluted share	$	0.38	$	0.33	$	0.65	$	0.55

Weighted average shares outstanding:
Basic	156.4		156.6		156.4		156.5
Diluted	157.4		157.5		157.4		157.5

Dividends declared per share	$	0.070	$	0.067	$	0.140	$	0.134

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three months ended				Six months ended
	March 31,				March 31,
	2026		2025		2026		2025

	(in millions)
Net income	$	59.1	$	51.3	$	102.3	$	86.6
Other comprehensive income (loss), net of income tax:
Pension actuarial amortization	0.4		0.4		0.8		0.8
Foreign currency translation	(0.5)		(1.2)		8.2		(2.5)
Total other comprehensive (loss) income, net of income tax	(0.1)		(0.8)		9.0		(1.7)
Comprehensive income	$	59.0	$	50.5	$	111.3	$	84.9

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Common stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Total
	(in millions)
Balance as of September 30, 2025	$	1.6	$	1,158.9	$	(174.2)	$	(4.6)	$	981.7
Net income	—		—		43.2		—		43.2
Dividends declared	—		(10.9)		—		—		(10.9)
Stock-based compensation	—		3.5		—		—		3.5
Shares retained for employee taxes	—		(3.6)		—		—		(3.6)
Common stock issued	—		0.7		—		—		0.7
Stock repurchased under buyback program	—		(5.5)		—		—		(5.5)
Other comprehensive income, net of tax	—		—		—		9.1		9.1
Balance as of December 31, 2025	$	1.6	$	1,143.1	$	(131.0)	$	4.5	$	1,018.2
Net income	—		—		59.1		—		59.1
Dividends declared	—		(11.0)		—		—		(11.0)
Stock-based compensation	—		4.1		—		—		4.1
Shares retained for employee taxes	—		(0.1)		—		—		(0.1)
Common stock issued	—		0.6		—		—		0.6

Other comprehensive loss, net of tax	—		—		—		(0.1)		(0.1)
Balance as of March 31, 2026	$	1.6	$	1,136.7	$	(71.9)	$	4.4	$	1,070.8

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Common stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total
	(in millions)
Balance as of September 30, 2024	$	1.6	$	1,205.2	$	(365.9)	$	(30.8)	$	810.1
Net income	—		—		35.3		—		35.3
Dividends declared	—		(10.5)		—		—		(10.5)
Stock-based compensation	—		2.5		—		—		2.5
Shares retained for employee taxes	—		(4.0)		—		—		(4.0)

Common stock issued	—		1.6		—		—		1.6
Other comprehensive loss, net of tax	—		—		—		(0.9)		(0.9)
Balance as of December 31, 2024	$	1.6	$	1,194.8	$	(330.6)	$	(31.7)	$	834.1
Net income	—		—		51.3		—		51.3
Dividends declared	—		(10.5)		—		—		(10.5)
Stock-based compensation	—		2.5		—		—		2.5
Shares retained for employee taxes	—		(0.3)		—		—		(0.3)
Common stock issued	—		2.3		—		—		2.3
Stock repurchased under buyback program	—		(5.0)		—		—		(5.0)
Other comprehensive loss, net of tax	—		—		—		(0.8)		(0.8)
Balance as of March 31, 2025	$	1.6	$	1,183.8	$	(279.3)	$	(32.5)	$	873.6

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Six months ended
	March 31,
	2026		2025

	(in millions)
Operating activities:
Net income	$	102.3	$	86.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	20.9		18.8
Amortization	3.6		3.6
Non-cash asset impairment	—		1.0
Gain on sale of assets	(0.1)		(0.1)
Stock-based compensation	7.6		5.0
Pension cost	0.3		0.2
Deferred income taxes	15.5		(2.3)
Inventory reserve provision	4.6		4.9
Other, net	0.8		0.6
Changes in assets and liabilities:
Receivables, net	3.3		(7.0)
Inventories	(60.4)		(9.5)
Other assets	8.4		(1.6)
Accounts payable	(5.3)		6.0
Other current liabilities	(49.9)		(33.1)
Other noncurrent liabilities	(3.2)		(4.7)
Net cash provided by operating activities	48.4		68.4
Investing activities:
Capital expenditures	(31.9)		(21.1)

Proceeds from sale of assets	0.1		0.1
Net cash used in investing activities	(31.8)		(21.0)
Financing activities: