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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Chefs' Warehouse
The Chefs' Warehouse (CHEF) investor relations material
The Chefs' Warehouse Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 net sales rose 11.2% YoY to $1,135.4M; organic growth contributed 10.3%, and adjusted EBITDA increased 26.3% to $82.2M.
Gross profit grew 15.0% to $284.3M, with gross margin expanding 84 bps to 25.0%; net income rose to $29.6M from $19.1M.
FY2026 guidance was raised, while October momentum continued amid customer and item placement gains and effective Middle East operations.
Financial highlights
Q3 net sales were $1,135.4M versus $1,021.3M; organic sales added $105.4M (10.3%) and acquisitions added $8.7M (0.9%).
Operating income increased to $51.5M from $38.9M; GAAP diluted EPS was $0.67 versus $0.44.
Adjusted net income was $29.5M, or $0.66 diluted EPS, versus $21.5M, or $0.50; adjusted EBITDA was $82.2M versus $65.1M.
9M net sales rose 11.8% to $3,363.0M, net income was $80.8M versus $50.7M, and gross profit increased 14.7% to $834.6M.
9M operating income was $143.2M versus $101.9M; operating cash flow reached $141.1M versus $55.4M.
Outlook and guidance
FY2026 guidance: net sales $4.56B–$4.61B, gross profit $1.130B–$1.140B and adjusted EBITDA $317M–$321M.
FY2026 free cash flow estimate is $150M–$180M; 9M free cash flow was $115.7M.
Q4 guidance implies ~10% organic growth at the high end and adjusted EBITDA margin above 7%; outlook includes caution for Middle East December activity and a tougher comparison.
2030 goals: revenue of $6.0B–$6.5B, adjusted EBITDA of $450M–$520M and adjusted EBITDA margin of 7.5%–8.0%; targeted revenue growth is 7%–10%, primarily organic.
Fully diluted shares expected at 43M–43.5M in Q4 2026 and 42M–43M in 2027.
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Latest events from The Chefs' Warehouse
- Q2 2026 saw double-digit sales and profit growth, with raised guidance and strong outlook.CHEF
Q2 2026 - Growth accelerates as technology, training, and operational leverage drive higher margins.CHEF21st Annual Global Farm to Market Conference
- All agenda items passed by majority vote at the virtual meeting, with strong shareholder participation.CHEFAGM 2026
- Net sales rose 11.4% and net income jumped 68.8% in Q1 2026, with margin expansion.CHEFQ1 2026
- Q4 2025 net sales rose 10.5% to $1.143B; 2026 guidance targets up to $4.45B in sales.CHEFQ4 2025
- Q3 net sales up 5.6% to $931.5M, net income $14.1M, margin and digital gains support outlook.CHEFQ3 2024
- Net sales up 8.7% to $950.7M, net income and EBITDA surged, with strong FY2025 outlook.CHEFQ1 2025
- Aiming for $300–$350M adjusted EBITDA by 2028, driven by expansion and digital innovation.CHEFInvestor Day 2025
- Record Q4 sales, margin expansion, and improved leverage set up strong 2025 outlook.CHEFQ4 2024
Next The Chefs' Warehouse earnings date
Q4 202610 Feb, 2027
The Chefs' Warehouse
Next The Chefs' Warehouse earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
The Chefs' Warehouse Inc is a distributor of specialty food products intended for chefs and high-end foodservice establishments. The company offers a wide range of items including artisan cheeses, oils, meats, and seafood, serving restaurants, hotels, caterers, and gourmet retail stores. It operates through both warehouse and direct-store delivery models across various U.S. markets. The company is headquartered in Ridgefield, Connecticut, and its shares are listed on the NASDAQ.