UNFI earnings analysis
What we found in UNFI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
United Natural Foods, Inc. reported Q3 fiscal 2026 results with revenues of $7.72 billion, a decline of 4.2% from the previous year, alongside a diluted EPS of $0.52, a notable recovery from a loss of $0.12 per share last year. The Natural segment showed growth, while Conventional and Retail segments experienced significant contractions. Management remains focused on operational efficiencies amid ongoing challenges in consumer demand and supply chain disruptions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Performance
- The company reported revenue of $7.72 billion, down 4.2% from $8.06 billion in Q3 2025.
- EPS Recovery
- Diluted EPS increased to $0.52 from a loss of $0.12 in the same quarter last year.
- Segment Growth in Natural
- Natural segment revenues grew 4.4% to $4.34 billion, compared to $4.16 billion last year.
- Reduced Operating Expenses
- Operating expenses decreased by $71 million year-over-year to $954 million.
- Improved Operating Income
- Operating income surged to $66 million from $15 million in Q3 2025.
- Adjusted EBITDA Growth
- Adjusted EBITDA increased by 17.8% to $183 million from $157 million last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Revenue Decline
- Total revenues decreased by $336 million for Q3 2026 compared to Q3 2025.
- Decline in Conventional Segment
- Conventional segment revenue fell by 13.6% to $3.14 billion.
- Weak Cash Flow from Financing Activities
- Net cash used in financing activities rose to $251 million from $145 million year-over-year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.52
- Gross margin
- 13.6%
- Operating margin
- 0.9%
- Segment
- Natural: $4.34B
- Segment
- Conventional: $3.14B
- Segment
- Retail: $515M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 10-Q · March 10, 2026
- UNFI reported Q2 net sales of $7,947 million (down $211 million vs. Q2 FY25's $8,158 million) with gross profit of $1,046 million and operating income improving to $57 million from $27 million a year ago. Diluted EPS…
- 10-K · October 1, 2025
- UNFI presents a strategy (introduced October 2024) focused on sharpening its Natural and Conventional product divisions, optimizing its distribution network and improving free cash flow and net leverage. The company…
- 10-Q · June 5, 2024
- UNFI reported essentially flat net sales of $7,498 million for the 13-week period ended April 27, 2024, with a modest increase in gross profit to $1,020 million. However, operating income collapsed to $6 million and…
- 10-Q · March 6, 2024
- UNFI reported flat-to-slightly lower top-line with net sales of $7,775 million in the quarter versus $7,816 million a year ago; profitability weakened as gross profit fell to $1,035 million and the company swung to a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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