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Jan 03
Middleby Q4 2025 Earnings Report
Middleby reported higher fourth quarter net sales but lower profitability compared to the prior year, with margin compression and reduced adjusted EBITDA.
Key Takeaways
Fourth quarter net sales increased 4.5% to 866425000, while income from continuing operations declined to 86086000 and adjusted EBITDA decreased to 197104000, reflecting margin pressure and tariff impacts.
Net sales grew 4.5% year-over-year to 866425000, with modest 0.3% organic growth.
Operating income declined to 149835000 from 181667000 in the prior year.
Adjusted EBITDA decreased to 197104000, including a 7000000 adverse tariff impact.
Net leverage ratio ended the quarter at 2.5x.
Revenue by Segment
Forward Guidance
For full year 2026, management expects total company net sales of 3270000000 to 3360000000 and adjusted EBITDA of 745000000 to 780000000, with organic growth in both segments.
Positive Outlook
- Full year 2026 total company revenue expected between 3270000000 and 3360000000.
- Commercial Foodservice organic growth expected at 1-3% for full year 2026.
- Food Processing organic growth expected at 4-6% for full year 2026.
- Full year 2026 adjusted EBITDA expected between 745000000 and 780000000.
- First quarter 2026 total company growth expected at 6%.
Challenges Ahead
- Tariff-related headwinds impacted Q4 adjusted EBITDA by 7000000.
- Full year 2025 adjusted EBITDA declined versus prior year.
- Operating income declined year-over-year in Q4.
- Commercial Foodservice Q4 organic growth was negative at -0.1%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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