[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","dd1fqfv72rb4u6ll5ssffbotd","revision",2,"title","Mueller Industries 2026年第三季度及前九个月财报：营收增长但毛利率承压","originalTitle","MUELLER INDUSTRIES INC (0000089439) (Filer)","summary","Mueller Industries 2026年第三季度及前九个月净销售额分别增长31.6%和25.6%至14.19亿美元和40.40亿美元，净收入分别增长6.3%和16.1%至2.21亿美元和7.10亿美元。公司完成收购Bison Metals Technologies LLC，并授权至2028年7月回购最多8000万股。毛利率分别下降6.0个百分点和2.4个百分点，主要受原材料成本上涨影响。","reason","公司通过收购与提价推动营收增长，但毛利率承压，且面临环境修复与反倾销诉讼等潜在成本风险。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-21T20:28:48.000Z","discoveredAt","2026-10-21T22:56:02.540Z","timelineAt","category","ai-products","tags",[84,85],"stockSymbols",[83],"score",82,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fgC6oKREqBtA",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","6204ac2a-911d-42ea-8856-db0505f726e1","Mueller Industries 2026年财报发布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区

表格 10-Q


☒	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告
	截至 2026 年 9 月 26 日的季度
	或
☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告
	从 ______ 至 ______ 的过渡期
	委员会文件编号 1-6770

$\"mlilogocoppera04.jpg\"$

穆勒工业公司

（根据其章程指定的注册人全名）


特拉华州	25-0790410
（注册或组织的州或司法管辖区）	（I.R.S. 雇主识别号）


150 Schilling Boulevard	100 号套房
Collierville	田纳西州	38017
（主要执行办公室地址）	（邮政编码）

(901) 753-3200

（注册人的电话号码，包括区号）

根据《法案》第 12(b) 条注册的证券：


每类证券的名称	交易代码	注册的交易所名称
普通股，面值 0.01 美元	MLI	纽约证券交易所

通过勾选方框表明注册人（1）是否已提交根据《1934 年证券交易法》第 13 条或第 15(d) 条在前 12 个月（或注册人需要提交此类报告的较短期间）内应提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。

是 ☒ 否 ☐

通过勾选方框表明注册人是否在前 12 个月内（或注册人需要提交此类文件的较短期间）已提交根据规章 S-T 第 405 条（本章第 232.405 条）要求提交的每个交互式数据文件。

是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。


大型加速提交者	☒	加速提交者	☐
非加速提交者	☐	较小报告公司	☐
		新兴成长公司	☐

如果是一家新兴成长公司，请通过勾选方框表明注册人是否选择不使用根据《交易法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第 12b-2 条的定义）。

是 ☐ 否 ☒

截至 2026 年 10 月 16 日，注册人的普通股流通股数量为 217,974,381 股。

穆勒工业公司

表格 10-Q

截至 2026 年 9 月 26 日的季度

在本报告中，“公司”、“穆勒”和“申报人”指穆勒工业公司及其合并子公司整体，除非上下文另有说明。

索引


		页码
第一部分。财务信息

	第1项。财务报表（未审计）

	a。合并损益表	3

	b。合并综合收益表	4

	c。合并资产负债表	5

	d。合并现金流量表	7

	e。合并股东权益变动表	9

	f。合并财务报表附注	11

	第2项。管理层讨论与分析	31

	第3项。关于市场风险的定量和定性披露	41

	第4项。控制和程序	43

第二部分。其他信息

	第1项。法律诉讼	43

	第1A项。风险因素	43

	第2项。未注册的股权证券销售和资金使用	44

	第5项。其他信息	44

	第6项。附录	45

签名	46

第一部分。财务信息

第1项。财务报表

穆勒工业公司，股份有限公司.

合并损益表

（未审计）


	截至季度末		截至九个月末
（千美元，每股数据除外）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日

净销售额	$	1,418,598			$	1,077,824		$	4,039,526	$	3,216,162

销售成本	1,057,156			738,148			2,924,294		2,251,527
折旧和摊销	21,173			16,607			55,160		51,635
销售、一般及行政费用	63,048			61,657			197,683		192,238
资产处置净收益（损失）	—			(11,852)			1,720		(26,654)
业务出售收益	—			—			(41,407)		—
资产减值	—			2,018			2,653		2,018

保险赔偿收益	(4,352)			(4,869)			(4,352)		(41,147)

营业利润	281,573			276,115			903,775		786,545

利息支出	(136)			(6)			(270)		(48)
利息收入	12,002			10,822			34,850		28,945
短期投资的未实现收益（损失）	5,859			(2,277)			10,367		5,925
养老金计划终止费用	—			(4,830)			—		(4,830)
其他（费用）收入，净额	(62)			627			(2,421)		(423)

税前收入	299,236			280,451			946,301		816,114

所得税费用	(76,607)			(73,904)			(239,031)		(204,236)
联营公司净收入，扣除外国税	1,688			3,701			8,723		6,140

合并净利润	224,317			210,248			715,993		618,018
归属于非控股权益的净利润	(3,117)			(2,125)			(6,120)		(6,539)

归属于穆勒工业公司股份有限公司的净利润	$	221,200			$	208,123		$	709,873	$	611,479

基本每股收益的加权平均股数 (1)	216,988			218,228			217,530		219,066
可转换股票奖励的影响 (1)	3,129			3,632			3,513		4,230

稀释每股收益的加权平均股数 (1)	220,117			221,860			221,043		223,296

基本每股收益 (1)	$	1.02			$	0.95		$	3.26	$	2.79

稀释每股收益 (1)	$	1.00			$	0.94		$	3.21	$	2.74

每股股息 (1)	$	0.175			$	0.125		$	0.525	$	0.375

See accompanying notes to condensed consolidated financial statements.

(1) Adjusted retroactively to reflect the two-for-one stock split that occurred on June 30, 2026. Refer to Note 2 - Earnings per Common Share for additional information.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	For the Quarter Ended		For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Consolidated net income	$	224,317			$	210,248		$	715,993	$	618,018

Other comprehensive income (loss), net of tax:
Foreign currency translation	3,087			(6,701)			(7,933)		20,318
Net change with respect to derivative instruments and hedging activities, net of tax of $(70), $34, $181, and $(176)	242			(114)			(616)		601
Net change in pension and postretirement obligation adjustments, net of tax of $7, $(57), $(27), and $(765)	(19)			135			50		2,344
Attributable to unconsolidated affiliates, net of tax of $51, $353, $347, and $566	(176)			(1,217)			(1,196)		(1,950)

Total other comprehensive income (loss), net	3,134			(7,897)			(9,695)		21,313

Consolidated comprehensive income	227,451			202,351			706,298		639,331
Comprehensive income attributable to noncontrolling interests	(4,696)			(1,588)			(7,298)		(6,048)

Comprehensive income attributable to Mueller Industries, Inc.	$	222,755			$	200,763		$	699,000	$	633,283

See accompanying notes to condensed consolidated financial statements.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(In thousands, except share data)	September 26, 2026		December 27, 2025

Assets

Current assets:
Cash and cash equivalents	$	1,447,799			$	1,367,003
Short-term investments	33,100			22,733
Accounts receivable, less allowance for credit losses of $3,596 in 2026 and $2,545 in 2025	723,993			475,566
Inventories	621,390			510,463
Other current assets	53,215			69,980

Total current assets	2,879,497			2,445,745

Property, plant, and equipment, net	602,787			536,466
Operating lease right-of-use assets	21,066			27,211
Goodwill, net	308,325			298,188
Intangible assets, net	342,674			287,080
Investments in unconsolidated affiliates	109,311			108,631
Other assets	33,934			29,708

Total assets	$	4,297,594			$	3,733,029


MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
(In thousands, except share data)	September 26, 2026		December 27, 2025

Liabilities

Current liabilities:

Accounts payable	$	297,923			$	180,577
Accrued wages and other employee costs	53,494			58,125
Current portion of operating lease liabilities	8,181			8,520
Other current liabilities	295,994			165,912

Total current liabilities	655,592			413,134

Long-term debt, less current portion	5,243			—
Pension liabilities	605			212
Postretirement benefits other than pensions	8,143			8,181
Environmental reserves	15,758			15,684
Deferred income taxes	46,345			31,640
Noncurrent operating lease liabilities	13,097			18,970
Other noncurrent liabilities	10,493			9,302

Total liabilities	755,276			497,123

Equity

Mueller Industries, Inc. stockholders' equity:
Preferred stock - $1.00 par value; shares authorized 5,000,000; none outstanding	—			—
Common stock - $.01 par value; shares authorized 500,000,000 in 2026 and 250,000,000 in 2025; issued 320,732,016; outstanding 217,997,781 in 2026 and 222,359,500 in 2025 (1)	3,208			1,604
额外实收资本	362,735			345,033
留存收益	4,355,779			3,761,575
其他综合损失累计额	(60,530)			(50,835)
库藏普通股，按成本计	(1,149,741)			(847,411)

穆勒工业公司股东权益总额	3,511,451			3,209,966
非控股权益	30,867			25,940

权益总额	3,542,318			3,235,906

承诺和或有负债	—			—

负债和权益总额	$	4,297,594			$	3,733,029

参见附注中的简要合并财务报表。

(1) 已追溯调整，以反映2026年6月30日进行的两股拆一股股票分割。有关更多信息，请参阅第2号附注 - 普通股每股收益。

穆勒工业公司

简要合并现金流量表

(未经审计)


	截至九个月末
(千美元)	2026年9月26日		2025年9月27日

经营活动产生的现金流量
合并净利润	$	715,993			$	618,018
合并净利润调整为经营活动产生的净现金：
折旧和摊销	55,160			51,635
基于股票的薪酬费用	23,307			20,328
信用损失准备	802			67
未合并联营公司的收益	(8,723)			(6,140)
未合并联营公司的股息	5,701			5,440
非资本相关的保险赔偿金	—			15,469

资产处置净损失（收益）	1,720			(26,654)
出售业务的收益	(41,407)			—
短期投资的未实现收益	(10,367)			(5,925)

减值损失	2,653			2,018
保险赔偿金的收益	(4,352)			(41,147)

递延所得税费用	17,282			10,627
资产和负债的变化，扣除收购和出售业务的影响：
应收账款	(253,596)			(100,830)
存货	(95,916)			(40,669)
其他资产	3,466			(8,756)
流动负债	219,818			120,796
其他负债	1,376			286
其他，净额	(3,952)			(330)

经营活动产生的净现金	$	628,965			$	614,233

投资活动产生的现金流量
资本支出	$	(60,764)			$	(48,982)
收购业务（扣除所获现金）	(135,752)			—
出售业务的收益（扣除所售现金）	57,004			—

资本相关的保险赔偿金	4,352			4,531
购买短期投资	—			(26,633)
购买长期投资	(5,834)			(781)



出售资产的收益	62			38,478
其他	—			600

投资活动使用的净现金	$	(140,932)			$	(32,787)

穆勒工业公司

简要合并现金流量表

(未经审计)


	截至九个月末
(千美元)	2026年9月26日		2025年9月27日

筹资活动产生的现金流量
向穆勒工业公司股东支付的股息	$	(113,869)			$	(81,723)
向非控股权益支付的股息	(5,051)			(12,240)
回购普通股	(278,297)			(243,615)


偿还债务	—			(185)

结算基于股票的奖励所使用的净现金	(24,882)			(29,528)

其他	3,100		—

筹资活动使用的净现金	$	(418,999)			$	(367,291)

汇率变动对现金的影响	(4,214)			9,836

现金、现金等价物和受限现金的增加额	64,820			223,991
期间开始时的现金、现金等价物和受限现金	1,385,157			1,038,895

期间结束时的现金、现金等价物和受限现金	$	1,449,977			$	1,262,886

参见附注中的简要合并财务报表。

穆勒工业公司

股本变动的简要合并报表

（未经审计）


	截至季度末		截至九个月末
（以千为单位）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日

普通股：
期初余额	$	1,604			$	1,604		$	1,604	$	1,604
通过两股换一股的股票分割发行股票	1,604			—			1,604		—

