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How Mueller Industries (MLI) makes money
Mueller Industries (MLI) made $1.4B of revenue in the third quarter 2026 (Q3 2026), +32% from a year earlier. Piping Systems brought in $876M (62%); Industrial Metals brought in $403M (28%); Climate brought in $140M (10%). Of every dollar of revenue, 20¢ was left as operating profit, 16¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Piping Systems | $876M | 61.8% | -6% | +23% |
| Industrial Metals | $403M | 28.4% | +15% | +67% |
| Climate | $140M | 9.9% | -2% | +11% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.4B | 100.0% |
| Operating profit | $282M | 19.8% |
| Income tax | $76.6M | 5.4% |
| Net earnings | $221M | 15.6% |
| Operating cash flow | $337M | 23.8% |
| Free cash flow | $315M | 22.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.4B | +32% |
| Q2 2026 | $1.4B | +26% |
| Q1 2026 | $1.2B | +19% |
| Q4 2025 | $962M | +4% |
| Q3 2025 | $1.1B | +8% |
| Q2 2025 | $1.1B | +14% |
| Q1 2025 | $1.0B | +18% |
From Mueller Industries' 10-Q filed Oct 21, 2026 (on EDGAR).
Questions
How does Mueller Industries make money?
Mueller Industries (MLI) made $1.4B of revenue in the third quarter 2026 (Q3 2026), +32% from a year earlier. Piping Systems brought in $876M (62%); Industrial Metals brought in $403M (28%); Climate brought in $140M (10%). Of every dollar of revenue, 20¢ was left as operating profit, 16¢ was left as net earnings.
What is Mueller Industries' biggest business?
Piping Systems: $876M in the third quarter 2026, 62% of revenue, +23% from a year earlier.
What is Mueller Industries' profit margin?
Net earnings were $221M, 15.6% of revenue, in the third quarter 2026; the operating margin was 19.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.