Free cash flow has deteriorated to $0 in 2026Q1, exacerbated by an aggressive $374.8 million share repurchase program that significantly outpaced operating cash flow.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 576.88M | 630.2M | 686.82M | 628.79M | 332.55M | 423.4M | 524.78M | 377.43M | 368.91M | 304.45M | 294.11M | 249.59M | 233.88M | 146.16M | 128.35M | 130.39M | 97.95M | 100.77M | 85.35M | 59.49M | 50.07M | 42.26M | 18.52M | 29.79M | 19.53M | 13.35M | 17.65M | 9.8M | 2.3M | 1.9M | 400K |
| Operating CF Margin % | - | 19.69% | 17.72% | 15.58% | 8.25% | 13.02% | 20.88% | 12.75% | 13.55% | 13.04% | 12.97% | 13.66% | 14.29% | 10.23% | 12.36% | 15.23% | 13.62% | 15.58% | 13.09% | 11.89% | 12.42% | 13.34% | 6.83% | 12.65% | 8.53% | 13.15% | 13.91% | 7.4% | 1.74% | 1.28% | 0.32% |
| Operating CF Growth % | -64.07% | -8.24% | 9.23% | 89.08% | -21.46% | -19.32% | 39.04% | 2.31% | 21.17% | 3.52% | 17.84% | 6.72% | 60.02% | 13.88% | -1.57% | 33.12% | -2.8% | 18.07% | 43.46% | 18.83% | 18.48% | 128.16% | -37.82% | 52.52% | 46.26% | -24.35% | 80.13% | 326.09% | 21.05% | 375% | -92.45% |
| Net Income | -420.16M | -277.73M | 428.43M | 400.88M | 436.57M | 488.49M | 207.29M | 352.24M | 317.15M | 298.13M | 284.22M | 191.61M | 193.31M | 153.93M | 120.7M | 95.47M | 72.87M | 61.16M | 63.9M | 52.61M | 42.38M | 32.18M | 23.59M | 18.7M | 6.1M | 1.64M | 3.77M | -1M | -4M | 5.2M | 500K |
| Depreciation & Amortization | 98M | 105.31M | 127.17M | 132.6M | 138.06M | 125.24M | 110.53M | 103.43M | 97.24M | 69.77M | 58.23M | 54.07M | 41.25M | 43.16M | 26.9M | 19.71M | 17.01M | 15.89M | 12.39M | 6.36M | 4.86M | 3.55M | 3.61M | 3.99M | 6.28M | 3.58M | 3.66M | 3.5M | 3.2M | 3M | 2.8M |
| Stock-Based Compensation | 10.97M | 13.46M | 36.15M | 51.05M | 58.37M | 42.33M | 19.61M | 8.13M | 2.5M | 6.24M | 27.91M | 15.86M | 16.69M | 11.86M | 11.98M | 18.13M | 14.68M | 10.72M | 11.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 76.73M | 70.14M | 35.88M | -2.4M | -6.64M | 6.86M | 16.42M | 22.21M | 20.49M | -14.49M | 21.36M | 1.92M | 15.34M | -2.98M | -83K | 5.42M | 1.42M | 11.12M | -1.54M | 4.58M | 677K | 807K | 7.57M | 1.39M | 0 | 0 | 0 | 2.6M | -800K | 0 | 0 |
| Other Non-Cash Items | 732.08M | 714.79M | 23.25M | 70.57M | -54.81M | -43.91M | -4M | -28.86M | 6.42M | 49.07M | 199.81M | 115.94M | 7.47M | -20K | 25K | 4K | -7K | 0 | 180K | 8.27M | 4.58M | 3.31M | -879K | 505K | 8.85M | 3.39M | 3.46M | 400K | 3M | 100K | 3.9M |
| Working Capital Changes | -56.11M | 4.23M | 35.94M | -23.91M | -239M | -195.62M | 174.92M | -79.73M | -74.88M | -104.26M | -97.61M | -13.88M | -32.71M | -59.8M | -31.18M | -8.35M | -8.02M | 1.89M | -991K | -12.33M | -2.43M | 2.41M | -15.37M | 5.21M | -1.7M | 4.74M | 6.76M | 4.3M | 900K | -6.3M | -6.8M |
| Change in Receivables | -54.23M | -14.47M | 11.98M | -4.62M | -28.39M | -99.89M | 90.4M | -27.75M | -25.35M | 26.18M | -33.91M | 17.11M | -20.58M | -17.52M | -3.88M | -18.99M | -28.31M | 23.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -8.81M | 3.07M | 95.41M | 157.87M | -196.31M | -204.17M | 66.69M | -28.29M | -28.38M | -9.74M | -22.25M | 7.83M | -2.06M | -19.82M | -19.03M | -2.29M | -6.31M | 17.26M | -7.11M | -1.15M | -4.03M | -1.32M | -7M | 2.14M | 1.72M | 3.68M | -1.49M | 3.5M | 1.8M | -3.1M | -2.6M |
| Change in Payables | 9.57M | 18.07M | -21.93M | -49.37M | -47.74M | 61.34M | -3.02M | -29.4M | 13.61M | -21.63M | -7.73M | -18.04M | -7.87M | -9.25M | 2.68M | -2.58M | 10.91M | -4.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 464.48M | -126.89M | -158.53M | -155.74M | -348.32M | -1.01B | -106.76M | -327.67M | -1.24B | -345.47M | -235.74M | -370.99M | -233.06M | -474.19M | -69.89M | -188.91M | -28.88M | -139.04M | -210.09M | -71.69M | -8.66M | -40.95M | -3.2M | -20.13M | -1.09M | -95.52M | -656K | -1.6M | -5.1M | 1.3M | 1.8M |
