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Middleby

Middleby (MIDD) Q2 2025 Earnings

Reported Aug 6, 2025 at 7:05 AM ET · SEC Source

Q2 25 EPS

$2.35

BEAT +5.29%

Est. $2.23

Q2 25 Revenue

$977.9M

BEAT +0.31%

Est. $974.9M

vs S&P Since Q2 25

+12.3%

BEATING MARKET

MIDD +29.4% vs S&P +17.1%

Market Reaction

Did MIDD Beat Earnings? Q2 2025 Results

Middleby Corporation delivered a modest but meaningful beat in Q2 2025, posting adjusted diluted EPS of $2.35 against a consensus estimate of $2.23, a 5.29% positive surprise, even as the broader topline picture remained challenged. Revenue came in a… Read more Middleby Corporation delivered a modest but meaningful beat in Q2 2025, posting adjusted diluted EPS of $2.35 against a consensus estimate of $2.23, a 5.29% positive surprise, even as the broader topline picture remained challenged. Revenue came in at $977.86 million, edging past estimates by 0.31% but still falling 1.4% year-over-year, with organic sales declining 5.4% as all three business segments faced pressure from cautious customers and an estimated $10 million tariff headwind in the quarter. Operating margins compressed to 15.9% from 17.7% a year ago, underscoring how much the company is leaning on cost discipline and aggressive share buybacks, including $322.70 million repurchased in Q2 alone, to support per-share metrics. The headline story, however, may be structural: management announced plans to spin off the Food Processing segment in the first half of 2026, a move investors greeted warmly. Looking ahead, Middleby guided Q3 revenue to $950 million to $975 million with adjusted EPS of $2.04 to $2.19, and set full-year 2025 revenue guidance at $3.81 billion to $3.87 billion with adjusted EPS of $8.65 to $9.05.

Key Takeaways

  • • Organic net sales declined 5.4% due to economic uncertainty in key end markets
  • • Tariffs adversely impacted Q2 adjusted EBITDA by approximately $10 million
  • • Food Processing reported revenue growth of 14.4%, driven by 15.4% acquisition contribution
  • • Foreign exchange rates favorably impacted segment adjusted EBITDA by approximately $2.4 million
  • • Residential Kitchen organic sales declined 7.8%, the weakest segment organically
  • • Commercial Foodservice organic sales declined 5.5%
24/7 Wall St

MIDD YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

MIDD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Our second quarter results reflect the economic uncertainty our customers continue to navigate in key end markets. Despite these headwinds, I'm proud of our team's continued execution in areas within our control. We're delivering strong operational performance, gaining market share with new product launches, and growing the partnerships with our customers. While these quarterly results reflect our market conditions, they don't appropriately capture the fundamental transformation we've achieved across our business to drive long-term growth, particularly across innovation and go-to-market capabilities. We believe we have created an unmatched platform, and as the market inflects, Middleby is poised for outsized growth as we solve increasingly complex challenges for our growing customer base.”

— Tim FitzGerald, Q2 2025 Earnings Press Release

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