# MIDDLEBY Corp (MIDD)

Informational only - not investment advice.

CIK: 0000769520
SIC: 3580 Refrigeration & Service Industry Machinery
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3580 Refrigeration & Service Industry Machinery](/industry/3580/)
Latest 10-K filed: 2026-03-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=769520
Filing source: https://www.sec.gov/Archives/edgar/data/769520/000076952026000011/midd-20260103.htm

## At a glance

FY2025 · period end 2026-01-03 · filed 2026-03-04 · accession 0000769520-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000769520.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,201,202,000 USD | 2025 | verified |
| Net income | -277,731,000 USD | 2025 | verified |
| Assets | 6,315,166,000 USD | 2025 | verified |
| Free cash flow | 559,468,000 USD | 2025 | computed |
| Net margin | -8.68% | 2025 | computed |
| Operating margin | 17.96% | 2025 | computed |
| Revenue YoY | +1.62% | 2025 | computed |
| ROE | -10.00% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MIDD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -8.7% | 7.7% | 8 | 110 |
| Operating margin | 18.0% | 13.1% | 76 | 104 |
| Revenue growth | 1.6% | 5.8% | 27 | 111 |
| FCF margin | 17.5% | 9.6% | 79 | 103 |
| ROE | -10.0% | 11.7% | 9 | 108 |
| ROA | -4.4% | 5.6% | 8 | 111 |
| Liabilities / equity | 1.27 | 1.10 | 58 | 108 |
| Current ratio | 2.57 | 2.02 | 69 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3201202000 | USD | 2025 | 2026-03-04 |
| Net income | -277731000 | USD | 2025 | 2026-03-04 |
| Assets | 6315166000 | USD | 2025 | 2026-03-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000769520.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 2,335,542,000 | 2,722,931,000 | 2,959,446,000 | 2,513,257,000 | 3,250,792,000 | 4,032,853,000 | 3,242,090,000 | 3,150,239,000 | 3,201,202,000 |
| Net income | 284,216,000 | 298,128,000 | 317,152,000 | 352,240,000 | 207,294,000 | 488,492,000 | 436,569,000 | 400,882,000 | 428,433,000 | -277,731,000 |
| Operating income | 419,018,000 | 378,613,000 | 445,966,000 | 514,043,000 | 324,431,000 | 629,992,000 | 639,604,000 | 652,427,000 | 644,123,000 | 574,891,000 |
| Gross profit | 901,180,000 | 912,741,000 | 1,004,140,000 | 1,103,497,000 | 882,048,000 | 1,194,860,000 | 1,446,554,000 | 1,284,078,000 | 1,251,819,000 | 1,251,915,000 |
| Diluted EPS | 4.98 | 5.26 | 5.70 | 6.33 | 3.76 | 8.62 | 7.95 | 7.41 | 7.90 | -5.32 |
| Operating cash flow | 294,110,000 | 304,455,000 | 368,914,000 | 377,425,000 | 524,785,000 | 423,399,000 | 332,552,000 | 628,790,000 | 686,816,000 | 630,197,000 |
| Capital expenditures | 24,817,000 | 54,493,000 | 36,040,000 | 46,609,000 | 34,849,000 | 46,551,000 | 67,289,000 | 59,173,000 | 36,690,000 | 70,729,000 |
| Share buybacks | 4,418,000 | 239,838,000 | 0.00 | 6,144,000 | 85,872,000 | 29,265,000 | 264,777,000 | 74,565,000 | 34,660,000 | 723,613,000 |
| Assets | 2,917,136,000 | 3,339,713,000 | 4,549,781,000 | 5,002,143,000 | 5,202,474,000 | 6,383,598,000 | 6,874,866,000 | 6,906,691,000 | 7,283,151,000 | 6,315,166,000 |
| Stockholders' equity | 1,265,318,000 | 1,361,148,000 | 1,665,203,000 | 1,946,814,000 | 1,976,649,000 | 2,494,276,000 | 2,797,747,000 | 3,249,889,000 | 3,638,431,000 | 2,776,229,000 |
| Cash and cash equivalents | 68,485,000 | 89,654,000 | 71,701,000 | 94,500,000 | 268,103,000 | 180,362,000 | 162,001,000 | 247,496,000 | 638,766,000 | 222,239,000 |
| Free cash flow | 269,293,000 | 249,962,000 | 332,874,000 | 330,816,000 | 489,936,000 | 376,848,000 | 265,263,000 | 569,617,000 | 650,126,000 | 559,468,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 12.76% | 11.65% | 11.90% | 8.25% | 15.03% | 10.83% | 12.36% | 13.60% | -8.68% |
| Operating margin |  | 16.21% | 16.38% | 17.37% | 12.91% | 19.38% | 15.86% | 20.12% | 20.45% | 17.96% |
| Return on equity | 22.46% | 21.90% | 19.05% | 18.09% | 10.49% | 19.58% | 15.60% | 12.34% | 11.78% | -10.00% |
| Return on assets | 9.74% | 8.93% | 6.97% | 7.04% | 3.98% | 7.65% | 6.35% | 5.80% | 5.88% | -4.40% |
| Liabilities / equity | 1.31 | 1.45 | 1.73 | 1.57 | 1.63 | 1.56 | 1.46 | 1.13 | 1.00 | 1.27 |
| Current ratio | 1.66 | 1.97 | 1.90 | 2.04 | 1.81 | 1.87 | 2.03 | 2.31 | 2.81 | 2.57 |

