Revenue: As of FY2025, the actual value is USD 4.179 T, beating the estimate of USD 4.188 B.EPS: As of FY2025, the actual value is USD 6.86, missing the estimate of USD 7.4.EBIT: As of FY2025, the actual value is USD 917.58 B.<h3>Consolidated Financial Performance (2025 vs. 2024)</h3><h4>Revenue</h4><ul><li>Net Sales: Mueller Industries, Inc. reported net sales of $4,178,547 thousand in 2025, an increase of 10.9% from $3,768,766 thousand in 2024, primarily driven by higher net selling prices ($336.9 million), incremental sales from the Nehring acquisition ($208.1 million), increased non-core product sales ($41.5 million), and incremental sales from the Elkhart acquisition ($35.1 million), partially offset by a -$212.0 million decrease in unit sales volume in core product lines.</li></ul><h4>Profitability</h4><ul><li>Operating Income: Operating income increased by 24.4% to $958,542 thousand in 2025, compared to $770,389 thousand in 2024.</li><li>Net Income: Net income rose by 26.5% to $765,191 thousand in 2025, up from $604,879 thousand in 2024.</li><li>Gross Margin: Gross margin as a percentage of sales improved to 29.0% in 2025 from 27.7% in 2024.</li><li>Cost of Goods Sold: Cost of goods sold was $2,966,083 thousand in 2025, compared to $2,724,328 thousand in 2024.</li><li>Depreciation and Amortization: This expense increased to $68,561 thousand in 2025 from $53,133 thousand in 2024, mainly due to the acquisitions of Nehring and Elkhart.</li><li>Selling, General, and Administrative Expense (SG&amp;A): SG&amp;A increased to $248,651 thousand in 2025 from $226,696 thousand in 2024, driven by product-related costs ($10.0 million), higher foreign currency transaction losses ($9.9 million), increased employment costs ($4.7 million), higher sales and marketing costs ($2.1 million), increased repairs and maintenance ($1.3 million), and incremental expenses from Nehring and Elkhart acquisitions ($0.8 million), partially offset by $4.6 million income from a change in fair value of contingent consideration arrangements.</li><li>Gain on Disposal of Assets, Net: $25,878 thousand in 2025, up from $5,780 thousand in 2024.</li><li>Impairment Charges: $3,735 thousand in 2025, compared to $0 in 2024.</li><li>Gain on Insurance Proceeds: $41,147 thousand in 2025, related to the March 2023 tornado at the Covington, Tennessee manufacturing operation.</li><li>Interest Income: Decreased to $41,068 thousand in 2025 from $53,468 thousand in 2024, due to lower interest rates.</li><li>Realized and Unrealized Gains on Short-Term Investments: Increased significantly to $18,547 thousand in 2025 from $914 thousand in 2024.</li><li>Pension Plan Termination Expense: -$4,830 thousand expense recognized in 2025 due to withdrawal from a multiemployer pension plan.</li><li>Environmental Expense: $2,151 thousand in 2025, consistent with $2,218 thousand in 2024.</li><li>Other Income (Expense), Net: $1,294 thousand income in 2025, compared to -$2,946 thousand expense in 2024.</li><li>Income Tax Expense: Totaled $247,351 thousand in 2025, with an effective tax rate of 24.4%, compared to $205,076 thousand and 25.0% in 2024.</li><li>Net Income from Unconsolidated Affiliates: Increased to $8,579 thousand in 2025 from $2,156 thousand in 2024, including a -$2,500 thousand loss from Tecumseh and $11,100 thousand income from the retail distribution business in 2025.</li></ul><h3>Segmented Operational Metrics (2025 vs. 2024)</h3><h4>Piping Systems Segment</h4><ul><li>Net Sales: $2,708,727 thousand in 2025, a 7.7% increase from $2,514,096 thousand in 2024, primarily due to higher net selling prices ($299.1 million), incremental sales from Elkhart ($35.1 million), and increased non-core product sales ($18.3 million), partially offset by lower unit sales volume (-$154.2 million).</li><li>Operating Income: Increased by 25.1% to $772,316 thousand in 2025 from $617,451 thousand in 2024.</li><li>Gross Margin: Gross margin as a percentage of sales was 31.9% in 2025, up from 29.2% in 2024.</li><li>Depreciation and Amortization: Increased due to the Elkhart acquisition.