Middleby Corp (NASDAQ: MIDD) is a commercial foodservice and food processing equipment company that designs and manufactures cooking, refrigeration, beverage, and food production machinery sold to restaurants, food chains, and food processors worldwide. Revenue is generated through transactional equipment sales made directly to large restaurant chains and through a network of independent dealers, distributors, and agents across more than 100 countries. The commercial foodservice and food processing equipment industries are described in the FY2025 10-K (filed 2026-03-04) as highly competitive and fragmented. As of January 3, 2026, the Commercial Foodservice Equipment Group carried a backlog of $260.4 million and the Food Processing Equipment Group carried a backlog of $409.9 million. Middleby completed the sale of its Residential Kitchen Equipment Group on February 2, 2026, retaining a 49% non-controlling interest in the resulting joint venture. The company also announced a planned spin-off of its Food Processing business, targeting completion in the second quarter of 2026. Middleby repurchased $723.6 million of its common shares during FY2025.
- Revenue model
- Transactional equipment sales through independent dealers, direct sales to large restaurant chains, and an aftermarket service network supported by over 100 authorized service parts distributors and 3,000 independent certified technicians (as of the FY2025 10-K filing date).
- Products and services
- Commercial Foodservice Equipment Group: conveyor ovens, combi-ovens, convection ovens, fryers, ranges, steam cooking equipment, charbroilers, induction cooking equipment, griddles, professional mixers, refrigerators, blast chillers, ice machines, frozen dessert equipment, coffee and beverage dispensing equipment, IoT controls, and kitchen ventilation. Food Processing Equipment Group: equipment for protein processing (bacon, sausage, poultry, pet food), bakery production (bread, cookies, pizza, tortillas), drying, defrosting, fermentation, and refrigeration systems.
- Customers and end markets
- Restaurant chains (direct procurement relationships), independent restaurant operators served through dealer networks, and food processors producing protein and bakery products. Products and services are marketed in the U.S. and over 100 countries (per FY2025 10-K).
- Value-chain role
- Manufacturer and equipment integrator. Middleby handles metal fabrication, sub-assembly, assembly, and quality testing at its own facilities, then distributes through dealers and direct sales. Aftermarket support is provided through a certified technician and service parts distributor network.
- Geographic exposure
- U.S. manufacturing facilities across Florida, Georgia, Iowa, Illinois, North Carolina, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, and Wisconsin. International manufacturing in Denmark, France, Italy, Brazil, and Germany, among other locations (per FY2025 10-K property listings). Sales in over 100 countries.