## As-reported value updates

11 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MIDD/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000769520.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-10-01 |  |  | 1.92 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | 1.82 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 2.16 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 980,651,000 | 108,650,000 | 2.01 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 1,008,576,000 | 76,293,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 926,926,000 | 86,568,000 | 1.59 | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 991,546,000 | 115,395,000 | 2.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 942,809,000 | 114,166,000 | 2.11 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 1,013,881,000 | 112,304,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 906,627,000 | 92,352,000 | 1.69 | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 977,859,000 | 105,956,000 | 1.99 | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 982,131,000 | -512,978,000 | -10.15 | reported discrete quarter |
| 2025-Q4 | 2026-01-03 | 334,585,000 | 36,939,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-04-04 | 839,908,000 | -50,073,000 | -1.06 | reported discrete quarter |
| 2026-Q2 | 2026-07-04 | 875,549,000 | 54,812,000 | 1.21 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MIDD's latest 10-K: [/company/MIDD/business/](/company/MIDD/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MIDD's latest 10-K: [/company/MIDD/risk-factors/](/company/MIDD/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/769520/000076952026000047/midd-20260704.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-13
Report date: 2026-07-04

Item 2.      Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The company cautions readers that these projections are based upon future results or events and are highly dependent upon a variety of important factors which could cause such results or events to differ materially from any forward-looking statements which may be deemed to have been made in this report, or which are otherwise made by or on behalf of the company. Such factors include, but are not limited to, the possibility that the company may not realize all or any of the expected benefits of the spin-off of Midera Food Processing, Inc.; volatility in earnings resulting from goodwill and trade name impairment losses, which may occur irregularly and in varying amounts; variability in financing costs and interest rates; quarterly variations in operating results; dependence on key customers; international exposure; risks associated with the company’s foreign operations, including foreign exchange, tariffs and political risks affecting international sales; unfavorable tax law changes and tax authority rulings; ability to protect trademarks, copyrights and other intellectual property; cybersecurity attacks and other breaches in security; changing market conditions, including inflation; the impact of competitive products and pricing; the impact of announced management and organizational changes; the state of the credit markets and consumer credit; intense competition in the company's business segments including the impact of both new and established global competitors; the timely development and market acceptance of the company’s products; the availability and cost of raw materials; the company's continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; and other risks detailed herein and from time-to-time in the company’s SEC filings, including the company’s 2025 Annual Report on Form 10-K. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this report are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Residential Transaction

On February 2, 2026, the company completed a transaction selling a 51% stake in its Residential Kitchen Equipment Group to an affiliate of 26North Partners LP (the “Residential Transaction”). The company received net cash proceeds of $564.6 million and a promissory note in the principal amount of $135.0 million, and recorded a pre-tax loss on disposition of $94.9 million during the first quarter of 2026, subject to future closing adjustments. Following the close of the Residential Transaction, the company owns a 49% non-controlling equity interest in Composition Brands, a new standalone entity holding the Residential Kitchen Equipment business.

The results of the Residential Kitchen Equipment Group are presented as discontinued operations in the company’s Condensed Consolidated Financial Statements. The Residential Kitchen Equipment Group was historically presented as a reportable segment. See Notes 1 and 9 to the Condensed Consolidated Financial Statements for further details.

