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US Foods HoldingUSFD

Legal name
US Foods Holding Corp.
Sector
Other
Industry
Wholesale-Groceries & Related Products
Exchange
NYSE

Stock Price $USFD

Latest filings

You are here#79 of 92 in Industrials by market cap

Filing record · 2016–202610-K1010-Q318-K141

USFD filed 10 annual reports (10-K), 31 quarterly reports (10-Q) and 141 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. Leadership change8-K · Sep ’18Sep ’18
  3. FY2021 annual report10-K · Feb ’21Feb ’21
  4. Leadership change8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $39.42B
YoY changeLargest recent move+48.8%in FY22Latest +4.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All USFD Financial Metrics57 metrics

Income Statement14

Balance Sheet25

Cash Flow14

Per Share4

02—Overview

US Foods Holding Financial Overview 2022–2025

Updated Nov 4, 2026

Net income more than quadrupled, from $164 million in fiscal 2021 to $676 milliona in FY2025, while sales grew only about a third. That gap is the story. US Foods is a low-margin distributor that has found operating leverage, and it is converting that leverage into cash and share buybacks rather than volume.

Revenue grew from $29.49 billion in fiscal 2021 to $39.42 billionb in FY2025. Over the same stretch, Adjusted EBITDA margin widened from 3.6% to 4.9%, and Adjusted EBITDA reached $1.93 billion. Free cash flow climbed from $145 million to $965 million. Volume is not driving this. Total case volume rose just 1.0% in FY2025, and chain volume fell 3.5%. Independent restaurant volume, the higher-margin piece, grew 3.3%.

Management spent the cash on buybacks, repurchasing about $934 millionc of stock in FY2025. Leverage crept up, with total debt at $5.2 billion and liquidity down to roughly $1.6 billion, from about $2.0 billion at the end of FY2023. The market priced in the improvement. At the close of FY2025, the stock traded at $76.37, or 26.0x earnings, for a market capitalization of $16.8 billion. At that multiple, investors were paying for continued margin gains, not for growth in volume.

Recent Developments (Q1 and Q2 2026)

Earnings accelerated in Q2 2026. Net income rose 22.8% to $275 milliond, and diluted EPS reached $1.24 versus $0.96. Adjusted EBITDA hit a record $604 million, with margin up to 5.7% from 5.4%. Q1 2026 was weaker: net income edged up just $1 million to $116 million, and $38 million of LIFO expense held back gross margin. Independent restaurant volume grew 5.1% in Q2 2026, while chain volume fell 1.5%.

CEO David Flitman became Chair on May 14, 2026. In October 2026, the company raised $810 millione of new term loans due 2033 to refinance older debt. Management reaffirmed fiscal 2026 guidance for 9% to 13% Adjusted EBITDA growth.

Bull case: margin gains and independent-restaurant growth are compounding into earnings. Bear case: at 34.5x earnings as of the Q2 2026 report date (August 5, 2026), the stock leaves little room for a miss, and chain volume keeps shrinking.

What to watch: chain volume trends against independent growth; free cash flow versus the pace of buybacks

