Middleby Corp Financials
Middleby Corp (MIDD) reported $3.4B in revenue over the twelve months to Jul 4, 2026, up 8.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Middleby's core mechanic is strong cash conversion from a low-capex model, while overhead swings drive earnings volatility.
The latest earnings slowdown came below the gross-profit line: gross margin stayed at39.1% , but operating margin fell to18.0% . Because operating cash flow still reached$630M against net income of$367M , the weaker bottom line looks more like a cost-absorption issue than a collapse in cash earnings.
This business does not need much reinvestment to keep running: free cash flow was
The balance sheet is liquid in the short term with a current ratio of 2.6x, but it is not being run as a cash fortress. An aggressive buyback of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Middleby Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Middleby Corp has an operating margin of 18.0%, meaning the company retains $18 of operating profit per $100 of revenue. This strong profitability earns a score of 88/100, reflecting efficient cost management and pricing power. This is down from 20.4% the prior year.
Middleby Corp's revenue grew a modest 1.6% year-over-year to $3.2B. This slow but positive growth earns a score of 29/100.
Middleby Corp has elevated debt relative to equity (D/E of 0.77), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.
With a current ratio of 2.57, Middleby Corp holds $2.57 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 70/100.
Middleby Corp converts 17.5% of revenue into free cash flow ($559.5M). This strong cash generation earns a score of 85/100.
Middleby Corp earns a strong 13.2% return on equity (ROE), meaning it generates $13 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is up from 11.8% the prior year.
Middleby Corp scores 2.89, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Middleby Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Middleby Corp generates $1.72 in operating cash flow ($630.2M OCF vs $367.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Middleby Corp earns $6.13 in operating income for every $1 of interest expense ($574.9M vs $93.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Middleby Corp generated $3.2B in revenue in fiscal year 2025. This represents an increase of 1.6% from the prior year.
Middleby Corp's EBITDA was $680.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 9.1% from the prior year.
Middleby Corp reported $367.3M in net income in fiscal year 2025. This represents a decrease of 14.3% from the prior year.
Middleby Corp earned -$5.32 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 167.3% from the prior year.
Cash & Balance Sheet
Middleby Corp generated $559.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.9% from the prior year.
Middleby Corp held $222.2M in cash against $2.1B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Middleby Corp's gross margin was 39.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.
Middleby Corp's operating margin was 18.0% in fiscal year 2025, reflecting core business profitability. This is down 2.5 percentage points from the prior year.
Middleby Corp's net profit margin was 11.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.
Middleby Corp's ROE was 13.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the prior year.
Capital Allocation
Middleby Corp invested $58.8M in research and development in fiscal year 2025. This represents an increase of 15.7% from the prior year.
Middleby Corp spent $723.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1987.7% from the prior year.
Middleby Corp invested $70.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 92.8% from the prior year.
MIDD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'27 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $875.5M+4.2% | $839.9M-3.1% | $866.4M+7.3% | $807.4M+1.3% | $796.8M+9.1% | $730.6M-11.8% | $828.8M+7.7% | $769.6M |
| Cost of Revenue | $540.5M+4.6% | $516.7M | N/A | $620.8M+29.2% | $480.7M+9.7% | $438.0M | N/A | $587.4M |
| Gross Profit | $335.1M+3.7% | $323.2M-3.9% | $336.2M+9.5% | $307.0M-2.9% | $316.1M+8.0% | $292.6M-11.7% | $331.3M+9.5% | $302.6M |
| SG&A Expenses | $186.6M-0.9% | $188.3M | N/A | $203.6M+21.5% | $167.6M+3.6% | $161.8M | N/A | $179.5M |
| Operating Income | $147.7M+10.8% | $133.4M | N/A | -$554.2M-475.0% | $147.8M+14.1% | $129.5M | N/A | $173.4M |
| Interest Expense | $26.0M+1.9% | $25.5M | N/A | $25.1M+24.1% | $20.3M+7.6% | $18.8M | N/A | $21.4M |
| Income Tax | $43.3M+56.6% | $27.6M | N/A | -$66.0M-360.1% | $25.4M-3.1% | $26.2M | N/A | $40.5M |
| Net Income | $54.8M+209.5% | -$50.1M-235.6% | $36.9M+107.2% | -$513.0M-584.1% | $106.0M+14.7% | $92.4M-17.8% | $112.3M-1.6% | $114.2M |
| EPS (Diluted) | $1.21+214.2% | -$1.06-243.2% | $0.74+107.3% | -$10.08-606.5% | $1.99+17.8% | $1.69-18.4% | $2.07-1.9% | $2.11 |
Not reported in any period shown, so not listed: R&D Expenses.
