US Foods (USFD) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA grew 11% to $1.93 billion for 2025, with margin expanding 30 basis points to a record 4.9%.

• Adjusted EPS reached $3.98, up 26.3% year-over-year, outpacing EBITDA growth and leading the industry.

• Net sales increased 4.1% to $39.4 billion, driven by market share gains in independent restaurants, healthcare, and hospitality.

• Operational excellence, productivity initiatives, and technology advancements, including AI, supported strong performance.

• Share repurchases totaled $934 million and two tuck-in acquisitions were completed.

Financial highlights

• Q4 net sales rose 3.3% to $9.8 billion, with total case volume up 0.8% and food cost inflation/mix impact of 2.5%.

• Q4 adjusted EBITDA increased 11% to $490 million; adjusted EBITDA margin expanded 35 basis points to 5%.

• Adjusted diluted EPS for Q4 grew 24% to $1.04.

• Full-year operating cash flow was $1.37 billion; CapEx was $410 million.

• Net leverage ended at 2.7x, within the 2-3x target range.

Outlook and guidance

• Fiscal 2026 net sales expected to grow 4%-6%, with total case growth of 2.5%-4.5%.

• Adjusted EBITDA guidance for 2026 is 9%-13% growth; adjusted EPS expected to rise 18%-24%.

• Guidance includes a 53rd week, expected to add about 1% to case and adjusted EBITDA growth.

• Cash CapEx projected at $400M–$440M; net leverage target range maintained at 2.0x–3.0x.

• Q1 2026 EBITDA growth will be upper single digits due to weather disruptions, but full-year guidance reaffirmed.