Midera Spin-off

On July 6, 2026, the company completed the previously announced separation of its food processing business, Midera Food Processing, Inc. (“Midera”), into a new, publicly traded company (the “Spin-off”). The Spin-off was achieved through the distribution by the company of 100% of the issued and outstanding shares of Midera common stock on a pro rata basis to the holders of the company’s common stock. The Spin-off is expected to qualify as a tax-free distribution for U.S. federal income tax purposes. Midera is now an independent public company trading under the symbol “MFP” on The Nasdaq Stock Market LLC.

After the Spin-off, the company will no longer consolidate Midera into its financial results. The Spin-off of Midera represents a strategic shift that will have a major effect on the company's operations and financial results. Due to this shift, the Food Processing business will be reflected in the company’s financial statements as a discontinued operation beginning in the third quarter of 2026, including for periods prior to the consummation of the Spin-off. The Food Processing business remains in continuing operations for all periods presented in this Form 10-Q.

Current Events

The current domestic and international political environment has contributed to uncertainty surrounding the future state of the global economy. Recent significant trade policy and tariff actions by the U.S. government and many other countries have created significant uncertainty and potential risks for the company. The tariffs imposed to date have increased the cost of certain raw materials and components, and while the company is actively exploring opportunities to mitigate these increased costs, there can be no assurance of the company’s ability to offset the impact of these tariffs fully. Furthermore, the imposition of retaliatory tariffs from other countries on the company's exported products could negatively affect demand and future sales volumes. The long-term effects of current and future tariffs and any future trade policy changes on the global economy and the industries in which the company operates remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period. Even in light of such headwinds, we remain focused on delivering strong financial results and

22

Table of Contents

executing on our long-term strategy and profitability objectives, as well as continuing to identify operational efficiencies in all aspects of our business.

In addition to tariffs, the company has been negatively impacted by inflation in wages, logistics, energy, raw materials and component costs, including electronic controls and computer memory. Price increases and pricing strategies have been implemented to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs. Consumer demand in the near term has and may continue to be impacted by higher inflation levels and uncertainty surrounding the Federal Reserve’s future interest rate policy decisions.

The company continues to actively monitor global supply chain, labor and logistics constraints, which have had a negative impact on the company's ability to source parts and complete and ship units. While the company is seeing improvement on certain supply chain and logistics constraints, supply chains for certain key components remain distressed and uncertain given trade policy and tariff actions. The decreased availability of resources and inflationary costs have resulted in heightened inventory levels. To combat these pressures, the company has evaluated alternative sourcing, dual sourcing and collaborated across the organization, where appropriate, without materially presenting new risks or increasing current risks around quality and reliability. Our capital resources have been and the company expects they will continue to be sufficient to address these challenges.

Net Sales Summary (dollars in thousands)

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","Jul 4, 2026","","Jun 28, 2025","","Jul 4, 2026","","Jun 28, 2025"],["","Net Sales","","%","","Net Sales","","%","","Net Sales","","%","","Net Sales","","%"],["Business Segments:"],["Commercial Foodservice","$","630,613","","","72.0","%","","$","580,605","","","72.9","%","","$","1,246,149","","","72.6","%","","$","1,143,322","","","74.9","%"],["Food Processing","244,936","","","28.0","","","216,194","","","27.1","","","469,308","","","27.4","","","384,100","","","25.1"],["Total","$","875,549","","","100.0","%","","$","796,799","","","100.0","%","","$","1,715,457","","","100.0","%","","$","1,527,422","","","100.0","%"]]
[[/GREPCENT_TABLE]]

Results of Operations

The following table sets forth certain items in the Condensed Consolidated Statements of Comprehensive Income as a percentage of net sales for the periods presented:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","Jul 4, 2026","","Jun 28, 2025","","Jul 4, 2026","","Jun 28, 2025"],["Net sales","100.0","%","","100.0","%","","100.0","%","","100.0","%"],["Cost of sales","61.7","","","60.3","","","61.6","","","60.1"],["Gross profit","38.3","","","39.7","","","38.4","","","39.9"],["Selling, general and administrative expenses","21.3","","","21.0","","","21.9","","","21.6"],["Restructuring expenses","0.1","","","0.1","","","0.1","","","\u2014"],["Income from continuing operations","16.9","","","18.6","","","16.4","","","18.3"],["Interest expense and deferred financing amortization, net","3.0","","","2.5","","","3.0","","","2.6"],["Net periodic pension benefit","(0.3)","","","(0.2)","","","(0.3)","","","(0.2)"],["Other (income)/expense, net","(0.2)","","","0.3","","","(0.3)","","","0.2"],["Earnings from continuing operations before income taxes","14.4","","","16.0","","","14.0","","","15.7"],["Provision for income taxes","4.9","","","3.2","","","4.1","","","3.4"],["Earnings from continuing operations before equity in net losses of affiliate","9.5","","","12.8","","","9.9","","","12.3"],["Equity in losses of affiliate, net of tax","(3.3)","","","\u2014","","","(1.7)","","","\u2014"],["Net earnings from continuing operations","6.2","","","12.8","","","8.2","","","12.3"],["Earnings/(loss) from discontinued operations, net of tax","0.1","","","0.5","","","(7.9)","","","0.8"],["Net earnings","6.3","%","","13.3","%","","0.3","%","","13.1","%"]]
[[/GREPCENT_TABLE]]

