Revenue has contracted for eight consecutive quarters, with a 10.5% year-over-year decline in Q2 2026, yet gross margins have held resiliently in the 38-39% range, suggesting effective pricing power amidst operational strain.
The Middleby Corporation (MIDD) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 3.56B | 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 % | -7.22% | -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 | 2.21B | 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 | 1.36B | 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 % | 38.04% | 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 | 1.47B | 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 | 750.9M | 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 | 2M | 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 | -110.21M | 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 % | -3.09% | 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 | -18M | 694.06M | 783.36M | 760.27M | 777.66M | 755.24M | 434.96M | 617.47M | 543.2M | 480.12M | 504.46M | 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 % | -0.51% | 21.68% | 20.21% | 18.83% | 19.28% | 23.23% | 17.31% | 20.86% | 19.95% | 20.56% | 22.24% | 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 % | -102.36% | -11.4% | 3.04% | -2.24% | 2.97% | 73.63% | -29.56% | 13.67% | 13.14% | -4.83% | 41.43% | 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) | 92.2M | 105.31M | 127.17M | 125.4M | 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 |
| EBIT | -114.38M | 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 | -106.04M | -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 | 106.04M | 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 | -137.66M | -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 | -247.87M | 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 % | -6.95% | 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 | 39.53M | 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 % | -15.95% | 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 | -471.3M | -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 % | -13.22% | -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 % | -210.95% | -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) | -287.39M | 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 | -1.4M | -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) | -10.39 | -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 % | -217.94% | -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 | 45.34M | 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 | 45.34M | 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% | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent negative net profitability
Metrics are mathematically derived from official filings.
Revenue Contraction Deepens Post-Pandemic
Middleby's revenue has contracted for eight consecutive quarters, with the most recent 10.5% year-over-year decline in Q2 2026, suggesting a significant and sustained cooling in equipment demand following the post-pandemic super-cycle.
The consistent negative growth trend, accelerating from -1.4% in Q2 2025 to -10.5% in Q2 2026, indicates the company is facing a cyclical downturn in its core end markets, likely driven by reduced QSR capital expenditure and a slowdown in luxury residential construction. This trajectory implies that the post-pandemic demand surge has fully unwound, and the business is now navigating a more challenging organic growth environment.
Gross Margin Resilience Amidst Operational Strain
Despite a 17% revenue decline, Middleby's gross margin has held relatively stable in the 38-39% range, suggesting effective pricing power and cost management in its core manufacturing operations, as reported in recent financial statements.
The stability of the gross margin, even as revenue contracts, indicates the company has successfully passed through input cost inflation and is not engaging in destructive price competition. However, this resilience is overshadowed by the volatile operating margin, which swung from a healthy 18.6% in Q4 2025 to a catastrophic -56.4% in Q3 2025, highlighting that profitability is being driven by non-operational factors rather than core efficiency.
Q3 2025: The Impairment-Driven Reset
The third quarter of 2025 represents a clear operational inflection point, where a massive $554.2 million operating loss and $513.0 million net loss suggest a major non-cash impairment charge, likely related to past acquisitions.
This single quarter's loss wiped out the cumulative net income of the prior four quarters, indicating a significant 'clearing of the decks' by management. The event appears to be a one-time accounting reset rather than an operational collapse, as subsequent quarters have returned to positive operating income. Investors should monitor whether this impairment signals a permanent reduction in the company's asset base and future earnings power.
Net Income Volatility Masks Core Performance
The stark divergence between a generally positive operating margin and a recently negative net margin, with Q2 2026 net margin at just 6.3% versus a 16.9% operating margin, indicates significant non-operating items are distorting bottom-line profitability.
The swing from a $106.0 million net profit in Q2 2025 to a $50.1 million net loss in Q1 2026, despite similar operating income levels, points to volatile tax provisions, interest expense, or other non-recurring items. This volatility makes it difficult to assess the true recurring earnings power of the business and suggests investors should focus on operating income as a more reliable metric for valuation.
The Structural Margin Compression Risk
The strongest challenge to the income statement narrative is that Middleby's core operating margin, while currently stable, may be structurally lower than peers like ITW due to its more complex, acquisition-driven cost structure and lower scale.
Middleby's operating margin of ~17% consistently trails ITW's 26.3%, suggesting a persistent profitability gap that may not close without significant portfolio simplification. The recent revenue decline could expose this structural disadvantage, as fixed overhead costs become a larger burden on a smaller revenue base. If the company cannot achieve organic growth to leverage its cost structure, further margin compression appears likely, challenging the thesis of a cyclical recovery.