</li><li>Selling, General, and Administrative Expense (SG&amp;A): Increased due to product-related costs ($10.0 million), higher foreign currency transaction losses ($9.3 million), increased employment costs ($4.5 million), incremental expenses from Elkhart ($3.0 million), and higher sales and marketing expenses ($2.1 million).</li><li>Other Segment Items: Included $15.0 million in net gains on asset disposal and a $41.1 million gain from insurance proceeds related to the March 2023 tornado, along with $2.0 million in fixed asset impairment charges.</li><li>Order Backlog: Not significant as of December 27, 2025.</li></ul><h4>Industrial Metals Segment</h4><ul><li>Net Sales: $1,023,629 thousand in 2025, a 25.1% increase from $818,439 thousand in 2024, mainly driven by incremental sales from Nehring ($208.1 million), higher net selling prices in core product lines ($37.8 million), and increased non-core product sales ($14.2 million), partially offset by lower unit sales volume (-$57.8 million).</li><li>Operating Income: Increased by 13.5% to $105,048 thousand in 2025 from $92,560 thousand in 2024.</li><li>Gross Margin: Gross margin as a percentage of sales was 16.0% in 2025, slightly down from 16.2% in 2024.</li><li>Depreciation and Amortization: Increased due to the Nehring acquisition.</li><li>Selling, General, and Administrative Expense (SG&amp;A): Increased by $4.7 million due to incremental expenses associated with the Nehring acquisition.</li><li>Other Segment Items: Included $1.7 million in fixed asset impairment charges.</li></ul><h4>Climate Segment</h4><ul><li>Net Sales: $497,929 thousand in 2025, a 1.9% increase from $488,446 thousand in 2024, primarily due to increased volume and price in certain product lines.</li><li>Operating Income: Decreased by -0.7% to $145,053 thousand in 2025 from $146,054 thousand in 2024.</li><li>Gross Margin: Gross margin as a percentage of sales was 36.6% in 2025, up from 36.2% in 2024.</li><li>Other Segment Items: Included -$1.0 million in net losses on asset disposal.</li><li>Order Backlog: Not significant as of December 27, 2025.</li></ul><h3>Cash Flow and Liquidity (2025 vs. 2024)</h3><ul><li>Net Cash Provided by Operating Activities: $755,444 thousand in 2025, up from $645,908 thousand in 2024, mainly due to consolidated net income ($773.6 million), an increase in current liabilities ($35.1 million), and non-capital related insurance proceeds ($15.5 million), partially offset by an increase in inventories (-$40.4 million) and accounts receivable (-$19.1 million).</li><li>Net Cash Used in Investing Activities: -$24,911 thousand in 2025, a significant decrease from -$606,935 thousand in 2024, with major uses including short-term investments purchases ($70.7 million), capital expenditures ($68.8 million), and investments in unconsolidated affiliates ($17.9 million).</li><li>Net Cash Used in Financing Activities: -$394,618 thousand in 2025, up from -$160,478 thousand in 2024, including $243.6 million for common stock repurchases, $109.1 million for quarterly dividends, and $29.5 million to settle stock-based awards.</li><li>Capital Expenditures: $68,805 thousand in 2025.</li><li>Dividends per Share: $1.00 in 2025, compared to $0.80 in 2024.</li><li>Environmental Obligations: Expected expenditures of $5.2 million for compliance activities over the next three fiscal years.</li><li>Pension and Other Postretirement Benefit Obligations: -$0.5 million cash used in 2025.</li><li>Share Repurchase Program: The Board extended authorization to repurchase up to 40 million shares until July 2026, with approximately 19.0 million shares repurchased since 1999 through December 27, 2025.</li></ul><h3>Outlook/Guidance</h3>Mueller Industries, Inc. expects its liquidity needs to be met by cash from operations, available funds under the Credit Agreement, and cash on hand. The company anticipates capital expenditures between $80.0 million and $90.0 million in 2026 and is negotiating a new credit agreement to replace the existing one maturing on March 31, 2026. In 2025, the company recognized a -$4.8 million expense for withdrawing from a multiemployer pension plan, representing its best estimate of probable loss for the withdrawal liability anticipated in 2026.

Mueller Industries | 10-K: FY2025 Revenue Beats Estimate at USD 4.179 T