Middleby (MIDD)
Market Price (9/8/2026): $111.735 | Market Cap: $5.1 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Middleby (MIDD)
Market Price (9/8/2026): $111.735Market Cap: $5.1 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Attractive yieldFCF Yield is 9.4% Stock buyback supportStock Buyback 3Y Total is 1.3 Bil Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Automation & Robotics. Themes include Luxury Consumer Goods, Experiential Retail, Show more. | Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -94% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksMIDD key risks include [1] declining organic sales, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Attractive yieldFCF Yield is 9.4% |
| Stock buyback supportStock Buyback 3Y Total is 1.3 Bil |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Automation & Robotics. Themes include Luxury Consumer Goods, Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -94% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksMIDD key risks include [1] declining organic sales, Show more. |
Qualitative Assessment
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Middleby (MIDD) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Spin-off of Food Processing Business (Midera) completed in early fiscal Q3 2026.
The Middleby Corporation completed the spin-off of its Food Processing business, Midera Food Processing, Inc., on July 6, 2026, with Midera shares beginning regular-way trading on July 7, 2026. Shareholders received one share of Midera for every Middleby share owned. This separation fundamentally restructured Middleby into a pure-play commercial foodservice company, reallocating a significant portion of its previous valuation to the new entity and naturally impacting Middleby's stock price.
2. Weakened Full-Year Fiscal 2026 Guidance Post-Spin-off.
Despite reporting better-than-expected adjusted earnings per share of $2.35 (versus a consensus of $2.09) and revenue of $875.55 million for fiscal Q2 2026 (ended July 4, 2026), Middleby's stock declined due to a cautious forward outlook. The company projected full-year fiscal 2026 adjusted EPS in the range of $6.73 to $6.89 and post-spin revenue between $2.48 billion and $2.53 billion, with some analysts noting this guidance was lower than previous expectations. This revised outlook, suggesting a softer performance trajectory, overshadowed the Q2 beats.
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Middleby (MIDD) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Spin-off of Food Processing Business (Midera) completed in early fiscal Q3 2026.
The Middleby Corporation completed the spin-off of its Food Processing business, Midera Food Processing, Inc., on July 6, 2026, with Midera shares beginning regular-way trading on July 7, 2026. Shareholders received one share of Midera for every Middleby share owned. This separation fundamentally restructured Middleby into a pure-play commercial foodservice company, reallocating a significant portion of its previous valuation to the new entity and naturally impacting Middleby's stock price.
2. Weakened Full-Year Fiscal 2026 Guidance Post-Spin-off.
Despite reporting better-than-expected adjusted earnings per share of $2.35 (versus a consensus of $2.09) and revenue of $875.55 million for fiscal Q2 2026 (ended July 4, 2026), Middleby's stock declined due to a cautious forward outlook. The company projected full-year fiscal 2026 adjusted EPS in the range of $6.73 to $6.89 and post-spin revenue between $2.48 billion and $2.53 billion, with some analysts noting this guidance was lower than previous expectations. This revised outlook, suggesting a softer performance trajectory, overshadowed the Q2 beats.
3. Multiple Analyst Downgrades and Price Target Reductions.
Following the spin-off and the fiscal Q2 2026 earnings report, several prominent analysts downgraded Middleby's stock and significantly lowered their price targets. For instance, Oppenheimer reduced its price target from $205.00 to $160.00, Robert W. Baird downgraded Middleby from a "strong-buy" to a "hold" rating, and JPMorgan Chase & Co. lowered its price objective from $151.00 to $141.00. These widespread negative revisions from the analyst community eroded investor confidence and contributed to the stock's decline.
4. Persistent Margin Pressures and Softening Industry Dynamics.
Investors factored in ongoing margin pressures, elevated tariff costs, and a more subdued outlook for the second half of fiscal 2026. During the fiscal Q2 earnings call, management acknowledged "near-term margin pressures from accelerated inflation, freight, tariffs" as notable challenges. Although the Commercial Foodservice segment demonstrated an 8.3% organic revenue growth in Q2, broader industry softness, including a decrease in quick-service restaurant (QSR) traffic, tempered overall market sentiment and impacted the company's valuation.