MIDD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'27 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.4B-1.1% | $5.4B-14.1% | $6.3B-0.6% | $6.4B-13.4% | $7.3B-0.9% | $7.4B+1.6% | $7.3B+1.1% | $7.2B |
| Current Assets | $1.6B-0.2% | $1.6B-39.9% | $2.7B+39.3% | $2.0B-12.8% | $2.3B-6.4% | $2.4B+3.6% | $2.3B+1.7% | $2.3B |
| Cash & Equivalents | $159.2M-10.1% | $177.1M-20.3% | $222.2M+26.9% | $175.1M-65.8% | $511.5M-31.4% | $745.1M+16.7% | $638.8M+5.4% | $606.0M |
| Inventory | $737.6M+1.3% | $728.4M+5.2% | $692.6M-24.7% | $919.6M+3.5% | $888.7M+1.2% | $877.7M+33.8% | $655.9M-27.6% | $905.9M |
| Accounts Receivable | $601.2M-1.1% | $608.0M+6.1% | $573.0M-15.0% | $673.9M+1.2% | $665.8M+3.1% | $645.5M+21.4% | $531.8M-13.5% | $615.0M |
| Goodwill | $1.8B0.0% | $1.8B-0.3% | $1.8B-11.1% | $2.0B-21.9% | $2.6B+1.9% | $2.5B+45.8% | $1.7B-30.4% | $2.5B |
| Total Liabilities | $3.2B+3.4% | $3.0B-13.9% | $3.5B+3.6% | $3.4B-8.0% | $3.7B+1.1% | $3.7B+0.7% | $3.6B+1.0% | $3.6B |
| Current Liabilities | $827.3M-1.4% | $838.8M-21.5% | $1.1B+12.3% | $951.6M+8.0% | $880.8M-0.6% | $885.8M+6.8% | $829.3M+1.8% | $814.7M |
| Long-Term Debt | $1.9B+5.8% | $1.8B-14.0% | $2.1B+5.1% | $2.0B-13.2% | $2.3B-0.4% | $2.3B-0.4% | $2.4B-0.4% | $2.4B |
| Total Equity | $2.2B-6.9% | $2.4B-14.5% | $2.8B-5.5% | $2.9B-18.9% | $3.6B-2.9% | $3.7B+2.5% | $3.6B+1.3% | $3.6B |
| Retained Earnings | $4.1B+1.4% | $4.0B-1.2% | $4.1B+0.9% | $4.0B-11.3% | $4.5B+2.4% | $4.4B+2.1% | $4.3B+2.7% | $4.2B |
MIDD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'27 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $97.7M+49.0% | $65.6M-65.6% | $190.7M+8.2% | $176.3M+44.5% | $122.0M-13.6% | $141.1M-41.1% | $239.7M+53.0% | $156.7M |
| Capital Expenditures | $10.7M+34.7% | $7.9M+89.6% | -$4.2M-87.6% | $33.9M+131.9% | $14.6M-44.8% | $26.5M+4979.3% | $521K-95.5% | $11.5M |
| Free Cash Flow | $87.0M+50.9% | $57.7M-69.1% | $186.5M+30.9% | $142.5M+32.7% | $107.4M-6.3% | $114.7M-52.1% | $239.2M+64.8% | $145.2M |
| Investing Cash Flow | -$11.6M-102.1% | $555.0M+3497.9% | -$16.3M+68.2% | -$51.3M-110.1% | -$24.4M+29.9% | -$34.8M+69.6% | -$114.5M-737.1% | -$13.7M |
| Financing Cash Flow | -$102.8M+85.0% | -$684.7M-552.7% | -$104.9M+77.3% | -$462.6M-33.6% | -$346.4M-506.7% | -$57.1M-104.0% | -$28.0M-798.5% | -$3.1M |
| Share Buybacks | $207.1M-44.7% | $374.8M+79.1% | $209.3M+40.8% | $148.6M-54.0% | $322.9M+654.9% | $42.8M+160.8% | $16.4M+5615.0% | $287K |
Not reported in any period shown, so not listed: Dividends Paid.
