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Mar 29
Middleby Q1 2025 Earnings Report
Middleby posted a slight decline in revenue and earnings, with strong operating cash flow and expanded share buybacks.
Key Takeaways
The Middleby Corporation saw a 2.2% decline in revenue in Q1 2025, with adjusted EPS of $2.08 and net income of $92.4 million. Operating income improved modestly to $141 million. The company maintained strong cash generation and increased its share repurchase program.
Revenue fell to $906.6 million, down from $926.9 million in Q1 2024.
Adjusted EPS reached $2.08, while GAAP EPS was $1.69.
Net income increased to $92.4 million, up from $86.6 million last year.
The Board authorized an increase in share buybacks to 11.4 million shares, or 21% of equity.
Middleby
Middleby
Middleby Revenue by Segment
Revenue by Segment
Commercial Foodservice Revenue
CapyFin.comResidential Kitchen Revenue
CapyFin.comFood Processing Revenue
CapyFin.com Forward Guidance
Middleby plans to offset rising costs from tariffs through pricing and operational efficiency while focusing on shareholder returns and organic growth.
Positive Outlook
- Strong U.S. manufacturing footprint enables cost control amid tariff impacts
- Expect full offset of $150–$200 million tariff costs by year-end
- Majority of free cash flow will go to share repurchases
- Continued investment in innovation and organic growth
- Spin-off of Food Processing unit on track for early 2026
Challenges Ahead
- Tariff impact remains highly uncertain
- Food Processing revenue declined 2.2% year-over-year
- Adjusted EBITDA declined slightly to $182.1 million
- Foreign exchange had a modest negative impact on results
- Gross profit was flat despite lower sales
Revenue & Expenses
Visualization of income flow from segment revenue to net income