US Foods Holding Corporation (USFD)

US Foods to Present at the Deutsche Bank Access Global Consumer Conference 2026May 27, 2026 6:45 AM
Business Wire US Foods Holding Corp. (NYSE: USFD) announced today that Dave Flitman, Chair of the Board and Chief Executive Officer, and Dirk Locascio, Chief Financial Officer, will participate in a fireside chat at the Deutsche Bank Access Global Consumer Conference on Wednesday, June 3, 2026, at 7:00 a.m. CDT or 2:00 p.m. CEST. Media and investors can listen to a live audio webcast by visiting the Investor Relations page of the company’s website at https://ir.usfoods.com/events-and-presentations/default.aspx. A replay of the webcast will be available later that same day. About US Foods With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527652567/en/ INVESTOR CONTACT:
Mike Neese
847-232-5894
Michael.Neese @Dawnstrider-3775
Sara.Matheu@usfoods.com Original: US Foods to Present at the Deutsche Bank Access Global Consumer Conference 2026

US Foods Announces Board Leadership TransitionMay 14, 2026 4:15 PM
Business Wire Chief Executive Officer Dave Flitman Named Chair of the Board David Tehle to Transition to Lead Independent Director of the Board US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced that its Board of Directors has approved a Board leadership transition. Effective today, Dave Flitman, currently Chief Executive Officer assumed the additional role of Chair of the Board. David Tehle, currently Chair, transitioned to the role of Lead Independent Director of the Board. As Chair of the Board and CEO, Dave Flitman will continue to lead the company’s day-to-day operations, while working closely with the Board to guide the company’s long-term strategic direction. As Lead Independent Director, David Tehle will retain significant responsibilities, working alongside the Chair and the full Board to continue the Board’s independent oversight role, strong corporate governance practices, and commitment to acting in the best interests of shareholders. “The Board believes that combining the strategic oversight of the Board with the day-to-day management of the company will accelerate US Foods long-term growth potential,” said David Tehle, Lead Independent Director. Tehle continued, “Dave Flitman is a proven operator with deep foodservice experience. Under his strong leadership over the last three and a half years, US Foods has seen significant improvement in safety performance, share gains, supply chain productivity and customer service levels, while delivering industry-leading earnings per share growth. At the center of these improvements has been a relentless focus on our customers and helping them Make It. I have great confidence in Dave’s ability to continue guiding the team to deliver long-term shareholder value, and I look forward to continuing to support the Board and leadership team as US Foods builds on its strong momentum.” “I am honored and grateful for the Board’s confidence and look forward to our continued collaboration as we deliver value for our customers and shareholders, drive consistent share gains across our target customer types and continue to advance operational excellence and productivity throughout the business,” said Dave Flitman, Chair of the Board and CEO of US Foods. “I want to thank David Tehle for his strong partnership as Chair of the Board, and I appreciate his continued support as he transitions to Lead Independent Director.” About US Foods With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements about future results of operations and other statements which are not purely historical facts or that necessarily depend upon future events. These statements often include words such as “believe,” “target,” “seek,” “will,” “may,” or similar expressions (although not all forward-looking statements may contain such words). These statements are not guarantees of future performance or results and are subject to risks, uncertainties and other important factors, many of which are beyond our control, that could cause actual results to differ materially from those expressed in the forward-looking statements. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are based on information available to us on the date hereof. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514716078/en/ INVESTOR CONTACT:
Mike Neese
(847) 232-5894
Michael.Neese @
Sara.Matheu@usfoods.com Original: US Foods Announces Board Leadership Transition

US Foods (USFD) shares decline after quarterly results miss expectationsMay 7, 2026 9:42 AM
IH Market News US Foods Holding Corp. (NYSE:USFD) reported fiscal first-quarter 2026 results on Thursday that came in below Wall Street expectations, sending shares down 3.93% in premarket trading.The foodservice distribution company posted adjusted earnings of $0.78 per share, missing the analyst consensus estimate of $0.81 by $0.03. Revenue rises but falls short of forecasts Quarterly revenue totaled $9.61 billion, slightly below analyst expectations of $9.64 billion, though still representing year-over-year growth of 2.8%.The increase in sales was supported by 1.4% growth in case volume along with 1.0% food cost inflation.Independent restaurant case volume increased 4.6% during the quarter, while healthcare and hospitality volumes rose 3.7% and 5.0%, respectively. Profitability improves despite margin pressure Net income edged up 0.9% to $116 million.Adjusted EBITDA increased 6.2% year-over-year to $413 million, while adjusted EBITDA margin expanded by 14 basis points to 4.3%.The company said a $33 million unfavorable year-over-year LIFO adjustment weighed on gross profit growth.Gross profit rose 2.4% to $1.7 billion during the quarter. CEO points to market share gains and resilient demand “During the first quarter, we accelerated year-over-year independent restaurant case growth, gained share with our target customer types and delivered 15% Adjusted Diluted EPS growth despite a deteriorating macro environment and weather-related disruptions,” said Dave Flitman, CEO. Share repurchases continue as guidance remains unchanged US Foods repurchased $125 million worth of shares during the quarter.The company also maintained a net debt-to-adjusted EBITDA ratio of 2.6x, improving from 2.7x at the end of fiscal 2025.US Foods reaffirmed its fiscal 2026 outlook, projecting net sales growth of 4% to 6%.The company also maintained guidance for adjusted EBITDA growth of 9% to 13% and adjusted diluted EPS growth of 18% to 24%.The midpoint of the adjusted EPS growth outlook, at 21%, aligns with the company’s long-term financial targets. More about US Foods US Foods is one of the largest foodservice distributors in the United States, supplying restaurants, healthcare facilities, hospitality businesses, and other foodservice operators. The company provides food products, kitchen supplies, and logistics services through a nationwide distribution network.US Foods Holding Corp stock price Original: US Foods (USFD) shares decline after quarterly results miss expectations