23

Table of Contents

Three Months Ended July 4, 2026 as compared to Three Months Ended June 28, 2025

Net Sales

Net sales for the three month period ended July 4, 2026 increased by $78.7 million or 9.9% to $875.5 million, as compared to $796.8 million in the three month period ended June 28, 2025. Net sales increased by $23.8 million, or 3.0%, from the fiscal 2025 acquisitions of Frigomeccanica and Oka. Excluding acquisitions, net sales increased $54.9 million, or 6.9%, from the prior year period. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for the three month period ended July 4, 2026 increased net sales by approximately $3.9 million or 0.5%. Excluding the impact of foreign exchange and acquisitions, sales increased 6.4% for the three month period ended July 4, 2026 as compared to the prior year period, including a net sales increase of 8.3% at the Commercial Foodservice Equipment Group and a net sales increase of 1.3% at the Food Processing Equipment Group.

•Net sales of the Commercial Foodservice Equipment Group increased by $50.0 million, or 8.6%, to $630.6 million in the three month period ended July 4, 2026, as compared to $580.6 million in the prior year period. Excluding the impact of foreign exchange, net sales increased $48.2 million, or 8.3%. Domestically, the company realized a sales increase of $24.2 million, or 5.9%, to $436.8 million, as compared to $412.6 million in the prior year period. The increase in domestic sales is related to an inflection in demand and higher volumes. International sales increased $25.8 million, or 15.4%, to $193.8 million, as compared to $168.0 million in the prior year period. Excluding the impact of foreign exchange, the increase in international sales was $24.0 million, or 14.3%. The increase in international sales is related to improved market conditions, primarily in European and Latin Amer

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/769520/000076952026000011/midd-20260103.htm
Complete FY 2026 MD&A: /company/MIDD/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-04
Report date: 2026-01-03

Item 7.      Management’s Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains "forward-looking statements" subject to the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause the company's actual results, performance or outcomes to differ materially from those expressed or implied in the forward-looking statements. The following are some of the important factors that could cause the company's actual results, performance or outcomes to differ materially from those discussed in the forward-looking statements:

•changing market conditions;

•the possibility that the proposed spin-off of the company’s Food Processing business will not be consummated within the anticipated time period or at all and that the company may not realize all or any of the expected benefits of the spin-off;

•volatility in earnings resulting from goodwill impairment losses, which may occur irregularly and in varying amounts;

•variability in financing costs;

•quarterly variations in operating results;

•dependence on key customers;

•risks associated with the company's foreign operations, including market acceptance and demand for the company's products and the company's ability to manage the risk associated with the exposure to foreign currency exchange rate fluctuations and tariffs;

•the company's ability to protect its trademarks, copyrights and other intellectual property;

•the impact of competitive products and pricing;

•the impact of announced management and organizational changes;

•the state of the credit markets and consumer credit;

21

Table of Contents

•intense competition in the company's business segments including the impact of both new and established global competitors;

•unfavorable tax law changes and tax authority rulings;

•cybersecurity attacks and other breaches in security;

•the continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions;

•the timely development and market acceptance of the company's products; and

•the availability and cost of raw materials.

The company cautions readers to carefully consider the statements set forth in the section entitled "Item 1A. Risk Factors" of this filing and discussion of risks included in the company's SEC filings. 

Discontinued Operations

On December 4, 2025, the company entered into a partnership interest purchase agreement to sell a 51% stake in its Residential Kitchen Equipment Group to an affiliate of 26North Partners LP in a transaction valuing the business at $885 million (the “Residential Transaction”).

The Residential Transaction was completed on February 2, 2026. Following the close of the Residential Transaction, the company owns a 49% non-controlling interest in a new standalone joint venture holding the business. The company received net cash proceeds of approximately $565 million and a $135 million promissory note from the joint venture, subject to future closing adjustments.