期末余额	$	3,208			$	1,604		$	3,208	$	1,604

额外支付的资本：
期初余额	$	360,901			$	344,906		$	345,033	$	330,532
行权股票（扣除代扣股票）	234			(95)			201		590
基于股票的薪酬费用	7,461			6,388			23,307		20,328
发行限制性股票	(4,257)			(9,791)			(4,622)		(10,042)
通过两股换一股的股票分割发行股票	(1,604)			—			(1,604)		—
与非控股权益的交易	—			—			420		—

期末余额	$	362,735			$	341,408		$	362,735	$	341,408

留存收益：
期初余额	$	4,172,858			$	3,455,935		$	3,761,575	$	3,107,838
归属于穆勒工业公司（Mueller Industries, Inc.）的净收益	221,200			208,123			709,873		611,479
向穆勒工业公司（Mueller Industries, Inc.）股东支付或应付的股息	(38,279)			(28,442)			(115,669)		(83,701)



期末余额	$	4,355,779			$	3,635,616		$	4,355,779	$	3,635,616

其他综合损失累计额：
期初余额	$	(63,664)			$	(51,115)		$	(50,835)	$	(80,279)
归属于穆勒工业公司（Mueller Industries, Inc.）的其他综合收益（损失）总额	3,134			(7,360)			(9,695)		21,804


期末余额	$	(60,530)			$	(58,475)		$	(60,530)	$	(58,475)

穆勒工业公司（Mueller Industries, Inc.）

股本变动的简要合并报表

（未经审计）


	截至季度末		截至九个月末
（以千为单位）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日

库藏股票：
期初余额	$	(923,949)			$	(834,770)		$	(847,411)	$	(586,530)
通过激励股票计划发行股票	4,336			10,507			5,820		12,065
回购普通股	(205,431)			—			(281,870)		(243,615)
为股票期权行权和员工税款扣除的股票	(24,697)			(25,959)			(26,280)		(32,142)

期末余额	$	(1,149,741)			$	(850,222)		$	(1,149,741)	$	(850,222)

非控股权益：
期初余额	$	26,266			$	24,063		$	25,940	$	31,243
归属于非控股权益的净收益	3,117			2,125			6,120		6,539
外币折算	1,579			(537)			1,178		(491)
与非控股权益的交易	—			—			2,680		600
向非控股权益支付的股息	(95)			—			(5,051)		(12,240)

期末余额	$	30,867			$	25,651		$	30,867	$	25,651

请参阅附注中的简要合并财务报表。

穆勒工业公司（Mueller Industries, Inc.）

简要合并财务报表附注

（未经审计）

概述

某些通常包含在根据美国通用会计准则（U.S. GAAP）编制的年度财务报表中的信息和注释披露已被简化或省略。所述期间的经营成果不一定反映其他期间或全年可能预期的成果。应将本季度10-Q报告与公司年度10-K报告一起阅读，包括其中包含的年度财务报表。

附带的未经审计的中期财务报表包括所有正常的经常性调整，根据管理层的意见，这些调整对于公允列示所呈报期间的成果是必要的。某些上年同期的余额已重新分类，以符合本年度的披露方式。

注释 1 – 最近发布的会计准则

2025 年 12 月，财务会计准则委员会（FASB）发布了会计准则更新（ASU）2025-12，准则改进。新的指引回应了利益相关者对会计准则准则（ASC）的建议，并对美国通用会计准则（U.S. GAAP）进行了其他渐进式改进。该更新代表了对 ASC 的修改，旨在使各种主题更易于理解和应用。 ASU 自 2026 年 12 月 15 日之后开始的财政年度以及这些财政年度内的中期期间生效。实体必须对 ASC 260 的修正进行追溯应用。其他所有修正可以前瞻性或追溯性地应用。允许提前采用。公司正在评估该指引对其合并中期财务报表及相关披露的影响。

2025 年 12 月，FASB 发布了 ASU 2025-11，中期报告（主题 270）：窄范围改进。新的指引旨在改善 ASC 270 中指引的可导航性，并明确其适用时间。修正还提供了有关在中期报告期间应提供哪些披露的指引。 ASU 自 2027 年 12 月 15 日之后开始的年度报告期间内的中期报告期间生效。该指引可以前瞻性或追溯性地应用，允许提前采用。公司正在分析该标准对其披露的影响。

2024 年 11 月，FASB 发布了 ASU 2024-03，利润表 - 报告综合收益 - 费用分解披露（子主题 220-40）：利润表费用的分解。新的指引要求披露有关特定费用类别的额外信息。该指引适用于所有上市公司，自 2026 年 12 月 15 日之后开始的财政年度以及自 2027 年 12 月 15 日之后开始的中期期间生效。更新后的指引要求前瞻性应用，但也可以追溯性应用，允许提前采用。公司正在分析该标准对其披露的影响。

注释 2 – 每股收益

基本每股收益是根据已发行普通股的加权平均数计算的。稀释每股收益反映了假设行使已发行股票期权和限制性股票及业绩股票奖励的归属所导致的加权平均普通股数的增加，该计算采用库存股票法。对于截至 2026 年 9 月 26 日和 2025 年 9 月 27 日的季度，分别有 22 万和 15.3 万基于股票的奖励未被计入稀释每股收益的计算，因为它们具有反稀释作用。

2026年5月29日，公司董事会批准修订公司章程，将公司已发行普通股总数从2.5亿股增加至5亿股。随后，公司宣布对普通股进行2比1的股票分割，以每股额外发放一股的方式进行。股票分割的记录日期为2026年6月25日，额外股份于2026年6月30日发放。以前期间授权的股份不会进行调整。所有在合并中期财务报表和本10-Q季度报告中列出的股份及每股金额均已追溯调整，以反映股票分割。

注释3 – 收购与处置

收购

Bison Metals Technologies LLC

2026年3月30日，公司与Bison Metals Technologies LLC（Bison）达成最终协议，以约1.358亿美元现金以及交易中承担的380万美元净债务（扣除收购的现金和营运资本调整）收购Bison。，营运资本调整。Bison是一家位于俄克拉荷马州肖尼的美国铜管制造商，服务于工业、技术、暖通空调、给排水和制冷市场。此次收购补充并扩展了公司在管道系统部门的现有业务，自收购日起，其经营成果将计入国内管道系统集团。

购买价格根据收购日各项资产和负债的公允价值分配给所收购的有形和无形资产以及所承担的负债。该分配，包括分配给商誉的剩余金额，基于初步信息，可能会因获取更多最终资产和负债估值信息以及管理层在计量期间完成估值评估而发生变化。与公司2026年6月27日止季度的10-Q季度报告中所列金额相比，购买价格分配的变化主要涉及最终结算对账单以及存货、房产、厂房及设备和无形资产的估值。这些变化导致商誉减少了1.049亿美元，这些计量期间调整对折旧和摊销的影响对合并中期损益表不具重大影响。

初步购买价格分配如下：


（以千为单位）	初始分配		计量期间调整		更新分配

总对价	$	138,269			$	1,295			$	139,564

分配至：
现金	—			3,868			3,868
存货	17,651			5,389			23,040
其他流动资产	7,020			(6,221)			799
房产、厂房及设备	20,216			29,894			50,110

可抵税商誉	115,882			(104,927)			10,955
无形资产	—			73,530			73,530
其他资产	1,601			(166)			1,435
所获总资产	162,370			1,367			163,737

应付账款	15,832			292			16,124

其他流动负债	3,026			(220)			2,806
长期债务	5,243			—			5,243


所承担的总负债	24,101			72			24,173



所获净资产	$	138,269		$	1,295		$	139,564

在确定上述金额的公允价值时，公司根据所估值的资产或负债的不同，采用了收益法、成本法和市场法的各种形式。公允价值的估计需要对未来的净现金流量、折现率、客户流失率、竞争趋势、市场比较等进行判断。因此，公司聘请了第三方估值专家来协助确定某些资产的公允价值。通常通过考虑独立评估和历史数据，并结合当前和预期的市场状况来确定输入值。管理层认为，归属于商誉的购买价格代表了未来的预期经济利益，包括增强的收入增长和运营效率。

Bison的收购对公司的财务状况或经营成果不重大；因此，未披露与收购相关的编制财务报表和其它披露信息，因为其结果与报告结果不会有显著差异。

芝加哥挤压金属公司

2026年6月12日，公司以约390万美元的现金收购了芝加哥挤压金属公司以前拥有的某些资产。

处置

Sherwood阀门有限责任公司

2025年12月17日，公司与CD OpCo Holdings, LLC签订购买协议，根据该协议，公司出售了Sherwood阀门有限责任公司（Sherwood）的所有已发行会员权益，售价约为5700万美元，扣除营运资本调整后。该交易于2026年1月7日完成。该业务为美国压缩气体和特种市场制造黄铜、铝和不锈钢阀门及流体控制解决方案。该业务归属于工业金属部门。该业务在2025年第三季度报告的净销售额为1050万美元，运营收入为180万美元；在2025年前九个月报告的净销售额为3110万美元，运营收入为540万美元。处置的资产账面价值总计为1770万美元，主要包括应收账款、存货和长期资产。处置的负债账面价值总计为210万美元，主要包括应付账款和应计工资。由于该交易，公司在2026年第一季度的合并财务报表中确认了4140万美元的税前出售该业务的收益。

注4 – 分部信息

公司每个报告分部由某些运营分部组成，主要根据所提供产品的性质进行汇总，如下所示：

管道系统

管道系统由以下运营部门组成：国内管道系统集团、大湖铜业、欧洲业务、贸易集团、Jungwoo-Mueller（公司的韩国合资企业）以及Mueller Middle East（公司的巴林合资企业）。国内管道系统集团制造和分销铜管、管件和管线组。这些产品在美国制造，在美国销售，并出口到全球市场。在美国以外，大湖铜业在加拿大制造铜管和管线组，并主要在加拿大销售这些产品。欧洲业务在英国制造铜管，主要在欧洲销售。贸易集团在美国和墨西哥制造管接头，并重新销售黄铜和塑料供水阀、可锻铸铁管件、水龙头和供水专业产品。 Jungwoo-Mueller制造铜基连接产品，这些产品在全球销售。Mueller Middle East制造铜管，并服务于中东和北非市场。管道系统部门的产品主要销售给供水、制冷和空调批发商、五金批发商和合作社、建筑产品零售商以及空调原始设备制造商（OEM）。

工业金属

工业金属由以下运营部门组成：黄铜杆、冲击与微米测量、黄铜增值产品、精密管和电气集团。这些业务制造黄铜杆、冲击挤压件、锻件、特种铜、铜合金和铝管，以及各种终端产品，包括供水黄铜、汽车部件和高质量的电线和电缆解决方案。这些产品在美国制造，并主要销售给美国的原始设备制造商（OEM）和公用事业公司，其中许多公司位于工业、交通、建筑、供暖、通风和空调、供水、制冷、能源、电信和电力传输与分配市场。

如“第3号注释 – 收购与处置”中所述，2026年第一季度，公司出售了Sherwood的全部会员权益，并确认了4140万美元的收益。该收益在公司及抵消项目中报告。出售前，Sherwood的业绩包含在工业金属部门中。

气候

气候由以下运营部门组成：制冷产品、Westermeyer、Turbotec、Flex Duct和Linesets, Inc。该部门主要为美国的供暖、通风、空调和制冷市场制造和销售制冷阀和管件、高压部件、同轴热交换器、绝缘HVAC柔性管道系统和管线组。

公司的首席运营决策者（CODM）是首席执行官。通常根据各业务部门的营业利润来评估其表现。以下表格显示了汇总的产品线和部门信息。未分配费用包括一般公司费用，以及某些未计入部门活动的费用或贷项。

