The Middleby Corporation is a global manufacturer of commercial foodservice and food processing equipment. Headquartered in Elgin, Illinois, the company provides a wide range of solutions including cooking, warming, refrigeration, and beverage systems for restaurants and institutional kitchens. Middleby is known for its extensive portfolio of brands and its strong presence in the commercial kitchen sector.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,201,200
3,150,240
3,242,090
4,032,850
Cost of Sales
1,949,290
1,898,420
1,958,010
2,586,300
Gross Profit
1,251,920
1,251,820
1,284,080
1,446,550
Selling, General & Administrative Expenses
663,156
590,115
624,933
797,234
Other Operating Expenses
13,868
17,581
6,718
9,716
Operating Profit
574,891
644,123
652,427
639,604
Interest Expense
(93,828)
(93,356)
(121,129)
(88,977)
Non-Operating Income
1,212
15,330
4,782
13,788
Total Non-Operating Income
(92,616)
(78,026)
(116,347)
(75,189)
Income Before Provision for Income Taxes
482,275
566,097
536,080
564,415
Provision for Income Taxes
115,008
145,119
123,076
127,846
Consolidated Net Income
367,267
420,978
413,004
436,569
Net Income Attributable to Discontinued Operations
(644,998)
7,455
(12,122)
—
Net Income Attributable to Common Shareholders
(277,731)
428,433
400,882
436,569
Basic EPS
-5.38
7.97
7.48
8.07
Diluted EPS
-5.32
7.97
7.48
7.95
Basic Weighted Average Shares Outstanding
51,655
53,726
53,594
54,095
Diluted Weighted Average Shares Outstanding
52,179
53,726
53,594
54,947
Shares Outstanding
48,923
53,690
53,603
53,694
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
222,239
638,766
247,496
162,001
Total Cash and Cash Equivalents
222,239
638,766
247,496
162,001
Accounts Receivable
573,039
531,758
644,576
631,134
Total Trade Receivables
573,039
531,758
644,576
631,134
Inventories
692,589
655,944
935,867
1,077,730
Other Current Assets
1,254,780
503,575
137,920
135,132
Total Current Assets
2,742,640
2,330,040
1,965,860
2,006,000
Net Property, Plant & Equipment
431,622
384,683
510,898
443,528
Net Intangible Assets
1,061,190
1,099,820
1,693,080
1,794,230
Goodwill
1,799,650
1,744,250
2,486,310
2,411,830
Other Long-Term Assets
280,060
1,724,360
250,549
219,276
Total Assets
6,315,170
7,283,150
6,906,690
6,874,870
Accounts Payable
206,666
166,184
227,080
271,374
Accrued Expenses
574,810
493,678
579,192
671,327
Current Portion of Long-Term Debt
44,420
43,949
44,822
45,583
Other Current Liabilities
242,335
125,511
—
—
Total Current Liabilities
1,068,230
829,322
851,094
988,284
Long-Term Debt
2,128,580
2,351,120
2,380,370
2,676,740
Other Long-Term Liabilities
342,124
464,280
425,336
412,094
Total Long-Term Liabilities
2,470,710
2,815,400
2,805,710
3,088,840
Total Liabilities
3,538,940
3,644,720
3,656,800
4,077,120
Common Stock
153
148
148
147
Treasury Stock
(1,735,280)
(940,691)
(906,031)
(831,176)
Additional Paid-in Capital
602,765
520,177
479,216
408,376
Accumulated Other Comprehensive Income
(141,864)
(269,390)
(223,198)
(278,472)
Retained Earnings
4,050,460
4,328,190
3,899,750
3,498,870
Total Common Shareholders' Equity
2,776,230
3,638,430
3,249,890
2,797,750
Total Shareholders' Equity
2,776,230
3,638,430
3,249,890
2,797,750
Total Liabilities and Shareholders' Equity
6,315,170
7,283,150
6,906,690
6,874,870
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
(555,462)
856,866
801,764
436,569
Depreciation & Amortization
105,305
104,113
109,917
138,061
Share-Based Compensation Expense
13,462
31,902
45,156
58,368
Other Adjustments
74,323
30,887
(5,084)
(61,450)
Changes in Trade Receivables
(14,468)
16,915
(12,123)
(28,392)
Changes in Inventories
3,066
60,959
76,227
(196,313)
Changes in Accounts Payable
18,071
(14,392)
(43,046)
(47,742)
Changes in Accrued Expenses
3,168
7,406
(75,815)
38,652
Changes in Other Operating Activities
(5,610)
(44,248)
406
(5,201)
Cash from Operating Activities
630,197
686,816
628,790
332,552
Capital Expenditure
(70,729)
(36,690)
(59,173)
(67,289)
Proceeds from Sale of Property, Plant & Equipment
—
2,507
—
—
Purchases of Intangible Assets
(1,114)
(80)
(1,700)
(2,233)
Payments for Business Acquisitions
(31,975)
(111,428)
(37,884)
(278,797)
Cash from Investing Activities
(126,889)
(158,535)
(155,742)
(348,319)
Issuance of Long-Term Debt
1,106,500
—
640,200
1,870,000
Repayments of Long-Term Debt
(1,354,000)
(35,006)
(948,662)
(1,579,720)
Net Issuance / (Repayments) of Long-Term Debt
(247,499)
(35,006)
(308,462)
290,280
Repurchases of Common Shares
(723,613)
(34,660)
(74,565)
(264,777)
Net Issuance / (Repurchases) of Common Shares
(723,613)
(34,660)
(74,565)
(264,777)
Other Financing Activities
(23,053)
(4,102)
(7,912)
(17,872)
Cash from Financing Activities
(970,941)
(73,768)
(390,939)
7,631
Effect of Exchange Rate Changes on Cash and Cash Equivalents
22,547
(12,476)
3,386
(10,225)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash