Loading financials from SEC filings…
Food distribution · Consumer Defensive · Fiscal year ends Dec 26
Chefs' Warehouse reported revenue of $4.1B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $145M, an operating margin of 3.5%, and net income was $72M. Operating cash flow of $129M less capital expenditure of $41M left free cash flow of $88M. Net debt was $628M.
Ranks among the 6 food distribution companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,746 | 2,613 | 3,434 | 3,794 | 4,150 |
| Cost of revenue | 1,355 | 1,995 | 2,619 | 2,880 | 3,145 |
| Gross profit | 390 | 619 | 814 | 914 | 1,004 |
| Selling, general & admin | 379 | 518 | 705 | 785 | 850 |
| Operating income | 10.8 | 85.7 | 101 | 128 | 145 |
| Interest expense | 17.6 | 43.8 | 45.5 | 48.7 | 41.6 |
| Pre-tax income | −6.8 | 41.9 | 55.5 | 79.5 | 104 |
| Income tax | −1.9 | 14.1 | 20.9 | 24.1 | 31.2 |
| Net income | −4.9 | 27.8 | 34.6 | 55.5 | 72.4 |
| Diluted EPS | −0.13 | 0.73 | 0.88 | 1.32 | 1.68 |
| Diluted shares | 36.7 | 38.7 | 45.6 | 46.0 | 46.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 115 | 159 | 49.9 | 115 | 121 |
| Receivables | 173 | 260 | 334 | 366 | 392 |
| Inventory | 144 | 246 | 285 | 316 | 386 |
| Current assets | 470 | 721 | 731 | 868 | 970 |
| Net PP&E | 134 | 186 | 235 | 276 | 342 |
| Goodwill | 222 | 287 | 356 | 356 | 363 |
| Total assets | 1,074 | 1,509 | 1,705 | 1,859 | 2,028 |
| Payables | 118 | 163 | 201 | 267 | 276 |
| Deferred revenue | 2.3 | 2.2 | 2.5 | 1.9 | 1.9 |
| Current liabilities | 197 | 284 | 386 | 425 | 473 |
| Short-term debt | 5.1 | 12.4 | 53.2 | 18.0 | 28.2 |
| Long-term debt | 394 | 654 | 665 | 689 | 720 |
| Total liabilities | 724 | 1,108 | 1,251 | 1,321 | 1,424 |
| Shareholders' equity | 350 | 402 | 455 | 538 | 604 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −19.9 | 23.1 | 61.6 | 153 | 129 |
| Capital expenditure | 38.8 | 45.8 | 57.4 | 49.5 | 41.4 |
| Free cash flow | −58.7 | −22.7 | 4.2 | 104 | 87.8 |
| Depreciation & amortisation | 22.0 | 24.3 | 32.9 | 40.6 | 53.7 |
| Stock-based compensation | 11.5 | 13.6 | 20.0 | 17.8 | 21.2 |
| Acquisitions | 10.2 | 186 | 122 | 0.3 | 4.6 |
| Share buybacks | – | 0.0 | 0.0 | 17.4 | 15.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 49.7% | 31.4% | 10.5% | 9.4% |
| Operating income growth (YoY) | – | 693.1% | 17.7% | 27.0% | 13.2% |
| EPS growth (YoY) | – | – | 20.5% | 50.0% | 27.3% |
| Gross margin | 22.4% | 23.7% | 23.7% | 24.1% | 24.2% |
| Operating margin | 0.6% | 3.3% | 2.9% | 3.4% | 3.5% |
| Net margin | −0.3% | 1.1% | 1.0% | 1.5% | 1.7% |
| Return on equityBlank when equity is negative | −1.4% | 6.9% | 7.6% | 10.3% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.2% | 7.0% | 7.6% | 8.9% | 9.3% |
| Free cash flow margin | −3.4% | −0.9% | 0.1% | 2.7% | 2.1% |
| Cash conversion (CFO ÷ net income) | 4.04x | 0.83x | 1.78x | 2.76x | 1.79x |
| Receivable days | 36 | 36 | 36 | 35 | 35 |
| Inventory days | 39 | 45 | 40 | 40 | 45 |
| Payable days | 32 | 30 | 28 | 34 | 32 |
| Interest cover | 0.61x | 1.96x | 2.22x | 2.63x | 3.49x |
| Debt ÷ equity | 1.14x | 1.66x | 1.58x | 1.31x | 1.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 284 | 507 | 668 | 592 | 628 |
| Current ratio | 2.39x | 2.54x | 1.89x | 2.04x | 2.05x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.