| Capital Expenditures | -37M | -70.73M | -49.31M | -85.18M | -69.52M | -51.55M | -41.9M | -46.61M | -41.44M | -54.49M | -24.82M | -22.36M | -13.14M | -19.64M | -7.65M | -7.84M | -3.16M | -5.73M | -4.34M | -3.31M | -2.27M | -1.38M | -1.2M | -1M | -1.09M | -469K | -656K | -1.4M | -3.8M | -5M | -3M |
| CapEx % of Revenue | 1.01% | 2.21% | 1.27% | 2.11% | 1.72% | 1.59% | 1.67% | 1.57% | 1.52% | 2.33% | 1.09% | 1.22% | 0.8% | 1.37% | 0.74% | 0.92% | 0.44% | 0.89% | 0.67% | 0.66% | 0.56% | 0.43% | 0.44% | 0.43% | 0.47% | 0.46% | 0.52% | 1.06% | 2.87% | 3.37% | 2.4% |
| Acquisitions | -31.98M | -31.98M | -111.65M | -68.76M | -278.8M | -963.6M | -79M | -281.06M | -1.2B | -305.25M | -210.92M | -348.63M | -219.91M | -461.55M | -62.24M | -181.07M | -25.72M | -133.31M | -205.76M | -68.38M | -6.4M | -39.65M | -2M | -19.13M | 0 | -95.05M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 533.46M | -24.18M | 2.43M | -1.8M | 0 | 6.29M | 14.15M | 0 | -5.4M | 14.28M | 0 | 0 | 0 | 7M | -62.24M | 0 | 0 | 0 | 0 | 0 | 0 | 69K | 0 | 0 | 0 | 0 | 0 | -200K | -1.3M | 6.3M | 4.8M |
| Cash from Financing | -1.6B | -970.94M | -73.77M | -390.94M | 7.63M | 502.79M | -252.47M | -25.45M | 856.13M | 55.84M | -41.37M | 136.76M | 8.89M | 330.2M | -64.94M | 91.59M | -69.87M | 39.24M | 124.08M | 16M | -41.93M | -1.15M | -15.28M | -14.38M | -16.06M | 83.87M | -29.44M | -400K | -2.8M | 7.7M | -1.8M |
| Debt Issued (Net) | -511.59M | -227.44M | -35.01M | -308.46M | 290.28M | 602.01M | -162.9M | -17.65M | 857.74M | 295.67M | -29.34M | 139.18M | 27.68M | 311.44M | -63.18M | 103.01M | -61.07M | 39.3M | 133.19M | 12.78M | -42.73M | -2.13M | 65.26M | -12.9M | 67.4M | 71.15M | -19.95M | -100K | 1.7M | -24.5M | -1.8M |
| Equity Issued (Net) | -1.06B | -723.61M | -34.66M | -74.56M | -264.78M | -29.27M | -85.87M | -6.14M | 0 | -239.84M | -4.42M | -4.84M | -44.28M | -4.39M | -17.87M | -15.44M | -8.35M | 391K | -12.36M | 3.21M | 798K | 977K | -76.84M | 817K | -1.29M | -211K | -8.32M | -300K | -2.7M | 22.3M | 200K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.7M | -2.3M | 0 | 0 | -906K | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.06B | -723.61M | -34.66M | -74.56M | -264.78M | -29.27M | -85.87M | -6.14M | 0 | -239.84M | -4.42M | -4.84M | -44.28M | -4.39M | -20.67M | -15.66M | -9.02M | 0 | -12.36M | 0 | 0 | 0 | -77.19M | 0 | -1.6M | -313K | -8.47M | -400K | -3.3M | 0 | 0 |
| Other Financing | -31.31M | -19.89M | -4.1M | -7.91M | -17.87M | -69.96M | -3.7M | -1.65M | -1.61M | 0 | -7.61M | 2.41M | 25.49M | 23.16M | 16.11M | 4.02M | -450K | -448K | 3.25M | 0 | 0 | 0 | 0 | 0 | -82.18M | 12.93M | -253K | 0 | -1.8M | 9.9M | -200K |
| Net Change in Cash | -568.08M | -416.53M | 442.04M | 85.5M | -18.36M | -87.74M | 173.6M | 22.8M | -17.95M | 21.17M | 12.96M | 11.58M | 7.05M | 2.53M | -5.85M | 32.56M | -707K | 2.22M | -1.32M | 3.93M | -374K | 105K | 151K | -4.73M | 2.38M | 1.7M | -12.44M | 7.7M | -2.8M | 7.7M | -1.8M |
| Free Cash Flow | 452.07M | 558.35M | 637.51M | 541.81M | 263.03M | 371.85M | 482.88M | 330.82M | 327.48M | 249.96M | 269.29M | 227.23M | 220.74M | 126.52M | 120.69M | 122.55M | 94.8M | 95.04M | 81.01M | 56.18M | 47.8M | 40.88M | 17.32M | 28.79M | 18.45M | 12.88M | 17M | 8.4M | -1.5M | -3.1M | -2.6M |
| FCF Margin % | 12.33% | 17.44% | 16.45% | 13.42% | 6.52% | 11.44% | 19.21% | 11.18% | 12.03% | 10.7% | 11.87% | 12.44% | 13.49% | 8.86% | 11.63% | 14.32% | 13.18% | 14.7% | 12.43% | 11.23% | 11.86% | 12.91% | 6.39% | 12.23% | 8.05% | 12.69% | 13.4% | 6.34% | -1.13% | -2.09% | -2.08% |
| FCF Growth % | -26.83% | -12.42% | 17.66% | 105.99% | -29.26% | -22.99% | 45.97% | 1.02% | 31.01% | -7.18% | 18.51% | 2.94% | 74.47% | 4.83% | -1.52% | 29.28% | -0.26% | 17.32% | 44.19% | 17.53% | 16.92% | 136% | -39.82% | 56.07% | 43.15% | -24.19% | 102.35% | 660% | 51.61% | -19.23% | -223.81% |
