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Mueller Water Products (MWA) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 6, 2026
Mueller Water Products (MWA) reported revenue of $384M for the second quarter fiscal 2026 (Q2 FY26), +6% from a year earlier and +21% from the quarter before. Operating margin was 20.9%, net earnings $59.1M (15.4% of revenue).
Mueller Water Products, Q2 FY26: revenue $384M (+6% year over year), operating margin 20.9%, net earnings $59.1M, operating cash flow −$12.8M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $384M | +21% | +6% |
| Gross profit | $144M | +21% | +13% |
| Operating profit | $80.4M | +42% | +15% |
| Net earnings | $59.1M | +37% | +15% |
| Operating cash flow | −$12.8M | -121% | -190% |
What changed
Revenue was $384.4M in Q2 FY26, up 6% year over year and up 21% from the previous quarter.
Gross margin was 37.6%, up 2.5 points from Q2 FY25. Operating profit was $80.4M, a 20.9% margin (up 1.7 points year over year). Of the extra revenue versus Q2 FY25, 52% reached operating profit, above the 19% margin then. Operating expenses grew 10% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+83%). Net earnings were $59.1M, up 15% year over year. The effective tax rate was 25.0%.
Operating cash flow was −$12.8M. Non-cash charges added back $12.4M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $88.4M. Capital expenditures of $14.7M exceeded it, leaving free cash flow of −$27.5M.
Questions
What was Mueller Water Products' revenue in the second quarter fiscal 2026?
Mueller Water Products (MWA) reported revenue of $384M for the second quarter fiscal 2026 (Q2 FY26), +6% from a year earlier and +21% from the quarter before.
Was Mueller Water Products profitable in the second quarter fiscal 2026?
Operating profit was $80.4M (20.9% of revenue) and net earnings $59.1M.