以下表格展示了来自客户合同的收入细分，以及每个类别的报告段：


	截至2026年9月26日的季度
（以千为单位）	管道系统		工业金属		气候		总计

管子和管件	$	757,841			$	—			$	—	$	757,841
黄铜杆、锻件、线材和电缆	—			380,823			—			380,823
OEM组件、管子和组件	—			12,806			41,367			54,173
阀门和管道专业产品	132,769			—			—			132,769
柔性风管和其他HVAC组件	—			—			101,460			101,460
其他	—			15,748			—			15,748

	$	890,610			$	409,377			$	142,827	$	1,442,814

段间销售							(24,216)

净销售额							$	1,418,598


	截至2025年9月27日的季度
（以千为单位）	管道系统		工业金属		气候		总计

管子和管件	$	591,206			$	—			$	—	$	591,206
黄铜杆、锻件、线材和电缆	—			215,017			—			215,017
OEM组件、管子和组件	—			20,236			33,237			53,473
阀门和管道专业产品	127,198			—			—			127,198
柔性风管和其他HVAC组件	—			—			93,428			93,428
其他	—			13,686			—			13,686

	$	718,404			$	248,939			$	126,665	$	1,094,008

段间销售							(16,184)

净销售额							$	1,077,824

来自客户合同的收入细分（继续）：


	截至2026年9月26日的九个月
（以千为单位）	管道系统		工业金属		气候		总计

管子和管件	$	2,172,787			$	—			$	—	$	2,172,787
黄铜杆、锻件、线材和电缆	—			1,005,209			—			1,005,209
OEM组件、管子和组件	—			34,933			113,943			148,876
阀门和管道专业产品	424,926			—			—			424,926
柔性风管和其他HVAC组件	—			—			297,601			297,601
其他	—			45,510			—			45,510

	$	2,597,713			$	1,085,652			$	411,544	$	4,094,909

段间销售							(55,383)

净销售额							$	4,039,526


	截至2025年9月27日的九个月
（以千为单位）	管道系统		工业金属		气候			总计

管子和管件	$	1,732,354			$	—		$	—		$	1,732,354
黄铜杆、锻件、线材和电缆	—			668,054			—			668,054
OEM组件、管子和组件	—			59,174			101,878			161,052
阀门和管道专业产品	369,208			—			—			369,208
柔性风管和其他HVAC组件	—			—			285,409			285,409
其他	—			44,222			—			44,222

	$	2,101,562			$	771,450		$	387,287		$	3,260,299

段间销售								(44,137)

净销售额								$	3,216,162

汇总的段信息如下：


	截至2026年9月26日的季度
（以千为单位）	管道系统		工业金属		气候		总计

外部净销售额	$	876,056			$	402,803			$	139,739	$	1,418,598
内部净销售额	14,554			6,574			3,088			24,216

	890,610			409,377			142,827			1,442,814






减： (1)
制造成本 (2)	636,950			364,954			88,673			1,090,577
销售和营销费用	8,036			1,917			3,744			13,697
分销费用	11,347			614			501			12,462
其他段项目 (3)	9,017			8,179			3,639			20,835

段运营收入	225,260			33,713			46,270			305,243

段运营收入的调节：
公司费用							(23,670)

利息费用							(136)
利息收入							12,002
短期投资的未实现收益							5,859



其他费用，净额							(62)

税前收入							$	299,236

(1) 重要的费用类别和金额与定期向首席运营官提供的段级信息一致。段间费用包含在所显示的金额中。
(2) 制造成本包括材料、制造转换成本和运费。
(3) 其他分部项目包括行政员工薪酬费用、专业费用、外币兑换收益/损失、其他间接费用，以及其他项目如资产处置收益/损失、减值费用和保险赔偿金收益（如适用）。

分部信息（继续）：


	截至2025年9月27日的季度
（以千为单位）	管道系统		工业金属		气候		总计

外部净销售额	$	709,669			$	241,857			$	126,298	$	1,077,824
内部净销售额	8,735			7,082			367			16,184

	718,404			248,939			126,665			1,094,008






减： (1)
制造成本 (2)	473,936			208,456			80,475			762,867
销售和营销费用	6,683			1,619			3,394			11,696
分销费用	11,017			472			526			12,015
其他分部项目 (3)	10,609			7,464			3,370			21,443

分部营业利润	216,159			30,928			38,900			285,987

分部营业利润的调节：
公司费用							(9,872)
利息费用							(6)
利息收入							10,822
短期投资的未实现损失							(2,277)


养老金计划终止费用							(4,830)
其他净收入							627

税前收入							$	280,451

分部信息（继续）：


	截至2026年9月26日的九个月
（以千为单位）	管道系统		工业金属		气候		总计

外部净销售额	$	2,564,188			$	1,068,810			$	406,528	$	4,039,526
内部净销售额	33,525			16,842			5,016			55,383

	2,597,713			1,085,652			411,544			4,094,909






减： (1)
制造成本 (2)	1,808,300			933,958			266,594			3,008,852
销售和营销费用	25,047			5,796			11,246			42,089
分销费用	33,753			1,654			1,468			36,875
其他分部项目 (3)	39,997			23,473			10,004			73,474

分部营业利润	690,616			120,771			122,232			933,619

分部营业利润的调节：
公司费用							(71,251)
出售业务的收益							41,407
利息费用							(270)
利息收入							34,850
短期投资的未实现收益							10,367



其他净费用							(2,421)

税前收入							$	946,301

分部信息（继续）：


	截至2025年9月27日的九个月
（以千为单位）	管道系统		工业金属		气候		总计

外部净销售额	$	2,074,222			$	755,455			$	386,485	$	3,216,162
内部净销售额	27,340			15,995			802			44,137

	2,101,562			771,450			387,287			3,260,299






减： (1)
制造成本 (2)	1,431,571			650,255			246,438			2,328,264
销售和营销费用	22,990			4,179			10,364			37,533
分销费用	33,541			1,918			1,548			37,007
其他分部项目 (3)	(11,159)			23,476			11,785			24,102

分部营业利润	624,619			91,622			117,152			833,393

分部营业利润的调节：
公司费用							(46,848)
利息费用							(48)
利息收入							28,945
短期投资的未实现收益							5,925


养老金计划终止费用							(4,830)
其他净费用							(423)

税前收入							$	816,114

其他分部披露：


	截至2026年9月26日的季度
（以千为单位）	管道系统		工业金属		气候		公司及其他未分配	总计

折旧和摊销 (4)	$	10,112			$	7,881		$	2,112	$	1,068	$	21,173


保险赔偿金收益	(4,352)			—			—		—	(4,352)

长期资产支出（包括因业务收购产生的支出）	35,128			5,830			3,833		—	44,791
分部资产	1,621,488			970,384			289,214		1,416,508	4,297,594

(4) 报告分部披露的折旧和摊销金额包含在其他分部费用项目中，例如制造成本或其他分部项目。

其他分部披露（继续）：


	截至2025年9月27日的季度
（以千为单位）	管道系统		工业金属		气候		公司及未分配	总计

折旧和摊销 (4)	$	5,531			$	8,346		$	1,657	$	1,073	$	16,607
资产处置净损失（收益）	13			—			—		(11,865)	(11,852)
资产减值	2,018			—			—		—	2,018
保险赔偿收益	(4,869)			—			—		—	(4,869)
长期资产支出（包括因业务收购产生的支出）	5,387			9,486			3,418		—	18,291
分部资产	1,272,584			871,514			279,101		1,273,124	3,696,323


	截至2026年9月26日的九个月
（以千为单位）	管道系统		工业金属		气候		公司及未分配	总计

折旧和摊销 (4)	$	22,062			$	24,372		$	5,540	$	3,186	$	55,160
资产处置净损失	1,590			8			122		—	$	1,720
资产减值	2,653			—			—		—	2,653
保险赔偿收益	(4,352)			—			—		—	(4,352)
出售业务收益	—			—			—		(41,407)	(41,407)
长期资产支出（包括因业务收购产生的支出）	67,612			28,015			8,176		—	103,803


	截至2025年9月27日的九个月
（以千为单位）	管道系统		工业金属		气候		公司及未分配	总计

折旧和摊销 (4)	$	17,021			$	25,148		$	5,075	$	4,391	$	51,635
资产处置净收益（损失）	(15,796)			(3)			1,010		(11,865)	(26,654)
资产减值	2,018			—			—		—	2,018
保险赔偿收益	(41,147)			—			—		—	(41,147)
长期资产支出（包括业务收购产生的支出）	17,410			25,717			5,855		—	48,982

注释5 – 现金、现金等价物和受限现金


（以千计）	2026年9月26日		2025年12月27日

现金及现金等价物	$	1,447,799			$	1,367,003
其他流动资产中的受限现金	2,051			18,052
其他资产中的受限现金	127			102

现金、现金等价物和受限现金总计	$	1,449,977			$	1,385,157

受限现金金额涉及用于促进公司对冲活动的经纪账户的保证金存款以及公司自保工伤赔偿计划的备用金。

注释6 – 存货


（以千计）	2026年9月26日		2025年12月27日

原材料和物资	$	184,234			$	280,810
在制品	135,816			127,369
产成品	312,083			113,362
估值准备金	(10,743)			(11,078)

存货	$	621,390			$	510,463

使用后进先出法计价的存货在2026年9月26日为3630万美元，在2025年12月27日为750万美元。在2026年9月26日和2025年12月27日，此类存货的约计先进先出成本分别为21380万美元和14720万美元。

注释7 – 金融工具

短期投资

截至2026年9月26日和2025年12月27日，短期投资的公允价值（包括可交易证券）近似等于该日期的账面价值。这些可交易证券按公允价值列示，并在公允价值层级中被归类为第1级。该分类定义为使用可观察输入确定的公允价值，这些输入反映活跃市场中相同资产的报价。

衍生工具和对冲活动

公司的收益和现金流会因商品价格、外币汇率和利率的变化而波动。公司使用如商品期货合约、外币远期合约和利率互换等衍生工具来管理这些风险。

所有衍生工具均按其公允价值在合并资产负债表中确认。在衍生合约签订当日，它要么是a) 被指定为对预期交易或应付现金流量变动的对冲（现金流量对冲），要么是b) 不被指定为对冲会计关系，尽管衍生合约是为缓解经济风险而签订的（经济对冲），因为公司不将衍生合约用于交易目的。符合资格、被指定并高度有效的现金流量对冲的衍生工具的公允价值变动记录在股东权益中的其他综合收益（AOCI）中，仅在有效范围内，直到它们在影响收益的相同期间或期间内重新分类到收益中。未被指定的作为经济对冲的衍生工具的公允价值变动在当期收益中报告。

公司记录所有衍生工具与对冲项目之间的关系，以及进行各种对冲交易的风险管理目标和策略。此过程包括将被指定为公允价值对冲的衍生工具与合并资产负债表中的特定资产和负债联系起来，并将现金流量对冲与特定预期交易或现金流量变动联系起来。

公司还在对冲开始时以及持续地评估用于对冲交易的指定衍生工具是否在对冲交易中高度有效，以抵消对冲项目现金流量或公允价值的变化。当衍生工具被确定为对冲不高度有效，或基础对冲交易不再很可能发生时，根据对冲会计的终止确认标准，对冲会计将从现在起终止。

商品期货合约

铜和黄铜是公司生产可变成本的最大组成部分。这些材料的成本会因公司无法控制的全球市场波动而变化。公司偶尔会与某些客户签订远期固定价格协议；这些协议的风险通常通过商品期货合约进行管理。这些期货合约已被指定为现金流量对冲。

截至2026年9月26日，公司持有开放的期货合约，以在未来10个月内购买约3390万美元的铜，这与固定价格销售订单相关。这些期货合约的公允价值为240万美元的净收益头寸，这是通过获取报价市场价（公允价值层级中的第1级）确定的。在接下来的12个月内，公司将把与现金流量对冲相关的已实现收益或损失重新分类至收益中。截至2026年9月26日，该金额约为190万美元的递延净收益，已扣税。

