Miller Industries (MLR) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $171.2M, down 22.9% year-over-year and 4.6% sequentially; full-year 2025 revenue was $790.3M, down 37.2% from 2024.

• Net income for Q4 2025 was $3.4M, down 67.6% year-over-year; full-year net income was $23.0M, down 63.8% year-over-year.

• EPS for Q4 2025 was $0.29, down 67.6% year-over-year; full-year EPS was $1.98, down 63.8% year-over-year.

• Completed Omars acquisition to expand European presence and secured over $150M in military commitments for 2027–2029.

• Announced $100M Ooltewah facility expansion and a 5% dividend increase.

Financial highlights

• Q4 2025 gross profit was $26.5M, down 20.7% year-over-year but up 4.7% sequentially; gross margin was 15.5%.

• Full-year 2025 gross profit was $120.4M (15.2% margin); diluted EPS was $1.98.

• SG&A expenses rose due to one-time retirement program costs and workforce transitions.

• $15.1M returned to shareholders in 2025 via dividends and buybacks.

• Cash and cash equivalents increased to $44.7M at year-end 2025.

Outlook and guidance

• 2026 revenue guidance is $850M–$900M, with quarterly revenue expected to approach $250M by H2 2026.

• Gross margins for 2026 expected to normalize in the mid-13% range.

• Capital expenditures will increase through 2026 and 2027, funded mostly by operating cash flow.

• Confidence in outlook supported by improved data analytics and normalized inventory levels.

• Production volumes anticipated to rise through H1 2026, stabilizing to meet retail demand in H2.