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Middleby (MIDD) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Middleby (MIDD) Q2 2026 earnings results →

Q2 2026 Revenue up 10% year over year to $876M · 6¢ of every $1 of revenue kept as net profit · operating margin 16.9%

Middleby made $876M in Q2 2026 (+10% Y/Y): Commercial Foodservice Equipment Group $631M, Food Processing Group $245M. Operating margin 16.9%, net earnings $54.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$876M
Year over year+10%
Operating margin16.9%
Net earnings$54.8M
Operating cash flow$97.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $875.5M in Q2 2026, up 10% year over year and up 4% from the previous quarter. Commercial Foodservice Equipment Group was the largest line at 72% of revenue. Commercial Foodservice Equipment Group added $50.0M year over year (up 9%), 64% of the total change.

Gross margin was 38.3%, down 1.4 points from Q2 2025. Operating profit was $147.7M, a 16.9% margin (down 1.7 points year over year). Operating profit fell $69K even though revenue rose $78.8M versus Q2 2025, so costs grew faster than sales. Operating expenses grew 11% against revenue growth of 10%. The fastest-growing cost line was SG&A (+11%). Net earnings were $54.8M, down 48% year over year. The effective tax rate was 44.1%.

Operating cash flow was $97.7M (down 20% year over year), 178% of net earnings. Non-cash charges added back $25.8M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items added $9.8M. Capital expenditures of $10.7M left free cash flow of $87.0M.

Quarterly history

Middleby revenue by quarterMiddleby revenue by quarter$829MQ4 2024$907MQ1 2025$978MQ2 2025$982MQ3 2025$866MQ4 2025$840MQ1 2026$876MQ2 2026
Middleby net earnings by quarterMiddleby net earnings by quarter$112MQ4 2024$92.4MQ1 2025$106MQ2 2025−$513MQ3 2025$36.9MQ4 2025−$50.1MQ1 2026$54.8MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$876M+10%16.9%$54.8M$97.7M
Q1 202610-QMay 14, 2026$840M+15%15.9%−$50.1M$65.6M
Q4 202510-KMar 4, 2026$866M+4%96.2%$36.9M$191M
Q3 202510-QNov 6, 2025$982M+4%-56.4%−$513M$176M
Q2 202510-QAug 7, 2025$978M-1%15.1%$106M$122M
Q1 202510-QMay 8, 2025$907M-2%15.5%$92.4M$141M
Q4 202410-KFeb 26, 2025$829M-18%19.0%$112M$240M

Charts

Middleby: revenue growth, year over year and quarter over quarterMiddleby: revenue growth, year over year and quarter over quarterY/YQ/Q-18%Q4 2024-2%+9%Q1 2025-1%+8%Q2 2025+4%+0%Q3 2025+4%-12%Q4 2025+15%-3%Q1 2026+10%+4%Q2 2026
Latest (Q2 2026): Y/Y +10%, Q/Q +4%.
Middleby: where the cash came from (+) and went (−), TTM to Q2 2026Middleby: where the cash came from (+) and went (−), TTM to Q2 2026Buybacks−$940MOther investing$554MOperating cash flow$530MOther financing−$517MCash drawn (+) / kept (−)$351MNet borrowing (+) / repaid (−)$102MCapital spending−$48.3MAcquisitions−$29.5MNot reconciled−$2.6M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Middleby: profit against cash, quarter by quarterMiddleby: profit against cash, quarter by quarterNet incomeOperating cash flow$114M$157MQ3 2024$112M$240MQ4 2024$92.4M$141MQ1 2025$106M$122MQ2 2025−$513M$176MQ3 2025$36.9M$191MQ4 2025−$50.1M$65.6MQ1 2026$54.8M$97.7MQ2 2026
Latest (Q2 2026): Net income $54.8M, Operating cash flow $97.7M.
Middleby: diluted shares by fiscal yearMiddleby: diluted shares by fiscal year55MFY202057MFY202155MFY202254MFY202354MFY202452MFY2025
-5.4% since FY2020: buybacks shrank the count.
Middleby: long-term debt falling due (FY2025)Middleby: long-term debt falling due (FY2025)$44.4M2026$44.0M2027$2.1B2028$3.2M2029
Cash $222M, short-term investments —, long-term debt — at 2026-01-03.
Middleby in its industry: growth against margin (6 companies, SIC 3580)Middleby in its industry: growth against margin (6 companies, SIC 3580)revenue growth, year over year →↑ operating marginmedian +7%median 17%ALHTNCHAYWMFPSXIMIDD (+10%, 17%)
Refrigeration & Service Industry Machinery; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Middleby

The Middleby Corporation, a Delaware corporation (“Middleby” or the “company”), through its operating subsidiary Middleby Marshall Inc., a Delaware corporation (“Middleby Marshall”) and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment, integrated IoT solutions and universal controllers used in all types of commercial restaurants and institutional kitchens and (ii) food preparation, cooking, baking, chilling and packaging equipment for food processing operations.

In its own words, from its 10-K, filed Mar 4, 2026.

Middleby against its Refrigeration & Service Industry Machinery peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +7%. Operating margin: 16.9% against the peers' median 17.4%.

CompanyQuarterRevenueY/YOp. margin
MIDD MiddlebyQ2 2026$876M+10%16.9%
ALH Alliance Laundry HoldingsQ2 2026$477M+7%22.2%
TNC TennantQ3 2026$322M+6%9.7%
HAYW Hayward HoldingsQ3 2026$260M+6%19.3%
MFP Midera Food ProcessingQ2 2026$245M+13%9.7%
SXI Standex InternationalQ1 FY27$233M+7%17.4%

Source: Middleby 10-Q on SEC EDGAR · CIK 769520 · Refrigeration & Service Industry Machinery

Guidance and outlook

Middleby Revenue: guidance against what was reportedMiddleby Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 2025$982MFY2025$3.2BQ4 2025$866M
Met or beat 1 of 3 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns MIDD and who is buying

Largest holders of MIDD (13F)Largest holders of MIDD (13F)Price T Rowe Associates$1.0BBlackRock$676MVanguard Group$640MGarden Investment Management, L.P.$581MInvesco$323MVanguard Capital Management LLC$320MVanguard Portfolio Management LLC$305MAriel Investments, LLC$283MFMR LLC$232MState Street$229M
Funds' net buying of MIDD by quarter (13F)Funds' net buying of MIDD by quarter (13F)−$132M2024-09$231M2024-12−$350M2025-03−$205M2025-06−$413M2025-09−$43.2M2025-12−$417M2026-03−$225M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MIDD

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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中文版：Middleby（MIDD）财报

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