The Middleby Corporation (MIDD) Q3 2026 earnings summary

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.