MIDD · The Middleby Corporation

The Middleby Corporation delivered a strong first quarter in 2026, with net sales of $840 million, up 15% year-over-year, driven by 11.9% organic growth. The Commercial Foodservice segment posted 8.1% organic growth, fueled by double-digit growth with dealer partners and a return to positive growth in chains, particularly in ice and beverage categories. The Food Processing segment saw exceptional 25% organic growth, with backlog reaching $416 million. Adjusted EBITDA rose 12% to $180.6 million, with margins of 21.5%, while adjusted EPS increased to $2.16 from $1.87. The company raised its full-year 2026 guidance, now expecting total company net sales of $3.36-$3.44 billion, adjusted EBITDA of $758-$790 million, and adjusted EPS of $9.54-$9.70. Management highlighted aggressive capital allocation, with $520 million deployed in share repurchases year-to-date, reducing share count by 7%. The planned spin-off of the Food Processing segment into a standalone public company remains on track for July 6, 2026. CEO Tim FitzGerald expressed excitement about the upcoming Investor Day and the separation, which will create two focused pure-play companies with strong margins and growth opportunities.