)
Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
The Middleby (MIDD) investor relations material
The Middleby Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Q2 2025 net sales declined 1.4% year-over-year to $977.9M, with Commercial Foodservice and Residential Kitchen segments down, while Food Processing grew 14.4% year-over-year, aided by acquisitions.
Adjusted EBITDA for Q2 was $200M, with margins: 27% in Commercial Foodservice, 10.3% in Residential Kitchen, and 21.2% in Food Processing.
Management emphasized innovation, automation, and operational execution, with significant share repurchases totaling $449M YTD (5.7% of equity).
Tariffs and economic uncertainty pressured margins and demand, but pricing actions and supply chain initiatives are expected to offset these by FY 2026.
Board approved the spin-off of the Food Processing business, targeting completion in H1 2026.
Financial highlights
Q2 2025 net sales: $977.9M, down 1.4% year-over-year; gross margin: 38.0%; operating income: $155M; net earnings: $106M; diluted EPS: $1.99.
Adjusted EBITDA for Q2: $200M (20.5% margin); adjusted EPS: $2.35; free cash flow: $101M.
Operating cash flow for Q2: $122M; six months: $263M.
Net leverage ratio at 2.3x; net debt at $1.9B; borrowing availability at $2.7B.
Share repurchases of $449M YTD, reducing shares outstanding by 5.7%.
Outlook and guidance
Q3 2025 revenue guidance: $950M–$975M; adjusted EBITDA: $185M–$195M; adjusted EPS: $2.02–$2.19.
Full-year 2025 guidance: revenue $3.81B–$3.87B; adjusted EBITDA $770M–$800M; adjusted EPS $8.65–$9.05.
Tariff headwinds expected to be fully offset by pricing and supply chain actions by FY 2026.
Food Processing spin-off targeted for completion by H1 2026, pending approvals.
Management focused on operational efficiencies and long-term profitability amid inflation and supply chain challenges.
Explain the allocation of free cash flow.
What is driving market share gains?
Detail tariff impact on adjusted EBITDA.
How will tariffs impact Q3 & Q4 EBITDA?
Assess long-term growth in food processing.
Discuss QSR traffic and cost pressure impact.
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next The Middleby earnings date
Q3 202530 Oct, 2025
LIVEat 15:00
Next The Middleby earnings date
Q3 202530 Oct, 2025
LIVEat 15:00
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Company Research29 Sep 2023
You Don't Have to Chase the "Next Big Thing" to Achieve Great Returns
In the investing world, there's often a lot of buzz around the "next big thing." Whether it's the latest tech startup, a revolutionary product, or a new industry trend, many investors get caught up in the excitement and rush to invest in hopes of striking gold.
)
Edge3 Oct 2025
Epiroc: A Culture of Moving Mountains
From automation to electrification, Swedish industrial giant Epiroc is leading a transformation in how the world mines.
Frequently asked questions
Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice and residential kitchen equipment. The company's Commercial Foodservice Equipment Group segment offers ovens, ranges, fryers, rethermalizers; steam cooking equipment; heated cabinets; ventless cooking systems; griddles; professional mixers; custom millwork; professional refrigerators; blast chillers; cold rooms; ice machines; freezers; coffee and beverage dispensing equipment, and IoT solutions. Its Residential Kitchen Equipment Group segment provides ice makers and wine storage products under the Scotsman brand. Middleby Corporation was founded in 1888 and is headquartered in Elgin, Illinois.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage