| Metric | Value ($ M) | Q1 FY26 |
|---|---|---|
| Revenue | 839.91 | 7.4% |
| Total Income | 839.91 | 7.4% |
| Expenditure | 706.55 | 7.8% |
| PBT | 112.92 | 7.0% |
| Net Profit | -50.07 | 154.2% |
| OPM | 15.88% | 0.37pp |
| NPM | -5.96% | 16.15pp |
| EPS | -1.06 | 161.6% |
Middleby Corporation Reports Q1 2026 Results: Net Sales Up 15%
07 May 2026 · 7 May, 4:37 pm
Summary
The Middleby Corporation reported a strong first quarter in 2026, with net sales increasing by 15% to $840 million. Organic sales grew by 12%, driven by significant growth in both the Commercial Foodservice and Food Processing segments. Adjusted EBITDA increased to $181 million compared to the prior year. Management has raised the full-year guidance, anticipating continued growth in both segments and the company is on track for the Food Processing spin-off on July 6, 2026.
Key Highlights
- 1
Middleby Corporation's Q1 2026 results exceeded the high end of guidance for revenue, adjusted EBITDA, and adjusted EPS.
- 2
Organic sales growth was +8% in Commercial Foodservice and +25% in Food Processing for Q1 2026.
- 3
The company raised its FY 2026 guidance, projecting revenue growth of +4-6% in Commercial Foodservice and +4-7% in Food Processing.
- 4
Food Processing experienced solid order growth of +39% and a book-to-bill ratio of 1.09x over the trailing twelve months.
- 5
The company repurchased 2.4 million shares (4.9% of equity) in Q1 2026 and 3.5 million shares (7.1% of equity) YTD 2026.
- 6
Net sales of $840 million increased 15% over the prior year, with a 12% increase on an organic basis.
- 7
Adjusted EBITDA was $181 million, compared to $161 million in the prior year.
Management Comments
Tim FitzGerald
We delivered an extremely strong first quarter with outperformance at both segments relative to our expectations. Our Commercial Foodservice segment generated 8.1% organic growth, driven by continued double-digit growth with our dealer partners and better than expected performance with chains which returned to positive growth in the quarter. We’re particularly excited about the momentum in ice and beverage categories, where our strategic investments in recent years are allowing us to capitalize on emerging trends across the industry. Our Food Processing segment generated exceptional results with 25% organic growth, while backlog continued to grow, now standing at $416 million. In addition to our strong segment-level results, our aggressive capital allocation strategy continues, with over $520 million deployed in share repurchases so far in 2026, reducing our share count by approximately 7%, building on the 9% reduction achieved in 2025. I am excited for what the next few months holds for Middleby. That starts today with sharing the excellent results we achieved across both segments and raising our guidance for the year. It continues next Tuesday during our Investor Day in New York as we lay out the vision for the exciting future ahead for both segments. Our portfolio transformation culminates with the planned July 6 separation into two pure-play standalone public companies, with a new and exciting chapter for both companies. Following this transaction, Middleby will operate as a focused Commercial Foodservice innovation leader with industry-leading 26% segment-level EBITDA margins, while Food Processing becomes an independent growth platform with segment-level margins over 20% and significant organic and acquisition expansion opportunities. We look forward to showcasing our long-term vision at our Investor Day next Tuesday as both companies unlock their full potential as independent leaders in their respective markets.”
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