01—Abstract
Summary
Summary of the 10-Q filed August 7, 2025. Cited figures are marked; the original filing is the authoritative source.
US Foods Holding Corp. reported net sales of $10.08 billiona for the 13 weeks ended June 28, 2025, up from $9.71 billion a year earlier, with operating income of $372 million versus $353 million and net income of $224 million versus $198 million.
For the 26 weeks, net sales were $19.43 billionb (versus $18.66 billion) and net income was $339 million (versus $280 million). Total case volume rose 0.9% in the quarter and 1.0% year to date, driven by independent restaurant growth, while Adjusted EBITDA reached $548 million, or 5.4% of net sales, for the quarter compared with 5.0% a year earlier. Cash flow from operations was $725 million for the 26 weeks, up from $621 million, and free cash flow was $569 million versus $467 million.
The company repurchased $270 millionc of common stock during the first half, and at quarter-end had approximately $802 million remaining under its New Share Repurchase Program. Total debt was $4.83 billion, and the company reported approximately $2.0 billion in cash and available liquidity. Management expects fiscal 2025 cash capital expenditures of $375 million to $425 million.
The balance sheet shows total assets of $13.79 billiond and shareholders' equity of $4.63 billion. Accounts payable rose to $2.53 billion from $2.23 billion at year-end. Management stated the company has no material changes to its principal risk factors, and it concluded its disclosure controls were effective as of June 28, 2025.
02—Key points
Key Highlights
- Net sales rose 3.8% to $10.08 billion in the second quarter, driven by case volume growth and food cost inflation of 2.5%.
- Operating income increased $19 million to $372 million for the 13 weeks, and net income rose $26 million to $224 million.
- Adjusted EBITDA increased 12.1% to $548 million in the quarter, with margin of 5.4% of net sales compared with 5.0% a year earlier.
- Year-to-date operating cash flow was $725 million and free cash flow was $569 million, versus $621 million and $467 million in the prior-year period.
- Diluted EPS was $0.96 for the quarter versus $0.80, and $1.45 year to date versus $1.13, helped by a smaller share count after buybacks.
- The company repurchased $270 million of common stock in the first half and had approximately $802 million remaining under its New Share Repurchase Program.
- Total debt was $4.83 billion, with about 29% floating-rate exposure, and roughly $2.0 billion of cash and available liquidity.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, US Foods Holding kept $0.02.
- Revenue$10.08B100.0%
- Cost of revenue−$8.30B82.4%
- Gross profit$1.78B17.6%
- Operating costs−$1.41B13.9%
- Operating income$372.0M3.7%
- Interest, other & tax−$148.0M1.5%
- Net income$224.0M2.2%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 7, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $10.08B$9.71B | +3.8% |
| Cost of Revenue | $8.30B$8.00B | +3.8% |
| Gross Profit | $1.78B$1.71B | +4.2% |
| SG&A Expenses | $1.40B$1.35B | +3.6% |
| Operating Expenses | $1.41B$1.35B | +3.8% |
| Operating Income | $372.00M$353.00M | +5.4% |
| Net Income | $224.00M$198.00M | +13.1% |
| EPS (Basic) | $0.97$0.81 | +19.8% |
| EPS (Diluted) | $0.96$0.80 | +20.0% |
| Shares Outstanding (Basic) | 230.00M246.00M | −6.5% |
| Shares Outstanding (Diluted) | 233.00M248.00M | −6.0% |
05—Questions
Frequently Asked Questions
How did US Foods perform in the second quarter of 2025?
Net sales were $10.08 billion, up from $9.71 billion, and net income was $224 million, up from $198 million. Operating income reached $372 million, and total case volume increased 0.9%, with independent restaurant case volume up 2.7%.
How strong is the company's cash generation and liquidity?
Cash flow from operations was $725 million for the 26 weeks ended June 28, 2025, compared with $621 million a year earlier. The company reported approximately $2.0 billion in cash and available liquidity and stated it believes cash from operations and borrowing capacity will be adequate for the next 12 months.
What is the company doing with its capital?
The company repurchased $270 million of common stock in the first half of 2025, and approximately $802 million remained under its New Share Repurchase Program at quarter-end. Management expects fiscal 2025 cash capital expenditures of $375 million to $425 million.
What did the company say about its debt?
Total debt was $4.83 billion as of June 28, 2025, down from $4.93 billion at year-end 2024. Approximately 29% of total debt bears floating rates, and interest rate caps cover $450 million of the term loans through April 30, 2027.
Were there any material changes to risk factors or legal exposure?
The filing states there were no material changes to the principal risk factors disclosed in the 2024 Annual Report. The company believes the ultimate outcome of its legal proceedings will not have a material adverse effect on its financial position, results of operations or cash flows.
06—Continue