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Kawasaki Heavy Industries (OTCMKTS:KWHIY – Get Free Report) and Middleby (NASDAQ:MIDD – Get Free Report) are both industrials companies, but which is the better business? We will compare the two companies based on the strength of their analyst recommendations, institutional ownership, valuation, earnings, risk, dividends and profitability.

Earnings & Valuation This table compares Kawasaki Heavy Industries and Middleby”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Kawasaki Heavy Industries $15.35 billion 0.95 $713.84 million $0.26 25.52 Middleby $3.20 billion 1.59 -$277.73 million ($9.26) -12.15 Kawasaki Heavy Industries has higher revenue and earnings than Middleby. Middleby is trading at a lower price-to-earnings ratio than Kawasaki Heavy Industries, indicating that it is currently the more affordable of the two stocks. Volatility and Risk Kawasaki Heavy Industries has a beta of 0.75, suggesting that its share price is 25% less volatile than the S&P 500. Comparatively, Middleby has a beta of 1.32, suggesting that its share price is 32% more volatile than the S&P 500.

Institutional and Insider Ownership 98.5% of Middleby shares are owned by institutional investors. 9.7% of Middleby shares are owned by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.

Analyst Ratings This is a breakdown of recent ratings and target prices for Kawasaki Heavy Industries and Middleby, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Kawasaki Heavy Industries 0 2 0 0 2.00 Middleby 2 2 6 0 2.40 Middleby has a consensus price target of $160.38, suggesting a potential upside of 42.53%. Given Middleby’s stronger consensus rating and higher probable upside, analysts plainly believe Middleby is more favorable than Kawasaki Heavy Industries.

Profitability This table compares Kawasaki Heavy Industries and Middleby’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Kawasaki Heavy Industries 4.74% 13.40% 3.49% Middleby -13.22% 17.44% 7.66% Summary Middleby beats Kawasaki Heavy Industries on 9 of the 14 factors compared between the two stocks.

(Get Free Report)

Kawasaki Heavy Industries, Ltd. engages in aerospace systems, energy solution and marine engineering, precision machinery and robot, rolling stock, and motorcycle and engine businesses in Japan and internationally. It manufactures aircraft for the Japan ministry of defense; helicopters; and helicopter and jet engines for commercial aircrafts. The company also manufactures railway cars; a range of rolling stocks, including Shinkansen, electric cars, passenger coaches, freight cars, locomotives, diesel locomotives, and transit systems. In addition, it engages in the production and sale of energy-related machinery and systems, marine machinery and systems, industrial equipment, and environmental equipment. Further, the company manufactures and supplies motorcycles, off-road four wheelers, watercrafts, general-purpose gasoline engines, etc. Additionally, it manufactures and sells pumps, motors, valves, and various hydraulic machinery, as well as assembles hydraulic systems; and industrial robots for use in welding, assembly, handling, painting, and palletization for various industries, including automotive and electronics industries. The company was founded in 1878 and is headquartered in Tokyo, Japan.

About Middleby (Get Free Report)

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing. The company's Food Processing Equipment Group segment provides batch, baking, proofing, conveyor belt, and continuous processing ovens; frying and automated thermal processing systems; tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, and blenders; battering, breading, and seeding equipment; water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment; and automated washing systems, auto-guided vehicles, food safety, food handling, freezing, and defrosting and packaging equipment. Its Residential Kitchen Equipment Group segment offers kitchen equipment comprising cookers, stoves, cooktops, microwaves, ovens, refrigerators, dishwashers, undercounter refrigeration, wine cellars, ice machines, beer dispensers, mixers, rotisseries, and ventilation and outdoor cooking equipment. The company was formerly known as Middleby Marshall Oven Company and changed its name to The Middleby Corporation in 1985. The company was founded in 1888 and is based in Elgin, Illinois.

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Middleby (MIDD +0.76%) has always been a relatively difficult business to evaluate. Its acquisitive approach leads to constantly changing and moving parts. Long-time shareholders have been well rewarded, though.

Through July 6, when it spun off its food processing unit, Middleby's stock has more than doubled the S&P 500 index's return over the past 20 years, soaring 1,150%. After this week's first earnings report since the spin-off, though, shares sank 12.3%, according to data provided by S&P Global Market Intelligence.

With a simplified structure and newly raised guidance, this week's drop looks like a great chance for investors to own Middleby.

Image source: The Motley Fool.

Unlocking value On July 6, Middley completed the spin-off of its food processing business into a new publicly traded company, Midera Food Processing. Existing Middleby shareholders were issued shares of Midera common stock. Middleby has now become a pure-play commercial foodservice business.

Management now sees sales growing between 6% and 8% in the foodservice business this year. Its earnings per share (EPS) guidance implies a price-to-earnings (P/E) ratio of under 17.5, too. Middleby is a leader in commercial foodservice, with large global restaurant chains and retailers as customers.

Today's Change

(

0.76

%) $

0.89

Current Price

$

117.91

That P/E compares favorably to large restaurant chains, including Yum! Brands and McDonald's. It looks like investors who can sift through the nuances of the restructured company could do well to buy Middleby stock after this week's drop.

Howard Smith has positions in Middleby and Midera Food Processing. The Motley Fool has positions in and recommends Middleby and Midera Food Processing. The Motley Fool recommends Yum! Brands and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.

Middleby Corporation spun off its Food Processing segment into Midera, sharpening focus on commercial foodservice equipment. MIDD reported Q2 2026 revenue of $875.55M, achieving nearly 10% year-over-year growth with 6.5% organic growth. Non-GAAP EPS beat estimates by $0.26, resulting from heavy stock buybacks but also strong operational performance.

Middleby Is Betting a Leaner Business Can Unlock More ValueMiddleby NASDAQ: MIDD said its transformation into a focused commercial foodservice equipment company is complete after the company sold a controlling stake in its residential kitchen business and spun off its food processing operations.

Chief Executive Officer Tim FitzGerald said Middleby completed the sale of a controlling interest in its residential kitchen business to 26North during the first quarter. On July 6, the company completed the spin-off of its food processing business, Midera, which now trades as a separate public company.

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Insiders Spent Millions on These 3 Stocks Over the Past 2 Months“With that, the transformation is complete,” FitzGerald said. He said the remaining Middleby business will move forward as a focused provider of commercial foodservice solutions, supported by its brands, product innovation and investments in customer-facing and operational capabilities.

Commercial Foodservice Revenue Rises 8.3% Middleby’s commercial foodservice segment generated approximately $631 million in second-quarter revenue, with organic revenue growth of 8.3%. The company said growth was broad-based across customer channels, including chain customers and dealer partners, as well as across North American and international markets.

FitzGerald said the quarter marked the segment’s second consecutive period of organic sales growth despite what he characterized as a challenging macroeconomic backdrop. It was also the second-largest quarterly revenue period in the history of Middleby Commercial Foodservice, according to the company.

The company said momentum has been supported by its go-to-market investments and product innovation, particularly in ice and beverage equipment. Middleby is expanding its pipeline in those categories ahead of expected customer demand in 2027.

During the question-and-answer session, Steve, a company executive, said dealer-channel growth has remained positive but is expected to moderate in the second half compared with the double-digit growth reported in the second half of the prior year. He said expected growth in the third and fourth quarters will be driven primarily by chain customers, especially quick-service restaurants.

Middleby said quick-service restaurant demand is being supported by new product adoption, as operators seek equipment that can support expanded menus, additional dayparts, higher throughput, consistency and labor efficiency. Steve said new restaurant openings have been relatively flat year over year, while replacement demand has improved from prior periods but has not fully accelerated.

Margins Face Inflation and Investment Pressures Organic adjusted EBITDA margin in the commercial foodservice segment was 25.8% in the second quarter. Middleby said margins were below its expectations because of a combination of product mix, inflationary costs and investments in its ice and beverage platform.

