Revenue growth accelerated to 19.3% in 2026Q1, supported by a strong 28.6% gross margin that reflects the company's sustained pricing power in the metal fabrication sector.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.37B | 4.18B | 3.77B | 3.42B | 3.98B | 3.77B | 2.4B | 2.43B | 2.51B | 2.27B | 2.06B | 2.1B | 2.36B | 2.16B | 2.19B | 2.42B | 2.06B | 1.55B | 2.56B | 2.7B | 2.51B | 1.73B | 1.38B | 999.08M | 952.98M | 1.04B | 1.21B | 1.17B | 929.4M | 889M | 718.3M |
| Revenue Growth % | 11.54% | 10.87% | 10.19% | -14.11% | 5.65% | 57.18% | -1.34% | -3.08% | 10.67% | 10.24% | -2.11% | -11.18% | 9.53% | -1.43% | -9.42% | 17.38% | 33.13% | -39.52% | -5.17% | 7.44% | 45.15% | 25.44% | 38.03% | 4.84% | -8.79% | -13.38% | 3.21% | 25.75% | 4.54% | 23.76% | 5.82% |
| Cost of Goods Sold | 3.16B | 3.03B | 2.72B | 2.43B | 2.86B | 2.94B | 1.97B | 2.04B | 2.15B | 1.94B | 1.72B | 1.81B | 2.04B | 1.86B | 1.9B | 2.12B | 1.77B | 1.33B | 2.23B | 2.32B | 2.11B | 1.43B | 1.12B | 815.85M | 744.78M | 740.37M | 887.63M | 886.5M | 720.3M | 704.8M | 554.6M |
| COGS % of Revenue | - | 72.62% | 72.29% | 71.15% | 71.94% | 77.97% | 81.99% | 83.75% | 85.75% | 85.64% | 83.84% | 86.18% | 86.44% | 86.27% | 86.96% | 87.5% | 86.16% | 85.77% | 87.28% | 86.18% | 84.01% | 82.67% | 80.9% | 81.66% | 78.15% | 70.86% | 73.59% | 75.85% | 77.5% | 79.28% | 77.21% |
| Gross Profit | 1.21B | 1.14B | 1.04B | 986.83M | 1.12B | 830.36M | 431.88M | 395.01M | 357.48M | 325.46M | 332.12M | 290.3M | 320.51M | 296.45M | 285.48M | 302.12M | 284.99M | 220.2M | 325.32M | 372.92M | 401.48M | 299.85M | 263.44M | 183.23M | 208.2M | 228.74M | 270.02M | 282.2M | 209.1M | 184.2M | 163.7M |
| Gross Margin % | 27.77% | 27.38% | 27.71% | 28.85% | 28.06% | 22.03% | 18.01% | 16.25% | 14.25% | 14.36% | 16.16% | 13.82% | 13.56% | 13.73% | 13.04% | 12.5% | 13.84% | 14.23% | 12.72% | 13.82% | 15.99% | 17.33% | 19.1% | 18.34% | 21.85% | 21.89% | 22.39% | 24.15% | 22.5% | 20.72% | 22.79% |
| Gross Profit Growth % | - | 9.52% | 5.84% | -11.7% | 34.59% | 92.26% | 9.34% | 10.5% | 9.84% | -2.01% | 14.41% | -9.43% | 8.11% | 3.85% | -5.51% | 6.01% | 29.42% | -32.31% | -12.76% | -7.11% | 33.89% | 13.82% | 43.78% | -11.99% | -8.98% | -15.29% | -4.31% | 34.96% | 13.52% | 12.52% | 27% |
| Operating Expenses | 212.5M | 248.65M | 274.05M | 230.78M | 240.44M | 174.51M | 186.04M | 203.6M | 184.51M | 174.65M | 177.72M | 153.03M | 166.51M | 25.52M | 158.77M | 162.32M | 148.84M | 187.98M | 199.23M | 181.3M | 182.59M | 168.09M | 150.95M | 133.84M | 122.45M | 123.21M | 124.39M | 134.3M | 100.3M | 84.5M | 73.3M |
| OpEx % of Revenue | - | 5.95% | 7.27% | 6.75% | 6.04% | 4.63% | 7.76% | 8.38% | 7.36% | 7.71% | 8.65% | 7.29% | 7.04% | 1.18% | 7.25% | 6.71% | 7.23% | 12.15% | 7.79% | 6.72% | 7.27% | 9.72% | 10.95% | 13.4% | 12.85% | 11.79% | 10.31% | 11.49% | 10.79% | 9.51% | 10.2% |
| Selling, General & Admin | 252.38M | 248.65M | 226.7M | 208.17M | 203.09M | 184.05M | 159.48M | 162.36M | 148.89M | 140.73M | 135.81M | 130.36M | 131.74M | 134.91M | 129.46M | 135.95M | 131.21M | 116.66M | 136.88M | 143.28M | 140.97M | 127.39M | 106.4M | 94.89M | 85.01M | 83.75M | 90.34M | 97.3M | 75.4M | 63.5M | 54.8M |
| SG&A % of Revenue | - | 5.95% | 6.02% | 6.09% | 5.1% | 4.88% | 6.65% | 6.68% | 5.94% | 6.21% | 6.61% | 6.21% | 5.57% | 6.25% | 5.91% | 5.62% | 6.37% | 7.54% | 5.35% | 5.31% | 5.61% | 7.36% | 7.72% | 9.5% | 8.92% | 8.02% | 7.49% | 8.33% | 8.11% | 7.14% | 7.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 47.35M | 22.61M | 37.36M | -9.54M | 26.56M | 41.24M | 35.62M | 33.92M | 41.91M | 22.67M | 34.77M | -109.4M | 29.31M | 26.36M | 17.63M | 71.32M | 62.34M | 38.02M | 41.62M | 40.7M | 44.55M | 38.95M | 37.44M | 39.46M | 34.04M | 37M | 24.9M | 21M | 18.5M |
| Operating Income | 1B | 895.25M | 770.39M | 756.05M | 877.15M | 655.85M | 245.84M | 191.4M | 172.97M | 150.81M | 154.4M | 137.27M | 154M | 270.94M | 126.7M | 139.8M | 136.15M | 32.22M | 126.1M | 191.62M | 218.88M | 131.76M | 112.49M | 49.38M | 85.76M | 105.53M | 145.64M | 147.9M | 108.8M | 99.7M | 90.4M |
| Operating Margin % | 22.9% | 21.43% | 20.44% | 22.1% | 22.03% | 17.4% | 10.25% | 7.87% | 6.9% | 6.65% | 7.51% | 6.54% | 6.51% | 12.55% | 5.79% | 5.78% | 6.61% | 2.08% | 4.93% | 7.1% | 8.72% | 7.62% | 8.16% | 4.94% | 9% | 10.1% | 12.07% | 12.66% | 11.71% | 11.21% | 12.59% |
| Operating Income Growth % | - | 16.21% | 1.9% | -13.81% | 33.74% | 166.78% | 28.44% | 10.66% | 14.7% | -2.33% | 12.48% | -10.86% | -43.16% | 113.83% | -9.37% | 2.68% | 322.55% | -74.45% | -34.2% | -12.46% | 66.13% | 17.13% | 127.79% | -42.41% | -18.74% | -27.54% | -1.53% | 35.94% | 9.13% | 10.29% | 41.47% |
| EBITDA | 1.07B | 963.81M | 823.52M | 796.01M | 920.88M | 701.24M | 290.68M | 234.1M | 212.52M | 184.75M | 189.53M | 171.88M | 187.73M | 303.33M | 158.2M | 176.67M | 176.51M | 73.79M | 170.98M | 236.1M | 260.74M | 172.62M | 153.13M | 88.34M | 123.2M | 144.99M | 179.68M | 184.9M | 133.7M | 120.7M | 108.9M |
| EBITDA Margin % | 24.46% | 23.07% | 21.85% | 23.27% | 23.12% | 18.6% | 12.12% | 9.63% | 8.47% | 8.15% | 9.22% | 8.18% | 7.94% | 14.05% | 7.22% | 7.31% | 8.57% | 4.77% | 6.68% | 8.75% | 10.38% | 9.98% | 11.1% | 8.84% | 12.93% | 13.88% | 14.9% | 15.82% | 14.39% | 13.58% | 15.16% |
| EBITDA Growth % | 25.14% | 17.04% | 3.46% | -13.56% | 31.32% | 141.24% | 24.17% | 10.15% | 15.03% | -2.52% | 10.27% | -8.45% | -38.11% | 91.74% | -10.45% | 0.09% | 139.21% | -56.84% | -27.58% | -9.45% | 51.05% | 12.73% | 73.34% | -28.29% | -15.03% | -19.31% | -2.82% | 38.29% | 10.77% | 10.84% | 37.15% |
| D&A (Non-Cash Add-back) | 68.09M | 68.56M | 53.13M | 39.95M | 43.73M | 45.39M | 44.84M | 42.69M | 39.55M | 33.94M | 35.13M | 34.61M | 33.73M | 32.39M | 31.5M | 36.87M | 40.36M | 41.57M | 44.88M | 44.48M | 41.85M | 40.86M | 40.64M | 38.95M | 37.44M | 39.46M | 34.04M | 37M | 24.9M | 21M | 18.5M |
| EBIT | 1.12B | 1.02B | 820.87M | 846.45M | 876.84M | 648.85M | 228.44M | 191.77M | 175.62M | 146.47M | 153.42M | 139.46M | 153.75M | 275.39M | 127.24M | 141.71M | 133.5M | 33.09M | 139.99M | 185.48M | 218.88M | 131.76M | 116.43M | 49.38M | 85.76M | 105.53M | 145.64M | 147.9M | 108.8M | 99.7M | 90.4M |
