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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mayville Engineering Company
Mayville Engineering Company (MEC) investor relations material
Mayville Engineering Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 net sales rose 18.1% YoY to $170.4M; adjusted EBITDA increased to $17.0M, or 10.0% of sales, as DCP, Commercial Vehicle and Construction & Access growth outweighed softness in legacy markets.
Q3 net income was $0.4M versus a $2.7M loss; nine-month net loss widened to $9.8M, adjusted EBITDA declined to $36.6M, and operating cash flow fell to $3.0M.
Management expects sequential margin improvement through 2027 as ramp costs moderate, utilization improves and footprint rebalancing advances; fuller benefits are expected late 2027 or early 2028.
Financial highlights
Q3 manufacturing margin was $18.8M, or 11.0% of sales, versus $15.9M and 11.0% a year earlier; $3.0M of DCP launch, outsourcing and premium labor costs partly offset volume gains.
Adjusted EBITDA was $17.0M versus $14.1M; adjusted diluted EPS was $0.15 versus $0.10, and adjusted net income was $4.0M versus $2.0M.
SG&A was $8.8M versus $10.5M, reflecting lower non-recurring acquisition expenses and Accu-Fab synergies; interest expense was $3.0M versus $3.4M.
Q3 free cash flow was negative $3.3M versus negative $1.1M; operating cash flow of $4.3M was offset by $7.7M of capital spending. Nine-month free cash flow was negative $16.9M.
Nine-month manufacturing margin was $47.4M, up 5.2% YoY, while its rate fell 100 bps to 9.9%; operating loss was $3.0M versus operating income of $1.7M.
Outlook and guidance
FY2026 guidance: net sales of $630M-$640M, adjusted EBITDA of $48M-$52M, and free cash flow of negative $16M to negative $6M; planned capex is $25M-$35M.
Q4 adjusted EBITDA margin is expected modestly below Q3; ~$20M of DCP revenue shifted from H2 2026 into 2027, alongside seasonal softness and continuing ramp costs.
DCP launch costs of $6M-$7M and 2H26 outsourcing costs of $2M-$3M are expected to moderate beginning in early 2027; FY2027 guidance is expected on the Q4 call.
Preliminary 2027 outlook calls for DCP growth above 50%, Commercial Vehicle mid- to high-single-digit growth, and Construction & Access mid-single-digit growth.
FY2027 capex is projected at $40M-$50M, focused on growth; full capacity is anticipated within 18 months as volumes ramp.
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Latest events from Mayville Engineering Company
- Q4 growth and record cash flow support a 2024 growth outlook despite softer markets.MEC
Q4 2023 - Datacenter and critical power growth drives strong financial outlook and strategic investments.MECInvestor presentation
- Sales rose 23.2% as DCP surged, while margins fell and FY guidance increased.MECQ2 2026
- Datacenter and critical power growth drives margin expansion and strategic investment.MECInvestor presentation
- Datacenter & Critical Power drove sales growth, but margins and cash flow declined amid project costs.MECQ1 2026
- Director elections, auditor ratification, and executive pay all passed by majority vote.MECAGM 2026
- Growth in data center and critical power markets drives 2026 outlook amid legacy market softness.MECInvestor presentation
- Proxy covers director elections, auditor ratification, and executive pay, with strong governance focus.MECProxy Filing
- Q2 net sales up 17.7% with margin and cash flow gains; FY 2024 free cash flow guidance raised.MECQ2 2024
Next Mayville Engineering Company earnings date
Q4 20263 Mar, 2027
Mayville Engineering Company
Next Mayville Engineering Company earnings date
Q4 20263 Mar, 2027
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Frequently asked questions
Mayville Engineering Company Inc. is a provider of custom metal fabrication and manufacturing services. The company specializes in offering a range of products and services, including metal stamping, machining, welding, and assembly for industrial, agricultural, and commercial applications. MEC serves industries such as construction, agriculture, and transportation, providing solutions tailored to meet specific customer needs. The company is headquartered in Mayville, Wisconsin, and its shares are listed on the NYSE.