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Stock Movement Drivers
Fundamental Drivers
The -27.9% change in MIDD stock from 5/31/2026 to 9/7/2026 was primarily driven by a -32.6% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 155.01 | 111.75 | -27.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,953 | 3,032 | 2.7% |
| P/S Multiple | 2.5 | 1.7 | -32.6% |
| Shares Outstanding (Mil) | 47 | 45 | 4.2% |
| Cumulative Contribution | -27.9% |
Market Drivers
5/31/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| MIDD | -27.9% | |
| Market (SPY) | 1.8% | 29.5% |
| Sector (XLI) | 1.2% | 43.6% |
Fundamental Drivers
The -33.8% change in MIDD stock from 2/28/2026 to 9/7/2026 was primarily driven by a -45.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 168.86 | 111.75 | -33.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,799 | 3,032 | 8.3% |
| P/S Multiple | 3.0 | 1.7 | -45.2% |
| Shares Outstanding (Mil) | 51 | 45 | 11.5% |
| Cumulative Contribution | -33.8% |
Market Drivers
2/28/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| MIDD | -33.8% | |
| Market (SPY) | 12.6% | 39.9% |
| Sector (XLI) | -0.8% | 44.1% |
Fundamental Drivers
The -18.3% change in MIDD stock from 8/31/2025 to 9/7/2026 was primarily driven by a -36.0% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 136.85 | 111.75 | -18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,759 | 3,032 | 9.9% |
| P/S Multiple | 2.6 | 1.7 | -36.0% |
| Shares Outstanding (Mil) | 53 | 45 | 16.1% |
| Cumulative Contribution | -18.3% |
Market Drivers
8/31/2025 to 9/7/2026| Return | Correlation | |
|---|---|---|
| MIDD | -18.3% | |
| Market (SPY) | 20.4% | 36.5% |
| Sector (XLI) | 16.5% | 47.6% |
Fundamental Drivers
The -23.2% change in MIDD stock from 8/31/2023 to 9/7/2026 was primarily driven by a -25.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 145.59 | 111.75 | -23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,072 | 3,032 | -25.5% |
| P/S Multiple | 1.9 | 1.7 | -12.7% |
| Shares Outstanding (Mil) | 54 | 45 | 18.1% |
| Cumulative Contribution | -23.2% |
Market Drivers
8/31/2023 to 9/7/2026| Return | Correlation | |
|---|---|---|
| MIDD | -23.2% | |
| Market (SPY) | 77.1% | 47.0% |
| Sector (XLI) | 68.7% | 55.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MIDD Return | 53% | -32% | 10% | -8% | 10% | -24% | -13% |
| Peers Return | 16% | 1% | 30% | 16% | -7% | -14% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MIDD Win Rate | 67% | 25% | 50% | 42% | 33% | 56% | |
| Peers Win Rate | 67% | 33% | 58% | 58% | 53% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| MIDD Max Drawdown | -14% | -38% | -31% | -26% | -35% | -38% | |
| Peers Max Drawdown | -19% | -30% | -16% | -16% | -24% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ITW, IR, EPAC, CEPL, GFUZ. See MIDD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | MIDD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.0% | -18.8% |
| % Gain to Breakeven | 37.1% | 23.1% |
| Time to Breakeven | 423 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.9% | -9.5% |
| % Gain to Breakeven | 31.4% | 10.5% |
| Time to Breakeven | 43 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.3% | -6.7% |
| % Gain to Breakeven | 16.8% | 7.1% |
| Time to Breakeven | 271 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.8% | -33.7% |
| % Gain to Breakeven | 155.3% | 50.9% |
| Time to Breakeven | 227 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.4% | -19.2% |
| % Gain to Breakeven | 27.1% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.6% | -3.7% |
| % Gain to Breakeven | 14.5% | 3.9% |
| Time to Breakeven | 20 days | 6 days |
In The Past
Middleby's stock fell -27.0% during the 2025 US Tariff Shock. Such a loss loss requires a 37.1% gain to breakeven.
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Asset Allocation
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| Event | MIDD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.0% | -18.8% |
| % Gain to Breakeven | 37.1% | 23.1% |
| Time to Breakeven | 423 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.9% | -9.5% |
| % Gain to Breakeven | 31.4% | 10.5% |
| Time to Breakeven | 43 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.8% | -33.7% |
| % Gain to Breakeven | 155.3% | 50.9% |
| Time to Breakeven | 227 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.4% | -19.2% |
| % Gain to Breakeven | 27.1% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.4% | -12.2% |
| % Gain to Breakeven | 50.1% | 13.9% |
| Time to Breakeven | 103 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.4% | -17.9% |
| % Gain to Breakeven | 34.1% | 21.8% |
| Time to Breakeven | 43 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.1% | -53.4% |
| % Gain to Breakeven | 271.2% | 114.4% |
| Time to Breakeven | 620 days | 1085 days |
In The Past
Middleby's stock fell -27.0% during the 2025 US Tariff Shock. Such a loss loss requires a 37.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Middleby (MIDD)
Middleby Corporation (MIDD) is a global leader in designing, manufacturing, and servicing a broad range of equipment for the foodservice, food processing, and residential kitchen industries. Founded in 1888, the company operates across the United States, Canada, Asia, Europe, the Middle East, and Latin America, establishing itself as a key supplier in the culinary and food production sectors worldwide.
The company's operations are primarily divided into two main B2B segments. Its Commercial Foodservice Equipment Group provides a vast array of cooking and preparation equipment, including various ovens, fryers, steam cooking, refrigeration, ice machines, and beverage dispensing systems. These products cater to commercial kitchens such as restaurants, hotels, and institutional cafeterias. The Food Processing Equipment Group serves large-scale food manufacturers, offering specialized machinery like industrial ovens, automated thermal processing systems, grinders, slicers, and packaging equipment used in producing items like hot dogs, poultry, and baked goods.
