Revenue growth has turned negative with a 7.4% year-over-year contraction in 2026Q1, while operating margins have compressed to 16.1% from historical peaks.
| 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 |
|---|
| Sales/Revenue | 3.67B | 3.2B | 3.88B | 4.04B | 4.03B | 3.25B | 2.51B | 2.96B | 2.72B | 2.34B | 2.27B | 1.83B | 1.64B | 1.43B | 1.04B | 855.91M | 719.12M | 646.63M | 651.89M | 500.47M | 403.13M | 316.67M | 271.12M | 235.4M | 229.11M | 101.55M | 126.89M | 132.5M | 132.3M | 148.3M | 124.8M |
| Revenue Growth % | -4.89% | -17.39% | -4% | 0.09% | 24.06% | 29.35% | -15.08% | 8.69% | 16.59% | 2.98% | 24.16% | 11.61% | 14.55% | 37.62% | 21.3% | 19.02% | 11.21% | -0.81% | 30.25% | 24.15% | 27.3% | 16.8% | 15.17% | 2.75% | 125.61% | -19.97% | -4.24% | 0.15% | -10.79% | 18.83% | -10.34% |
| Cost of Goods Sold | 2.27B | 1.95B | 2.4B | 2.5B | 2.59B | 2.06B | 1.63B | 1.86B | 1.72B | 1.42B | 1.37B | 1.12B | 995.95M | 878.67M | 635.18M | 511.77M | 432.44M | 396M | 403.75M | 308.11M | 246.25M | 195.01M | 168.49M | 149.55M | 150.61M | 70.05M | 78.04M | 88.1M | 92.9M | 99.5M | 84.5M |
| COGS % of Revenue | - | 60.89% | 62.06% | 62% | 64.13% | 63.24% | 64.9% | 62.71% | 63.12% | 60.92% | 60.26% | 61.32% | 60.86% | 61.5% | 61.18% | 59.79% | 60.14% | 61.24% | 61.93% | 61.56% | 61.09% | 61.58% | 62.15% | 63.53% | 65.74% | 68.98% | 61.5% | 66.49% | 70.22% | 67.09% | 67.71% |
| Gross Profit | 1.39B | 1.25B | 1.47B | 1.53B | 1.45B | 1.19B | 882.05M | 1.1B | 1B | 912.74M | 901.18M | 706.5M | 640.59M | 550.01M | 402.99M | 344.14M | 286.68M | 250.63M | 248.14M | 192.37M | 156.88M | 121.65M | 102.63M | 85.85M | 78.5M | 31.5M | 48.85M | 44.4M | 39.4M | 48.8M | 40.3M |
| Gross Margin % | 37.97% | 39.11% | 37.94% | 38% | 35.87% | 36.76% | 35.1% | 37.29% | 36.88% | 39.08% | 39.74% | 38.68% | 39.14% | 38.5% | 38.82% | 40.21% | 39.86% | 38.76% | 38.07% | 38.44% | 38.91% | 38.42% | 37.85% | 36.47% | 34.26% | 31.02% | 38.5% | 33.51% | 29.78% | 32.91% | 32.29% |
| Gross Profit Growth % | - | -14.86% | -4.15% | 6.05% | 21.06% | 35.46% | -20.07% | 9.89% | 10.01% | 1.28% | 27.55% | 10.29% | 16.47% | 36.48% | 17.1% | 20.04% | 14.38% | 1% | 29% | 22.62% | 28.95% | 18.54% | 19.54% | 9.37% | 149.17% | -35.5% | 10.02% | 12.69% | -19.26% | 21.09% | -6.5% |
| Operating Expenses | 1.49B | 663.16M | 814.18M | 899.19M | 806.95M | 564.87M | 557.62M | 589.45M | 538.84M | 436.49M | 444.43M | 375.15M | 346.67M | 305.55M | 214.91M | 195.43M | 163.89M | 139.19M | 128.52M | 99.43M | 79.98M | 63.68M | 66.26M | 50.9M | 48.77M | 23.57M | 37M | 36.6M | 36.3M | 35.8M | 31.6M |
| OpEx % of Revenue | - | 20.72% | 21.01% | 22.28% | 20.01% | 17.38% | 22.19% | 19.92% | 19.79% | 18.69% | 19.6% | 20.54% | 21.18% | 21.39% | 20.7% | 22.83% | 22.79% | 21.52% | 19.72% | 19.87% | 19.84% | 20.11% | 24.44% | 21.62% | 21.29% | 23.21% | 29.16% | 27.62% | 27.44% | 24.14% | 25.32% |
