# US Foods Holding Corp. (USFD)

Informational only - not investment advice.

CIK: 0001665918
SIC: 5140 Wholesale-Groceries & Related Products
SIC breadcrumb: [Wholesale Trade](/division/F/) > [Wholesale Trade - Nondurable Goods](/major-group/51/) > [SIC 5140 Wholesale-Groceries & Related Products](/industry/5140/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=1665918
Filing source: https://www.sec.gov/Archives/edgar/data/1665918/000166591826000008/usfd-20251227.htm

## At a glance

FY2025 · period end 2025-12-27 · filed 2026-02-12 · accession 0001665918-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001665918.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 39,424,000,000 USD | 2025 | verified |
| Net income | 676,000,000 USD | 2025 | verified |
| Assets | 13,943,000,000 USD | 2025 | verified |
| Free cash flow | 959,000,000 USD | 2025 | computed |
| Net margin | 1.71% | 2025 | computed |
| Operating margin | 3.04% | 2025 | computed |
| Revenue YoY | +4.08% | 2025 | computed |
| ROE | 15.70% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | USFD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 1.7% | 1.2% | 57 | 22 |
| Operating margin | 3.0% | 2.5% | 55 | 21 |
| Revenue growth | 4.1% | 2.4% | 62 | 22 |
| FCF margin | 2.4% | 2.0% | 62 | 22 |
| ROE | 15.7% | 8.7% | 82 | 18 |
| ROA | 4.8% | 3.3% | 62 | 22 |
| Liabilities / equity | 2.24 | 1.81 | 59 | 18 |
| Current ratio | 1.16 | 1.58 | 24 | 22 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 51 Wholesale Trade - Nondurable Goods, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 39424000000 | USD | 2025 | 2026-02-12 |
| Net income | 676000000 | USD | 2025 | 2026-02-12 |
| Assets | 13943000000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001665918.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 22,919,000,000 | 24,147,000,000 | 24,175,000,000 | 25,939,000,000 | 22,885,000,000 | 29,487,000,000 | 34,057,000,000 | 35,597,000,000 | 37,877,000,000 | 39,424,000,000 |
| Net income | 210,000,000 | 444,000,000 | 407,000,000 | 385,000,000 | -226,000,000 | 164,000,000 | 265,000,000 | 506,000,000 | 494,000,000 | 676,000,000 |
| Operating income | 419,000,000 | 588,000,000 | 658,000,000 | 699,000,000 | -77,000,000 | 424,000,000 | 594,000,000 | 1,017,000,000 | 1,099,000,000 | 1,199,000,000 |
| Gross profit | 4,053,000,000 | 4,218,000,000 | 4,306,000,000 | 4,587,000,000 | 3,719,000,000 | 4,655,000,000 | 5,492,000,000 | 6,148,000,000 | 6,534,000,000 | 6,864,000,000 |
| Diluted EPS | 1.03 | 1.97 | 1.87 | 1.75 | -1.15 | 0.54 | 1.01 | 2.02 | 2.02 | 2.94 |
| Operating cash flow | 549,000,000 | 749,000,000 | 609,000,000 | 760,000,000 | 413,000,000 | 419,000,000 | 765,000,000 | 1,140,000,000 | 1,174,000,000 | 1,369,000,000 |
| Capital expenditures | 164,000,000 | 221,000,000 | 235,000,000 | 258,000,000 | 189,000,000 | 274,000,000 | 265,000,000 | 309,000,000 | 341,000,000 | 410,000,000 |
| Share buybacks | 0.00 | 280,000,000 | 0.00 | 0.00 | 0.00 | 0.00 | 14,000,000 | 294,000,000 | 948,000,000 | 926,000,000 |
| Assets | 8,944,450,000 | 9,037,000,000 | 9,186,000,000 | 11,288,000,000 | 12,423,000,000 | 12,521,000,000 | 12,773,000,000 | 13,187,000,000 | 13,436,000,000 | 13,943,000,000 |
