Q1 25 EPS
$2.08
BEAT +5.35%
Est. $1.97
Q1 25 Revenue
$906.6M
MISS 3.52%
Est. $939.7M
vs S&P Since Q1 25
-4.3%
TRAILING MARKET
MIDD +27.8% vs S&P +32.1%
Market Reaction
Did MIDD Beat Earnings? Q1 2025 Results
Middleby Corporation delivered a mixed first quarter for 2025, beating on the bottom line while falling short on revenue, as adjusted diluted EPS of $2.08 cleared the $1.97 consensus estimate by 5.35%, even as revenue of $906.63 million missed expect… Read more Middleby Corporation delivered a mixed first quarter for 2025, beating on the bottom line while falling short on revenue, as adjusted diluted EPS of $2.08 cleared the $1.97 consensus estimate by 5.35%, even as revenue of $906.63 million missed expectations by 3.52% and slipped 2.2% year over year. The profit strength came despite broad-based top-line softness, with organic sales down 3.8% when excluding acquisitions and foreign exchange, as Commercial Foodservice, the company's largest segment at $562.72 million in revenue, maintained a 26.9% adjusted EBITDA margin despite a 3.2% reported decline. The more prominent storyline, however, was an aggressive pivot toward capital returns; the board expanded its buyback authorization to 11.4 million shares, representing roughly 21% of outstanding equity, with CEO Tim FitzGerald committing to direct the vast majority of free cash flow toward repurchases going forward. Looking ahead, management flagged estimated tariff headwinds of $150 to $200 million annually but expressed confidence in fully offsetting those costs through pricing and operational actions by year end, while the planned separation of the Food Processing segment into a standalone public company remains on track for early 2026.
Key Takeaways
- • Commercial Foodservice margin expansion to 23.5% operating income margin from 22.4% YoY
- • Residential Kitchen operating margin improved sharply to 6.7% from 2.6% a year ago
- • Organic net sales declined 3.8% excluding acquisitions and FX impacts
- • Adjusted EBITDA margin of 20.1% vs 20.0% in prior year
- • Foreign exchange rates unfavorably impacted Adjusted EBITDA by approximately $1.0 million
- • Net interest expense decreased significantly to $18.4 million from $26.3 million
MIDD YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MIDD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Middleby has a demonstrated track record of operational excellence, strong cash flow generation and disciplined capital investments, which provides the foundation for our attractive capital allocation framework.”
— Tim FitzGerald, Q1 2025 Earnings Press Release
MIDD Earnings Trends
MIDD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MIDD EPS Trend
Earnings per share: estimate vs actual
MIDD Revenue Trend
Quarterly revenue: estimate vs actual
MIDD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.94 | $2.16 | +11.47% | $839.9M | +8.08% |
| Q4 25 MISS FY | $2.26 | $2.14 | -5.24% | $866.4M | -14.29% |
| FY Full Year | $9.05 | $8.39 | -7.27% | $3.20B | -16.90% |
| Q3 25 BEAT | $2.07 | $2.37 | +14.50% | $982.1M | +2.18% |
| Q2 25 BEAT | $2.23 | $2.35 | +5.29% | $977.9M | +0.31% |
| Q1 25 BEAT | $1.97 | $2.08 | +5.35% | $906.6M | -3.52% |