FitzGerald said ice and beverage products carry margins approximately 400 basis points below the company’s longer-established cooking platform. The company also cited accelerated costs for ocean freight shipping and steel surcharges.

Chief Financial Officer Brittany Cerwin said the company experienced a total margin headwind of nearly 100 basis points during the quarter. That included higher-than-expected inflationary effects, partly offset by an approximately $5 million tariff refund.

Cerwin said Middleby expects an additional $10 million to $15 million of inflation-related margin pressure during the remainder of the year relative to its prior expectations. The company expects a similar roughly $5 million amount of tariff refunds in the second half.

Middleby expects sequential margin improvement in both the third and fourth quarters, although inflationary and investment-related pressures are expected to continue through the second half. The company cited product simplification, lean manufacturing, pricing and mix improvement as factors expected to support progress.

Cerwin said investments associated with new beverage equipment represented about a 150-basis-point margin headwind in the second quarter. Middleby expects that effect to lessen in the second half, while benefits from recently announced pricing are expected to begin contributing primarily in the fourth quarter.

FitzGerald said the ice and beverage platform is still in an investment phase, with the company ramping manufacturing capacity, customer testing and product approvals for offerings including FizzBot and Gravity. He said these initiatives are not expected to materially affect 2026 revenue, but are expected to begin contributing in 2027.

Second-Quarter Financial Results and Capital Allocation On a consolidated basis, Middleby reported second-quarter adjusted EBITDA of approximately $193 million and adjusted earnings per share from continuing operations of $2.35. Adjusted EPS excluding food processing was estimated at $1.74, compared with $1.40 in the prior-year period.

The company said adjusted EPS growth reflected organic earnings growth and the effect of share repurchases, partly offset by higher interest expense related to the maturity of convertible notes and a higher tax rate associated with foreign tax items and nondeductible expenses.

Second-quarter operating cash flow totaled approximately $100 million, while free cash flow was approximately $89 million. Middleby ended the quarter with a leverage ratio of 2.4 times under its credit agreement. Its estimated pro forma leverage ratio at the time of the Midera spin-off was 2.7 times.

The company repurchased 1.4 million shares during the second quarter for $200 million, at an average pre-spin price of approximately $142 per share. FitzGerald said Middleby has returned $1.3 billion to shareholders through repurchases, including $200 million in the second quarter, reducing its share count by 16% over the past six quarters.

Cerwin said debt repayment is expected to be the primary use of excess capital during the second half, as the company targets leverage of about 2.5 times by year-end.

Outlook Raised for Second Half Middleby raised its full-year organic growth outlook for its commercial foodservice business to 6% to 8%. The company said it expects replacement spending to remain stable, though some larger chains have modestly pushed out unit-growth plans amid continued pressure on quick-service restaurant traffic and more selective capital spending.

For the third quarter, on a post-spin total-company basis, Middleby forecast:

Revenue of $620 million to $640 million, representing approximately 4% organic growth. Adjusted EBITDA of $143 million to $150 million. Adjusted EPS of $1.67 to $1.83, based on approximately 45.2 million weighted-average shares outstanding. For the full year, Middleby projected post-spin revenue of $2.48 billion to $2.53 billion, representing approximately 7% organic growth. It expects adjusted EBITDA of $572 million to $588 million and adjusted EPS of $6.73 to $6.89, based on approximately 45.8 million weighted-average shares outstanding.

FitzGerald reiterated the company’s three-year targets, which call for 3% to 6% organic sales growth, 6% to 9% adjusted EBITDA growth and 10% to 15% adjusted EPS growth. He said Middleby expects its commercial foodservice focus, new-product pipeline and operating initiatives to support those objectives.

About Middleby (NASDAQ:MIDD)Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby's products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company's portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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The Middleby Corporation (NASDAQ: MIDD), a global leader in commercial foodservice solutions, today reported net earnings for the second quarter of 2026.

Tim FitzGerald, CEO of the Middleby Corporation said, "The second quarter marked a transformational milestone for our company as we successfully completed the separation of our Food Processing business and launched Midera as an independent, publicly traded leader in food processing equipment. With this separation, Middleby is now a pure-play commercial foodservice company, focused on driving innovation and growth across the global foodservice industry. Throughout this transformation, we remained committed to disciplined capital allocation, repurchasing approximately 1.4 million shares, or 3% of our outstanding shares, during the second quarter and 8.7 million shares, or 16% of our outstanding shares, over the past six quarters. These actions underscore our confidence in the strength of our business and our commitment to creating long-term shareholder value.”

Tim FitzGerald continued, "We delivered strong second quarter results at our commercial foodservice business with 8% organic growth that was broad-based across channels, customer types, and regions. The strategic investments we have made in recent years are delivering results, and we continue to define the future of commercial foodservice through industry-leading innovation and customer-focused solutions. These results give us great confidence as we begin our journey as a pure-play commercial foodservice leader."

2026 Second Quarter Financial Results

All results presented are on the reported second quarter continuing operations basis, inclusive of Food Processing unless otherwise noted.

Net sales increased 9.9% in the second quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 6.4% in the second quarter over the comparative prior year period.A reconciliation of organic net sales (a non-GAAP measure) by segment is as follows:($ in millions)

Commercial
Foodservice

Food
Processing

Total
Company

Net Sales

$

630.6

$

244.9

$

875.5

Reported Net Sales Growth

8.6

%

13.3

%

9.9

%

Acquisitions

—

%

11.0

%

3.0

%

Foreign Exchange Rates

0.3

%

1.0

%

0.5

%

Organic Net Sales Growth(1)(2)

8.3

%

1.3

%

6.4

%

(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates.

(2) Totals may be impacted by rounding.

Adjusted EBITDA (a non-GAAP measure) was $193.2 million in the second quarter compared to $181.6 million in the prior year.A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows:($ in millions)

Commercial
Foodservice

Food
Processing

Total
Company(1)

Adjusted EBITDA

$

162.5

$

49.8

$

193.2

Adjusted EBITDA %

25.8

%

20.3

%

22.1

%

Acquisitions

—

%

—

%

—

%

Foreign Exchange Rates

—

%

(0.2

)%

—

%

Organic Adjusted EBITDA %(2)(3)

25.8

%

20.5

%

22.2

%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $19.2 million.

(2) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.

(3) Totals may be impacted by rounding.

Operating cash flows during the second quarter amounted to $99.7 million compared to $91.8 million in the prior year. Operating cash flows during the second quarter also include $7.5 million of payments of strategic transaction costs associated with the business portfolio transformation.Adjusted EPS excluding Food Processing is estimated to be $1.74 for second quarter compared to $1.40 in the prior year. These are preliminary estimates and will be finalized in Q3 2026 as the company reports the historical Food Processing results within discontinued operations. The growth in Adjusted EPS includes an increase related to organic growth, benefits from share repurchases and a discrete benefit related to foreign currency as part of the separation of the Food Processing business, partially offset by higher interest costs associated with the convertible notes maturity and a higher tax rate. Please reference the guidance section of the earnings release and our earnings slides for further details.The total leverage ratio per our credit agreements was 2.4x. The trailing twelve-month bank agreement pro-forma EBITDA was $787.7 million. Post spin the estimated total leverage ratio per our credit agreement was 2.7x.Net debt, defined as debt less cash, at the end of the 2026 fiscal second quarter amounted to $1.8 billion as compared to $2.0 billion at the end of fiscal 2025. Our borrowing availability at the end of the second quarter was approximately $2.6 billion.2026 Outlook

Management also provided the following expectations for the third quarter and full year 2026 for the total company post-spin of the Food Processing business and excluding Residential:

3rd Qtr, 2026

Full Year 2026

Net sales

$620-$640 M

$2.48-2.53 B

Organic Growth

4%

7%

Adjusted EBITDA(1)

$143-150 M

$572-588 M

Adjusted EPS(2)

$1.67-1.83

$6.73-6.89

(1) Includes corporate and other general company operations.

