Filing Flows › Middleby (MIDD) › Q3 2025
Middleby (MIDD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Middleby (MIDD) reported revenue of $982M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.4% from the quarter before. Operating margin was -56.4%, net loss $513M (52.2% of revenue).
Middleby, Q3 2025: revenue $982M (+4% year over year), operating margin -56.4%, net loss $513M, operating cash flow $176M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $982M | +0.4% | +4% |
| Operating profit | −$554M | -475% | — |
| Net earnings | −$513M | -584% | — |
| Operating cash flow | $176M | +45% | +13% |
| Free cash flow | $156M | — | +8% |
What changed
Revenue was $982.1M in Q3 2025, up 4% year over year and roughly flat from the previous quarter.
Gross margin was 36.8%, down 0.9 points from a year earlier. Operating costs exceeded revenue by $554.2M, an operating margin of -56.4%. Operating expenses grew 403% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+28163%). The quarter ended with a net loss of $513.0M, after a profit of $106.0M the previous quarter.
Operating cash flow was $176.3M (up 13% year over year). Non-cash charges added back $32.8M of depreciation and amortization. Working capital and other items added $656.5M. After capital expenditures ($20.3M), free cash flow as the company reports it was $156.1M.
Questions
What was Middleby's revenue in the third quarter 2025?
Middleby (MIDD) reported revenue of $982M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.4% from the quarter before.
Was Middleby profitable in the third quarter 2025?
Operating loss was $554M (-56.4% of revenue) and net loss $513M.
Source: Middleby 10-Q on SEC EDGAR.