Middleby Raises 2026 Outlook After Record Q3 Sales of $653M

Elgin, Illinois-based commercial kitchen equipment maker The Middleby Corporation said Thursday that third-quarter net sales climbed 7.7% to a record $652.6 million, beating the high end of its own guidance and prompting a raise to full-year 2026 targets, according to an earnings release furnished to the Securities and Exchange Commission.

• Net sales: $652.6 million, up 7.7% from $606.0 million a year earlier; organic growth also 7.7%
• Adjusted EBITDA: $155.8 million, up 10% from $142.2 million; margin 23.9%
• Adjusted EPS: $2.07, up 19% from $1.74
• Diluted GAAP EPS from continuing operations: $0.43, versus $1.55 a year earlier
• Operating income: $99 million, versus $124 million, including about $26 million of brewing-closure charges

CEO Tim FitzGerald said the company exceeded the high end of its guidance ranges for net sales, adjusted EBITDA and adjusted EPS. Results are presented on a continuing-operations basis after Middleby separated its food-processing business and launched Midera as an independent public company.

Buybacks, debt and brewing wind-down

Middleby repurchased 1.0 million shares, or about 2.0% of shares outstanding, for $106.5 million in the quarter and 4.8 million shares, or 9.7%, year to date. Operating cash flow was $122.6 million, compared with $141.0 million a year earlier. Total debt stood at $1.7 billion at quarter-end, down from $2.1 billion at the end of fiscal 2025, with net leverage at 2.8 times. On Nov. 4 the company entered an amended and restated five-year, $3 billion multicurrency senior secured credit agreement with a $1.0 billion term loan and a $2.0 billion revolving facility; borrowing availability was about $1.4 billion.

Closure of the brewing businesses, announced in September, remains on track for completion by year-end. The quarter’s brewing-related charges included about $20.0 million of non-cash long-lived asset impairments, $5.5 million of other asset write-downs and $0.4 million of severance.

Raised guidance and CEO succession

For full-year 2026, Middleby now expects net sales of $2.519 billion to $2.534 billion, organic growth of about 7.5%, adjusted EBITDA of $589 million to $593 million and adjusted EPS of $7.13 to $7.29. Fourth-quarter guidance calls for net sales of $621 million to $635 million, adjusted EBITDA of $149 million to $153 million and adjusted EPS of $1.76 to $1.92.

The company also said Steve Spittle will succeed FitzGerald as chief executive officer on April 1, 2027. Management scheduled a conference call for 10 a.m. Eastern time Thursday.

Sources: The Middleby Corporation Exhibit 99.1 (SEC EDGAR), StockTitan 8-K mirror