Middleby Sets 2026 Organic Growth at 7-8% After Record Quarter

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter net sales reached a record $652.6 million, up 7.7% organically, as the company now expects full-year organic net sales growth of 7-8%.

The Middleby Corporation (MIDD), a global leader in commercial foodservice solutions, reported record third-quarter net sales of $652.6 million, up 7.7% from a year earlier, with organic growth of 7.7% and an immaterial foreign-exchange impact.

The company said the quarter exceeded the high end of its guidance ranges for net sales, Adjusted EBITDA and Adjusted EPS, and it now expects full-year 2026 organic net sales growth of 7-8%.

Adjusted EBITDA from continuing operations rose 10% to $155.8 million from $142.2 million a year earlier, and the Adjusted EBITDA margin expanded to 23.9% from 23.5%. Adjusted EPS increased 19% to $2.07 from $1.74. Diluted GAAP EPS from continuing operations was $0.43, compared with $1.55 a year earlier.

Operating income was $98.7 million, compared with $123.8 million in the prior-year quarter, including $26 million of charges related to the closure of the Brewing businesses announced in September. Those charges comprised $20.0 million of non-cash impairments of long-lived assets, $5.5 million of other asset write-downs and $0.4 million of severance. The company said the Brewing closure remains on track for completion by year end. Excluding Brewing businesses, net sales were $647.2 million and the Adjusted EBITDA margin was 24.3%.

The quarter was the first in which continuing operations excluded Food Processing after the July 6 spin that launched Midera as an independent public company. Second-quarter continuing-operations net sales of $875.5 million had included Food Processing of $244.9 million and Commercial Foodservice of $630.6 million. Sequential continuing-operations net sales rose to $652.6 million from $630.6 million in the second quarter, and Adjusted EBITDA rose to $155.8 million from $144.6 million. Adjusted EPS was $2.07 versus $1.72 in the second quarter.

Chief Executive Tim FitzGerald said the results reflected strategic investments, innovation and a focus on customer-driven solutions, and that Middleby is now a focused, pure-play commercial foodservice leader after the Food Processing separation. The company announced that Steve Spittle will succeed FitzGerald as chief executive on April 1, 2027.

For the full year 2026, Middleby now expects net sales of $2.519 billion to $2.534 billion, Adjusted EBITDA of $589 million to $593 million and Adjusted EPS of $7.13 to $7.29. Fourth-quarter net sales are guided at $621 million to $635 million, with 4.4% organic growth.

Operating cash flows were $122.6 million, compared with $141.0 million in the prior-year quarter; free cash flow was $116.8 million. The company repurchased 1.0 million shares, or 2.0% of shares outstanding, for $106.5 million in the third quarter and 4.8 million shares, or 9.7% of shares outstanding, year to date.

Total debt was $1.75 billion and net debt $1.64 billion at October 3, 2026, with net leverage of 2.8 times. On November 4, 2026, Middleby entered an amended and restated five-year, $3 billion multicurrency senior secured credit agreement consisting of a $1.0 billion term loan and a $2.0 billion revolving facility, with borrowing availability of about $1.4 billion.