Filing Flows › Mueller Industries (MLI) › Q2 2026 › vs Q1 2026
Mueller Industries (MLI) Q2 2026 vs Q1 2026 (quarter over quarter)
Mueller Industries's revenue rose $235M (+20%) from $1.2B in Q1 2026 to $1.4B in Q2 2026. The biggest changes: Piping Systems +$183M (+24%); Industrial Metals +$32.4M (+10%); Climate +$19.5M (+16%). Operating margin 21.7% against 26.2% (-4.5 pts).
Mueller Industries, Q2 2026: revenue $1.4B (+26% year over year), operating margin 21.7%, net earnings $250M, operating cash flow $212M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.7% | 26.2% | -4.5 pts |
| Net margin | 17.5% | 20.0% | -2.6 pts |
| Free cash flow margin | 13.4% | 5.2% | +8.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Piping Systems | $936M | $753M | $183M | +24% |
| Industrial Metals | $349M | $317M | $32.4M | +10% |
| Climate | $143M | $124M | $19.5M | +16% |
| Revenue | $1.4B | $1.2B | $235M | +20% |
| Other income, net | $23.2M | $8.6M | $14.6M | +170% |
| Operating profit | $310M | $312M | −$2.3M | -0.7% |
| Costs & expenses | $1.1B | $881M | $237M | +27% |
| Pre-tax earnings | $333M | $321M | $12.3M | +4% |
| Net earnings | $250M | $239M | $10.6M | +4% |
| Minority interests | $632K | $2.4M | −$1.7M | -73% |
| Income tax | $82.9M | $79.6M | $3.3M | +4% |
| Depreciation | $17.3M | $16.7M | $683K | +4% |
| Share-based compensation | $8.5M | $7.3M | $1.2M | +16% |
| Working capital & other | $63.2M | $183M | −$120M | -65% |
| Operating cash flow | $212M | $79.7M | $133M | +166% |
| Free cash flow (OCF − capex) | $191M | $62.5M | $128M | +205% |
| Capital expenditures | $21.6M | $17.2M | $4.3M | +25% |
Questions
How much did Mueller Industries's revenue grow quarter over quarter in Q2 2026?
Mueller Industries's revenue rose $235M (+20%) from $1.2B in Q1 2026 to $1.4B in Q2 2026.
What drove Mueller Industries's revenue change in Q2 2026?
Piping Systems +$183M (+24%); Industrial Metals +$32.4M (+10%); Climate +$19.5M (+16%).