US Foods Reports First Quarter Fiscal Year 2026 EarningsMay 7, 2026 6:45 AM
Business Wire Grew Net Sales 2.8% to $9.6 Billion, Net Income 0.9% to $116 Million and Diluted EPS 6.1% to $0.52 Grew Adjusted EBITDA 6.2% to $413 Million and Adjusted Diluted EPS 14.7% to $0.78 Accelerated Independent Restaurant Case Growth to 4.6% Repurchased $125 Million of Shares US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the first quarter of fiscal year 2026. First Quarter Fiscal 2026 Highlights Total case volume increased 1.4%; independent restaurant case volume increased 4.6% Net sales increased 2.8% to $9.6 billion Gross profit increased 2.4% to $1.7 billion Net income increased 0.9% to $116 million Adjusted EBITDA1 increased 6.2% to $413 million Diluted EPS increased 6.1% to $0.52; Adjusted Diluted EPS1 increased 14.7% to $0.78 “During the first quarter, we accelerated year-over-year independent restaurant case growth, gained share with our target customer types and delivered 15% Adjusted Diluted EPS growth despite a deteriorating macro environment and weather-related disruptions,” said Dave Flitman, CEO. “As weather normalized, we exited the quarter with sustained momentum, reflecting our unwavering commitment to our customers, the strength of our business model and the continued disciplined execution of our strategy.” “We continue to deliver solid financial results, fueled by the progress on our self-help initiatives,” added Dirk Locascio, CFO. “As a result, we again grew Adjusted EBITDA, expanded margins and grew Adjusted Diluted EPS meaningfully faster than Adjusted EBITDA. We also generated significant operating cash flow and remained disciplined with our capital allocation priorities -- investing in the business to support growth and repurchasing shares while maintaining a strong balance sheet.” First Quarter Fiscal Year 2026 Results Total case volume increased 1.4% from the prior year driven by a 4.6% increase in independent restaurant case volume, a 3.7% increase in healthcare volume and a 5.0% increase in hospitality volume, partially offset by a 2.3% decrease in chain volume. Total organic case volume increased 1.1%, which includes 4.4% organic independent restaurant case volume growth. Net sales of $9.6 billion for the quarter increased 2.8% from the prior year, driven by case volume growth and food cost inflation of 1.0%. Gross profit of $1.7 billion increased by $39 million, or 2.4%, from the prior year, primarily as a result of an increase in total case volume and improved cost of goods sold, partially offset by a $33 million unfavorable year-over-year LIFO adjustment. Gross profit as a percentage of Net sales was 17.2%. Adjusted Gross profit was $1.7 billion, an increase of $72 million, or 4.4% from the prior year. Adjusted Gross profit as a percentage of Net sales was 17.6%. Operating expenses of $1.4 billion increased by $47 million, or 3.4%, from the prior year, primarily as a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by continued distribution productivity improvement as well as actions to streamline administrative processes and costs. Operating expenses as a percentage of Net sales were 15.0%. Adjusted Operating expenses were $1.3 billion, an increase of $48 million, or 3.9% from the prior year. Adjusted Operating expenses as a percentage of Net sales were 13.3%. Net income of $116 million, increased by $1 million, or 0.9%, from the prior year. Net income margin was 1.2%, a decrease of 2 basis points compared to the prior year. Adjusted EBITDA of $413 million, increased by $24 million, or 6.2%, from the prior year. Adjusted EBITDA margin was 4.3%, an increase of 14 basis points compared to the prior year. Diluted EPS was $0.52; Adjusted Diluted EPS was $0.78. Cash Flow and Debt Cash flow provided by operating activities for the first three months of fiscal year 2026 was $294 million, a decrease of $97 million from the prior year driven by changes in operating assets and liabilities including an increase in tax payments for 2026. Cash capital expenditures for the first three months of fiscal year 2026 totaled $98 million, an increase of $14 million from the prior year, related to investments in information technology, property and equipment and construction of and improvements to distribution facilities. Net Debt at the end of the first quarter of fiscal year 2026 was $5.1 billion. The ratio of Net Debt to Adjusted EBITDA was 2.6x at the end of the first quarter of fiscal year 2026, compared to 2.7x at the end of fiscal year 2025. During the first quarter of fiscal year 2026, the Company repurchased 1.4 million shares of common stock for $125 million, of which, $50 million were settlements from the accelerated share repurchase entered into in November 2025. The Company had $14 million in remaining funds authorized under the May 2025 Share Repurchase Program and $1 billion in remaining funds authorized under the November 2025 share repurchase program. Outlook for Fiscal Year 20262 The Company is reaffirming its Fiscal Year 2026 guidance provided on February 12, 2026 of: Net Sales growth of 4% to 6% Adjusted EBITDA growth of 9% to 13% Adjusted Diluted EPS growth of 18% to 24% The guidance provided above includes the impact of a 53rd week in fiscal year 2026, which is expected to add approximately 1% to total case growth and Adjusted EBITDA growth. Conference Call and Webcast Information US Foods will host a live webcast to discuss the first quarter of fiscal year 2026 results on Thursday, May 7, 2026, at 8 a.m. CDT. The call can also be accessed live over the phone by dialing (877) 344-2001; the conference ID number is 2528845. Presentation slides will be available shortly before the webcast begins. The webcast, slides, and a copy of this press release can be found in the Investor Relations section of our website at https://ir.usfoods.com. About US Foods With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, forecasted financial performance, statements about future results of operations and other statements which are not purely historical facts or that necessarily depend upon future events, including those under the heading “Outlook for Fiscal Year 2026.” These statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “outlook,” “estimate,” “target,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecast,” “mission,” “strive,” “more,” “goal,” or similar expressions (although not all forward-looking statements may contain such words). These statements are not guarantees of future performance or results and are subject to risks, uncertainties and other important factors, many of which are beyond our control, that could cause actual results to differ materially from those expressed in the forward-looking statements, including, among others: changes in consumer eating habits, including economic factors affecting consumer confidence and discretionary spending and the impact of advancements in pharmaceutical therapies, which may reduce the consumption of food prepared away from home; cost inflation/deflation and commodity volatility, including increases in fuel costs; geopolitical developments and supply chain disruptions; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business and achieve the expected benefits from cost savings initiatives; the impact of climate change or related regulatory or market measures; the impact of governmental regulations related to our operations, including product safety; product recalls and product liability claims; our reputation in the industry; labor relations, increased labor costs and continued access to qualified labor; the level of interest rates and availability of indebtedness and restrictions under agreements governing our indebtedness; disruption of existing technologies and implementation of new technologies, including artificial intelligence; cybersecurity incidents and other technology disruptions; effective execution on the Company’s growth strategy, including acquisitions and the integration of acquired businesses; risks to the health and safety of our associates and others; adverse judgments or settlements resulting from litigation; extreme weather conditions, natural disasters and other catastrophic events; and the timing and scope of future repurchases by US Foods of its common stock. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are based on information available to us on the date hereof. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Net income and Adjusted Diluted EPS are non-GAAP financial measures regarding our operational performance and liquidity. These non-GAAP financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. We use Adjusted Gross profit and Adjusted Operating expenses as supplemental measures to GAAP measures to focus on period-over-period changes in our business and believe this information is helpful to investors. Adjusted Gross profit is Gross profit adjusted to remove the impact of the LIFO inventory reserve adjustments. Adjusted Operating expenses are Operating expenses adjusted to exclude amounts that we do not consider part of our core operating results when assessing our performance. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide meaningful supplemental information about our operating performance because they exclude amounts that we do not consider part of our core operating results when assessing our performance. EBITDA is Net income (loss), plus Interest expense-net, Income tax provision (benefit), and Depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for (1) Restructuring activity and asset impairment charges; (2) Share-based compensation expense; (3) the non-cash impact of LIFO reserve adjustments; (4) loss on extinguishment of debt; (5) Business transformation costs; and (6) other gains, losses or costs as specified in the agreements governing our indebtedness. Adjusted EBITDA margin is Adjusted EBITDA divided by total Net sales. We use Net Debt as a supplemental measure to GAAP measures to review the liquidity of our operations. Net Debt is defined as total debt net of total Cash, cash equivalents and restricted cash remaining on the balance sheet as of the end of the most recent fiscal quarter. We believe that Net Debt is a useful financial metric to assess our ability to pursue business opportunities and investments. Net Debt is not a measure of our liquidity under GAAP and should not be considered as an alternative to Cash Flows Provided by Operations or Cash Flows Used in Financing Activities. We believe that Adjusted Net income is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense, and Income taxes on a consistent basis from period to period. Adjusted Net income is Net income (loss) excluding such items as restructuring activity and asset impairment charges, Share-based compensation expense, the non-cash impacts of LIFO reserve adjustments, amortization expense, loss on extinguishment of debt, Business transformation costs and other items, and adjusted for the tax effect of the exclusions and discrete tax items. We believe that Adjusted Net income may be used by investors, analysts, and other interested parties to facilitate period-over-period comparisons and provides additional clarity as to how factors and trends impact our operating performance. We use Adjusted Diluted Earnings per Share, which is calculated by adjusting the most directly comparable GAAP financial measure, Diluted Earnings per Share, by excluding the same items excluded in our calculation of Adjusted EBITDA to the extent that each such item was included in the applicable GAAP financial measure. We believe the presentation of Adjusted Diluted Earnings per Share is useful to investors because the measurement excludes amounts that we do not consider part of our core operating results when assessing our performance. We also believe that the presentation of Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Diluted Earnings per Share is useful to investors because these metrics may be used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in our industry. Management uses these non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors as they assist in highlighting trends, (b) to set internal sales targets and spending budgets, (c) to measure operational profitability and the accuracy of forecasting, (d) to assess financial discipline over operational expenditures, and (e) as an important factor in determining variable compensation for management and employees. EBITDA and Adjusted EBITDA are also used in connection with certain covenants and restricted activities under the agreements governing our indebtedness. We also believe these and similar non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry. We caution readers that our definitions of Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Net income and Adjusted Diluted EPS may not be calculated in the same manner as similar measures used by other companies. Definitions and reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release. Source: US Foods US FOODS HOLDING CORP. Consolidated Balance Sheets (Unaudited)   ($ in millions)   March 28, 2026   December 27, 2025           ASSETS         Current assets:         Cash and cash equivalents   $ 49     $ 41   Accounts receivable, less allowances of $32 and $30     2,170       2,026   Vendor receivables, less allowances of $8 and $7     232       173   Inventories—net     1,678       1,711   Prepaid expenses     200       153   Other current assets     31       60   Total current assets     4,360       4,164   Property and equipment—net     2,702       2,681   Goodwill     5,794       5,794   Other intangibles—net     767       781   Other assets     541       523   Total assets   $ 14,164     $ 13,943             LIABILITIES AND SHAREHOLDERS' EQUITY         Current liabilities:         Cash overdraft liability   $ 158     $ 168   Accounts payable     2,741       2,447   Accrued expenses and other current liabilities     778       839   Current portion of long-term debt     142       137   Total current liabilities     3,819       3,591   Long-term debt     5,025       5,063   Deferred tax liabilities     438       426   Other long-term liabilities     549       556   Total liabilities     9,831       9,636   Shareholders’ equity:         Common stock     3       3   Additional paid-in capital     3,812       3,777   Retained earnings     2,795       2,679   Accumulated other comprehensive income     48       48   Treasury Stock     (2,325 )     (2,200 ) Total shareholders’ equity     4,333       4,307   Total liabilities and shareholders' equity   $ 14,164     $ 13,943       US FOODS HOLDING CORP. Consolidated Statements of Operations (Unaudited)       For the 13 weeks ended (in millions, except per share data)   March 28, 2026   March 29, 2025 Net sales   $ 9,610     $ 9,351   Cost of goods sold     7,957       7,737   Gross profit     1,653       1,614   Distribution, selling and administrative costs     1,429       1,385   Restructuring activity and asset impairment charges     8       5   Total operating expenses     1,437       1,390   Operating income     216       224   Other income—net     (1 )     (1 ) Interest expense—net     75       77   Income before income taxes     142       148   Income tax provision     26       33   Net income   $ 116     $ 115             Net income per share         Basic   $ 0.53     $ 0.50   Diluted   $ 0.52     $ 0.49             Weighted-average common shares outstanding         Basic     220.4       230.5   Diluted     223.4       234.2       US FOODS HOLDING CORP. Consolidated Statements of Cash Flows (Unaudited)     For the 13 weeks ended ($ in millions)   March 28, 2026   March 29, 2025 Cash flows from operating activities:         Net income   $ 116     $ 115   Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization     119       112   Deferred tax provision     11       8   Share-based compensation expense     22       22   Provision for doubtful accounts     8       9   Other non-cash activities     2       3   Changes in operating assets and liabilities:         Increase in receivables     (211 )     (174 ) Decrease in inventories     34       120   Increase in prepaid expenses and other assets     (14 )     (13 ) Increase in accounts payable and cash overdraft liability     291       190   Decrease in accrued expenses and other liabilities     (84 )     (1 ) Net cash provided by operating activities     294       391   Cash flows from investing activities:         Proceeds from sales of property and equipment     1       1   Proceeds from divestitures     —       38   Purchases of property and equipment     (98 )     (84 ) Cash paid for acquisitions     —       (85 ) Net cash used in investing activities     (97 )     (130 ) Cash flows from financing activities:         Principal payments on debt and financing leases     (2,241 )     (1,907 ) Proceeds from debt borrowings     2,164       1,737   Repurchase of common stock     (75 )     (23 ) Proceeds from employee stock purchase plan     7       6   Proceeds from exercise of stock options     7       1   Tax withholding payments for net share-settled equity awards     (51 )     (33 ) Net cash used in financing activities     (189 )     (219 ) Net increase in cash, cash equivalents and restricted cash     8       42   Cash, cash equivalents and restricted cash—beginning of period     41       59   Cash, cash equivalents and restricted cash—end of period   $ 49     $ 101   Supplemental disclosures of cash flow information:         Interest paid—net of amounts capitalized   $ 91     $ 92   Income taxes paid—net     76       4   Property and equipment purchases included in accounts payable     64       41   Leased assets obtained in exchange for financing lease liabilities     44       45   Leased assets obtained in exchange for operating lease liabilities     23       48       US FOODS HOLDING CORP. Non-GAAP Reconciliation (Unaudited)     For the 13 weeks ended (in millions, except per share data)   March 28, 2026   March 29, 2025   Change   % Net income and Net income margin (GAAP)   $ 116   1.2 %   $ 115   1.2 %   $ 1     0.9 % Interest expense—net     75         77         (2 )   (2.6 )% Income tax provision     26         33         (7 )   (21.2 )% Depreciation expense     105         98         7     7.1 % Amortization expense     14         14         —     — % EBITDA and EBITDA margin (Non-GAAP)     336   3.5 %     337   3.6 %     (1 )   (0.3 )% Adjustments:                     Restructuring activity and asset impairment charges(1)     8         5         3     60.0 % Share-based compensation expense(2)     22         22         —     — % LIFO reserve adjustments (3)     38         5         33     660.0 % Business transformation costs(4)     7         7         —     — % Business acquisition, integration related costs, divestitures and other(5)     2         13         (11 )   (84.6 )% Adjusted EBITDA and Adjusted EBITDA margin (Non-GAAP)     413   4.3 %     389   4.2 %     24     6.2 % Depreciation expense     (105 )       (98 )       (7 )   7.1 % Interest expense—net     (75 )       (77 )       2     (2.6 )% Income tax provision, as adjusted(6)     (59 )       (55 )       (4 )   7.3 % Adjusted Net income (Non-GAAP)   $ 174       $ 159       $ 15     9.4 %                       Diluted EPS (GAAP)   $ 0.52       $ 0.49       $ 0.03     6.1 % Restructuring activity and asset impairment charges(1)     0.04         0.02         0.02     100.0 % Share-based compensation expense(2)     0.10         0.09         0.01     11.1 % LIFO reserve adjustments (3)     0.17         0.02         0.15     750.0 % Business transformation costs(4)     0.03         0.03         —     — % Business acquisition, integration related costs, divestitures and other(5)     0.01         0.06         (0.05 )   (83.3 )% Income tax provision, as adjusted(6)     (0.09 )       (0.03 )       (0.06 )   200.0 % Adjusted Diluted EPS (Non-GAAP)(7)   $ 0.78       $ 0.68       $ 0.10     14.7 %                       Weighted-average diluted shares outstanding     223.4         234.2                                   Gross profit (GAAP)   $ 1,653       $ 1,614       $ 39     2.4 % LIFO reserve adjustments(3)     38         5         33     660.0 % Adjusted Gross profit (Non-GAAP)   $ 1,691       $ 1,619       $ 72     4.4 %                       Operating expenses (GAAP)   $ 1,437       $ 1,390       $ 47     3.4 % Depreciation expense     (105 )       (98 )       (7 )   7.1 % Amortization expense     (14 )       (14 )       —     — % Restructuring activity and asset impairment charges(1)     (8 )       (5 )       (3 )   60.0 % Share-based compensation expense (2)     (22 )       (22 )       —     — % Business transformation costs(4)     (7 )       (7 )       —     — % Business acquisition, integration related costs, divestitures and other(5)     (2 )       (13 )       11     (84.6 )% Adjusted Operating expenses (Non-GAAP)   $ 1,279       $ 1,231       $ 48     3.9 % NM - Not Meaningful (1) Consists primarily of severance and related costs, organizational realignment costs and other asset impairment charges. (2) Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. (3) Represents the impact of LIFO reserve adjustments. (4) Transformational costs represent non-recurring expenses prior to formal launch of strategic projects with anticipated long-term benefits to the Company. These costs generally relate to third party consulting and non-capitalizable technology. For the 13 weeks ended March 28, 2026 and March 29, 2025, respectively, business transformation costs related to projects associated with information technology infrastructure initiatives and related workforce efficiencies. (5) Includes: (i) aggregate acquisition, integration related costs and divestiture costs of $1 million and $13 million for the 13 weeks ended March 28, 2026 and March 29, 2025, respectively (ii) other gains, losses or costs that we are permitted to addback for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness. (6) Represents our income tax provision adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include changes in tax laws or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and excess tax benefits associated with share-based compensation. The tax effect of pre-tax items excluded from Adjusted Net income is computed using a statutory tax rate after taking into account the impact of permanent differences and valuation allowances. (7) Adjusted Diluted EPS is calculated as Adjusted Net income divided by weighted average diluted shares outstanding.     US FOODS HOLDING CORP. Non-GAAP Reconciliation Net Debt and Net Leverage Ratios   (in millions, except ratios)   March 28, 2026   December 27, 2025   March 29, 2025 Total Debt (GAAP)   $5,167     $5,200     $4,805   Cash, cash equivalents and restricted cash   (49 )   (41 )   (101 ) Net Debt (Non-GAAP)   $5,118     $5,159     $4,704   Adjusted EBITDA (1)   $1,956     $1,932     $1,774   Net Leverage Ratio (2)   2.6     2.7     2.7   (1) Trailing Twelve Months (TTM) Adjusted EBITDA (2) Net Debt/TTM Adjusted EBITDA     1 This earnings release includes several metrics, including Adjusted EBITDA, Adjusted Diluted EPS and Adjusted EBITDA margin, that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Please refer to the “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” sections of this press release for the definitions and reconciliation of any non-GAAP financial measures to their respective most comparable financial measure calculated in accordance with GAAP. 2 The Company is not providing a reconciliation of certain forward-looking non-GAAP financial measures, including Adjusted EBITDA and Adjusted Diluted EPS, because the Company is unable to predict with reasonable certainty the financial impact of certain significant items, including restructuring activity and asset impairment charges, share-based compensation expenses, non-cash impacts of LIFO reserve adjustments, losses on extinguishments of debt, business transformation costs, other gains and losses, business acquisition and integration related costs and divestiture costs and diluted earnings per share. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance periods. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260505576882/en/ INVESTOR CONTACT:
Mike Neese
(847) 232-5894
Michael.Neese @
Sara.Matheu@usfoods.com Original: US Foods Reports First Quarter Fiscal Year 2026 Earnings

