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The Chefs' Warehouse (CHEF) investor relations material
The Chefs' Warehouse Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales rose 8.4% year-over-year to $1.03 billion–$1.035 billion in Q2 2025, driven by strong unit volume, unique item placement growth, and price inflation, with no impact from acquisitions.
Gross profit increased 11.1% to $254.3 million, with margin up 59 basis points to 24.6% due to sales growth and inflation.
Net income reached $21.2 million ($0.49 per diluted share), up from $15.5 million ($0.37 per share) last year.
Adjusted EBITDA was $65.4 million, up from $56.2 million; adjusted net income per share was $0.52, up from $0.40.
Achieved Great Place to Work certification for the fourth consecutive year, reflecting a strong company culture.
Financial highlights
Net sales for the first half were $1.99 billion, up 8.6% year-over-year; gross profit was $480.3 million, up 9.6%.
Operating income was $40.2 million (3.9% of net sales), up from $33.9 million (3.6%) year-over-year.
SG&A as a percentage of net sales was 20.7% for the quarter, up 30 basis points.
Cash and cash equivalents stood at $96.9 million at quarter-end.
Cash flow from operations for the first half of 2025 was $64.1 million, up from $60.2 million in the prior year period.
Outlook and guidance
Full-year 2025 net sales guidance raised to $4.0–$4.06 billion, gross profit to $964–$979 million, and adjusted EBITDA to $240–$250 million.
2028 financial goals target $300M–$350M in adjusted EBITDA and 4–7% organic sales growth.
FY 2025 free cash flow estimated at $60M–$100M; capital expenditures for 2025 expected at $40–50 million, excluding acquisitions.
Net debt/adjusted EBITDA expected to remain between 2.1x–2.4x through year-end.
Guidance reflects strong first-half performance and tougher second-half comps, with implied 6% revenue and 14% EBITDA growth in H2.
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