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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Middleby Corporation
The Middleby Corporation (MIDD) investor relations material
The Middleby Corporation Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 net sales reached a record $652.6M, up 7.7% YoY; Adjusted EBITDA of $155.8M and Adjusted EPS of $2.07 exceeded guidance highs.
FY26 guidance was raised; Steve Spittle will succeed Tim FitzGerald as CEO on April 1, 2027.
Financial highlights
Adjusted EBITDA rose 9.6% to $155.8M; Adjusted EPS increased 19% to $2.07.
Continuing-operations income was $98.7M vs. $123.8M; diluted continuing EPS was $0.43 vs. $1.55.
Q3 continuing results included $25.9M of Brewing closure charges and $38.7M of equity-method losses; discontinued operations recorded a $21.0M loss.
Adjusted EBITDA margin was 23.9%, up from 23.5% YoY; excluding Brewing, it was 24.3%.
Outlook and guidance
FY26 guidance: net sales $2.519–$2.534B, organic growth 7.5%, Adjusted EBITDA $589–$593M and Adjusted EPS $7.13–$7.29.
Q4 guidance: net sales $621–$635M, organic growth 4.4%, Adjusted EBITDA $149–$153M and Adjusted EPS $1.76–$1.92.
2025–2028 targets: 3–6% organic sales CAGR, 6–9% Adjusted EBITDA CAGR, 10–15% Adjusted EPS CAGR and 200–400 bps Adjusted EBITDA margin expansion.
Margin outlook reflects operational improvements, pricing and facility consolidation; ~80% of the 2028 margin plan is within management control.
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Latest events from The Middleby Corporation
- Acquisitions lifted sales and earnings, while organic growth and margins strengthened unevenly.MIDD
Q4 2016 - Record adjusted EBITDA and cash flow offset weaker organic sales and impairment-hit GAAP earnings.MIDDQ4 2023
- Sales grew 24.1%, but earnings fell as margins, costs and interest weighed.MIDDQ4 2022
- Sales rebounded across segments, while backlog and supply-chain pressures remained elevated.MIDDQ4 2021
- COVID-19 cut sales and earnings, but cash generation strengthened as demand began recovering.MIDDQ4 2020
- Acquisitions lifted sales 16.6%, but adjusted margin fell and debt climbed to $1.892B.MIDDQ4 2018
- Acquisitions lifted FY19 results as organic segment trends diverged and debt remained elevated.MIDDQ4 2019
- Acquisition-led sales growth masked organic declines as restructuring and impairment weighed on operating income.MIDDQ4 2017
- Organic growth, improved margins and stronger cash flow lifted FY2014 results.MIDDQ4 2014
Next The Middleby Corporation earnings date
Q4 202623 Feb, 2027
The Middleby Corporation
Next The Middleby Corporation earnings date
Q4 202623 Feb, 2027
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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.