Middleby also has a B2C Residential Kitchen Equipment Group, which offers premium appliances for home use, encompassing cookers, stoves, dishwashers, microwaves, cooktops, wine coolers, and outdoor kitchen equipment. This segment targets individual consumers seeking high-quality kitchen solutions for their homes. In essence, Middleby is a diversified equipment manufacturer providing critical infrastructure for nearly every facet of food preparation, from large industrial production to commercial establishments and home kitchens.
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It's like 'Whirlpool' or 'GE Appliances' for the entire food ecosystem, making everything from restaurant fryers and industrial processing machines to luxury home stoves.
Think of it as 'Stanley Black & Decker' for food equipment, providing the essential tools and machinery for commercial kitchens, food factories, and high-end homes.
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- Commercial Foodservice Equipment: Middleby offers a broad array of professional kitchen appliances including ovens, fryers, ranges, and warming equipment for restaurants and other commercial settings.
- Food Processing Equipment: The company provides advanced industrial machinery for large-scale food production, such as continuous processing ovens, grinders, mixers, and packaging systems.
- Residential Kitchen Appliances: Middleby manufactures premium kitchen equipment for homes, encompassing cooktops, ovens, dishwashers, and integrated refrigeration solutions.
- Beverage & Dessert Dispensing Equipment: Specialized machines for coffee, soft-serve ice cream, and craft brewing are supplied for both commercial establishments and residential use.
- Food Preservation & Refrigeration: Commercial and residential refrigeration units, including blast chillers, cold rooms, and ice machines, are designed to maintain food quality and safety.
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Middleby (MIDD) primarily serves other companies (B2B) through its Commercial Foodservice Equipment Group and Food Processing Equipment Group segments. While specific customer names are not provided in the background description, its major customers can be categorized as follows:
- Commercial Foodservice Businesses: These include a wide range of enterprises such as large restaurant chains, hotel groups, catering companies, institutional food service providers, coffee shops, and professional craft breweries. They utilize Middleby's extensive lineup of commercial cooking, refrigeration, beverage dispensing, and ventilation equipment.
- Food Processing and Manufacturing Companies: This segment serves businesses involved in the large-scale production of various food items, including meat products (such as hot dogs, dinner sausages, poultry, and lunchmeats) and baked goods (like muffins, cookies, and bread). These customers rely on Middleby's specialized food preparation, processing, freezing, and packaging machinery.
Additionally, through its Residential Kitchen Equipment Group segment, Middleby also serves Individual Consumers/Homeowners, providing kitchen appliances such as cookers, stoves, dishwashers, microwaves, and outdoor kitchen equipment for personal home use.
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Timothy FitzGerald, Chief Executive Officer
Timothy FitzGerald has served as the Chief Executive Officer of The Middleby Corporation since February 2019. Prior to this, he held various positions within Middleby, including Chief Financial Officer from 2003 to 2019, Vice President and Corporate Controller from 2000 to 2003, and Corporate Controller from 1998 to 2003. Before joining Middleby, Mr. FitzGerald was an Audit Manager with Arthur Andersen LLP for seven years, where he assisted clients with restructurings, business integrations, and mergers and acquisition activities. He has been instrumental in Middleby's acquisition and business development efforts, having overseen the acquisition of more than 70 brands. Mr. FitzGerald also serves on the board of Alliance Laundry Holdings Inc. since 2021 and Hardinge Inc. since 2018.
Bryan Mittelman, Chief Financial Officer
Bryan Mittelman was appointed Chief Financial Officer of The Middleby Corporation in 2019, having joined the company in 2018 as Chief Accounting Officer. He brings nearly 30 years of finance experience to his role. Before his tenure at Middleby, Mr. Mittelman spent five years as Vice President and Controller of Knowles Corporation. His previous experience also includes serving as Corporate Controller at Morningstar, Inc. and holding finance and accounting positions at Siemens Healthcare Diagnostics, Dade Behring, and Arthur Andersen. He is a Certified Public Accountant.
James K. Pool III, Chief Technology and Operations Officer
James K. Pool III has served as Middleby's Chief Technology and Operations Officer since February 2021. Prior to this role, he was Group President and President of TurboChef Technologies, LLC from 2011 to February 2021. Mr. Pool joined Middleby in 2008 following the company's acquisition of TurboChef Technologies. He initially joined TurboChef in 1995, where he was the principal engineer and led the engineering efforts for the company's rapid and accelerated cooking ovens. His background includes both culinary experience as a chef and a degree in Mechanical Engineering from the University of Wyoming.
Matthew Fuchsen, Chief Development Officer
Matthew Fuchsen was appointed Chief Development Officer of The Middleby Corporation in May 2023.
Steven Spittle, Chief Commercial Officer
Steven Spittle serves as the Chief Commercial Officer for The Middleby Corporation. He joined Middleby in 2010 and has since held several leadership positions, including a group president role where he was directly involved in the overall strategy for the Middleby Commercial Foodservice Group.
