MIDD (MIDD) financial statements
MIDD reported revenue of $3.2B in fiscal 2025, up 3.9% a year over 9 years.
Net income was -$278M and the operating margin 18.0%, against 18.5% in 2016.
Free cash flow was $559M, and the company returned $724M in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MIDD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.3B | $2.7B | $3.0B | $2.5B | $3.3B | $4.0B | $3.2B | $3.2B | $3.2B |
| Cost of revenue | $1.4B | $1.4B | $1.7B | $1.9B | $1.6B | $2.1B | $2.6B | $2.0B | $1.9B | $1.9B |
| Gross profit | $901M | $913M | $1.0B | $1.1B | $882M | $1.2B | $1.4B | $1.3B | $1.3B | $1.3B |
| Research and development | $26M | $29M | $35M | $41M | $35M | $42M | $49M | $47M | $51M | $59M |
| Selling, general and admin | $472M | $468M | $539M | $594M | $532M | $668M | $797M | $625M | $590M | $663M |
| Operating income | $419M | $379M | $446M | $514M | $324M | $630M | $640M | $652M | $644M | $575M |
| Interest expense | $24M | $26M | $59M | $83M | $79M | $57M | $89M | $121M | $93M | $94M |
| Pre-tax income | $421M | $384M | $424M | $463M | $268M | $620M | $564M | $536M | $566M | $482M |
| Income tax | $137M | $85M | $106M | $110M | $61M | $131M | $128M | $123M | $145M | $115M |
| Net income | $284M | $298M | $317M | $352M | $207M | $488M | $437M | $401M | $428M | -$278M |
| EPS (diluted) | $4.98 | $5.26 | $5.70 | $6.33 | $3.76 | $8.62 | $7.95 | $7.41 | $7.90 | -$5.32 |
| Diluted shares | 57M | 57M | 56M | 56M | 55M | 57M | 55M | 54M | 54M | 52M |
| Gross margin | 39.7% | 39.1% | 36.9% | 37.3% | 35.1% | 36.8% | 35.9% | 39.6% | 39.7% | 39.1% |
| Operating margin | 18.5% | 16.2% | 16.4% | 17.4% | 12.9% | 19.4% | 15.9% | 20.1% | 20.4% | 18.0% |
| Net margin | 12.5% | 12.8% | 11.6% | 11.9% | 8.2% | 15.0% | 10.8% | 12.4% | 13.6% | -8.7% |
Balance sheet
Fiscal years, from MIDD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $90M | $72M | $94M | $268M | $180M | $162M | $247M | $639M | $222M |
| Receivables | $326M | $328M | $399M | $448M | $363M | $577M | $631M | $645M | $532M | $573M |
| Inventory | $368M | $425M | $522M | $586M | $540M | $837M | $1.1B | $936M | $656M | $693M |
| Total current assets | $812M | $932M | $1.1B | $1.2B | $1.3B | $1.7B | $2.0B | $2.0B | $2.3B | $2.7B |
| Property, plant and equipment | $222M | $282M | $315M | $352M | $344M | $381M | $444M | $511M | $385M | $432M |
| Goodwill | $1.1B | $1.3B | $1.7B | $1.8B | $1.9B | $2.2B | $2.4B | $1.7B | $1.7B | $1.8B |
| Total assets | $2.9B | $3.3B | $4.5B | $5.0B | $5.2B | $6.4B | $6.9B | $6.9B | $7.3B | $6.3B |
| Total current liabilities | $488M | $474M | $559M | $593M | $700M | $915M | $988M | $851M | $829M | $1.1B |
| Long-term debt | $726M | $1.0B | $1.9B | $1.9B | $1.7B | $2.4B | $2.7B | $2.4B | $2.4B | $2.1B |
| Total liabilities | $1.7B | $2.0B | $2.9B | $3.1B | $5.3B | $3.9B | $4.1B | $3.7B | $3.6B | $3.5B |
| Shareholders' equity | $1.3B | $1.4B | $1.7B | $1.9B | $2.0B | $2.5B | $2.8B | $3.2B | $3.6B | $2.8B |
| Net debt | $664M | $939M | $1.8B | $1.8B | $1.5B | $2.2B | $2.6B | $2.2B | $1.8B | $2.0B |
Cash flow
Fiscal years, from MIDD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $294M | $304M | $369M | $377M | $525M | $423M | $333M | $629M | $687M | $630M |
| Capital spending | $25M | $54M | $36M | $47M | $35M | $47M | $67M | $59M | $37M | $71M |
| Free cash flow | $269M | $250M | $333M | $331M | $490M | $377M | $265M | $570M | $650M | $559M |
| Stock-based compensation | $28M | $6M | $2M | $8M | $20M | $42M | $58M | $45M | $32M | $13M |
| Share buybacks (net) | -$4M | -$240M | $0 | -$6M | -$86M | -$29M | -$265M | -$75M | -$35M | -$724M |
| Free cash flow margin | 11.9% | 10.7% | 12.2% | 11.2% | 19.5% | 11.6% | 6.6% | 17.6% | 20.6% | 17.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MIDD.
Open MIDD in InvestinglyQuestions
What was MIDD's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does MIDD generate?
$559M in fiscal 2025 (operating cash flow minus capital spending).
From MIDD's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.