The Middleby Corporation (MIDD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.09	$2.35	+12.4%	—	$875.5M	—
Q1 26	$1.94	$2.16	+11.3%	—	$839.9M	—
Q4 25	$2.26	$2.42	+7.1%	—	$334.6M	—
Q3 25	$2.07	$2.37	+14.5%	—	$982.1M	—
Q2 25	$2.23	$2.35	+5.4%	—	$977.9M	—
Q1 25	$1.97	$2.08	+5.6%	—	$906.6M	—
Q4 24	$2.52	$2.88	+14.3%	—	$1B	—
Q3 24	$2.48	$2.33	-6.0%	—	$942.8M	—
Q2 24	$2.3	$2.39	+3.9%	—	$991.5M	—
Q1 24	$2.07	$1.89	-8.7%	—	$926.9M	—
Q4 23	$2.46	$2.65	+7.7%	—	$1B	—
Q3 23	$2.32	$2.35	+1.3%	—	$980.7M	—
Q2 23	$2.35	$2.47	+5.1%	—	$1B	—
Q1 23	$1.97	$2.19	+11.2%	—	$1B	—
Q4 22	$2.44	$2.57	+5.3%	—	$1B	—
Q3 22	$2.36	$2.18	-7.6%	—	$992.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$5.38	—	—	$3.2B	—
FY24	—	$7.97	—	—	$3.9B	—
FY23	—	$7.48	—	—	$4B	—
FY22	—	$8.07	—	—	$4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.3B	$2.3B	$2.7B	$3B	$2.5B	$3.3B	$4B	$4B	$3.9B	$3.2B
YoY change	+24.2%	+2.98%	+16.6%	+8.69%	-15.1%	+29.3%	+24.1%	+0.09%	-4%	-17.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.3B	2.3B	2.7B	3B	2.5B	3.3B	4B	4B	3.9B	3.2B
Cost of revenue	1.4B	1.4B	1.7B	1.9B	1.6B	2.1B	2.6B	2.5B	2.4B	1.9B
Gross profit	901.2M	912.7M	1B	1.1B	882M	1.2B	1.4B	1.5B	1.5B	1.3B
Gross margin	39.7%	39.1%	36.9%	37.3%	35.1%	36.8%	35.9%	38%	37.9%	39.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	471.6M	468.2M	538.8M	593.8M	531.9M	668M	797.2M	806.9M	762.5M	663.2M
Operating expenses	444.4M	436.5M	499.8M	564.1M	491.9M	622.9M	754.6M	797.9M	762.5M	663.2M
Operating income	429.5M	444.5M	465.3M	509.7M	350.2M	526.9M	649.3M	727.1M	707.9M	588.8M
Operating margin	18.9%	19%	17.1%	17.2%	13.9%	16.2%	16.1%	18%	18.3%	18.4%
Non-operating income, net	15.6M	-35M	17M	35.5M	-3.5M	149.8M	4.1M	-87.4M	-38.3M	-12.7M
Pretax income	421.3M	383.5M	423.5M	462.6M	268.1M	619.5M	564.4M	519.4M	577.3M	482.3M
Income tax	137.1M	85.4M	106.4M	110.4M	60.8M	131M	127.8M	118.5M	148.9M	115M
Net income	284.2M	298.1M	317.2M	352.2M	207.3M	488.5M	436.6M	400.9M	428.4M	-277.7M
Net margin	12.5%	12.8%	11.6%	11.9%	8.25%	15%	10.8%	9.93%	11.1%	-8.68%
EBITDA	513.9M	545.2M	598.8M	644.3M	482.9M	698.8M	801.2M	864.6M	848.4M	695.3M
EPS	4.98	5.26	5.71	6.33	3.76	8.85	8.07	7.48	7.97	-5.38
Diluted EPS	4.98	5.26	5.7	6.33	3.76	8.62	7.95	7.41	7.9	-5.38

