Middleby Q2 beats guidance; completes Food Processing spin-off; raises FY26 outlook

MIDDLEBY Corp

Q2 net sales $876M, +9.9% YoY; organic +6.4%; Commercial Foodservice organic +8.3%.
Adjusted EBITDA $193.2M vs $181.6M prior year; Adjusted EPS $2.35 vs $2.20.
Completed Food Processing spin-off on July 6, 2026; raises FY26 guidance: revenue $2.48-2.53B, Adj EBITDA $572-588M, Adj EPS $6.73-6.89.
Repurchased 1.4M shares in Q2 (2.9% outstanding); 3.8M YTD (7.8%); net leverage 2.4x.
Adjusted EPS excluding Food Processing est. $1.74 vs $1.40 prior year (preliminary).

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