Middleby Corporation reported fourth‑quarter and full‑year 2025 results, with net sales of $866.4 million for the quarter and a full‑year revenue of $3.20 billion. The company posted a net loss of $277.7 million for the year, while adjusted earnings per share reached $2.42 for the quarter and $9.27 for the year.
Revenue fell 14% from $1,014 million in Q4 2024 to $866.4 million in Q4 2025, a miss against the consensus estimate of $1.01 billion. Commercial Foodservice generated $601.7 million, up 0.7% from the prior year, while Food Processing delivered $264.7 million, up 14.4% year‑over‑year, reflecting strong demand in the dealer channel and international expansion.
Adjusted EPS beat the consensus estimate of $2.32 by $0.10, driven by disciplined cost management and a favorable mix shift toward higher‑margin Commercial Foodservice. The company maintained an adjusted EBITDA of $197.1 million in Q4, down from $226.2 million in Q4 2024, but the margin compression was partially offset by tariff‑related headwinds of $7 million in the quarter.
Management guided 2026 revenue to $3.27‑$3.36 billion, a range that is below the market consensus of $3.99 billion, signaling a cautious outlook amid macro uncertainty. The company also completed the sale of a 51% stake in its Residential Kitchen business for an enterprise valuation of $885 million, and it remains on track to separate its Food Processing unit in Q2 2026, creating two independent, pure‑play entities.
CEO Tim FitzGerald said, “2025 was a transformational year for Middleby as we executed decisive portfolio actions to unlock significant shareholder value. We recently completed the sale of a 51% stake in our Residential Kitchen business at an $885 million enterprise valuation, first announced in December, delivering approximately $565 million in cash proceeds while retaining meaningful upside through our 49% ownership.” He added, “We remain on track to complete the separation of our Food Processing business in the second quarter of 2026, creating two independent, pure‑play industry leaders with enhanced focus and optimized capital structures.” FitzGerald also noted, “Our fourth quarter results exceeded our expectations across all metrics of our provided guidance on a like‑for‑like basis accounting for the Residential Kitchen Transaction. Our Commercial Foodservice segment delivered $602 million in revenue with double‑digit growth in our dealer channel, driven by improved demand with independents, institutional customers, and fast casual chains.”
Investors reacted cautiously to the results, with the market focusing on the revenue miss and the conservative 2026 guidance, while acknowledging the EPS beat and the progress of the portfolio transformation.
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