US Foods Holding (USFD) FY2023 results: revenue $35.6 billion, up 4.5% on the year

US Foods Holding Corp. (USFD) reported revenue of $35.6 billion for fiscal 2023, the year ended 30 December 2023, up 4.5% on the year before. Net income was $506 million, up 90.9%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$35.6 billion

+4.5% on the year

FY2016FY2023

Operating margin

2.9%

1.7% a year earlier

FY2016FY2023

Net income

$506 million

+90.9% on the year

FY2016FY2023

Diluted EPS

$2.02

+100.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	35,597	34,057	29,487	+4.5%
Cost of revenue	29,449	28,565	24,832	+3.1%
Gross profit	6,148	5,492	4,655	+11.9%
Gross margin	17.3%	16.1%	15.8%
Selling, general and administrative	5,117	4,886	4,220	+4.7%
Operating income	1,017	594	424	+71.2%
Operating margin	2.9%	1.7%	1.4%
Interest expense	324	255	213	+27.1%
Pre-tax income	678	361	214	+87.8%
Income tax	172	96.0	50.0	+79.2%
Effective tax rate	25.4%	26.6%	23.4%
Net income	506	265	164	+90.9%
Net margin	1.4%	0.8%	0.6%
Diluted EPS	$2.02	$1.01	$0.54	+100.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,140	765	419	+49.0%
Capital expenditure	309	265	274	+16.6%
Free cash flow	831	500	145	+66.2%
Free cash flow margin	2.3%	1.5%	0.5%
Cash from investing	-495	-255	-262
Cash from financing	-587	-447	-837
Depreciation and amortisation	395	372	378	+6.2%
Share-based compensation	56.0	45.0	48.0	+24.4%
Buybacks	294	14.0	0.0	+2,000.0%
Diluted shares, weighted	250m	226m	225m	+10.6%
Shares outstanding at period end	253m	225m	223m	+12.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,749	3,961	3,735	+19.9%
Debt	4,674	4,854	5,011	-3.7%
Operating lease liabilities	265	246	244	+7.7%
Finance lease liabilities	367	354	220	+3.7%
Other liabilities	3,132	3,358	3,311	-6.7%
Total liabilities and equity	13,187	12,773	12,521	+3.2%
Fixed assets	2,280	2,171	2,033	+5.0%
Goodwill	5,697	5,625	5,625	+1.3%
Intangible assets	803	785	830	+2.3%
Cash and equivalents	269	211	148	+27.5%
Receivables	1,854	1,705	1,469	+8.7%
Inventory	1,600	1,616	1,686	-1.0%
Other assets	684	660	730	+3.6%
Total assets	13,187	12,773	12,521	+3.2%

10-K for the year ended 30 December 2023, filed 15 February 2024: the filing.