Middleby
Builds commercial cooking, refrigeration, and beverage equipment under dozens of acquired brands.
Something off on this page? Send us feedback.
Profile
Manufactures cooking, warming, refrigeration, ventilation, and beverage equipment for restaurants, institutional kitchens, and convenience stores, sold under dozens of brands built through decades of acquisitions. Serves 97 of the top 100 US foodservice chains, with sales concentrated in North America and a growing share from Europe.
Makes cooking, warming, refrigeration, ventilation, and beverage-dispensing equipment for restaurants, institutional kitchens, convenience stores, hotels, and healthcare facilities, sold under dozens of specialist brands — Blodgett, Pitco, TurboChef, Southbend, Taylor, Follett — each keeping its own engineering and sales identity behind shared manufacturing and service infrastructure.
The roster was built primarily through acquisitions rather than internal development; the earliest roots trace to a Chicago bakery-oven maker founded in 1888, and the modern corporate entity has traded on Nasdaq since 1995. Demand concentrates in North America, with the remainder spread across Europe, Asia, and Latin America.
A 2026 restructuring narrowed operations to this single commercial-foodservice platform: the former residential-kitchen brands were majority-sold to an outside investor, and the food-processing business was spun off as a separate public company, leaving a minority interest in the divested residential venture.
Company facts
Key statistics
Year to date −7.0% · Average volume (30d) 563.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Barclays | Reiterate | Overweight | $155 | $145 |
| Aug 12, 2026 | Seaport Global | Target | $167 | $145 | |
| Aug 12, 2026 | Oppenheimer | Reiterate | Outperform | $205 | $160 |
| Aug 12, 2026 | Canaccord Genuity | Reiterate | Buy | $165 | $157 |
| Aug 5, 2026 | Canaccord Genuity | Target | $200 | $165 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $2.09 | $1.74 | −16.7% | $837.0M | $875.5M | +4.6% | −7.91% |
| May 7, 2026Q1 FY26 | $1.94 | $2.16 | +11.3% | $777.2M | $839.9M | +8.1% | +4.07% |
| Feb 26, 2026Q4 FY25 | $2.27 | $2.42 | +6.6% | $986.1M | $866.4M | −12.1% | +1.12% |
| Nov 6, 2025Q3 FY25 | $2.03 | $2.37 | +16.7% | $1.01B | $982.1M | −2.8% | +2.62% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $906.6M | $977.9M | $982.1M | $866.4M | $839.9M | $875.5M | |
| Gross profit | $345.9M | $371.3M | $361.3M | $336.2M | $323.2M | $335.1M | |
| Operating income | $140.6M | $157.7M | −$554.2M | $161.4M | $134.9M | $147.7M | |
| Net income | $92.4M | $106.0M | −$513.0M | $36.9M | −$50.1M | $54.8M | |
| Diluted EPS | $1.69 | $1.99 | −$10.15 | $0.74 | −$1.06 | $1.20 | |
| Gross margin | 38.2% | 38.0% | 36.8% | 38.8% | 38.5% | 38.3% | |
| Operating margin | 15.5% | 16.1% | -56.4% | 18.6% | 16.1% | 16.9% |
Fiscal years (4-quarter sums)FY21 $3.25B · FY22 $4.03B · FY23 $4.04B · FY24 $3.88B · FY25 $3.73B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jul 4, 2026Cash & short-term investments $159.2M · Total debt $1.98B · Total assets $5.36B · Shareholders' equity $2.21B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 45.21M · Float —
Float — provider float is below the insider stake.
A split settled after this quarter ended and restating the quarter by it contradicts the provider's own figure, so the quarter is served as filed.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Timothy John Fitzgerald · director, officer: Chief Executive Officer | 357.1K | 0.79% | Form 4 | Aug 28, 2026 |
| III James K. Pool · officer: Chief Technology and* | 58.2K | 0.13% | Form 4 | Aug 28, 2026 |
| Steve Spittle · officer: Chief Commercial Officer | 56.4K | 0.12% | Form 4 | Aug 28, 2026 |
| Brittany C. Cerwin · officer: Chief Accounting Officer | 22.0K | 0.05% | Form 4 | Aug 28, 2026 |
| Gordon Obrien · director | 17.9K | 0.04% | Form 4 | Aug 28, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 11, 2025 | Edward P. Garden | director | +44,325 | $144.55 |
| Dec 12, 2025 | Edward P. Garden | director | +43,838 | $146.53 |
| Dec 15, 2025 | Edward P. Garden | director | +14,740 | $146.92 |
| Dec 9, 2025 | Robert A. Nerbonne | director | +780 | $128.52 |
Peers
- Illinois Tool Works
Comparable-scale rival across ovens, refrigeration, and ventilation
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Middleby | $112.75 | −0.03% | $5.10B | — | 15.5 | 1.4 | −10.5% |
| Illinois Tool Works | $279.80 | −0.11% | $80.58B | 25.4 | 23.8 | 4.9 | +6.1% |
| Median | 25.4 | 23.8 | 4.9 | +6.1% |