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	980.7M	1B	926.9M	991.5M	942.8M	1B	906.6M	977.9M	982.1M	334.6M	839.9M	875.5M
Cost of revenue	605.3M	621.8M	580.6M	611.9M	587.4M	624.9M	560.7M	606.6M	620.8M	161.2M	516.7M	540.5M
Gross profit	375.3M	386.8M	346.4M	379.6M	355.4M	388.9M	345.9M	371.3M	361.3M	173.4M	323.2M	335.1M
Gross margin	38.3%	38.3%	37.4%	38.3%	37.7%	38.4%	38.2%	38%	36.8%	51.8%	38.5%	38.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	196.4M	191.6M	206M	194.9M	179.5M	178.4M	202.6M	213.6M	203.6M	43.3M	188.3M	186.6M
Operating expenses	194.3M	189.4M	202.4M	194.9M	179.5M	178.4M	202.6M	213.6M	203.6M	43.3M	188.3M	186.6M
Operating income	178.9M	195.2M	140.3M	184.7M	176M	210.5M	143.3M	157.7M	157.7M	130.1M	134.9M	148.5M
Operating margin	18.2%	19.4%	15.1%	18.6%	18.7%	20.8%	15.8%	16.1%	16.1%	38.9%	16.1%	17%
Non-operating income, net	-3.4M	-80M	801K	-5.4M	118K	-37.5M	-3.5M	-4.8M	-711.5M	707.2M	3.5M	3.9M
Pretax income	144.4M	86.9M	114.8M	154.8M	154.7M	153M	121.5M	133M	-579M	806.8M	112.9M	126.4M
Income tax	35.7M	10.6M	28.3M	39.4M	40.5M	40.7M	29.1M	27M	-66M	124.8M	27.6M	43.3M
Net income	108.7M	76.3M	86.6M	115.4M	114.2M	112.3M	92.4M	106M	-513M	36.9M	-50.1M	54.8M
Net margin	11.1%	7.56%	9.34%	11.6%	12.1%	11.1%	10.2%	10.8%	-52.2%	11%	-5.96%	6.26%
EBITDA	213.2M	229.3M	176.7M	216.3M	209.4M	246M	174.7M	193.1M	202.9M	142.3M	165.4M	178.8M
EPS	2.03	1.42	1.61	2.15	2.12	2.09	1.72	2.01	-10.2	0.74	-1.06	1.21
Diluted EPS	2.01	1.42	1.59	2.13	2.11	2.07	1.69	1.99	-10.2	0.74	-1.06	1.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.9B	6.2B	4.6B	4.9B	5.7B	8.7B	5.8B	6.3B	5.9B	6.2B	4.8B
Enterprise value	6.6B	7.1B	6.4B	6.7B	7.2B	11B	8.4B	8.5B	7.6B	8.1B	6.7B
Shares outstanding	57M	56.7M	55.6M	55.6M	55.1M	55.2M	54.1M	53.6M	53.7M	51.7M	51.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.8	20.7	14.5	13.9	27.6	17.9	13.3	15.8	13.7	—	16.4
P/S	2.61	2.64	1.69	1.66	2.27	2.69	1.44	1.57	1.51	1.93	1.44
P/B	4.67	4.52	2.76	2.52	2.89	3.5	2.08	1.95	1.61	2.23	2.2
EV/EBITDA	12.8	13	10.7	10.4	14.9	15.7	10.5	9.89	8.95	11.7	9.55
EV/Sales	2.9	3.04	2.36	2.27	2.86	3.38	2.09	2.12	1.96	2.55	1.98
Earnings yield	4.81%	4.84%	6.9%	7.18%	3.63%	5.59%	7.49%	6.32%	7.32%	—	6.11%
FCF yield	4.56%	4.06%	7.13%	6.75%	8.45%	4.25%	4.51%	8.54%	10.9%	9.04%	12.5%
PEG	—	—	—	—	—	—	—	—	—	—	-0.41