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1. Weakness in Key End Markets
Middleby is significantly impacted by sluggish demand and reduced capital spending in its primary end markets, particularly in the Commercial Foodservice and Residential Kitchen Equipment segments. The Commercial Foodservice segment experiences softness due to lower customer traffic in quick-service restaurant (QSR) chains and general cost pressures on restaurant operators, leading to delayed investments. Similarly, the Residential Kitchen Equipment Group has seen weakness due to a cooling housing market, lower new and existing home sales, and consumer caution, particularly in domestic and European markets. This directly impacts the company's sales and revenue growth.
2. Tariff Pressures and Escalating Costs
The company faces ongoing tariff-related headwinds, which management projects to be an annual cost of $150 million to $200 million. These tariffs directly impact profit margins, especially in the Residential Kitchen segment. Beyond tariffs, Middleby is also grappling with escalating operational costs, including rising labor and energy expenses, which threaten to erode profit margins across its businesses.
3. Intense Competitive Market Dynamics
The foodservice and food processing equipment industry in which Middleby operates is highly competitive. The company constantly faces the threat of new market entrants, technological disruptions, and aggressive pricing strategies from rivals. To maintain its market position, Middleby must continuously innovate and adapt to evolving market conditions, including addressing labor shortages and the rise of new concepts like ghost kitchens.
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The Middleby Corporation (MIDD) operates in three primary segments: Commercial Foodservice Equipment, Food Processing Equipment, and Residential Kitchen Equipment. The addressable markets for these main product and service categories are substantial globally.
Commercial Foodservice Equipment Group
- The global commercial oven market was valued at approximately USD 19.4 billion in 2024. This market is projected to grow to about USD 34.19 billion by 2033.
- Within commercial ovens, the global commercial combi ovens market was valued at USD 748 million in 2024 and is projected to reach USD 964 million by 2032. North America accounts for approximately 48% of this market, followed by Europe with about 33%.
- The global commercial deep fryers market was valued at approximately USD 1.5 billion in 2023 and is projected to reach around USD 2.3 billion by 2032. Another estimate places the commercial deep fryers market at USD 434.77 million in 2024, expected to grow to USD 573.53 million by 2033.
- The broader global food service equipment market was valued at USD 39.51 billion in 2024 and is expected to reach USD 65.63 billion by 2033. Cooking equipment is anticipated to represent a significant portion, with a 42.2% share in 2026. Europe is projected to be the leading regional market, holding a 26.1% share in 2026.
- The global beverage dispenser equipment market was valued at approximately USD 6.4 billion in 2025 and is expected to reach USD 9.2 billion by 2032. Asia-Pacific dominated this market with the largest revenue share of 36.1% in 2024.
Food Processing Equipment Group
- The global food processing and handling equipment market size was valued at USD 124.85 billion in 2025. It is projected to grow to USD 206.85 billion by 2034. Asia Pacific dominated this market with a 30.90% share in 2025. Other estimates place the global food processing equipment market at USD 56.79 billion in 2025, reaching USD 78.71 billion by 2033.
- The global industrial mixers market, which includes mixers for the food and beverage industry, is projected to rise from US$ 2,839.4 million in 2025 to US$ 4,297.7 million by 2032. The food industry segment comprised 27% share in 2024 within the industrial mixers and blenders market. Asia-Pacific accounts for approximately 35% of the global demand for industrial mixers.
- The global food packaging equipment market was estimated at USD 20.27 billion in 2024 and is projected to reach USD 36.75 billion by 2035. Asia-Pacific held the largest revenue share in this market in 2024, at 36.5%.
Residential Kitchen Equipment Group
- The global household kitchen appliances market was estimated at USD 269.27 billion in 2024 and is projected to reach USD 388.58 billion by 2033. Asia Pacific held the largest share in this market in 2024, accounting for 36.8%.
- The global luxury kitchen appliances market was valued at approximately USD 20.5 billion in 2023 and is projected to reach around USD 42.8 billion by 2032. North America is the largest market, holding approximately 45% of the global market share, while Europe is the second-largest, accounting for around 30%. Asia-Pacific is an emerging market in this segment, holding approximately 20% of the global share.
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Middleby (NASDAQ: MIDD) is expected to drive future revenue growth over the next two to three years through several key initiatives across its core business segments and strategic portfolio adjustments.
Here are 3-5 expected drivers of future revenue growth for Middleby:
- Accelerated Growth in the Commercial Foodservice Segment: Middleby anticipates continued revenue growth within its Commercial Foodservice segment, driven by increased demand from dealer partners, independent operators, institutional clients, and fast-casual chains. Significant investments in the ice and beverage platform, alongside the introduction of new products and advanced technologies such as automation and IoT solutions, are expected to fuel this expansion. The company projects organic growth of 1-3% for its Commercial Foodservice segment in 2026.
- Robust Expansion and Backlog Conversion in the Food Processing Segment: The Food Processing segment is strategically positioned for substantial revenue growth, supported by strong organic order growth, particularly in the poultry and snacks categories, and a record backlog. Further drivers include strategic international market expansion and the successful implementation of "Total Line Solutions." Middleby has initiated 2026 organic growth guidance of 4-6% for this segment.