| Liabilities | 6,406,800,000 | 6,286,000,000 | 5,957,000,000 | 7,579,000,000 | 8,374,000,000 | 8,252,000,000 | 8,278,000,000 | 8,438,000,000 | 8,908,000,000 | 9,636,000,000 |
| Stockholders' equity | 2,538,000,000 | 2,751,000,000 | 3,229,000,000 | 3,709,000,000 | 3,530,000,000 | 3,735,000,000 | 3,961,000,000 | 4,749,000,000 | 4,528,000,000 | 4,307,000,000 |
| Cash and cash equivalents | 131,090,000 | 119,000,000 | 104,000,000 | 90,000,000 | 828,000,000 | 148,000,000 | 211,000,000 | 269,000,000 | 59,000,000 | 41,000,000 |
| Free cash flow | 385,000,000 | 528,000,000 | 374,000,000 | 502,000,000 | 224,000,000 | 145,000,000 | 500,000,000 | 831,000,000 | 833,000,000 | 959,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 0.92% | 1.84% | 1.68% | 1.48% | -0.99% | 0.56% | 0.78% | 1.42% | 1.30% | 1.71% |
| Operating margin | 1.83% | 2.44% | 2.72% | 2.69% | -0.34% | 1.44% | 1.74% | 2.86% | 2.90% | 3.04% |
| Return on equity | 8.27% | 16.14% | 12.60% | 10.38% | -6.40% | 4.39% | 6.69% | 10.65% | 10.91% | 15.70% |
| Return on assets | 2.35% | 4.91% | 4.43% | 3.41% | -1.82% | 1.31% | 2.07% | 3.84% | 3.68% | 4.85% |
| Liabilities / equity | 2.52 | 2.28 | 1.84 | 2.04 | 2.37 | 2.21 | 2.09 | 1.78 | 1.97 | 2.24 |
| Current ratio | 1.42 | 1.41 | 1.43 | 1.38 | 1.75 | 1.41 | 1.37 | 1.30 | 1.21 | 1.16 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/USFD/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001665918.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-10-01 |  |  | 0.43 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | 0.32 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 0.73 | reported discrete quarter |
| 2023-Q3 | 2023-07-01 |  | 182,000,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 9,106,000,000 |  | 0.38 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 8,936,000,000 | 147,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 8,949,000,000 | 82,000,000 | 0.33 | reported discrete quarter |
| 2024-Q2 | 2024-03-30 |  | 82,000,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 9,709,000,000 |  | 0.80 | reported discrete quarter |
| 2024-Q3 | 2024-06-29 |  | 198,000,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 9,728,000,000 |  | 0.61 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 9,491,000,000 | 66,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 9,351,000,000 | 115,000,000 | 0.49 | reported discrete quarter |
| 2025-Q2 | 2025-03-29 |  | 115,000,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 10,082,000,000 |  | 0.96 | reported discrete quarter |
| 2025-Q3 | 2025-06-28 |  | 224,000,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 10,191,000,000 |  | 0.67 | reported discrete quarter |
| 2025-Q4 | 2025-12-27 | 9,800,000,000 | 184,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-28 | 9,610,000,000 | 116,000,000 | 0.52 | reported discrete quarter |
| 2026-Q2 | 2026-03-28 |  | 116,000,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-27 | 10,532,000,000 |  | 1.24 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from USFD's latest 10-K: [/company/USFD/business/](/company/USFD/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from USFD's latest 10-K: [/company/USFD/risk-factors/](/company/USFD/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1665918/000166591826000045/usfd-20260627.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-27

