Companies /Industrials

Middleby Corp

NASDAQ: MIDD Specialty Industrial Machinery
$112.44
▲ $0.84 (+0.75%) today
Markets closed · 9:22am ET

Q3 2025 Earnings

Reported Nov 6, 2025, 7:01am ET · SEC source
$2.37
Beat +14.50%
EPS · est. $2.07
$982.1M
Beat +2.18%
Revenue · est. $961.2M
+5.6%
Beating market
MIDD vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0+4%Nov 6Nov 7report 7:01am ETearnings−2.1%−1.9%
−8%−4%0+4%Nov 6Nov 7earnings−2.1%−1.9%
MIDD −1.9%S&P 500 −2.1%
−8%−4%0+4%Nov 6Nov 7report 7:01am ETearnings−3.5%−1.9%
−8%−4%0+4%Nov 6Nov 7earnings−3.5%−1.9%
MIDD −1.9%NASDAQ −3.5%
−12%−8%−4%0Nov 5Nov 13report 7:01am ETearnings−1.0%−8.0%
−12%−8%−4%0Nov 5Nov 13earnings−1.0%−8.0%
MIDD −8.0%S&P 500 −1.0%
−12%−8%−4%0Nov 5Nov 13report 7:01am ETearnings−2.6%−8.0%
−12%−8%−4%0Nov 5Nov 13earnings−2.6%−8.0%
MIDD −8.0%NASDAQ −2.6%
−2.77%
Day of report
+2.62%
Next session
−0.47%
One week
+7.45%
30 days

S&P 500 over the same 30 days: +1.90%.

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 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

“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.”

Middleby CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, management expects total revenue of $990-1,020 million (Commercial Foodservice $570-580M, Residential Kitchen $180-190M, Food Processing $240-250M), adjusted EBITDA of $200-210 million, and adjusted EPS of $2.19-2.34 on approximately 50.4 million weighted average shares. For full-year 2025, management expects total revenue of $3.85-3.89 billion, adjusted EBITDA of $779-789 million, and adjusted EPS of $8.99-9.14.

MIDD YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$300.0M$600.0M$900.0M$942.8M$982.1MRevenue$355.4M$361.3MGross Profit
$0$300.0M$600.0M$900.0MRevenueGross Profit

MIDD Revenue by Segment

Commercial Foodservice$606.0M+2.4%
Food Processing$201.4M+13.2%
Residential Kitchen

Figures from SEC filings and company reports. Not investment advice.