Filing Flows › Middleby (MIDD) › Q2 2025
Middleby (MIDD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Middleby (MIDD) reported revenue of $978M for the second quarter 2025 (Q2 2025), -1% from a year earlier and +8% from the quarter before. Operating margin was 15.1%, net earnings $106M (10.8% of revenue).
Middleby, Q2 2025: revenue $978M (-1% year over year), operating margin 15.1%, net earnings $106M, operating cash flow $122M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $978M | +8% | -1% |
| Gross profit | $371M | +7% | -2% |
| Operating profit | $148M | +5% | -16% |
| Net earnings | $106M | +15% | -8% |
| Operating cash flow | $122M | -14% | -18% |
| Free cash flow | $101M | — | -27% |
What changed
Revenue was $977.9M in Q2 2025, down 1% year over year and up 8% from the previous quarter.
Gross margin was 38.0%, down 0.3 points from a year earlier. Operating profit was $147.8M, a 15.1% margin (down 2.6 points year over year). Operating expenses grew 10% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+84%). Net earnings were $106.0M, down 8% year over year. The effective tax rate was 20.3%.
Operating cash flow was $122.0M (down 18% year over year), 115% of net earnings. Non-cash charges added back $32.2M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items used $22.3M. After capital expenditures ($20.9M), free cash flow as the company reports it was $101.1M.
Questions
What was Middleby's revenue in the second quarter 2025?
Middleby (MIDD) reported revenue of $978M for the second quarter 2025 (Q2 2025), -1% from a year earlier and +8% from the quarter before.
Was Middleby profitable in the second quarter 2025?
Operating profit was $148M (15.1% of revenue) and net earnings $106M.
Source: Middleby 10-Q on SEC EDGAR.