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Sep 27, 2025
Middleby Q3 2025 Earnings Report
Middleby reported a Q3 net loss due to a $709 million non-cash impairment, but beat guidance on adjusted EPS and revenue.
Key Takeaways
Middleby delivered revenue and adjusted EPS at the high end of expectations, despite a significant non-cash impairment charge related to its Residential Kitchen segment. All three business segments met or exceeded sales guidance.
Revenue was $982.1 million, a 4.2% increase over the prior year.
Reported a net loss of $512.98 million due to a $709 million impairment.
Adjusted EPS rose to $2.37, above prior guidance.
Free cash flow reached $156.1 million, up from $145.2 million a year ago.
Revenue by Segment
Forward Guidance
Middleby expects Q4 2025 revenue between $990M-$1.02B and adjusted EPS between $2.19-$2.34.
Positive Outlook
- Commercial Foodservice revenue projected at $570–580 million
- Food Processing revenue projected at $240–250 million
- Residential Kitchen revenue expected to be $180–190 million
- Adjusted EBITDA forecasted at $200–210 million
- Full year adjusted EPS expected between $8.99–$9.14
Challenges Ahead
- Ongoing challenges in market conditions across key end markets
- Residential Kitchen segment impacted by outdoor product tariffs
- Overall organic sales slightly down (-0.1%) for the quarter
- Food Processing segment showing weaker organic sales (-5.6%)
- Lower year-over-year adjusted EBITDA ($196M vs. $213M)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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