公司也可能进入期货合约，以保护库存价值免受市场价格波动的影响。截至2026年9月26日，公司持有6750万美元的开放期货合约，以在未来6个月内出售与铜库存相关的铜。这些期货合约的公允价值为150万美元的净损失头寸，这是通过获取报价市场价（公允价值层级中的第1级）确定的。

公司在未经调整的合并资产负债表中按交易对手以净额列示其衍生品资产和负债。以下表格总结了衍生工具的位置和公允价值，并按合同逐项分解了净衍生品资产和负债的总金额：


	资产衍生品	负债衍生品
		公允价值				公允价值
（以千为单位）	资产负债表项目	2026年9月26日		2025年12月27日		资产负债表项目		2026年9月26日	2025年12月27日

商品合约 - 收益	其他流动资产	$	2,388			$	1,983		其他流动负债	$	—	$	—
商品合约 - 损失	其他流动资产	—			—			其他流动负债	(1,463)		(17,336)

总衍生品 (1)		$	2,388			$	1,983			$	(1,463)	$	(17,336)

(1) 不包括向交易对手提供的现金抵押品的影响。

以下表格总结了衍生品工具对公司未经调整的合并损益表的影响：


		截至季度末		截至九个月末
（以千为单位）	项目	2026年9月26日		2025年9月27日	2026年9月26日		2025年9月27日





未指定的衍生品：
商品合约收益（非合格）	销售成本	$	852		$	11,260		$	22,966	$	11,996

以下表格总结了在期间内确认和从其他综合收益（AOCI）重分类的金额：


	截至2026年9月26日的季度
（以千为单位）	在其他综合收益中确认的收益（损失）（有效部分），税后		分类收益（损失）		从其他综合收益重分类的收益（损失）（有效部分），税后

现金流量对冲：
商品合约	$	2,903			销售成本		$	(1,759)
其他	(902)			其他		—

总计	$	2,001			总计		$	(1,759)


	截至2025年9月27日的季度
（以千为单位）	在其他综合收益中确认的收益（损失）（有效部分），税后		分类收益（损失）		从AOCI（有效部分）重新分类，税后净额

现金流量对冲：
商品合约	$	521			销售成本		$	(630)
其他	(5)			其他		—

总计	$	516			总计		$	(630)


	截至2026年9月26日的九个月
（以千为单位）	确认在AOCI（有效部分）中的收益（损失），税后净额		分类收益（损失）		从AOCI（有效部分）重新分类，税后净额

现金流量对冲：
商品合约	$	5,023			销售成本		$	(4,709)
其他	(930)			其他		—

总计	$	4,093			总计		$	(4,709)


	截至2025年9月27日的九个月
（以千为单位）	确认在AOCI（有效部分）中的收益，税后净额		分类收益（损失）		从AOCI（有效部分）重新分类，税后净额

现金流量对冲：
商品合约	$	3,593			销售成本		$	(2,998)
其他	6			其他		—

总计	$	3,599			总计		$	(2,998)

公司主要与主要金融机构签订国际互换和衍生品协会主协议净额结算协议，允许对其各自衍生品合约下的应付金额进行净额结算。根据这些主协议净额结算协议，净额结算通常允许公司或交易对手确定在相同日期、相同货币且类似类型的衍生品交易下应付的净金额。这些主协议净额结算协议通常还规定，在违约事件或终止事件情况下，对与交易对手的所有未结合约进行净额结算。公司不抵消衍生品工具的公允价值金额以及可收回现金抵押品的公允价值金额。截至2026年9月26日和2025年12月27日，公司分别在其他流动资产中记录了190万美元和1790万美元的受限现金，作为主协议净额结算安排下开放衍生品合约的抵押品。

注8 – 对联营公司的投资

Tecumseh

公司持有的一家联营公司50%的股份，该公司收购了Tecumseh Products Company LLC（Tecumseh）以及一家为Tecumseh提供融资的实体。由于公司可以行使重大影响，但并未持有多数股权或控制该实体，因此该投资采用权益法进行会计核算。根据权益法会计，该投资按初始成本记录，并根据后续的额外投资以及公司按比例享有的收益或损失和分配进行调整。

该公司按比例确认其被投资方的净收益或净损失（扣除外国税款），在损益表中作为未合并关联方的收益（损失）记录，扣除外国税款，同时按比例确认被投资方的其他综合收益（损失），扣除所得税，在综合收益表和权益变动表中记录。该公司按比例确认的Tecumseh的收益或损失的美国税款影响，在损益表中的所得税费用中记录。一般来说，未合并关联方的权益投资等于当前权益投资加上被投资方的累计净损失。

截至2026年9月26日止季度，该公司从未合并关联方的净收益（扣除外国税款）包括Tecumseh的损失310万美元。截至2025年9月27日止季度，该公司从未合并关联方的净收益（扣除外国税款）包括Tecumseh的收益50万美元。

截至2026年9月26日止九个月，该公司从未合并关联方的净收益（扣除外国税款）包括Tecumseh的损失330万美元。截至2025年9月27日止九个月，该公司从未合并关联方的净收益（扣除外国税款）包括Tecumseh的损失200万美元。

零售分销

该公司在一家零售分销业务的有限责任公司中拥有28%的非控制性权益。该投资采用权益法进行核算。该公司按比例确认被投资方的净收益或净损失，延迟一个月作为未合并关联方的收益（损失）记录在合并损益表中。该公司按比例确认的被投资方的其他综合收益（损失），扣除所得税，在合并综合收益表和合并权益变动表中记录。

截至2026年9月26日止季度，该公司从未合并关联方的净收益（扣除外国税款）包括零售分销业务的收益480万美元。截至2025年9月27日止季度，该公司从未合并关联方的净收益（扣除外国税款）包括零售分销业务的收益320万美元。

公司的净收入来自未合并关联方，扣除外国税后，截至 2026年9月26日的九个月期间包括收入为 1200万美元的零售分销业务。公司净收入来自未合并关联方，扣除外国税后，截至 2025年9月27日的九个月期间包括收入为 810万美元的零售分销业务。

注9 – 债务

2026年3月27日，公司签订了一份信贷协议，以取代于2026年3月31日到期的先前信贷协议。该信贷协议提供了一项无担保的1亿美元循环信贷额度，将于2031年3月27日到期。

截至2026年9月26日，信贷协议下没有未偿还的借款。循环信贷额度下的借款根据公司的选择，按基准利率计息，该利率由信贷延期的底层货币决定，或按信贷协议定义的基准利率加上适用的利差。提前还款可以基于1个月、3个月、6个月或12个月的利息期。适用的利差基于公司的债务与总资本比率，对于基准利率贷款，可从112.5至162.5个基点不等，对于基准利率贷款，可从12.5至62.5个基点不等。此外，根据公司的债务与总资本比率，需按季度支付适用的承诺费，该费用基于总承诺额减去任何未偿还贷款或已签发的信用证，费用范围为15.0至30.0个基点。循环信贷额度下的资金可用性会因某些已签发的信用证金额而减少，这些信用证用于保障公司支付保险免赔额、某些退休人员的健康福利和其他公司义务。

注10 – 福利计划

养老金和其他退休后福利计划

公司为部分员工提供多个合格和非合格的养老金计划以及其他退休后福利计划。净定期福利成本（收入）的组成部分如下：


	截至季度末		截至九个月末
（以千为单位）	2026年9月26日		2025年9月27日		2026年9月26日		2025年9月27日

养老金福利：

利息成本	$	654			$	611		$	1,961	$	1,834
计划资产预期收益率	(614)			(554)			(1,842)		(1,661)
净损失的摊销	78			81			233		245

净定期福利成本	$	118			$	138		$	352	$	418

其他福利：
服务成本	$	60			$	46		$	179	$	139
利息成本	123			123			368		369
前期服务信用的摊销	—			—			(1)		(1)
净收益的摊销	(100)			(101)			(298)		(305)


净定期福利成本	$	83			$	68		$	248	$	202

净定期福利成本（收入）中除服务成本部分以外的组成部分包含在合并中期损益表中的其他（费用）收入，净额中。

多雇主计划

2024年8月2日，公司签订了一份股权购买协议，以收购Elkhart Products Corporation（Elkhart）的所有已发行股份。Elkhart参与了IAM国家养老金基金（IAM计划）。该计划的雇主识别号码为51-6031295。

该公司于2025年退出了IAM计划，并在2025年第三季度确认了480万美元的相关费用，这代表了该公司对相关退出负债的最可能损失的估计。

第11号附注 – 承诺和或有事项

由于日常业务中产生的索赔，该公司涉及某些诉讼，管理层认为这些诉讼不会对公司的财务状况、经营成果或现金流量产生重大不利影响。该公司未来也可能从某些法律索赔和诉讼中获得收益；这些收益或有事项未在合并中期财务报表中确认。

环境

非经营性资产

东南堪萨斯地区场地

堪萨斯州卫生与环境部（KDHE）已就堪萨斯州三个前冶炼厂场地（Altoona、East La Harpe和Lanyon）的环境污染问题与该公司取得联系。该公司并非这些冶炼厂运营公司的继承者，但已探索与KDHE和其他可能的责任方（PRP）达成可能的和解，以避免诉讼。

In February 2022, the Company reached a settlement with another PRP relating to these three sites. Under the terms of that agreement, the Company paid $5.6 million, which was previously reserved, in exchange for the other PRP’s agreement to conduct or fund any required remediation within the geographic boundaries of the three sites (namely, the parcel(s) on which the former smelters were located), plus coverage of certain off-site areas (namely, contamination that migrated by surface water runoff or air emissions from the Altoona or East La Harpe site, and smelter materials located within 50 feet of the geographic boundary of each site). The settlement does not cover certain matters, including potential liability related to the remediation of the town of Iola which is not estimable at this time. The other PRP has also provided an indemnity that would cover third-party cleanup claims for those sites, subject to a time limit and a cap.

Altoona. Another PRP conducted a site investigation of the Altoona site under a consent decree with KDHE and submitted a removal site evaluation report recommending a remedy. The remedial design plan, which covers both on-site and certain off-site cleanup costs, was approved by the KDHE in 2016. Construction of the remedy was completed in 2018. Under the terms of the settlement with the other PRP, the Company expects the operations and maintenance costs for this remedy to be paid for entirely by the other PRP.

East La Harpe. At the East La Harpe site, the Company and two other PRPs conducted a site study evaluation under KDHE supervision and prepared a site cleanup plan approved by KDHE. In December 2018, KDHE provided a draft agreement which contemplates the use of funds KDHE obtained from two other parties (Peabody Energy and Blue Tee) to fund part of the remediation and removes Blue Tee from the PRPs’ agreement with KDHE. Pursuant to the terms of the settlement with the other PRP noted above, the Company expects the remediation to be conducted and paid for entirely by the other PRP, and for that other PRP to negotiate and enter into an agreement with KDHE.

Lanyon. With respect to the Lanyon Site, in 2016, the Company received a general notice letter from the United States Environmental Protection Agency (EPA) asserting that the Company is a PRP, which the Company has denied. The EPA issued an interim record of decision in 2017 and has been remediating properties at the site. Approximately 1,371 properties were to be remediated. In August 2023, the EPA issued a five-year review indicating that the cleanup of approximately 300 remaining residential properties would be completed in 2026. A record of decision concerning the cleanup is scheduled for a future date.

Shasta Area Mine Sites

Mining Remedial Recovery Company (MRRC), a wholly owned subsidiary, owns certain inactive mines in Shasta County, California. MRRC has continued a program, begun in the late 1980s, of implementing various remedial measures, including sealing mine portals with concrete plugs in portals that were discharging water. The sealing program achieved significant reductions in the metal load in discharges from these adits; however, additional reductions are required pursuant to an order issued by the California Regional Water Quality Control Board (QCB). In response to a 1996 QCB Order, MRRC completed a feasibility study in 1997 describing measures designed to mitigate the effects of acid rock drainage. In December 1998, the QCB modified the 1996 order extending MRRC’s time to comply with water quality standards. In September 2002, the QCB adopted a new order requiring MRRC to adopt Best Management Practices (BMP) to control discharges of acid mine drainage, and again extended the time to comply with water quality standards until September 2007. During that time, implementation of BMP further reduced impacts of acid rock drainage; however, full compliance has not been achieved. The QCB is presently renewing

MRRC’s discharge permit and will concurrently issue a new order. It is expected that the new 10-year permit will include an order requiring continued implementation of BMP through 2036 to address residual discharges of acid rock drainage. The Company currently estimates that it will spend between approximately $13.7 million and $14.8 million for remediation at these sites over the next 30 years and has accrued a reserve at the low end of this range.

