Middleby (MIDD) FY2024 results: revenue $3.2 billion, down 2.8% on the year

Middleby Corp. (MIDD) reported revenue of $3.2 billion for fiscal 2024, the year ended 28 December 2024, down 2.8% on the year before. Net income was $428 million, up 6.9%, and diluted earnings per share $7.90. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$3.2 billion

-2.8% on the year

FY2017FY2024

Operating margin

20.4%

20.1% a year earlier

FY2017FY2024

Net income

$428 million

+6.9% on the year

FY2017FY2024

Diluted EPS

$7.90

+6.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,150	3,242	4,033	-2.8%
Cost of revenue	1,898	1,958	2,586	-3.0%
Gross profit	1,252	1,284	1,447	-2.5%
Gross margin	39.7%	39.6%	35.9%
Research and development	50.8	47.1	48.9	+7.9%
Selling, general and administrative	590	625	797	-5.6%
Operating income	644	652	640	-1.3%
Operating margin	20.4%	20.1%	15.9%
Pre-tax income	566	536	564	+5.6%
Income tax	145	123	128	+17.9%
Effective tax rate	25.6%	23.0%	22.7%
Net income	428	401	437	+6.9%
Net margin	13.6%	12.4%	10.8%
Diluted EPS	$7.90	$7.41	$7.95	+6.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	687	629	333	+9.2%
Capital expenditure	36.7	59.2	67.3	-38.0%
Free cash flow	650	570	265	+14.1%
Free cash flow margin	20.6%	17.6%	6.6%
Cash from investing	-159	-156	-348
Cash from financing	-73.8	-391	7.6
Depreciation and amortisation	104	110	138	-5.3%
Share-based compensation	31.9	45.2	58.4	-29.4%
Buybacks	34.7	74.6	265	-53.5%
Diluted shares, weighted	54m	54m	55m	+0.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,638	3,250	2,798	+12.0%
Debt	2,395	2,425	2,722	-1.2%
Operating lease liabilities	67.5	87.5	80.2	-22.9%
Other liabilities	1,182	1,144	1,275	+3.3%
Total liabilities and equity	7,283	6,907	6,875	+5.5%
Fixed assets	385	511	444	-24.7%
Goodwill	1,744	1,704	2,412	+2.3%
Intangible assets	1,100	1,693	1,794	-35.0%
Cash and equivalents	639	247	162	+158.1%
Receivables	532	645	631	-17.5%
Inventory	656	936	1,078	-29.9%
Other assets	2,228	1,171	354	+90.3%
Total assets	7,283	6,907	6,875	+5.5%

10-K for the year ended 28 December 2024, filed 26 February 2025: the filing.