The Chefs' Warehouse, Inc. (CHEF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.59	$0.78	+32.2%	—	$1.2B	—
Q1 26	$0.25	$0.4	+60.0%	—	$1.1B	—
Q4 25	$0.62	$0.68	+9.7%	—	$1.1B	—
Q3 25	$0.42	$0.5	+19.0%	—	$1B	—
Q2 25	$0.46	$0.52	+13.0%	—	$1B	—
Q1 25	$0.19	$0.25	+31.6%	—	$950.7M	—
Q4 24	$0.51	$0.55	+7.8%	—	$1B	—
Q3 24	$0.34	$0.36	+5.9%	—	$931.5M	—
Q2 24	$0.37	$0.4	+8.1%	—	$954.7M	—
Q1 24	$0.07	$0.15	+114.3%	—	$874.5M	—
Q4 23	$0.42	$0.47	+11.9%	—	$950.5M	—
Q3 23	$0.35	$0.33	-5.7%	—	$881.8M	—
Q2 23	$0.5	$0.35	-30.0%	—	$881.8M	—
Q1 23	$0.11	$0.12	+9.1%	—	$719.6M	—
Q4 22	$0.47	$0.48	+2.1%	—	$791.3M	—
Q3 22	$0.28	$0.41	+46.4%	—	$661.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.87	—	—	$4.1B	—
FY24	—	$1.46	—	—	$3.8B	—
FY23	—	$0.92	—	—	$3.4B	—
FY22	—	$0.75	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.3B	$1.4B	$1.6B	$1.1B	$1.7B	$2.6B	$3.4B	$3.8B	$4.1B
YoY change	+13.9%	+9.11%	+11%	+10.2%	-30.2%	+57%	+49.7%	+31.4%	+10.5%	+9.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.3B	1.4B	1.6B	1.1B	1.7B	2.6B	3.4B	3.8B	4.1B
Cost of revenue	891.6M	972.1M	1.1B	1.2B	863.5M	1.4B	2B	2.6B	2.9B	3.1B
Gross profit	301.2M	329.4M	348.9M	386.6M	248.2M	390.5M	618.6M	814.5M	914.1M	1B
Gross margin	25.3%	25.3%	24.2%	24.3%	22.3%	22.4%	23.7%	23.7%	24.1%	24.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	298.1M	329.5M	336.4M	379.3M	518.2M	704.8M	784.9M	849.8M
Operating expenses	—	—	300.3M	335.9M	350.8M	379.7M	532.9M	713.5M	785.9M	851M
Operating income	47.2M	41.1M	48.6M	50.7M	-102.7M	10.8M	85.7M	100.9M	128.2M	153.1M
Operating margin	3.96%	3.16%	3.36%	3.18%	-9.24%	0.62%	3.28%	2.94%	3.38%	3.69%
Non-operating income, net	69K	-10K	-169K	-101K	—	—	—	—	—	-8M
Pretax income	5.7M	18.4M	27.8M	32.4M	-123.6M	-6.8M	41.9M	55.5M	79.5M	103.5M
Income tax	2.7M	4M	7.4M	8.2M	-40.7M	-1.9M	14.1M	20.9M	24.1M	31.2M
Net income	3M	14.4M	20.4M	24.2M	-82.9M	-4.9M	27.8M	34.6M	55.5M	72.4M
Net margin	0.25%	1.1%	1.41%	1.52%	-7.46%	-0.28%	1.06%	1.01%	1.46%	1.74%
EBITDA	65.8M	61.7M	70.8M	76.7M	-69.4M	45.8M	124M	156.5M	193.1M	231.2M
EPS	0.12	0.55	0.71	0.82	-2.46	-0.13	0.75	0.92	1.46	1.87
Diluted EPS	0.12	0.54	0.7	0.81	-2.46	-0.13	0.73	0.88	1.32	1.68

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	881.8M	950.5M	874.5M	954.7M	931.5M	1B	950.7M	1B	1B	1.1B	1.1B	1.2B
Cost of revenue	674.1M	721.8M	665.1M	725.7M	706.7M	782.6M	724.8M	780.6M	774.1M	866M	801.6M	875.7M
Gross profit	207.7M	228.6M	209.4M	229M	224.7M	251M	226M	254.3M	247.2M	276.6M	257.4M	292.9M
Gross margin	23.6%	24.1%	23.9%	24%	24.1%	24.3%	23.8%	24.6%	24.2%	24.2%	24.3%	25.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	179.6M	190M	190.3M	194.8M	192.9M	206.8M	202.8M	213.8M	208.1M	225.2M	224.1M	234.2M
Operating expenses	182.1M	190.5M	193.4M	195.1M	192.9M	204.5M	203.3M	214.1M	208.3M	225.3M	224.2M	234.3M
Operating income	25.5M	38.2M	16M	33.9M	31.9M	46.5M	22.7M	40.2M	38.9M	51.2M	33.1M	58.6M
Operating margin	2.9%	4.01%	1.83%	3.55%	3.42%	4.49%	2.39%	3.89%	3.81%	4.48%	3.13%	5.02%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	14.2M	26.1M	2.8M	22.2M	20.1M	34.5M	12.5M	29.5M	28.4M	33.2M	22.7M	49.2M
Income tax	6.8M	10.1M	828K	6.7M	6M	10.5M	2.2M	8.3M	9.3M	11.5M	5.4M	15.5M
Net income	7.3M	16M	1.9M	15.5M	14.1M	23.9M	10.3M	21.2M	19.1M	21.7M	17.4M	33.8M
Net margin	0.83%	1.68%	0.22%	1.63%	1.51%	2.31%	1.08%	2.05%	1.87%	1.9%	1.64%	2.89%
EBITDA	40.5M	52.7M	31.4M	49.6M	48.3M	63.8M	41.1M	59.3M	58.7M	64.1M	53.6M	79.5M
EPS	0.19	0.42	0.05	0.41	0.37	0.63	0.27	0.55	0.5	0.56	0.45	0.87
Diluted EPS	0.19	0.38	0.05	0.37	0.34	0.55	0.25	0.49	0.44	0.5	0.4	0.76

