Filing Flows › Miller Industries (MLR) › Q4 2025
Miller Industries (MLR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 4, 2026
Miller Industries (MLR) reported revenue of $172M for the fourth quarter 2025 (Q4 2025), -23% from a year earlier and -4% from the quarter before. Operating margin was 2.9%, net earnings $3.4M (2.0% of revenue).
Miller Industries, Q4 2025: revenue $172M (-22% year over year), operating margin 2.9%, net earnings $3.4M, operating cash flow $48.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $172M | -4% | -23% |
| Gross profit | $26.5M | +5% | -21% |
| Operating profit | $5.0M | +17% | -60% |
| Net earnings | $3.4M | +11% | -68% |
| Operating cash flow | $48.9M | +145% | — |
| Free cash flow | $43.8M | +142% | — |
What changed
Revenue was $171.9M in Q4 2025, down 23% year over year and down 4% from the previous quarter.
Gross margin was 15.4%, up 0.4 points from a year earlier. Operating profit was $5.0M, a 2.9% margin (down 2.8 points year over year). Operating expenses grew 3% against a revenue fall of 23%. Net earnings were $3.4M, down 68% year over year. The effective tax rate was 32.3%.
Operating cash flow was $48.9M, 1433% of net earnings. Non-cash charges added back $3.8M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $40.5M. Capital expenditures of $5.1M left free cash flow of $43.8M.
Questions
What was Miller Industries' revenue in the fourth quarter 2025?
Miller Industries (MLR) reported revenue of $172M for the fourth quarter 2025 (Q4 2025), -23% from a year earlier and -4% from the quarter before.
Was Miller Industries profitable in the fourth quarter 2025?
Operating profit was $5.0M (2.9% of revenue) and net earnings $3.4M.
Source: Miller Industries 10-K on SEC EDGAR.