| Selling, General & Admin | 780.34M | 663.16M | 762.5M | 794.44M | 797.23M | 667.98M | 491.9M | 593.81M | 538.84M | 436.49M | 444.43M | 375.15M | 346.67M | 305.55M | 214.91M | 195.43M | 163.89M | 139.19M | 128.52M | 99.43M | 79.98M | 63.68M | 53.61M | 50.84M | 48.77M | 23.57M | 33.34M | 33.1M | 33.1M | 32.8M | 28.8M |
| SG&A % of Revenue | - | 20.72% | 19.68% | 19.68% | 19.77% | 20.55% | 19.57% | 20.06% | 19.79% | 18.69% | 19.6% | 20.54% | 21.18% | 21.39% | 20.7% | 22.83% | 22.79% | 21.52% | 19.72% | 19.87% | 19.84% | 20.11% | 19.77% | 21.6% | 21.29% | 23.21% | 26.27% | 24.98% | 25.02% | 22.12% | 23.08% |
| Research & Development | 0 | 0 | 0 | 53.1M | 0 | 0 | 35.3M | 0 | 35.3M | 29.1M | 26.3M | 22.4M | 22.6M | 21.4M | 14.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 1.32% | - | - | 1.4% | - | 1.3% | 1.25% | 1.16% | 1.23% | 1.38% | 1.5% | 1.36% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 51.68M | 51.65M | 9.72M | -103.11M | 30.42M | -4.36M | 36.29M | -829K | -1.04M | -4.47M | -4.05M | -2.78M | -4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.65M | 62K | 0 | 0 | 3.66M | 3.5M | 3.2M | 3M | 2.8M |
| Operating Income | -100.27M | 588.76M | 656.19M | 634.87M | 639.6M | 629.99M | 324.43M | 514.04M | 445.97M | 410.34M | 446.23M | 302.6M | 300.43M | 244.46M | 188.08M | 148.71M | 122.79M | 111.44M | 119.62M | 92.93M | 76.9M | 57.97M | 38.26M | 35.02M | 29.73M | 7.93M | 11.85M | 7.8M | 3.1M | 13M | 8.7M |
| Operating Margin % | -2.73% | 18.39% | 16.93% | 15.73% | 15.86% | 19.38% | 12.91% | 17.37% | 16.38% | 17.57% | 19.68% | 16.57% | 18.36% | 17.11% | 18.12% | 17.37% | 17.07% | 17.23% | 18.35% | 18.57% | 19.08% | 18.31% | 14.11% | 14.88% | 12.98% | 7.81% | 9.34% | 5.89% | 2.34% | 8.77% | 6.97% |
| Operating Income Growth % | - | -10.28% | 3.36% | -0.74% | 1.53% | 94.18% | -36.89% | 15.27% | 8.68% | -8.04% | 47.46% | 0.72% | 22.9% | 29.97% | 26.48% | 21.11% | 10.18% | -6.84% | 28.71% | 20.85% | 32.65% | 51.53% | 9.26% | 17.78% | 274.73% | -33.05% | 51.92% | 151.61% | -76.15% | 49.43% | -15.53% |
| EBITDA | 13.36M | 687.76M | 783.36M | 760.27M | 777.66M | 755.24M | 432.52M | 617.47M | 543.2M | 480.12M | 502.32M | 356.68M | 341.68M | 287.63M | 214.99M | 168.42M | 139.8M | 127.33M | 132.01M | 99.29M | 81.76M | 61.53M | 41.87M | 39.01M | 36.01M | 11.52M | 15.51M | 11.3M | 6.3M | 16M | 11.5M |
| EBITDA Margin % | 0.36% | 21.48% | 20.21% | 18.83% | 19.28% | 23.23% | 17.21% | 20.86% | 19.95% | 20.56% | 22.15% | 19.53% | 20.88% | 20.13% | 20.71% | 19.68% | 19.44% | 19.69% | 20.25% | 19.84% | 20.28% | 19.43% | 15.44% | 16.57% | 15.72% | 11.34% | 12.22% | 8.53% | 4.76% | 10.79% | 9.21% |
| EBITDA Growth % | -98.3% | -12.2% | 3.04% | -2.24% | 2.97% | 74.61% | -29.95% | 13.67% | 13.14% | -4.42% | 40.83% | 4.39% | 18.79% | 33.79% | 27.65% | 20.47% | 9.8% | -3.54% | 32.95% | 21.44% | 32.89% | 46.94% | 7.34% | 8.32% | 212.7% | -25.76% | 37.27% | 79.37% | -60.62% | 39.13% | -16.06% |
| D&A (Non-Cash Add-back) | 113.63M | 99M | 127.17M | 125.4M | 138.06M | 125.24M | 108.09M | 103.43M | 97.24M | 69.77M | 56.1M | 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 |
