Filing Flows › Middleby (MIDD) › Q1 2025
Middleby (MIDD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Middleby (MIDD) reported revenue of $907M for the first quarter 2025 (Q1 2025), -2% from a year earlier and +9% from the quarter before. Operating margin was 15.5%, net earnings $92.4M (10.2% of revenue).
Middleby, Q1 2025: revenue $907M (-2% year over year), operating margin 15.5%, net earnings $92.4M, operating cash flow $141M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $907M | +9% | -2% |
| Gross profit | $346M | +4% | -0.1% |
| Operating profit | $141M | -11% | +3% |
| Net earnings | $92.4M | -18% | +7% |
| Operating cash flow | $141M | -41% | +0.2% |
| Free cash flow | $107M | — | -16% |
What changed
Revenue was $906.6M in Q1 2025, down 2% year over year and up 9% from the previous quarter.
Gross margin was 38.2%, up 0.8 points from a year earlier. Operating profit was $140.6M, a 15.5% margin (up 0.7 points year over year). Operating expenses fell 2% while revenue fell 2%. Net earnings were $92.4M, up 7% year over year. The effective tax rate was 24.0%.
Operating cash flow was $141.1M (roughly flat year over year), 153% of net earnings. Non-cash charges added back $32.1M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $14.1M. After capital expenditures ($33.7M), free cash flow as the company reports it was $107.4M.
Questions
What was Middleby's revenue in the first quarter 2025?
Middleby (MIDD) reported revenue of $907M for the first quarter 2025 (Q1 2025), -2% from a year earlier and +9% from the quarter before.
Was Middleby profitable in the first quarter 2025?
Operating profit was $141M (15.5% of revenue) and net earnings $92.4M.
Source: Middleby 10-Q on SEC EDGAR.