Quarterly ResultMay 7, 2026, 07:08 AM
Middleby Q1 Adj. EPS $2.16; Raises FY26 Guidance; Spin-off on Track
AI Summary
The Middleby Corporation reported strong first-quarter 2026 financial results, exceeding the high end of its guidance for revenue, Adjusted EBITDA, and Adjusted EPS. The company achieved 15% net sales growth to $840 million, with significant organic growth in both Commercial Foodservice (+8.1%) and Food Processing (+25.0%). Middleby also raised its full-year 2026 guidance and confirmed that the Food Processing segment spin-off remains on track for July 6, 2026, alongside substantial share repurchases.
Key Highlights
- Food Processing segment spin-off on track for July 6, 2026.
- Repurchased 2.4 million shares (4.9% of equity) in Q1 2026.
- Q1 Net Sales $840 million, up 15% YoY (12% organic).
- Q1 Adjusted EPS $2.16, up from $1.87 YoY, exceeding guidance.
- Commercial Foodservice organic sales grew +8.1%; Food Processing organic sales grew +25.0%.
- Raised FY2026 guidance for revenue growth and Adjusted EPS.
- Q1 Adjusted EBITDA $181 million, up from $161 million YoY, exceeding guidance.