| EBIT | -115.96M | 576.1M | 669.55M | 671.95M | 653.39M | 676.66M | 331.16M | 545.23M | 482.25M | 409.51M | 443.95M | 298.13M | 296.38M | 241.68M | 181.68M | 145.93M | 119.55M | 111.32M | 117.2M | 92.93M | 76.9M | 57.97M | 36.37M | 34.95M | 29.73M | 7.93M | 11.85M | 7.8M | 3.1M | 13M | 8.7M |
| Net Interest Income | -99.91M | -93.83M | -92.23M | -120.35M | -88.98M | -57.16M | -78.62M | -82.61M | -58.74M | -25.98M | -23.88M | -16.97M | -15.59M | -15.9M | -9.24M | -8.5M | -8.59M | -11.59M | -12.98M | 0 | -6.93M | -6.44M | 0 | -5.89M | 0 | 0 | -1.2M | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 99.91M | 93.83M | 92.23M | 120.35M | 88.98M | 57.16M | 78.62M | 82.61M | 58.74M | 25.98M | 23.88M | 16.97M | 15.59M | 15.9M | 9.24M | 8.5M | 8.59M | 11.59M | 12.98M | 0 | 6.93M | 6.44M | 0 | 5.89M | 0 | 0 | 1.2M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -112.09M | -106.48M | -78.87M | -115.49M | -75.19M | -10.49M | -56.37M | -51.42M | -22.45M | 4.92M | 2.29M | -21.44M | -19.64M | -18.68M | -13.64M | -8.26M | -8.55M | -11.71M | -15.4M | -4.95M | -7.09M | -6.57M | -4.42M | -6.2M | -11.79M | -1.53M | -2.71M | -5.6M | -7.3M | -4.7M | -4.2M |
| Pretax Income | -212.36M | 482.27M | 577.32M | 519.38M | 564.41M | 619.5M | 268.06M | 462.62M | 423.51M | 383.53M | 421.31M | 281.17M | 280.79M | 225.78M | 174.44M | 140.45M | 114.24M | 99.73M | 104.22M | 87.98M | 69.81M | 51.4M | 33.84M | 28.82M | 17.94M | 6.4M | 9.14M | 2.2M | -4.2M | 8.3M | 4.5M |
| Pretax Margin % | -5.79% | 15.07% | 14.9% | 12.87% | 14% | 19.06% | 10.67% | 15.63% | 15.55% | 16.42% | 18.58% | 15.39% | 17.16% | 15.8% | 16.8% | 16.41% | 15.89% | 15.42% | 15.99% | 17.58% | 17.32% | 16.23% | 12.48% | 12.24% | 7.83% | 6.3% | 7.21% | 1.66% | -3.17% | 5.6% | 3.61% |
| Income Tax | 23.29M | 115.01M | 148.89M | 118.5M | 127.85M | 131.01M | 60.76M | 110.38M | 106.36M | 85.4M | 137.09M | 89.56M | 87.48M | 71.85M | 53.74M | 44.98M | 41.37M | 38.57M | 40.32M | 35.37M | 27.43M | 19.22M | 10.26M | 10.12M | 6.32M | 4.76M | 5.37M | 3.2M | -200K | 2.5M | 1.4M |
| Effective Tax Rate % | -10.97% | 23.85% | 25.79% | 22.81% | 22.65% | 21.15% | 22.67% | 23.86% | 25.11% | 22.27% | 32.54% | 31.85% | 31.15% | 31.82% | 30.81% | 32.02% | 36.21% | 38.68% | 38.69% | 40.2% | 39.29% | 37.39% | 30.3% | 35.12% | 35.24% | 74.44% | 58.73% | 145.45% | 4.76% | 30.12% | 31.11% |
| 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 | 17.13M | 1.64M | 4.01M | -1M | -4M | 5.2M | 500K |
| Net Margin % | -11.46% | -8.68% | 11.06% | 9.93% | 10.83% | 15.03% | 8.25% | 11.9% | 11.65% | 12.76% | 12.53% | 10.49% | 11.81% | 10.77% | 11.63% | 11.15% | 10.13% | 9.46% | 9.8% | 10.51% | 10.51% | 10.16% | 8.7% | 7.94% | 7.48% | 1.61% | 3.16% | -0.75% | -3.02% | 3.51% | 0.4% |
| Net Income Growth % | -196.76% | -164.82% | 6.87% | -8.17% | -10.63% | 135.65% | -41.15% | 11.06% | 6.38% | 4.89% | 48.33% | -0.88% | 25.59% | 27.53% | 26.42% | 31.02% | 19.15% | -4.3% | 21.45% | 24.16% | 31.7% | 36.42% | 26.15% | 9.15% | 947.07% | -59.18% | 500.8% | 75% | -176.92% | 940% | -85.71% |
