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US Foods Holding (USFD) FY2025 results: revenue $39.4 billion, up 4.1% on the year

US Foods Holding Corp. (USFD) reported revenue of $39.4 billion for fiscal 2025, the year ended 27 December 2025, up 4.1% on the year before. Net income was $676 million, up 36.8%, and diluted earnings per share $2.94. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$39.4 billion
+4.1% on the year
FY2018FY2025
Operating margin
3.0%
2.9% a year earlier
FY2018FY2025
Net income
$676 million
+36.8% on the year
FY2018FY2025
Diluted EPS
$2.94
+45.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new.

  • Fiscal 2025 sales, EBITDA and EPS rose: Fiscal 2025 net sales rose 4.1% to $39.4 billion, Adjusted EBITDA rose 11.0% to $1.93 billion, and Adjusted Diluted EPS rose 26.3% to $3.98. Diluted EPS was $2.94.
  • Independent and healthcare volume grew: Fiscal 2025 total case volume rose 1.0%. Independent restaurant volume rose 3.3%, healthcare rose 4.4% and hospitality rose 2.9%.
  • Gross profit rose 5.1% for the year: Fiscal 2025 gross profit was $6.9 billion, a gross margin of 17.4% and an adjusted gross margin of 17.6%. Management cited case volume, cost of goods sold and inventory management.
  • Net sales growth guided at 4% to 6%: Management guided fiscal 2026 net sales growth of 4% to 6%. The January release had reaffirmed fiscal 2025 guidance only.
  • Adjusted Diluted EPS growth guided at 18% to 24%: Adjusted Diluted EPS growth of 18% to 24% is guided for fiscal 2026, compared with 26.3% growth reported for fiscal 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

US Foods is a U.S. foodservice distributor that supplies fresh, frozen and dry food products, as well as non-food items such as food containers, kitchen equipment and cleaning materials, to chefs and foodservice operators. US Foods Holding Corp. runs all of its operations through its subsidiary US Foods, Inc., and its subsidiaries. It is a broadline distributor, offering a broad line of products and services, and it manages the business as a single operating segment.

US Foods Holding Corp., the 10-K for 2025

US Foods is a U.S. foodservice distributor that supplies fresh, frozen and dry food products, as well as non-food items such as food containers, kitchen equipment and cleaning materials, to chefs and foodservice operators. US Foods Holding Corp. runs all of its operations through its subsidiary US Foods, Inc., and its subsidiaries. It is a broadline distributor, offering a broad line of products and services, and it manages the business as a single operating segment.

Customers

It supplies approximately 250,000 customer locations nationwide, including independent restaurants, chain restaurants, healthcare, hospitality, government and education customers. Its target customer types are independent restaurants, healthcare and hospitality. It has contracts with group purchasing organizations that negotiate pricing, delivery and other terms for their members, mainly in healthcare, hospitality, education and government and military. Over 4,000 sales associates manage customer relationships at the local, regional and national levels, and customers can manage orders and inventories on its MOXē digital platform.

Products and distribution

It sells products under a range of private brands at different price and quality levels, including its Exclusive Brand portfolio, alongside national brands, bought from thousands of suppliers, none of which made up more than 5% of its purchases in fiscal 2025. It runs over 70 distribution facilities, a fleet of over 6,500 trucks and over 90 cash and carry locations, called CHEF'STORE, which serve operators between deliveries. Its Pronto program offers daily deliveries, six days a week with late order times, in high-volume, dense markets. It also has processing facilities for certain meat, poultry, seafood and produce products. The filing states that the business is not considered seasonal.

Competition

The filing describes U.S. foodservice distribution as having a large number of local, regional and national distributors, which fall into broadline, system and specialized distributors. Adjacent competitors include cash-and-carry retailers, wholesale clubs, commercial websites and grocery stores, and customers decide on assortment, quality, price and service levels.

People

At December 27, 2025 it employed approximately 30,000 associates, substantially all of them full-time in the United States, and approximately 70% were paid hourly. It was party to 58 collective bargaining agreements covering approximately 6,600 associates, or 22%, at 33 of its distribution facilities, 4 production facilities and 24 cash and carry locations.

From US Foods' annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue39,42437,87735,597+4.1%
Cost of revenue32,56031,34329,449+3.9%
Gross profit6,8646,5346,148+5.1%
Gross margin17.4%17.3%17.3%
Selling, general and administrative5,6325,4125,117+4.1%
Operating income1,1991,0991,017+9.1%
Operating margin3.0%2.9%2.9%
Interest expense305315324-3.2%
Pre-tax income898644678+39.4%
Income tax222150172+48.0%
Effective tax rate24.7%23.3%25.4%
Net income676494506+36.8%
Net margin1.7%1.3%1.4%
Diluted EPS$2.94$2.02$2.02+45.5%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,3691,1741,140+16.6%
Capital expenditure410341309+20.2%
Free cash flow959833831+15.1%
Free cash flow margin2.4%2.2%2.3%
Cash from investing-497-552-495
Cash from financing-890-831-587
Depreciation and amortisation462438395+5.5%
Share-based compensation83.063.056.0+31.7%
Buybacks926948294-2.3%
Diluted shares, weighted230m244m250m-5.7%
Shares outstanding at period end220m230m253m-4.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,3074,5284,749-4.9%
Debt5,2004,9284,674+5.5%
Operating lease liabilities307248265+23.8%
Finance lease liabilities427389367+9.8%
Other liabilities3,7023,3433,132+10.7%
Total liabilities and equity13,94313,43613,187+3.8%
Fixed assets2,6812,3982,280+11.8%
Goodwill5,7945,7665,697+0.5%
Intangible assets781836803-6.6%
Cash and equivalents41.059.0269-30.5%
Receivables2,0261,9571,854+3.5%
Inventory1,7111,6261,600+5.2%
Other assets909794684+14.5%
Total assets13,94313,43613,187+3.8%

10-K for the year ended 27 December 2025, filed 12 February 2026: the filing.