CHEF
The Chefs' Warehouse, Inc.63.33
+0.04+0.06%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms strength, eyes M&A dry powder
Q&A largely reaffirmed the scripted story of strong Q4 organic growth and FY2026 guidance implying 6-8% sales rise with op leverage, while adding color on a temporary winter storm denting early February sales after robust January. Management stayed cautiously optimistic on tariffs and commodity noise, citing diversified upscale dining exposure. Capital allocation remains flexible: opportunistic buybacks, M&A dry powder despite frothy market, delevering at 2.1x. Regional nuggets included Middle East momentum and Texas synergies accelerating. Storm passed quickly. Watch investment ROI and deal flow.
Key Stats
Market Cap
2.58BP/E (TTM)
36.61Basic EPS (TTM)
1.73Dividend Yield
0%Recent Filings
10-K
FY2025 results
Chefs' Warehouse drove FY2025 net sales to $4.1B, up 9.4% y/y with organic growth at 9.1%, fueled by 3.9% specialty case growth and 4.4% inflation despite 2.2% center-of-the-plate pounds drop from exiting commodity poultry. Q4 momentum accelerated via Italco acquisition, boosting Denver presence, while gross margins edged to 24.2% on inventory gains yet SG&A rose 8.3% from compensation and depreciation. Operating income hit $145M; debt fell to $759M with $160M ABL availability. Share repurchases totaled $32M. Consumer spending cuts threaten quarterly volume.
8-K
Q4 sales up 10.5%
Chefs' Warehouse posted Q4 net sales up 10.5% to $1.14B, fueled by 9.7% organic growth and acquisitions, yet GAAP net income dipped to $21.7M from $23.9M due to $8.0M intangible impairment. Adjusted EBITDA climbed 17.8% to $80.3M. Sales surged. Guides 2026 sales $4.35B-$4.45B, Adjusted EBITDA $276M-$286M.
8-K
FY2026 guidance issued
Chefs' Warehouse issued preliminary FY2026 guidance on January 13, 2026, projecting net sales of $4.35-$4.45 billion, gross profit of $1.053-$1.076 billion, and adjusted EBITDA of $276-$286 million, reconciled from net income of $88-$92 million. Guidance follows a strong Q4 2025. Results hinge on economic conditions.
10-Q
Q3 FY2025 results
Chefs' Warehouse posted Q3 net sales of $1.0B, up 9.6% y/y, with gross profit climbing 10.0% to $247.2M at a 24.2% margin—better inventory management offset center-of-the-plate softness. Operating income rose to $38.9M from $31.9M; diluted EPS hit $0.44, reflecting convertible note dilution. Cash fell to $65.1M after $33.3M capex and $15.0M buybacks, yet ABL availability stands at $159.5M with total debt at $733.4M. Italco assets closed October 1 for $16.5M (cash/note). Sales growth thrives despite commodity poultry exit. Low margins stay sensitive to inflation.
8-K
Q3 sales soar 9.6%
Chefs' Warehouse posted Q3 net sales up 9.6% to $1,021.3 million, with gross profit rising 10.0% to $247.2 million and operating income climbing to $38.9 million from $31.9 million. Specialty category drove organic case growth of 3.2%, while center-of-the-plate dipped 1.1% post-poultry exit. Momentum builds into holidays. Raised 2025 guidance: sales $4.085-$4.115 billion, Adjusted EBITDA $247-$253 million.
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