Middleby Corp Financials
This page shows Middleby Corp (MIDD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion is the dominant mechanic here, with steady margins and light capital needs turning modest sales into cash.
From FY2023 through FY2026, revenue stayed clustered around$3.2B , yet operating cash flow stayed above net income each year. Free cash flow margin still held between17.5% and20.6% , suggesting lower inventory and receivables than earlier years helped convert steady sales into cash without needing heavy reinvestment.
Gross margin held near
Balance-sheet posture is firmer than a few years ago, with debt to equity at 0.8x and the current ratio at 2.6x, so liquidity is not the main constraint even though cash on hand is modest relative to debt. The cash drop to
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Middleby Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Middleby Corp has an operating margin of 18.0%, meaning the company retains $18 of operating profit per $100 of revenue. This strong profitability earns a score of 65/100, reflecting efficient cost management and pricing power. This is down from 20.4% the prior year.
Middleby Corp's revenue grew a modest 1.6% year-over-year to $3.2B. This slow but positive growth earns a score of 32/100.
Middleby Corp carries a low D/E ratio of 0.77, meaning only $0.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
Middleby Corp's current ratio of 2.57 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.
Middleby Corp converts 17.5% of revenue into free cash flow ($559.5M). This strong cash generation earns a score of 71/100.
Middleby Corp's ROE of 13.2% shows moderate profitability relative to equity, earning a score of 39/100. This is up from 11.8% the prior year.
Middleby Corp scores 3.22, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Middleby Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Middleby Corp generates $1.72 in operating cash flow ($630.2M OCF vs $367.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Middleby Corp earns $6.1 in operating income for every $1 of interest expense ($574.9M vs $93.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Middleby Corp generated $3.2B in revenue in fiscal year 2026. This represents an increase of 1.6% from the prior year.
Middleby Corp's EBITDA was $680.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 9.1% from the prior year.
Middleby Corp reported $367.3M in net income in fiscal year 2026. This represents a decrease of 14.3% from the prior year.
Middleby Corp earned $-5.32 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 167.3% from the prior year.
Cash & Balance Sheet
Middleby Corp generated $559.5M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 13.9% from the prior year.
Middleby Corp held $222.2M in cash against $2.1B in long-term debt as of fiscal year 2026.
Middleby Corp had 47M shares outstanding in fiscal year 2026.
Margins & Returns
Middleby Corp's gross margin was 39.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.
Middleby Corp's operating margin was 18.0% in fiscal year 2026, reflecting core business profitability. This is down 2.5 percentage points from the prior year.
Middleby Corp's net profit margin was 11.5% in fiscal year 2026, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.
Middleby Corp's ROE was 13.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the prior year.
Capital Allocation
Middleby Corp invested $58.8M in research and development in fiscal year 2026. This represents an increase of 15.7% from the prior year.
Middleby Corp spent $723.6M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1987.7% from the prior year.
Middleby Corp invested $70.7M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 92.8% from the prior year.
