MIDD
The Middleby Corporation147.24
-0.04-0.03%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Dealer gains offset QSR caution
Q&A revealed CFS Q4 strength came from dealer share grabs in ice, beverage, and combi ovens via targeted training, not seasonal stocking. Large QSRs, however, linger on CapEx strikes with new-store pushouts, pivoting to replacements and beverage dayparts in existing footprints. Food Processing's 66% order pop ties to Total Line Solutions; most of the 36% backlog growth delivers in 2026 over 6-12 months. Tariffs disproportionately ding CFS (2/3 impact), offset by pricing but with H1 margin drag. Post-spin, CFS eyes buybacks over M&A. QSR traffic inflection drives the year.
Key Stats
Market Cap
7.46BP/E (TTM)
-Basic EPS (TTM)
-3.96Dividend Yield
0%Recent Filings
8-K
CFO transition aids spin-off
Middleby appointed Brittany Cerwin, its Chief Accounting Officer since 2023, as CFO effective March 25, 2026, succeeding Bryan Mittelman who shifts to Special Advisor focusing solely on the food processing spin-off by Q2 2026 end. Cerwin's decade-plus tenure bolsters continuity amid portfolio transformation. Mittelman's deal includes $566,500 salary through advisory period ending no later than June 30, plus $283,250 bonus and severance. Spin-off risks execution snags.
8-K
Eisenberg joins Middleby board
Middleby appointed Glenn Eisenberg to its board on March 5, 2026, expanding it to twelve members after amending bylaws to allow up to thirteen directors. Eisenberg, ex-CFO of Labcorp and Timken, joins the Nominating and Corporate Governance Committee, bringing financial and manufacturing expertise. His skills sharpen oversight. This bolsters governance amid strategic transformation.
8-K
Middleby Food Processing spin-off details
Middleby issued a presentation on March 5, 2026, detailing its planned spin-off of the Food Processing business into a standalone public company, targeting completion in Q2 2026. The unit posted 2025A revenue of $850m and Adjusted EBITDA of $172m at ~20% margin, boasting total line solutions across protein, bakery, and snack categories. Spin risks include regulatory hurdles and business disruption.
10-K
FY2025 results
Middleby reported FY2025 sales up 1.6% y/y to $3.2B from $3.15B, driven by 3.4% acquisition contribution while organic sales fell 2.4% amid slow market conditions; Commercial Foodservice dipped 1.2% y/y to $2.35B (40.2% gross margin, up from 39.6%), Food Processing rose 10.4% y/y to $850M (36.3% margin, down from 39.7% on mix). Gross margin slipped to 39.1% from 39.7% due to tariffs and mix; operating income fell to 18.0% of sales from 20.5% on higher SG&A (20.7% vs 18.7%). Q4 repurchased 1.45M shares at $144.38 avg; debt at $2.2B with $222M cash. Targets Food Processing spin-off Q2 2026. Economic conditions could stall quarterly momentum.
8-K
Q4 results; Residential sale completed
Middleby reported Q4 continuing ops sales of $866M, up 5% but flat organically, with adjusted EBITDA at $197M versus $226M prior year; Residential Kitchen now discontinued after selling 51% stake on February 2 for $885M valuation, netting $565M cash plus $135M note while keeping 49%. Repurchased 4.9M shares (9.1% of equity) in 2025. Guides 2026 organic growth at 1-3% Foodservice, 4-6% Processing.
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