Lead Refinery Site

U.S.S. Lead Refinery, Inc. (Lead Refinery), a non-operating wholly owned subsidiary of MRRC, has conducted corrective action and interim remedial activities (collectively, Site Activities) at Lead Refinery’s East Chicago, Indiana site pursuant to the Resource Conservation and Recovery Act since December 1996. Although the Site Activities have been substantially concluded, Lead Refinery is required to perform monitoring and maintenance-related activities pursuant to a post-closure permit issued by the Indiana Department of Environmental Management effective as of March 2, 2013. Approximate costs to comply with the post-closure permit, including associated general and administrative costs, are estimated at between $1.9 million and $2.0 million over the next 11 years. The Company has recorded a reserve at the low end of this range.

On April 9, 2009, pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the EPA added the Lead Refinery site and surrounding properties to the National Priorities List (NPL). On July 17, 2009, Lead Refinery received a written notice from the EPA indicating that it may be a PRP under CERCLA due to the release or threat of release of hazardous substances, including lead, into properties surrounding the Lead Refinery NPL site. The EPA identified two other PRPs in connection with that matter. In November 2012, the EPA adopted a remedy for the surrounding properties and in September 2014, the EPA announced that it had entered into a settlement with the two other PRPs whereby they will pay approximately $26.0 million to fund the cleanup of approximately 300 properties surrounding the Lead Refinery NPL site (zones 1 and 3 of operable unit 1) and perform certain remedial action tasks.

On November 8, 2016, the Company, its subsidiary Arava Natural Resources Company, Inc. (Arava), and Arava’s subsidiary MRRC each received general notice letters from the EPA asserting that they may be PRPs in connection with the Lead Refinery NPL site. The Company, Arava, and MRRC have denied liability for any remedial action and response costs associated with the Lead Refinery NPL site.

In June 2017, the EPA requested that Lead Refinery conduct, and the Company fund, a remedial investigation and feasibility study (RI/FS) of operable unit 2 of the Lead Refinery NPL site pursuant to a proposed administrative settlement agreement and order on consent. The Company and Lead Refinery entered into that agreement in September 2017. The Company has made a capital contribution to Lead Refinery to conduct the RI/FS with respect to operable unit 2 and has provided financial assurance in the amount of $1.0 million. The RI/FS remains ongoing, and the Company has reserved currently estimated costs associated with its completion. The EPA has also asserted its position that the Company is a responsible party for the Lead Refinery NPL site, and accordingly is responsible for a share of remedial action and response costs at both operable units 1 and 2 of the site.

In January 2018, the EPA issued two unilateral administrative orders (UAOs) directing the Company, Lead Refinery, and four other PRPs to conduct soil and interior remediation of certain residences at the Lead Refinery NPL site (zones 2 and 3 of operable unit 1). Subsequent thereto, the Company and Lead Refinery reached agreement with the four other PRPs to implement these two UAOs, with the Company agreeing to pay, on an interim basis, (i) an estimated $4.5 million (subject to potential change through a future reallocation process) of the approximately $25.0 million the PRPs then estimated it would cost to implement the UAOs, which estimate is subject to change, and (ii) $2.0 million relating to past costs incurred by other PRPs for work conducted at the site, as well as the possibility of up to $0.7 million in further payments for ongoing work by those PRPs. As of September 26, 2026, the Company has made payments of approximately $7.6 million related to the aforementioned agreement with the other PRPs. The Company disputes that it was properly named in the UAOs. In March 2022, Lead Refinery entered into an administrative settlement agreement and order on consent with the EPA, along with the four other PRPs, which involves payment of certain past and future costs relating to operable unit 1, in exchange for certain releases and contribution protection for the Company, Lead Refinery, and their respective affiliates relating to that operable unit. The settlement became effective in September 2022. The Company reserved $3.3 million for this settlement at the end of 2021.

In March 2018, a group of private plaintiffs sued the Company, Arava, MRRC, and Lead Refinery, along with other defendants, in a civil tort action relating to the site. The Company, Arava, and MRRC have been voluntarily dismissed from that litigation without prejudice. In July 2024, Lead Refinery was granted partial judgment on the pleadings with respect to plaintiffs’ amended complaint and settled the litigation for a payment of approximately $0.1 million.

At this juncture, the Company is unable to determine the likelihood of a material adverse outcome or the amount or range of a potential loss in excess of the current reserve with respect to any remedial action or other litigation relating to the Lead Refinery

NPL site, either at Lead Refinery’s former operating site (operable unit 2) or the adjacent residential area (operable unit 1), including, but not limited to, EPA oversight costs for which the EPA may attempt to seek reimbursement from the Company, and past costs for which other PRPs may attempt to seek contribution from the Company.

Bonita Peak Mining District

Following an August 2015 spill from the Gold King Mine into the Animas River near Silverton, Colorado, the EPA listed the Bonita Peak Mining District on the NPL. Said listing was finalized in September 2016. The Bonita Peak Mining District encompasses 48 mining sites within the Animas River watershed, including the Sunnyside Mine, the American Tunnel, and the Sunbank Group. On or about July 25, 2017, Washington Mining Company (Washington Mining) (a wholly-owned subsidiary of the Company’s wholly-owned subsidiary, Arava), received a general notice letter from the EPA stating that Washington Mining may be a PRP under CERCLA in connection with the Bonita Peak Mining District site and therefore responsible for the remediation of certain portions of the site, along with related costs incurred by the EPA. Shortly thereafter, the Company received a substantively identical letter asserting that it may be a PRP at the site and similarly responsible for the cleanup of certain portions of the site. On or about January 7, 2025, a similar general notice letter from the EPA was received by MRRC (also a wholly-owned subsidiary of Arava), stating that MRRC may be a PRP at the site. Collectively, the general notice letters identify three other PRPs at the site. The U.S. government and State of Colorado have expressed their interest in discussing potential cost recovery claims against Washington Mining, MRRC and/or the Company, and ahead of anticipated discussions, tolling agreements have been entered into. At this juncture, however, no specific actions have yet been required and the Company is unable to determine the likelihood of a materially adverse outcome or the amount or range of a potential loss with respect to any litigation (including any enforcement action by the U.S. or any state) or remedial action related to the Bonita Peak Mining District NPL site, nor is the Company able to determine the outcome of potential litigation over indemnification rights that Washington Mining may assert against any third party in relation to the site.

Operating Properties

Mueller Copper Tube Products, Inc.

In 1999, Mueller Copper Tube Products, Inc. (MCTP), a wholly owned subsidiary, commenced a cleanup and remediation of soil and groundwater at its Wynne, Arkansas plant to remove trichloroethylene, a cleaning solvent formerly used by MCTP. On August 30, 2000, MCTP received approval of its Final Comprehensive Investigation Report and Storm Water Drainage Investigation Report addressing the treatment of soils and groundwater from the Arkansas Department of Environmental Quality (ADEQ). The Company established a reserve for this project in connection with the acquisition of MCTP in 1998. Effective November 17, 2008, MCTP entered into a Settlement Agreement and Administrative Order by Consent to submit a Supplemental Investigation Work Plan (SIWP) and subsequent Final Remediation Work Plan (RWP) for the site. By letter dated January 20, 2010, ADEQ approved the SIWP as submitted, with changes acceptable to the Company. On December 16, 2011, MCTP entered into an amended Administrative Order by Consent to prepare and implement a revised RWP regarding final remediation for the site. The remediation system was activated in February 2014. Costs to implement the work plans, including associated general and administrative costs, are estimated to approximate between $0.9 million and $1.1 million over the next five years.

United States Department of Commerce Antidumping Review

On December 24, 2008, the Department of Commerce (DOC) initiated an antidumping administrative review of the antidumping duty order covering circular welded non-alloy steel pipe and tube from Mexico for the November 1, 2007 through October 31, 2008 period of review. The DOC selected Mueller Comercial as a respondent in the review. On April 19, 2010, the DOC published the final results of the review and assigned Mueller Comercial an antidumping duty rate of 48.33 percent. On May 25, 2010, the Company appealed the final results to the U.S. Court of International Trade (CIT). On December 16, 2011, the CIT issued a decision remanding the DOC’s final results. While the matter was still pending, the Company and the United States reached an agreement to settle the appeal. Subject to the conditions of the agreement, the Company anticipated that certain of its subsidiaries would incur antidumping duties on subject imports made during the period of review and, as such, established a reserve for this matter. After the lapse of the statutory period of time during which U.S. Customs and Border Protection (CBP) was required, but failed, to liquidate the entries at the settled rate, the Company released the reserve. Between October 30, 2015 and November 27, 2015, CBP sent a series of invoices to Southland Pipe Nipples Co., Inc. (Southland), requesting payment of duties and interest in connection with 795 import entries made during the November 1, 2007 through October 31, 2008 period. On January 26, 2016 and January 27, 2016, Southland filed protests with CBP in connection with these invoices, noting that CBP’s asserted claims were not made in accordance with applicable law, including statutory provisions governing deemed liquidation. On April 8, 2026, CBP denied the protests and demanded payment by Southland of approximately $5.1 million in duties and accrued interest. The Company continues to believe in the merits of the legal objections raised in Southland’s protests,

but in the interest of avoiding litigation, Southland has submitted an offer to compromise CBP’s claims for approximately $0.5 million. Southland is awaiting a response from CBP to its offer. Given the procedural posture and issues raised by this legal dispute, the Company cannot estimate the amount of potential duty liability, if any, that may result from CBP’s asserted claims.

Guarantees

Guarantees, in the form of letters of credit, are issued by the Company generally to assure the payment of insurance deductibles, certain retiree health benefits, and debt at certain unconsolidated affiliates. The terms of the guarantees are generally one year but are renewable annually as required. These letters are primarily backed by the Company’s revolving credit facility. The maximum payments that the Company could be required to make under its guarantees at September 26, 2026 were $27.4 million.

Note 12 – Income Taxes

The Company’s effective tax rate for the third quarter of 2026 was 26 percent compared with 26 percent for the same period last year. The primary item impacting the effective tax rate for the third quarter of 2026 was an increase related to the provision for state income taxes, net of the federal benefit, of $12.0 million.

The primary items impacting the effective tax rate for the third quarter of 2025 were increases related to the provision for state income taxes, net of the federal benefit, of $11.0 million and other items of $4.0 million.

The Company’s effective tax rate for the first nine months of 2026 was 25 percent compared with 25 percent for the same period last year. The primary items impacting the effective tax rate for the first nine months of 2026 were increases related to the provision for state income taxes, net of the federal benefit, of $33.6 million and other items of $6.7 million.

The items impacting the effective tax rate for the first nine months of 2025 were increases related to the provision for state income taxes, net of the federal benefit, of $27.9 million and other adjustments of $5.0 million.

The Company files a consolidated U.S. federal income tax return and numerous consolidated and separate-company income tax returns in many state, local, and foreign jurisdictions. The statute of limitations is open for the Company’s federal tax return for 2022 and all subsequent years. The statutes of limitations for most state returns are open for 2022 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.

Note 13 – Accumulated Other Comprehensive Income (Loss)

AOCI includes certain foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges, adjustments to pension and OPEB liabilities, and other comprehensive income attributable to unconsolidated affiliates.

