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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 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.
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Q3 20256 Nov, 2025
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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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