US Foods to Host First Quarter 2026 Financial Results Conference Call and WebcastApril 16, 2026 6:45 AM
Business Wire
US Foods Holding Corp. (NYSE: USFD) will host a live conference call and webcast to discuss first quarter 2026 results on Thursday, May 7, 2026, at 8 a.m. CDT.


The conference call can be accessed live over the phone by dialing 877-344-2001. Listeners should dial in 10 minutes prior to the call start time and provide the Conference ID 2528845 to be connected.


A replay will be available after the call. To listen to a replay of the conference call, please register by clicking this link.


The conference call also will be webcast live from the company’s Investor Relations website at https://ir.usfoods.com. The presentation slides that will be reviewed during the webcast will be available in the Events & Presentations section of the Investor Relations website before the webcast begins. An archive of the webcast will be available at the same location beginning at 12 p.m. CDT on May 7, 2026.


About US Foods


With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260416956614/en/
INVESTOR CONTACT:

Mike Neese

847-232-5894

Michael.Neese@usfoods.com


MEDIA CONTACT:

Sara Matheu

773-580-3775

Sara.Matheu@usfoods.com


Original: US Foods to Host First Quarter 2026 Financial Results Conference Call and Webcast

US Foods® Spring Scoop™ Line-Up Addresses Top Operator Priority: High-Quality Through ConsistencyMarch 16, 2026 8:30 AM
Business Wire
Fresh Operator Insights Inspire 19 On-Trend Product Innovations Aimed at Helping Operators Compete Harder, Cook Smarter and Boost Profits


US Foods Holding Corp. (NYSE: USFD), one of America's largest foodservice distributors, today announced the launch of Spring 2026 Scoop, featuring 19 US Foods Exclusive Brands products designed to help operators attract and retain diners and deliver profit-boosting benefits, such as back-of-house labor savings and menu versatility across dishes and dayparts. In Spring Scoop, US Foods is peeling back the curtain on how the company achieves the highest level of product quality, enabling the consistency operators require to confidently integrate new offerings onto their menus.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260316580885/en/US Foods Spring 2026 Scoop Cover Image
A recent US Foods survey of national independent foodservice operators found that product quality and product cost remain the top factors influencing new product purchases. In addition, more than 60% of operators reported Scoop products sell as well or better than other menu items, and a majority of respondents credited Scoop products with giving them a competitive edge.


