--- title: "Mueller Industries | 10-K: FY2025 Revenue Beats Estimate at USD 4.179 T" type: "News" locale: "en" url: "https://longbridge.com/en/news/276945313.md" datetime: "2026-02-25T21:53:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276945313.md) - [en](https://longbridge.com/en/news/276945313.md) - [zh-HK](https://longbridge.com/zh-HK/news/276945313.md) --- # Mueller Industries | 10-K: FY2025 Revenue Beats Estimate at USD 4.179 T 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. ### Consolidated Financial Performance (2025 vs. 2024) #### Revenue - **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. #### Profitability - **Operating Income**: Operating income increased by 24.4% to $958,542 thousand in 2025, compared to $770,389 thousand in 2024. - **Net Income**: Net income rose by 26.5% to $765,191 thousand in 2025, up from $604,879 thousand in 2024. - **Gross Margin**: Gross margin as a percentage of sales improved to 29.0% in 2025 from 27.7% in 2024. - **Cost of Goods Sold**: Cost of goods sold was $2,966,083 thousand in 2025, compared to $2,724,328 thousand in 2024. - **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. - **Selling, General, and Administrative Expense (SG&A)**: SG&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. - **Gain on Disposal of Assets, Net**: $25,878 thousand in 2025, up from $5,780 thousand in 2024. - **Impairment Charges**: $3,735 thousand in 2025, compared to $0 in 2024. - **Gain on Insurance Proceeds**: $41,147 thousand in 2025, related to the March 2023 tornado at the Covington, Tennessee manufacturing operation. - **Interest Income**: Decreased to $41,068 thousand in 2025 from $53,468 thousand in 2024, due to lower interest rates. - **Realized and Unrealized Gains on Short-Term Investments**: Increased significantly to $18,547 thousand in 2025 from $914 thousand in 2024. - **Pension Plan Termination Expense**: -$4,830 thousand expense recognized in 2025 due to withdrawal from a multiemployer pension plan. - **Environmental Expense**: $2,151 thousand in 2025, consistent with $2,218 thousand in 2024. - **Other Income (Expense), Net**: $1,294 thousand income in 2025, compared to -$2,946 thousand expense in 2024. - **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. - **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. ### Segmented Operational Metrics (2025 vs. 2024) #### Piping Systems Segment - **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). - **Operating Income**: Increased by 25.1% to $772,316 thousand in 2025 from $617,451 thousand in 2024. - **Gross Margin**: Gross margin as a percentage of sales was 31.9% in 2025, up from 29.2% in 2024. - **Depreciation and Amortization**: Increased due to the Elkhart acquisition. - **Selling, General, and Administrative Expense (SG&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). - **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. - **Order Backlog**: Not significant as of December 27, 2025. #### Industrial Metals Segment - **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). - **Operating Income**: Increased by 13.5% to $105,048 thousand in 2025 from $92,560 thousand in 2024. - **Gross Margin**: Gross margin as a percentage of sales was 16.0% in 2025, slightly down from 16.2% in 2024. - **Depreciation and Amortization**: Increased due to the Nehring acquisition. - **Selling, General, and Administrative Expense (SG&A)**: Increased by $4.7 million due to incremental expenses associated with the Nehring acquisition. - **Other Segment Items**: Included $1.7 million in fixed asset impairment charges. #### Climate Segment - **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. - **Operating Income**: Decreased by -0.7% to $145,053 thousand in 2025 from $146,054 thousand in 2024. - **Gross Margin**: Gross margin as a percentage of sales was 36.6% in 2025, up from 36.2% in 2024. - **Other Segment Items**: Included -$1.0 million in net losses on asset disposal. - **Order Backlog**: Not significant as of December 27, 2025. ### Cash Flow and Liquidity (2025 vs. 2024) - **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). - **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). - **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. - **Capital Expenditures**: $68,805 thousand in 2025. - **Dividends per Share**: $1.00 in 2025, compared to $0.80 in 2024. - **Environmental Obligations**: Expected expenditures of $5.2 million for compliance activities over the next three fiscal years. - **Pension and Other Postretirement Benefit Obligations**: -$0.5 million cash used in 2025. - **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. ### Outlook/Guidance 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. ### Related Stocks - [MLI.US](https://longbridge.com/en/quote/MLI.US.md) ## Related News & Research - [Mueller Industries Q4 Earnings Summary & Key Takeaways](https://longbridge.com/en/news/274653626.md) - [Vest Financial LLC Acquires 27,616 Shares of Mueller Industries, Inc. $MLI](https://longbridge.com/en/news/273233445.md) - [Zacks Research Has Positive Estimate for KBR FY2028 Earnings](https://longbridge.com/en/news/282670727.md) - [TCS makes 25,000 fresher offers in FY27, more hiring depends on demand: CEO](https://longbridge.com/en/news/282436594.md) - [3M (MMM) Projected to Post Earnings on Tuesday](https://longbridge.com/en/news/282637584.md)