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Mueller Industries, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results

COLLIERVILLE, Tenn., February 3, 2026 -- Mueller Industries, Inc. (NYSE: MLI) today reported fourth quarter and full year results for 2025.

For the Fourth Quarter 2025 versus Fourth Quarter 2024:
•Net sales:            $962.4 million vs. $923.5 million, up 4.2%.
•Operating income:        $172.0 million vs. $170.3 million, up 1.0%.
•Net income:            $153.7 million vs. $137.7 million, up 11.6%.
•Diluted EPS:            $1.38 vs. $1.21, up 14.0%.

For the Full Year 2025 versus the Full Year 2024:
•Net sales:            $4.2 billion vs. $3.8 billion, up 10.5%.
•Operating income:        $958.5 million vs. $770.4 million, up 24.4%.
•Net income:            $765.2 million vs. $604.9 million, up 26.5%.
•Diluted EPS:            $6.86 vs. $5.31, up 29.2%.

Financial and Operating Commentary for the Fourth Quarter of 2025:
•COMEX copper averaged $5.13 per pound during the quarter, 22% higher than the prior year period.
•Net sales increased by $38.9 million. The increase was attributable to higher net selling prices due to rising raw material costs, but offset by lower unit volumes, primarily in our core copper and brass products.
•Gross margin was impacted by an $18.2 million unrealized loss recorded on open hedge contracts, which resulted from the rapid rise in copper prices during the last two weeks of the quarter.
•The Company generated $141.2 million of cash from operations during the fourth quarter.
•Year-end cash and short-term investments totaled $1.39 billion, and our current ratio is 5.9 to 1.

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
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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.



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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.

CONTACT
Jeffrey A. Martin
(901) 753-3226
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Quarter EndedFor the Year Ended
(In thousands, except per share data)December 27, 2025December 28, 2024December 27, 2025December 28, 2024
Net sales$962,385 $923,536 $4,178,547 $3,768,766 
Cost of goods sold714,556668,1662,966,0832,724,328
Depreciation and amortization16,92622,23668,56153,133
Selling, general, and administrative expense56,41364,703248,651226,696
Loss (gain) on disposal of assets, net776 (1,827)(25,878)(5,780)
Impairment charges1,717 — 3,735 — 
Gain on insurance proceeds— — (41,147)— 
Operating income171,997170,258958,542770,389
Interest expense(60)(75)(108)(410)
Interest income12,123 10,695 41,068 53,468 
Realized and unrealized gains on short-term investments12,622 385 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), net413 (3,774)1,294 (2,946)
Income before income taxes196,248178,212 1,012,362820,462 
Income tax expense(43,115)(45,670)(247,351)(205,076)
Income from unconsolidated affiliates, net of foreign tax2,439 8,061 8,579 2,156 
Consolidated net income155,572 140,603 773,590 617,542 
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 share109,302111,545109,475111,385
Effect of dilutive stock-based awards1,7212,4152,0172,580
Adjusted weighted average shares for diluted earnings per share111,023113,960111,492113,965
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 







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

For the Quarter EndedFor the Year Ended
(In thousands)December 27, 2025December 28, 2024December 27, 2025December 28, 2024
Summary Segment Data:
Net sales:
    Piping Systems Segment$607,165 $592,834 $2,708,727 $2,514,096 
    Industrial Metals Segment252,179229,0171,023,629818,439
    Climate Segment110,642112,622497,929488,446
    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 Segment13,42614,399105,04892,560
    Climate Segment27,90133,718145,053146,054
    Unallocated expenses(17,027)(26,771)(63,875)(85,676)
Operating income$171,997 $170,258 $958,542 $770,389 
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MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
(In thousands)
December 27, 2025December 28, 2024
ASSETS
Cash and cash equivalents$1,367,003 $1,037,229 
Short-term investments22,73321,874
Accounts receivable, net
475,566450,113
Inventories510,463462,279
Other current assets
69,98040,734
    Total current assets2,445,7452,012,229
Property, plant, and equipment, net536,466515,131
Operating lease right-of-use assets
27,21132,702 
Other assets
723,607730,844
$3,733,029 $3,290,906 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of debt$— $1,094 
Accounts payable180,577173,743
Current portion of operating lease liabilities
8,5208,117 
Other current liabilities
224,037215,033
    Total current liabilities413,134397,987
Pension and postretirement liabilities8,39311,199
Environmental reserves15,68415,423
Deferred income taxes31,64025,742
Noncurrent operating lease liabilities
18,97024,547 
Other noncurrent liabilities
9,30211,600
    Total liabilities
497,123486,498
Total Mueller Industries, Inc. stockholders’ equity3,209,966 2,773,165
Noncontrolling interests
25,940 31,243
    Total equity
3,235,906 2,804,408
$3,733,029 $3,290,906 








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

For the Year Ended
 (In thousands)
December 27, 2025December 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 amortization68,561 53,376 
Stock-based compensation expense26,764 26,787 
Provision for doubtful accounts receivable143 1,147 
Income from unconsolidated affiliates(8,579)(2,156)
Dividends from unconsolidated affiliates6,824 4,769 
Unrealized gains on short-term investments(1,852)(549)
Gain on disposals of assets, net(25,878)(5,780)
Insurance proceeds - noncapital related15,469 18,900 
Gain on sale of securities(16,695)(365)
Gain on insurance proceeds(41,147)— 
Impairment charges3,735 — 
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 liabilities35,078 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 $12,005 
Purchase of short-term investments(70,748)(21,325)
Purchase of long-term investments(781)(6,785)
Proceeds from the sale of securities88,436 98,465 
Acquisition of businesses, net of cash acquired— (602,692)
Capital expenditures(68,805)(80,203)
Insurance proceeds - capital related4,531 6,100 
Payment received for (issuance of) notes receivable with unconsolidated affiliates1,250 (3,800)
Investment received from noncontrolling interests600 — 
Investments in unconsolidated affiliates(17,902)(8,700)
Net cash used in investing activities$(24,911)$(606,935)


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

For the Year Ended
 (In thousands)December 27, 2025December 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 cash10,347 (13,823)
Increase (decrease) in cash, cash equivalents, and restricted cash346,262 (135,328)
Cash, cash equivalents, and restricted cash at the beginning of the year1,038,895 1,174,223 
Cash, cash equivalents, and restricted cash at the end of the year$1,385,157 $1,038,895 
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