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Mueller Water Products (MWA) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 5, 2026
Mueller Water Products (MWA) reported revenue of $318M for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and -16% from the quarter before. Operating margin was 17.8%, net earnings $43.2M (13.6% of revenue).
Mueller Water Products, Q1 FY26: revenue $318M (+5% year over year), operating margin 17.8%, net earnings $43.2M, operating cash flow $61.2M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $318M | -16% | +5% |
| Gross profit | $120M | -14% | +16% |
| Operating profit | $56.7M | -19% | +20% |
| Net earnings | $43.2M | -18% | +22% |
| Operating cash flow | $61.2M | -27% | +13% |
| Free cash flow | $44.0M | — | — |
What changed
Revenue was $318.2M in Q1 FY26, up 5% year over year and down 16% from the previous quarter.
Gross margin was 37.6%, up 3.8 points from a year earlier. Operating profit was $56.7M, a 17.8% margin (up 2.2 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 16% margin then. Operating expenses grew 13% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+94%). Net earnings were $43.2M, up 22% year over year. The effective tax rate was 22.4%.
Operating cash flow was $61.2M (up 13% year over year), 142% of net earnings. Non-cash charges added back $12.1M of depreciation and amortization and $3.5M of share-based compensation. After capital expenditures ($17.2M), free cash flow as the company reports it was $44.0M.
Questions
What was Mueller Water Products' revenue in the first quarter fiscal 2026?
Mueller Water Products (MWA) reported revenue of $318M for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and -16% from the quarter before.
Was Mueller Water Products profitable in the first quarter fiscal 2026?
Operating profit was $56.7M (17.8% of revenue) and net earnings $43.2M.