The Middleby Corporation has reported its second quarter results for 2025, with some notable changes from the prior year. The company's operating income decreased to $155 million from $176 million in the prior year, and adjusted EBITDA also saw a decrease to $200 million from $216 million in the prior year.
The company initiated a share repurchase program and has repurchased 3.1 million of common shares through July for $448.9 million, representing 5.7% of equity. Operating cash flows for the quarter amounted to $122 million, down from $149.5 million in the prior year period.
Net sales decreased by 1.4% in the second quarter compared to the prior year, with organic net sales growth declining by 5.4%. Adjusted EBITDA for the second quarter was $200.2 million, down from $216.4 million in the prior year. The company's net debt at the end of the 2025 fiscal second quarter amounted to $1.9 billion, up from $1.7 billion at the end of fiscal 2024.
Looking ahead, the company provided expectations for the third quarter of 2025, including total revenue of $950-975 million and adjusted EBITDA of $185-195 million. For the full year 2025, the company expects total revenue of $3.81-3.87 billion, adjusted EBITDA of $770-800 million, and adjusted earnings per share of $8.65-9.05.
The company's CEO, Tim Fitzgerald, expressed confidence in Middleby's trajectory and highlighted the allocation of free cash flow toward share repurchases, indicating a belief that the current market valuation does not reflect the substantial growth opportunities ahead.
The market has reacted to these announcements by moving the company's shares 2.04% to a price of $144.71. For the full picture, make sure to review MIDDLEBY Corp's 8-K report.
