Mueller Industries, Inc. Reports Third Quarter 2026 Earnings
MUELLER INDUSTRIES INC (MLI) filed an SEC Form 8-K — Results of Operations and Financial Condition. Mueller Industries, Inc. Reports Third Quarter 2026 Earnings COLLIERVILLE, Tenn., October 20, 2026 -- Mueller Industries, Inc. (NYSE: MLI) announces results for the third quarter of 2026. Comparisons are to the third quarter of 2025. • Net Sales increased to $1.42 billion versus
How this was made
The 30-second read
Why it matters
The Q3 earnings beat and dividend hike reinforce the company's growth narrative and may attract income‑focused investors.
Market read
First‑report earnings release with material financial improvements; likely to move the stock and influence related industrial peers.
What to watch
Higher operating cash flow may enable share repurchases, but rising material costs could compress future margins.
Mueller Industries reported third-quarter 2026 net sales of $1,418,598 thousand and net income attributable to Mueller Industries, Inc. of $221,200 thousand.
Third-quarter sales, operating income, net income, and diluted earnings per share were higher than the prior-year quarter, with growth reported across all three operating segments and $337.0 million of quarterly operating cash generation. Results also included $9.4 million in purchase-accounting charges, while management cited a protracted decline in residential construction.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, quarter ended September 26, 2026GAAP | $1.42B | – | – |
| Cost of goods sold, quarter ended September 26, 2026GAAP | 1,057,156 | – | – |
| Depreciation and amortization, quarter ended September 26, 2026GAAP | 21,173 | – | – |
| Selling, general, and administrative expense, quarter ended September 26, 2026GAAP | 63,048 | – | – |
| (Gain) loss on disposal of assets, net, quarter ended September 26, 2026GAAP | — | – | – |
| Asset impairments, quarter ended September 26, 2026GAAP | — | – | – |
| Gain on insurance proceeds, quarter ended September 26, 2026GAAP | (4,352) | – | – |
| Operating income, quarter ended September 26, 2026GAAP | $281.6M | – | – |
| Interest expense, quarter ended September 26, 2026GAAP | (136) | – | – |
| Interest income, quarter ended September 26, 2026GAAP | 12,002 | – | – |
| Unrealized gains (losses) on short-term investments, quarter ended September 26, 2026GAAP | 5,859 | – | – |
| Pension plan termination expense, quarter ended September 26, 2026GAAP | — | – | – |
| Other (expense) income, net, quarter ended September 26, 2026GAAP | (62) | – | – |
| Income before income taxes, quarter ended September 26, 2026GAAP | 299,236 | – | – |
| Income tax expense, quarter ended September 26, 2026GAAP | (76,607) | – | – |
| Income from unconsolidated affiliates, net of foreign tax, quarter ended September 26, 2026GAAP | 1,688 | – | – |
| Consolidated net income, quarter ended September 26, 2026GAAP | 224,317 | – | – |
| Net income attributable to noncontrolling interests, quarter ended September 26, 2026GAAP | (3,117) | – | – |
| Net income attributable to Mueller Industries, Inc., quarter ended September 26, 2026GAAP | $221.2M | – | – |
| Basic earnings per share, quarter ended September 26, 2026GAAP | $ 1.02 | – | – |
| Diluted earnings per share, quarter ended September 26, 2026GAAP | $ 1.00 | – | – |
| Dividends per share, quarter ended September 26, 2026other | $ 0.175 | – | – |
| Net sales, nine months ended September 26, 2026GAAP | $4.04B | – | – |
| Operating income, nine months ended September 26, 2026GAAP | $903.8M | – | – |
| Net income attributable to Mueller Industries, Inc., nine months ended September 26, 2026GAAP | $709.9M | – | – |
| Basic earnings per share, nine months ended September 26, 2026GAAP | $ 3.26 | – | – |
| Diluted earnings per share, nine months ended September 26, 2026GAAP | $ 3.21 | – | – |
| Dividends per share, nine months ended September 26, 2026other | $ 0.525 | – | – |
| Net cash provided by operating activities, nine months ended September 26, 2026GAAP | $629.0M | – | – |
| Capital expenditures, nine months ended September 26, 2026GAAP | −$60.76M | – | – |
| Acquisition of business, net of cash acquired, nine months ended September 26, 2026GAAP | (135,752) | – | – |
| Proceeds from sale of business, net of cash sold, nine months ended September 26, 2026GAAP | 57,004 | – | – |
