Companies · USFD
US Foods
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 5, 2026
US Foods Q3 FY2026: Independent restaurant volume up 5%, gross margin expands 110bps to 18.3%, Adjusted EBITDA margin reaches 5.3%
US Foods delivered its strongest gross margin quarter in recent memory, with gross profit margin expanding 110 basis points year-over-year to 18.3% in Q3 FY2026, driven by a combination of 5.0% independent restaurant case volume growth, improved cost of goods sold, and a $49 million favorable LIFO swing. Adjusted EBITDA of $555 million grew 9.9% year-over-year on net sales of $10.4 billion, with the Adjusted EBITDA margin reaching 5.3% versus 5.0% in the prior year period. The structural story is clear: independent restaurant share gains are compounding — organic independent restaurant volume grew 5.0% in Q3 and 4.9% year-to-date — while chain volume continued to contract 1.5% and 1.8% for the same periods, confirming a deliberate portfolio mix shift toward higher-margin customer segments.
Tone: bullishRevenue
$39.4B
USFD 10-K · FY 2025
Employees
30,000
Revenue growth YoY
+4.1%
Headquarters
Rosemont, IL
Profile
USFD 10-K Item 1 · Feb 12, 2026US Foods is one of the largest foodservice distributors in the United States, supplying approximately 250,000 customer locations nationwide with fresh, frozen, and dry food products as well as non-food items. The company operates as a single broadline distribution segment, serving independent restaurants, healthcare, hospitality, government, and education customers. Its strategy is organized around three pillars: More Quality (Exclusive Brands), More Tools (MOXe digital platform), and More Deliveries (broadline, Pronto, and cash-and-carry channels).
Read filing description ↓ Collapse description ↑
At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our brand promise of WE HELP YOU MAKE IT. Our promise brings three key elements to the forefront for our customers; (1) more quality products, like our large and diverse Exclusive Brand portfolio that is based on consistency, freshness and innovation, (2) more tools, centering on our industry-leading ecommerce platform, MOXe, and (3) more deliveries, with expanded options for on-time delivery enabled by our traditional broadline services and our convenient and flexible Pronto program. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We supply approximately 250,000 customer locations nationwide. These customer locations include independent restaurants, chain restaurants, healthcare, hospitality, government and education customers. We provide fresh, frozen, and dry food products, as well as non-food items, sourced from thousands of suppliers. Over 4,000 sales associates manage customer relationships at local, regional, and national levels. Our extensive network of over 70 distribution facilities and fleet of over 6,500 trucks, along with over 90 cash and carry locations, allow us to operate efficiently and provide high levels of customer service. This operating model allows us to leverage our nationwide scale and footprint while executing locally.
Primary products
- Meats and seafood
- Dry grocery products
- Refrigerated and frozen grocery products
- Dairy
- Equipment, disposables and supplies
- Beverage products
Business segments
End markets
Geographies
Named customers
In fiscal year 2025, no single customer represented more than 2% of our total customer sales. Sales to our top 50 customers, including group purchasing organizations ('GPOs'), represented approximately 42% of our net sales in fiscal year 2025.
“We believe most purchasing decisions in the U.S. foodservice distribution industry are based on the type, quality and price of the product and a distributor's ability to completely and accurately fill orders and provide timely deliveries.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased $1,547 million, or 4.1%, in fiscal year 2025 driven primarily by case volume growth and food cost inflation of 2.6%.
The rest of USFD is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.