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.7%	39.1%	36.9%	37.3%	35.1%	36.8%	35.9%	38%	37.9%	39.1%	38.3%
Operating margin	18.9%	19%	17.1%	17.2%	13.9%	16.2%	16.1%	18%	18.3%	18.4%	17.4%
Net margin	12.5%	12.8%	11.6%	11.9%	8.25%	15%	10.8%	9.93%	11.1%	-8.68%	-13.9%
ROE	22.5%	21.9%	19%	18.1%	10.5%	19.6%	15.6%	12.3%	11.8%	-10%	11%
ROA	9.74%	8.93%	6.97%	7.04%	3.98%	7.65%	6.35%	5.8%	5.88%	-4.4%	5.93%
ROIC	15%	15%	10%	10.4%	7.82%	8.74%	9.33%	10.3%	9.78%	9.45%	10.2%
Return on tangible assets	-43%	-39.7%	-19.1%	-22.2%	-13.2%	-26.3%	-28.4%	-27.6%	-43.9%	-46.8%	162.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.66	1.97	1.9	2.04	1.81	1.87	2.03	2.31	2.81	2.57	1.99
Quick ratio	0.91	1.07	0.97	1.05	1.04	0.95	0.94	1.21	1.79	1.92	1.1
Debt / equity	0.58	0.76	1.14	0.97	0.89	0.98	0.98	0.75	0.67	0.79	0.91
Debt / assets	0.25	0.31	0.42	0.38	0.34	0.38	0.4	0.35	0.33	0.35	0.37
Net debt / EBITDA	1.29	1.72	3.04	2.79	3.07	3.23	3.23	2.55	2.04	2.83	2.67
Interest coverage	18.6	15.8	8.21	6.6	4.41	11.8	7.34	5.32	7.26	6.14	5.36
Effective tax rate	32.5%	22.3%	25.1%	23.9%	22.7%	21.1%	22.7%	22.8%	25.8%	23.8%	27.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	39.8	41.2	49	53.2	45.6	58.9	74.6	75.3	72.1	62	70.3
EPS (basic)	4.98	5.26	5.71	6.33	3.76	8.85	8.07	7.48	7.97	-5.38	-5.38
EPS (diluted)	4.98	5.26	5.7	6.33	3.76	8.62	7.95	7.41	7.9	-5.38	6.58
Book value per share	22.2	24	30	35	35.9	45.2	51.7	60.7	67.7	53.7	48.9
FCF per share	4.72	4.41	5.89	5.94	8.76	6.73	4.86	10.1	11.9	10.8	10.6
Cash per share	1.2	1.58	1.29	1.7	4.87	3.27	2.99	4.62	12.8	4.3	3.56
Capex per share	0.44	0.71	0.65	0.84	0.38	0.73	1.24	1.59	0.87	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.09%	1.72%	1.32%	1.57%	0.82%	1.24%	1.67%	2.11%	1.21%	—	—
Capex / operating cash flow	7.57%	11.3%	8.95%	11.6%	4.01%	9.54%	19.7%	12.4%	6.56%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

Quarterly

Last dividend

$0.0111

ex-dividend Jun 2, 2004

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 2, 2004	$0.0111
Nov 7, 2003	$0.0069
Dec 18, 2000	$0.0167
Feb 26, 1991	$0.0006
Nov 14, 1990	$0.0006
Aug 16, 1990	$0.0006
May 17, 1990	$0.0006
Mar 5, 1990	$0.0006