MIDD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'27 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.3%-0.2pp | 38.5%-0.3pp | 38.8%+0.8pp | 38.0%-1.6pp | 39.7%-0.4pp | 40.1%+0.1pp | 40.0%+0.7pp | 39.3% |
| Operating Margin | 16.9%+1.0pp | 15.9% | N/A | -68.7%-87.2pp | 18.6%+0.8pp | 17.7% | N/A | 22.5% |
| Net Margin | 6.3%+12.2pp | -6.0%-10.2pp | 4.3%+67.8pp | -63.5%-76.8pp | 13.3%+0.7pp | 12.6%-0.9pp | 13.6%-1.3pp | 14.8% |
| Return on Equity | 2.5%+4.6pp | -2.1%-3.4pp | 1.3%+18.8pp | -17.5%-20.4pp | 2.9%+0.4pp | 2.5%-0.6pp | 3.1%-0.1pp | 3.2% |
| Return on Assets | 1.0%+1.9pp | -0.9%-1.5pp | 0.6%+8.6pp | -8.1%-9.5pp | 1.4%+0.2pp | 1.3%-0.3pp | 1.5%-0.1pp | 1.6% |
| Current Ratio | 1.990.0x | 1.96-0.6x | 2.57+0.5x | 2.07-0.5x | 2.57-0.2x | 2.72-0.1x | 2.810.0x | 2.81 |
| Debt-to-Equity | 0.88+0.1x | 0.770.0x | 0.77+0.1x | 0.690.0x | 0.640.0x | 0.630.0x | 0.650.0x | 0.66 |
| FCF Margin | 9.9%+3.1pp | 6.9%-14.7pp | 21.5%+3.9pp | 17.6%+4.2pp | 13.5%-2.2pp | 15.7%-13.2pp | 28.9%+10.0pp | 18.9% |
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Where Middleby Corp Ranks
Frequently Asked Questions
What is Middleby Corp's annual revenue?
Middleby Corp (MIDD) reported $3.2B in total revenue for fiscal year 2025. This represents a 1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Middleby Corp's revenue growing?
Middleby Corp (MIDD) revenue grew by 1.6% year-over-year, from $3.2B to $3.2B in fiscal year 2025.
Is Middleby Corp profitable?
Yes, Middleby Corp (MIDD) reported a net income of $367.3M in fiscal year 2025, with a net profit margin of 11.5%.
What is Middleby Corp's EBITDA?
Middleby Corp (MIDD) had EBITDA of $680.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Middleby Corp have?
As of fiscal year 2025, Middleby Corp (MIDD) had $222.2M in cash and equivalents against $2.1B in long-term debt.
What is Middleby Corp's gross margin?
Middleby Corp (MIDD) had a gross margin of 39.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Middleby Corp's operating margin?
Middleby Corp (MIDD) had an operating margin of 18.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Middleby Corp's net profit margin?
Middleby Corp (MIDD) had a net profit margin of 11.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Middleby Corp's return on equity (ROE)?
Middleby Corp (MIDD) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Middleby Corp's free cash flow?
Middleby Corp (MIDD) generated $559.5M in free cash flow during fiscal year 2025. This represents a -13.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Middleby Corp's operating cash flow?
Middleby Corp (MIDD) generated $630.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Middleby Corp's total assets?
Middleby Corp (MIDD) had $6.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Middleby Corp's capital expenditures?
Middleby Corp (MIDD) invested $70.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Middleby Corp spend on research and development?
Middleby Corp (MIDD) invested $58.8M in research and development during fiscal year 2025.
What is Middleby Corp's current ratio?
Middleby Corp (MIDD) had a current ratio of 2.57 as of fiscal year 2025, which is generally considered healthy.
What is Middleby Corp's debt-to-equity ratio?
Middleby Corp (MIDD) had a debt-to-equity ratio of 0.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Middleby Corp's return on assets (ROA)?
Middleby Corp (MIDD) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Middleby Corp's Altman Z-Score?
Middleby Corp (MIDD) has an Altman Z-Score of 2.89, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Middleby Corp's Piotroski F-Score?
Middleby Corp (MIDD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Middleby Corp's earnings high quality?
Middleby Corp (MIDD) has an earnings quality ratio of 1.72x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Middleby Corp cover its interest payments?
Middleby Corp (MIDD) has an interest coverage ratio of 6.13x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Middleby Corp?
Middleby Corp (MIDD) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.