“When we asked operators what quality means to them, the word consistency rose to the top,” said Stacey Kinkaid, vice president of product development and innovation at US Foods. “Operators seek tried and trusted new products they can depend on, and we’re able to deliver on this need through our persistent pursuit of excellence – years of researching trends and flavors on the rise, understanding what diners want now and in the future, sourcing the best ingredients, and working with the best partners. This persistence is the foundation of Scoop. Scoop products reflect our commitment to helping our customers boost profits and stay ahead of the curve, and our core belief that high quality is only achieved through perfecting items that are big on flavor, helps save time back-of-house and offer enhanced versatility.”


Restaurant operators face a slate of priorities: they need products that deliver exceptional quality and consistency while managing elevated food and labor costs, the two top challenges cited in the 2026 National Restaurant Association State of the Restaurant Industry Report. Spring Scoop addresses these challenges head-on, featuring products that combine the high quality and consistency operators demand with built-in operational efficiencies such as labor-saving cooking methods and menu versatility that help drive profitability without compromising on excellence.


Spring 2026 Scoop highlights include:



Molly's Kitchen® Dill Pickle Cream Cheese Bombs: The bold, nostalgic appeal of dill pickle continues to captivate diners, and now operators have the perfect vehicle to capitalize on this trend. These tangy, creamy and crunchy bites combine real cream cheese with a vibrant mix of dill pickles and garlic—delivering comfort food with an unexpected twist that can be used as an appetizer or side dish. Ready-to-fry from the freezer with no prep work.



Chef's Line® Crispy Carrot Fries: Picked at peak freshness in France, these vibrant, naturally sweet carrot fries offer a colorful alternative to traditional potato options. Lightly battered, they're equally delicious deep-fried for maximum crunch, or baked for a lighter preparation. Requiring no prep and offering simple ingredients not found on the US Foods Unpronounceables List®1, these fries help meet the rising demand for plant-forward sides or appetizers without sacrificing flavor or texture.



Devonshire® Dubai-Style Chocolate Torte: Jumping on the Dubai chocolate trend has never been easier. Layered with a chocolate graham crust, velvety ganache, and a crunchy pistachio-and-kataifi center, each pre-portioned slice delivers the salty-sweet-crunchy trifecta diners crave. Each case represents 120 minutes of labor savings compared to creating the item from scratch. The striking green swirl creates a visual impact that photographs beautifully on social media, helping turn every dessert course into a marketing moment.



Patuxent Farms® Smoked Black Forest Bacon Sausage: Each fully cooked link contains 30% bacon pieces of the fan-favorite US Foods Patuxent Farms® Smoked Black Forest Bacon. Capturing the sweet, smoky, umami-rich flavor from the bacon, this unique Black Forest flavor profile offers an unexpected upgrade to the typical sausage or brat. These ready-to-heat links can be served on a breakfast platter, tucked into a Chef’s Line® Butter Brioche Hot Dog Bun and topped with caramelized sliced onions, or served as a main course over a soft polenta.



Patuxent Farms® Gluten-Free Shatter Crisp Breaded Jumbo Chicken Wings: Seeking fresh ways to innovate fried chicken, the product development team conducted worldwide research to bring to market the ideal crispy, shattering crunch of Korean-style fried chicken with a unique rice-based breading and double-frying technique. Korean fried chicken is predicted to grow 58.2% on U.S. menus by 2029,2 making this Scoop offering the perfect opportunity for operators to get ahead of the trend. Fully cooked, marinated, and coated with a rice-based breading, these certified gluten-free jumbo-cut chicken wings are ready to serve after a second fry and can even be tossed in a house sauce or a delicious seasoning blend for a customized approach.



Chef's Line® All Natural3 Mojo Seasoned Pork Shoulder: Mojo as a trending flavor is up 8.8% over the last year and is predicted to grow another 10.9% over the next four years2. This item is expertly trimmed and portioned, then braised in a bright, citrusy mojo marinade infused with garlic, orange, lime and fresh Caribbean herbs for a bold Latin-inspired flavor. Six hours of sous vide cooking locks in tenderness and depth, while the portioned format enables quick thawing and easy pulling, saving 45 minutes of labor per case compared to making the item from scratch. From loaded bowls to sandwich builds to rice-and-beans plates, this versatile protein simplifies execution, while elevating menu offerings.



To explore the full Spring 2026 Scoop collection visit www.usfoods.com/currentscoop.


1 Processing aids and potential cross-contact during production are not in scope for this program.

2 Datassential 2025

3 No artificial ingredients. Minimally processed.


About US Foods


With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.


###

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316580885/en/
MEDIA CONTACT:

Sara Matheu

Senior Director of Media Relations

773-580-3775

Sara.Matheu@usfoods.com


Original: US Foods® Spring Scoop™ Line-Up Addresses Top Operator Priority: High-Quality Through Consistency

US Foods® Launches Menu IQ®: AI-Powered Tool Giving Restaurant Operators Real-Time Visibility Into Menu ProfitabilityFebruary 23, 2026 11:30 AM
Business Wire
New feature integrated into MOXe® platform to help operators make data-driven decisions


US Foods Holding Corp. (NYSE:USFD), one of America’s largest food distributors and leader in digital foodservice solutions, today announced the launch of Menu IQ, an AI-powered profitability solution designed to help operators better manage food costs. Menu IQ transforms menu management from intuition into a data-driven strategy for optimizing menu profitability—at no additional cost to US Foods customers. Aligned with US Foods’ commitment to deliver more tools to help operators run their business with ease, Menu IQ is integrated into MOXe, the company’s all-in-one industry-leading business application, where customers can browse products, manage inventory and track orders.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260223179552/en/US Foods Menu IQ
“Every day we hear about our operators’ biggest challenges, and menu profitability sits at the top of their concerns,” said James Jones, senior vice president of digital commerce. "Our customers are demanding easier, more intuitive solutions to help improve menu profitability, and Menu IQ enables us to meet this need. Menu IQ delivers real-time visibility into which dishes are driving margins so our operators can adjust instantly to make smarter decisions about which changes will drive increased profitability. This is a great example of how we continue to help our customers Make It."


Menu IQ is built the way operators work—bringing together essential capabilities that make menu management intuitive and actionable:



AI Recipe Management: Upload recipes and automatically calculate food costs.



Real-Time Profitability Tracking: Monitor which menu items drive margins—anytime, anywhere.



Actionable Insights: Identify underperforming dishes and optimization opportunities at a glance.



Integrated Data: Pull actual food costs from MOXe Inventory for accuracy using the US Foods food cost calculator.



To learn more or request a demo, please visit: usfoods.com/how-we-help-you/easy-ordering.


About US Foods


With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223179552/en/
MEDIA CONTACT:

Sara Matheu

Director of Media Relations

773-580-3775 / Sara.Matheu@usfoods.com


Original: US Foods® Launches Menu IQ®: AI-Powered Tool Giving Restaurant Operators Real-Time Visibility Into Menu Profitability

US Foods tops Q4 profit forecasts, revenue comes in slightly lightFebruary 12, 2026 9:46 AM
IH Market News
US Foods Holding Corp. (NYSE:USFD) reported fourth-quarter adjusted earnings that surpassed Wall Street estimates, even as revenue narrowly missed expectations.Shares ticked up 0.31% in premarket trading following the results.The foodservice distributor posted adjusted earnings per share of $1.04, ahead of the $1.01 consensus estimate. Quarterly revenue reached $9.8 billion, up 3.3% year over year but just below analyst projections of $9.94 billion.Total case volume increased 0.8% in the quarter, while independent restaurant case volume — a key growth area — rose 4.1%.Net income surged 178.8% to $184 million, and adjusted EBITDA climbed 11.1% to $490 million. Adjusted EBITDA margin improved by 35 basis points to 5.0% compared with the prior-year period.“2025 was a strong start to our three year long-range plan. We grew Adjusted EBITDA 11% to a record $1.9 billion, expanded Adjusted EBITDA margin by 30 basis points to 4.9%, and increased Adjusted Diluted EPS 26% to a record $3.98,” said Dave Flitman, CEO of US Foods. “We delivered these strong results despite a softer economic environment by continuing to focus on controlling the controllables.”For full-year 2025, US Foods generated $39.4 billion in net sales, representing 4.1% growth from the previous year. Annual net income rose 36.8% to $676 million.Looking to fiscal 2026, the company expects net sales growth of 4% to 6%, adjusted EBITDA growth of 9% to 13%, and adjusted diluted EPS growth of 18% to 24%.Management also noted that fiscal 2026 will include a 53rd week, which is anticipated to contribute roughly 1% to both total case growth and adjusted EBITDA growth.During the fourth quarter, US Foods repurchased 4.2 million shares for $327 million. For the full year, the company bought back 11.9 million shares at a total cost of $934 million.US Foods Holding Corp stock price

Original: US Foods tops Q4 profit forecasts, revenue comes in slightly light

US Foods Reports Fourth Quarter and Fiscal Year 2025 EarningsFebruary 12, 2026 6:45 AM
Business Wire
For Fiscal Year 2025:


Grew Net Sales 4.1% to $39.4 Billion, Net Income 36.8% to $676 Million and Diluted EPS 45.5% to $2.94


Grew Adjusted EBITDA 11.0% to $1.93 Billion and Adjusted Diluted EPS 26.3% to $3.98


Expanded Adjusted EBITDA Margin 30 Basis Points to 4.9%


Repurchased $934 Million of Shares


US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the fourth quarter and full fiscal year 2025.