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(Dollar amounts in tables presented in millions, unless otherwise noted)

The following discussion and analysis should be read together with the accompanying unaudited consolidated financial statements and the notes thereto included in this Quarterly Report and the audited consolidated financial statements and the notes thereto in the 2025 Annual Report. The following discussion and analysis contain certain financial measures that are not required by or presented in accordance with GAAP. We believe these non-GAAP measures provide meaningful supplemental information about our operating performance and liquidity. Information regarding reconciliations of and the rationale for these measures is discussed under “Non-GAAP Reconciliations” below. Results of operations for the 13 weeks and 26 weeks ended June 27, 2026 are compared to the 13 weeks and 26 weeks ended June 28, 2025, unless specifically noted otherwise.

Overview

At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our strategy of WE HELP YOU MAKE IT®. Our Promise brings three key elements to the forefront for our customers: (1) more quality products, like our large and diverse portfolio of Exclusive Brands that is based on consistency, freshness and innovation; (2) more tools, centering on our MOXē® business platform, and lastly; (3) more deliveries, with options for on-time deliveries enabled by our traditional broadline services and our flexible and convenient Pronto® program. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We have centralized activities where scale matters and our local field structure focuses on customer-facing activities.

We supply approximately 250,000 customer locations nationwide. These customer locations include independent restaurants, chain restaurants, healthcare, hospitality, government and education customers. We provide fresh, frozen, and dry food products, as well as non-food items, sourced from thousands of suppliers. Over 4,000 sales associates manage customer relationships at local, regional, and national levels. Our sales associates are supported by sophisticated marketing and category management capabilities, as well as world-class chefs, business development managers and others that help us to provide more comprehensive service to our customers. Our relationship with our customers is further strengthened by our industry-leading MOXē® digital platform that makes it easy for our customers to manage their orders and inventories, while also providing valuable support for their business. Our extensive network of over 70 distribution facilities and fleet of over 6,500 trucks, along with over 90 cash and carry locations, allow us to operate efficiently and provide high levels of customer service. This operating model allows us to leverage our nationwide scale and footprint while executing locally.

Operating Metrics

Case volume—Case volume, by customer type (e.g., independent restaurants) is reported as of a point in time. Customers periodically are reclassified, based on changes in size or other characteristics, and when those changes occur, the respective customer’s historical volume is included within the new classification.

Organic volume—Organic volume includes volume from operating businesses that have been reflected in our results of operations for at least 12 months.

Highlights

For the 13 weeks ended June 27, 2026, compared to the same period a year ago, total case volume increased 1.9%, driven by a 5.1% increase in independent restaurant case volume, a 3.5% increase in healthcare volume and a 4.4% increase in hospitality volume, partially offset by a 1.5% decrease in chain volume.

For the 26 weeks ended June 27, 2026, compared to the same period a year ago, total case volume increased 1.6%, driven by a 4.8% increase in independent restaurant case volume, a 3.6% increase in healthcare volume and a 4.8% increase in hospitality volume, partially offset by a 1.9% decrease in chain volume.

For the 13 weeks and 26 weeks ended June 27, 2026, compared to the same period a year ago, total organic case volume increased 1.7% and 1.4%, respectively, which includes 5.0% and 4.7% organic independent restaurant case volume growth for the 13 weeks and 26 weeks ended June 27, 2026, respectively.

Net sales increased $450 million, or 4.5%, and $709 million, or 3.6%, for the 13 weeks and 26 weeks ended June 27, 2026, respectively, driven by case volume growth and food cost inflation of 2.3% and 1.7% for the 13 weeks and 26 weeks ended June 27, 2026, respectively.

15

Gross profit increased $142 million, or 8.0%, to $1,919 million for the 13 weeks ended June 27, 2026, and increased $181 million or 5.3%, to $3,572 million for the 26 weeks ended June 27, 2026. For the 13 weeks ended June 27, 2026, the increase was primarily a result of an increase in total case volume, improved cost of goods sold and a favorable year-over-year LIFO adjustment. For the 26 weeks ended June 27, 2026, the increase was primarily a result of an increase in total case volume and improved cost of goods sold, partially offset by an unfavorable year-over-year LIFO adjustment. Gross profit was positively impacted by a decrease to LIFO reserve of $5 million for the 13 weeks ended June 27, 2026 and negatively impacted by LIFO expense of $33 million for the 26 weeks ended June 27, 2026. Gross profit was negatively impacted by LIFO expense of $14 million and $19 million for the 13 weeks and 26 weeks ended June 28, 2025, respectively. As a percentage of net sales, gross profit was 18.2% and 17.6% for the 13 weeks ended June 27, 2026, and June 28, 2025, respectively, and 17.7% and 17.4% for the 26 weeks ended June 27, 2026 and June 28, 2025, respectively.

