NASDAQ$MIDD
Middleby Corp · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Middleby reported a Q3 net loss due to a $709 million non-cash impairment, but beat guidance on adjusted EPS and revenue.
Middleby delivered revenue and adjusted EPS at the high end of expectations, despite a significant non-cash impairment charge related to its Residential Kitchen segment. All three business segments met or exceeded sales guidance.
- Revenue was $982.1 million, a 4.2% increase over the prior year.
- Reported a net loss of $512.98 million due to a $709 million impairment.
- Adjusted EPS rose to $2.37, above prior guidance.
- Free cash flow reached $156.1 million, up from $145.2 million a year ago.
Headline financials
Revenue & EPS history
Middleby · Revenue · Quarterly
$982M
Revenue by segment
Middleby · $840M total across 2 segments · Q1 2026
- Commercial Foodservice$616M—73.3%
- Food Processing$224M—26.7%
Forward guidance
Middleby expects Q4 2025 revenue between $990M-$1.02B and adjusted EPS between $2.19-$2.34.
Tailwinds
- Commercial Foodservice revenue projected at $570–580 million
- Food Processing revenue projected at $240–250 million
- Residential Kitchen revenue expected to be $180–190 million
- Adjusted EBITDA forecasted at $200–210 million
- Full year adjusted EPS expected between $8.99–$9.14
Headwinds
- Ongoing challenges in market conditions across key end markets
- Residential Kitchen segment impacted by outdoor product tariffs
- Overall organic sales slightly down (-0.1%) for the quarter
- Food Processing segment showing weaker organic sales (-5.6%)
- Lower year-over-year adjusted EBITDA ($196M vs. $213M)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
+1.1%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+0.7%
Avg return
30 days after
52%
34 / 66 earnings
Positive
+18.9%
Q3 2020
Best reaction
-18.7%
Q1 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | -3.9% | — | |
| Q4 2025 | +5.9% | +2.8% | -18.5% | |
| Q3 2025 | -2.8% | -0.0% | +2.3% | |
| Q2 2025 | -18.3% | -17.1% | -0.2% | |
| Q1 2025 | -2.7% | +8.5% | +8.7% | |
| Q4 2024 | +0.7% | -1.6% | -6.6% | |
| Q3 2024 | -7.3% | -2.3% | +2.1% | |
| Q2 2024 | +3.8% | +1.9% | +3.7% | |
| Q1 2024 | -3.9% | -3.3% | -11.2% | |
| Q4 2023 | +4.2% | +6.1% | +8.4% | |
| Q3 2023 | +3.7% | +3.8% | +18.1% | |
| Q2 2023 | -1.0% | +2.1% | +1.8% | |
| Q1 2023 | -2.9% | -3.1% | -3.2% | |
| Q4 2022 | -0.8% | -1.7% | -12.5% | |
| Q3 2022 | -0.7% | -0.8% | -0.2% | |
| Q2 2022 | -0.5% | -1.2% | -3.5% | |
| Q1 2022 | -14.0% | -7.5% | -2.9% | |
| Q4 2021 | -6.4% | -3.3% | -7.4% | |
| Q3 2021 | -0.5% | -0.6% | -0.6% | |
| Q2 2021 | -7.2% | -7.7% | -9.2% | |
| Q1 2021 | +1.9% | +0.2% | -4.6% | |
| Q4 2020 | +10.6% | +12.2% | +13.2% | |
| Q3 2020 | +18.9% | +29.2% | +33.9% | |
| Q2 2020 | +16.4% | +22.0% | +12.4% | |
| Q1 2020 | +17.4% | +8.1% | +59.3% | |
| Q4 2019 | +6.3% | +4.9% | -45.7% | |
| Q3 2019 | -4.9% | -4.9% | -9.5% | |
| Q2 2019 | -10.7% | -12.4% | -11.2% | |
| Q1 2019 | -1.2% | -1.7% | -2.3% | |
| Q4 2018 | +2.8% | +3.1% | +9.0% | |
| Q3 2018 | +2.2% | +0.1% | -4.1% | |
| Q2 2018 | +10.7% | +9.3% | +19.3% | |
| Q1 2018 | -18.7% | -19.5% | -20.8% | |
| Q4 2017 | -8.3% | -8.6% | -5.6% | |
| Q3 2017 | -6.8% | -8.4% | +4.5% | |
| Q2 2017 | -6.3% | -8.4% | -6.8% | |
| Q1 2017 | -3.2% | -2.7% | -5.0% | |
| Q4 2016 | +2.0% | +0.9% | -1.8% | |
| Q3 2016 | -0.5% | +3.3% | +21.6% | |
| Q2 2016 | +8.5% | +6.5% | +1.0% | |
| Q1 2016 | +3.3% | — | — | |
| Q4 2015 | +6.6% | — | — | |
| Q3 2015 | -4.0% | — | — | |
| Q2 2015 | -2.4% | — | — | |
| Q1 2015 | +8.2% | — | — | |
| Q4 2014 | -5.9% | — | — | |
| Q3 2014 | +4.1% | — | — | |
| Q2 2014 | +15.2% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q4 2013 | +13.7% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | +14.1% | — | — | |
| Q1 2013 | +4.4% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | +4.1% | — | — | |
| Q2 2012 | +13.2% | — | — | |
| Q1 2012 | +1.5% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q3 2011 | +3.0% | — | — | |
| Q2 2011 | +10.0% | — | — | |
| Q4 2009 | -0.4% | — | — | |
| Q1 2011 | +3.0% | — | — | |
| Q3 2010 | +2.0% | — | — | |
| Q2 2010 | -1.6% | — | — | |
| Q4 2010 | -1.6% | — | — | |
| Q1 2010 | -5.7% | — | — |
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