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Jun 28
Middleby Q2 2025 Earnings Report
Middleby's Q2 2025 earnings reflected economic uncertainties, with a decrease in net sales and operating income, but strong operational performance and share repurchases.
Key Takeaways
The Middleby Corporation reported a challenging second quarter in 2025, with net sales decreasing by 1.4% and operating income falling to $155.4 million from $175.7 million in the prior year. Despite these headwinds, the company emphasized strong operational performance, market share gains through new product launches, and significant capital deployment towards share repurchases, totaling $322.7 million in the quarter.
Net sales decreased by 1.4% in Q2 2025 compared to the prior year, totaling $977.859 million.
Operating income for the quarter was $155.392 million, a decrease from $175.708 million in Q2 2024.
The company repurchased $322.7 million of its common shares during the quarter, demonstrating confidence in its valuation.
Diluted EPS was $1.99, down from $2.13 in the prior year, while non-GAAP adjusted diluted EPS was $2.35.
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 initiated guidance for the third quarter and full year 2025, anticipating total revenue between $950 million and $975 million for Q3, and $3.81 billion to $3.87 billion for the full year. Adjusted EBITDA is projected to be $185 million to $195 million for Q3 and $770 million to $800 million for the full year. Adjusted EPS is expected to be $2.04 to $2.19 for Q3 and $8.65 to $9.05 for the full year.
Positive Outlook
- Anticipated total revenue for Q3 2025 is $950-975 million.
- Commercial Foodservice revenue for Q3 2025 is expected to be $580-590 million.
- Food Processing revenue for Q3 2025 is projected to be $195-205 million.
- Adjusted EBITDA for Q3 2025 is expected to be $185-195 million.
- Adjusted Earnings Per Share for Q3 2025 is anticipated to be $2.04-2.19.
Challenges Ahead
- Residential Kitchen revenue for Q3 2025 is expected to be $170-180 million, indicating continued softness in this segment.
- The guidance reflects ongoing economic uncertainty in key end markets.
- The company's share repurchase strategy, while positive for EPS, indicates a belief that market valuation does not reflect growth opportunities, which could imply current undervaluation.
- No specific negative guidance points were explicitly stated beyond the general economic uncertainty impacting results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income