01—Abstract
Summary
Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.
US Foods Holding Corp. (NYSE: USFD) reported results for its fiscal first quarter ended March 28, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K.
Net sales rose 2.8% to $9.6 billiona (from $9,351 million), driven by case volume growth and food cost inflation of 1.0%. Net income increased 0.9% to $116 million, and diluted EPS rose 6.1% to $0.52. Adjusted EBITDA grew 6.2% to $413 million, with Adjusted EBITDA margin of 4.3%, and Adjusted Diluted EPS grew 14.7% to $0.78.
Total case volume increased 1.4%, with independent restaurant case volume up 4.6%, while chain volume decreased 2.3%. Cash flow from operating activities was $294 millionb, down $97 million from the prior year, driven by changes in operating assets and liabilities, including higher tax payments. Net Debt was $5.1 billion at quarter end, and the Net Debt to Adjusted EBITDA ratio was 2.6x, compared with 2.7x at the end of fiscal 2025.
The company repurchased 1.4 million shares for $125 millionc, including $50 million of settlements from an accelerated share repurchase entered into in November 2025. US Foods reaffirmed its fiscal 2026 guidance issued February 12, 2026: 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 an expected contribution of approximately 1%d from a 53rd week in fiscal 2026. The CEO cited a deteriorating macro environment and weather-related disruptions during the quarter, while noting sustained momentum as weather normalized.
02—Key points
Key Highlights
- Net sales increased 2.8% to $9.6 billion, driven by case volume growth and 1.0% food cost inflation.
- Independent restaurant case volume rose 4.6%, while chain volume declined 2.3%; total case volume increased 1.4%.
- Adjusted EBITDA grew 6.2% to $413 million; Adjusted Diluted EPS grew 14.7% to $0.78 versus GAAP diluted EPS of $0.52.
- GAAP net income rose 0.9% to $116 million; diluted EPS increased 6.1% to $0.52.
- Operating cash flow fell $97 million to $294 million, reflecting working capital changes and higher tax payments.
- Net Debt was $5.1 billion, with a Net Debt to Adjusted EBITDA ratio of 2.6x, down from 2.7x at fiscal year-end 2025.
- Fiscal 2026 guidance was reaffirmed: Net Sales growth of 4% to 6%, Adjusted EBITDA growth of 9% to 13%, and Adjusted Diluted EPS growth of 18% to 24%.
03—Questions
Frequently Asked Questions
How did US Foods perform in the fiscal first quarter of 2026?
Net sales increased 2.8% to $9.6 billion, net income rose 0.9% to $116 million, and Adjusted EBITDA increased 6.2% to $413 million. Diluted EPS was $0.52, and Adjusted Diluted EPS was $0.78, up 14.7%.
What drove growth in case volume?
Total case volume rose 1.4%, led by a 4.6% increase in independent restaurant case volume, a 3.7% increase in healthcare volume and a 5.0% increase in hospitality volume. These gains were partly offset by a 2.3% decrease in chain volume.
Did the company change its fiscal 2026 outlook?
No. The company reaffirmed its February 12, 2026 guidance: 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 about 1% added to case and Adjusted EBITDA growth from a 53rd week.
How much did the company return to shareholders and how is its leverage?
US Foods repurchased 1.4 million shares for $125 million in the quarter, including $50 million of accelerated share repurchase settlements. Net Debt was $5.1 billion, and the Net Debt to Adjusted EBITDA ratio was 2.6x, versus 2.7x at fiscal 2025 year-end.
Why did operating cash flow decline?
Operating cash flow was $294 million, a decrease of $97 million from the prior year. The filing attributes the decline to changes in operating assets and liabilities, including an increase in tax payments for 2026.
04—Continue