Q3 25 EPS
$2.37
BEAT +14.50%
Est. $2.07
Q3 25 Revenue
$982.1M
BEAT +2.18%
Est. $961.2M
vs S&P Since Q3 25
+39.5%
BEATING MARKET
MIDD +50.0% vs S&P +10.4%
Market Reaction
Did MIDD Beat Earnings? Q3 2025 Results
Middleby Corporation delivered a strong adjusted earnings beat in Q3 2025, even as a headline-grabbing $709.12 million non-cash impairment charge on its Residential Kitchen business unit dominated the story. Adjusted EPS of $2.37 cleared the $2.07 co… Read more Middleby Corporation delivered a strong adjusted earnings beat in Q3 2025, even as a headline-grabbing $709.12 million non-cash impairment charge on its Residential Kitchen business unit dominated the story. Adjusted EPS of $2.37 cleared the $2.07 consensus estimate by 14.50%, while revenue of $982.13 million edged ahead of the $961.21 million forecast by 2.18%, rising 4.2% year-over-year, though organic sales were essentially flat at -0.1% with acquisitions and foreign exchange filling the gap. The massive impairment, tied to a strategic review of Residential Kitchen, swung GAAP diluted EPS to a loss of $10.15 and forms part of a broader portfolio restructuring that includes a planned Food Processing spin-off and aggressive buybacks, with $500 million in shares repurchased year-to-date. Adjusted EBITDA margin compressed to 20.0% from 22.6%, partly reflecting a $12 million tariff headwind in the quarter. Looking ahead, management guided Q4 revenue of $990 million to $1.02 billion and adjusted EPS of $2.19 to $2.34, with full-year adjusted EPS expected in the range of $8.99 to $9.14.
Key Takeaways
- • Commercial Foodservice organic growth driven by key dealer partners, institutional customers, and fast casual chains
- • Premium indoor residential kitchen brands experienced growth
- • Food Processing saw solid order growth in Q3 with improving market dynamics and better conversion of large projects
- • Acquisitions contributed 3.3% to total revenue growth
- • Foreign exchange contributed 1.0% to total revenue growth
- • $12 million adverse tariff impact on adjusted EBITDA
MIDD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MIDD Revenue by Segment
With YoY comparisons, source: SEC Filings
“As part of our efforts to maximize shareholder value, we are conducting a strategic review of our Residential Kitchen business unit and determined that a non-cash impairment charge was necessary as we evaluate alternatives. This strategic review, along with our planned food processing spin and share repurchasing activities, are all part of our initiative to unlock value. Our three-industry leading business platforms are well-positioned for long term growth and we continue to believe this value is not reflected in our share price.”
— Tim FitzGerald, Q3 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% |