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Jun 28, 2025
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.
Revenue by Segment
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.
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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