The Middleby (MIDD) Q1 2026 earnings summary

Executive summary

• Q1 2026 results exceeded expectations in both Commercial Foodservice and Food Processing, with strong organic growth and raised full-year guidance.

• Announced and advanced the separation into two standalone public companies, with the Food Processing spin-off scheduled for July 6, 2026.

• Completed 51% sale of Residential Business in Q1 2026, transforming the portfolio into three focused, independent companies.

• Aggressive share repurchases continued, totaling $520 million YTD and reducing shares outstanding by 7%.

Financial highlights

• Q1 2026 net sales were $840 million, up 15% year-over-year, with adjusted EBITDA of $181 million and adjusted EPS of $2.16.

• Commercial Foodservice Q1 net sales were $615.5 million (+9.4% reported, +8.1% organic), with adjusted EBITDA margin of 25.7%.

• Food Processing Q1 net sales were $224.4 million (+33.7% reported, +25% organic), with adjusted EBITDA margin of 18.5%.

• Operating cash flow was $87.8 million; free cash flow was $79.9 million.

• Gross margin was 38.5%; adjusted EBITDA margin for the total company was 21.5%.

Outlook and guidance

• Q2 2026 revenue guidance: $815–$850 million; adjusted EBITDA $180–$192 million; adjusted EPS $2.27–$2.39.

• FY 2026 revenue guidance: $3.36–$3.44 billion, adjusted EBITDA $758–$945 million, and adjusted EPS $9.54–$9.70.

• Organic growth expected at 4–7% for Food Processing and 4–6% for Commercial Foodservice in FY 2026.

• Guidance assumes a consistent macro environment and continued cautious optimism due to consumer pressures.