Fourth Quarter Fiscal 2025 Highlights



Total case volume increased 0.8%; independent restaurant case volume increased 4.1%



Net sales increased 3.3% to $9.8 billion



Gross profit increased 3.2% to $1.7 billion



Net income increased 178.8% to $184 million



Adjusted EBITDA1 increased 11.1% to $490 million



Diluted EPS increased 192.9% to $0.82; Adjusted Diluted EPS1 increased 23.8% to $1.04



Fiscal Year 2025 Highlights



Total case volume increased 1.0%; independent restaurant case volume increased 3.3%



Net sales increased 4.1% to $39.4 billion



Gross profit increased 5.1% to $6.9 billion



Net income increased 36.8% to $676 million



Adjusted EBITDA1 increased 11.0% to $1.93 billion



Diluted EPS increased 45.5% to $2.94; Adjusted Diluted EPS1 increased 26.3% to $3.98




____________________________



1 This earnings release includes several metrics, including Adjusted EBITDA, Adjusted Diluted EPS and Adjusted EBITDA margin, that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Please refer to the “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” sections of this press release for the definitions and reconciliation of any non-GAAP financial measures to their respective most comparable financial measure calculated in accordance with GAAP.







“2025 was a strong start to our three year long-range plan. We grew Adjusted EBITDA 11% to a record $1.9 billion, expanded Adjusted EBITDA margin by 30 basis points to 4.9%, and increased Adjusted Diluted EPS 26% to a record $3.98,” said Dave Flitman, CEO. “We delivered these strong results despite a softer economic environment by continuing to focus on controlling the controllables, namely capturing incremental market share across our target customer types and executing our operational excellence and productivity initiatives. As we enter 2026, our momentum reflects the extraordinary dedication and focus of our 30,000 associates to serving our customers and creating shareholder value. We remain confident in our ability to achieve our long-range plan and deliver sustained double-digit Adjusted EPS growth beyond 2027.”


“Our fourth quarter performance capped off a very good year, demonstrating the strength and resilience of our business model, our effective execution and the value of our disciplined capital allocation framework,” added Dirk Locascio, CFO. “We are excited about our recently announced $1 billion share repurchase authorization, which reinforces our confidence in the company's future and our commitment to driving shareholder value. Looking ahead, we remain committed to achieving our long-range plan algorithm and financial targets, including generating more than $4 billion of cumulative operating cash flow from 2025 to 2027.”


Fourth Quarter Fiscal Year 2025 Results


Total case volume increased 0.8% from the prior year driven by a 4.1% increase in independent restaurant case volume, a 2.9% increase in healthcare volume and a 3.1% increase in hospitality volume, partially offset by a 3.4% decrease in chain volume. Total organic case volume increased 0.3%, which includes 3.7% organic independent restaurant case volume growth. Net sales of $9.8 billion for the quarter increased 3.3% from the prior year, driven by case volume growth and food cost inflation of 1.8%.


Gross profit of $1.7 billion increased by $54 million, or 3.2%, from the prior year, primarily as a result of an increase in total case volume, improved cost of goods sold and inventory management, partially offset by an unfavorable year-over-year LIFO adjustment. Gross profit as a percentage of Net sales was 17.6%. Adjusted Gross profit was $1.7 billion, an increase of $61 million, or 3.7% from the prior year. Adjusted Gross profit as a percentage of Net sales was 17.6%.


Operating expenses of $1.4 billion increased by $35 million, or 2.6%, from the prior year, primarily as a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by continued distribution productivity improvement as well as actions to streamline administrative processes and costs. Operating expenses as a percentage of Net sales were 14.3%. Adjusted Operating expenses were $1.2 billion, an increase of $14 million, or 1.2% from the prior year. Adjusted Operating expenses as a percentage of Net sales were 12.6%.


Net income of $184 million, increased by $118 million, or 178.8% compared to the prior year. Net income margin was 1.9%, an increase of 118 basis points compared to the prior year. Adjusted EBITDA was $490 million, an increase of $49 million, or 11.1%, compared to the prior year. Adjusted EBITDA margin was 5.0%, an increase of 35 basis points compared to the prior year. Diluted EPS was $0.82; Adjusted Diluted EPS was $1.04.


Fiscal Year 2025 Results


Total case volume increased 1.0% from the prior year driven by a 3.3% increase in independent restaurant case volume, a 4.4% increase in healthcare volume and a 2.9% increase in hospitality volume, partially offset by a 3.5% decrease in chain volume. Total organic case volume increased 0.4%, which includes 2.7% organic independent restaurant case volume growth. Net sales of $39.4 billion increased 4.1% from the prior year, driven by case volume growth and food cost inflation of 2.6%.


Gross profit of $6.9 billion increased by $330 million, or 5.1%, from the prior year, primarily as a result of an increase in total case volume, improved cost of goods sold and inventory management. Gross profit as a percentage of Net sales was 17.4%. Adjusted Gross profit was $6.9 billion, an increase of $334 million, or 5.1% from the prior year. Adjusted Gross profit as a percentage of Net sales was 17.6%.


Operating expenses of $5.7 billion increased by $230 million, or 4.2%, from the prior year, primarily as a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by continued distribution productivity improvement as well as actions to streamline administrative processes and costs. Operating expenses as a percentage of Net sales were 14.4%. Adjusted Operating expenses were $5.0 billion, an increase of $153 million, or 3.2% from the prior year. Adjusted Operating expenses as a percentage of Net sales were 12.7%.


Net income of $676 million, increased by $182 million, or 36.8% from the prior year. Net income margin was 1.7%, an increase of 41 basis points compared to the prior year. Adjusted EBITDA was $1.93 billion, an increase of $191 million, or 11.0% compared to the prior year. Adjusted EBITDA margin was 4.9%, an increase of 30 basis points compared to the prior year. Diluted EPS was $2.94; Adjusted Diluted EPS was $3.98.


Cash Flow and Debt


Cash flow provided by operating activities for fiscal year 2025 was $1.37 billion, an increase of $195 million from the prior year due to higher net income and a reduction in tax payments. Cash capital expenditures for fiscal year 2025 totaled $410 million, an increase of $69 million from the prior year, related to investments in information technology, property and equipment and construction and improvements to distribution facilities.


Net Debt at the end of fiscal year 2025 was $5.2 billion. The ratio of Net Debt to Adjusted EBITDA was 2.7x at the end of fiscal year 2025 and 2.8x the end of fiscal year 2024.


During the fourth quarter of fiscal year 2025, the Company repurchased 4.2 million shares of common stock at an aggregate purchase price of $327 million and for the full fiscal year repurchased 11.9 million shares of common stock at an aggregate purchase price of $934 million. As of the end of fiscal year 2025, the Company had approximately $1,090 million total in remaining funds authorized under its share repurchase programs. The Company had approximately $90 million in remaining funds authorized under the share repurchase program approved by the Board of Directors on May 8, 2025 and $1 billion in remaining funds authorized under the share repurchase program approved by the Board of Directors on November 24, 2025.


M&A Update


During the fourth quarter of fiscal 2025, the Company acquired Shetakis, an independent food distributor located in Las Vegas, Nevada. The acquisition was funded with cash on hand and closed on November 24, 2025.


Outlook for Fiscal Year 20262


The Company is providing Fiscal Year 2026 guidance of:



Net sales growth of 4% to 6%



Adjusted EBITDA growth of 9% to 13%



Adjusted Diluted EPS growth of 18% to 24%



The guidance provided above includes the impact of a 53rd week in fiscal year 2026, which is expected to add approximately 1% to total case growth and Adjusted EBITDA growth.


Conference Call and Webcast Information


US Foods will host a live webcast to discuss fourth quarter and fiscal year 2025 results on Thursday, Feb. 12, 2026, at 8 a.m. CST. The call can also be accessed live over the phone by dialing (877) 344-2001; the conference ID number is 2528845. Presentation slides will be available shortly before the webcast begins. The webcast, slides, and a copy of this press release can be found in the Investor Relations section of our website at https://ir.usfoods.com.


About US Foods


With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 customer locations to help their businesses succeed. With more than 70 broadline locations and more than 90 cash and carry stores, US Foods and its 30,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.



___________________________



1 The Company is not providing a reconciliation of certain forward-looking non-GAAP financial measures, including Adjusted EBITDA and Adjusted Diluted EPS, because the Company is unable to predict with reasonable certainty the financial impact of certain significant items, including restructuring activity and asset impairment charges, share-based compensation expenses, non-cash impacts of LIFO reserve adjustments, losses on extinguishments of debt, business transformation costs, other gains and losses, business acquisition and integration related costs and planned divestiture costs and diluted earnings per share. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance periods. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results.







Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, forecasted financial performance, statements about future results of operations and other statements which are not purely historical facts or that necessarily depend upon future events, including those under the heading “Outlook for Fiscal Year 2026.” These statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “outlook,” “estimate,” “target,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecast,” “mission,” “strive,” “more,” “goal,” or similar expressions (although not all forward-looking statements may contain such words). These statements are not guarantees of future performance or results and are subject to risks, uncertainties and other important factors, many of which are beyond our control, that could cause actual results to differ materially from those expressed in the forward-looking statements, including, among others: changes in consumer eating habits, including economic factors affecting consumer confidence and discretionary spending and the impact of advancements in pharmaceutical therapies, which may reduce the consumption of food prepared away from home; cost inflation/deflation and commodity volatility, including increases in fuel costs; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business and achieve the expected benefits from cost savings initiatives; the impact of climate change or related regulatory or market measures; the impact of governmental regulations related to our operations, including product safety; product recalls and product liability claims; our reputation in the industry; labor relations, increased labor costs and continued access to qualified labor; the level, interest rates and availability of indebtedness and restrictions under agreements governing our indebtedness; disruption of existing technologies and implementation of new technologies, including artificial intelligence; cybersecurity incidents and other technology disruptions; effective execution on the Company’s growth strategy, including acquisitions and the integration of acquired businesses; risks to the health and safety risks of our associates; adverse judgments or settlements resulting from litigation; extreme weather conditions, natural disasters and other catastrophic events; and the timing and scope of future repurchases by US Foods of its common stock. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are based on information available to us on the date hereof. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement.


