01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
US Foods Holding Corp. reported net sales of $10.53 billiona for the 13 weeks ended June 27, 2026, up from $10.08 billion a year earlier, with case volume up 1.9% and food cost inflation of 2.3% cited as drivers.
Operating income rose to $443 millionb from $372 million, and net income increased to $275 million from $224 million. Diluted EPS was $1.24 versus $0.96. For the 26 weeks, net sales were $20.14 billion, operating income was $659 million, and net income was $391 million, compared with $339 million a year earlier.
Adjusted EBITDA was $604 millionc for the quarter and $1.02 billion year to date, with Adjusted EBITDA margin at 5.7% for the quarter and 5.0% for the half. Cash flow from operations was $725 million for the 26 weeks, flat year over year, while free cash flow was $552 million compared with $569 million. The company repurchased $445 million of common stock in the first half under its May 2025 and November 2025 programs.
As of June 27, 2026, $640 milliond remained authorized under the November 2025 program, and total debt was $5.24 billion, with $1.8 billion of cash and available liquidity. Roughly 34% of total debt bore floating rates.
The filing also reports an amendment on May 28, 2026 that raised ABL Facility commitments from $2.3 billion to $2.5 billion and extended its maturity to May 28, 2031. Management states there were no material changes to principal risk factors and that disclosure controls were effective as of June 27, 2026.
02—Key points
Key Highlights
- Net sales rose $450 million, or 4.5%, to $10.53 billion for the quarter; 26-week net sales rose $709 million, or 3.6%, to $20.14 billion.
- Operating income increased $71 million to $443 million for the quarter, and gross profit margin was 18.2% of net sales versus 17.6% a year earlier.
- Net income was $275 million for the quarter (diluted EPS $1.24) versus $224 million (diluted EPS $0.96) in the prior-year quarter.
- Adjusted EBITDA increased $56 million to $604 million for the quarter, with Adjusted EBITDA margin of 5.7% versus 5.4%.
- Free cash flow was $552 million for the 26 weeks versus $569 million a year earlier, with operating cash flow of $725 million in both periods.
- The company repurchased $445 million of common stock in the 26 weeks and had $640 million remaining under the November 2025 repurchase program at quarter end.
- The ABL Facility was upsized to $2.5 billion and extended to May 28, 2031, with $1.75 billion of available capacity at June 27, 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, US Foods Holding kept $0.03.
- Revenue$10.53B100.0%
- Cost of revenue−$8.61B81.8%
- Gross profit$1.92B18.2%
- Operating costs−$1.48B14.0%
- Operating income$443.0M4.2%
- Interest, other & tax−$168.0M1.6%
- Net income$275.0M2.6%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $10.53B$10.08B | +4.5% |
| Cost of Revenue | $8.61B$8.30B | +3.7% |
| Gross Profit | $1.92B$1.78B | +8.0% |
| SG&A Expenses | $1.48B$1.40B | +5.3% |
| Operating Expenses | $1.48B$1.41B | +5.1% |
| Operating Income | $443.00M$372.00M | +19.1% |
| Net Income | $275.00M$224.00M | +22.8% |
| EPS (Basic) | $1.26$0.97 | +29.9% |
| EPS (Diluted) | $1.24$0.96 | +29.2% |
| Shares Outstanding (Basic) | 219.00M230.00M | −4.8% |
| Shares Outstanding (Diluted) | 221.00M233.00M | −5.2% |
05—Questions
Frequently Asked Questions
How did US Foods perform in the second quarter of fiscal 2026?
Net sales were $10.53 billion, up $450 million or 4.5%, driven by case volume growth and food cost inflation of 2.3%. Operating income rose to $443 million from $372 million, and net income rose to $275 million from $224 million.
What drove the improvement in gross profit?
Gross profit increased $142 million to $1.92 billion for the quarter, primarily from higher total case volume and improved cost of goods sold, plus a favorable year-over-year LIFO adjustment of $19 million. Gross margin rose to 18.2% from 17.6%.
How is the company returning capital to shareholders?
In the 26 weeks ended June 27, 2026, the company repurchased $445 million of common stock. As of quarter end, $640 million remained authorized under the November 2025 Share Repurchase Program, which has no expiration date.
What is the company's debt and liquidity position?
Total debt was $5.24 billion at June 27, 2026, compared with $5.20 billion at December 27, 2025. The company cited approximately $1.8 billion of cash and available liquidity, and about 34% of its total debt bore floating interest rates.
What changed in the company's credit facilities?
On May 28, 2026, USF increased ABL Facility commitments from $2.3 billion to $2.5 billion and extended the maturity to May 28, 2031. The company incurred about $4 million of fees, which were capitalized as deferred financing costs.
06—Continue