| FCF per Share | 9.57 | 10.81 | 11.76 | 10.02 | 4.79 | 6.56 | 8.76 | 5.94 | 5.89 | 4.41 | 4.72 | 3.99 | 3.89 | 2.25 | 2.20 | 2.20 | 1.72 | 1.71 | 1.59 | 1.11 | 0.96 | 0.84 | 0.29 | 0.51 | 0.34 | 0.24 | 0.28 | 0.14 | -0.02 | -0.06 | -0.04 |
| FCF Conversion (FCF/Net Income) | -1.08x | -2.27x | 1.60x | 1.57x | 0.76x | 0.87x | 2.53x | 1.07x | 1.16x | 1.02x | 1.03x | 1.30x | 1.21x | 0.95x | 1.06x | 1.37x | 1.34x | 1.65x | 1.34x | 1.13x | 1.18x | 1.31x | 0.79x | 1.59x | 1.14x | 8.16x | 4.40x | -9.80x | -0.58x | 0.37x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 119.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Aggressive Capital Allocation Risks
According to the latest quarterly data, Middleby's operating cash flow of $87.8 million against a net loss of $50.1 million in 2026Q1 highlights a significant divergence, suggesting that non-cash charges are heavily distorting the company's reported profitability and masking underlying operational cash generation challenges.
The negative OCF/NI ratio of -1.75 in the most recent quarter indicates that traditional earnings metrics are currently unreliable for assessing the company's true economic performance. Investors should monitor whether this gap is driven by recurring non-cash impairments or if it reflects a fundamental deterioration in the quality of earnings as the company navigates a period of revenue contraction.
As reported in financial statements, Middleby's free cash flow trajectory has become increasingly erratic, dropping to zero in 2026Q1 from a peak of $240.2 million in 2023Q4, which suggests that the company's ability to self-fund operations is currently under significant pressure from both declining margins and elevated capital requirements.
The sharp decline in FCF suggests that the company's historical ability to convert revenue into cash is being compromised by the current cyclical downturn. This trend warrants further investigation into whether the lack of free cash flow is a temporary byproduct of restructuring or a more permanent shift in the company's cash-generating efficiency.
Based on reported figures, Middleby's capital expenditure intensity reached 10.5% of revenue in 2026Q1, a notable departure from the 1.5% average observed in previous periods, which may indicate that the company is forced to increase investment despite a shrinking top-line to maintain its aging manufacturing infrastructure.
The sudden surge in CapEx relative to revenue suggests that the company may be struggling with asset replacement cycles or is attempting to force growth through capital-intensive automation projects. This elevated spending level appears unsustainable given the current negative net income environment and requires careful scrutiny regarding the expected return on these investments.
As indicated by recent cash flow statements, Middleby utilized $374.8 million for share repurchases in 2026Q1, a figure that significantly exceeds the company's operating cash flow, suggesting a potentially aggressive capital allocation strategy that may be depleting liquidity reserves during a period of operational weakness.
The decision to prioritize share buybacks while reporting a net loss and zero free cash flow appears to be a high-risk maneuver that could limit the company's financial flexibility. Investors should monitor whether this capital deployment strategy is intended to signal management confidence or if it reflects a lack of more productive internal investment opportunities.
Quick answers to the most common questions about buying MIDD stock.
The Middleby Corporation (MIDD) generated $630.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Middleby Corporation (MIDD) generated $558.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The Middleby Corporation (MIDD) spent $70.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Middleby Corporation (MIDD) spent $723.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.