The results of the Residential Kitchen Equipment Group are presented as discontinued operations in the company’s Consolidated Financial Statements. The Residential Kitchen Equipment Group was historically presented as a reportable segment. See Notes 1 and 12 to the Consolidated Financial Statements for further details.

Proposed Separation Transaction

On February 25, 2025, the company announced its intent to separate its Food Processing business through a spin-off of the Food Processing business, under which the stock of Food Processing, as a new independent publicly traded company, will be distributed to Middleby’s shareholders. As of the date hereof, Middleby is targeting completion of the separation in the second quarter of 2026, subject to certain customary conditions, including, among others, final approval by the company’s Board of Directors and the effectiveness of appropriate filings with the SEC. The spin-off of Food Processing is expected to be tax-free for U.S. federal income tax purposes. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.

Current Events

The current domestic and international political environment has contributed to uncertainty surrounding the future state of the global economy. Recent significant trade policy and tariff actions by the U.S. government and many other countries have created significant uncertainty and potential risks for the company. The tariffs imposed to date have increased the cost of certain raw materials and components, and while the company is actively exploring opportunities to mitigate these increased costs, there can be no assurance of the company’s ability to offset the impact of these tariffs fully. Furthermore, the imposition of retaliatory tariffs from other countries on the company's exported products could negatively affect demand and future sales volumes. The long-term effects of current and future tariffs and any future trade policy changes on the global economy and the industries in which the company operates remain uncertain and could have a material adverse effect on our financial statements in any particular reporting period. Even in light of such headwinds, we remain focused on delivering strong financial results and executing on our long-term strategy and profitability objectives, as well as continuing to identify operational efficiencies in all aspects of our business.

In addition to tariffs, the company has been negatively impacted by inflation in wages, logistics, energy, raw materials and component costs. Price increases and pricing strategies have been implemented to mitigate the impact of cost inflation on margins and the company continues to actively monitor costs. Recently announced interest rate cuts are expected to reduce demand headwinds in the long term; however consumer demand in the near term has and may continue to be impacted by higher inflation levels and uncertainty surrounding the Federal Reserve’s future interest rate policy decisions.

The company continues to actively monitor global supply chain, labor and logistics constraints, which have had a negative impact on the company's ability to source parts and complete and ship units. While the company is seeing improvement on certain supply chain and logistics constraints, supply chains for certain key components remain distressed and uncertain given trade policy and tariff actions. The decreased availability of resources and inflationary costs have resulted in heightened inventory levels. To combat these pressures, the company has evaluated alternative sourcing, dual sourcing and collaborated across the organization, where appropriate, without materially presenting new risks or increasing current risks around quality

22

Table of Contents

and reliability. Our capital resources have been and the company expects they will continue to be sufficient to address these challenges.

Net Sales Summary (dollars in thousands)

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended(1)"],["","2025","","2024","","2023"],["","Sales","","Percent","","Sales","","Percent","","Sales","","Percent"],["Business Segments:"],["Commercial Foodservice","$","2,351,047","","","73.4","%","","$","2,380,384","","","75.6","%","","$","2,485,317","","","76.7","%"],["Food Processing","$","850,155","","","26.6","","","$","769,855","","","24.4","","","$","756,773","","","23.3"],["Total","$","3,201,202","","","100.0","%","","$","3,150,239","","","100.0","%","","$","3,242,090","","","100.0","%"]]
[[/GREPCENT_TABLE]]

(1)The company's fiscal year ends on the Saturday nearest to December 31.

Results of Operations

The following table sets forth certain items in the Consolidated Statements of Earnings as a percentage of net sales for the periods presented:

[[GREPCENT_TABLE]]
[["","Fiscal Year Ended(1)"],["","2025","","2024","","2023"],["Net sales","100.0","%","","100.0","%","","100.0","%"],["Cost of sales","60.9","","","60.3","","","60.4"],["Gross profit","39.1","","","39.7","","","39.6"],["Selling, general and administrative expenses","20.7","","","18.7","","","19.3"],["Restructuring","0.1","","","0.2","","","0.1"],["Impairments","0.3","","","0.3","","","0.1"],["Income from continuing operations","18.0","","","20.5","","","20.1"],["Interest expense and deferred financing amortization, net","2.9","","","3.0","","","3.7"],["Net periodic pension benefit (other than service cost & curtailment)","(0.2)","","","(0.5)","","","(0.3)"],["Other expense, net","0.2","","","\u2014","","","0.1"],["Earnings from continuing operations before income taxes","15.1","","","18.0","","","16.6"],["Provision for income taxes","3.6","","","4.6","","","3.8"],["Net earnings from continuing operations","11.5","","","13.4","","","12.8"],["(Loss)/earnings from discontinued operations, net of tax","(20.1)","","","0.2","","","(0.4)"],["Net (loss)/earnings","(8.6)","%","","13.6","%","","12.4","%"]]
[[/GREPCENT_TABLE]]

(1)The company's fiscal year ends on the Saturday nearest to December 31.