03—Filings

Recent SEC Filings

  1. 8-KUS Foods Holding 8-K Report, Material Agreement (Oct 2, 2026)US Foods, Inc. entered into the Fourteenth Amendment to its Amended and Restated Term Loan Credit Agreement (dated as of June 27, 2016) on October 2, 2026. The amendment provides for a single new tranche of incremental senior secured term loans (the 2026 Term Loan Facility) in an aggregate principal amount of $810 million, scheduled to mature on October 2, 2033. The company stated that proceeds, together with cash on hand, were used to repay in full (other than amounts rolled on a cashless basis into the new loans) its existing term loans maturing November 22, 2028, to prepay in part its existing term loans maturing October 3, 2031, to prepay certain revolving loans under its asset-based facility, and to pay related fees and expenses. The 2026 Term Loans bear interest at either Term SOFR plus a 1.50% margin or an alternative base rate plus a 0.50% margin, at the company's option. They amortize in equal quarterly installments at 1% per annum of original principal, with the balance due at maturity. Voluntary prepayments are permitted without penalty or premium, except for customary breakage costs on SOFR-based borrowings and a 1.00% premium on any "repricing transaction" within six months of the closing date. The obligations are guaranteed by certain subsidiaries and secured by the capital stock of the company and its subsidiaries and substantially all non-real estate assets of the company and certain subsidiaries. The filing also describes the Credit Agreement's customary covenants, which restrict asset dispositions, additional indebtedness, restricted payments, liens, affiliate transactions, and mergers or sales of substantially all assets, along with customary events of default including cross-default and change of control. The full terms are set out in Exhibit 10.1, the Fourteenth Amendment, which is incorporated by reference.
  2. 8-KUS Foods Holding 8-K Report, Financial Results (Aug 6, 2026)US Foods Holding Corp. (NYSE: USFD) reported results for its fiscal second quarter ended June 27, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales rose 4.5% to $10.5 billion, gross profit increased 8.0% to $1.9 billion, and net income grew 22.8% to $275 million. Diluted EPS increased 29.2% to $1.24, and Adjusted Diluted EPS increased 21.0% to $1.44. Adjusted EBITDA rose 10.2% to a record $604 million, with Adjusted EBITDA margin up 29 basis points to 5.7%. Total case volume increased 1.9%, led by a 5.1% increase in independent restaurant case volume, which the company described as accelerating. Cash flow and capital returns were also in focus. Cash flow from operating activities was $725 million for the first six months of fiscal 2026, the same as the prior-year period. The company repurchased 4.4 million shares for $374 million in the second quarter and approximately $500 million year to date, leaving $640 million remaining under the November 2025 authorization. Net Debt was $5.2 billion, and the net leverage ratio was 2.6x, compared with 2.7x at fiscal year-end 2025. The company reaffirmed its fiscal 2026 guidance from February 12, 2026, calling for net sales growth of 4% to 6%, Adjusted EBITDA growth of 9% to 13%, and Adjusted Diluted EPS growth of 18% to 24%. The guidance includes a 53rd week in fiscal 2026, which is expected to add approximately 1% to total case growth and Adjusted EBITDA growth. The filing notes that Adjusted EBITDA and Adjusted Diluted EPS are non-GAAP measures and that the company does not provide a reconciliation of forward-looking non-GAAP guidance.
  3. 8-KUS Foods Holding 8-K Report, Material Agreement (Jun 2, 2026)US Foods, Inc. entered into an amendment on May 28, 2026 to its existing ABL Credit Agreement, originally dated May 31, 2019, with Wells Fargo Bank, National Association, as administrative agent and collateral agent. The Amendment increased total aggregate commitments under the ABL Agreement from $2.3 billion to $2.5 billion and extended the maturity date to May 28, 2031. The extended maturity is subject to a springing maturity provision: if more than $300 million of aggregate principal of earlier-maturing indebtedness under US Foods' term loan credit agreement or its senior notes remains outstanding, for which a reserve is not maintained, on a date sixty days before that earlier maturity, the ABL maturity springs forward accordingly. The Amendment also made certain changes to pricing, financial covenants, reporting obligations and other terms of the ABL Agreement, which the filing does not detail in this report. The filing is brief and reports the transaction under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation). Full terms are contained in the Amendment filed as Exhibit 10.1.
  4. 8-KUS Foods Holding 8-K Report, Bylaw Amendment (May 15, 2026)On May 14, 2026, US Foods Holding Corp. held its 2026 Annual Meeting of Stockholders. Stockholders approved an amendment to the Company's Restated Certificate of Incorporation that lets stockholders owning at least 25% of the outstanding common stock call a special meeting. The Charter Amendment became effective upon filing with the Delaware Secretary of State on May 14, 2026. The Board also adopted Amended and Restated Bylaws, effective upon the Charter Amendment's effectiveness, that set procedural and informational requirements for special meeting requests, including a "net long" ownership definition, a requirement to maintain the 25% position through the meeting date, and several grounds on which the Secretary is not required to call a meeting. At the meeting, all eight director nominees were elected: Cheryl A. Bachelder, David W. Bullock, David E. Flitman, Marla C. Gottschalk, Carl Andrew Pforzheimer, Quentin Roach, David M. Tehle, and Ann E. Ziegler. Stockholders approved the named executive officer compensation on an advisory basis, with 199,888,080 votes for and 5,361,163 against. Stockholders also ratified Deloitte & Touche LLP as independent auditors for fiscal year 2026, with 210,048,265 votes for and 3,421,849 against. The filing reports the final vote on the special meeting proposal (Proposal No. 4) as 205,371,228 for, 52,326 against, and 66,521 abstaining. The filing lists the Amended and Restated Certificate of Incorporation (Exhibit 3.1), the Amended and Restated Bylaws (Exhibit 3.2), and the cover page interactive data file (Exhibit 104).
  5. 8-KUS Foods Holding 8-K Report, Corporate Update (May 14, 2026)US Foods Holding Corp. (NYSE: USFD) disclosed in an 8-K filed May 14, 2026 that its Board of Directors has appointed David E. Flitman, the Company's Chief Executive Officer and a Board member, as Chair of the Board, effective that day. The filing describes this as a Board leadership transition. David M. Tehle, the previous Chair, remains on the Board and has been elected Lead Independent Director. According to the attached press release (Exhibit 99.1), Flitman will continue to lead day-to-day operations while working with the Board on long-term strategic direction. Tehle will retain significant responsibilities alongside the Chair and full Board, overseeing independence and corporate governance. Tehle stated the Board believes combining strategic oversight with day-to-day management will accelerate long-term growth potential, and credited Flitman's leadership over the last three and a half years with improvements in safety performance, share gains, supply chain productivity, customer service levels and industry-leading earnings per share growth. For investors, the key change is the consolidation of the Chair and CEO roles in one person, with a Lead Independent Director position created to preserve independent board oversight. The filing contains no financial results or quantitative guidance.
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04—See also

Related Companies

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