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Mueller Water Products (MWA) earnings and revenue breakdown

Latest: Q4 FY26 · 8-K filed Nov 4, 2026

Q4 FY26 Revenue down 1% year over year to $376M · 14¢ of every $1 of revenue kept as net profit · operating margin 19.4%

Mueller Water Products made $376M in Q4 FY26 (-1% Y/Y). Operating margin 19.4%, net earnings $52.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 4, 2026 (preliminary, from the earnings release).

Revenue$376M
Year over year-1%
Operating margin19.4%
Net earnings$52.3M
Operating cash flow$109M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $376.5M in Q4 FY26, down 1% year over year and down 5% from the previous quarter.

Gross margin was 37.0%, up 0.2 points from Q4 FY25. Operating profit was $73.1M, a 19.4% margin (up 1.1 points year over year). Operating expenses fell 6% while revenue fell 1%. The fastest-growing cost line was Other operating costs (+141%). Net earnings were $52.3M, down 1% year over year. The effective tax rate was 28.0%.

Operating cash flow was $108.7M (up 30% year over year), 208% of net earnings. Non-cash charges added back $11.3M of depreciation and $3.2M of share-based compensation. Working capital and other items added $41.9M. After capital expenditures ($12.0M), free cash flow as the company reports it was $96.7M.

Quarterly history

Mueller Water Products revenue by quarterMueller Water Products revenue by quarter$364MQ2 FY25$380MQ3 FY25$381MQ4 FY25$318MQ1 FY26$384MQ2 FY26$396MQ3 FY26$376MQ4 FY26
Mueller Water Products net earnings by quarterMueller Water Products net earnings by quarter$51.3MQ2 FY25$52.5MQ3 FY25$52.6MQ4 FY25$43.2MQ1 FY26$59.1MQ2 FY26$67.3MQ3 FY26$52.3MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY268-KNov 4, 2026$376M-1%19.4%$52.3M$109M
Q3 FY2610-QAug 6, 2026$396M+4%20.4%$67.3M$106M
Q2 FY2610-QMay 6, 2026$384M+6%20.9%$59.1M−$12.8M
Q1 FY2610-QFeb 5, 2026$318M+5%17.8%$43.2M$61.2M
Q4 FY2510-KNov 19, 2025$381M+9%18.3%$52.6M$83.5M
Q3 FY2510-QAug 5, 2025$380M+7%19.4%$52.5M$67.4M
Q2 FY2510-QMay 6, 2025$364M+3%19.2%$51.3M$14.3M

Charts

Mueller Water Products: revenue growth, year over year and quarter over quarterMueller Water Products: revenue growth, year over year and quarter over quarterY/YQ/Q+3%Q2 FY25+7%+4%Q3 FY25+9%+0%Q4 FY25+5%-16%Q1 FY26+6%+21%Q2 FY26+4%+3%Q3 FY26-1%-5%Q4 FY26
Latest (Q4 FY26): Y/Y -1%, Q/Q -5%.
Mueller Water Products: where the cash came from (+) and went (−), TTM to Q3 FY26Mueller Water Products: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$238MCash drawn (+) / kept (−)−$123MCapital spending−$58.1MDividends−$43.3MBuybacks−$15.5MExchange rates$5.0MTaxes on employees’ shares−$4.4MShares issued$2.3MNet borrowing (+) / repaid (−)−$1.7MAsset & business sales$1.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mueller Water Products: profit against cash, quarter by quarterMueller Water Products: profit against cash, quarter by quarterNet incomeOperating cash flow$10.0M$89.3MQ4 FY24$35.3M$54.1MQ1 FY25$51.3M$14.3MQ2 FY25$52.5M$67.4MQ3 FY25$52.6M$83.5MQ4 FY25$43.2M$61.2MQ1 FY26$59.1M−$12.8MQ2 FY26$67.3M$106MQ3 FY26
Latest (Q3 FY26): Net income $67.3M, Operating cash flow $106M.
Mueller Water Products: diluted shares by fiscal yearMueller Water Products: diluted shares by fiscal year159MFY20159MFY21158MFY22157MFY23157MFY24158MFY25
-0.7% since FY20: buybacks shrank the count.
Mueller Water Products: long-term debt falling due (FY25)Mueller Water Products: long-term debt falling due (FY25)$1.2M2026$1.2M2027$1.2M2028$450M2029
Cash $432M, short-term investments —, long-term debt — at 2025-09-30.
Mueller Water Products in its industry: growth against margin (8 companies, SIC 3490)Mueller Water Products in its industry: growth against margin (8 companies, SIC 3490)revenue growth, year over year →↑ operating marginmedian +18%median 19%PHCRWTSCXTHLIOELMTAREBMWA (-1%, 19%)
Miscellaneous Fabricated Metal Products; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Mueller Water Products

Mueller Water Products, Inc. (“Mueller,” “we,” “our,” or the “Company”) is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America. Our products and solutions are used by municipalities and the residential and non-residential construction industries. Some of our products have leading positions as a result of their strong brand recognition and reputation for quality, service and innovation. We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States. Our iron gate valve and hydrant products are specified for use in the largest 100 metropolitan areas in the United States. Our large installed base, broad product range and well-known brands have led to long-standing relationships with the key distributors and end users of our products.

In its own words, from its 10-K, filed Nov 19, 2025.

Mueller Water Products against its Miscellaneous Fabricated Metal Products peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -1% against the peers' median +18%. Operating margin: 19.4% against the peers' median 18.6%.

CompanyQuarterRevenueY/YOp. margin
MWA Mueller Water ProductsQ4 FY26$376M-1%19.4%
PH Parker-HannifinQ1 FY27$6.0B+18%23.5%
CR CraneQ3 2026$755M+28%18.6%
WTS Watts Water TechnologiesQ3 2026$728M+19%26.2%
CXT Crane NXTQ3 2026$497M+12%13.2%
HLIO Helios TechnologiesQ3 2026$230M+4%12.2%
ELMT Elmet GroupQ2 2026$66.4M+35%-11.5%
AREB American Rebel HoldingsQ2 2026$2.0M-30%-238.2%

Source: Mueller Water Products 8-K on SEC EDGAR · CIK 1350593 · Miscellaneous Fabricated Metal Products

13F: who owns MWA and who is buying

Largest holders of MWA (13F)Largest holders of MWA (13F)BlackRock$663MVanguard Group$463MVanguard Portfolio Management LLC$299MVanguard Capital Management LLC$182MState Street$164MFirst Trust Advisors LP$158MGeode Capital Management, LLC$130MFuller & Thaler Asset Management$127MFranklin Resources$123MDimensional Fund Advisors LP$96.9M
Funds' net buying of MWA by quarter (13F)Funds' net buying of MWA by quarter (13F)−$94.4M2024-09−$82.6M2024-12$387M2025-03−$112M2025-06−$128M2025-09$39.7M2025-12−$190M2026-03$19.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MWA

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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