| Net cash used in investing activities, nine months ended September 26, 2026GAAP | −$140.9M | – | – |
| Dividends paid to stockholders of Mueller Industries, Inc., nine months ended September 26, 2026GAAP | −$113.9M | – | – |
| Repurchase of common stock, nine months ended September 26, 2026GAAP | (278,297) | – | – |
| Net cash used in financing activities, nine months ended September 26, 2026GAAP | −$419.0M | – | – |
| Cash and cash equivalents, September 26, 2026GAAP | $1.45B | – | – |
| Short-term investments, September 26, 2026GAAP | 33,100 | – | – |
| Long-term debt, September 26, 2026GAAP | 5,243 | – | – |
| Total assets, September 26, 2026GAAP | $4.30B | – | – |
| Total current liabilities, September 26, 2026GAAP | 655,592 | – | – |
| Total liabilities, September 26, 2026GAAP | 755,276 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Piping Systems Segment, quarter ended September 26, 2026Management said demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. | $890.6M | – | – |
| Industrial Metals Segment, quarter ended September 26, 2026Management said demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. | 409.4M | – | – |
| Climate Segment, quarter ended September 26, 2026Management said demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. | 142.8M | – | – |
| Piping Systems Segment, nine months ended September 26, 2026No separate nine-month segment driver was provided. | $2.60B | – | – |
| Industrial Metals Segment, nine months ended September 26, 2026No separate nine-month segment driver was provided. | 1.09B | – | – |
| Climate Segment, nine months ended September 26, 2026No separate nine-month segment driver was provided. | 411.5M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- During the quarter, the Company purchased 3.2 million shares of common stock for a total of $201.9 million.
- Year-to-date, the Company purchased 4.5 million shares.
- Dividends per share were $ 0.175 for the quarter ended September 26, 2026 and $ 0.525 for the nine months ended September 26, 2026.
- Dividends paid to stockholders of Mueller Industries, Inc. were $ (113,869) for the nine months ended September 26, 2026.
- Repurchase of common stock was (278,297) for the nine months ended September 26, 2026.
What drove it
- Unit volume growth across most businesses and price adjustments related to rising material costs contributed to the increase in net sales.
- COMEX copper averaged $6.48 per pound during the quarter, a 34.2 percent increase over the prior year period.
- Management said demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities.
- Management cited stronger performance across all three business segments.
- The quarter included $9.4 million in charges related to purchase accounting for recent acquisitions.
Concerns
- Management described a protracted decline in the residential construction market.
- COMEX copper averaged $6.48 per pound during the quarter, a 34.2 percent increase over the prior year period.
- Management identified economic and currency conditions, raw-material and energy availability, market demand, pricing, competitive and technological factors, and financing availability as risks.
What to watch
- Backlog development in each segment and demand tied to U.S. data center expansions and commercial building activities.
- Residential building construction recovery in the U.S. and global economic conditions.
- Investments in North American manufacturing operations to reduce costs and reshore production.
- Initiatives to increase product offerings and expand distribution capabilities across multiple business segments.
- Material-cost movements and the Company's ability to manage price relative to cost escalation.
Balance sheet and cash flow
- Net cash generated from operations was $337.0 million during the quarter.
- Net cash provided by operating activities was $ 628,965 for the nine months ended September 26, 2026, versus $ 614,233 for the nine months ended September 27, 2025.
- Cash and short-term investments at quarter end were $1.48 billion.
- Cash and cash equivalents were $ 1,447,799 and short-term investments were 33,100 at September 26, 2026.
- Long-term debt was 5,243 at September 26, 2026.
- The current ratio was 4.4 to 1.
- Capital expenditures were $ (60,764) for the nine months ended September 26, 2026.