(2) FY 2026 Adjusted EPS expectation is the sum of the four quarters of Adjusted EPS, please reference earnings slides for further detail on guidance.

Beginning in the third quarter of 2026, the historical financial results of the Food Processing business for periods prior to the spin-off will be reflected in the company’s consolidated financial statements as discontinued operations. The below amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

1st Qtr, 2026

2nd Qtr, 2026

Net sales

$616 M

$631 M

Adjusted EBITDA(1)

$139 M

$145 M

Adjusted EPS

$1.55

$1.74

(1) Includes corporate and other general company operations.

1st Qtr, 2025

2nd Qtr, 2025

3rd Qtr, 2025

4th Qtr, 2025

Full Year 2025

Net sales

$563 M

$581 M

$606 M

$602 M

$2.35 B

Adjusted EBITDA(1)

$130 M

$139 M

$142 M

$140 M

$551 M

Adjusted EPS

$1.47

$1.40

$1.72

$1.52

$6.10

(1) Includes corporate and other general company operations.

Conference Call

The company has scheduled a conference call to discuss the second quarter results at 10 a.m. Eastern/9 a.m. Central Time on August 11th. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (844) 676-5090, or (412) 634-6754 for international access. The conference call will be available for replay from the company’s website.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations with respect to our future performance and the outcome of our strategic review. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; any variation between the preliminary and final historical results of the Food Processing business; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

The Middleby Corporation is a global leader in commercial foodservice solutions. The well-known Middleby brands develop and manufacture a broad portfolio of innovative products for commercial kitchens worldwide. Middleby serves a diverse customer base with equipment and technology offerings that include cooking, warming, beverage, ice and IoT while proudly showcasing its advanced foodservice solutions in five state-of-the-art Middleby Innovation Kitchens across North America and Europe.

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

Three Months Ended

Six Months Ended

2nd Qtr,
2026

2nd Qtr,
2025

2nd Qtr,
2026

2nd Qtr,
2025

Net sales

$

875,549

$

796,799

$

1,715,457

$

1,527,422

Cost of sales

540,468

480,697

1,057,186

918,742

Gross profit

335,081

316,102

658,271

608,680

Selling, general and administrative expenses

186,601

167,598

374,898

329,407

Restructuring expenses

732

687

2,271

1,935

Income from continuing operations

147,748

147,817

281,102

277,338

Interest expense and deferred financing amortization, net

25,969

20,256

51,449

39,077

Net periodic pension benefit

(2,428

)

(1,601

)

(4,857

)

(3,117

)

Other (income)/expense, net

(2,177

)

2,128

(4,798

)

3,088

Earnings from continuing operations before income taxes

126,384

127,034

239,308

238,290

Provision for income taxes

43,275

25,368

70,915

51,561

Earnings from continuing operations before equity in net losses of affiliate

83,109

101,666

168,393

186,729

Equity in losses of affiliate, net of tax

(28,895

)

—

(28,895

)

—

Net earnings from continuing operations

54,214

101,666

139,498

186,729

Earnings/(loss) from discontinued operations, net of tax

598

4,290

(134,759

)

11,579

Net earnings

$

54,812

$

105,956

$

4,739

$

198,308

Net earnings/(loss) per share(1):

Basic from continuing operations

$

1.20

$

1.93

$

3.01

$

3.52

Basic from discontinued operations

0.01

0.08

(2.91

)

0.22

Basic earnings per share

$

1.21

$

2.01

$

0.10

$

3.73

Diluted from continuing operations

$

1.20

$

1.91

$

3.01

$

3.47

Diluted from discontinued operations

0.01

0.08

(2.91

)

0.21

Diluted earnings per share

$

1.21

$

1.99

$

0.10

$

3.68

Weighted average number of shares

Basic

45,326

52,616

46,279

53,105

Diluted

45,343

53,154

46,293

53,888

(1) Earnings/(loss) per share amounts for continuing operations and discontinued operations are calculated independently and may not sum to total earnings per share due to rounding.

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

Jul 4, 2026

Jan 3, 2026

ASSETS

Cash and cash equivalents

$

159,178

$

222,239

Accounts receivable, net

601,178

573,039

Inventories, net

737,633

692,589

Prepaid expenses and other

111,222

111,176

Prepaid taxes

22,761

41,159

Current assets held for sale - discontinued operations

11,836

1,102,441

Total current assets

1,643,808

2,742,643

Property, plant and equipment, net

423,052

431,622

Goodwill

1,794,299

1,799,649

Other intangibles, net

1,030,987

1,061,192

Long-term deferred tax assets

6,729

8,209

Pension benefits assets

112,235

106,444

Equity method investment

109,724

—

Note receivable

86,879

—

Other assets

152,940

165,407

Total assets

$

5,360,653

$

6,315,166

LIABILITIES AND STOCKHOLDERS' EQUITY

Current maturities of long-term debt

$

44,101

$

44,420

Accounts payable

224,281

206,666

Accrued expenses

549,383

574,810

Current liabilities held for sale - discontinued operations

9,522

242,335

Total current liabilities

827,287

1,068,231

Long-term debt

1,935,423

2,128,582

Long-term deferred tax liability

212,184

156,723

Accrued pension benefits

7,308

7,629

Other non-current liabilities

168,497

177,772

Stockholders' equity

2,209,954

2,776,229

Total liabilities and stockholders' equity

$

5,360,653

$

6,315,166

THE MIDDLEBY CORPORATION

NON-GAAP SEGMENT INFORMATION

(Amounts in 000’s, Except Percentages)

(Unaudited)

Commercial
Foodservice

Food
Processing

Total
Company(1)

Three Months Ended July 4, 2026

Net sales

$

630,613

$

244,936

$

875,549

Segment income from continuing operations

$

143,564

$

43,978

$

147,748

Income from continuing operations % of net sales

22.8

%

18.0

%

16.9

%

Depreciation

7,302

4,197

12,040

Amortization

10,558

2,541

13,099

Restructuring expenses

571

161

732

Acquisition related adjustments

(297

)

(1,063

)

(3,000

)

Facility consolidation related expenses

828

—

828

Strategic transaction costs

—

—

14,479

Stock compensation

—

—

7,253

Segment adjusted EBITDA from continuing operations(2)

$

162,526

$

49,814

$

193,179

Adjusted EBITDA from continuing operations % of net sales

25.8

%

20.3

%

22.1

%

Three Months Ended June 28, 2025

Net sales

$

580,605

$

216,194

$

796,799

Segment income from continuing operations

$

137,946

$

42,679

$

147,817

Income from continuing operations % of net sales

23.8

%

19.7

%

18.6

%

Depreciation

6,911

3,095

10,705

Amortization

10,952

2,629

13,581

Restructuring expenses

745

(58

)

687

Acquisition related adjustments

37

(2,496

)

(2,335

)

Strategic transaction costs

—

—

5,591

Stock compensation

—

—

5,590

Segment adjusted EBITDA from continuing operations

$

156,591

$

45,849

$

181,636

Adjusted EBITDA from continuing operations % of net sales

27.0

%

21.2

%

22.8

%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $19.2 million and $20.8 million for the three months ended July 4, 2026 and June 28, 2025, respectively.

(2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by approximately $0.3 million for the three months ended July 4, 2026.

