0000769520-26-000032
SEC filingMiddleby sold 51% of Residential Kitchen Equipment Group for $564.6M, recorded $94.9M loss, reduced debt $299M, and repurchased $374.8M in stock.
As of April 4, 2026, Middleby's balance sheet reflects the impact of the Residential Kitchen Equipment Group sale. Cash and equivalents decreased to $177.1M from $222.2M at year-end 2025, driven by substantial stock repurchases and debt repayment. Total debt was reduced by $299M to $1.874B, with $2.0B remaining under the Credit Facility. Shareholders' equity fell to $2.375B due to the net loss from discontinued operations and treasury stock purchases. Inventory rose to $728.4M, primarily from Food Processing segment.
The filing does not disclose a separate purchase commitments table. Contract liabilities (deferred revenue) totaled $198.8M, of which $177.7M is current. The company has $21.0M in non-current contract liabilities. Substantially all performance obligations are expected to be satisfied within 12 to 36 months. Contingent consideration liabilities of $21.0M relate to earnout provisions on prior acquisitions.
Stock repurchases were aggressive: $374.8M spent in Q1 2026, including $365.9M for open-market purchases and $8.9M for tax withholdings. Remaining authorization stood at 4.47 million shares. No dividends were declared. Debt management included $430M in Credit Facility draws and $727.8M in repayments, resulting in a net reduction. Capital expenditures were $7.9M, just 0.9% of sales, as the company focused on cash preservation and deleveraging.
The Notes provide segment revenue and adjusted EBITDA for two reportable segments. Commercial Foodservice generated $615.5M (73% of total sales), up 9.4% YoY. Food Processing grew sharply to $224.4M, up 33.6%, driven by international demand. Geographically, the United States & Canada remained the largest market at $563.3M (67% of total). Europe & Middle East contributed $169.5M, Asia $57.6M, and Latin America $49.5M. The discontinued Residential segment (not in continuing ops) had sales of $51.8M in the stub period before deconsolidation.