Nov 5, 7:30 AM ET
Middleby said CEO Tim FitzGerald will step down as CEO and from the board effective March 31, 2027, and that Chief Commercial Officer Steve Spittle will become CEO on April 1, 2027. Spittle was named President effective November 5, 2026, and will join the board when he becomes CEO. The company said the succession follows its 2026 portfolio transformation and that it is also reporting third quarter 2026 results on the same day.
- Timothy J. FitzGerald leaves the CEO role and the board effective March 31, 2027, and remains eligible for severance and pro-rated accelerated vesting of restricted stock units.
- Steven P. Spittle became President effective November 5, 2026, and becomes CEO and a board member effective April 1, 2027.
- Spittle's employment agreement, dated November 4, 2026, sets an annual base salary of $850,000 and eligibility for an annual bonus.
Read the filing on SEC.gov ↗
Nov 5, 7:02 AM ET
Middleby reported third-quarter 2026 net sales of $652.6 million, up 7.7% from a year earlier, and adjusted EPS of $2.07, up 19%, while raising its full-year 2026 guidance. GAAP diluted EPS fell to $0.43 from $1.55, weighed down by $26 million of charges tied to the closure of its Brewing businesses and $38.7 million of equity losses from an affiliate. The company also said Steve Spittle will succeed Tim FitzGerald as CEO on April 1, 2027.
- Q3 2026 net sales of $652.6 million, up 7.7%, with organic net sales growth of 7.7%
- Adjusted EPS of $2.07 vs. $1.74 a year earlier; GAAP diluted EPS of $0.43 vs. $1.55
- Full-year 2026 net sales guidance of $2.519 billion to $2.534 billion, with organic growth of 7-8%
- Steve Spittle to succeed Tim FitzGerald as CEO on April 1, 2027
Read the filing on SEC.gov ↗
Nov 4, 4:32 PM ET
Middleby and its subsidiary Middleby Marshall entered a new five-year Ninth Amended and Restated Credit Agreement with Bank of America as administrative agent, providing a $2.0 billion multicurrency revolver and a $1.0 billion USD term loan A. The facilities refinance the prior credit agreement and may be used for working capital, acquisitions, share repurchases and other general corporate purposes. The filing describes a larger committed borrowing base and new covenants, which matter to shareholders because the debt is secured by substantially all assets of the company and key subsidiaries.
- Total new facilities of $3.0 billion: $2.0 billion revolver and $1.0 billion term loan A, maturing November 4, 2031
- Interest margins range from 1.250% to 1.750% over benchmark rates, tied to Total Net Leverage Ratio; base rate margins 0.250% to 0.750%
- Financial covenants include maximum Secured Net Leverage Ratio of 3.75 to 1.00 and minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00
- Facilities may be increased by the greater of $618 million and 100% of consolidated EBITDA, subject to leverage tests
Read the filing on SEC.gov ↗
Aug 11, 7:02 AM ET
Middleby reported second-quarter 2026 net sales of $876 million, up 9.9%, and adjusted EBITDA of $193 million, up from $182 million a year earlier. GAAP diluted EPS from continuing operations fell to $1.20 from $1.91, which the filing ties to a $28.9 million equity loss from an affiliate and $14 million of strategic transaction costs, while adjusted EPS rose to $2.35 from $2.20. The company said it raised its full-year 2026 guidance after completing the Food Processing spin-off on July 6, 2026.
- Q2 2026 net sales of $875.5 million, up 9.9% (6.4% organic); Commercial Foodservice organic growth of 8.3%
- Diluted GAAP EPS from continuing operations of $1.20 versus $1.91; adjusted EPS of $2.35 versus $2.20
- Full-year 2026 adjusted EPS guidance of $6.73-$6.89 and net sales of $2.48-$2.53 billion, excluding Food Processing and Residential
- Company repurchased 1.4 million shares in Q2 2026 and 3.8 million shares year to date
Read the filing on SEC.gov ↗
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