THE MIDDLEBY CORPORATION

NON-GAAP SEGMENT INFORMATION

(Amounts in 000’s, Except Percentages)

(Unaudited)

Commercial
Foodservice

Food
Processing

Total
Company(1)

Six Months Ended July 4, 2026

Net sales

$

1,246,149

$

469,308

$

1,715,457

Segment income from continuing operations

$

283,230

$

78,343

$

281,102

Income from continuing operations % of net sales

22.7

%

16.7

%

16.4

%

Depreciation

14,546

7,902

23,540

Amortization

21,181

5,262

26,443

Restructuring expenses

1,260

104

2,271

Acquisition related adjustments

(119

)

(374

)

(2,133

)

Facility consolidation related expenses

828

—

828

Strategic transaction costs

—

—

24,424

Stock compensation

—

—

17,327

Segment adjusted EBITDA from continuing operations(2)

$

320,926

$

91,237

$

373,802

Adjusted EBITDA from continuing operations % of net sales

25.8

%

19.4

%

21.8

%

Six Months Ended June 28, 2025

Net sales

$

1,143,322

$

384,100

$

1,527,422

Segment Income from Continuing Operations

$

270,042

$

66,189

$

277,338

Income from continuing operations % of net sales

23.6

%

17.2

%

18.2

%

Depreciation

13,541

5,986

21,051

Amortization

22,246

5,543

27,789

Restructuring expenses

1,883

52

1,935

Acquisition related adjustments

309

(1,858

)

(1,933

)

Strategic transaction costs

—

—

9,063

Stock compensation

—

—

7,878

Segment adjusted EBITDA from continuing operations

$

308,021

$

75,912

$

343,121

Adjusted EBITDA from continuing operations % of net sales

26.9

%

19.8

%

22.5

%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $38.4 million and $40.8 million for the six months ended July 4, 2026 and June 28, 2025, respectively.

(2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by $2.6 million for the six months ended July 4, 2026.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

Three Months Ended

2nd Qtr, 2026

2nd Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

54,214

$

1.20

$

101,666

$

1.91

Amortization(1)

13,724

0.30

15,357

0.29

Restructuring expenses

732

0.02

687

0.01

Acquisition related adjustments

(3,000

)

(0.07

)

(2,335

)

(0.04

)

Facility consolidation related expenses

828

0.02

—

—

Net periodic pension benefit

(2,428

)

(0.05

)

(1,601

)

(0.03

)

Strategic transaction costs

14,479

0.32

5,591

0.11

Change in fair value of note receivable

(2,693

)

(0.06

)

—

—

Equity in losses of affiliate, net

28,895

0.64

—

—

Discrete tax impact of Spin related transactions

4,629

0.10

—

—

Income tax effect of pre-tax adjustments

(2,964

)

(0.07

)

(3,540

)

(0.07

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

—

—

0.02

Adjusted net earnings from continuing operations

$

106,416

$

2.35

$

115,825

$

2.20

Diluted weighted average number of shares

45,343

53,154

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

(511

)

Adjusted diluted weighted average number of shares

45,343

52,643

Six Months Ended

2nd Qtr, 2026

2nd Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

139,498

$

3.01

$

186,729

$

3.47

Amortization(1)

27,694

0.60

31,362

0.58

Restructuring expenses

2,271

0.05

1,935

0.04

Acquisition related adjustments

(2,133

)

(0.05

)

(1,933

)

(0.04

)

Facility consolidation related expenses

828

0.02

—

—

Net periodic pension benefit

(4,857

)

(0.10

)

(3,117

)

(0.06

)

Strategic transaction costs

24,424

0.53

9,063

0.17

Change in fair value of note receivable

(4,499

)

(0.10

)

—

—

Equity in losses of affiliate, net

28,895

0.62

—

—

Discrete tax impact of Spin related transactions

4,629

0.10

—

—

Income tax effect of pre-tax adjustments

(8,817

)

(0.19

)

(8,059

)

(0.15

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

—

—

0.06

Adjusted net earnings from continuing operations

$

207,933

$

4.49

$

215,980

$

4.07

Diluted weighted average number of shares

46,293

53,888

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

(769

)

Adjusted diluted weighted average number of shares

46,293

53,119

(1) Includes amortization of deferred financing costs and convertible notes issuance costs.

(2) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash. Given the settlement of the convertible notes in the third quarter of 2025 the weighted average number of shares will no longer require an adjustment in 2026.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION

(Amounts in 000’s)

(Unaudited)

Three Months Ended

Six Months Ended

2nd Qtr, 2026

2nd Qtr, 2025

2nd Qtr, 2026

2nd Qtr, 2025

Net Cash Flows Provided By (Used In):

Operating activities(1)

$

99,714

$

91,761

$

187,526

$

229,047

Investing activities(2)

(11,649

)

(18,101

)

544,878

(45,669

)

Financing activities

(102,803

)

(346,368

)

(787,468

)

(403,459

)

Free Cash Flow

Cash flow from operating activities(1)

$

99,714

$

91,761

$

187,526

$

229,047

Less: Capital expenditures(3)

(10,695

)

(14,584

)

(18,634

)

(41,064

)

Free cash flow

$

89,019

$

77,177

$

168,892

$

187,983

(1) Includes payments of strategic transaction costs of $7.5 million and $15.2 million for the three and six months ended July 4, 2026.

(2) Includes proceeds from sale of 51% interest in Residential Kitchen Equipment Group, net of cash transferred, of $564.6 million for the six months ended July 4, 2026.

(3) Includes purchase of previously leased food processing manufacturing facility for the six months ended June 28, 2025.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s)

(Unaudited)

1st Qtr, 2026

2nd Qtr, 2026

Net sales

$

839,908

$

875,549

Less: Food Processing

(224,372

)

(244,936

)

Net sales excluding Food Processing

$

615,536

$

630,613

Income from continuing operations

$

133,354

$

147,748

Less: Food Processing

(22,685

)

(26,850

)

Income from continuing operations excluding Food Processing

$

110,669

$

120,898

Depreciation

7,795

7,843

Amortization

10,623

10,558

Restructuring expenses

1,596

571

Acquisition related adjustments

178

(1,937

)

Facility consolidation related expenses

—

828

Stock compensation

8,531

6,004

Adjusted EBITDA from continuing operations excluding Food Processing

$

139,392

$

144,765

1st Qtr, 2025

2nd Qtr, 2025

3rd Qtr, 2025

4th Qtr, 2025

Full Year 2025

Net sales

$

730,623

$

796,799

$

807,355

$

866,425

$

3,201,202

Less: Food Processing

(167,906

)

(216,195

)

(201,353

)

(264,701

)

(850,155

)

Net sales excluding Food Processing

$

562,717

$

580,604

$

606,002

$

601,724

$

2,351,047

Income from continuing operations

$

129,521

$

147,817

$

147,718

$

149,835

$

574,891

Less: Food Processing

(21,547

)

(32,783

)

(24,088

)

(40,939

)

(119,357

)

Income from continuing operations excluding Food Processing

$

107,974

$

115,034

$

123,630

$

108,896

$

455,534

Depreciation

7,455

7,610

7,646

8,277

30,988

Amortization

11,294

10,952

10,657

10,654

43,557

Restructuring expenses

1,137

746

349

519

2,751

Acquisition related adjustments

(237

)

161

283

(1,878

)

(1,671

)

Stock compensation

2,001

4,661

(495

)

4,699

10,866

Impairments

—

—

—

9,298

9,298

Adjusted EBITDA from continuing operations excluding Food Processing

$

129,624

$

139,164

$

142,070

$

140,465

$

551,323

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

1st Qtr, 2026

2nd Qtr, 2026

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

85,284

$

1.81

$

54,214

$

1.20

Less: Food Processing

(18,786

)

(0.40

)

(8,242

)

(0.19

)

Net earnings from continuing operations excluding Food Processing

$

66,498

$

1.41

$

45,972

$

1.01

Amortization(2)

11,247

0.24

11,183

0.25

Restructuring expenses

1,596

0.03

571

0.01

Acquisition related adjustments

178

—

(1,937

)

(0.04

)

Facility consolidation related expenses

—

—

828

0.02

Net periodic pension benefit

(2,429

)