- Benefits from Strategic Portfolio Optimization: Middleby's strategic decision to spin off its Food Processing business into an independent public entity is anticipated to unlock significant value and accelerate revenue growth for both the remaining Commercial Foodservice business and the newly independent Food Processing company. This restructuring aims to create two highly focused entities, each capable of pursuing optimized growth strategies, capital allocation, and potential merger and acquisition opportunities.
- Strategic Pricing Initiatives: The company plans to implement strategic price increases to mitigate the impact of tariffs and other rising costs. These pricing actions are expected to contribute directly to revenue growth and offset adverse cost pressures in the coming years.
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Share Repurchases
- Middleby repurchased $710 million in shares during 2025, leading to an approximate 9% reduction in its share count.
- In early 2026, the company continued its repurchase program, buying back an additional 1.7 million shares for approximately $250 million, following $152 million in January 2026.
- As of May 2025, Middleby's Board of Directors increased the share repurchase authorization by 7.5 million shares, bringing the total authorized to 11.4 million shares, which represents 21% of the company's outstanding equity. The company has stated its intention to allocate the vast majority of its free cash flow to share repurchases in the foreseeable future.
Share Issuance
- In August 2020, Middleby priced an upsized offering of $650 million in 1.00% convertible senior notes due 2025, resulting in estimated net proceeds of approximately $633.9 million.
Inbound Investments
- In December 2025, Middleby entered into an agreement to sell a 51% stake in its Residential Kitchen business to affiliates of 26North Partners LP, a transaction that valued the Residential Kitchen business at $885 million.
- Middleby received approximately $565 million in cash proceeds and retained a $135 million promissory note, while maintaining a 49% non-controlling interest in the newly formed joint venture. This transaction was officially completed in February 2026.
Outbound Investments
- In 2022, Middleby invested approximately $290 million in acquisitions, adding eight new brands to its portfolio across its segments.
- Over the two years leading up to March 2026, Middleby completed seven acquisitions for an aggregate purchase price of $153.6 million, net of cash acquired, primarily enhancing its Commercial Foodservice Equipment Group and Food Processing Equipment Group.
- Notable acquisitions include Flavor Burst and Blue Sparq in Q1 2023, strengthening its beverage portfolio and in-house controls development capabilities, as well as Emery Thompson (frozen dessert equipment), GBT GmbH Bakery Technology, Frigomeccanica, Gorreri, and JC Ford through 2024-2025.
Capital Expenditures
- Capital expenditures totaled $67 million in 2022.
- In the first quarter of 2023, Middleby invested approximately $25 million in capital expenditures, focusing on manufacturing operations to support new product launches, increase capacity, and advance automation.
- For the full year 2023, the company invested over $80 million in factory automation and facility expansion.
- Capital spending in 2025 was approximately $71 million, with expectations for 2025 capital spending to be around 2% of revenues.
Peer Outperformance in Industrial Machinery & Supplies & Components
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MIDD | Middleby | -8.3% | -10.7x | -22.6% | -19.2% | -36.5% | — |
| FTV | Fortive | -8.4% | 32.4x | 19.6% | -2.9% | 2.5% | +39pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.5% | 106.8% | 187.8% | CDNL 2702% · FIX 2133% · STRL 2063% |
| Marine Transportation | 5 | 70.5% | 67.2% | 170.3% | HOS 48321% · MATX 185% · KEX 170% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 64.7% | 120.0% | CAT 329% · ALSN 280% · WAB 227% |
| Aerospace & Defense | 55 | -1.8% | 61.8% | 77.8% | ATI 1108% · FTAI 980% · HWM 746% |
| Passenger Ground Transportation | 3 | -11.2% | 54.5% | 61.7% | UBER 89% · CAR 62% · LYFT -66% |
| Rail Transportation | 7 | 31.0% | 72.1% | 46.6% | FSTR 140% · CSX 67% · UNP 51% |
| Industrial Machinery & Supplies & Components ← | 71 | 10.1% | 45.1% | 45.7% | CRS 1494% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 38.0% | 9.0% | 39.6% | XPO 271% · R 260% · CVLG 222% |