Fiscal Year Ended January 3, 2026 as Compared to December 28, 2024

Net Sales

Net sales in fiscal 2025 increased by $51.0 million, or 1.6%, to $3,201.2 million as compared to $3,150.2 million in fiscal 2024. Net sales increased by $107.3 million, or 3.4%, from the fiscal 2024 acquisitions of GBT GmbH Bakery, MaxMac, Emery Thompson, JC Ford, and Gorreri and the fiscal 2025 acquisitions of Frigomeccanica and Oka. Excluding acquisitions, net sales decreased $56.3 million, or 1.8%, from fiscal 2024. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars in fiscal 2025 increased net sales by approximately $18.7 million. Excluding the impact of foreign exchange and acquisitions, sales decreased 2.4% for the year, including a net sales decrease of 1.7% at the Commercial Foodservice Equipment Group and a net sales decrease of 4.5% at the Food Processing Equipment Group.

•Net sales of the Commercial Foodservice Equipment Group decreased by $29.4 million, or 1.2%, to $2,351.0 million in fiscal 2025, as compared to $2,380.4 million in fiscal 2024. Excluding the impact of the acquisition, net sales of the Commercial Foodservice Equipment Group decreased $35.7 million, or 1.5%, as compared to fiscal 2024. Excluding the impact of foreign exchange and the acquisition, net sales decreased $40.5 million, or 1.7%, at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales decrease of $24.0 million, or 1.4%, to $1,681.9 million, as compared to $1,705.9 million in fiscal 2024. Excluding the acquisition, the net decrease in

23

Table of Contents

domestic sales was $30.1 million, or 1.8%. The decrease in domestic sales is related to slower market conditions particularly with lower chain customer store traffic and replacement demands. International sales decreased $5.4 million, or 0.8%, to $669.1 million, as compared to $674.5 million in the prior year. Excluding the impact of foreign exchange and the acquisition, the net sales decrease in international sales was $10.4 million, or 1.5%. The decrease in international sales is related to slow market conditions, primarily in the Latin American markets.

•Net sales of the Food Processing Equipment Group increased by $80.4 million, or 10.4%, to $850.2 million in fiscal 2025, as compared to $769.8 million in fiscal 2024. Net sales from the acquisitions of GBT GmbH Bakery, MaxMac, JC Ford, Gorreri, Frigomeccanica, and Oka accounted for an increase of $101.0 million during fiscal 2025. Excluding the impact of acquisitions, net sales of the Food Processing Equipment Group decreased $20.6 million, or 2.7%, as compared to fiscal 2024. Excluding the impact of foreign exchange and acquisitions, net sales decreased $34.5 million, or 4.5%, at the Food Processing Equipment Group. Domesticall

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/MIDD/mda/fy2026/
All MD&A years: /company/MIDD/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MIDD/mda/fy2024/): filed 2025-02-26; accession 0000769520-25-000009 (https://www.sec.gov/Archives/edgar/data/769520/000076952025000009/midd-20241228.htm)
- [FY 2023 MD&A](/company/MIDD/mda/fy2023/): filed 2024-02-28; accession 0000769520-24-000004 (https://www.sec.gov/Archives/edgar/data/769520/000076952024000004/midd-20231230.htm)
- [FY 2022 MD&A](/company/MIDD/mda/fy2022/): filed 2023-03-01; accession 0000769520-23-000004 (https://www.sec.gov/Archives/edgar/data/769520/000076952023000004/midd-20221231.htm)
- [FY 2022 MD&A](/company/MIDD/mda/a-0000769520-22-000005/): filed 2022-03-02; accession 0000769520-22-000005 (https://www.sec.gov/Archives/edgar/data/769520/000076952022000005/midd-20220101.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3580 Refrigeration & Service Industry Machinery) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MIDD.md · JSON record: /company/MIDD.json · verified financials: /company/MIDD/financials.json / /company/MIDD/financials.csv · machine TOC for the whole site: /llms.txt