Non-GAAP Financial Measures


We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Net income and Adjusted Diluted EPS are non-GAAP financial measures regarding our operational performance and liquidity. These non-GAAP financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP.


We use Adjusted Gross profit and Adjusted Operating expenses as supplemental measures to GAAP measures to focus on period-over-period changes in our business and believe this information is helpful to investors. Adjusted Gross profit is Gross profit adjusted to remove the impact of the LIFO inventory reserve adjustments. Adjusted Operating expenses are Operating expenses adjusted to exclude amounts that we do not consider part of our core operating results when assessing our performance.


We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide meaningful supplemental information about our operating performance because they exclude amounts that we do not consider part of our core operating results when assessing our performance. EBITDA is Net income (loss), plus Interest expense-net, Income tax provision (benefit), and Depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for (1) Restructuring activity and asset impairment charges; (2) Share-based compensation expense; (3) the non-cash impact of LIFO reserve adjustments; (4) loss on extinguishment of debt; (5) Business transformation costs; and (6) other gains, losses or costs as specified in the agreements governing our indebtedness. Adjusted EBITDA margin is Adjusted EBITDA divided by total Net sales.


We use Net Debt as a supplemental measure to GAAP measures to review the liquidity of our operations. Net Debt is defined as total debt net of total Cash, cash equivalents and restricted cash remaining on the balance sheet as of the end of the most recent fiscal quarter. We believe that Net Debt is a useful financial metric to assess our ability to pursue business opportunities and investments. Net Debt is not a measure of our liquidity under GAAP and should not be considered as an alternative to Cash Flows Provided by Operations or Cash Flows Used in Financing Activities.


We believe that Adjusted Net income is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense, and Income taxes on a consistent basis from period to period. Adjusted Net income is Net income (loss) excluding such items as restructuring activity and asset impairment charges, Share-based compensation expense, the non-cash impacts of LIFO reserve adjustments, amortization expense, loss on extinguishment of debt, Business transformation costs and other items, and adjusted for the tax effect of the exclusions and discrete tax items. We believe that Adjusted Net income may be used by investors, analysts, and other interested parties to facilitate period-over-period comparisons and provides additional clarity as to how factors and trends impact our operating performance.


We use Adjusted Diluted Earnings per Share, which is calculated by adjusting the most directly comparable GAAP financial measure, Diluted Earnings per Share, by excluding the same items excluded in our calculation of Adjusted EBITDA to the extent that each such item was included in the applicable GAAP financial measure. We believe the presentation of Adjusted Diluted Earnings per Share is useful to investors because the measurement excludes amounts that we do not consider part of our core operating results when assessing our performance. We also believe that the presentation of Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Diluted Earnings per Share is useful to investors because these metrics may be used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in our industry.


Management uses these non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors as they assist in highlighting trends, (b) to set internal sales targets and spending budgets, (c) to measure operational profitability and the accuracy of forecasting, (d) to assess financial discipline over operational expenditures, and (e) as an important factor in determining variable compensation for management and employees. EBITDA and Adjusted EBITDA are also used in connection with certain covenants and restricted activities under the agreements governing our indebtedness. We also believe these and similar non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry.


We caution readers that our definitions of Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net Debt, Adjusted Net income and Adjusted Diluted EPS may not be calculated in the same manner as similar measures used by other companies. Definitions and reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release.




 




US FOODS HOLDING CORP.




Consolidated Balance Sheets




(Unaudited)




 








($ in millions)






 






December 27,




2025






 






December 28,




2024








 






 






 






 






 








ASSETS






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






41






 






 






$






59






 








Accounts receivable, less allowances of $30 and $24






 






 






2,026






 






 






 






1,957






 








Vendor receivables, less allowances of $7 and $7






 






 






173






 






 






 






167






 








Inventories—net






 






 






1,711






 






 






 






1,626






 








Prepaid expenses






 






 






153






 






 






 






146






 








Other current assets and assets held for sale






 






 






60






 






 






 






19






 








Total current assets






 






 






4,164






 






 






 






3,974






 








Property and equipment—net






 






 






2,681






 






 






 






2,398






 








Goodwill






 






 






5,794






 






 






 






5,766






 








Other intangibles—net






 






 






781






 






 






 






836






 








Other assets and noncurrent assets held for sale






 






 






523






 






 






 






462






 








Total assets






 






$






13,943






 






 






$






13,436






 








 






 






 






 






 








LIABILITIES AND SHAREHOLDERS' EQUITY






 






 






 






 








Current liabilities:






 






 






 






 








Cash overdraft liability






 






$






168






 






 






$






216






 








Accounts payable






 






 






2,447






 






 






 






2,231






 








Accrued expenses, other current liabilities and liabilities held for sale






 






 






839






 






 






 






740






 








Current portion of long-term debt






 






 






137






 






 






 






109






 








Total current liabilities






 






 






3,591






 






 






 






3,296






 








Long-term debt






 






 






5,063






 






 






 






4,819






 








Deferred tax liabilities






 






 






426






 






 






 






335






 








Other long-term liabilities and noncurrent liabilities held for sale






 






 






556






 






 






 






458






 








Total liabilities






 






 






9,636






 






 






 






8,908






 








Shareholders' equity:






 






 






 






 








Common stock






 






 






3






 






 






 






3






 








Additional paid-in capital






 






 






3,777






 






 






 






3,748






 








Retained earnings






 






 






2,679






 






 






 






2,003






 








Accumulated other comprehensive income






 






 






48






 






 






 






43






 








Treasury Stock






 






 






(2,200






)






 






 






(1,269






)








Total shareholders’ equity






 






 






4,307






 






 






 






4,528






 








Total liabilities and shareholders’ equity






 






$






13,943






 






 






$






13,436






 









 




US FOODS HOLDING CORP.




Consolidated Statements of Operations




(Unaudited)




 








 






 






For the 13 weeks ended






 






For the 52 weeks ended








($ in millions, except share and per share data)






 






December 27,

2025






 






December 28,

2024






 






December 27,

2025






 






December 28,

2024








Net sales






 






$






9,800






 






 






$






9,491







 






$






39,424






 






 






$






37,877









Cost of goods sold






 






 






8,080






 






 






 






7,825






 






 






 






32,560






 






 






 






31,343






 








Gross profit






 






 






1,720






 






 






 






1,666






 






 






 






6,864






 






 






 






6,534






 








Distribution, selling and administrative costs






 






 






1,386






 






 






 






1,362






 






 






 






5,632






 






 






 






5,412






 








Restructuring activity and asset impairment charges






 






 






13






 






 






 






2






 






 






 






33






 






 






 






23






 








Total operating expenses






 






 






1,399






 






 






 






1,364






 






 






 






5,665






 






 






 






5,435






 








Operating income






 






 






321






 






 






 






302






 






 






 






1,199






 






 






 






1,099






 








Other (income) expense—net






 






 






(1






)






 






 






1






 






 






 






(4






)






 






 






6






 








Interest expense—net






 






 






78






 






 






 






80






 






 






 






305






 






 






 






315






 








Loss on extinguishment of debt






 






 






—






 






 






 






10






 






 






 






—






 






 






 






10






 








Recognition of net actuarial loss for pension settlement






 






 






—






 






 






 






124






 






 






 






—






 






 






 






124






 








Income before income taxes






 






 






244






 






 






 






87






 






 






 






898






 






 






 






644






 








Income tax provision






 






 






60






 






 






 






21






 






 






 






222






 






 






 






150






 








Net income






 






$






184






 






 






$






66






 






 






$






676






 






 






$






494






 








 






 






 






 






 






 






 






 






 








Net income per share






 






 






 






 






 






 






 






 








Basic






 






$






0.83






 






 






$






0.28






 






 






$






2.98






 






 






$






2.05






 








Diluted






 






$






0.82






 






 






$






0.28






 






 






$






2.94






 






 






$






2.02






 








 






 






 






 






 






 






 






 






 








Weighted-average common shares outstanding






 






 






 






 






 






 






 






 








Basic






 






 






222.2






 






 






 






232.3






 






 






 






227.1






 






 






 






241.0






 








Diluted






 






 






225.1






 






 






 






235.8






 






 






 






230.2






 






 






 






244.1






 









 




US FOODS HOLDING CORP.




