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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 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 net sales increased 4.2% year-over-year to $982.1 million, with organic sales flat; results exceeded high end of guidance for revenue, adjusted EBITDA, and adjusted EPS.
A $709 million non-cash impairment charge was recorded for the Residential Kitchen segment as part of a strategic review, resulting in a net loss of $513 million for the quarter.
Operating income and net earnings declined year-over-year due to impairment charges and tariff impacts.
Strategic initiatives include the planned spin-off of the Food Processing business (targeted for H1 2026) and ongoing review of Residential Kitchen.
Significant share repurchases executed, totaling $500 million YTD and reducing share count by 6.4%.
Financial highlights
Q3 2025 revenue reached $982.1 million, up 4.2% year-over-year, exceeding guidance.
Adjusted EBITDA was $196 million, down from $213 million prior year, but above guidance; adjusted EPS was $2.37, up from $2.33 prior year.
Q3 operating cash flow was $176 million, up 12.5% year-over-year; free cash flow was $156 million.
Gross profit for Q3 was $361.3 million (36.8% margin); net loss was $513 million due to impairment.
Net leverage at quarter's end was 2.3x; net debt at $1.9 billion.
Outlook and guidance
Q4 2025 revenue forecasted at $990–$1,020 million; adjusted EBITDA $200–$210 million; adjusted EPS $2.19–$2.34.
Full-year 2025 guidance: revenue $3.85–$3.89 billion, adjusted EBITDA $779–$789 million, adjusted EPS $8.99–$9.14.
Food Processing spin-off expected in H1 2026, with registration and audit processes on track.
Tariff headwinds expected to be fully offset by FY 2026 through pricing and operational initiatives.
Residential Kitchen review next steps?
Tariff impact on Q4 EBITDA outlook?
Food Processing spin-off timeline?
How does impairment affect Residential Kitchen valuation?
Impact of beverage solutions on QSR traffic headwinds
Details on Food Processing spin-off leadership & ops
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Next The Middleby earnings date
Q4 202520 Feb, 2026
Next The Middleby earnings date
Q4 202520 Feb, 2026
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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.
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