$MIDD

MIDDLEBY Corp

CIK:0000769520|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Revenue from Contract with Customer, Excluding Assessed Tax	$ 875,549	$ 796,799	$ 1,715,457	$ 1,527,422
Cost of sales	540,468	480,697	1,057,186	918,742
Gross profit	335,081	316,102	658,271	608,680
Selling, General and Administrative Expense	186,601	167,598	374,898	329,407
Restructuring Charges	732	687	2,271	1,935
Income from operations	147,748	147,817	281,102	277,338
Net interest expense and deferred financing amortization, net	25,969	20,256	51,449	39,077
Net periodic pension benefit	(2,428)	(1,601)	(4,857)	(3,117)
Other (income) expense, net	(2,177)	2,128	(4,798)	3,088
Earnings before income taxes	126,384	127,034	239,308	238,290
Provision for income taxes	43,275	25,368	70,915	51,561
Income (Loss) from Continuing Operations before Equity in Net Income (Loss) of Affiliate	83,109	101,666	168,393	186,729
Equity in losses of affiliate, net of tax	(28,895)	0	(28,895)	0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	54,214	101,666	139,498	186,729
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	598	4,290	(134,759)	11,579
Net earnings	$ 54,812	$ 105,956	$ 4,739	$ 198,308
Net earnings per share:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.20	$ 1.93	$ 3.01	$ 3.52
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.01	0.08	(2.91)	0.22
Earnings Per Share, Basic	1.21	2.01	0.10	3.73
Income (Loss) from Continuing Operations, Per Diluted Share	1.20	1.91	3.01	3.47
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.01	0.08	(2.91)	0.21
Earnings Per Share, Diluted	$ 1.21	$ 1.99	$ 0.10	$ 3.68
Weighted average number of shares
Basic (in shares)	45,326	52,616	46,279	53,105
Dilutive common stock equivalents (in shares)	17	538	14	783
Diluted (in shares)	45,343	53,154	46,293	53,888
Comprehensive income	$ 33,862	$ 212,664	$ (912)	$ 344,444

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash flows from operating activities--
Net earnings	$ 4,739	$ 198,308
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(134,759)	11,579
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	139,498	186,729
Adjustments to reconcile net earnings to net cash provided by operating activities--
Depreciation and amortization expense	51,234	52,413
Non-cash share-based compensation	17,327	7,878
Deferred income taxes	26,574	33,666
Net periodic pension benefit	(4,857)	(3,117)
Equity in losses of affiliate, net of tax	28,895	0
Changes in fair value of note receivable	(4,499)	0
Other non-cash items	627	(134)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	(32,210)	(7,497)
Inventories, net	(51,721)	(18,393)
Prepaid expenses and other assets	38,387	(22,075)
Accounts payable	19,830	16,331
Accrued expenses and other liabilities	(41,559)	(16,754)
Cash Provided by (Used in) Operating Activity, Continuing Operation	187,526	229,047
Cash Provided by (Used in) Operating Activity, Discontinued Operation	(24,196)	34,090
Net cash provided by operating activities	163,330	263,137
Cash flows from investing activities--
Additions to property and equipment	(18,634)	(41,064)
Payments to Acquire Intangible Assets	0	(1,114)
Proceeds from Divestiture of Businesses, Net of Cash Divested	564,575	0
Acquisitions, net of cash acquired	(1,063)	(3,491)
Cash Provided by (Used in) Investing Activity, Continuing Operation	544,878	(45,669)
Cash Provided by (Used in) Investing Activity, Discontinued Operation	(1,577)	(13,587)
Net cash (used in) investing activities	543,301	(59,256)
Cash flows from financing activities--
Proceeds from Credit Facility	740,000	0
Proceeds from Midera Credit Facility	228,000	0
Repayments under Credit Facility	1,159,065	21,875
Repayments of foreign loans	(2,170)	(744)
Payments of deferred purchase price	(12,359)	(15,033)
Repurchase of treasury stock	(581,874)	(365,691)
Other, net	0	(116)
Net cash (used in) provided by financing activities	(787,468)	(403,459)
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Discontinued Operation	(3,555)	21,544
Changes in cash and cash equivalents--
Net (decrease) increase in cash and cash equivalents	(84,392)	(178,034)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation, Beginning Balance	244,447	689,533
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation, Ending Balance	160,055	511,499
Note Receivable
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Noncash or Part Noncash Divestiture, Amount of Consideration Received	82,380	0
Equity Method Investment
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 150,847	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 04, 2026	Jan. 03, 2026
Current assets:
Cash and cash equivalents	$ 159,178	$ 222,239
Accounts receivable, net of allowances for credit losses of $24,829 and $25,001	601,178	573,039
Inventories, net	737,633	692,589
Prepaid expenses and other	111,222	111,176
Prepaid Taxes	22,761	41,159
Disposal Group, Including Discontinued Operation, Assets, Current	11,836	1,102,441
Total current assets	1,643,808	2,742,643
Property, plant and equipment, net of accumulated depreciation of $335,984 and $311,226	423,052	431,622
Goodwill	1,794,299	1,799,649
Other intangibles, net of accumulated amortization of $585,437 and $564,224	1,030,987	1,061,192
Long-term deferred tax assets	6,729	8,209
Assets for Plan Benefits, Defined Benefit Plan	112,235	106,444
Equity Method Investments	109,724	0
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	86,879	0
Other assets	152,940	165,407
Total assets	5,360,653	6,315,166
Current liabilities:
Current maturities of long-term debt	44,101	44,420
Accounts payable	224,281	206,666
Accrued expenses	549,383	574,810
Disposal Group, Including Discontinued Operation, Liabilities, Current	9,522	242,335
Total current liabilities	827,287	1,068,231
Long-term debt	1,935,423	2,128,582
Deferred Income Tax Liabilities, Net	212,184	156,723
Liability, Defined Benefit Pension Plan, Noncurrent	7,308	7,629
Other non-current liabilities	168,497	177,772
Stockholders' equity:
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 65,119,985 and 64,964,586 shares issued	153	153
Cumulative Effect Period of Adoption ASU 2020-06, Paid-in capital	618,767	602,765
Treasury stock, at cost; 19,897,564 and 16,041,990 shares	(2,316,646)	(1,735,281)
Cumulative Effect Period of Adoptions ASU 2020-06, Retained earnings	4,055,195	4,050,456
Accumulated other comprehensive loss	(147,515)	(141,864)
Total stockholders' equity	2,209,954	2,776,229
Total liabilities and stockholders' equity	$ 5,360,653	$ 6,315,166