(0.05

)

(2,428

)

(0.05

)

Change in fair value of note receivable

(1,806

)

(0.04

)

(2,693

)

(0.06

)

Equity in losses of affiliate, net

—

—

28,895

0.64

Income tax effect of pre-tax adjustments

(2,267

)

(0.04

)

(1,425

)

(0.04

)

Adjusted net earnings from continuing operations excluding Food Processing

$

73,017

$

1.55

$

78,966

$

1.74

Diluted weighted average number of shares

47,243

45,343

Adjusted diluted weighted average number of shares

47,243

45,343

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

(2) Includes amortization of deferred financing costs and convertible notes issuance costs.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

1st Qtr, 2025

2nd Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

85,063

$

1.56

$

101,666

$

1.91

Less: Food Processing

(15,988

)

(0.30

)

(37,047

)

(0.69

)

Net earnings from continuing operations excluding Food Processing

$

69,075

$

1.26

$

64,619

$

1.22

Amortization(2)

13,091

0.24

12,728

0.24

Restructuring expenses

1,137

0.02

746

0.01

Acquisition related adjustments

(237

)

—

161

—

Net periodic pension benefit

(1,516

)

(0.03

)

(1,601

)

(0.03

)

Income tax effect of pre-tax adjustments

(2,844

)

(0.05

)

(2,744

)

(0.05

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

—

0.03

—

0.01

Adjusted net earnings from continuing operations excluding Food Processing

$

78,706

$

1.47

$

73,909

$

1.40

Diluted weighted average number of shares

54,621

1.26

53,154

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

(1,028

)

(511

)

Adjusted diluted weighted average number of shares

53,593

52,643

3rd Qtr, 2025

4th Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

94,452

$

1.87

$

86,086

$

1.72

Less: Food Processing

(16,535

)

(0.33

)

(23,872

)

(0.48

)

Net earnings from continuing operations excluding Food Processing

$

77,917

$

1.54

$

62,214

$

1.24

Amortization(2)

12,725

0.25

11,322

0.23

Restructuring expenses

349

0.01

519

0.01

Acquisition related adjustments

283

0.01

(1,878

)

(0.04

)

Net periodic pension benefit

(1,597

)

(0.03

)

(1,580

)

(0.03

)

Impairments

—

—

9,298

0.19

Income tax effect of pre-tax adjustments

(2,681

)

(0.06

)

(4,031

)

(0.08

)

Adjusted net earnings from continuing operations excluding Food Processing

$

86,996

$

1.72

$

75,864

$

1.52

Diluted weighted average number of shares

50,521

50,032

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

53

—

Adjusted diluted weighted average number of shares

50,574

50,032

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

(2) Includes amortization of deferred financing costs and convertible notes issuance costs.

(3) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

Full Year 2025

$

Diluted per
share

Net earnings from continuing operations

$

367,267

$

7.04

Less: Food Processing

(93,441

)

(1.79

)

Net earnings from continuing operations excluding Food Processing

$

273,826

$

5.25

Amortization(2)

49,866

0.96

Restructuring expenses

2,751

0.05

Acquisition related adjustments

(1,671

)

(0.03

)

Net periodic pension benefit

(6,294

)

(0.12

)

Impairments

9,298

0.18

Income tax effect of pre-tax adjustments

(12,301

)

(0.24

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

—

0.05

Adjusted net earnings from continuing operations excluding Food Processing

$

315,475

$

6.10

Diluted weighted average number of shares

52,179

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

(468

)

Adjusted diluted weighted average number of shares

51,711

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

(2) Includes amortization of deferred financing costs and convertible notes issuance costs.

(3) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash.

USE OF NON-GAAP FINANCIAL MEASURES

The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies.

The company believes that organic net sales growth, adjusted EBITDA, organic adjusted EBITDA, segment adjusted EBITDA, net debt, net leverage, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results.

The company believes that free cash flow is an important measure of operating performance because it provides management and investors with a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock.

The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260811523406/en/

For the quarter ended June 2026, Middleby (MIDD - Free Report) reported revenue of $875.55 million, down 10.5% over the same period last year. EPS came in at $2.35, compared to $2.35 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $836.82 million, representing a surprise of +4.63%. The company delivered an EPS surprise of +3.07%, with the consensus EPS estimate being $2.28.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Middleby performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Food Processing: $244.94 million compared to the $226.4 million average estimate based on three analysts. The reported number represents a change of +13.3% year over year.Revenue- Commercial Foodservice: $630.61 million versus the three-analyst average estimate of $610.83 million. The reported number represents a year-over-year change of +8.6%.Segment Operating Income- Food Processing: $43.98 million compared to the $30.12 million average estimate based on two analysts.Segment Operating Income- Commercial Foodservice: $143.56 million versus $103.91 million estimated by two analysts on average.View all Key Company Metrics for Middleby here>>>

Shares of Middleby have returned -3.4% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

The upcoming report from Middleby (MIDD - Free Report) is expected to reveal quarterly earnings of $2.28 per share, indicating a decline of 3% compared to the year-ago period. Analysts forecast revenues of $836.82 million, representing a decline of 14.4% year over year.

The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

Bearing this in mind, let's now explore the average estimates of specific Middleby metrics that are commonly monitored and projected by Wall Street analysts.

According to the collective judgment of analysts, 'Revenue- Food Processing' should come in at $226.40 million. The estimate suggests a change of +4.7% year over year.

Analysts predict that the 'Revenue- Commercial Foodservice' will reach $610.83 million. The estimate indicates a year-over-year change of +5.2%.

The average prediction of analysts places 'Segment Operating Income- Food Processing' at $30.12 million. Compared to the current estimate, the company reported $42.68 million in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Segment Operating Income- Commercial Foodservice' will likely reach $103.91 million. The estimate is in contrast to the year-ago figure of $137.90 million.

View all Key Company Metrics for Middleby here>>>

Middleby shares have witnessed a change of +2.4% in the past month, in contrast to the Zacks S&P 500 composite's +3.3% move. With a Zacks Rank #2 (Buy), MIDD is expected outperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) will release 2026 second quarter earnings on Tuesday, August 11, 2026 at 7 a.m. Eastern Time. The company has scheduled a conference call to discuss the results at 10 a.m. Eastern Time on August 11. The call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference via the domestic dial-in 1-844-676-5090. International.

Posted by Defense World Staff on Jul 27th, 2026

Dimensional Fund Advisors LP decreased its stake in shares of The Middleby Corporation (NASDAQ:MIDD – Free Report) by 25.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,109,859 shares of the industrial products company’s stock after selling 376,261 shares during the period. Dimensional Fund Advisors LP owned 2.38% of Middleby worth $147,127,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MIDD. Federation des caisses Desjardins du Quebec increased its position in Middleby by 2.2% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 4,317 shares of the industrial products company’s stock worth $642,000 after purchasing an additional 91 shares in the last quarter. Root Financial Partners LLC raised its holdings in shares of Middleby by 64.2% during the first quarter. Root Financial Partners LLC now owns 261 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 102 shares during the period. Evoke Wealth LLC boosted its position in Middleby by 5.8% during the 4th quarter. Evoke Wealth LLC now owns 1,939 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 107 shares during the period. Cresset Asset Management LLC increased its stake in shares of Middleby by 7.6% in the third quarter. Cresset Asset Management LLC now owns 1,509 shares of the industrial products company’s stock valued at $201,000 after purchasing an additional 107 shares during the period. Finally, Clearstead Advisors LLC lifted its holdings in Middleby by 201.8% in the fourth quarter. Clearstead Advisors LLC now owns 166 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 111 shares during the period. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets Several research firms have issued reports on MIDD. JPMorgan Chase & Co. decreased their price target on shares of Middleby from $185.00 to $151.00 and set a “neutral” rating on the stock in a research report on Monday, July 13th. Robert W. Baird lowered Middleby from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Oppenheimer assumed coverage on Middleby in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $205.00 price objective for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Middleby in a research report on Friday, May 1st. Finally, Barclays set a $155.00 target price on Middleby and gave the company an “overweight” rating in a research note on Monday, July 20th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $173.88.

