Mueller Industries (MLI) Q2 2026 earnings summary

Executive summary

• Net sales rose to $1.43 billion in Q2 2026, up from $1.14 billion year-over-year.

• Net income increased to $249.7 million from $245.9 million compared to Q2 2025.

• Operating income reached $310.0 million, up from $304.2 million year-over-year.

• Diluted EPS grew to $1.13 from $1.11, adjusted for a two-for-one stock split.

• Two acquisitions completed in core metals businesses during the quarter.

Financial highlights

• 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%.

• Net cash from operations was $212.3 million; $138.3 million used for Bison Metals acquisition.

• Cash and short-term investments at quarter end totaled $1.42 billion.

• Current ratio stood at 4.8 to 1.

Outlook and guidance

• Business demand strengthening in commercial, industrial, and electrical markets.

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

• Optimism for eventual improvement in U.S. residential construction markets.

• Anticipation of continued business strength, pending resolution of geopolitical conflicts and energy cost reductions.