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Dec 31, 2025
Miller Industries Q4 2025 Earnings Report
Miller Industries Q4 2025 Earnings Report
Key Takeaways
Miller Industries experienced a significant decline in revenue and net income during the fourth quarter of 2025 as distributor inventories normalized. Despite the top-line pressure, the company improved its gross margin slightly and continued strategic expansions, including the acquisition of Omars and a major capacity expansion in Ooltewah to support future military and international demand.
Revenue decreased 22.9% year-over-year to $171.2 million as distributor inventory levels returned to historical averages.
Net income fell 67.6% to $3.4 million, primarily driven by lower sales volumes and a 7.1% increase in SG&A expenses.
The company completed the acquisition of Omars S.p.A. in Italy to expand its European footprint and heavy-duty integration capacity.
Miller Industries ended the year with over $150 million in global military commitments, with production scheduled to begin in 2027.
Forward Guidance
The company expects 2026 revenue to be between $850 million and $900 million, with production volumes increasing throughout the first half of the year.
Positive Outlook
- Full year 2026 revenue guidance of $850 million to $900 million.
- Revenue expected to approach $250 million per quarter by the second half of 2026.
- Production volumes expected to rise meaningfully in Q1 and Q2 2026.
- New 200,000+ sq ft facility in Ooltewah to enhance capacity for military and export demand.
- Military program revenue expected to accelerate significantly in 2028 and 2029.
Challenges Ahead
- 2026 production volumes will start at the lower Q4 2025 levels.
- Gross margins expected to return to historical mid-13% levels (lower than current 15.5%).
- Approximately $100 million in capital expenditure required for the Ooltewah expansion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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