Filing Flows › Middleby (MIDD) › Q4 2025
Middleby (MIDD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 4, 2026
Middleby (MIDD) reported revenue of $866M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +7% from the quarter before. Operating margin was 96.2%, net earnings $36.9M (4.3% of revenue).
Middleby, Q4 2025: revenue $866M (+4% year over year), operating margin 96.2%, net earnings $36.9M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $866M | +7% | +5% |
| Gross profit | $336M | +10% | +1% |
| Operating profit | $833M | — | +428% |
| Net earnings | $36.9M | — | -67% |
| Operating cash flow | $191M | +8% | -20% |
What changed
Revenue was $866.4M in Q4 2025, up 5% year over year and up 7% from the previous quarter. Commercial Foodservice Equipment Group was the largest line at 69% of revenue.
Gross margin was 38.8%, down 1.2 points from Q4 2024. Operating profit was $833.1M, a 96.2% margin (up 77.1 points year over year). Of the extra revenue versus Q4 2024, 1797% reached operating profit, above the 19% margin then. Net earnings were $36.9M, down 67% year over year. The effective tax rate was 77.2%.
Operating cash flow was $190.7M (down 20% year over year), 516% of net earnings. Non-cash charges added back $8.1M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items added $140.8M. Capital expenditures of −$4.2M left free cash flow of $194.9M.
Questions
What was Middleby's revenue in the fourth quarter 2025?
Middleby (MIDD) reported revenue of $866M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +7% from the quarter before.
Was Middleby profitable in the fourth quarter 2025?
Operating profit was $833M (96.2% of revenue) and net earnings $36.9M.
Source: Middleby 10-K on SEC EDGAR.