Total operating expenses increased $71 million, or 5.1%, to $1,476 million for the 13 weeks ended June 27, 2026, and increased $118 million, or 4.2%, to $2,913 million for the 26 weeks ended June 27, 2026. For the 13 weeks and 26 weeks ended June 27, 2026, the increase was primarily a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by actions to streamline administrative processes and costs. As a percentage of net sales, operating expenses were 14.0% and 13.9% for the 13 weeks ended June 27, 2026 and June 28, 2025, respectively, and 14.5% and 14.4% for the 26 weeks ended June 27, 2026 and June 28, 2025, respectively.

16

Results of Operations

The following table presents selected historical results of operations for the periods indicated:

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

(1)    EBITDA is defined as net income, plus interest expense—net, income tax provision, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for: (1) restructuring activity and asset impairment charges; (2) share-based compensation expense; (3) the impact of LIFO reserve adjustments; (4) loss on extinguishment of debt; (5) business transformation costs; and (6) other gains, losses, or costs as specified in the agreements governing our indebtedness. Adjusted EBITDA Margin is Adjusted EBITDA divided by total net sales. Adjusted Net Income is defined as net income excluding the items used to calculate Adjusted EBITDA listed above and further adjusted for the tax effect of the exclusions and discrete tax items. EBITDA, Adjusted EBITDA, and Adjusted Net Income as presented are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. They are not measurements of our performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP. For additional information, see the discussion under the caption “Non-GAAP Reconciliations” below.

(2)    Free Cash Flow is defined as cash flows provided by operating activities and proceeds from sales of property and equipment less cash capital expenditures. Free Cash Flow as presented is a supplemental measure of our liquidity that is not required by, or presented in accordance with, GAAP. It is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows provided by operating activities or any other liquidity measures derived in accordance with GAAP. For additional information, see the discussion under the caption “Non-GAAP Reconciliations” below.

17

Non-GAAP Reconciliations

We provide EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Free Cash Flow as supplemental measures to GAAP financial measures regarding our operating performance and liquidity. These non-GAAP financial measures, as defined above, exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP.

We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide meaningful supplemental information about our operating performance because they exclude amounts that we do not consider part of our core operating results when assessing our performance.

We believe that Adjusted Net Income is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense and income taxes on a consistent basis from period to period. We believe that Adjusted Net Income may be used by investors, analysts and other interested parties to facilitate period-over-period compari

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1665918/000166591826000008/usfd-20251227.htm
Complete FY 2025 MD&A: /company/USFD/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-27

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to help the reader understand the Company, our financial condition and results of operations and our present business environment. It should be read together with our consolidated financial statements and related notes contained elsewhere in this Annual Report. The following discussion and analysis contain certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the U.S. (“GAAP”). We believe these non-GAAP financial measures provide meaningful supplemental information about our operating performance and liquidity. Information regarding reconciliations of and the rationale for these measures is discussed in “Non-GAAP Reconciliations” below.

The following includes a comparison of our consolidated results of operations for fiscal years 2025 and 2024. For a comparison of our consolidated results of operations for fiscal years 2024 and 2023, see Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 13, 2025.

Overview

At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our strategy of WE HELP YOU MAKE IT®, which is centered on bringing three key elements to the forefront for our customers; (1) More Quality products, including our large portfolio of Exclusive Brands, (2) More Tools, centering on our MOXē® business platform, and lastly, (3) More Deliveries, enabled by our traditional broadline services, Pronto® program and convenient delivery options. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We have centralized activities where scale matters and our local field structure focuses on customer-facing activities.

Operating Metrics

Case growth—Case growth, by customer type (e.g., independent restaurants) is reported as of a point in time. Customers periodically are reclassified, based on changes in size or other characteristics, and when those changes occur, the respective customer’s historical volume is included within the new classification.

Organic growth—Organic growth includes growth from operating businesses that have been reflected in our results of operations for at least 12 months.

