The Chefs' Warehouse (CHEF) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw strong business activity, with net sales up 10.5% year-over-year and robust demand, especially among upscale casual and high-end dining customers.

• Achieved significant organic volume growth, new customer acquisition, and market share gains.

• Adjusted EBITDA increased to $80.3 million, up 17.7% from Q4 2024, reflecting operational improvements.

• Eliminated two non-core Texas programs, impacting reported metrics but representing only 1% of full-year revenue.

• Continued focus on high-growth markets, route consolidation, and technology-driven operations.

Financial highlights

• Q4 2025 net sales rose 10.5% year-over-year to $1.143 billion, with organic sales up 9.7%.

• Gross profit increased 10.2% to $276.6 million; gross margin decreased by 8 basis points to 24.2%.

• Adjusted EBITDA for Q4 2025 was $80.3 million, up from $68.2 million in Q4 2024.

• Adjusted net income per share was $0.68, up from $0.55 in Q4 2024.

• Free cash flow for FY 2025 was $88 million, with net debt leverage reduced to 2.1x.

Outlook and guidance

• Fiscal 2026 net sales expected between $4.35 billion and $4.45 billion.

• Gross profit guidance: $1.053 billion–$1.076 billion; Adjusted EBITDA: $276 million–$286 million.

• FY 2026 free cash flow expected between $80 million–$110 million.

• Guidance assumes 6–8% revenue growth, with inflation expected at 2–4%.

• 2028 financial goals target 4–7% organic sales growth and $300 million–$350 million adjusted EBITDA.