Middleby Corp
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.75%.
Did MIDD Beat Earnings? Q1 2026 Results
Middleby Corp delivered a decisive beat in Q1 2026, with adjusted EPS of $2.16 clearing the $1.94 consensus by 11.47% and revenue of $839.91 million topping estimates by 8.08%, even as the top line reflected a 7.4% year-over-year decline tied to the company's ongoing <a href="https://247wallst.com/investing/2026/03/22/midds-3-3b-restructuring-a-leaner-company-chasing-a-higher-stock-price/">portfolio transformation</a>. The standout driver was the Food Processing segment, which posted $224.37 million in revenue, a 33.7% reported increase with 25% organic growth, while a backlog swelling to $416 million and trailing twelve-month order growth of 39% signaled durable demand ahead. Commercial Foodservice contributed $615.54 million, with ice and beverage categories drawing particular management praise. With the planned separation into two independent public companies on track for July 6, Middleby raised full-year guidance to $3.36 to $3.44 billion in revenue and adjusted EPS of $9.54 to $9.70, while Q2 adjusted EPS is targeted at $2.27 to $2.39, framing the split as a value-creation inflection point rather than a distraction.
- Commercial Foodservice organic growth of 8.1% driven by double-digit dealer partner growth and return to positive chain customer growth
- Momentum in ice and beverage categories from strategic investments
- Food Processing organic growth of 25% with backlog at $416 million
- Food Processing trailing twelve-month order growth of 39% and book-to-bill ratio of 1.09x
- Aggressive share repurchase program reducing share count by approximately 7% YTD 2026
“We delivered an extremely strong first quarter with outperformance at both segments relative to our expectations. Our Commercial Foodservice segment generated 8.1% organic growth, driven by continued double-digit growth with our dealer partners and better than expected performance with chains which returned to positive growth in the quarter. We're particularly excited about the momentum in ice and beverage categories, where our strategic investments in recent years are allowing us to capitalize on emerging trends across the industry. Our Food Processing segment generated exceptional results with 25% organic growth, while backlog continued to grow, now standing at $416 million. In addition to our strong segment-level results, our aggressive capital allocation strategy continues, with over $520 million deployed in share repurchases so far in 2026, reducing our share count by approximately 7%, building on the 9% reduction achieved in 2025.”
Middleby CEO, on the earnings call
Forward Guidance & Outlook
Management raised full-year 2026 guidance. Total company revenue is expected at $3.36–3.44 billion (6% growth), with Commercial Foodservice organic growth of 4–6% and Food Processing organic growth of 4–7%. Full-year Adjusted EBITDA is guided at $758–790 million, and full-year Adjusted EPS at $9.54–$9.70. For Q2 2026, management expects total company net sales of $815–850 million, Adjusted EBITDA of $180–192 million, and Adjusted EPS of $2.27–$2.39. Q2 Commercial Foodservice organic growth is expected at 3–7%, while Food Processing organic growth is guided at -5% to +2%.
MIDD YoY Financials
MIDD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.