Fiscal Year 2025 Highlights

Financial Highlights—Total case volume increased 1.0% compared to the prior year driven by a 3.3% increase in independent restaurant case volume, a 4.4% increase in healthcare volume and a 2.9% increase in hospitality volume, partially offset by a 3.5% decrease in chain volume. Total organic case volume increased 0.4% in fiscal year 2025, which includes 2.7% organic independent restaurant case volume growth. Net sales increased $1,547 million, or 4.1%, in fiscal year 2025 driven primarily by case volume growth and food cost inflation of 2.6%.

Gross profit increased $330 million, or 5.1%, to $6,864 million in fiscal year 2025, primarily as a result of an increase in total case volume, improved cost of goods sold and inventory management. As a percentage of net sales, gross profit was 17.4% in fiscal year 2025 and 17.3% in fiscal year 2024.

Total operating expenses increased $230 million, or 4.2%, to $5,665 million in fiscal year 2025, primarily as a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by continued distribution productivity improvement as well as actions to streamline administrative processes and costs. As a percentage of net sales, operating expenses were 14.4% in fiscal year 2025 and 14.3% in fiscal year 2024.

27

Results of Operations

The following table presents selected consolidated results of operations of our business for fiscal years 2025, 2024 and 2023:

[[GREPCENT_TABLE]]
[["","Fiscal Year"],["","2025","","2024","","2023"],["","(in millions)"],["Consolidated Statements of Operations:"],["Net sales","$","39,424","","","$","37,877","","","$","35,597"],["Cost of goods sold","32,560","","","31,343","","","29,449"],["Gross profit","6,864","","","6,534","","","6,148"],["Operating expenses:"],["Distribution, selling and administrative costs","5,632","","","5,412","","","5,117"],["Restructuring activity and asset impairment charges","33","","","23","","","14"],["Total operating expenses","5,665","","","5,435","","","5,131"],["Operating income","1,199","","","1,099","","","1,017"],["Other (income) expense\u2014net","(4)","","","6","","","(6)"],["Interest expense\u2014net","305","","","315","","","324"],["Loss on extinguishment of debt","\u2014","","","10","","","21"],["Recognition of net actuarial loss for pension settlement","\u2014","","","124","","","\u2014"],["Income before income taxes","898","","","644","","","678"],["Income tax provision","222","","","150","","","172"],["Net income","676","","","494","","","506"],["Series A convertible preferred stock dividends","\u2014","","","\u2014","","","(7)"],["Net income available to common shareholders","$","676","","","$","494","","","$","499"],["Net income per share:"],["Basic","$","2.98","","","$","2.05","","","$","2.09"],["Diluted","$","2.94","","","$","2.02","","","$","2.02"],["Weighted-average number of shares used in per share amounts:"],["Basic","227","","","241","","","239"],["Diluted","230","","","244","","","250"],["Percentage of Net Sales:"],["Gross profit","17.4","%","","17.3","%","","17.3","%"],["Operating expenses","14.4","%","","14.3","%","","14.4","%"],["Operating income","3.0","%","","2.9","%","","2.9","%"],["Net income","1.7","%","","1.3","%","","1.4","%"],["Adjusted EBITDA(1)","4.9","%","","4.6","%","","4.4","%"],["Other Data:"],["Cash flows\u2014operating activities","$","1,369","","","$","1,174","","","$","1,140"],["Cash flows\u2014investing activities","(497)","","","(552)","","","(495)"],["Cash flows\u2014financing activities","(890)","","","(831)","","","(587)"],["Capital expenditures","410","","","341","","","309"],["EBITDA(1)","1,665","","","1,397","","","1,397"],["Adjusted EBITDA(1)","1,932","","","1,741","","","1,559"],["Adjusted Net Income (1)","916","","","770","","","658"],["Free Cash Flow(2)","965","","","836","","","841"]]
[[/GREPCENT_TABLE]]