| Net Interest Income | 42.95M | 40.96M | 53.06M | 36.99M | 5.65M | -7.36M | -18.15M | -24.96M | -24.57M | -18.82M | -6.2M | -6.64M | -5.17M | -3.08M | -6.04M | -10.84M | -11.65M | -8.88M | -11.76M | -10.79M | -14.4M | -17.24M | -1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 43.04M | 41.07M | 53.47M | 38.21M | 6.46M | 353K | 1.1M | 722K | 624K | 684K | 1.19M | 1.03M | 573K | 906K | 847K | 711K | 0 | 1.08M | 7.29M | 11.28M | 6.07M | 2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 83K | 108K | 410K | 1.22M | 810K | 7.71M | 19.25M | 25.68M | 25.2M | 19.5M | 7.39M | 7.67M | 5.74M | 3.99M | 6.89M | 11.55M | 11.65M | 9.96M | 19.05M | 22.07M | 20.48M | 19.55M | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 129.33M | 125.69M | 52.23M | 74.36M | 8.99M | -14.86M | -46.87M | -49.91M | -35.2M | -25.91M | -6.51M | -5.48M | -5.98M | 461K | -6.35M | -9.64M | -14.3M | -9.09M | -5.15M | -8.34M | -15.31M | -7.55M | 2.87M | 2.05M | 2.71M | -1.12M | -1.56M | -2.2M | 500K | 1.2M | -2M |
| Pretax Income | 1.13B | 1.02B | 822.62M | 830.41M | 886.14M | 640.98M | 198.97M | 141.49M | 137.77M | 124.89M | 147.89M | 131.79M | 148.01M | 271.4M | 120.35M | 130.16M | 121.85M | 23.13M | 120.94M | 183.28M | 203.58M | 124.2M | 115.36M | 51.44M | 88.47M | 104.41M | 144.08M | 145.7M | 109.3M | 100.9M | 88.4M |
| Pretax Margin % | 25.86% | 24.43% | 21.83% | 24.28% | 22.25% | 17.01% | 8.3% | 5.82% | 5.49% | 5.51% | 7.19% | 6.28% | 6.26% | 12.57% | 5.5% | 5.38% | 5.92% | 1.49% | 4.73% | 6.79% | 8.11% | 7.18% | 8.37% | 5.15% | 9.28% | 9.99% | 11.95% | 12.47% | 11.76% | 11.35% | 12.31% |
| Income Tax | 274.97M | 247.35M | 205.08M | 220.76M | 223.32M | 165.86M | 55.32M | 35.26M | 30.95M | 37.88M | 48.14M | 43.38M | 45.48M | 98.11M | 36.68M | 43.08M | 34.31M | 17.79M | 38.33M | 67.81M | 54.71M | 34.99M | 35.94M | 7.21M | 17.29M | 38.98M | 51.1M | 46.4M | 33.9M | 31.1M | 27.2M |
| Effective Tax Rate % | 24.32% | 24.23% | 24.93% | 26.58% | 25.2% | 25.88% | 27.8% | 24.92% | 22.47% | 30.33% | 32.55% | 32.92% | 30.73% | 36.15% | 30.48% | 33.09% | 28.16% | 76.93% | 31.69% | 37% | 26.87% | 28.17% | 31.16% | 14.03% | 19.54% | 37.34% | 35.46% | 31.85% | 31.02% | 30.82% | 30.77% |
| Net Income | 846.78M | 765.19M | 604.88M | 602.9M | 658.32M | 468.52M | 139.49M | 100.97M | 104.46M | 85.6M | 99.73M | 87.86M | 101.56M | 172.6M | 82.39M | 86.32M | 86.17M | 4.67M | 80.81M | 115.47M | 148.87M | 92.54M | 79.42M | 45.38M | 77.99M | 66.95M | 92.69M | 99.3M | 75.4M | 69.8M | 61.2M |
| Net Margin % | 19.37% | 18.31% | 16.05% | 17.63% | 16.53% | 12.43% | 5.82% | 4.15% | 4.17% | 3.78% | 4.85% | 4.18% | 4.3% | 8% | 3.76% | 3.57% | 4.18% | 0.3% | 3.16% | 4.28% | 5.93% | 5.35% | 5.76% | 4.54% | 8.18% | 6.41% | 7.68% | 8.5% | 8.11% | 7.85% | 8.52% |
| Net Income Growth % | 35.71% | 26.5% | 0.33% | -8.42% | 40.51% | 235.87% | 38.15% | -3.34% | 22.03% | -14.17% | 13.5% | -13.49% | -41.16% | 109.48% | -4.55% | 0.17% | 1743.23% | -94.22% | -30.02% | -22.43% | 60.87% | 16.53% | 75% | -41.81% | 16.48% | -27.76% | -6.66% | 31.7% | 8.02% | 14.05% | 36.61% |
