MILLER INDUSTRIES INC /TN/

For the period ended Dec 31, 2025. Filed Mar 4, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 4, 2026

MLR$48.10-1.1%Stored close · as of Nov 10, 2026

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Contents

Income Taxes

**8.**INCOME TAXES

The following table summarizes income/(loss) before income taxes, including intercompany amounts:

· · · · · · · · ·
· · Years Ended December 31,
(in thousands)	2025	2024	2023
United States	$13,400	$69,422	$65,068
Foreign	18,094	10,708	8,716
Total	$31,494	$80,130	$73,784

The following table presents the significant components of the income tax provision:


· · Years Ended December 31,
(in thousands) · · 2025 · · 2024 · · 2023
Current: · · · · · ·
Federal	$4,966	$15,589	$14,949
State	35	311	541
Foreign	4,994	1,906	2,184
Total Current	$9,995	$17,806	$17,674

Deferred:
Federal	$(1,215)	$(789)	$(1,797)
State	(161)	(358)	(310)
Foreign	(139)	(23)	(74)
Total Deferred	$(1,515)	$(1,170)	$(2,181)
Provision for/(Benefit from) Income Taxes	$8,480	$16,636	$15,493


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PART II	ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The following table presents a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes:


· · Years Ended December 31,
(in thousands, except percentages)		2025			2024			2023
STATUTORY RATE RECONCILIATION
U.S. FEDERAL TAX RATE	$6,614		21.0%	$16,795		21.0%	$15,495		21.0%

STATE AND LOCAL TAXES, Net of Federal Tax Benefit	$(128)		(0.4)%	$(112)		(0.1)%	$117		0.2%

FOREIGN TAX EFFECTS
France
Tax rate differential	$836		2.7%	$(290)		(0.4)%	$316		0.4%
Italy
Tax rate differential	$29		0.1%	$—		—%	$—		—%
United Kingdom
Tax rate differential	$190		0.6%	$(76)		(0.1)%	$(36)		—%
Effect of Cross-Border Tax Laws
Global intangible low-tax income	$—		—%	$2,114		2.6%	$1,718		2.3%
Global intangible low-tax income deduction	$—		—%	$(1,057)		(1.3)%	$(859)		(1.2)%
Foreign-derived intangible income deduction	$(116)		(0.4)%	$(293)		(0.4)%	$(464)		(0.6)%
Foreign tax credit	$—		—%	$(1,057)		(1.3)%	$(859)		(1.2)%
Tax Credits
Research and development tax credits	$(650)		(2.1)%	$(404)		(0.5)%	$(175)		(0.2)%
Nontaxable or Nondeductible Items
Stock-based compensation	$197		0.6%	$—		—%	$—		—%
Officer compensation	$1,540		4.9%	$875		1.1%	$—		—%
Other	$120		0.4%	$150		0.2%	$74		0.1%
Depreciation and amortization
Section 174 capitalization and amortization (timing difference)	$(2,425)		(7.7)%	$443		0.6%	$957		1.3%
Stock-based compensation
Temporary RSU book-tax timing differences	$1,698		5.4%	$750		0.9%	$326		0.4%
Other Adjustments	$575		1.8%	$(1,202)		(1.5)%	$(1,117)		(1.5)%

EFFECTIVE TAX RATE	$8,480		26.9%	$16,636		20.8%	$15,493		21.0%

PART II	ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The following table shows significant components of our deferred tax assets and liabilities:


· · December 31, · · December 31,
(in thousands) · · 2025 · · 2024
Deferred Tax Assets: · · · · ·
Allowance for credit losses	$353	$377
Accruals and reserves	2,387	2,021
Research and development	4,231	3,834
Restricted stock units	2,985	1,259
Net operating losses	105	580
Other	1,143	413
Total deferred tax assets	11,204	8,484

Deferred Tax Liabilities:
Property, plant, and equipment	8,757	10,224
Amortization of goodwill	3,806	1,131
Other	11	14
Total deferred tax liabilities	12,574	11,369

Net Deferred Tax Liability	$(1,370)	$(2,885)

Deferred tax assets represent the future tax benefit of future deductible differences and, if it is more likely than not that a tax asset will not be realized, a valuation allowance is required to reduce the recorded deferred tax assets to net realizable value. The Company has evaluated positive and negative evidence to assess the realizability of its deferred taxes. Based on the evidence, the Company believes it is more likely than not that its deferred tax assets will be realizable. Accordingly, the Company has not included a valuation allowance against its deferred tax assets at this time.

We do not currently have plans to repatriate undistributed foreign earnings to the United States and have not determined any timeline or amount for any such future distributions.

As of December 31, 2025 and 2024, the Company hadno federal net operating loss carryforwards, and a state net operating loss carryforward of approximately $10.8 million and $8.9 million, respectively.

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s 2021 and later tax years remain open to examination by the tax authorities. With few exceptions, as of December 31, 2025, the Company is no longer subject to U.S. federal, state, or non-U.S. income tax examination prior to 2021.

The following table summarizes income taxes paid:


· · Years Ended December 31,
(in thousands) · · 2025 · · 2024 · · 2023
FEDERAL TAX	$2,950	$20,600	$16,710

STATES:
Tennessee	$103	$555	$371
Pennsylvania	14	83	45
Other	8	228	182

FOREIGN:
France	$3,057	$1,514	$771
Italy	(83)	—	—
United Kingdom	1,450	719	(26)

TOTAL	$7,499	$23,699	$18,053


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PART II	ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.