Overview

• Foodservice equipment maker's Q4 revenue grew 5% yr/yr but missed analyst expectations

• Adjusted EBITDA for Q4 missed analyst expectations

• Company repurchased 4.9 mln shares, 9.1% of equity, in 2025

Outlook

• Middleby expects Q1 2026 revenue of $760-788 mln

• Middleby sees full-year 2026 revenue at $3.27-3.36 bln

• Middleby forecasts full-year 2026 adjusted EPS of $9.20-9.36

Result Drivers

• FOOD PROCESSING GROWTH - Record Q4 Food Processing orders increased 66% organically, with year-end backlog up 36%

• COMMERCIAL FOODSERVICE REVENUE - Commercial Foodservice segment delivered $602 million in revenue with double-digit growth in dealer channel

• TARIFF IMPACT - Adjusted EBITDA impacted by $7 million due to tariffs in Q4

Company press release: ID:nBw8ygRYGa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Sales	Miss	$866.43 mln	$985.97 mln (8 Analysts)
Q4 Net Income		$36.94 mln
Q4 Adjusted EBITDA	Miss	$197 mln	$207.60 mln (8 Analysts)
Q4 Gross Profit		$336.22 mln
Q4 Operating Income		$149.84 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the industrial machinery & equipment peer group is "buy"

• Wall Street's median 12-month price target for Middleby Corp is $175.00, about 10.9% above its February 25 closing price of $157.78

• The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 13 three months ago

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