| Net Income (Continuing) | 855.58M | 773.59M | 617.54M | 609.65M | 662.82M | 475.12M | 143.65M | 106.23M | 106.82M | 87.01M | 99.75M | 88.41M | 102.53M | 173.29M | 83.67M | 87.09M | 87.53M | 5.34M | 82.61M | 115.47M | 148.87M | 89.22M | 79.42M | 44.22M | 71.18M | 65.42M | 92.98M | 99.3M | 75.4M | 69.8M | 61.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 26.38M | 25.94M | 31.24M | 21.27M | 23.05M | 34.84M | 24.32M | 18.67M | 14.9M | 13.92M | 37.75M | 32.42M | 33.28M | 32.46M | 31.06M | 29.07M | 27.16M | 25.77M | 24.58M | 22.77M | 22.3M | 6.94M | 67K | 208K | 421K | 271K | 297K | 400K | 400K | 700K | 400K |
| EPS (Diluted) | 7.63 | 6.86 | 5.32 | 5.30 | 5.82 | 4.13 | 1.24 | 0.90 | 0.91 | 0.75 | 0.87 | 0.77 | 0.90 | 1.53 | 0.58 | 0.56 | 0.57 | 0.03 | 0.54 | 0.78 | 1.00 | 0.62 | 0.54 | 0.30 | 0.53 | 0.45 | 0.61 | 0.63 | 0.48 | 0.45 | 0.39 |
| EPS Growth % | 39.16% | 28.95% | 0.38% | -8.93% | 40.92% | 233.06% | 37.78% | -1.1% | 21.33% | -13.79% | 12.99% | -14.44% | -41.18% | 163.79% | 3.57% | -1.75% | 1800% | -94.44% | -30.77% | -22% | 61.29% | 14.81% | 80% | -43.4% | 17.78% | -26.23% | -3.17% | 31.25% | 6.67% | 15.38% | 34.48% |
| EPS (Basic) | - | 6.99 | 5.43 | 5.41 | 5.90 | 4.18 | 1.25 | 0.91 | 0.92 | 0.75 | 0.88 | 0.78 | 0.91 | 1.55 | 0.58 | 0.57 | 0.57 | 0.03 | 0.55 | 0.78 | 1.01 | 0.63 | 0.56 | 0.33 | 0.57 | 0.50 | 0.68 | 0.70 | 0.53 | 0.50 | 0.44 |
| Diluted Shares Outstanding | 110.91M | 110.93M | 113.78M | 113.66M | 113.11M | 113.6M | 112.78M | 112.69M | 114.54M | 114.97M | 114.63M | 114.11M | 113.54M | 112.97M | 143.3M | 76.39M | 75.54M | 74.85M | 74.62M | 74.45M | 74.49M | 74.21M | 73.82M | 76.27M | 74.1M | 74.49M | 76.19M | 79.21M | 79.29M | 78.43M | 77.96M |
| Basic Shares Outstanding | 109.09M | 109.11M | 111.36M | 111.42M | 111.56M | 112.02M | 111.64M | 111.6M | 113.56M | 114.9M | 114.34M | 113.94M | 113.47M | 112.81M | 142.98M | 75.67M | 75.34M | 74.67M | 74.25M | 74.12M | 73.79M | 73.18M | 70.64M | 68.52M | 67.99M | 66.82M | 68.61M | 71.19M | 70.8M | 70.15M | 69.55M |
| Dividend Payout Ratio | - | 14.25% | 14.73% | 11.09% | 8.47% | 6.22% | 16.02% | 22.11% | 21.74% | 230.08% | 21.28% | 19.24% | 16.56% | 8.08% | 18.07% | 17.55% | 17.49% | 319.66% | 18.37% | 12.84% | 9.93% | 15.83% | 327.24% | - | - | - | - | - | - | - | - |
Commodity price volatility exposure
As reported in recent financial statements, MLI achieved a 19.3% revenue growth rate in 2026Q1, marking a significant acceleration from the 4.2% growth observed in 2025Q4 and suggesting that the company is successfully capturing increased market demand despite broader industrial sector headwinds and cyclical construction pressures.
The recent surge in top-line performance appears to be driven by a combination of volume expansion and effective pass-through of commodity price fluctuations. Investors should monitor whether this growth trajectory is sustainable or if it reflects temporary inventory restocking cycles within the wholesale distribution channel.
