The Middleby Corporation (MIDD) Q2 2026 earnings summary

Executive summary

• Completed transformation into three independent businesses, including the spin-off of Food Processing as Midera and sale of a controlling stake in the Residential business, now focusing on Commercial Foodservice Equipment.

• Q2 2026 results exceeded the high end of guidance, with revenue up 9.9% to $875.5M and adjusted EBITDA up 6.4% to $193M; adjusted EPS rose 6.8% to $2.35.

• Returned $1.3 billion to shareholders via repurchases, reducing share count by 16% over six quarters.

• Now a focused commercial foodservice solutions provider with strong innovation and brand leadership.

Financial highlights

• Q2 2026 net sales were $875.5M, up 9.9% year-over-year; Commercial Foodservice revenues reached $631M, with 8.3% organic growth.

• Adjusted EBITDA for Q2 2026 was $193M (6.4% increase); adjusted EPS from continuing operations was $2.35 (6.8% increase).

• Gross margin was 38.3%; adjusted EBITDA margin was 22.1%.

• Operating cash flow was $100M; free cash flow was $89M.

• Net earnings were $83.1M, down 18.3% year-over-year due to transaction costs and tax impacts.

Outlook and guidance

• Raised full-year 2026 organic revenue growth guidance for Commercial Foodservice to 6%-8%.

• Q3 2026 revenue expected at $620–$640M (4% organic growth); adjusted EBITDA $143–$150M; adjusted EPS $1.67–$1.83.

• Full-year 2026 revenue projected at $2.48–$2.53B (7% organic growth); adjusted EBITDA $572–$588M; adjusted EPS $6.73–$6.89.

• Three-year targets: 3%-6% net sales organic growth, 6%-9% adjusted EBITDA growth, 10%-15% adjusted EPS growth.