Middleby Corp Q4 Sales Reach $866M

By Chris Stiles • Thursday, February 26 12:52 • Permanent Link

The Middleby Corporation reported its fourth quarter and fiscal year results for 2025, with net sales reaching $866 million, representing a 5% increase over the prior year. Operating income for the quarter was $150 million, compared to $182 million in the prior year. Adjusted EBITDA for the quarter was $197 million, down from $226 million in the prior year. Diluted GAAP EPS for the quarter was $1.72, while adjusted EPS was reported at $2.14.

The sale of 51% of the residential kitchen business was completed, with the business valued at approximately $885 million. Middleby received net cash proceeds of approximately $565 million and a $135 million promissory note from the joint venture. The company retains a 49% non-controlling interest in the new standalone joint venture with 26North.

Middleby repurchased 4.9 million shares (9.1% of equity) in 2025 and 1.7 million shares (3.5% of equity) year-to-date in 2026. The company also initiated an organic growth guidance of +1-3% in commercial foodservice and +4-6% in food processing for 2026.

In the fourth quarter of 2025, the commercial foodservice segment delivered $602 million in revenue with double-digit growth in the dealer channel. The food processing segment generated $265 million in revenue and finished the year with a record backlog.

Adjusted EBITDA for the full year 2025 was $719.5 million, down from $791.9 million in the prior year, and adjusted EPS was reported at $9.27, compared to $9.49 in the prior year. The total leverage ratio per the credit agreements was 2.5x, and net debt at the end of the fiscal fourth quarter amounted to $2.0 billion, compared to $1.8 billion at the end of fiscal 2024.

Looking ahead, management provided expectations for the first quarter and full year 2026, with net sales expected to range from $560-$578 million for the first quarter and $2.37-2.43 billion for the full year. Adjusted EBITDA for the first quarter is expected to be in the range of $142-152 million, and for the full year, it is anticipated to be $632-658 million. Adjusted earnings per share for the full year 2026 is expected to be in the range of $9.20-9.36.

The company has scheduled a conference call to discuss the fourth quarter results at 10 a.m. Eastern/9 a.m. Central time on February 26th. The market has reacted to these announcements by moving the company's shares -0.21% to a price of $148.53. For the full picture, make sure to review MIDDLEBY Corp's 8-K report.

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