Consolidated Statements of Cash Flows




(Unaudited)




 








 






 






For the 52 weeks ended








($ in millions)






 






December 27, 2025






 






December 28, 2024








Cash flows from operating activities:






 






 






 






 








Net income






 






$






676






 






 






$






494






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 








Depreciation and amortization






 






 






462






 






 






 






438






 








Intangible asset impairment charges






 






 






13






 






 






 






—






 








Loss on extinguishment of debt






 






 






—






 






 






 






10






 








Loss on pension settlement






 






 






—






 






 






 






124






 








Deferred tax provision (benefit)






 






 






86






 






 






 






(10






)








Share-based compensation expense






 






 






83






 






 






 






63






 








Provision for doubtful accounts






 






 






35






 






 






 






29






 








Other non-cash activities






 






 






9






 






 






 






8






 








Changes in operating assets and liabilities, net of business acquisitions:






 






 






 






 








Increase in receivables






 






 






(95






)






 






 






(140






)








Increase in inventories






 






 






(66






)






 






 






(16






)








(Increase) decrease in prepaid expenses and other assets






 






 






(34






)






 






 






38






 








Increase in accounts payable and cash overdraft liability






 






 






143






 






 






 






170






 








Increase (decrease) in accrued expenses and other liabilities






 






 






57






 






 






 






(34






)








Net cash provided by operating activities






 






 






1,369






 






 






 






1,174






 








Cash flows from investing activities:






 






 






 






 








Acquisition of businesses—net of cash received






 






 






(131






)






 






 






(214






)








Proceeds from business divestiture






 






 






38






 






 






 






—






 








Proceeds from sales of property and equipment






 






 






6






 






 






 






3






 








Purchases of property and equipment






 






 






(410






)






 






 






(341






)








Net cash used in investing activities






 






 






(497






)






 






 






(552






)








Cash flows from financing activities:






 






 






 






 








Issuance of new Senior Note Debt






 






 






—






 






 






 






500






 








Principal payments on debt refinancing






 






 






—






 






 






 






(1,217






)








Proceeds from Term Loan Issuance






 






 






—






 






 






 






725






 








Principal payments on debt repricing






 






 






—






 






 






 






(14






)








Proceeds from debt repricing






 






 






—






 






 






 






14






 








Proceeds from debt borrowings






 






 






9,792






 






 






 






4,896






 








Principal payments on debt and financing leases






 






 






(9,701






)






 






 






(4,796






)








Debt financing costs and fees






 






 






—






 






 






 






(13






)








Repurchase of common stock






 






 






(926






)






 






 






(948






)








Unsettled accelerated share repurchases






 






 






(50






)






 






 






—






 








Proceeds from employee stock purchase plan






 






 






28






 






 






 






28






 








Proceeds from exercise of stock options






 






 






6






 






 






 






15






 








Purchase of interest rate caps






 






 






(1






)






 






 






—






 








Tax withholding payments for net share-settled equity awards






 






 






(38






)






 






 






(21






)








Net cash used in financing activities






 






 






(890






)






 






 






(831






)








Net decrease in cash, cash equivalents and restricted cash






 






 






(18






)






 






 






(209






)








Cash, cash equivalents and restricted cash—beginning of year






 






 






59






 






 






 






269






 








Cash, cash equivalents and restricted cash—end of year






 






$






41






 






 






$






60






 








Supplemental disclosures of cash flow information:






 






 






 






 








Interest paid—net of amounts capitalized






 






 






300






 






 






 






284






 








Income taxes paid—net






 






 






89






 






 






 






181






 








Federal






 






 






52






 






 






 






150






 








State






 






 






37






 






 






 






31






 








California






 






 






8






 






 






 






*









Property and equipment purchases included in accounts payable






 






 






79






 






 






 






47






 








Leased assets obtained in exchange for financing lease liabilities






 






 






201






 






 






 






145






 








Leased assets obtained in exchange for operating lease liabilities






 






 






109






 






 






 






35






 








Cashless exercise of stock options






 






 






3






 






 






 






5






 








 




*Jurisdiction below the threshold for the period presented.









 




US FOODS HOLDING CORP.




Non-GAAP Reconciliation




(Unaudited)




 








 






 






For the 13 weeks ended








(in millions, except per share data)






 






December 27, 2025






 






December 28, 2024






 






Change






 






%








Net income and Net income margin (GAAP)






 






$






184






 







1.9






%






 






$






66






 







0.7






%






 






$






118






 






 






178.8






%








Interest expense—net






 






 






78






 







 






 






 






80






 







 






 






 






(2






)






 






(2.5






)%








Income tax provision






 






 






60






 







 






 






 






21






 







 






 






 






39






 






 






185.7






%








Depreciation expense






 






 






103






 







 






 






 






96






 







 






 






 






7






 






 






7.3






%








Amortization expense






 






 






14






 







 






 






 






15






 







 






 






 






(1






)






 






(6.7






)%








EBITDA and EBITDA margin (Non-GAAP)






 






 






439






 







4.5






%






 






 






278






 







2.9






%






 






 






161






 






 






57.9






%








Adjustments:






 






 







 






 






 







 






 






 






 






 








Restructuring activity and asset impairment charges(1)






 






 






13






 







 






 






 






3






 







 






 






 






10






 






 






333.3






%








Share-based compensation expense (2)






 






 






19






 







 






 






 






17






 







 






 






 






2






 






 






11.8






%








LIFO reserve adjustments(3)






 






 






—






 







 






 






 






(7






)







 






 






 






7






 






 






(100.0






)%








Loss on extinguishment of debt(4)






 






 






—






 







 






 






 






10






 







 






 






 






(10






)






 






(100.0






)%








Recognition of net actuarial loss for pension settlement(5)






 






 






—






 







 






 






 






124






 







 






 






 






(124






)






 






(100.0






)%








Business transformation costs(6)






 






 






10






 







 






 






 






11






 







 






 






 






(1






)






 






(9.1






)%








Business acquisition, integration related costs, divestitures and other(7)






 






 






9






 







 






 






 






5






 







 






 






 






4






 






 






80.0






%








Adjusted EBITDA and Adjusted EBITDA margin (Non-GAAP)






 






 






490






 







5.0






%






 






 






441






 







4.6






%






 






 






49






 






 






11.1






%








Depreciation expense






 






 






(103






)







 






 






 






(96






)







 






 






 






(7






)






 






7.3






%








Interest expense—net






 






 






(78






)







 






 






 






(80






)







 






 






 






2






 






 






(2.5






)%








Income tax provision, as adjusted(8)






 






 






(74






)







 






 






 






(68






)







 






 






 






(6






)






 






8.8






%








Adjusted Net income (Non-GAAP)






 






$






235






 







 






 






$






197






 







 






 






$






38






 






 






19.3






%








 






 






 







 






 






 







 






 






 






 






 








Diluted EPS (GAAP)






 






$






0.82






 







 






 






$






0.28






 







 






 






$






0.54






 






 






192.9






%








Restructuring activity and asset impairment charges(1)






 






 






0.06






 







 






 






 






0.01






 







 






 






 






0.05






 






 






500.0






%








Share-based compensation expense (2)






 






 






0.08






 







 






 






 






0.07






 







 






 






 






0.01






 






 






14.3






%








LIFO reserve adjustments(3)






 






 






—






 







 






 






 






(0.03






)







 






 






 






0.03






 






 






(100.0






)%








Loss on extinguishment of debt(4)






 






 






—






 







 






 






 






0.04






 







 






 






 






(0.04






)






 






(100.0






)%








Recognition of net actuarial loss for pension settlement(5)






 






 






—






 







 






 






 






0.53






 







 






 






 






(0.53






)






 






(100.0






)%








Business transformation costs(6)






 






 






0.04






 







 






 






 






0.05






 







 






 






 






(0.01






)






 






(20.0






)%








Business acquisition, integration related costs, divestitures and other(7)






 






 






0.04






 







 






 






 






0.02






 







 






 






 






0.02






 






 






100.0






%








Income tax provision, as adjusted(8)






 






 






—






 







 






 






 






(0.13






)







 






 






 






0.13






 






 






(100.0






)%








Adjusted Diluted EPS (Non-GAAP)(9)






 






$






1.04






 







 






 






$






0.84






 







 






 






$






0.20






 






 






23.8






%








 






 






 







 






 






 







 






 






 






 






 








Weighted-average diluted shares outstanding






 






 






225.1






 







 






 






 






235.8






 







 






 






 






 






 








 






 






 







 






 






 







 






 






 






 






 








Gross profit (GAAP)






 






$






1,720






 







 






 






$






1,666






 







 






 






$






54






 






 






3.2






%








LIFO reserve adjustments(3)






 






 






—






 







 






 






 






(7






)







 






 






 






7






 






 






(100.0






)%








Adjusted Gross profit (Non-GAAP)






 






$






1,720






 







 






 






$






1,659






 







 






 






$






61






 






 






3.7






%








 






 






 







 






 






 







 






 






 






 






 








Operating expenses (GAAP)






 






$






1,399






 







 






 






$






1,364






 







 






 






$






35






 






 






2.6






%








Depreciation expense






 






 






(103






)







 






 






 






(96






)







 






 






 






(7






)






 






7.3






%








Amortization expense






 






 






(14






)







 






 






 






(15






)







 






 






 






1






 






 






(6.7






)%








Restructuring activity and asset impairment charges(1)






 






 






(13






)







 






 






 






(3






)







 






 






 






(10






)






 






333.3






%








Share-based compensation expense (2)






 






 






(19






)







 






 






 






(17






)







 






 






 






(2






)






 






11.8






%








Business transformation costs(6)






 






 






(10






)







 






 






 






(11






)







 






 






 






1






 






 






(9.1






)%








Business acquisition, integration related costs, divestitures and other(7)






 






 






(9






)







 






 






 






(5






)







 






 






 






(4






)






 






80.0






%








Adjusted Operating expenses (Non-GAAP)






 






$






1,231






 







 






 






$






1,217






 







 






 






$






14






 






 






1.2






%









NM - Not Meaningful








(1)






Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges.








(2)






Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan.








(3)






Represents the impact of LIFO reserve adjustments.








(4)






Includes early redemption premium and the write-off of certain pre-existing debt issuance costs.








