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Mar 29, 2025
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.
Revenue by Segment
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
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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