The following tables provide changes in AOCI by component, net of taxes and noncontrolling interests (amounts in parentheses indicate debits to AOCI):


	For the Nine Months Ended September 26, 2026
(In thousands)	Cumulative Translation Adjustment		Unrealized Gain (Loss) on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates	Total

Balance as of December 27, 2025	$	(52,079)			$	1,694		$	(3,295)	$	2,845	$	(50,835)

Other comprehensive (loss) income before reclassifications	(7,933)			4,093			86		(1,196)	(4,950)
Amounts reclassified from AOCI	—			(4,709)			(36)		—	(4,745)

Net current-period other comprehensive (loss) income	(7,933)			(616)			50		(1,196)	(9,695)


Balance as of September 26, 2026	$	(60,012)			$	1,078		$	(3,245)	$	1,649	$	(60,530)


	For the Nine Months Ended September 27, 2025
(In thousands)	Cumulative Translation Adjustment		Unrealized (Loss) Gain on Derivatives		Pension/OPEB Liability Adjustment		Attributable to Unconsol. Affiliates	Total

Balance as of December 28, 2024	$	(75,926)			$	(191)		$	(6,282)	$	2,120	$	(80,279)

Other comprehensive income (loss) before reclassifications	20,809			3,599			2,374		(1,950)	24,832
Amounts reclassified from AOCI	—			(2,998)			(30)		—	(3,028)

Net current-period other comprehensive income (loss)	20,809			601			2,344		(1,950)	21,804


Balance as of September 27, 2025	$	(55,117)			$	410		$	(3,938)	$	170	$	(58,475)

Reclassification adjustments out of AOCI were as follows:


	Amount reclassified from AOCI
	For the Quarter Ended		For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025	Affected line item

Unrealized gains on derivative commodity contracts	$	(2,270)			$	(813)		$	(6,077)	$	(3,868)	Cost of goods sold

	511			183			1,368		870	Income tax expense

	$	(1,759)			$	(630)		$	(4,709)	$	(2,998)	Net of tax and noncontrolling interests

Amortization of net (gain) loss and prior service (credit) cost on employee benefit plans	$	(22)			$	(20)		$	(66)	$	(61)	Other (expense) income, net
	10			10			30		31	Income tax expense

	$	(12)			$	(10)		$	(36)	$	(30)	Net of tax and noncontrolling interests

Note 14 – Insurance Claims

Prior to its acquisition by the Company, Bison initiated litigation against several of its insurance carriers related to a claim that it made for weather-related roof damage in April 2023. In September 2026, the lawsuit was settled on mutually agreeable terms and, in connection therewith, the Company received a $4.4 million cash payment. The amount recorded in the Condensed Consolidated Statement of Income is net of legal costs.

In March 2023, a portion of the Company’s Covington, Tennessee manufacturing operation was damaged by a tornado. Certain inventories, production equipment, and building structures were extensively damaged. To date, $55.0 million of insurance proceeds have been received. During the second quarter of 2025, the Company recorded a pre-tax gain of $36.3 million, or $0.12 per diluted share after tax, for the excess of insurance proceeds received over the losses incurred for damaged inventories, equipment, and buildings, as there are no known contingencies and there is no expectation of repayment regarding the proceeds received to date and any additional costs associated with the event are expected to be minimal. During the third quarter of 2025, the Company recognized an additional pre-tax gain of $4.9 million, or $0.02 per diluted share after tax. The claim is not yet fully settled, and additional insurance recovery amounts are expected to be recorded in the future.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General Overview

We are a leading manufacturer of copper, brass, and aluminum products. The range of products we manufacture is broad: copper tube and fittings; line sets; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; refrigeration valves and fittings; pressure vessels; steel nipples; insulated flexible duct systems; and high-quality wire and cable solutions. We also resell brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. Our operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China.

Each of our reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows:

•Piping Systems: The Piping Systems segment is composed of Domestic Piping Systems Group, Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (our South Korean joint venture), and Mueller Middle East (our Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in Canada. European Operations manufactures copper tube in the United Kingdom, which is sold throughout Europe. The Trading Group manufactures pipe nipples and sources products for import distribution in North America. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs).

•Industrial Metals: The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Electrical Group. The segment manufactures and sells brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; specialty copper, copper alloy, and aluminum tube; and high-quality wire and cable solutions. The segment manufactures and sells its products primarily to domestic OEMs and distributors, and utilities in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution markets.

•Climate: The Climate segment is composed of Refrigeration Products, Westermeyer, Turbotec, Flex Duct, and Linesets, Inc. The segment manufactures and sells refrigeration valves and fittings, high pressure components, coaxial heat exchangers, insulated HVAC flexible duct systems, and line sets. The segment sells its products primarily to the heating, ventilation, air-conditioning, and refrigeration markets in the U.S.

New housing starts and commercial construction are important determinants of our sales to the heating, ventilation, and air-conditioning, refrigeration, and plumbing markets because the principal end use of a significant portion of our products is in the construction of single and multi-family housing and commercial buildings. Repairs and remodeling projects are also important drivers of underlying demand for these products. In addition, our products are used in various transportation, automotive, and industrial applications.

According to the U.S. Census Bureau, the September 2026 seasonally adjusted annual rate of new housing starts was 1.22 million, compared to the September 2025 rate of 1.32 million. The average 30-year fixed mortgage rate was 6.41 percent for the first nine months of 2026 and 6.60 percent for the year ended December 2025. The private nonresidential construction sector includes offices, industrial, health care, and retail projects. According to the U.S. Census Bureau, the seasonally adjusted annual value of private nonresidential construction put in place was $773.0 billion in August 2026 compared to the August 2025 rate of $780.4 billion.

Profitability of certain of our product lines depends upon the “spreads” between the cost of raw material and the selling prices of our products. The open market prices for copper cathode and copper and brass scrap, for example, influence the selling price of copper tube and brass rod, two principal products manufactured by the Company. We attempt to minimize the effects on profitability from fluctuations in material costs by passing through these costs to our customers; however, margins of our businesses that account for inventory on a FIFO basis may be impacted in periods of significant fluctuations in material costs. Our earnings and cash flow are dependent upon these spreads that fluctuate based upon market conditions.

Earnings and profitability are also impacted by unit volumes that are subject to market trends, such as substitute products, imports, technologies, and market share. We intensively manage our pricing structure while attempting to maximize profitability. From time-to-time, this practice results in lost sales opportunities and lower volume. For plumbing systems, plastics are the primary substitute product; these products represent an increasing share of consumption. For certain air-conditioning and refrigeration applications, aluminum-based systems are the primary substitution threat. We cannot predict the acceptance or the rate of switching that may occur. U.S. consumption of copper tube and brass rod is still predominantly supplied by U.S. manufacturers. In recent years, brass rod consumption in the U.S. has declined due to the outsourcing of many manufactured products to offshore regions.

Results of Operations

Consolidated Results

The following table compares summary operating results for the third quarter and first nine months of 2026 and 2025:


	For the Quarter Ended		Percent Change		For the Nine Months Ended		Percent Change
(In thousands)	September 26, 2026		September 27, 2025		2026 vs. 2025		September 26, 2026	September 27, 2025		2026 vs. 2025

Net sales	$	1,418,598			$	1,077,824		31.6	%		$	4,039,526	$	3,216,162	25.6	%
Operating income	281,573			276,115			2.0		903,775			786,545	14.9
Net income attributable to Mueller Industries, Inc.	221,200			208,123			6.3		709,873			611,479	16.1

The increase in net sales during the third quarter of 2026 was primarily due to (i) higher net selling prices of $198.6 million in our core product lines, primarily copper tube, brass rod, and high-quality wire and cable, related to the rise in raw material costs, (ii) higher unit sales volume of $83.5 million in our core product lines, primarily brass rod and high-quality wire and cable, (iii) sales of $52.2 million recorded by Bison, acquired on March 30, 2026, and (iv) an increase in sales of $16.3 million in our non-core product lines. These increases were partially offset by a decrease in sales of $9.8 million as a result of the sale of Sherwood during the first quarter of 2026.

The increase in net sales during the first nine months of 2026 was primarily due to (i) higher net selling prices of $627.3 million in our core product lines, (ii) sales of $114.7 million recorded by Bison, (iii) higher unit sales volume of $69.4 million in our core product lines, and (iv) an increase in sales of $42.2 million in our non-core product lines. These increases were partially offset by a decrease in sales of $30.2 million as a result of the sale of Sherwood.

Net selling prices generally fluctuate with changes in raw material costs. Changes in raw material costs are generally passed through to customers by adjustments to selling prices. The following graph shows the Comex average copper price per pound by quarter for the current and prior fiscal years:

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The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for the third quarter and first nine months of 2026 and 2025:


	For the Quarter Ended		For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Cost of goods sold	$	1,057,156			$	738,148		$	2,924,294	$	2,251,527
Depreciation and amortization	21,173			16,607			55,160		51,635
Selling, general, and administrative expense	63,048			61,657			197,683		192,238
(Gain) loss on disposal of assets, net	—			(11,852)			1,720		(26,654)
Gain on sale of business	—			—			(41,407)		—
Asset impairments	—			2,018			2,653		2,018

Gain on insurance proceeds	(4,352)			(4,869)			(4,352)		(41,147)

Operating expenses	$	1,137,025			$	801,709		$	3,135,751	$	2,429,617


	For the Quarter Ended		For the Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026	September 27, 2025

Cost of goods sold	74.5	%		68.5	%	72.4	%	70.0	%
Depreciation and amortization	1.5			1.5		1.4		1.6
Selling, general, and administrative expense	4.5			5.7		4.9		6.0
(Gain) loss on disposal of assets, net	—			(1.1)		—		(0.8)
Gain on sale of business	—			—		(1.0)		—
Asset impairments	—			0.2		0.1		0.1

Gain on insurance proceeds	(0.3)			(0.5)		(0.1)		(1.3)

Operating expenses	80.2	%		74.3	%	77.7	%	75.6	%

Q3 2026 compared to Q3 2025

Cost of goods sold increased in the third quarter of 2026 primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 25.5 percent compared with 31.5 percent in the prior year quarter. Depreciation and amortization increased in the third quarter of 2026 primarily as a result of incremental expenses associated with the acquisition of Bison. Selling, general, and administrative expense increased in the third quarter of 2026 primarily as a result of (i) higher legal and professional fees of $4.4 million and (ii) higher employment costs, including incentive compensation, of $2.7 million. These increases were largely offset by (i) the favorable settlement of product liability claims of $3.2 million and (ii) lower product-related costs of $1.7 million. In addition, during the third quarter of 2026, we recognized a gain of $4.4 million for the proceeds received related to a weather-related insurance claim at Bison. During the third quarter of 2025, we recognized net gains on the disposal of assets of $11.9 million and a gain of $4.9 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation. We also recognized fixed asset impairment charges on idled equipment of $2.0 million in 2025.

Interest income was higher in the third quarter of 2026 primarily as a result of higher interest rates. During the third quarters of 2026 and 2025, we recognized unrealized gains and losses on short-term investments of $5.9 million and $2.3 million, respectively. During the third quarter of 2025, we recognized a $4.8 million expense related to the complete withdrawal from a multiemployer pension plan.

Our effective tax rate for the third quarter of 2026 was 26 percent compared with 26 percent for the same period last year. The primary item impacting the effective tax rate was an increase related to the provision for state income taxes, net of the federal benefit, of $12.0 million.

For the third quarter of 2025, the difference between the effective tax rate and the amount computed using the U.S. federal statutory rate was primarily attributable to (i) the provision for state income taxes, net of the federal benefit, of $11.0 million and (ii) other items of $4.0 million.

During the third quarters of 2026 and 2025, we recognized net income of $1.7 million and $3.7 million, respectively, on our investments in unconsolidated affiliates.

