The Middleby (MIDD) Q2 2026 Earnings Report

382 Followers

Previous Report: Q1 2026

MIDD Q2 2026 EPS Results

Actual EPS$1.74

Consensus EPS$2.09

Beat/MissMissed by -$0.35

One Year Ago EPS$1.89

MIDD Q2 2026 Revenue Results

Actual Revenue$875.55M

Expected Revenue$836.99M

Beat/MissBeat by +$38.56M

YoY Revenue Growth-10.46%

Earnings Announcement Details

QuarterQ2 2026

Date08/11/2026

TimeBefore Open

Conference CallTuesday, August 11, 2026

MIDD Upcoming Earnings

The Middleby's next earnings date is estimated for November 11, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MIDD Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 11, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlights a successful strategic transformation (completed spin-off and divestiture), strong commercial foodservice growth (8.3% organic in Q2), meaningful shareholder returns ($1.3B repurchased; 16% fewer shares) and solid cash flow and deleveraging progress. At the same time, near-term margin pressures from accelerated inflation, freight, tariffs and investment-related dilution in the ice & beverage platform represent tangible challenges, along with industry softness in QSR traffic and some moderation of growth guidance in the near term. Management outlined operating initiatives and product/production ramps expected to drive sequential margin improvement and to support medium-term targets, indicating confidence in recovery and longer-term upside.

Company Guidance

The company reiterated near‑term and multi‑year targets, guiding third‑quarter post‑spin revenue of $620M–$640M (organic ≈4%), adjusted EBITDA of $143M–$150M and adjusted EPS of $1.67–$1.83 (≈45.2M WG avg shares), and full‑year post‑spin revenue of $2.48B–$2.53B (organic ≈7%), adjusted EBITDA $572M–$588M and adjusted EPS $6.73–$6.89 (≈45.8M WG avg shares); its 3‑year Investor Day targets remain net sales organic growth 3%–6%, adjusted EBITDA growth 6%–9% and adjusted EPS growth 10%–15%. Q2 Commercial Foodservice results and cash metrics underpinning guidance included revenue ≈$631M with organic growth 8.3%, organic adjusted EBITDA margin 25.8%, consolidated adjusted EBITDA ≈$193M, adjusted EPS from continuing ops $2.35 (adjusted EPS ex‑food $1.74 v. $1.40 prior), operating cash flow ≈$100M, free cash flow ≈$89M and leverage 2.4x (pro forma at spin 2.7x; target ~2.5x by year‑end). Management flagged near‑term margin headwinds—~100 bps in Q2, a ~150‑bp drag from ice & beverage ramp (that platform is ~400 bps lower than cooking), and $10M–$15M of incremental inflationary pressure versus prior expectations—partly offset by a $5M tariff refund in Q2 (≈$5M more possible in H2); they expect pricing benefits to start in Q4 and sequential margin improvements in Q3 and Q4 as operating initiatives take hold.

Completed Strategic Transformation and Spin-off

Completed the separation of businesses: sold a controlling stake in the residential kitchen business and completed the spin-off of the food processing business (MDF) on July 6, positioning Middleby as a focused commercial foodservice leader.

Strong Commercial Foodservice Revenue Growth

Commercial Foodservice Q2 revenues approximately $631 million with organic revenue growth of 8.3% (second consecutive quarter of organic growth); Q2 was the second largest quarter for Commercial Foodservice revenue in company history.

Shareholder Returns and Share Count Reduction

Returned $1.3 billion to shareholders through repurchases (including $200 million in Q2); repurchased 1.4 million shares (~3%) in Q2 at an average ~$142 per share; reduced outstanding share count by 16% over the past six quarters.

Profitability and EPS Improvement (Post-Spin View)

Consolidated adjusted EBITDA for Q2 approximately $193 million; adjusted EPS from continuing operations $2.35. Adjusted EPS excluding food (post-spin presentation) was $1.74 vs prior year $1.40, an increase of ~24.3% year-over-year.

Strong Cash Flow and Deleveraging Progress

Q2 operating cash flow approximately $100 million and free cash flow approximately $89 million; leverage ratio at quarter end 2.4x (pro forma at spin 2.7x) with plan to delever to ~2.5x by year-end and prioritize debt paydown.

Raised Second-Half Revenue Confidence and Multi-Year Targets

Management raised second-half revenue expectations and reaffirmed 3-year Investor Day targets: net sales organic growth of 3%–6%, adjusted EBITDA growth 6%–9%, and adjusted EPS growth 10%–15%.

Momentum in New Markets (Ice & Beverage) and International Expansion

Notable pipeline growth in ice & beverage and broader international penetration (selling more of the full portfolio beyond fryers/ovens). New product ramps (e.g., automated beverage machines) and manufacturing capacity coming online to support 2027 demand.

MIDD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 11, 2026	2026 (Q3)	1.76 / -	1.906	―
Aug 11, 2026	2026 (Q2)	2.09 / 1.74	1.89	-7.94% (-0.15)
May 07, 2026	2026 (Q1)	1.56 / 1.74	1.673	3.89% (+0.06)
Feb 26, 2026	2025 (Q4)	1.83 / 1.72	2.317	-25.72% (-0.60)
Nov 06, 2025	2025 (Q3)	1.68 / 1.91	1.874	1.71% (+0.03)
Aug 06, 2025	2025 (Q2)	1.80 / 1.89	1.923	-1.72% (-0.03)
May 07, 2025	2025 (Q1)	1.59 / 1.67	1.52	10.07% (+0.15)
Feb 25, 2025	2024 (Q4)	2.03 / 2.32	2.132	8.68% (+0.19)
Oct 31, 2024	2024 (Q3)	1.99 / 1.87	1.89	-0.85% (-0.02)
Aug 01, 2024	2024 (Q2)	1.85 / 1.92	1.987	-3.22% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed