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Middleby cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$87.0M in Q2 2026 · $482M over twelve months

Operating cash flow$97.7M
Capital spending−$10.7M
Free cash flow+$87.0M
Cash / net income1.8×
Cash conversion cycle149 days

Analysis

In Q2 2026, Middleby generated $97.7M of operating cash flow and spent $10.7M on capital projects, leaving free cash flow of $87.0M.

Over the twelve months to Jul 4, 2026, operating cash flow was $530M; the largest uses were buybacks ($940M), other financing ($517M), capital spending ($48.3M); besides operations, cash came from other investing ($554M), net borrowing (+) / repaid (−) ($102M); the cash balance fell by $351M.

Operating cash flow was $97.7M against net income of $54.8M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities −$44.8M, depreciation & amortization +$25.8M, deferred taxes +$19.7M.

Its cash conversion cycle was 149 days (receivables 63 + inventory 123 − payables 37).

Free cash flow

Middleby: free cash flow by quarterMiddleby: free cash flow by quarter$145MQ3 2024$239MQ4 2024$115MQ1 2025$107MQ2 2025$142MQ3 2025$195MQ4 2025$57.7MQ1 2026$87.0MQ2 2026
Operating cash flow less capital spending.
Middleby: operating cash flow against capital spendingMiddleby: operating cash flow against capital spendingOperating cash flowCapital spending$157M$11.5MQ3 2024$240M$521KQ4 2024$141M$26.5MQ1 2025$122M$14.6MQ2 2025$176M$33.9MQ3 2025$191M−$4.2MQ4 2025$65.6M$7.9MQ1 2026$97.7M$10.7MQ2 2026
Latest (Q2 2026): Operating cash flow $97.7M, Capital spending $10.7M.

Capital allocation, year by year

Middleby: where the cash came from (up) and went (down), by fiscal yearMiddleby: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $423MFY2021: Net borrowing $602MFY2021: Asset sales $6.3MFY2021: Capital spending −$46.6MFY2021: Acquisitions −$964MFY2021: Buybacks −$29.3M$1.0BFY2021FY2022: Operating cash flow $333MFY2022: Net borrowing $290MFY2022: Capital spending −$67.3MFY2022: Acquisitions −$279MFY2022: Buybacks −$265M$623MFY2022FY2023: Operating cash flow $629MFY2023: Net borrowing −$308MFY2023: Capital spending −$59.2MFY2023: Acquisitions −$37.9MFY2023: Buybacks −$74.6M$629MFY2023FY2024: Operating cash flow $687MFY2024: Net borrowing −$35.0MFY2024: Asset sales $2.5MFY2024: Capital spending −$36.7MFY2024: Acquisitions −$111MFY2024: Buybacks −$34.7M$689MFY2024FY2025: Operating cash flow $630MFY2025: Net borrowing −$245MFY2025: Capital spending −$70.7MFY2025: Acquisitions −$32.0MFY2025: Buybacks −$724M$630MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were acquisitions ($1.4B) and buybacks ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$159M
Debt$2.0B
Net debt$1.8B
Due within a year$44.4M

Middleby funds itself: free cash flow was $482M over the last twelve months, and $159M of cash and investments stands against $2.0B of debt ($44.4M due within a year, 3.6× covered by cash).

Middleby: debt maturities by year (FY2025)Middleby: debt maturities by year (FY2025)$44.4MYear 1$44.0MYear 2$2.1BYear 3$3.2MYear 4
Principal due in each year as disclosed in the annual report, against $159M of cash and investments now.

Where the cash came from and went

Middleby: sources (+) and uses (−) of cash, Q2 2026Middleby: sources (+) and uses (−) of cash, Q2 2026Other financing$227MBuybacks−$207MNet borrowing (+) / repaid (−)−$123MOperating cash flow$97.7MCash drawn (+) / kept (−)$17.7MCapital spending−$10.7MNot reconciled−$1.0MAcquisitions−$954K
Middleby: sources (+) and uses (−) of cash, TTM to Q2 2026Middleby: sources (+) and uses (−) of cash, 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 profit to cash

Middleby: net income to operating cash flow, Q2 2026Middleby: net income to operating cash flow, Q2 2026Net income$54.8MDepreciation & amortization$25.8MStock-based pay$7.3MDeferred taxes$19.7MOther non-cash−$4KReceivables$6.1MInventory−$11.1MPayables$9.3MAccrued liabilities−$44.8MPrepaid and other assets$11.3MOperating cash flow$97.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20266312337149
Q1 20266412537152
Q4 202571490141419
Q3 20257613336172
Q2 20257516744198
Q1 20257315941191
Q4 202463599146516
Q3 20247314135180

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$97.7M−$10.7M−$954K−$207M−$123M$17.7M$87.0M
Q1 2026$65.6M−$7.9M−$109K−$375M−$299M$66.7M$57.7M
Q4 2025$191M$4.2M$2.6M−$209M$82.9M−$69.3M$195M
Q3 2025$176M−$33.9M−$31.0M−$149M$437M$336M$142M
Q2 2025$122M−$14.6M−$3.5M−$323M−$11.2M$234M$107M
Q1 2025$141M−$26.5M$9K−$42.8M−$11.4M−$55.6M$115M
Q4 2024$240M−$521K−$104M−$16.4M−$11.5M−$83.5M$239M
Q3 2024$157M−$11.5M−$2.2M−$287K−$489K−$147M$145M

Middleby: income statement and cash flow

Middleby, Q2 2026: revenue $876M (+10% year over year), operating margin 16.9%. The chart follows the revenue to costs, profit and cash.

Middleby: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.