MIDDLEBY Corp
For the period ended Jan 3, 2026. Filed Mar 4, 2026.
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FY2026 · Filed Mar 4, 2026
MIDD$138.27+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net (loss)/earnings | $(277,731) | $428,433 | $400,882 |
| (Loss)/earnings from discontinued operations, net of tax | (644,998) | 7,455 | (12,122) |
| Earnings from continuing operations, net of tax | 367,267 | 420,978 | 413,004 |
| Adjustments to reconcile earnings from continuing operations, net of tax to net cash provided by operating activities - continuing operations: | |||
| Depreciation and amortization | 105,305 | 104,113 | 109,917 |
| Non-cash share-based compensation | 13,462 | 31,902 | 45,156 |
| Deferred income taxes | 70,144 | 35,799 | 442 |
| Net periodic pension benefit (other than service costs) | (6,294) | (14,872) | (9,040) |
| Gain on sale of plant | — | (1,139) | — |
| Impairments | 10,598 | 10,475 | 1,986 |
| Other non-cash items | (125) | 624 | 1,528 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable, net | (14,468) | 16,915 | (12,123) |
| Inventories, net | 3,066 | 60,959 | 76,227 |
| Prepaid expenses and other assets | (5,610) | (44,248) | 406 |
| Accounts payable | 18,071 | (14,392) | (43,046) |
| Accrued expenses and other liabilities | 3,168 | 7,406 | (75,815) |
| Net cash provided by operating activities - continuing operations | 564,584 | 614,520 | 508,642 |
| Net cash provided by operating activities - discontinued operations | 65,613 | 72,296 | 120,148 |
| Net cash provided by operating activities | 630,197 | 686,816 | 628,790 |
| Cash flows from investing activities: | |||
| Net additions to property, plant and equipment | (70,729) | (36,690) | (59,173) |
| Proceeds from sale of property, plant and equipment | — | 2,507 | — |
| Purchase of intangible assets | (1,114) | (80) | (1,700) |
| Acquisitions, net of cash acquired | (31,975) | (111,428) | (37,884) |
| Net cash used in investing activities - continuing operations | (103,818) | (145,691) | (98,757) |
| Net cash used in investing activities - discontinued operations | (23,071) | (12,844) | (56,985) |
| Net cash used in investing activities | (126,889) | (158,535) | (155,742) |
| Cash flows from financing activities: | |||
| Proceeds from Credit Facility | 1,106,500 | — | 640,200 |
| Repayments under Credit Facility | (607,329) | (32,813) | (948,496) |
| Payment of principal upon maturity of Convertible Notes | (744,527) | — | — |
| Proceeds from foreign loans | 23,224 | — | — |
| Repayments of foreign loans | (2,143) | (2,193) | (166) |
| Payments of deferred purchase price | (20,073) | (3,878) | (7,701) |
| Repurchase of treasury stock | (723,613) | (34,660) | (74,565) |
| Debt issuance costs on Credit Facility | (3,167) | — | — |
| Other, net | 187 | (224) | (211) |
| Net cash used in financing activities | (970,941) | (73,768) | (390,939) |
| Effect of exchange rates on cash and cash equivalents | 22,547 | (12,476) | 3,386 |
| Changes in cash and cash equivalents and cash and cash equivalents held for sale - discontinued operations: | |||
| Net (decrease)/increase | (445,086) | 442,037 | 85,495 |
| Balance at beginning of year | 689,533 | 247,496 | 162,001 |
| Balance at end of year | $244,447 | $689,533 | $247,496 |
| Non-cash investing and financing activities: | |||
| Stock issuance related to acquisition and purchase of intangible assets | — | 4,810 | 19,794 |
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