Middleby (MIDD) Q4 2025 Earnings
How Did MIDD Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.32%.
Did MIDD Beat Earnings? Q4 2025 Results
No. Middleby reported Q4 2025 earnings of $2.14 a share on Feb 26, 2026, missing the $2.26 consensus estimate by 5.2%. Revenue was $866.4M against a $1.0B estimate.
Middleby Corporation delivered a disappointing finish to fiscal 2025, with Q4 earnings per share of $2.14 missing the $2.28 consensus estimate by 6.14% and revenue of $866.42 million falling 12.10% short of the $985.74 million Wall Street had anticipated, while declining 14.5% year over year. The headline misses, however, reflect the restatement of all figures to exclude the Residential Kitchen segment as discontinued operations following the sale of a 51% stake to 26North at an $885 million enterprise valuation, a portfolio pivot that generated roughly $565 million in net cash proceeds. The continuing Commercial Foodservice segment posted $601.72 million in revenue while Food Processing contributed $264.70 million, with the latter logging record Q4 orders up 66% organically and backlog surging 36%. Looking ahead, management guided full-year 2026 revenue of $3.27 to $3.36 billion and adjusted EPS of $9.20 to $9.36, with the planned spin-off of the Food Processing business into a standalone public company on track for Q2 2026, a structural transformation that Wolfe Research cited in raising its price target to $193 while maintaining an Outperform rating.
- Double-digit growth in dealer channel driven by independents, institutional customers, and fast casual chains
- Record Q4 Food Processing orders increased 66% organically with year-end backlog up 36%
- Strategic international expansion in Food Processing
- Total Line Solutions driving Food Processing demand
- Adverse tariff impact of $7 million in Q4 and $21 million for full year
“2025 was a transformational year for Middleby as we executed decisive portfolio actions to unlock significant shareholder value. We recently completed the sale of a 51% stake in our Residential Kitchen business at an $885 million enterprise valuation, first announced in December, delivering approximately $565 million in cash proceeds while retaining meaningful upside through our 49% ownership. In anticipation of the proceeds from this transaction, combined with one of the most aggressive capital return programs in our industry, we deployed $710 million in share repurchases in 2025, reducing our share count by approximately 9%. We remain on track to complete the separation of our Food Processing business in the second quarter of 2026, creating two independent, pure-play industry leaders with enhanced focus and optimized capital structures.”
Middleby CEO, on the earnings call
What Was Middleby's Outlook in Q4 2025?
For Q1 2026, management expects total company net sales of $760-$788 million (Commercial Foodservice $560-$578M, Food Processing $200-$210M), representing approximately 6% growth. Adjusted EBITDA is expected at $161-$173 million. Q1 Adjusted EPS is guided at $1.90-$2.02. For full year 2026, total company net sales are expected at $3.27-$3.36 billion (Commercial Foodservice $2.37-$2.43B, Food Processing $895-$925M), representing approximately 4% growth. Organic growth is guided at 1-3% for Commercial Foodservice and 4-6% for Food Processing. Full year adjusted EBITDA is expected at $745-$780 million, and full year adjusted EPS at $9.20-$9.36. The separation of the Food Processing business into an independent company remains on track for Q2 2026.
MIDD YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $866.4M | $1.0B | −14.5% |
| Gross Profit | $336.2M | $388.9M | −13.6% |
| Operating Income | $149.8M | $169.9M | −11.8% |
| Net Income | $86.1M | $112.3M | −23.4% |
MIDD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.