| Trading Companies & Distributors | 19 | 2.7% | 35.7% | 32.9% | DXPE 552% · AIT 289% · WCC 224% |
| Diversified Support Services | 33 | 12.7% | 30.3% | 29.5% | LIME 4173% · TH 374% · WLFC 366% |
| Electrical Components & Equipment | 41 | 17.6% | 55.5% | 25.4% | POWL 2224% · BE 1132% · VRT 985% |
| Building Products | 33 | -11.0% | 4.7% | 19.8% | LMB 589% · GFF 403% · PPIH 279% |
| Agricultural & Farm Machinery | 17 | 14.1% | 6.0% | -3.9% | BLBD 227% · DE 100% · GENC 57% |
| Research & Consulting Services | 13 | -10.1% | -20.7% | -6.9% | HURN 219% · GRNQ 157% · CRAI 96% |
| Industrial Conglomerates | 17 | 10.5% | 14.2% | -10.9% | RCMT 656% · CSW 142% · CSL 82% |
| Environmental & Facilities Services | 29 | -8.4% | 25.5% | -12.7% | CECO 910% · ADUR 558% · NVRI 362% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.7% | -25.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 2.4% | 2.6% | -25.4% | LTM 3400% · UAL 145% · SKYW 122% |
| Office Services & Supplies | 9 | 12.0% | 27.2% | -28.6% | PBI 197% · TILE 160% · HNI 63% |
| Human Resource & Employment Services | 22 | 8.4% | -17.7% | -35.3% | BBSI 83% · ADP 51% · KFY 29% |
| Security & Alarm Services | 10 | -36.1% | 7.0% | -37.0% | CIX 135% · MG 103% · NL 52% |
| Air Freight & Logistics | 12 | -8.2% | -20.5% | -37.2% | CHRW 87% · FDX 70% · EXPD 62% |
| Airport Services | 3 | -67.1% | -77.6% | -57.6% | JOBY -28% · ASLE -58% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Middleby Earnings Notes | 12/29/2026 | |
| Strong Cash Yield Stock: Why Not Middleby Stock? | 11/20/2025 | |
| Is Middleby Stock Built to Withstand a Pullback? | 10/17/2025 | |
| MIDD's One-Week Rally Offers a Chance to Reevaluate MRK | 08/18/2025 | |
| As MIDD Surges 11% in a Week, MLI's Story Stands Out | 08/18/2025 | |
| Middleby Stock vs Competition: Who Wins? | 08/13/2025 | |
| Better Bet Than MIDD Stock: Pay Less Than Middleby To Get More From UNH, OKE | 08/12/2025 | |
| Better Bet Than MIDD Stock: Pay Less Than Middleby To Get More From UAL, OSK | 08/12/2025 | |
| ARTICLES | ||
| Strong Cash Yield: Is Middleby Stock A Buy? | 11/20/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 56.85 |
| Mkt Cap | 17.4 |
| Rev LTM | 3,032 |
| Op Inc LTM | 571 |
| FCF LTM | 478 |
| FCF 3Y Avg | 935 |
| CFO LTM | 530 |
| CFO 3Y Avg | 1,030 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.4% |
| Rev Chg 3Y Avg | 2.5% |
| Rev Chg Q | 6.1% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 4.1% |
| Op Inc Chg 3Y Avg | 13.4% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 20.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 17.5% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 15.8% |
| FCF/Rev 3Y Avg | 17.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 17.4 |
| P/S | 3.4 |
| P/Op Inc | 15.8 |
| P/EBIT | 16.0 |
| P/E | 22.4 |
| P/CFO | 18.7 |
| Total Yield | 4.2% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -11.5% |
| 3M Rtn | -9.8% |
| 6M Rtn | -18.5% |
| 12M Rtn | -17.5% |
| 3Y Rtn | -4.5% |
| 1M Excs Rtn | -11.7% |
| 3M Excs Rtn | -14.2% |
| 6M Excs Rtn | -32.9% |
| 12M Excs Rtn | -35.2% |
| 3Y Excs Rtn | -77.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Commercial Foodservice | 2,351 | 2,380 | 2,485 | 2,014 |
| Food Processing | 850 | 770 | 757 | 499 |
| Corporate and other | 0 | 0 | 0 | 0 |
| Residential Kitchen | 737 | |||
| Total | 3,201 | 3,150 | 3,242 | 3,251 |
| $ Mil | 2026 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Commercial Foodservice | 627 | 654 | 692 | 422 |
| Food Processing | 172 | 197 | 187 | 96 |
| Corporate and other | -79 | -59 | -75 | -12 |
| Other segment operating expenses | -145 | -148 | -151 | |
| Residential Kitchen | 125 | |||
| Total | 575 | 644 | 652 | 630 |
| $ Mil | 2026 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Commercial Foodservice | 3,570 | 3,604 | 3,697 | 3,521 |
| Food Processing | 1,438 | 1,197 | 1,068 | 639 |
| Corporate and other | 1,307 | 2,483 | 2,141 | 70 |
| Residential Kitchen | 2,154 | |||
| Total | 6,315 | 7,283 | 6,907 | 6,384 |
Price Behavior
| Market Price | $111.75 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | -37.6% | |
| 50 Days | 200 Days | |
| DMA Price | $131.38 | $143.29 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -14.9% | -22.0% |
| 3M | 1YR | |
| Volatility | 56.7% | 41.0% |
| Downside Capture | 325.15 | 148.80 |
| Upside Capture | 106.26 | 87.54 |
| Correlation (SPY) | 31.9% | 36.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.53 | 1.69 | 1.25 | 1.41 | 1.18 | 1.16 |
| Up Beta | 1.26 | 0.60 | 0.78 | 1.49 | 1.33 | 1.33 |
