US Foods Holding (USFD) FY2024 results: revenue $37.9 billion, up 6.4% on the year

US Foods Holding Corp. (USFD) reported revenue of $37.9 billion for fiscal 2024, the year ended 28 December 2024, up 6.4% on the year before. Net income was $494 million, down 2.4%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.

Revenue

$37.9 billion

+6.4% on the year

FY2017FY2024

Operating margin

2.9%

2.9% a year earlier

FY2017FY2024

Net income

$494 million

-2.4% on the year

FY2017FY2024

Diluted EPS

$2.02

0.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	37,877	35,597	34,057	+6.4%
Cost of revenue	31,343	29,449	28,565	+6.4%
Gross profit	6,534	6,148	5,492	+6.3%
Gross margin	17.3%	17.3%	16.1%
Selling, general and administrative	5,412	5,117	4,886	+5.8%
Operating income	1,099	1,017	594	+8.1%
Operating margin	2.9%	2.9%	1.7%
Interest expense	315	324	255	-2.8%
Pre-tax income	644	678	361	-5.0%
Income tax	150	172	96.0	-12.8%
Effective tax rate	23.3%	25.4%	26.6%
Net income	494	506	265	-2.4%
Net margin	1.3%	1.4%	0.8%
Diluted EPS	$2.02	$2.02	$1.01	0.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,174	1,140	765	+3.0%
Capital expenditure	341	309	265	+10.4%
Free cash flow	833	831	500	+0.2%
Free cash flow margin	2.2%	2.3%	1.5%
Cash from investing	-552	-495	-255
Cash from financing	-831	-587	-447
Depreciation and amortisation	438	395	372	+10.9%
Share-based compensation	63.0	56.0	45.0	+12.5%
Buybacks	948	294	14.0	+222.4%
Diluted shares, weighted	244m	250m	226m	-2.4%
Shares outstanding at period end	230m	253m	225m	-8.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,528	4,749	3,961	-4.7%
Debt	4,928	4,674	4,854	+5.4%
Operating lease liabilities	248	265	246	-6.4%
Finance lease liabilities	389	367	354	+6.0%
Other liabilities	3,343	3,132	3,358	+6.7%
Total liabilities and equity	13,436	13,187	12,773	+1.9%
Fixed assets	2,398	2,280	2,171	+5.2%
Goodwill	5,766	5,697	5,625	+1.2%
Intangible assets	836	803	785	+4.1%
Cash and equivalents	59.0	269	211	-78.1%
Receivables	1,957	1,854	1,705	+5.6%
Inventory	1,626	1,600	1,616	+1.6%
Other assets	794	684	660	+16.1%
Total assets	13,436	13,187	12,773	+1.9%

10-K for the year ended 28 December 2024, filed 13 February 2025: the filing.