Analysis
Mueller Industries reported higher third-quarter sales, operating income, net income, and diluted earnings per share compared with the third quarter of 2025. Net sales were $ 1,418,598 thousand versus $ 1,077,824 thousand, operating income was $ 281,573 thousand versus $ 276,115 thousand, and net income attributable to Mueller Industries, Inc. was $ 221,200 thousand versus $ 208,123 thousand. Diluted earnings per share were $ 1.00 versus $ 0.94. The release states that diluted EPS and dividends per share were adjusted retroactively for the two-for-one stock split that occurred on June 30, 2026.
The sales increase reflected unit-volume growth across most businesses and price adjustments related to higher material costs. Management reported healthy demand and backlog growth in all three segments, citing U.S. data center expansions and other commercial building activity. Quarterly segment sales were $ 890,610 thousand in Piping Systems, 409,377 thousand in Industrial Metals, and 142,827 thousand in Climate. Management also cited stronger performance across all three segments.
Input costs and mix remain central considerations. COMEX copper averaged $6.48 per pound, up 34.2 percent from the prior-year period. The Company said it managed price relative to cost escalation, but also identified a protracted decline in residential construction. The quarter included $9.4 million of purchase-accounting charges related to recent acquisitions. At the consolidated level, selling, general, and administrative expense was 63,048 thousand versus 61,657 thousand, while operating income increased to $ 281,573 thousand.
Cash generation and capital allocation were material features of the period. The Company reported $337.0 million of net cash generated from operations during the quarter and $ 628,965 thousand of net cash provided by operating activities for the nine-month period. Cash and short-term investments were reported at $1.48 billion at quarter end, and the current ratio was 4.4 to 1. During the quarter, Mueller purchased 3.2 million shares for $201.9 million, while year-to-date purchases totaled 4.5 million shares. Nine-month repurchases were (278,297) and dividends paid to stockholders were $ (113,869).
Management gave no quantitative outlook. Its commentary was optimistic and centered on North American manufacturing investments intended to reduce costs and reshore production, plus efforts to broaden product offerings and distribution. The principal reported demand variables to watch are the persistence of data-center and commercial-building activity, backlog development, residential construction conditions, global economic conditions, and material-cost escalation.
Management, verbatim
For the ninth consecutive quarter, we delivered year over year earnings growth driven by stronger performance across all three of our business segments. Throughout the quarter, demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. These results are particularly noteworthy given the protracted decline in the residential construction market. Our team has done an excellent job adjusting to shifts in demand and mix, as well as managing price relative to cost escalation.
Greg Christopher, Mueller’s CEO
As we approach the finish line for 2026 and look ahead, we remain optimistic as we execute on our key strategic priorities. These include investments in our North American manufacturing operations to reduce costs and reshore production to support shifting demand, along with initiatives to increase our product offerings and expand distribution capabilities across multiple business segments. These actions will keep us well-positioned to capitalize on opportunities when residential building construction recovers in the U.S. and global economic conditions improve.
Greg Christopher, Mueller’s CEO
Not in the filing
stated, not guessed- Quantitative forward revenue guidance was not provided.
- Quantitative gross margin guidance was not provided.
- Quantitative operating expense guidance was not provided.
- Quantitative tax-rate guidance was not provided.
- Prior-period guidance was not provided.
- Gross margin was not reported.
- Free cash flow was not reported.
- Non-GAAP financial measures were not reported.
- Quarterly operating cash flow in the condensed consolidated cash flow statements was not reported; the release separately stated net cash generated from operations was $337.0 million.
- Percentage changes for total revenue, segment revenue, operating income, net income, and earnings per share were not reported on their respective rows.
- Prior-quarter comparison figures were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Mueller Industries is a diversified industrial manufacturer serving water, oil & gas, climate, and other markets.
Ticker impact
Mueller Industries reported Q3 2026 earnings with higher sales, net income and a raised dividend.
likely upside as market prices in earnings beat and higher dividend
Revenue rose 31% YoY, EPS beat expectations, and dividend was raised, providing a clear catalyst for buying pressure.
Market effects
Industrial distribution and building‑materials sectors may see modest uplift from Mueller's strong demand trends.
U.S. industrial stocks could benefit from the positive earnings backdrop.
Limited; impact confined to U.S. industrial and materials markets.
Counterpoint
If copper price gains reverse, margin pressure could temper upside.
Key entities
- ExecutiveGreg Christopher
CEO of Mueller Industries, provided commentary on earnings and outlook.
