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MIDD

The Middleby Corporation

MIDD

The Middleby Corporation • NASDAQ
$118.20 ▲ 0.44% (+0.52)
Market Cap $5.95 B
52w High $182.73
52w Low $110.82
Dividend Yield 0%
P/E -29.85
Volume 237.66K
Outstanding Shares 50.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $982.131M ▲ $915.555M ▲ $-512.978M ▼ -52.231% ▼ $-10.15 ▼ $-520.975M ▼
Q2-2025 $977.859M ▲ $213.611M ▲ $105.956M ▲ 10.836% ▲ $2.01 ▲ $183.252M ▲
Q1-2025 $906.627M ▼ $205.335M ▼ $92.352M ▼ 10.186% ▼ $1.72 ▼ $171.966M ▼
Q4-2024 $1.014B ▲ $219.027M ▲ $112.304M ▼ 11.077% ▼ $2.09 ▼ $205.358M ▼
Q3-2024 $942.809M $181.995M $114.166M 12.109% $2.12 $206.856M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $175.13M ▼ $6.355B ▼ $3.417B ▼ $2.938B ▼
Q2-2025 $511.499M ▼ $7.336B ▼ $3.713B ▲ $3.623B ▼
Q1-2025 $745.143M ▲ $7.401B ▲ $3.671B ▲ $3.73B ▲
Q4-2024 $689.533M ▲ $7.283B ▲ $3.645B ▲ $3.638B ▲
Q3-2024 $606.004M $7.201B $3.608B $3.593B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-512.978M ▼ $176.341M ▲ $-51.301M ▼ $-462.58M ▼ $-336.369M ▼ $156.075M ▲
Q2-2025 $105.956M ▲ $122.003M ▼ $-24.419M ▲ $-346.368M ▼ $-233.644M ▼ $101.084M ▼
Q1-2025 $92.352M ▼ $141.134M ▼ $-34.837M ▲ $-57.091M ▼ $55.61M ▼ $107.402M ▼
Q4-2024 $112.304M ▼ $239.734M ▲ $-114.536M ▼ $-27.979M ▼ $83.529M ▼ $226.593M ▲
Q3-2024 $114.166M $156.665M $-13.682M $-3.114M $146.547M $145.256M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Foodservice Equipment Group
Commercial Foodservice Equipment Group
 $610.00M ▲$560.00M ▼$580.00M ▲$610.00M ▲
Food Processing Group
Food Processing Group
 $220.00M ▲$170.00M ▼$220.00M ▲$200.00M ▼
Residential Kitchen
Residential Kitchen
 $190.00M ▲$180.00M ▼$180.00M ▲$170.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Middleby’s income statement shows a company that grew strongly coming out of 2020 and then leveled off more recently. Sales climbed meaningfully for a few years, but have been roughly flat to slightly down in the last two, suggesting a more mature or slower growth phase. Despite that plateau, operating and EBITDA margins have stayed healthy and fairly steady, which points to good cost control and pricing discipline. Net profit has bounced around but remains solid, indicating resilience rather than a boom‑and‑bust pattern. The main question going forward is whether the business can re‑ignite top‑line growth without sacrificing these stable margins.

Balance Sheet

Balance Sheet The balance sheet looks generally sound and steadily stronger over time. Total assets and shareholder equity have grown consistently, which implies reinvestment and retained earnings building up the company’s capital base. Debt increased earlier in the period, likely tied to acquisitions and expansion, but has edged down more recently while equity has risen, meaning leverage is gradually improving. Cash on hand has climbed sharply in the latest year, giving more financial flexibility and a better cushion against downturns. Overall, it looks like a balance sheet that can support ongoing investment and the planned spin‑off, though still with a meaningful, but manageable, debt load to watch.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has improved noticeably in the last couple of years, and free cash flow has remained positive throughout the period, even when earnings were softer. Capital spending is relatively modest compared with the size of the business, so a large share of cash from operations is available for debt reduction, acquisitions, or other corporate priorities. The pattern suggests the company converts its accounting profits into cash reasonably well, though there have been some normal year‑to‑year swings likely tied to working capital. Strong, repeatable cash flow is a supportive backdrop for both innovation spending and the upcoming business separation.

Competitive Edge

Competitive Edge Middleby occupies a strong niche as a global leader in commercial and residential kitchen and foodservice equipment. Its breadth of well‑known brands, ability to offer a “one‑supplier” integrated kitchen, and global manufacturing and distribution give it meaningful scale and customer stickiness. The ventless, automated, and connected kitchen solutions directly address major pain points for restaurant and foodservice operators, which strengthens its value proposition and raises switching costs once customers adopt the full ecosystem. A long history of acquisitions has expanded its portfolio into beverages, ice, and specialty categories, further deepening its reach. Key competitive risks include cyclical demand in restaurants and food processing, pressure from other large equipment makers, and the need to keep its technological edge as automation and IoT become more crowded fields.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of Middleby’s strategy. The company is pushing hard into ventless cooking, automation and robotics for repetitive kitchen tasks, and connected kitchen platforms that let operators monitor and optimize equipment fleets remotely. Its focus on energy efficiency and sustainability also aligns well with rising regulatory and customer expectations, turning environmental performance into a selling point. Facilities like the Middleby Innovation Kitchens help convert R&D into real customer solutions by allowing hands‑on testing, menu development, and workflow design. Looking ahead, the spin‑off of the food processing business and the continued push into beverage and ice solutions should create more focused innovation paths, but also raise execution risk if integration and product roadmaps are not well coordinated.

Summary

Taken together, Middleby looks like a mature but still innovative industrial company with solid profitability, a strengthening balance sheet, and strong cash generation. Growth in sales has slowed after a strong post‑2020 rebound, but margins and cash flow quality remain a key support. Its competitive position is built on a broad brand portfolio, integrated kitchen solutions, and leading positions in ventless, automated, and connected equipment. The upcoming spin‑off could sharpen strategic focus and potentially highlight the value of its core businesses, but it also introduces complexity and transitional risk. Over time, the company’s ability to restart organic growth, manage its debt, and stay ahead in automation and IoT will likely be the main drivers of how its financial profile evolves.

NEWS

November 6, 2025 · 7:00 AM UTC

The Middleby Corporation Reports Third Quarter Results

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October 30, 2025 · 4:30 PM UTC

Middleby Schedules Third Quarter Earnings Release and Conference Call

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October 29, 2025 · 9:00 AM UTC

Middleby Appoints Rebecca Ellin as Senior Vice President of Investor Strategy and Corporate Development

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