US Foods (USFD) investor relations material

Executive summary

• Q3 net sales rose 2.1% to $10.402B; adjusted EBITDA increased 9.9% to $555M and adjusted diluted EPS rose 17.8% to $1.26.

• Net income increased 42.5% to $218M; diluted EPS was $1.00, up from $0.67.

• Independent Restaurant case volume grew 5.0%, extending share gains to 22 consecutive quarters; Healthcare share gains reached 24 consecutive quarters.

• Results reflected self-help and operational execution despite a more challenging macro backdrop; adjusted gross profit grew faster than adjusted operating expenses.

Financial highlights

• Q3 adjusted gross profit rose 5.7% to $1.901B; adjusted operating expenses increased 4.0% to $1.346B.

• Q3 reported gross profit rose 8.6% to $1.904B and operating expenses increased 4.2% to $1.533B, including $34M of restructuring and impairment charges.

• 39-week net sales increased 3.1% to $30.544B; adjusted EBITDA rose 9.0% to $1.572B and adjusted diluted EPS was $3.47, up 18.0%.

• 39-week reported net income was $609M, up 23.8%; reported diluted EPS was $2.76, up 30.2%.

• Q3 reported diluted EPS was $1.00 versus adjusted diluted EPS of $1.26; 39-week reported and adjusted diluted EPS were $2.76 and $3.47, respectively.

Outlook and guidance

• FY26 guidance narrowed to net sales growth of 4%–5%, adjusted EBITDA growth of 9%–11%, and adjusted diluted EPS growth of 18%–20%.

• FY26 total case growth guidance is 2.5%–3.5%; sales inflation and mix are modeled at ~1.5%.

• FY26 includes a 53rd week in Q4, expected to add ~1% to total case and adjusted EBITDA growth.

• FY26 assumptions include depreciation of $430M–$440M, interest expense of $300M–$310M, a ~26% tax rate, and cash CapEx of $410M–$430M.

• 2025–2027 targets include ~5% net sales CAGR, 10% adjusted EBITDA CAGR, 20 bps+ annual margin expansion, and 20% adjusted diluted EPS CAGR.