| Net Income (Continuing) | -235.65M | 367.27M | 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 | 11.62M | 1.64M | 3.77M | -1M | -4M | 5.8M | 3.1M |
| Discontinued Operations | -2M | -645M | 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 |
| Minority Interest | 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 | 2.1M | 1.9M |
| EPS (Diluted) | -8.90 | -5.38 | 7.90 | 7.41 | 7.95 | 8.62 | 3.76 | 6.33 | 5.70 | 5.26 | 4.98 | 3.36 | 3.40 | 2.74 | 2.20 | 1.72 | 1.32 | 1.10 | 1.25 | 1.04 | 0.86 | 0.66 | 0.40 | 0.33 | 0.11 | 0.03 | 0.06 | -0.02 | -0.06 | 0.10 | 0.01 |
| EPS Growth % | -206% | -168.1% | 6.61% | -6.79% | -7.77% | 129.26% | -40.6% | 11.05% | 8.37% | 5.62% | 48.21% | -1.18% | 24.09% | 24.55% | 27.91% | 30.3% | 20% | -12% | 20.19% | 20.93% | 30.3% | 65% | 21.21% | 200% | 266.67% | -48.54% | 459.88% | 73.74% | -163.81% | - | -87.56% |
| EPS (Basic) | - | -5.38 | 7.97 | 7.48 | 8.07 | 8.85 | 3.76 | 6.33 | 5.71 | 5.26 | 4.98 | 3.36 | 3.41 | 2.76 | 2.22 | 1.77 | 1.36 | 1.16 | 1.33 | 1.12 | 0.92 | 0.71 | 0.43 | 0.34 | 0.11 | 0.03 | 0.06 | -0.02 | -0.06 | 0.10 | 0.01 |
| Diluted Shares Outstanding | 47.23M | 51.66M | 54.21M | 54.09M | 54.95M | 56.66M | 55.14M | 55.66M | 55.6M | 56.72M | 57.09M | 56.97M | 56.78M | 56.27M | 54.81M | 55.6M | 55.01M | 55.73M | 51.09M | 50.81M | 49.55M | 48.56M | 59.59M | 56.35M | 54.79M | 53.98M | 60.55M | 61.66M | 64.86M | 53.79M | 60M |
| Basic Shares Outstanding | 47.23M | 51.66M | 53.74M | 53.58M | 54.09M | 55.22M | 55.09M | 55.65M | 55.58M | 56.72M | 57.03M | 56.95M | 56.76M | 55.83M | 54.38M | 53.99M | 53.4M | 52.81M | 47.93M | 47.08M | 45.86M | 45.08M | 55.2M | 54.39M | 53.94M | 53.89M | 59.83M | 60.97M | 64.86M | 52.88M | 50M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.67% | 12.31% | - | - | 22.6% | - | - | - | - |
Cyclical Revenue and Impairments
As reported in recent financial filings, Middleby's revenue has faced a sustained downturn, culminating in a 7.4% year-over-year decline in 2026Q1, which underscores the cooling demand across its core commercial and residential segments following the post-pandemic capital equipment super-cycle that previously bolstered the company's top-line performance.
The consistent negative growth trajectory suggests that the company is struggling to offset the cyclical slowdown in restaurant construction and luxury residential spending. Investors should monitor whether this trend reflects a structural loss of market share or merely a temporary pause in the equipment replacement cycle.
Based on the provided income statement data, Middleby has maintained a relatively stable gross margin profile, hovering near 38.5% in 2026Q1, which suggests that the company retains some pricing power despite the broader revenue contraction and ongoing inflationary pressures on raw material inputs like stainless steel.