YTD 2026 compared to YTD 2025

Cost of goods sold increased in the first nine months of 2026 primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 27.6 percent compared with 30.0 percent in the prior year. Depreciation and amortization increased in the first nine months of 2026 primarily as a result of incremental expenses associated with the acquisition of Bison, partially offset by several long-lived assets becoming fully depreciated and long-lived assets sold with Sherwood. Selling, general, and administrative expense increased in the first nine months of 2026 primarily as a result of (i) higher employment costs, including incentive compensation, of $11.2 million, (ii) higher legal and professional fees of $9.4 million, and (iii) incremental expenses of $1.7 million associated with Bison. These increases were partially offset by (i) lower product-related costs of $7.9 million, (ii) the favorable settlement of product liability claims of $3.2 million, (iii) lower foreign currency transaction losses of $1.5 million, (iv) the absence of $1.5 million of expenses associated with Sherwood, and (v) lower taxes and insurance of $1.5 million. In addition, during the first nine months of 2026, we recognized a gain of $41.4 million on the sale of our Sherwood business, as well as a gain of $4.4 million for the proceeds received related to a weather-related insurance claim at Bison. During the first nine months of 2025, we recognized a gain of $41.1 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation. Lastly, during the first nine months of 2026, we recognized net losses on the disposal of assets of $1.7 million and fixed asset impairment charges on idled equipment of $2.7 million, compared to net gains on the disposal of assets of $26.7 million and fixed asset impairment charges on idled equipment of $2.0 million during the first nine months of 2025.

Interest income increased during the first nine months of 2026 primarily as a result of higher interest rates. During the first nine months of 2026 and 2025, we recognized unrealized gains on short-term investments of $10.4 million and $5.9 million, respectively. During the first nine months of 2025, we recognized a $4.8 million expense related to the complete withdrawal from a multiemployer pension plan. Other expense, net, was slightly higher during the first nine months of 2026 primarily due to higher environmental remediation expense for our non-operating properties and lower dividend income earned on short-term investments in 2026.

Our effective tax rate for the first nine months of 2026 was 25 percent compared with 25 percent for the same period last year. The items impacting the effective tax rate were primarily related to (i) the provision for state income taxes, net of the federal benefit, of $33.6 million and (ii) other adjustments of $6.7 million.

For the first nine months of 2025, the primary items impacting the effective tax rate were (i) an increase related to the provision for state income taxes, net of the federal benefit, of $27.9 million and (ii) other adjustments of $5.0 million.

During the first nine months of 2026 and 2025, we recognized net income of $8.7 million and $6.1 million, respectively, on our investments in unconsolidated affiliates.

Piping Systems Segment

The following table compares summary operating results for the third quarter and first nine months of 2026 and 2025 for the businesses comprising our Piping Systems segment:


	For the Quarter Ended		Percent Change		For the Nine Months Ended		Percent Change
(In thousands)	September 26, 2026		September 27, 2025		2026 vs. 2025		September 26, 2026	September 27, 2025		2026 vs. 2025

Net sales	$	890,610			$	718,404		24.0	%		$	2,597,713	$	2,101,562	23.6	%
Operating income	225,260			216,159			4.2		690,616			624,619	10.6

The increase in net sales during the third quarter of 2026 was primarily attributable to (i) higher net selling prices in the segment’s core product lines, primarily copper tube, of $122.2 million and (ii) sales of $52.2 million recorded by Bison. These increases were partially offset by (i) lower unit sales volume of $6.5 million in the segment’s core product lines and (ii) a decrease in sales of $1.5 million in the segment’s non-core product lines.

Net sales during the first nine months of 2026 increased primarily as a result of (i) higher net selling prices in the segment’s core product lines of $431.1 million, (ii) sales of $114.7 million recorded by Bison, and (iii) an increase in sales of $15.2 million in the segment’s non-core product lines. These increases were partially offset by lower unit sales volume of $71.1 million in the segment’s core product lines.

The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for the third quarter and first nine months of 2026 and 2025:


	For the Quarter Ended		For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Cost of goods sold	$	630,067			$	469,495		$	1,791,887	$	1,417,825
Depreciation and amortization	10,112			5,531			22,062		17,021
Selling, general, and administrative expense	29,523			30,057			93,257		97,022
Loss (gain) on disposal of assets, net	—			13			1,590		(15,796)
Asset impairments	—			2,018			2,653		2,018

Gain on insurance proceeds	(4,352)			(4,869)			(4,352)		(41,147)

Operating expenses	$	665,350			$	502,245		$	1,907,097	$	1,476,943


	For the Quarter Ended		For the Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026	September 27, 2025

Cost of goods sold	70.7	%		65.4	%	69.0	%	67.5	%
Depreciation and amortization	1.1			0.8		0.8		0.8
Selling, general, and administrative expense	3.3			4.2		3.6		4.6
Loss (gain) on disposal of assets, net	—			—		0.1		(0.8)
Asset impairments	—			0.3		0.1		0.1

Gain on insurance proceeds	(0.5)			(0.7)		(0.2)		(2.0)

Operating expenses	74.6	%		70.0	%	73.4	%	70.2	%

The increase in cost of goods sold during the third quarter of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 29.3 percent compared with 34.6 percent in the prior year quarter. Depreciation and amortization increased during the third quarter of 2026 primarily due to incremental expenses associated with the acquisition of Bison. Selling, general, and administrative expense decreased slightly for the third quarter of 2026 primarily as a result of lower product-related costs of $1.7 million. In addition, during the third quarter of 2026, the segment recognized a gain of $4.4 million for the proceeds received related to a weather-related insurance claim at Bison. During the third quarter of 2025, the segment recognized fixed asset impairment charges on idled equipment of $2.0 million and a gain of $4.9 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation.

of (i) lower product-related costs of $7.9 million and (ii) lower foreign currency transaction losses of $2.0 million. These decreases were partially offset by (i) higher employment costs, including incentive compensation, of $4.1 million, (ii) incremental expenses of $1.7 million associated with Bison, and (iii) higher professional fees of $1.2 million. In addition, during the first nine months of 2026, the segment recognized fixed asset impairment charges on idled equipment of $2.7 million and net losses on the disposal of assets of $1.6 million. It also recognized a gain of $4.4 million for the proceeds received related to a weather-related insurance claim at Bison. During the first nine months of 2025, the segment recognized net gains on the disposal of assets of $15.8 million and a gain of $41.1 million for the excess of insurance proceeds received over the losses incurred related to the March 2023 tornado at our Covington, Tennessee manufacturing operation. The segment also recognized fixed asset impairment charges on idled equipment of $2.0 million in 2025.

Industrial Metals Segment

The following table compares summary operating results for the third quarter and first nine months of 2026 and 2025 for the businesses comprising our Industrial Metals segment:


	For the Quarter Ended		Percent Change		For the Nine Months Ended		Percent Change
(In thousands)	September 26, 2026		September 27, 2025		2026 vs. 2025		September 26, 2026	September 27, 2025		2026 vs. 2025

Net sales	$	409,377			$	248,939		64.4	%		$	1,085,652	$	771,450	40.7	%
Operating income	33,713			30,928			9.0		120,771			91,622	31.8

The increase in net sales during the third quarter of 2026 was primarily due to (i) higher unit sales volume of $90.0 million in the segment’s core product lines, primarily brass rod and high-quality wire and cable, (ii) higher net selling prices of $76.5 million in the segment’s core product lines, and (iii) an increase in sales of $4.3 million in the segment’s non-core product lines. These increases were slightly offset by a decrease in sales of $9.8 million as a result of the sale of Sherwood.

The increase in net sales during the first nine months of 2026 was primarily due to (i) higher net selling prices of $196.2 million in the segment’s core product lines, (ii) higher unit sales volume of $140.4 million in the segment’s core product lines, and (iii) an increase in sales of $6.9 million in the segment’s non-core product lines. These increases were partially offset by a decrease in sales of $30.2 million as a result of the sale of Sherwood.

The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for the third quarter and first nine months of 2026 and 2025:


	For the Quarter Ended		For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Cost of goods sold	$	361,173			$	204,212		$	921,885	$	637,411
Depreciation and amortization	7,881			8,346			24,372		25,148
Selling, general, and administrative expense	6,610			5,453			18,616		17,272
(Gain) loss on disposal of assets, net	—			—			8		(3)




Operating expenses	$	375,664			$	218,011		$	964,881	$	679,828


	For the Quarter Ended		For the Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026	September 27, 2025

Cost of goods sold	88.2	%		82.0	%	84.9	%	82.6	%
Depreciation and amortization	1.9			3.4		2.2		3.3
Selling, general, and administrative expense	1.6			2.2		1.7		2.2
(Gain) loss on disposal of assets, net	—			—		—		—




Operating expenses	91.9	%		87.6	%	88.9	%	88.1	%

The change in cost of goods sold during the third quarter of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 11.8 percent compared with 18.0 percent in the prior year quarter. Depreciation and amortization was consistent with the third quarter of 2025. Selling, general, and administrative expense increased slightly during the third quarter of 2026 primarily due to (i) higher product liability claims of $0.9 million, (ii) higher employment costs of $0.6 million, and (iii) higher legal and professional fees of $0.5 million. These increases were partially offset by the absence of $0.5 million of expenses associated with Sherwood.

The increase in cost of goods sold during the first nine months of 2026 was primarily due to the factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 15.1 percent compared with 17.4 percent in the prior year. Depreciation and amortization decreased slightly during the first nine months of 2026 primarily as a result of several long-lived assets becoming fully depreciated and long-lived assets sold with Sherwood. Selling, general, and administrative expense increased slightly during the first nine months of 2026 primarily as a result of (i) higher employment costs of $1.5 million, (ii) higher professional fees of $0.9 million, and (iii) higher product liability claims of $0.9 million. These increases were largely offset by the absence of $1.5 million of expenses associated with Sherwood.

Climate Segment

The following table compares summary operating results for the third quarter and first nine months of 2026 and 2025 for the businesses comprising our Climate segment:


	For the Quarter Ended		Percent Change		For the Nine Months Ended		Percent Change
(In thousands)	September 26, 2026		September 27, 2025		2026 vs. 2025		September 26, 2026	September 27, 2025		2026 vs. 2025

Net sales	$	142,827			$	126,665		12.8	%		$	411,544	$	387,287	6.3	%
Operating income	46,270			38,900			18.9		122,232			117,152	4.3

Net sales for the third quarter and first nine months of 2026 increased primarily as a result of higher demand, particularly for products utilized in commercial HVACR applications, and an increase in volume and price in certain product lines.

The following tables compare cost of goods sold and operating expenses as dollar amounts and as a percent of net sales for the third quarter and first nine months of 2026 and 2025:


	For the Quarter Ended		For the Nine Months Ended
(In thousands)	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Cost of goods sold	$	87,160			$	79,028		$	262,115	$	241,994
Depreciation and amortization	2,112			1,657			5,540		5,075
Selling, general and administrative expense	7,285			7,080			21,535		22,056
Loss on disposal of assets, net	—			—			122		1,010


Operating expenses	$	96,557			$	87,765		$	289,312	$	270,135


	For the Quarter Ended		For the Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026	September 27, 2025

Cost of goods sold	61.0	%		62.4	%	63.7	%	62.5	%
Depreciation and amortization	1.5			1.3		1.3		1.3
Selling, general and administrative expense	5.1			5.6		5.2		5.7
Loss on disposal of assets, net	—			—		—		0.3


Operating expenses	67.6	%		69.3	%	70.2	%	69.8	%

Cost of goods sold increased during the third quarter of 2026 primarily due to the rise in raw material costs. Gross margin as a percentage of sales was 39.0 percent compared with 37.6 percent in the prior year quarter. Depreciation and amortization and selling, general, and administrative expense were consistent with the third quarter of 2025.

Cost of goods sold increased during the first nine months of 2026 primarily due to factors noted above regarding the change in net sales. Gross margin as a percentage of sales was 36.3 percent compared with 37.5 percent in the prior year. Depreciation and amortization and selling, general, and administrative expense were consistent with the first nine months of 2025. In addition, during the first nine months of 2025, the segment recorded a loss on the disposal of assets of $1.0 million.

