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Sep 30
Mueller Q4 2025 Earnings Report
Mueller Water Products reported a record fourth quarter with strong sales and margin growth, driven by volume and pricing improvements.
Key Takeaways
Mueller Water Products delivered record Q4 2025 results, with revenue and earnings significantly higher than the prior year. The company saw strong operating leverage and expanded margins, supported by increased volumes and pricing.
Net sales rose to $380.8M, driven by volume and pricing improvements
Adjusted EBITDA margin reached 24.1%, a 330 bps increase YoY
Water Flow Solutions and Water Management Solutions both delivered double-digit adjusted operating income growth
Free cash flow for the quarter totaled $69.0M
Mueller
Mueller
Mueller Revenue by Segment
Revenue by Segment
Water Flow Solutions Revenue
CapyFin.comWater Management Solutions Revenue
CapyFin.com Forward Guidance
Mueller expects moderate net sales growth and further EBITDA margin improvement in FY26, supported by operational efficiencies and infrastructure demand.
Positive Outlook
- FY26 net sales projected between $1.45B and $1.47B
- Adjusted EBITDA expected to rise to $345M–$350M
- Second half EBITDA margin projected higher than first half
- Normalized seasonality expected across quarters
- Free cash flow conversion to exceed 85% of adjusted net income
Challenges Ahead
- Macroeconomic and geopolitical uncertainties remain
- Higher expected capital expenditures ($60M–$65M)
- Inflationary pressures continue to impact SG&A
- Foreign currency fluctuations pose a risk
- Tighter tax rate guidance (25%–27%) could affect earnings
Revenue & Expenses
Visualization of income flow from segment revenue to net income