Filing Flows › Middleby (MIDD) › Q1 2026 › vs Q4 2025
Middleby (MIDD) Q1 2026 vs Q4 2025 (quarter over quarter)
Middleby's revenue fell $26.5M (-3%) from $866M in Q4 2025 to $840M in Q1 2026. The biggest changes: Food Processing Group −$40.3M (-15%); Commercial Foodservice Equipment Group +$13.8M (+2%).
Middleby, Q1 2026: revenue $840M (+15% year over year), operating margin 15.9%, net loss $50.1M, operating cash flow $65.6M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.9% | 22.5% | -15.6 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Commercial Foodservice Equipment Group | $616M | $602M | $13.8M | +2% |
| Food Processing Group | $224M | $265M | −$40.3M | -15% |
| Revenue | $840M | $866M | −$26.5M | -3% |
| Net loss | $50.1M | −$36.9M | $87.0M | — |
| Costs & expenses | $890M | $866M | $23.6M | +3% |
| Operating costs | $707M | $33.3M | $673M | 21× |
| Interest & other, net | $156M | $671M | −$516M | -77% |
| Income tax | $27.6M | $125M | −$97.2M | -78% |
| Cost of revenue | $517M | $530M | −$13.5M | -3% |
| Operating cash sources | $116M | $154M | −$38.1M | -25% |
| Depreciation & amortization | $25.5M | $8.1M | $17.3M | +213% |
| Share-based compensation | $10.1M | $4.9M | $5.2M | +108% |
| Working capital & other | $80.1M | $141M | −$60.6M | -43% |
| Net loss absorbed | $50.1M | −$36.9M | $87.0M | — |
| Operating cash flow | $65.6M | $191M | −$125M | -66% |
| Free cash flow (OCF − capex) | $57.7M | $195M | −$137M | -70% |
| Capital expenditures | $7.9M | −$4.2M | $12.1M | — |
Questions
How much did Middleby's revenue grow quarter over quarter in Q1 2026?
Middleby's revenue fell $26.5M (-3%) from $866M in Q4 2025 to $840M in Q1 2026.
What drove Middleby's revenue change in Q1 2026?
Food Processing Group −$40.3M (-15%); Commercial Foodservice Equipment Group +$13.8M (+2%).