01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
US Foods Holding Corp. reported fiscal year 2025 (52 weeks ended December 27, 2025) net sales of $39.42 billiona, up $1,547 million, or 4.1%, from $37.88 billion in fiscal 2024, driven by case volume growth and food cost inflation of 2.6%.
Total case volume rose 1.0%, with independent restaurant case volume up 3.3%, healthcare up 4.4% and hospitality up 2.9%, partly offset by a 3.5% decline in chain volume. Operating income increased $100 million to $1.20 billionb, and net income rose $182 million to $676 million, or $2.94 per diluted share. Adjusted EBITDA increased $191 million, or 11.0%, to $1.93 billion, and was 4.9% of net sales compared with 4.6% a year earlier.
Cash flow from operations was $1.37 billionc, up from $1.17 billion, and free cash flow was $965 million. Capital expenditures were $410 million, and the company guides fiscal 2026 cash capital expenditures to $400 million to $450 million. Total debt was $5.2 billion at year-end, with about 34% of principal bearing floating rates, and the company reported approximately $1.6 billion of cash and available liquidity.
During the year, the company repurchased 11,881,693 shares for approximately $934 milliond, and its board authorized an additional $1 billion repurchase program in November 2025, with about $1.09 billion of total remaining authorization at year end. The company completed the Jake's Finer Foods acquisition for $92 million in January 2025 and the Shetakis acquisition for $46 million in November 2025, and it sold the Freshway business for $38 million in net proceeds. Management's stated priorities include the WE HELP YOU MAKE IT strategy of More Quality, More Tools and More Deliveries, and the company recorded a $13 million intangible asset impairment in fiscal 2025.
02—Key points
Key Highlights
- Net sales of $39,424 million in fiscal 2025, up $1,547 million, or 4.1%, with total case volume up 1.0% and food cost inflation of 2.6%.
- Operating income of $1,199 million, up $100 million, and net income of $676 million, up $182 million; diluted EPS of $2.94 versus $2.02.
- Adjusted EBITDA of $1,932 million, up 11.0%, representing 4.9% of net sales versus 4.6% in fiscal 2024.
- Operating cash flow of $1,369 million and free cash flow of $965 million, compared with $836 million in fiscal 2024.
- Total debt of $5.2 billion at December 27, 2025, with approximately 34% at floating rates; the company cites approximately $1.6 billion of cash and available liquidity.
- Repurchased 11,881,693 shares for approximately $934 million in fiscal 2025; $1 billion of authorization added under the November 2025 program, and no dividends paid.
- Acquired Jake's Finer Foods ($92 million) and Shetakis ($46 million), and sold Freshway for $38 million in net proceeds.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, US Foods Holding kept $0.02.
- Revenue$39.42B100.0%
- Cost of revenue−$32.56B82.6%
- Gross profit$6.86B17.4%
- Operating costs−$5.67B14.4%
- Operating income$1.20B3.0%
- Interest, other & tax−$523.0M1.3%
- Net income$676.0M1.7%
Where FY2025 revenue went
$39.42B- Cost of revenue: $32.56B, 83% of revenue
- SG&A: $5.63B, 14% of revenue
- Net income: $676.0M, 1.7% of revenue
- Interest, other & tax: $523.0M, 1.3% of revenue
Kept 1.7% as net incomeNet income $676.0M · 1.7%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $39.42B$37.88B | +4.1% |
| Cost of Revenue | $32.56B$31.34B | +3.9% |
| Gross Profit | $6.86B$6.53B | +5.1% |
| SG&A Expenses | $5.63B$5.41B | +4.1% |
| Operating Expenses | $5.67B$5.43B | +4.2% |
| Operating Income | $1.20B$1.10B | +9.1% |
| Net Income | $676.00M$494.00M | +36.8% |
| EPS (Basic) | $2.98$2.05 | +45.4% |
| EPS (Diluted) | $2.94$2.02 | +45.5% |
| Shares Outstanding (Basic) | 227.00M241.00M | −5.8% |
| Shares Outstanding (Diluted) | 230.00M244.00M | −5.7% |
05—Questions
Frequently Asked Questions
How did US Foods perform financially in fiscal 2025?
Net sales rose 4.1% to $39.42 billion, operating income rose to $1.20 billion from $1.10 billion, and net income rose to $676 million from $494 million. Adjusted EBITDA increased 11.0% to $1.93 billion, and Adjusted EBITDA margin reached 4.9% of net sales versus 4.6% in fiscal 2024.
What drove sales growth in fiscal 2025?
The filing attributes sales growth primarily to case volume growth and food cost inflation of 2.6%. Independent restaurant case volume increased 3.3%, healthcare volume rose 4.4% and hospitality volume rose 2.9%, while chain volume decreased 3.5%.
How much debt does US Foods carry and what are its liquidity sources?
Total debt was $5.2 billion as of December 27, 2025, and about 34% of principal bore floating interest rates after interest rate caps. The company had approximately $1.6 billion of cash and available liquidity, including $1,556 million of remaining capacity under its ABL Facility.
What is the company's capital return policy?
The company has not paid common dividends since its stock began trading publicly in 2016 and has no plans to pay them in the foreseeable future. It repurchased about $934 million of stock in fiscal 2025, and as of year end had about $90 million remaining under the May 2025 program and $1 billion under the November 2025 program.
What are the main risks highlighted in the filing?
Key risks include economic conditions affecting consumer spending, low-margin profitability sensitive to cost inflation and deflation, intense competition, reliance on third-party suppliers, and GPO-related pricing pressure. GPOs accounted for approximately 27% of fiscal 2025 net sales. The filing also cites labor relations, cybersecurity, AI integration and indebtedness as material risks.
06—Continue