Based on the provided income statement data, MLI maintained a gross margin of 28.6% in 2026Q1, which consistently outperforms the broader peer group and suggests that the company possesses significant pricing power derived from its integrated domestic manufacturing and specialized logistics footprint in the plumbing sector.
The ability to sustain gross margins near the 28% level indicates that the company is not merely a commodity pass-through entity but captures a meaningful value-add spread. This structural advantage appears to be a core component of the company's competitive moat, though it remains sensitive to raw material cost volatility.
According to the quarterly income statement, MLI demonstrated significant operating leverage in 2026Q1, as operating income reached $312.2 million, representing a 26.2% operating margin that significantly outpaced the growth in SG&A expenses, which remained relatively contained at $66.8 million during the same period.
The company's ability to scale operating income faster than gross profit suggests high levels of capacity utilization and disciplined overhead management. This efficiency appears to be a hallmark of the current management team, allowing for substantial margin expansion during periods of revenue growth.
Based on the reported figures, MLI's net income of $239.0 million in 2026Q1 reflects a high-quality earnings profile, with stock-based compensation of $7.3 million representing a relatively minor dilution impact compared to the substantial bottom-line growth and the absence of significant non-operating expense volatility.
The consistency of net income growth, coupled with minimal R&D expenditure, suggests that the company's profitability is primarily driven by core manufacturing and distribution excellence. However, investors should remain cautious regarding the potential impact of LIFO accounting adjustments on reported net income during periods of rapid copper price shifts.
As indicated by the historical data, MLI's current operating margin of 26.2% in 2026Q1 sits at the high end of its historical range, raising concerns that the company may be experiencing a cyclical peak that could lead to future margin compression if metal spreads normalize.
Short-term performance may be masking underlying cyclical risks associated with the US housing and commercial construction markets. A reversion to historical mean margins could result in significant earnings contraction, even if the company maintains its current market share and operational efficiency.
Quick answers to the most common questions about buying MLI stock.
For fiscal year 2025, Mueller Industries, Inc. (MLI) reported total revenue of $4.18B. This represents a 481.7% increase compared to $718.3M in 1996.
Mueller Industries, Inc. (MLI) is profitable, generating $765.2M in net income for the fiscal year ending 2025 with a net profit margin of 18.3%.
Mueller Industries, Inc. (MLI) reported an operating income of $895.3M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Mueller Industries, Inc. (MLI) generated $1.14B in gross profit for the year, representing a gross profit margin of 27.4%. This demonstrates the company's core pricing power and production efficiency.