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Middleby (MIDD) FY2025 results: revenue $3.2 billion, up 1.6% on the year

Middleby Corp. (MIDD) reported revenue of $3.2 billion for fiscal 2025, the year ended 3 January 2026, up 1.6% on the year before. Net income was -$278 million, and diluted earnings per share $-5.32. The figures are the company's own, from the 10-K it filed with the SEC on 4 March 2026.

Revenue
$3.2 billion
+1.6% on the year
FY2018FY2025
Operating margin
18.0%
20.4% a year earlier
FY2018FY2025
Net income
-$278 million
FY2018FY2025
Diluted EPS
-$5.32
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 18 new.

  • Q4 sales up 4.5%, organic 0.3%: Q4 net sales were $866.4 million, up 4.5% reported and 0.3% organically. Full-year net sales were $3,201.2 million, up 1.6% reported and down 2.4% organically.
  • Adjusted EBITDA lower in Q4 and year: Q4 adjusted EBITDA was $197.1 million against $226.2 million. Full-year adjusted EBITDA was $719.5 million against $791.9 million, both on a continuing operations basis.
  • Commercial Foodservice sales held flat: Commercial Foodservice Q4 revenue was $601.7 million, up 0.7% reported and down 0.1% organically. Dealer channel grew at double-digit rates. Full-year revenue was $2,351.0 million.
  • Record Food Processing orders and backlog: Q4 Food Processing orders rose 66% organically to a record Q4, and year-end backlog rose 36%.
  • Tariffs cut Q4 adjusted EBITDA: Tariffs reduced Q4 adjusted EBITDA by $7 million, according to the company's reconciliation.
Read the Q4 FY2025 earnings call summary

From this 10-K

Middleby designs, makes, sells and services equipment for commercial restaurants and institutional kitchens, along with integrated IoT solutions and universal controllers, and food preparation, cooking, baking, chilling and packaging equipment for food processing plants. It was founded in 1888 as a maker of baking ovens. It reports two segments, the Commercial Foodservice Equipment Group and the Food Processing Equipment Group.

Middleby Corp., the 10-K for 2026

Middleby designs, makes, sells and services equipment for commercial restaurants and institutional kitchens, along with integrated IoT solutions and universal controllers, and food preparation, cooking, baking, chilling and packaging equipment for food processing plants. It was founded in 1888 as a maker of baking ovens. It reports two segments, the Commercial Foodservice Equipment Group and the Food Processing Equipment Group.

Portfolio changes

On February 2, 2026 it completed the sale of a 51% stake in its Residential Kitchen Equipment Group to an affiliate of 26North Partners LP, and it now owns a 49% interest in the joint venture that holds that business. It announced on February 25, 2025 its intent to spin off its Food Processing business as a separate public company, and at the time of the filing it was targeting completion in the second quarter of 2026, subject to conditions including final board approval.

Commercial foodservice

This group makes equipment for cooking, warming, holding, refrigeration, freezing and beverages, including conveyor ovens, combi-ovens, fryers, ranges, griddles, charbroilers, kitchen ventilation, ice machines, blast chillers, soft serve ice cream equipment, and coffee and beverage dispensing equipment. Its trade names include Blodgett, Pitco, Star, Taylor, TurboChef, Viking Commercial and Wells. The equipment is used in quick-service and full-service restaurants, ghost kitchens, convenience stores, supermarkets, hotels, schools, hospitals and other institutions.

Food processing

This group sells mixers, make-up lines, spiral and other continuous ovens, frying systems and automated thermal processing systems, along with slicers, grinders, breading equipment, forming equipment, automated loading and washing systems, and freezing and packaging equipment. Its customers produce protein products such as bacon, sausage, poultry, lunch meat and pet food, and bakery products such as bread, cakes, cookies, pizza, tortillas and snacks. Its trade names include Alkar, Armor Inox, Auto-Bake, Stewart Systems and Thurne.

Selling and service

In the United States, commercial foodservice products reach end users mainly through non-exclusive dealers, while some large restaurant chains buy direct. The company has opened demonstration kitchens it calls Middleby Innovation Kitchens in Dallas, Germany and Spain, which run live cooking demonstrations on over 200 pieces of its equipment. Food processing equipment is sold by a direct sales force, and customers can test products at sites it calls Protein and Bakery Innovation Centers in Chicago, Dallas, India and Italy. Its domestic foodservice service network has over 100 authorized service parts distributors and 3,000 independent certified technicians trained by the company. It names Ali Group, Duke Manufacturing, AB Electrolux, Rational AG and Hobart among its foodservice competitors, and JBT Marel Corporation, GEA Group and ProMach among its food processing competitors.

Manufacturing

The Commercial Foodservice Equipment Group makes its products in twenty-five domestic and eighteen international production facilities, and the Food Processing Equipment Group in thirteen domestic and sixteen international ones. Most materials it buys are commodity-type, such as stainless steel, electrical components and hardware, and most fabrication is done in-house on automated equipment.

People

It employed 8,826 people in its continuing operations as of January 3, 2026, of whom 4,786 were in the United States. About 5% of the workforce was unionized.

From Middleby's annual report on Form 10-K for the fiscal year ended 3 January 2026. The filing

Written from the 10-K filed 4 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,2013,1503,242+1.6%
Cost of revenue1,9491,8981,958+2.7%
Gross profit1,2521,2521,284+0.0%
Gross margin39.1%39.7%39.6%
Research and development58.850.847.1+15.7%
Selling, general and administrative663590625+12.4%
Operating income575644652-10.7%
Operating margin18.0%20.4%20.1%
Pre-tax income482566536-14.8%
Income tax115145123-20.7%
Effective tax rate23.8%25.6%23.0%
Net income-278428401
Net margin-8.7%13.6%12.4%
Diluted EPS-$5.32$7.90$7.41
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow630687629-8.2%
Capital expenditure70.736.759.2+92.8%
Free cash flow559650570-13.9%
Free cash flow margin17.5%20.6%17.6%
Cash from investing-127-159-156
Cash from financing-971-73.8-391
Depreciation and amortisation105104110+1.1%
Share-based compensation13.531.945.2-57.8%
Buybacks72434.774.6+1,987.7%
Diluted shares, weighted52m54m54m-3.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,7763,6383,250-23.7%
Debt2,1732,3952,425-9.3%
Operating lease liabilities94.367.587.5+39.7%
Other liabilities1,2721,1821,144+7.6%
Total liabilities and equity6,3157,2836,907-13.3%
Fixed assets432385511+12.2%
Goodwill1,8001,7441,704+3.2%
Intangible assets1,0611,1001,693-3.5%
Cash and equivalents222639247-65.2%
Receivables573532645+7.8%
Inventory693656936+5.6%
Other assets1,5352,2281,171-31.1%
Total assets6,3157,2836,907-13.3%

10-K for the year ended 3 January 2026, filed 4 March 2026: the filing.