Liquidity and Capital Resources

The following table presents selected financial information for the first nine months of 2026 and 2025:


(In thousands)	2026		2025

Increase (decrease) in:
Cash, cash equivalents, and restricted cash	$	64,820			$	223,991
Short-term investments	10,367			32,558
Property, plant, and equipment, net	66,321			15,571
Goodwill and intangible assets, net	65,731			(27,636)
Total debt	5,243			(1,094)
Working capital, net of cash and current debt	110,498			85,661

Net cash provided by operating activities	628,965			614,233
Net cash used in investing activities	(140,932)			(32,787)
Net cash used in financing activities	(418,999)			(367,291)

Cash Flows from Operating Activities

During the nine months ended September 26, 2026, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $716.0 million and (ii) an increase in current liabilities of $219.8 million. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $55.2 million and (ii) stock-based compensation expense of $23.3 million. These increases were partially offset by (i) an increase in accounts receivable of $253.6 million, (ii) an increase in inventories of $95.9 million, and (iii) a gain of $41.4 million related to the sale of the Sherwood business.

During the nine months ended September 27, 2025, net cash provided by operating activities was primarily attributable to (i) consolidated net income of $618.0 million, (ii) an increase in current liabilities of $120.8 million, and (iii) non-capital related insurance proceeds of $15.5 million for the March 2023 tornado in Covington, Tennessee. There were also increases due to non-cash adjustments primarily consisting of (i) depreciation and amortization of $51.6 million, (ii) stock-based compensation expense of $20.3 million, and (iii) deferred income tax expense of $10.6 million. These increases were partially offset by (i) an increase in accounts receivable of $100.8 million, (ii) the gain of $41.1 million related to insurance proceeds for the March 2023 tornado in Covington, Tennessee, (iii) an increase in inventories of $40.7 million, (iv) net gains on the disposal of assets of $26.7 million, and (v) unrealized gains on short-term investments of $5.9 million.

Cash Flows from Investing Activities

The major components of net cash used in investing activities during the nine months ended September 26, 2026 included (i) $135.8 million for the purchase of Bison, net of cash acquired, and (ii) capital expenditures of $60.8 million. These uses were partially offset by proceeds from the sale of the Sherwood business, net of cash sold, of $57.0 million.

The major components of net cash used in investing activities during the nine months ended September 27, 2025 included (i) capital expenditures of $49.0 million and (ii) the purchase of short-term investments of $26.6 million. These uses were partially offset by (i) proceeds from the sale of properties of $38.5 million and (ii) insurance proceeds of $4.5 million for property and equipment related to the March 2023 tornado in Covington, Tennessee.

Cash Flows from Financing Activities

For the nine months ended September 26, 2026, net cash used in financing activities consisted primarily of (i) $278.3 million used to repurchase common stock of the Company, (ii) $113.9 million used for the payment of regular quarterly dividends to stockholders of the Company, and (iii) $24.9 million net cash used to settle stock-based awards.

For the nine months ended September 27, 2025, net cash used in financing activities consisted primarily of (i) $243.6 million used to repurchase common stock of the Company, (ii) $81.7 million used for the payment of regular quarterly dividends to stockholders of the Company, (iii) $29.5 million net cash used to settle stock-based awards, and (iv) $12.2 million used for the payment of dividends to noncontrolling interests.

Liquidity and Outlook

We believe that cash provided by operations, funds available under the Credit Agreement, and cash on hand will be adequate to meet our liquidity needs, including working capital, capital expenditures, and debt payment obligations.

As of September 26, 2026, we had $1.4 billion of cash on hand and $72.6 million available to be drawn under the Credit Agreement. Our current ratio was 4.4 to 1.

We have significant environmental remediation obligations which we expect to pay over future years. Cash used for environmental remediation activities was approximately $2.1 million during the first nine months of 2026. We expect to spend approximately $3.3 million over the next twelve months for ongoing environmental remediation activities.

The Company declared a quarterly cash dividend of 17.5 cents per common share during the first, second, and third quarters of 2026, and 12.5 cents per common share during the first, second, and third quarters of 2025, respectively. Payment of dividends in the future is dependent upon our financial condition, cash flows, capital requirements, earnings, and other factors.

Long-Term Debt

As of September 26, 2026, the Company’s total debt was $5.2 million or 0.1 percent of its total capitalization.

The Company’s Credit Agreement provides for an unsecured $100.0 million revolving credit facility, which matures March 27, 2031. There were no borrowings outstanding under the Credit Agreement as of September 26, 2026. The Credit Agreement backed approximately $27.4 million in letters of credit at the end of the third quarter of 2026.

Covenants contained in the Company’s financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. As of September 26, 2026, the Company was in compliance with all of its debt covenants.

Share Repurchase Program

The Board of Directors has extended, until July 2028, the authorization to repurchase up to 80 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions. We may cancel, suspend, or extend the time period for the repurchase of shares at any time. Any repurchases will be funded primarily through existing cash and cash from operations. We may hold any shares repurchased in treasury or use a portion of the repurchased shares for our stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through September 26, 2026, the Company has repurchased approximately 42.5 million shares under this authorization. See Part II., Item 2. below for information about the Company’s share repurchases during the quarter ended September 26, 2026.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to market risk from changes in raw material and energy costs, interest rates, and foreign currency exchange rates. To reduce such risks, we may periodically use financial instruments. Hedging transactions are authorized and executed pursuant to policies and procedures. Further, we do not buy or sell financial instruments for trading purposes.

Cost and Availability of Raw Materials and Energy

Raw materials, primarily copper and brass, represent the largest component of the Company’s variable costs of production. The cost of these materials is subject to global market fluctuations caused by factors beyond our control. Significant increases in the cost of metal, to the extent not reflected in prices for our finished products, or the lack of availability could materially and adversely affect our business, results of operations, and financial condition.

The Company occasionally enters into future fixed-price arrangements with certain customers. We may utilize futures contracts to hedge risks associated with these forward fixed-price arrangements. We may also utilize futures contracts to manage price risk

associated with inventory. Depending on the nature of the hedge, changes in the fair value of the futures contracts will either be offset against the change in fair value of the inventory through earnings or recognized as a component of accumulated other comprehensive income (AOCI) in equity and reflected in earnings upon the sale of inventory. Periodic value fluctuations of the contracts generally offset the value fluctuations of the underlying fixed-price transactions or inventory. At September 26, 2026, we held open futures contracts to purchase approximately $33.9 million of copper over the next 10 months related to fixed-price sales orders and to sell approximately $67.5 million of copper over the next six months related to copper inventory.

Interest Rates

At September 26, 2026, we had no variable-rate debt and $27.4 million in letters of credit outstanding. At this borrowing level, a hypothetical 10 percent increase in interest rates would have had an insignificant unfavorable impact on our pre-tax earnings and cash flows. The primary interest rate exposure on variable-rate debt is based on the Secured Overnight Financing Rate (SOFR).

Foreign Currency Exchange Rates

Foreign currency exposures arising from transactions include firm commitments and anticipated transactions denominated in a currency other than an entity’s functional currency. The Company and its subsidiaries generally enter into transactions denominated in their respective functional currencies. We may utilize certain futures or forward contracts with financial institutions to hedge foreign currency transactional exposures. Gains and losses with respect to these positions are deferred in equity as a component of AOCI and reflected in earnings upon collection of receivables or payment of commitments. At September 26, 2026, we had open forward contracts with a financial institution to sell approximately 7.4 million euros and 1.6 million Norwegian kroner through January 2027.

The Company’s primary foreign currency exposure arises from foreign-denominated revenues and profits and their translation into U.S. dollars. The primary currencies to which we are exposed include the Canadian dollar, the British pound sterling, the Mexican peso, the South Korean won, and the Bahraini dinar. The Company generally views its investments in foreign subsidiaries with a functional currency other than the U.S. dollar as long-term. As a result, we generally do not hedge these net investments.

Cautionary Statement Regarding Forward Looking Information

This Quarterly Report contains various forward-looking statements and includes assumptions concerning the Company’s operations, future results, and prospects. These forward-looking statements are based on current expectations and are subject to risk and uncertainties, and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted. The forward-looking statements reflect knowledge and information available as of the date of preparation of the Quarterly Report, and the Company undertakes no obligation to update these forward-looking statements. We identify the forward-looking statements by using the words “anticipates,” “believes,” “expects,” “intends” or similar expressions in such statements.

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary statement identifying important economic, political, and technological factors, among others, which could cause actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. In addition to those factors discussed under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 27, 2025, such factors include: (i) the current and projected future business environment, including interest rates and capital and consumer spending; (ii) the domestic housing and commercial construction industry environment; (iii) availability and price fluctuations in commodities (including copper, natural gas, and other raw materials); (iv) competitive factors and competitor responses to the Company’s initiatives; (v) stability of government laws and regulations, including taxes; (vi) the impact of enhanced U.S. tariffs, import/export restrictions or other trade barriers on global economic conditions, financial markets and our business; (vii) availability of financing; and (viii) continuation of the environment to make acquisitions, domestic and foreign, including regulatory requirements and market values of candidates.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures designed to ensure information required to be disclosed in Company reports filed under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures pursuant to Rule 13a-15(e) of the Exchange Act as of September 26, 2026. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective as of September 26, 2026 to ensure that information required to be disclosed in Company reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the Company’s fiscal quarter ended September 26, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

General

The Company is involved in certain litigation as a result of claims that arose in the ordinary course of business. Additionally, the Company may realize the benefit of certain legal claims and litigation in the future; these gain contingencies are not recognized in the Condensed Consolidated Financial Statements. For a description of material pending legal proceedings, see “Note 11 - Commitments and Contingencies” in the Notes to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.

Item 1A. Risk Factors

The Company is exposed to risk as it operates its businesses. To provide a framework to understand the operating environment of the Company, we have provided a brief explanation of the more significant risks associated with our businesses in our 2025 Annual Report on Form 10-K. There have been no material changes in risk factors that were previously disclosed in our 2025 Annual Report on Form 10-K. Additionally, the operating results of the Company’s unconsolidated affiliates may be adversely affected by unfavorable economic and market conditions.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The Company’s Board of Directors has extended, until July 2028, the authorization to repurchase up to 80 million shares of the Company’s common stock through open market transactions or through privately negotiated transactions. The Company may cancel, suspend, or extend the time period for the repurchase of shares at any time. Any repurchases will be funded primarily through existing cash and cash from operations. The Company may hold any shares repurchased in treasury or use a portion of the repurchased shares for its stock-based compensation plans, as well as for other corporate purposes. From its initial authorization in 1999 through September 26, 2026, the Company had repurchased approximately 42.5 million shares under this authorization. Below is a summary of the Company’s stock repurchases for the period ended September 26, 2026.


	(a) Total Number of Shares Purchased (1)	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2)

June 28, 2026 - July 25, 2026	5,300		$	9.53			—	40,760,390
July 26, 2026 - August 22, 2026	700,697		$	63.47			312,821	40,447,569
August 23, 2026 - September 26, 2026	2,937,760		$	63.18			2,937,760	37,509,809
Total	3,643,757				3,250,581

(1) Includes shares tendered to the Company by holders of stock-based awards in payment of the purchase price and/or withholding taxes upon exercise and/or vesting and shares purchased as part of a publicly announced plan. Also includes shares resulting from restricted stock forfeitures at the average cost of treasury stock.

(2) Shares available to be purchased under the Company’s 80 million share repurchase authorization until July 2028. The extension of the authorization was announced on October 21, 2026.

Item 5. Other Information

During the quarter ended September 26, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits


31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase

101.INS	Inline XBRL Instance Document

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase

101.PRE	Inline XBRL Presentation Linkbase Document

101.SCH	Inline XBRL Taxonomy Extension Schema

104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in exhibit 101)

Items 3 and 4 are not applicable and have been omitted.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	MUELLER INDUSTRIES, INC.


	/s/ Jeffrey A. Martin
	Jeffrey A. Martin
October 21, 2026	Chief Financial Officer and Treasurer
Date	(Principal Financial and Accounting Officer)


	/s/ Anthony J. Steinriede
October 21, 2026	Anthony J. Steinriede
Date	Vice President – Corporate Controller

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