Overview
- Middleby sold a 51% stake in its Residential Kitchen business to 26 North at an $885 million enterprise value, generating roughly $565 million in cash proceeds subject to closing adjustments.
- The company retained a 49% interest in the residential joint venture but will treat it as non-core and report it in discontinued operations, excluding it from adjusted results.
- Management plans to complete the separation of the Food Processing business in the second quarter of 2026, with an Investor Day scheduled for May 12 in New York.
- Capital returns included $710 million of share repurchases in 2025 that reduced the share count by about 9%, with additional buybacks executed early in 2026.
- Guidance issued on the call points to Q1 2026 revenue of $760–788 million and adjusted EPS of $1.90–2.02, and full-year revenue of $3.27–3.36 billion and adjusted EPS of $9.20–9.36, with tariff and interest headwinds noted.