MIDD Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $866.4M+7.3% | $807.4M+1.3% | $796.8M+9.1% | $730.6M-11.8% | $828.8M+7.7% | $769.6M-3.7% | $798.8M+6.1% | $753.0M |
| Cost of Revenue | N/A | $620.8M+2.4% | $606.6M+8.2% | $560.7M | N/A | $587.4M-4.0% | $611.9M+5.4% | $580.6M |
| Gross Profit | $336.2M+9.5% | $307.0M-2.9% | $316.1M+8.0% | $292.6M-11.7% | $331.3M+9.5% | $302.6M-6.2% | $322.6M+9.3% | $295.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $203.6M-4.7% | $213.6M+5.4% | $202.6M | N/A | $179.5M-9.6% | $198.6M-3.6% | $206.0M |
| Operating Income | N/A | -$554.2M-456.7% | $155.4M+10.5% | $140.6M | N/A | $173.4M-1.3% | $175.7M+28.1% | $137.1M |
| Interest Expense | N/A | $25.1M+26.7% | $19.8M+8.1% | $18.4M | N/A | $21.4M-12.9% | $24.6M-6.5% | $26.3M |
| Income Tax | N/A | -$66.0M-344.0% | $27.0M-7.1% | $29.1M | N/A | $40.5M+2.9% | $39.4M+39.3% | $28.3M |
| Net Income | $36.9M+107.2% | -$513.0M-584.1% | $106.0M+14.7% | $92.4M-17.8% | $112.3M-1.6% | $114.2M-1.1% | $115.4M+33.3% | $86.6M |
| EPS (Diluted) | $0.74+107.3% | $-10.08-606.5% | $1.99+17.8% | $1.69-18.4% | $2.07-1.9% | $2.11-0.9% | $2.13+34.0% | $1.59 |
MIDD Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.3B-0.6% | $6.4B-13.4% | $7.3B-0.9% | $7.4B+1.6% | $7.3B+1.1% | $7.2B+2.5% | $7.0B+1.4% | $6.9B |
| Current Assets | $2.7B+39.3% | $2.0B-12.8% | $2.3B-6.4% | $2.4B+3.6% | $2.3B+1.7% | $2.3B+6.9% | $2.1B+6.0% | $2.0B |
| Cash & Equivalents | $222.2M+26.9% | $175.1M-65.8% | $511.5M-31.4% | $745.1M+16.7% | $638.8M+5.4% | $606.0M+31.9% | $459.5M+34.7% | $341.0M |
| Inventory | $692.6M-24.7% | $919.6M+3.5% | $888.7M+1.2% | $877.7M+33.8% | $655.9M-27.6% | $905.9M-1.5% | $920.1M-2.5% | $943.7M |
| Accounts Receivable | $573.0M-15.0% | $673.9M+1.2% | $665.8M+3.1% | $645.5M+21.4% | $531.8M-13.5% | $615.0M-1.5% | $624.6M+3.2% | $605.2M |
| Goodwill | $1.8B-11.1% | $2.0B-21.9% | $2.6B+1.9% | $2.5B+45.8% | $1.7B-30.4% | $2.5B+1.4% | $2.5B-0.1% | $2.5B |
| Total Liabilities | $3.5B+3.6% | $3.4B-8.0% | $3.7B+1.1% | $3.7B+0.7% | $3.6B+1.0% | $3.6B+0.1% | $3.6B-0.4% | $3.6B |
| Current Liabilities | $1.1B+12.3% | $951.6M+8.0% | $880.8M-0.6% | $885.8M+6.8% | $829.3M+1.8% | $814.7M-4.9% | $856.9M+1.9% | $840.9M |
| Long-Term Debt | $2.1B+5.1% | $2.0B-13.2% | $2.3B-0.4% | $2.3B-0.4% | $2.4B-0.4% | $2.4B+0.1% | $2.4B-0.4% | $2.4B |
| Total Equity | $2.8B-5.5% | $2.9B-18.9% | $3.6B-2.9% | $3.7B+2.5% | $3.6B+1.3% | $3.6B+5.0% | $3.4B+3.3% | $3.3B |
| Retained Earnings | $4.1B+0.9% | $4.0B-11.3% | $4.5B+2.4% | $4.4B+2.1% | $4.3B+2.7% | $4.2B+2.8% | $4.1B+2.9% | $4.0B |
MIDD Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $190.7M+8.2% | $176.3M+44.5% | $122.0M-13.6% | $141.1M-41.1% | $239.7M+53.0% | $156.7M+4.8% | $149.5M+6.1% | $140.9M |
| Capital Expenditures | -$4.2M-120.7% | $20.3M-3.1% | $20.9M-38.0% | $33.7M+6374.5% | $521K-95.5% | $11.5M+5.0% | $10.9M-20.4% | $13.7M |
| Free Cash Flow | $186.5M+19.5% | $156.1M+54.4% | $101.1M-5.9% | $107.4M-55.1% | $239.2M+64.8% | $145.2M+4.8% | $138.6M+9.0% | $127.2M |
| Investing Cash Flow | -$16.3M+68.2% | -$51.3M-110.1% | -$24.4M+29.9% | -$34.8M+69.6% | -$114.5M-737.1% | -$13.7M+3.8% | -$14.2M+11.6% | -$16.1M |
| Financing Cash Flow | -$104.9M+77.3% | -$462.6M-33.6% | -$346.4M-506.7% | -$57.1M-104.0% | -$28.0M-798.5% | -$3.1M+77.9% | -$14.1M+50.6% | -$28.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $209.3M+40.8% | $148.6M-54.0% | $322.9M+654.9% | $42.8M+160.8% | $16.4M+5615.0% | $287K-70.6% | $976K-94.3% | $17.0M |
MIDD Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.8%+0.8pp | 38.0%-1.6pp | 39.7%-0.4pp | 40.1%+0.1pp | 40.0%+0.7pp | 39.3%-1.1pp | 40.4%+1.2pp | 39.2% |
| Operating Margin | N/A | -68.7%-88.1pp | 19.5%+0.3pp | 19.2% | N/A | 22.5%+0.5pp | 22.0%+3.8pp | 18.2% |
