The Chefs' Warehouse (CHEF) Q3 2026 earnings summary

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.