The Chefs' Warehouse (CHEF) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 rose 12.9% year-over-year to $1.17 billion, driven by organic growth and acquisitions, with gross profit up 15.2% and net income reaching $33.8 million.

• Adjusted EBITDA increased 34.6% year-over-year to $88.1 million, reflecting operational leverage and efficiency improvements.

• Middle East operations operated at 94% of prior year levels despite regional conflict and seasonal slowdown.

• Continued focus on facility and route consolidations, digital platform enhancements, and disciplined capital allocation.

• Updated five-year targets now extend to 2030, reflecting accelerated growth and investment cycles.

Financial highlights

• Net sales for Q2 2026 increased 12.9% year-over-year to $1.169 billion, with organic sales up 12.2% and acquisitions contributing 0.7%.

• Gross profit rose 15.2% to $292.9 million, with gross margin up 49 basis points to 25.1%.

• Operating income was $58.6 million, up from $40.2 million in Q2 2025.

• GAAP net income reached $33.8 million ($0.76 per diluted share), and adjusted EBITDA was $88.1 million, both significantly higher year-over-year.

• Adjusted net income per share for Q2 2026 was $0.78, up from $0.52 in Q2 2025.

Outlook and guidance

• Full-year 2026 net sales expected between $4.5 billion and $4.6 billion; gross profit between $1.102 billion and $1.125 billion; adjusted EBITDA between $305 million and $315 million.

• Fully diluted share count for 2026 expected to be 46–46.7 million due to convertible notes.

• 2030 targets: annual revenue growth of 7%-10%, reaching $6–$6.5 billion; adjusted EBITDA of $450–$520 million; EBITDA margin of 7.5%-8%.

• Guidance includes conservatism for Middle East tourism and fuel cost volatility.

• Capital expenditures for fiscal 2026 are expected to be $45–55 million.