| Net Margin | 4.3%+67.8pp | -63.5%-76.8pp | 13.3%+0.7pp | 12.6%-0.9pp | 13.6%-1.3pp | 14.8%+0.4pp | 14.4%+2.9pp | 11.5% |
| Return on Equity | 1.3%+18.8pp | -17.5%-20.4pp | 2.9%+0.4pp | 2.5%-0.6pp | 3.1%-0.1pp | 3.2%-0.2pp | 3.4%+0.8pp | 2.6% |
| Return on Assets | 0.6%+8.6pp | -8.1%-9.5pp | 1.4%+0.2pp | 1.3%-0.3pp | 1.5%-0.1pp | 1.6%-0.1pp | 1.6%+0.4pp | 1.3% |
| Current Ratio | 2.57+0.5 | 2.07-0.5 | 2.57-0.2 | 2.72-0.1 | 2.810.0 | 2.81+0.3 | 2.50+0.1 | 2.40 |
| Debt-to-Equity | 0.77+0.1 | 0.69+0.0 | 0.64+0.0 | 0.63-0.0 | 0.65-0.0 | 0.66-0.0 | 0.69-0.0 | 0.72 |
| FCF Margin | 21.5%+2.2pp | 19.3%+6.6pp | 12.7%-2.0pp | 14.7%-14.2pp | 28.9%+10.0pp | 18.9%+1.5pp | 17.3%+0.5pp | 16.9% |
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Frequently Asked Questions
What is Middleby Corp's annual revenue?
Middleby Corp (MIDD) reported $3.2B in total revenue for fiscal year 2026. This represents a 1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Middleby Corp's revenue growing?
Middleby Corp (MIDD) revenue grew by 1.6% year-over-year, from $3.2B to $3.2B in fiscal year 2026.
Is Middleby Corp profitable?
Yes, Middleby Corp (MIDD) reported a net income of $367.3M in fiscal year 2026, with a net profit margin of 11.5%.
What is Middleby Corp's EBITDA?
Middleby Corp (MIDD) had EBITDA of $680.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Middleby Corp have?
As of fiscal year 2026, Middleby Corp (MIDD) had $222.2M in cash and equivalents against $2.1B in long-term debt.
What is Middleby Corp's gross margin?
Middleby Corp (MIDD) had a gross margin of 39.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Middleby Corp's operating margin?
Middleby Corp (MIDD) had an operating margin of 18.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Middleby Corp's net profit margin?
Middleby Corp (MIDD) had a net profit margin of 11.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Middleby Corp's return on equity (ROE)?
Middleby Corp (MIDD) has a return on equity of 13.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Middleby Corp's free cash flow?
Middleby Corp (MIDD) generated $559.5M in free cash flow during fiscal year 2026. This represents a -13.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Middleby Corp's operating cash flow?
Middleby Corp (MIDD) generated $630.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Middleby Corp's total assets?
Middleby Corp (MIDD) had $6.3B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Middleby Corp's capital expenditures?
Middleby Corp (MIDD) invested $70.7M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Middleby Corp spend on research and development?
Middleby Corp (MIDD) invested $58.8M in research and development during fiscal year 2026.
What is Middleby Corp's current ratio?
Middleby Corp (MIDD) had a current ratio of 2.57 as of fiscal year 2026, which is generally considered healthy.
What is Middleby Corp's debt-to-equity ratio?
Middleby Corp (MIDD) had a debt-to-equity ratio of 0.77 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Middleby Corp's return on assets (ROA)?
Middleby Corp (MIDD) had a return on assets of 5.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Middleby Corp's Altman Z-Score?
Middleby Corp (MIDD) has an Altman Z-Score of 3.22, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Middleby Corp's Piotroski F-Score?
Middleby Corp (MIDD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Middleby Corp's earnings high quality?
Middleby Corp (MIDD) has an earnings quality ratio of 1.72x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Middleby Corp cover its interest payments?
Middleby Corp (MIDD) has an interest coverage ratio of 6.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Middleby Corp?
Middleby Corp (MIDD) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.