Get Our Latest Analysis on Middleby

Middleby Price Performance Shares of NASDAQ MIDD opened at $133.88 on Monday. The company has a 50 day simple moving average of $153.08 and a 200 day simple moving average of $150.38. The Middleby Corporation has a 1 year low of $110.82 and a 1 year high of $180.13. The firm has a market cap of $6.05 billion, a PE ratio of -15.79 and a beta of 1.33. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.96 and a quick ratio of 1.10.

Middleby (NASDAQ:MIDD – Get Free Report) last released its earnings results on Thursday, May 7th. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.22. Middleby had a negative net margin of 11.46% and a positive return on equity of 15.94%. The company had revenue of $839.91 million for the quarter, compared to the consensus estimate of $777.19 million. During the same quarter in the previous year, the company earned $2.08 EPS. Middleby’s quarterly revenue was up 15.0% compared to the same quarter last year. Middleby has set its FY 2026 guidance at 9.540-9.700 EPS and its Q2 2026 guidance at 2.270-2.390 EPS. On average, research analysts forecast that The Middleby Corporation will post 9.54 EPS for the current year.

About Middleby (Free Report)

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby’s products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company’s portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.

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Middleby (MIDD - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 14% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Here's Why MIDD Could Experience a TurnaroundThe RSI reading of 28.41 for MIDD is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.

The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for MIDD has increased 0.3%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, MIDD currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced that it has completed the previously announced spin-off of its Food Processing business, now operating as Midera Food Processing, Inc. (“Midera”). Shares of Midera common stock will begin trading “regular way” on The Nasdaq Stock Market under the ticker symbol “MFP,” effective at the market opening on July 7, 2026. “This separation represents the culmination of strategic portfolio work to unlock the full value.

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced that in connection with the previously announced spin-off of its Food Processing business, Midera Food Processing, Inc. (“Midera”) has entered into a five-year, $1.0 billion credit agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent, and other financial institutions and lenders, consisting of a $750 million U.S. dollar revolving credit facility and a $250 million multi-curren.

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced that its Board of Directors (the “Board”) has formally approved the previously announced spin-off of its Food Processing business, Midera Food Processing, Inc. (“Midera”).

To execute the spin-off, Middleby will distribute all of the issued and outstanding shares of Midera common stock pro rata to Middleby stockholders of record on June 26, 2026 (the “Record Date”). The Board expects the distribution to occur at 12:01 a.m. Eastern Time on July 6, 2026 (the “Distribution Date”), on the basis of a distribution ratio of one share of Midera common stock for every one share of Middleby common stock held as of 4:00 p.m. Central Time on the Record Date.

“Midera is entering an exciting new chapter as a pure-play food processing technology leader,” said Mark Salman, incoming Chief Executive Officer of Midera. “We have deep customer relationships, leading brands across protein, bakery, and snack processing, and a proven innovation engine that delivers real solutions. As an independent company, we’ll have the strategic focus and financial flexibility to accelerate our approach to delivering complete solutions that help food producers efficiently scale their operations. Our unique position in the market comes from our ability to integrate equipment, automation, and service into total line solutions as we seek to deliver the lowest total cost of ownership for our customers. We’re excited to capitalize on the significant growth opportunities ahead and create substantial shareholder value.”

“This separation represents the culmination of years of strategic planning and portfolio optimization,” said Tim FitzGerald, Chief Executive Officer of Middleby. “Both Middleby and Midera are well positioned to accelerate growth as independent companies, each with the strategic focus to pursue distinct opportunities in their respective markets. Middleby will continue driving innovation in commercial foodservice, from our beverage platform to our connected kitchen solutions and across all of our product categories. Midera enters the market as a leader in food processing automation with strong momentum. We’re confident this focused approach will drive significant value creation for our shareholders.”

Completion of the spin-off is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of Midera’s registration statement on Form 10, which was declared effective by the SEC on June 17, 2026.

The spin-off is expected to be tax-free to Middleby stockholders for U.S. federal income tax purposes.

When-Issued Trading Market

Middleby anticipates that Midera common stock will begin trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “MFPVV” on a “when-issued” basis on or about June 26, 2026 and continuing through the Distribution Date. Midera common stock is expected to begin “regular-way” trading on Nasdaq under the ticker symbol “MFP” on July 7, 2026.

Shares of Middleby common stock are expected to continue to trade “regular-way” on Nasdaq under the current ticker symbol “MIDD” from the Record Date through the Distribution Date. However, beginning on June 26, 2026 and continuing through the Distribution Date, it is expected that there will be two markets in Middleby common stock on Nasdaq: a “regular-way” market under Middleby’s current ticker symbol “MIDD,” in which Middleby shares will trade with the right to receive shares of Midera common stock on the Distribution Date, and an “ex distribution” market under the ticker symbol “MIDDV”, in which Middleby shares will trade without the right to receive shares of Midera common stock on the Distribution Date.

Middleby stockholders are encouraged to consult their financial advisors regarding the specific implications of buying, selling or holding shares of Middleby common stock on or before the Distribution Date.

About The Middleby Corporation

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice and food processing. Middleby showcases its advanced solutions in the Middleby Innovation Kitchens for commercial foodservice and industrial baking and protein Innovation Centers for food processing solutions. For more information about Middleby, please visit www.middleby.com.

About Midera Food Processing

Midera Food Processing provides food processing equipment and automation solutions for industrial protein, bakery, and snack producers, delivering total line solutions from preparation and thermal processing through packaging. With a portfolio of 30+ industry-leading brands reaching customers across six continents, Midera helps food processors produce safer, more consistent products while improving efficiency and reducing waste at scale. Headquartered in Rosemont, Illinois, the company employs approximately 2,800 people worldwide. For more information about Midera, please visit www.midera.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” subject to the Private Securities Litigation Reform Act of 1995, including statements regarding The Middleby Corporation’s (“Middleby”) and Midera Food Processing, Inc.’s (“Midera” and each of Midera and Middleby, a “Company”) expectations with respect to the timing of the spin-off of Middleby’s Food Processing business into an independent, publicly traded company (the “Spin-off”) and each Company’s future performance. Each Company cautions investors that such statements are estimates and are highly dependent upon a variety of factors. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause each Company’s actual results, performance or outcomes to differ materially from those expressed or implied in the forward-looking statements. The following are some of the important factors that could cause each Company’s actual results, performance or outcomes to differ materially from those discussed in the forward-looking statements: changing market conditions; volatility in earnings resulting from goodwill impairment losses, which may occur irregularly and in varying amounts; variability in financing costs and interest rates; quarterly variations in operating results; dependence on key customers; risks associated with each Company’s foreign operations, including international exposure, political risks affecting international sales, market acceptance and demand for each Company’s products and each Company’s ability to manage the risk associated with the exposure to foreign currency exchange rate fluctuations; each Company’s ability to protect its trademarks, copyrights and other intellectual property; changing market conditions, including inflation; the impact of competitive products and pricing; the impact of announced management and organizational changes; intense competition in each Company’s business including the impact of both new and established global competitors; unfavorable tax law changes and tax authority rulings; cybersecurity attacks and other breaches in security; the continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; the timely development and market acceptance of each Company’s products; the availability and cost of raw materials; the possibility that the Spin-off will not be consummated within the anticipated time period or at all, including as the result of regulatory, market or other factors, including the possibility that various closing conditions for the Spin-off may not be satisfied; the potential disruption to each Company’s business in connection with the Spin-off; the potential that each Company does not realize all of the expected benefits of the Spin-off; the potential that the Spin-off may be more difficult, time consuming or costly than expected; the failure of the Spin-off to qualify for the expected tax treatment; potential adverse effects of the results of the Spin-off, including on the market price of each Company’s common stock, the ability of each Company to develop and maintain relationships with personnel, customers, suppliers and others with whom it does business or such Company’s business, financial condition, results of operations and financial performance; risks related to diversion of each Company’s management’s attention from its ongoing business operations due to the Spin-off; and other risks detailed in each Company’s SEC filings. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, neither Company undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Key Takeaways Middleby approved the Midera Food Processing spin-off, expected to close on July 6, 2026.MIDD holders on June 26 will receive one Midera share for each Middleby share owned.Midera is set to trade on Nasdaq as "MFP" from July 7, focusing on innovation and automation. The Middleby Corporation’s (MIDD - Free Report) board of directors has approved the spin-off of its Midera Food Processing business. This marks a key step in the divestiture process, which is expected to be completed on July 6, 2026. Following the spin-off, Midera will start operating as an independent public company.

