01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
US Foods Holding Corp. reported net sales of $10,191 milliona for the 13 weeks ended September 27, 2025, up from $9,728 million a year earlier, and net sales of $29,624 million for the 39 weeks, up from $28,386 million.
Net income was $153 millionb for the quarter (versus $148 million) and $492 million year to date (versus $428 million). Operating income was $282 million for the quarter and $878 million year to date. Adjusted EBITDA was $505 million for the quarter, or 5.0% of net sales, compared with $455 million, or 4.7%, a year earlier, and $1,442 million year to date, or 4.9% of net sales.
Total case volume increased 1.1% in the quarter, with independent restaurant case volume up 3.9%. Organic case volume increased 0.8% in the quarter. Cash flow from operations was $1,076 millionc for the 39 weeks, up from $891 million, and Free Cash Flow was $806 million, up from $658 million.
The company repurchased approximately 4.1 million shares for about $335 milliond in the quarter and approximately 7.6 million shares for about $608 million year to date. As of the quarter end, roughly $467 million remained authorized under the New Share Repurchase Program. The company reported approximately $1.9 billion in cash and available liquidity, with $1,822 million of available capacity under its ABL Facility.
Total debt was $4,952 million at quarter end, and the company expects fiscal 2025 cash capital expenditures between $395 million and $410 million. The filing notes that LIFO expense was $46 million in the quarter and $65 million year to date, and that the company's disclosure controls were concluded to be effective as of September 27, 2025. The company stated that it believes cash from operations and borrowing capacity will be adequate to meet obligations for the next 12 months.
02—Key points
Key Highlights
- Net sales rose $463 million (4.8%) to $10,191 million in the quarter, driven by case volume growth and food cost inflation of 3.0%.
- Gross profit increased $86 million (5.2%) to $1,753 million in the quarter; gross margin was 17.2% versus 17.1% a year earlier.
- Adjusted EBITDA increased $50 million (11.0%) to $505 million in the quarter, with margin of 5.0% versus 4.7%.
- Net income was $153 million for the quarter and $492 million year to date, compared with $148 million and $428 million a year earlier.
- Operating cash flow was $1,076 million for the 39 weeks, up from $891 million, and Free Cash Flow was $806 million, up from $658 million.
- The company repurchased about $608 million of common stock year to date and had approximately $467 million remaining under its New Share Repurchase Program.
- Total debt was $4,952 million, with about 31% bearing floating rates; interest rate caps cover approximately 34% of the Term Loan Facilities balance.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, US Foods Holding kept $0.02.
- Revenue$10.19B100.0%
- Cost of revenue−$8.44B82.8%
- Gross profit$1.75B17.2%
- Operating costs−$1.47B14.4%
- Operating income$282.0M2.8%
- Interest, other & tax−$129.0M1.3%
- Net income$153.0M1.5%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $10.19B$9.73B | +4.8% |
| Cost of Revenue | $8.44B$8.06B | +4.7% |
| Gross Profit | $1.75B$1.67B | +5.2% |
| SG&A Expenses | $1.46B$1.38B | +5.7% |
| Operating Expenses | $1.47B$1.39B | +6.0% |
| Operating Income | $282.00M$279.00M | +1.1% |
| Net Income | $153.00M$148.00M | +3.4% |
| EPS (Basic) | $0.68$0.61 | +11.5% |
| EPS (Diluted) | $0.67$0.61 | +9.8% |
| Shares Outstanding (Basic) | 225.50M241.00M | −6.4% |
| Shares Outstanding (Diluted) | 228.40M243.90M | −6.4% |
05—Questions
Frequently Asked Questions
How did US Foods perform in the third quarter of fiscal 2025?
Net sales were $10,191 million, up 4.8% from $9,728 million, driven by case volume growth and food cost inflation. Operating income was $282 million, roughly flat versus $279 million, and net income was $153 million, up from $148 million.
What drove the increase in Adjusted EBITDA?
Adjusted EBITDA rose to $505 million from $455 million, and margin improved to 5.0% from 4.7%. The filing attributes growth primarily to higher total case volume, improved cost of goods sold and inventory management, and distribution productivity improvements, partially offset by higher operating expenses and an unfavorable year-over-year LIFO adjustment.
How is the company returning capital to shareholders?
In the 13 weeks ended September 27, 2025, the company repurchased about 4.1 million shares for roughly $335 million. Year to date, it repurchased about 7.6 million shares for about $608 million. About $467 million remained authorized under the New Share Repurchase Program, which has no expiration date.
What is the company's liquidity and debt position?
The company reported approximately $1.9 billion in cash and available liquidity, including $1,822 million of remaining ABL Facility capacity. Total debt was $4,952 million, and the company stated that operating cash flow and borrowing capacity should be adequate to meet obligations for the next 12 months.
What are the company's capital expenditure expectations?
For fiscal year 2025, the company expects total cash capital expenditures between $395 million and $410 million, to be funded with available cash or cash generated from operations. Year-to-date capital expenditures were $276 million.
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