(1)    EBITDA is defined as net income, plus interest expense—net, income tax provision, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for (1) restructuring activity and asset impairment charges; (2) share-based compensation expense; (3) the impact of LIFO reserve adjustments; (4) loss on extinguishment of debt; (5) business transformation costs; (6) recognition of net actuarial loss; and (7) other gains, losses, or costs as specified in the agreements governing our indebtedness. Adjusted EBITDA margin is Adjusted EBITDA divided by total net sales. Adjusted Net Income is defined as net income excluding the items used to calculate Adjusted EBITDA listed above and further adjusted for the tax effect of the exclusions and discrete tax items. EBITDA, Adjusted EBITDA, and Adjusted Net Income as presented in this Annual Report are supplemental measures of our performance that are not required by, or presented in accordance with GAAP. They are not measurements of our performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP. For additional information, see the discussion under the caption “Non-GAAP Reconciliations” below.

28

(2)    Free Cash Flow is defined as cash flows provided by operating activities and proceeds from sales of property and equipment less cash capital expenditures. Free Cash Flow as presented in this Annual Report is a supplemental measure of our liquidity that is not required by, or presented in accordance with, GAAP. It is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows provided by operating activities, or any other liquidity measures derived in accordance with GAAP. For additional information, see the discussion under the caption “Non-GAAP Reconciliations” below.

Non-GAAP Reconciliations

We provide EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Free Cash Flow as supplemental measures to GAAP financial measures regarding our operating performance and liquidity. These non-GAAP financial measures, as defined above, exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP.

We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide meaningful supplemental information about our operating performance because they exclude amounts that we do not consider part of our core operating results when assessing our performance.

We believe that Adjusted Net Income is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense and income taxes on a consistent basis from period to period. We believe that Adjusted Net Income may be used by investors, analysts and other interested parties to facilitate period-over-period comparisons and provides additional clarity as to how factors and trends impact our operating performance.

Management uses these non-GAAP financial measures (1) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors as they assist in highlighting trends, (2) to set internal sales targets and spending budgets, (3) to measure operational profitability and the accuracy of forecasting, (4) to assess financial discipline over operational expenditures, and (5) as an important factor in determining variable compensation for management and employees. EBITDA and Adjusted EBITDA are also used in connection with certain covenants and activity restrictions under the agreements governing our indebtedness. We also believe these and similar non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry. EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income are not measurements of our performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP.

We use Free Cash Flow as a supplemental measure to GAAP financial measures regarding the liquidity of our operations. We measure Free Cash Flow as cash flows provided by operating activities and proceeds from sales of property and equipment less cash capital expenditures. We believe that Free Cash Flow is a useful financial metric to assess our ability to pursue business opportunities and investments. Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows provided by operating activities or any other liquidity measures derived in accordance with GAAP.

We caution readers that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Free Cash Flow may not be the same as similar measures used by other companies. Not all companies and analysts calculate EBITDA, Adjusted EBITDA, Adjusted Net Income or Free Cash Flow in the same manner. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by presenting the reconciliations of the non-G

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/USFD/mda/fy2025/
All MD&A years: /company/USFD/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/USFD/mda/fy2024/): filed 2025-02-13; accession 0001665918-25-000017 (https://www.sec.gov/Archives/edgar/data/1665918/000166591825000017/usfd-20241228.htm)
- [FY 2023 MD&A](/company/USFD/mda/fy2023/): filed 2024-02-15; accession 0001665918-24-000014 (https://www.sec.gov/Archives/edgar/data/1665918/000166591824000014/usfd-20231230.htm)
- [FY 2022 MD&A](/company/USFD/mda/fy2022/): filed 2023-02-17; accession 0001665918-23-000023 (https://www.sec.gov/Archives/edgar/data/1665918/000166591823000023/usfd-20221231.htm)
- [FY 2022 MD&A](/company/USFD/mda/a-0001665918-22-000008/): filed 2022-02-17; accession 0001665918-22-000008 (https://www.sec.gov/Archives/edgar/data/1665918/000166591822000008/usfd-20220101.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5140 Wholesale-Groceries & Related Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/USFD.md · JSON record: /company/USFD.json · verified financials: /company/USFD/financials.json / /company/USFD/financials.csv · machine TOC for the whole site: /llms.txt