Midera is engaged in providing food processing solutions for industrial protein, bakery and snack customers. The company offers integrated solutions across food processing lines through a portfolio of more than 30 brands.

Inside the HeadlinesMiddleby plans to allocate all of Midera's outstanding common stock on July 6, 2026. Each MIDD shareholder of record as of June 26, 2026, will receive one share of Midera common stock for every share of Middleby common stock they hold. The distribution of Midera stock will take place once all specified conditions under the U.S. Securities and Exchange Commission filing are met.

At the first instance, Midera shares are likely to commence trading on a "when-issued" basis on Nasdaq under the symbol "MFPVV" around June 26, 2026. However, regular trading under the ticker "MFP" will start on July 7, 2026. From around June 26 to July 6, 2026, Middleby stock will trade in two markets. One under the regular ticker "MIDD" with the right to receive Midera shares, and another under the ticker "MIDDV" without the right to obtain Midera shares. The divestiture will enable both Middleby and Midera to focus more on their core businesses and individual growth strategies, which aim to unlock value for shareholders.

This development marks an important milestone for Midera to grow independently as a food processing solutions company. This new entity will concentrate on innovation, automation and integrated processing technologies to enhance customer value and drive long-term shareholder value.

MIDD’s Zacks Rank and Price PerformanceMiddleby is benefiting from growth in demand for ice and beverage equipment within the Commercial Foodservice Equipment Group segment. The company’s focus on launching new products augurs well. Synergies from acquisitions are driving sustained growth for Middleby.

In the past six months, this Zacks Rank #2 (Buy) company’s shares have risen 10.7% compared with the industry’s 7.1% growth.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the same space are discussed below:

Tennant Company (TNC - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Tennant delivered a trailing four-quarter average earnings surprise of 40.8%. In the past 60 days, the Zacks Consensus Estimate for TNC’s 2026 earnings has increased 6.2%.

Nordson Corporation (NDSN - Free Report) currently sports a Zacks Rank of 1. Nordson’s earnings topped the consensus estimate in each of the trailing four quarters. The average earnings surprise was 2.3%.

In the past 60 days, the Zacks Consensus Estimate for Nordson’s fiscal 2026 earnings has increased 1%.

The Gorman-Rupp Company (GRC - Free Report) presently sports a Zacks Rank of 1. The Gorman-Rsupp’s earnings surpassed the consensus estimate in each of the trailing four quarters. The average earnings surprise was 17.6%.

In the past 60 days, the Zacks Consensus Estimate for GRC’s 2026 earnings has increased 12.1%.

Middleby (MIDD) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

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Stock to Watch: Middleby (MIDD - Free Report) Elgin, IL-based The Middleby Corp. provides cooking, warming, food preparation and packaging equipment to commercial, industrial processing and residential markets. Formerly known as Oven Company, it was acquired by TMC Industries Ltd. in 1983.

MIDD is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Industrial Products stock. MIDD has a Momentum Style Score of A, and shares are up 18.6% over the past four weeks.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.30 to $9.53 per share. MIDD boasts an average earnings surprise of +10.4%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, MIDD should be on investors' short list.

Image: Bigstock

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Key Takeaways Middleby gains from strong food processing demand, led by protein, bakery and snack categories.MIDD expands via acquisitions like Oka and Frigomeccanica, boosting product range and market reach.Middleby faces margin pressure from higher costs, tariffs and weak restaurant-driven demand. The Middleby Corporation (MIDD - Free Report) is benefiting from strength in the Food Processing Equipment Group segment. An increase in demand for protein and bakery products is supporting the segment’s performance. Rising demand for snack category products bodes well for the segment. Also, robust order rate and increasing demand for its products in the international market are acting as a tailwind.

The company aims to expand its market share, product offerings and customer base through strategic acquisitions. In August 2025, Middleby acquired Oka-Spezialmaschinenfabrik GmbH & Co. KG (Oka). The addition of Oka’s expertise in industrial extrusion, molding, depositing and cutting solutions is expected to strengthen the company’s position in the bakery and broader food processing end markets. In the same month, Middleby completed the acquisition of Frigomeccanica S.p.A. The inclusion of Frigomeccanica’s expertise in advanced protein processing solutions is expected to boost its position in the food processing end market.

In November 2024, the company acquired Gorreri Food Processing Technology. The addition of Gorreri’s expertise in advanced baked goods solutions, coupled with its innovative manufacturing processes, strengthened Middleby’s position in the food processing end market. In the same month, Middleby completed the acquisition of JC Ford, which enhanced its presence in the growing snack food category. Acquired assets boosted sales 2.7% year over year in the fourth quarter of 2025.

The company is committed to rewarding its shareholders handsomely. It remains open to repurchasing common shares opportunistically. In 2025, Middleby repurchased shares worth $723.6 million. In November 2017, MIDD's board of directors authorized a share buyback program to repurchase up to 2.5 million shares of its common stock. The board of directors approved additional authorizations of 2.5 million shares each in May 2022 and July 2024 under the existing share repurchase program. In May 2025, the company further expanded the program by authorizing the repurchase of an additional 7.5 million shares. As of Jan. 3, 2026, Middleby was left with repurchasing 6,855,060 shares.

MIDD’s Zacks RankIn the past six months, this Zacks Rank #3 (Hold) company’s shares gained 10.3%. MIDD belongs to the Manufacturing - General Industrial industry.

Image Source: Zacks Investment Research

However, Middleby has been witnessing weakness in the Commercial Foodservice Equipment Group segment of late. Softness in the restaurant industry, due to declining traffic, is affecting the demand for the company's products within the segment. High wages and recent food cost inflation in the US have pressured restaurant operators, leading to delayed investments, which are alarming for the segment as well.

High costs pose a threat to the company’s bottom line. During the fourth quarter of 2025, MIDD’s cost of sales increased 6.6% year over year due to higher tariffs and unfavorable product mix. In the fourth quarter, Middleby’s gross margin declined 120 basis points (bps) from the year-ago quarter. In the same period, Middleby witnessed a 25.6% year-over-year increase in the selling and administrative expenses due to high strategic transaction costs and professional fees. The metric, as a percentage of total revenues, increased 340 basis points to 20.2%. Escalating costs and expenses, if left unchecked, may negatively impact profitability in the quarters ahead.

Stocks to ConsiderSome better-ranked companies are discussed below.

Flowserve Corporation (FLS - Free Report) presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Flowserve’s earnings surpassed the consensus estimate in each of the trailing four quarters. The average earnings surprise was 17.3%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2026 earnings has increased 2.5%.

Nordson Corporation (NDSN - Free Report) currently carries a Zacks Rank of 2. Nordson’s earnings topped the consensus estimate in each of the trailing four quarters. The average earnings surprise was 2.5%.

