$MLI

MUELLER INDUSTRIES INC

CIK:0000089439|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 27, 2026

Jun. 28, 2025

Jun. 27, 2026

Jun. 28, 2025

Income Statement [Abstract]

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)

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 (in shares)

^[1]

217,412

217,492

217,800

219,484

Effect of dilutive stock-based awards (in shares)

^[1]

3,780

4,392

3,706

4,530

Adjusted weighted average shares for diluted earnings per share (in shares)

^[1]

221,192

221,884

221,506

224,014

Basic earnings per share (in dollars per share)

^[1]

$ 1.15

$ 1.13

$ 2.24

$ 1.84

Diluted earnings per share (in dollars per share)

^[1]

1.13

1.11

2.21

1.80

Dividends per share (in dollars 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. Refer to Note 2 - Earnings per Common Share for additional information.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 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	0	12,345
Loss (gain) on disposals of assets, net	1,720	(14,802)
Gain on sale of business	(41,407)	0
Unrealized gains on short-term investments	(4,508)	(8,202)
Impairment charges	2,653	0
Gain on insurance proceeds	0	(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)	0
Proceeds from sale of business, net of cash sold	57,004	0
Insurance proceeds - capital related	0	2,655
Purchase of short-term investments	0	(26,633)
Purchase of long-term investments	(5,834)	(552)
Proceeds from sales of assets	62	21,135
Other	0	600
Net cash used in investing activities	(125,833)	(33,486)
Cash flows from financing activities
Dividends paid to stockholders of Mueller Industries, Inc.	(76,094)	(54,398)
Dividends paid to noncontrolling interests	(4,956)	(12,240)
Repurchase of common stock	(76,439)	(243,615)
Repayments of debt	0	(111)
Net cash used to settle stock-based awards	(497)	(4,189)
Other	3,100	0
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 27, 2026

Dec. 27, 2025

Current assets:

Cash and cash equivalents

$ 1,388,748

$ 1,367,003

Short-term investments

27,241

22,733

Accounts receivable, less allowance for credit losses of $3,608 in 2026 and $2,545 in 2025

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

Goodwill, net

413,160

298,188

Intangible assets, net

276,300

287,080

Investments in unconsolidated affiliates

109,729

108,631

Other assets

36,373

29,708

Total assets

4,257,268

3,733,029

Current liabilities:

Accounts payable

295,767

180,577

Accrued wages and other employee costs

50,879

58,125

Current portion of operating lease liabilities

7,589

8,520

Other current liabilities

241,589

165,912

Total current liabilities

595,824

413,134

Long-term debt, less current portion

5,243

Pension liabilities

224

212

Postretirement benefits other than pensions

8,165

8,181

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

Mueller Industries, Inc. stockholders' equity:

Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding

Common stock - $.01 par value; shares authorized 500,000,000 in 2026 and 250,000,000 in 2025; issued 320,732,016; outstanding 110,562,284 in 2026 and 222,359,500 in 2025

^[1]

1,604

Additional paid-in capital

360,901

345,033

Retained earnings

4,172,858

3,761,575

Accumulated other comprehensive loss

(63,664)

(50,835)

Treasury common stock, at cost

(923,949)

(847,411)

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

Commitments and contingencies

Total liabilities and equity

$ 4,257,268

$ 3,733,029

[1]	Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026. Refer to Note 2 - Earnings per Common Share for additional information.