The ability to hold gross margins steady while top-line growth remains negative indicates that management is successfully passing through costs or benefiting from a favorable product mix. However, this stability may be tested if the company is forced to engage in aggressive discounting to stimulate demand in a weakening macroeconomic environment.
According to the latest quarterly results, Middleby reported a net loss of $50.1 million in 2026Q1, a stark contrast to its operating income of $134.9 million, which highlights significant non-operating charges that warrant further investigation into the company's recent acquisition accounting and potential goodwill impairment testing.
The wide gap between operating and net income suggests that the company's bottom line is being heavily impacted by non-cash charges or restructuring costs. Analysts should be wary of these recurring anomalies, as they mask the underlying cash-generating capacity of the core business and complicate the assessment of true earnings power.
As indicated by the income statement, Middleby's operating margin compressed to 16.1% in 2026Q1, down from historical peaks, suggesting that the company is experiencing negative operating leverage as fixed costs remain elevated while revenue continues to decline across its diverse portfolio of over 100 brands.
The inability to scale SG&A expenses down in proportion to the revenue decline implies a potential lack of operational flexibility within the current cost structure. This trend warrants close observation, as it may indicate that the company's decentralized brand management model is becoming increasingly inefficient during periods of top-line stress.
Based on the reported figures, the company's reliance on a serial acquisition model appears increasingly risky, as evidenced by the 2025Q3 net loss of $513 million, which may indicate that the company is overpaying for assets that fail to deliver the expected synergies in a high-rate environment.
Short-sellers would likely focus on the potential for further goodwill write-downs and the sustainability of the company's debt-funded growth strategy. The current financial performance suggests that the 'buy-and-build' narrative is facing a significant test, and investors should consider the possibility that the portfolio has become too complex to manage effectively.
Quick answers to the most common questions about buying MIDD stock.
For fiscal year 2025, The Middleby Corporation (MIDD) reported total revenue of $3.20B. This represents a 2465.1% increase compared to $124.8M in 1996.
The Middleby Corporation (MIDD) reported a net loss of $277.7M for the fiscal year ending 2025.
The Middleby Corporation (MIDD) reported an operating income of $588.8M, resulting in an operating profit margin of 18.4%. This margin reflects the operational efficiency of the business before interest and taxes.
The Middleby Corporation (MIDD) generated $1.25B in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.