In the past 60 days, the Zacks Consensus Estimate for Nordson’s fiscal 2026 earnings has increased 2%.

Parker-Hannifin Corporation (PH - Free Report) currently carries a Zacks Rank of 2. Parker-Hannifin’s earnings topped the consensus estimate in each of the trailing four quarters. The average earnings surprise was 6.8%.

In the past 60 days, the Zacks Consensus Estimate for Parker-Hannifin’s fiscal 2026 earnings has increased 0.3%.

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Published in industrial-products

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) will release 2026 first quarter earnings on Thursday, May 7, 2026 at 7 a.m. Eastern Time. The company has scheduled a conference call to discuss the results at 10 a.m. Eastern Time on May 7. The call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference via the domestic dial-in 1-844-676-5090. International partici.

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced the filing of the Form 10 registration statement (the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”) for the planned spin-off of Middleby Food Processing. A copy of the Form 10 is available on the SEC website and can also be viewed on the Investor Page of the Middleby website at middleby.com/investors. “Today's Form 10 filing reflects the strong progress we are making toward the launch of.

Middleby (MIDD) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $1.94 per share. This compares to earnings of $2.08 per share a year ago.

Middleby (MIDD +0.05%) just let investors know that its business is humming, and that's great timing for shareholders. The stock surged 12.2% as of 12:15 p.m. ET after Middleby beat on earnings and raised guidance.

It comes just two months before the company will restructure into two separate companies. First lets look at how the businesses are doing.

Image source: Getty Images.

Spin-off coming Middleby said total sales jumped 15%, and 12% on an organic basis. Revenue soared past consensus estimates, and earnings per share also beat expectations. The company had previously sold a majority stake in its residential kitchen business, so now only reports on its commercial foodservice and food processing segments.

Foodservice grew sales by 8.1%, but food processing blew the doors off with 25% growth. That segment will be spun off into a separate company on July 6, with existing shareholders receiving one share of the new company for each share of the current Middleby stock held.

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That move will allow managers of each new company to focus on growing a singular business, helping to unlock value for long-term shareholders. The new company will be called Middleby Food Processing and will trade with the symbol "MFP" beginning after July 6.

Management will hold an investor day next week on May 12 to provide more details on both companies and their growth prospects. It should be a beneficial move for shareholders, as new investors will treat the new companies the same way they treat an initial public offering, providing new investment opportunities.

Howard Smith has positions in Middleby. The Motley Fool has positions in and recommends Middleby. The Motley Fool has a disclosure policy.

Key Takeaways MIDD beat Q1 estimates as sales rose 15% and adjusted EPS increased 15.5% year over year.Middleby's Food Processing sales jumped 33.7% as backlog reached a record $416 million.MIDD raised full-year 2026 sales and earnings outlook amid backlog execution and pricing gains. The Middleby Corporation (MIDD - Free Report) reported first-quarter 2026 adjusted earnings of $2.16 per share, which beat the Zacks Consensus Estimate of $1.94. The bottom line increased 15.5% year over year.

Net sales of $839.9 million topped the consensus estimate of $777.1 million and increased 15% year over year. The upside was driven by robust backlog conversion in the Food Processing segment, where backlog reached a record $416 million. MIDD’s organic sales increased 11.9%. Acquisitions increased sales by 1%, while movements in foreign currencies had a positive impact of 2%.

Middleby Sees Strength Across SegmentsEffective from the fourth quarter of 2025, the company started reporting under two segments.

Sales from the Commercial Foodservice segment (representing 73.3% of net sales) were $615.5 million, up 9.4% year over year. Organic sales increased 8.1%. Foreign-currency translation had a favorable impact of 1.3%.

Sales from the Food Processing segment (26.7%) totaled $224.4 million, up 33.7% year over year. Organic sales increased 25% year over year. Acquisitions boosted sales by 4.5%, while foreign currency movements had a favorable impact of 4.2%.

Middleby’s Margin ProfileMiddleby’s cost of sales increased 18% year over year to $516.7 million. Gross profit increased 10.5% to $323.2 million. The gross margin was 38.5%, down 150 basis points (bps) from the year-ago quarter.

Selling, general and administrative expenses increased 16.4% year over year to $188.3 million. Operating income increased 3% year over year to $133.4 million. Operating margin decreased 250 bps to 15.9%.

Adjusted EBITDA increased 11.8% year over year to $180.6 million. Adjusted EBITDA margin decreased 60 bps to 21.5%.

Balance Sheet and Cash FlowExiting the first quarter of 2026, Middleby had cash and cash equivalents of $177.1 million compared with $222.2 million at the end of 2025. Long-term debt was $1.83 billion at the end of the first quarter compared with $2.13 billion at 2025-end.

In the first three months of 2026, Middleby generated net cash of $87.8 million from operating activities compared with $137.3 million in the year-ago quarter.

In the first three months, its capital expenditure totaled $7.9 million compared with $26.5 million in the year-ago quarter. Free cash flow was $79.9 million compared with $110.8 million in the year-ago quarter.

Middleby Advances Portfolio TransformationMiddleby completed the sale of a 51% stake in its Residential Kitchen business during the quarter. The transaction generated net cash proceeds of $565 million, while the company retained a 49% ownership interest in the joint venture.

The company expects the planned Food Processing spin-off to close on July 6, 2026. Management stated that the separation will create two focused, standalone businesses with distinct growth and capital allocation strategies.

MIDD Raises 2026 OutlookFor the second quarter of 2026, Middleby expects total sales in the range of $815-$850 million. Adjusted earnings are projected between $2.27 and $2.39 per share.

Commercial Foodservice sales are expected in the range of $600-$620 million, while Food Processing sales are projected between $215 million and $230 million. Adjusted EBITDA is anticipated between $180 million and $192 million.

For full-year 2026, the company raised guidance and now expects total sales between $3.36 billion and $3.44 billion compared with prior expectations of $3.27-$3.36 billion.

Adjusted EBITDA is projected between $758 million and $790 million, while adjusted earnings are expected in the range of $9.54-$9.70 per share. Management expects continued benefits from pricing actions, backlog execution and ongoing share repurchases despite tariff and inflationary pressures.

MIDD’s Zacks RankPerformance of Other CompaniesGraco Inc. (GGG - Free Report) posted quarterly earnings of 66 cents per share in the first quarter of 2026, missing the Zacks Consensus Estimate of 75 cents per share. This compares with earnings of 70 cents per share a year ago.

Graco posted revenues of $540.1 million for the quarter, missing the Zacks Consensus Estimate by 3.5%. This compares with year-ago revenues of $528.3 million.

Stanley Black & Decker, Inc. (SWK - Free Report) reported first-quarter 2026 adjusted earnings of 80 cents per share, which beat the Zacks Consensus Estimate of 61 cents. The bottom line increased 6.7% year over year.

Stanley Black’s net sales of $3.85 billion beat the consensus estimate of $3.74 billion. The top line increased 2.7% from the year-ago quarter.

Ingersoll Rand Inc. (IR - Free Report) reported first-quarter 2026 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents. The bottom line increased 7% year over year.

Total revenues of $1.85 billion beat the consensus estimate of $1.83 billion. The top line increased 7.6% year over year.

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (Nasdaq: MIDD) today announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). The launch reflects the continued advancement of Middleby's Food Processing platform into a more focused, technology-driven organization delivering total line solutions. With a foundation built over decades and a portfolio of more than 30 global brands, Midera is positioned to accelerate innovation and serve cu.

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I upgrade The Middleby Corporation to Buy as Q1 2026 shows clear signs of recovery and improved fundamentals. The CF segment delivers 8.1% organic sales growth, signaling a potential inflection point beyond just equipment replacement cycles. The FP segment posts 25% organic growth and a strong backlog, making the upcoming Midera spin-off a more attractive value unlock.