(5)






Recognition of net actuarial loss for pension settlement represents non-recurring expense for the termination of certain defined benefit plans.








(6)






Transformational costs represent non-recurring expenses prior to formal launch of strategic projects with anticipated long-term benefits to the Company. These costs generally relate to third party consulting and non-capitalizable technology. For both the 13 weeks ended December 27, 2025, and December 28, 2024, business transformation costs related to projects associated with information technology infrastructure initiatives and related workforce efficiencies.








(7)






Includes: (i) aggregate acquisition, integration related costs and planned divestiture costs of $8 million and $5 million for the 13 weeks ended December 27, 2025 and December 28, 2024, respectively and (ii) other gains, losses or costs that we are permitted to addback for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness.








(8)






Represents our income tax provision adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include changes in tax laws or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and excess tax benefits associated with share-based compensation. The tax effect of pre-tax items excluded from Adjusted Net income is computed using a statutory tax rate after taking into account the impact of permanent differences and valuation allowances.








(9)






Adjusted Diluted EPS is calculated as Adjusted Net income divided by weighted average diluted shares outstanding.









 




US FOODS HOLDING CORP.




Non-GAAP Reconciliation




(Unaudited)




 








 






 






For the 52 weeks ended








(in millions, except per share data)






 






December 27, 2025






 






December 28, 2024






 






Change






 






%








Net income and Net income margin (GAAP)






 






$






676






 







1.7






%






 






$






494






 







1.3






%






 






 






182






 






 






36.8






%








Interest expense—net






 






 






305






 







 






 






 






315






 







 






 






 






(10






)






 






(3.2






)%








Income tax provision






 






 






222






 







 






 






 






150






 







 






 






 






72






 






 






48.0






%








Depreciation expense






 






 






406






 







 






 






 






384






 







 






 






 






22






 






 






5.7






%








Amortization expense






 






 






56






 







 






 






 






54






 







 






 






 






2






 






 






3.7






%








EBITDA and EBITDA margin (Non-GAAP)






 






 






1,665






 







4.2






%






 






 






1,397






 







3.7






%






 






 






268






 






 






19.2






%








Adjustments:






 






 







 






 






 







 






 






 






 






 








Restructuring activity and asset impairment charges(1)






 






 






33






 







 






 






 






25






 







 






 






 






8






 






 






32.0






%








Share-based compensation expense (2)






 






 






83






 







 






 






 






63






 







 






 






 






20






 






 






31.7






%








LIFO reserve adjustments(3)






 






 






65






 







 






 






 






61






 







 






 






 






4






 






 






6.6






%








Loss on extinguishment of debt(4)






 






 






—






 







 






 






 






10






 







 






 






 






(10






)






 






(100.0






)%








Recognition of net actuarial loss for pension settlement(5)






 






 






—






 







 






 






 






124






 







 






 






 






(124






)






 






(100.0






)%








Business transformation costs(6)






 






 






48






 







 






 






 






39






 







 






 






 






9






 






 






23.1






%








Business acquisition, integration related costs, divestitures and other(7)






 






 






38






 







 






 






 






22






 







 






 






 






16






 






 






72.7






%








Adjusted EBITDA and Adjusted EBITDA margin (Non-GAAP)






 






 






1,932






 







4.9






%






 






 






1,741






 







4.6






%






 






 






191






 






 






11.0






%








Depreciation expense






 






 






(406






)







 






 






 






(384






)







 






 






 






(22






)






 






5.7






%








Interest expense—net






 






 






(305






)







 






 






 






(315






)







 






 






 






10






 






 






(3.2






)%








Income tax provision, as adjusted(8)






 






 






(305






)







 






 






 






(272






)







 






 






 






(33






)






 






12.1






%








Adjusted Net income (Non-GAAP)






 






$






916






 







 






 






$






770






 







 






 






$






146






 






 






19.0






%








 






 






 







 






 






 







 






 






 






 






 








Diluted EPS (GAAP)






 






$






2.94






 







 






 






$






2.02






 







 






 






$






0.92






 






 






45.5






%








Restructuring activity and asset impairment charges(1)






 






 






0.14






 







 






 






 






0.10






 







 






 






 






0.04






 






 






40.0






%








Share-based compensation expense(2)






 






 






0.36






 







 






 






 






0.26






 







 






 






 






0.10






 






 






38.5






%








LIFO reserve adjustments(3)






 






 






0.28






 







 






 






 






0.25






 







 






 






 






0.03






 






 






12.0






%








Loss on extinguishment of debt(4)






 






 






—






 







 






 






 






0.04






 







 






 






 






(0.04






)






 






(100.0






)%








Recognition of net actuarial loss for pension settlement(5)






 






 






—






 







 






 






 






0.51






 







 






 






 






(0.51






)






 






(100.0






)%








Business transformation costs(6)






 






 






0.21






 







 






 






 






0.16






 







 






 






 






0.05






 






 






31.3






%








Business acquisition, integration related costs, divestitures and other(7)






 






 






0.17






 







 






 






 






0.09






 







 






 






 






0.08






 






 






88.9






%








Income tax provision, as adjusted(8)






 






 






(0.12






)







 






 






 






(0.28






)







 






 






 






0.16






 






 






(57.1






)%








Adjusted Diluted EPS (Non-GAAP)(9)






 






$






3.98






 







 






 






$






3.15






 







 






 






$






0.83






 






 






26.3






%








 






 






 







 






 






 







 






 






 






 






 








Weighted-average diluted shares outstanding






 






 






230.2






 







 






 






 






244.1






 







 






 






 






 






 








 






 






 







 






 






 







 






 






 






 






 








Gross profit (GAAP)






 






$






6,864






 







 






 






$






6,534






 







 






 






$






330






 






 






5.1






%








LIFO reserve adjustments(3)






 






 






65






 







 






 






 






61






 







 






 






 






4






 






 






6.6






%








Adjusted Gross profit (Non-GAAP)






 






$






6,929






 







 






 






$






6,595






 







 






 






$






334






 






 






5.1






%








 






 






 







 






 






 







 






 






 






 






 








Operating expenses (GAAP)






 






$






5,665






 







 






 






$






5,435






 







 






 






$






230






 






 






4.2






%








Depreciation expense






 






 






(406






)







 






 






 






(384






)







 






 






 






(22






)






 






5.7






%








Amortization expense






 






 






(56






)







 






 






 






(54






)







 






 






 






(2






)






 






3.7






%








Restructuring activity and asset impairment charges(1)






 






 






(33






)







 






 






 






(25






)







 






 






 






(8






)






 






32.0






%








Share-based compensation expense (2)






 






 






(83






)







 






 






 






(63






)







 






 






 






(20






)






 






31.7






%








Business transformation costs(6)






 






 






(48






)







 






 






 






(39






)







 






 






 






(9






)






 






23.1






%








Business acquisition, integration related costs, divestitures and other(7)






 






 






(38






)







 






 






 






(22






)







 






 






 






(16






)






 






72.7






%








Adjusted Operating expenses (Non-GAAP)






 






$






5,001






 







 






 






$






4,848






 







 






 






$






153






 






 






3.2






%









NM - Not Meaningful








(1)






Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges.








(2)






Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan.








(3)






Represents the impact of LIFO reserve adjustments.








(4)






Includes early redemption premium and the write-off of certain pre-existing debt issuance costs.








(5)






Recognition of net actuarial loss for pension settlement represents non-recurring expense for the termination of certain defined benefit plans.








(6)






Transformational costs represent non-recurring expenses prior to formal launch of strategic projects with anticipated long-term benefits to the Company. These costs generally relate to third party consulting and non-capitalizable technology. For both the 52 weeks ended December 27, 2025, and December 28, 2024, business transformation costs related to projects associated with information technology infrastructure initiatives and related workforce efficiencies.








(7)






Includes: (i) aggregate acquisition, integration related costs and planned divestiture costs of $32 million for the 52 weeks ended December 27, 2025, and $22 million for 52 weeks ended December 28, 2024 (ii) other gains, losses or costs that we are permitted to add back for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness.








(8)






Represents our income tax provision adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include changes in tax laws or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and excess tax benefits associated with share-based compensation. The tax effect of pre-tax items excluded from Adjusted Net income is computed using a statutory tax rate after taking into account the impact of permanent differences and valuation allowances.








(9)






Adjusted Diluted EPS is calculated as Adjusted Net income divided by weighted average diluted shares outstanding (Non-GAAP).









 




 




US FOODS HOLDING CORP.




Non-GAAP Reconciliation




Net Debt and Net Leverage Ratios




 








($ in millions, except ratios)






 






December 27, 2025






 






December 28, 2024








Total Debt (GAAP)






 






$






5,200






 






 






$






4,928






 








Cash, cash equivalents and restricted cash






 






 






(41






)






 






 






(59






)








Net Debt (Non-GAAP)






 






$






5,159






 






 






$






4,869






 








Adjusted EBITDA (1)






 






$






1,932






 






 






$






1,741






 








Net Leverage Ratio (2)






 






 






2.7






 






 






 






2.8






 









(1)






Trailing Twelve Months (TTM) Adjusted EBITDA








(2)






Net Debt/TTM Adjusted EBITDA







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260211087663/en/
INVESTOR CONTACT:

Mike Neese

(847) 232-5894

Michael.Neese@usfoods.com


MEDIA CONTACT:

Sara Matheu

(773) 580-3775

Sara.Matheu@usfoods.com


Original: US Foods Reports Fourth Quarter and Fiscal Year 2025 Earnings