Mueller Industries (MLI) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 rose 25.5% year-over-year to $1.43 billion, driven by higher selling prices, the Bison acquisition, and increased volume in core and non-core product lines, partially offset by the Sherwood divestiture.

• Operating income for Q2 2026 was $310.0 million, up 1.9% year-over-year; net income attributable to shareholders was $249.7 million, up 1.5%.

• Diluted EPS for Q2 2026 was $1.13, up from $1.11 in Q2 2025, adjusted for a two-for-one stock split.

• Two-for-one stock split completed on June 30, 2026; all share and per-share data retroactively adjusted.

• Recent acquisitions, including Bison Metals Technologies and Chicago Extruded Metals, contributed to segment growth.

Financial highlights

• Gross margin for Q2 2026 was 27.7%, down from 31.0% in Q2 2025; for the first half, gross margin was 28.8% versus 29.2% prior year.

• Operating cash flow for the first half of 2026 was $292.0 million; cash and equivalents at quarter-end were $1.42 billion.

• Quarterly dividend increased to $0.175 per share in 2026 from $0.125 in 2025, adjusted for stock split.

• COMEX copper averaged $6.16/lb, a 30.6% increase over the prior year period.

• Adjusted for a prior year insurance gain, operating income increased 15.7%.

Outlook and guidance

• Management expects cash from operations, available credit, and cash on hand to be sufficient for liquidity needs.

• Environmental remediation spending is projected at $3.4 million over the next twelve months.

• Business demand strengthening in commercial, industrial, and electrical markets, with optimism for U.S. residential construction improvement.

• Strong backlogs and ongoing execution of 2030 strategic plan initiatives.

• No material changes in risk factors or outlook were reported.