Middleby (MIDD) FY2022 results: revenue $4.0 billion, up 24.1% on the year

Middleby Corp. (MIDD) reported revenue of $4.0 billion for fiscal 2022, the year ended 31 December 2022, up 24.1% on the year before. Net income was $437 million, down 10.6%, and diluted earnings per share $7.95. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$4.0 billion

+24.1% on the year

FY2015FY2022

Operating margin

15.9%

19.4% a year earlier

FY2015FY2022

Net income

$437 million

-10.6% on the year

FY2015FY2022

Diluted EPS

$7.95

-7.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	4,033	3,251	2,513	+24.1%
Cost of revenue	2,586	2,056	1,631	+25.8%
Gross profit	1,447	1,195	882	+21.1%
Gross margin	35.9%	36.8%	35.1%
Research and development	48.9	41.8	35.3	+17.0%
Selling, general and administrative	797	668	532	+19.4%
Operating income	640	630	324	+1.5%
Operating margin	15.9%	19.4%	12.9%
Pre-tax income	564	620	268	-8.9%
Income tax	128	131	60.8	-2.4%
Effective tax rate	22.7%	21.1%	22.7%
Net income	437	488	207	-10.6%
Net margin	10.8%	15.0%	8.2%
Diluted EPS	$7.95	$8.62	$3.76	-7.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	333	423	525	-21.5%
Capital expenditure	67.3	46.6	34.8	+44.5%
Free cash flow	265	377	490	-29.6%
Free cash flow margin	6.6%	11.6%	19.5%
Cash from investing	-348	-1,009	-107
Cash from financing	7.6	503	-252	-98.5%
Depreciation and amortisation	138	125	111	+10.2%
Share-based compensation	58.4	42.3	19.6	+37.9%
Buybacks	265	29.3	85.9	+804.8%
Diluted shares, weighted	55m	57m	55m	-3.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,798	2,494	1,977	+12.2%
Debt	2,722	2,414	1,730	+12.8%
Operating lease liabilities	80.2	74.2	76.5	+8.1%
Other liabilities	1,275	1,401	1,420	-9.0%
Total liabilities and equity	6,875	6,384	5,202	+7.7%
Fixed assets	444	381	344	+16.4%
Goodwill	2,412	2,243	1,934	+7.5%
Intangible assets	1,794	1,875	1,450	-4.3%
Cash and equivalents	162	180	268	-10.2%
Receivables	631	577	363	+9.4%
Inventory	1,078	837	540	+28.7%
Other assets	354	289	302	+22.7%
Total assets	6,875	6,384	5,202	+7.7%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.