USFD earnings analysis
What we found in USFD'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
US Foods reported Q1 2026 earnings with net sales of $9.6 billion, a modest year-over-year growth of 2.8%. Gross profit increased slightly, but the company faced a decline in diluted EPS to $0.78 from an estimated $0.80, missing analysts' expectations. Management remains optimistic, reaffirming its full-year guidance despite facing higher operating costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Net sales increased 2.8% year-over-year to $9.61 billion.
- Adjusted EBITDA Up
- Adjusted EBITDA rose by 6.2% to $413 million, reflecting operational efficiency.
- Net Income Improvement
- Net income slightly rose to $116 million, up from $115 million year-over-year.
- Comparable Gross Margin
- Gross margin remained stable at 17.2%, only down marginally from 17.3%.
- Operating Expense Control
- Operating expenses increased 3.4% but were offset by efficiency improvements.
- Case Volume Growth
- Total case volume increased 1.4%, driven by a 4.6% rise in independent restaurant segment.
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.
- Lower EPS Than Expected
- Reported diluted EPS was $0.78, missing the estimate of $0.80 by 2.5%.
- Decrease in Operating Income
- Operating income decreased from $224 million to $216 million, indicating rising costs are pressuring margins.
- Cash Flow Decline
- Operating cash flow fell to $294 million, down from $391 million, highlighting liquidity concerns.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.78
- Gross margin
- 17.2%
- Operating margin
- 2.2%
What they said about what is next.
Management reaffirmed its FY 2026 guidance for net sales growth of 4-6% and adjusted diluted EPS growth of 18-24%.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 8, 2025
- US Foods reported 13-week net sales of $9,351,000,000 (up $402 million vs prior year) with gross profit of $1,614,000,000 and diluted EPS of $0.49. Operating income rose to $224,000,000 (from $165,000,000) and operating…
- 10-K · February 13, 2025
- US Foods presents a scale-driven, omnichannel broadline distribution strategy (WE HELP YOU MAKE IT™) focused on private brands, digital tools (MOXē) and local execution backed by national scale. Net sales grew to…
- 10-K · February 15, 2024
- US Foods positions itself as a national broadline foodservice distributor pursuing a "GREAT FOOD. MADE EASY." strategy focused on product innovation, private brands, omni-channel service and technology-enabled selling.…
- 10-Q · August 10, 2023
- US Foods reported 13-week net sales of $9,013 million (up $186 million, +2.1% YoY) and materially expanded margins: gross profit rose to $1,591 million (gross margin ~17.6%) and operating income increased to $322…
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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