Split history

Date	Ratio
Jul 7, 2026	1243:1000

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$980.7M	$1B	$926.9M	$991.5M	$942.8M	$1B	$906.6M	$977.9M	$982.1M	$334.6M	$839.9M	$875.5M
YoY change	-1.23%	-2.24%	-7.99%	-4.66%	-3.86%	+0.53%	-2.19%	-1.38%	+4.17%	-67%	-7.36%	-10.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	68.5M	89.7M	71.7M	94.5M	268.1M	180.4M	162M	247.5M	689.5M	222.2M
Receivables	325.9M	328.4M	398.7M	447.6M	363.4M	577.1M	631.1M	644.6M	643.4M	573M
Inventory	368.2M	424.6M	521.8M	585.7M	540.2M	837.4M	1.1B	935.9M	841.6M	692.6M
Total current assets	811.7M	931.9M	1.1B	1.2B	1.3B	1.7B	2B	2B	2.3B	2.7B
Property, plant & equipment	87.4M	106.2M	117.8M	123.1M	99M	110.2M	137.5M	164.4M	153.1M	103.7M
Goodwill & intangibles	3.6B	4.1B	6.2B	6.6B	6.8B	8.2B	8.4B	8.4B	8.3B	5.7B
Total assets	2.9B	3.3B	4.5B	5B	5.2B	6.4B	6.9B	6.9B	7.3B	6.3B
Accounts payable	146.9M	146.3M	188.3M	173.7M	182.8M	304.7M	271.4M	227.1M	208.9M	206.7M
Short-term debt	5.9M	5.1M	3.2M	24.7M	45.4M	50M	70.8M	71.2M	71.9M	63.9M
Total current liabilities	488.4M	473.7M	559M	593.1M	700.3M	914.9M	988.3M	851.1M	829.3M	1.1B
Long-term debt	726.2M	1B	1.9B	1.9B	1.7B	2.4B	2.7B	2.4B	2.4B	2.1B
Total liabilities	1.7B	2B	2.9B	3.1B	3.2B	3.9B	4.1B	3.7B	3.6B	3.5B
Shareholders' equity	1.3B	1.4B	1.7B	1.9B	2B	2.5B	2.8B	3.2B	3.6B	2.8B
Total debt	732.1M	1B	1.9B	1.9B	1.8B	2.4B	2.7B	2.5B	2.4B	2.2B
Net debt	663.6M	939.2M	1.8B	1.8B	1.5B	2.3B	2.6B	2.2B	1.7B	2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	167.2M	247.5M	341M	459.5M	606M	689.5M	745.1M	511.5M	175.1M	222.2M	177.1M	159.2M
Receivables	633.2M	644.6M	605.2M	624.6M	615M	643.4M	645.5M	665.8M	673.9M	573M	608M	601.2M
Inventory	1B	935.9M	943.7M	920.1M	905.9M	841.6M	877.7M	888.7M	919.6M	692.6M	728.4M	737.6M
Total current assets	2B	2B	2B	2.1B	2.3B	2.3B	2.4B	2.3B	2B	2.7B	1.6B	1.6B
Property, plant & equipment	-326.9M	164.4M	-349.7M	-361.6M	-377.5M	153.1M	-393.1M	-413M	-421.3M	103.7M	-321.8M	-336M
Goodwill & intangibles	8.5B	8.4B	8.3B	8.2B	8.3B	8.3B	8.3B	8.4B	7B	5.7B	5.7B	5.7B
Total assets	6.9B	6.9B	6.9B	7B	7.2B	7.3B	7.4B	7.3B	6.4B	6.3B	5.4B	5.4B
Accounts payable	224.4M	227.1M	233.4M	238.7M	214.7M	208.9M	230.6M	235.7M	257.9M	206.7M	215.4M	224.3M
Short-term debt	71M	71.2M	70.6M	69.6M	69.2M	71.9M	71.3M	71.3M	70.3M	63.9M	65.3M	64.9M
Total current liabilities	864.2M	851.1M	840.9M	856.9M	814.7M	829.3M	885.8M	880.8M	951.6M	1.1B	838.8M	827.3M
Long-term debt	2.5B	2.4B	2.4B	2.4B	2.4B	2.4B	2.3B	2.3B	2B	2.1B	1.8B	1.9B
