MIDDLEBY Corp

Listed Company

MIDDCIK 0000769520NasdaqLarge AcceleratedRefrigeration & Service Industry MachineryDelawareFY ends Jan 2

Period

FY 2025

Revenue

$3.20B

Net Income

$-277.73M

Total Assets

$6.32B

Equity

$2.78B

Shares Out

47.18M

Op. Cash Flow

$630.20M

Business

MIDDLEBY Corp designs, manufactures, markets, distributes and services a broad range of commercial foodservice, food processing and premium residential kitchen equipment and integrated IoT solutions. Its product portfolio includes conveyor, combi and convection ovens, fryers, ranges, refrigeration, blast chillers, packaging and slicing systems, automated processing lines, ventilation, dishwashers, outdoor cooking equipment and universal controllers. The company operates through three principal segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. It sells products in the U.S. and over 100 countries via direct sales forces, independent dealers and distributors, company-owned distribution operations, showrooms and specialized innovation kitchens.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	3,201	3,150	3,242	4,033	3,251
Cost of Sales	1,949	1,898	1,958	2,586	2,056
Gross profit	1,252	1,252	1,284	1,447	1,195
Selling, General and Administrative Expense	663	590	625	797	668
Restructuring Charges	3	8	5	10	8
Impairments	11	10	2	0	0
Gain on sale of plant	0	−1	0	0	−763,000
Income from continuing operations	575	644	652	640	630
Net interest expense and deferred financing amortization, net	94	93	121	89	57
Net Periodic Benefit Cost, Other Than Service Cost & Curtailment	−6	−15	−9	−43	−45
Other expense/(income), net	5	−458,000	4	29	−2
Earnings from continuing operations before income taxes	482	566	536	564	620
Provision for income taxes	115	145	123	128	131
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	367	421	413	—	—
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	−645	7	−12	—	—
Net earnings	−278	428	401	437	488
Income (Loss) from Continuing Operations, Per Basic Share	7.11	7.83	7.71	—	—
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	−12.49	0.14	−0.23	—	—
Basic (in usd per share)	−5.38	7.97	7.48	8.07	8.85
Income (Loss) from Continuing Operations, Per Diluted Share	7.04	7.77	7.64	—	—
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	−12.36	0.14	−0.22	—	—
Diluted (in usd per share)	−5.32	7.9	7.41	7.95	8.62
Basic (in shares)	52	54	54	54	55
Dilutive common stock equivalents (in shares)	524,000	471,000	509,000	852,000	1
Diluted (in shares)	52	54	54	55	57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	222	639	247	162	180
Accounts Receivable, Net, Current	573	532	645	631	577
Inventory, Net	693	656	936	1,078	837
Prepaid expenses and other	111	115	113	126	92
Prepaid Taxes	41	24	25	9	20
Disposal Group, Including Discontinued Operation, Assets, Current	1,102	365	—	—	—
Total current assets	2,743	2,330	1,966	2,006	1,707
Property, Plant and Equipment, Net	432	385	511	444	381
Goodwill	1,800	1,744	1,704	2,412	2,243
Other intangibles	1,061	1,100	1,693	1,794	1,875
Deferred Income Tax Assets, Net	8	6	8	7	33
Assets for Plan Benefits, Defined Benefit Plan	106	90	39	0	—
Other assets	165	147	204	213	143
Disposal Group, Including Discontinued Operation, Assets, Noncurrent	0	1,481	—	—	—
Total Assets	6,315	7,283	6,907	6,875	6,384
Long-Term Debt, Current Maturities	44	44	45	46	27
Accounts payable	207	166	227	271	305
Accrued expenses	575	494	579	671	583
Disposal Group, Including Discontinued Operation, Liabilities, Current	242	126	—	—	—
Total current liabilities	1,068	829	851	988	915
Long-term debt	2,129	2,351	2,380	2,677	2,387
Deferred Tax and Other Liabilities, Noncurrent	157	151	216	220	187
Liability, Defined Benefit Pension Plan, Noncurrent	8	10	12	15	220
Other non-current liabilities	178	171	197	177	181
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	0	133	—	—	—
Preferred Stock, Value, Issued	0	0	—	—	—
Common Stock, Value, Issued	153,000	148,000	148,000	147,000	147,000
Paid-in capital	603	520	479	408	357
Treasury Stock, Value	1,735	941	906	831	566
Retained earnings	4,050	4,328	3,900	3,499	3,062
Accumulated other comprehensive loss	−142	−269	−223	−278	−359
Total stockholders' equity	2,776	3,638	3,250	2,798	2,494
Total liabilities and stockholders' equity	6,315	7,283	6,907	6,875	6,384

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	105	104	110	138	125
Non-cash share-based compensation	14	32	45	58	42
Deferred income taxes	70	36	442,000	−7	7
Net Periodic Benefit Cost, Other Components	−6	−15	−9	−43	−45
Other Noncash Income (Expense)	−125,000	624,000	2	−12	−12
Accounts receivable, net	−14	17	−12	−28	−94
Inventories, net	3	61	76	−196	−198
Prepaid expenses and other assets	−6	−44	406,000	−5	11
Accounts payable	18	−14	−43	−48	61
Accrued expenses and other liabilities	3	7	−76	39	36
Net cash provided by operating activities - continuing operations	565	615	509	—	—
Net cash provided by operating activities - discontinued operations	66	72	120	—	—
Net cash provided by operating activities	630	687	629	333	423
Additions to property and equipment	−71	−37	−59	−67	−47
Proceeds from Sale of Property Held-for-sale	0	3	0	0	6
Payments to Acquire Intangible Assets	−1	−80,000	−2	−2	−5
Payments to Acquire Businesses, Net of Cash Acquired	−32	−111	−38	−279	−964
Cash Provided by (Used in) Investing Activity, Continuing Operation	−104	−146	−99	—	—
Cash Provided by (Used in) Investing Activity, Discontinued Operation	−23	−13	−57	—	—
Net cash (used in) investing activities	−127	−159	−156	−348	−1,009
Proceeds from Credit Facility	1,107	0	640	1,870	1,739
Repayments under Credit Facility	−607	−33	−948	−1,555	−1,135
Payment of principal upon maturity of Convertible Notes	−745	0	0	—	—
Proceeds from foreign loans	23	0	0	—	—
Repayments of foreign loans	−2	−2	−166,000	—	—
Payments of deferred purchase price	−20	−4	−8	−8	−6
Repurchase of treasury stock	−724	−35	−75	−265	−29
Debt issuance costs on Credit Facility	−3	0	0	0	−9
Proceeds from (Payment for) Other Financing Activity	187,000	−224,000	−211,000	−287,000	−303,000
Net cash (used in) provided by financing activities	−971	−74	−391	8	503
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Discontinued Operation	23	−12	3	−10	−5
Net (decrease) increase in cash and cash equivalents	−445	442	85	−18	−88
Stock Issued During Period, Value, Acquisitions	0	5	20	0	3

Filings

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