| Down Beta | -2.13 | -0.52 | -0.02 | 1.06 | 1.11 | 1.13 |
| Up Capture | 31% | 83% | 116% | 86% | 86% | 75% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 18 | 30 | 60 | 121 | 366 |
| Down Capture | 511% | 441% | 245% | 186% | 128% | 106% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 24 | 34 | 67 | 130 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MIDD | |
|---|---|---|---|---|
| MIDD | -21.3% | 40.9% | -0.47 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 47.2% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 36.3% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 17.7% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -25.6% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 23.7% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MIDD | |
|---|---|---|---|---|
| MIDD | -9.7% | 35.5% | -0.21 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 63.0% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 56.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 11.1% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 5.4% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 50.7% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 25.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MIDD | |
|---|---|---|---|---|
| MIDD | -1.6% | 37.5% | 0.07 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 64.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 56.0% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 7.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 16.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 51.3% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -7.9% | -11.8% | |
| 5/7/2026 | 11.0% | 3.5% | 8.7% |
| 2/26/2026 | 5.8% | 1.8% | -15.1% |
| 11/6/2025 | -2.8% | 0.8% | 3.8% |
| 8/6/2025 | -18.3% | -10.0% | -2.0% |
| 5/7/2025 | -2.8% | 10.7% | 8.7% |
| 2/25/2025 | 0.7% | -3.9% | -6.8% |
| 10/31/2024 | -7.6% | 2.3% | 2.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 4.2% | 2.9% | 6.7% |
| Median Negative | -2.8% | -5.8% | -4.9% |
| Max Positive | 17.1% | 27.6% | 33.9% |
| Max Negative | -18.3% | -11.8% | -15.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -7.9% | -11.8% | |
| 5/7/2026 | 11.0% | 3.5% | 8.7% |
| 2/26/2026 | 5.8% | 1.8% | -15.1% |
| 11/6/2025 | -2.8% | 0.8% | 3.8% |
| 8/6/2025 | -18.3% | -10.0% | -2.0% |
| 5/7/2025 | -2.8% | 10.7% | 8.7% |
| 2/25/2025 | 0.7% | -3.9% | -6.8% |
| 10/31/2024 | -7.6% | 2.3% | 2.1% |
| 8/1/2024 | 6.5% | 0.9% | 3.5% |
| 5/8/2024 | -2.3% | -3.4% | -11.2% |
| 2/20/2024 | 2.6% | 7.1% | 4.7% |
| 11/8/2023 | 0.9% | 8.5% | 17.5% |
| 8/3/2023 | -1.4% | 2.3% | 1.1% |
| 5/10/2023 | -1.4% | -5.8% | -2.2% |
| 2/21/2023 | -0.7% | -0.4% | -9.4% |
| 11/9/2022 | -9.2% | 1.3% | 0.7% |
| 8/4/2022 | -0.8% | 2.2% | -2.3% |
| 5/10/2022 | -7.5% | -7.1% | -3.1% |
| 2/22/2022 | 0.0% | -2.8% | -5.2% |
| 11/9/2021 | 1.1% | -0.2% | -2.7% |
| 8/12/2021 | -4.9% | -8.0% | -9.2% |
| 5/6/2021 | 0.0% | -6.0% | -4.6% |
| 3/1/2021 | 8.8% | 12.2% | 11.7% |
| 11/5/2020 | 17.1% | 27.6% | 33.9% |
| 8/5/2020 | 16.3% | 22.1% | 16.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 4.2% | 2.9% | 6.7% |
| Median Negative | -2.8% | -5.8% | -4.9% |
| Max Positive | 17.1% | 27.6% | 33.9% |
| Max Negative | -18.3% | -11.8% | -15.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/02/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/03/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Organic Growth | Reported | 4.0% | ||||||
| Q3 2026 Net sales | Reported | 620.00 Mil | 630.00 Mil | 640.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 143.00 Mil | 146.50 Mil | 150.00 Mil | ||||
| Q3 2026 Adjusted EPS | Reported | 1.67 | 1.75 | 1.83 | ||||
| 2026 Organic Growth | Reported | 7.0% | ||||||
| 2026 Net sales | Reported | 2.48 Bil | 2.50 Bil | 2.53 Bil | -26.3% | Lowered | Guidance: 3.40 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 572.00 Mil | 580.00 Mil | 588.00 Mil | -25.1% | Lowered | Guidance: 774.00 Mil for 2026 | |
| 2026 Adjusted EPS | Reported | 6.73 | 6.81 | 6.89 | -29.2% | Lowered | Guidance: 9.62 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Sales | Reported | 815.00 Mil | 832.50 Mil | 850.00 Mil | 7.6% | Higher New | Guidance: 774.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | 180.00 Mil | 186.00 Mil | 192.00 Mil | 11.4% | Higher New | Guidance: 167.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted Earnings Per Share | Reported | 2.27 | 2.33 | 2.39 | 18.9% | Higher New | Guidance: 1.96 for Q1 2026 | |