Total liabilities	3.8B	3.7B	3.6B	3.6B	3.6B	3.6B	3.7B	3.7B	3.4B	3.5B	3B	3.2B
Shareholders' equity	3.1B	3.2B	3.3B	3.4B	3.6B	3.6B	3.7B	3.6B	2.9B	2.8B	2.4B	2.2B
Total debt	2.6B	2.5B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.1B	2.2B	1.9B	2B
Net debt	2.4B	2.2B	2.1B	2B	1.8B	1.7B	1.7B	1.9B	1.9B	2B	1.7B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	284.2M	298.1M	317.2M	352.2M	207.3M	488.5M	436.6M	400.9M	428.4M	367.3M
Depreciation & amortization	58.2M	69.8M	97.2M	103.4M	110.5M	125.2M	138.1M	132.6M	127.2M	105.3M
Stock-based compensation	27.9M	6.2M	2.5M	8.1M	19.6M	42.3M	58.4M	51M	36.2M	13.5M
Change in working capital	-63.9M	-5.2M	-40.1M	-85.4M	154.1M	-230.9M	-272.4M	103.9M	85.4M	6.7M
Operating cash flow	327.8M	354.5M	402.9M	400.6M	515.9M	422.1M	341.8M	687.5M	713.7M	630.2M
Capital expenditure	-24.8M	-40.2M	-36M	-46.6M	-20.7M	-40.3M	-67.3M	-85.2M	-46.8M	—
Investing cash flow	-235.7M	-345.5M	-1.2B	-327.7M	-99.7M	-1B	-346.1M	-153.9M	-158.5M	-32M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-4.4M	-239.8M	0	-6.1M	-85.9M	-29.3M	-264.8M	-74.6M	-34.7M	-723.6M
Financing cash flow	-43.9M	352.6M	1.7B	-42.5M	-1B	1.1B	346.9M	-1.3B	-73.8M	-970.9M
Net change in cash	48.2M	361.6M	889.8M	30.4M	-614.7M	527.1M	342.5M	-805.7M	481.5M	-372.7M
Free cash flow	269.3M	250M	327.5M	330.8M	482.9M	371.8M	263M	541.8M	637.4M	558.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	108.7M	76.3M	86.6M	115.4M	114.2M	112.3M	92.4M	113.2M	-501.4M	681.9M	85.3M	54.2M
Depreciation & amortization	33.3M	33.5M	32.4M	31.6M	30.8M	32.3M	32.1M	38M	44.8M	8.1M	25.5M	25.8M
Stock-based compensation	13.2M	15.7M	13.8M	7.6M	8.7M	6M	2.5M	6.4M	730K	4.9M	10.1M	7.3M
Change in working capital	59.5M	86.5M	31.2M	5.1M	14.5M	34.8M	-8.2M	-11M	4.1M	12.1M	-68.4M	4.3M
Operating cash flow	209.3M	218.5M	158.3M	147.7M	214.1M	193.6M	112.2M	122M	176.3M	190.7M	65.6M	97.7M
Capital expenditure	-21.3M	-15.5M	-13.7M	-10.9M	-11.5M	-10.6M	-33.7M	—	—	—	—	—
Investing cash flow	-54M	-16.5M	-16M	-14.2M	-13.7M	-114.5M	-33.7M	-3.5M	-31M	2.6M	564.5M	-954K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-21K	-17M	-976K	-287K	-16.4M	-42.8M	-322.9M	-148.6M	-209.3M	-374.8M	-207.1M
Financing cash flow	-150.5M	-240M	-28.6M	-14.1M	-3.1M	-28M	-57.1M	-346.4M	-462.6M	-104.9M	-684.7M	-102.8M
Net change in cash	4.8M	-38.1M	113.8M	119.4M	197.3M	51.1M	21.4M	-227.9M	-317.3M	88.4M	-54.6M	-6M
Free cash flow	197.8M	240.2M	127.1M	138.6M	145.2M	226.6M	106.3M	93.8M	142.5M	194.9M	57.7M	87M

The Middleby Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement