Earnings Releases·Nov 5, 2026, 7:02 AM ET

Middleby Corporation — Q3 2026 Earnings Summary

**Record Financial Performance:** Net sales reached a record $652.6 million (up 7.7% YoY), while Adjusted EBITDA rose 10% to $155.8 million with margins expanding to 23.9%; Adjusted EPS increased 19% to $2.07, though GAAP EPS declined to $0.43 due to $26 million in Brewing business closure charges.
**Raised Full-Year Guidance:** Management increased 2026 outlooks to reflect strong momentum, projecting organic net sales growth of +7-8%, Adjusted EBITDA of $589–$593 million, and Adjusted EPS of $7.13–$7.29.
**Strategic Restructuring & Capital Return:** The company continues its transformation into a pure-play commercial foodservice leader with the Brewing business closure on track for year-end completion; Q3 included $106.5 million in share repurchases (1.0 million shares), bringing YTD buybacks to 4.8 million shares.
**Strengthened Balance Sheet:** Net debt decreased to $1.6 billion (down from $2.0 billion) and total debt to $1.7 billion, supported by a new $3 billion credit agreement and proceeds of $564.6 million from the sale of a 51% interest in the Residential Kitchen Equipment Group.
**Leadership Transition:** Announced that Steve Spittle will succeed CEO Tim FitzGerald on April 1, 2027, while maintaining a focus on disciplined capital allocation and innovation.