| 2026 Net Sales | Reported | 3.36 Bil | 3.40 Bil | 3.44 Bil | 2.6% | Raised | Guidance: 3.31 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 758.00 Mil | 774.00 Mil | 790.00 Mil | 1.5% | Raised | Guidance: 762.50 Mil for 2026 | |
| 2026 Adjusted Earnings Per Share | Reported | 9.54 | 9.62 | 9.7 | 3.7% | Raised | Guidance: 9.28 for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Sales | Reported | 760.00 Mil | 774.00 Mil | 788.00 Mil | -23.0% | Lower New | Actual: 1.00 Bil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 161.00 Mil | 167.00 Mil | 173.00 Mil | -18.5% | Lower New | Actual: 205.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted Earnings Per Share | Reported | 1.9 | 1.96 | 2.02 | -13.5% | Lower New | Actual: 2.27 for Q4 2025 | |
| 2026 Net Sales | Reported | 3.27 Bil | 3.31 Bil | 3.36 Bil | -14.3% | Lower New | Actual: 3.87 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 745.00 Mil | 762.50 Mil | 780.00 Mil | -2.7% | Lower New | Actual: 784.00 Mil for 2025 | |
| 2026 Adjusted Earnings Per Share | Reported | 9.2 | 9.28 | 9.36 | 2.4% | Higher New | Actual: 9.06 for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Total Revenue | Reported | 990.00 Mil | 1.00 Bil | 1.02 Bil | 4.4% | Higher New | Guidance: 962.50 Mil for Q3 2025 | |
| Q4 2025 Commercial Foodservice Revenue | Reported | 570.00 Mil | 575.00 Mil | 580.00 Mil | -1.7% | Lower New | Guidance: 585.00 Mil for Q3 2025 | |
| Q4 2025 Residential Kitchen Revenue | Reported | 180.00 Mil | 185.00 Mil | 190.00 Mil | 5.7% | Higher New | Guidance: 175.00 Mil for Q3 2025 | |
| Q4 2025 Food Processing Revenue | Reported | 240.00 Mil | 245.00 Mil | 250.00 Mil | 22.5% | Higher New | Guidance: 200.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | Reported | 200.00 Mil | 205.00 Mil | 210.00 Mil | 7.9% | Higher New | Guidance: 190.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EPS | Reported | 2.19 | 2.27 | 2.34 | 7.1% | Higher New | Guidance: 2.12 for Q3 2025 | |
| 2025 Total Revenue | Reported | 3.85 Bil | 3.87 Bil | 3.89 Bil | 0.8% | Raised | Guidance: 3.84 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 779.00 Mil | 784.00 Mil | 789.00 Mil | -0.1% | Lowered | Guidance: 785.00 Mil for 2025 | |
| 2025 Adjusted EPS | Reported | 8.99 | 9.06 | 9.14 | 2.4% | Raised | Guidance: 8.85 for 2025 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Garden, Edward P | Please see explanation below | Buy | 12152025 | 146.92 | 14,740 | 2,165,601 | 496,550,960 | Form | |
| 2 | Garden, Edward P | Please see explanation below | Buy | 12152025 | 146.53 | 43,838 | 6,423,634 | 493,076,990 | Form | |
| 3 | Garden, Edward P | Please see explanation below | Buy | 12152025 | 144.55 | 44,325 | 6,407,246 | 480,078,606 | Form | |
| 4 | Nerbonne, Robert A | Through Irrevocable Trust | Buy | 12092025 | 128.52 | 780 | 100,248 | 2,759,513 | Form | |
| 5 | Garden, Edward P | Please see explanation below | Buy | 5222025 | 148.03 | 137,000 | 20,279,599 | 485,057,507 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Garden, Edward P | Please see explanation below | Buy | 12152025 | 146.92 | 14,740 | 2,165,601 | 496,550,960 | Form | |
| 2 | Garden, Edward P | Please see explanation below | Buy | 12152025 | 146.53 | 43,838 | 6,423,634 | 493,076,990 | Form | |
| 3 | Garden, Edward P | Please see explanation below | Buy | 12152025 | 144.55 | 44,325 | 6,407,246 | 480,078,606 | Form | |
| 4 | Nerbonne, Robert A | Through Irrevocable Trust | Buy | 12092025 | 128.52 | 780 | 100,248 | 2,759,513 | Form | |
| 5 | Garden, Edward P | Please see explanation below | Buy | 5222025 | 148.03 | 137,000 | 20,279,599 | 485,057,507 | Form | |
| 6 | Garden, Edward P | Please see explanation below | Buy | 5162025 | 149.62 | 621 | 92,914 | 469,781,963 | Form | |
| 7 | Garden, Edward P | Please see explanation below | Buy | 5162025 | 149.23 | 13,477 | 2,011,127 | 468,454,009 | Form | |
| 8 | Garden, Edward P | Please see explanation below | Buy | 5162025 | 148.40 | 37,473 | 5,560,993 | 463,859,222 | Form | |
| 9 | Scherger, Stephen R | Direct | Buy | 5142025 | 146.70 | 2,000 | 293,400 | 623,182 | Form | |
| 10 | Garden, Edward P | Please see explanation below | Buy | 5132025 | 149.59 | 249,339 | 37,299,749 | 461,987,238 | Form | |
| 11 | Garden, Edward P | Please see explanation below | Buy | 5132025 | 139.13 | 203,058 | 28,252,057 | 394,987,846 | Form |
Investor Activity (13F)
Updated Sep 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Middleby — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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