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	409.5M	535.4M	917.9M	1.1B	—	1.2B	1.2B	1.1B	1.9B	2.4B	4.6B
Enterprise value	709.2M	811.7M	1.2B	1.5B	—	1.7B	1.9B	2B	2.7B	3.3B	5.3B
Shares outstanding	25.9M	26.1M	28.7M	29.5M	33.7M	36.7M	37.1M	37.6M	37.9M	38.7M	38.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	135.5	37.3	45	46.5	—	—	44.5	32	33.7	33.4	52.5
P/S	0.34	0.41	0.64	0.71	—	0.7	0.47	0.32	0.49	0.58	1.02
P/B	2.11	2.15	2.97	3.35	—	3.49	3.07	2.44	3.48	3.99	6.94
EV/EBITDA	10.8	13.2	16.3	19.7	—	36.1	15.4	12.7	13.8	14.1	20.4
EV/Sales	0.59	0.62	0.8	0.95	—	0.95	0.73	0.58	0.7	0.79	1.21
Earnings yield	0.74%	2.68%	2.22%	2.15%	—	—	2.25%	3.12%	2.97%	3%	1.9%
FCF yield	5.44%	3.58%	2.75%	2.57%	—	-4.8%	-1.84%	0.38%	5.54%	3.64%	2.35%
PEG	—	—	—	—	—	—	—	—	—	—	0.9

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.3%	25.3%	24.2%	24.3%	22.3%	22.4%	23.7%	23.7%	24.1%	24.2%	25.1%
Operating margin	3.96%	3.16%	3.36%	3.18%	-9.24%	0.62%	3.28%	2.94%	3.38%	3.69%	5.02%
Net margin	0.25%	1.1%	1.41%	1.52%	-7.46%	-0.28%	1.06%	1.01%	1.46%	1.74%	2.09%
ROE	1.56%	5.78%	6.61%	7.2%	-24.1%	-1.41%	6.91%	7.61%	10.3%	12%	15.3%
ROA	0.48%	2.09%	2.79%	2.39%	-8.51%	-0.46%	1.84%	2.03%	2.98%	3.57%	5.87%
ROIC	5.1%	6.11%	6.54%	5.25%	-15.1%	1.39%	5.26%	4.73%	6.68%	7.34%	8.59%
Return on tangible assets	9.49%	29.5%	19.7%	7.1%	-25.8%	-1.17%	4.45%	5.55%	6.72%	7.04%	8.78%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.46	2.74	2.62	3.02	3.43	2.39	2.54	1.89	2.04	2.05	2.15
Quick ratio	1.65	1.8	1.72	2.19	2.74	1.65	1.67	1.16	1.3	1.23	1.31
Debt / equity	1.72	1.28	0.9	1.56	1.54	1.55	2.08	2.04	1.7	1.61	1.46
Debt / assets	0.52	0.46	0.38	0.52	0.54	0.51	0.55	0.54	0.49	0.48	0.47
Net debt / EBITDA	4.56	4.48	3.33	5.02	-4.86	9.34	5.47	5.6	4.15	3.69	3.17
Interest coverage	1.14	1.81	2.34	2.77	-4.9	0.61	1.96	2.22	2.63	3.49	4.3
Effective tax rate	46.7%	22%	26.7%	25.3%	0%	0%	33.8%	37.6%	30.2%	30.1%	31.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	46	49.8	50.3	53.9	33	47.5	70.5	91.2	100.1	107.2	113.3
EPS (basic)	0.12	0.55	0.71	0.82	-2.46	-0.13	0.75	0.92	1.46	1.87	1.87
EPS (diluted)	0.12	0.54	0.7	0.81	-2.46	-0.13	0.73	0.88	1.32	1.68	2.1
Book value per share	7.48	9.52	10.8	11.4	10.2	9.53	10.8	12.1	14.2	15.6	15.9
FCF per share	0.86	0.73	0.88	0.98	1.06	-1.6	-0.61	0.11	2.73	2.27	2.73
Cash per share	1.27	1.59	1.48	4.75	5.73	3.13	4.28	1.33	3.02	3.12	3.32
Capex per share	—	—	—	—	—	—	—	—	—	1.07	0.78

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1%	0.82%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	32.1%	22.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$881.8M	$950.5M	$874.5M	$954.7M	$931.5M	$1B	$950.7M	$1B	$1B	$1.1B	$1.1B	$1.2B
YoY change	+33.2%	+20.1%	+21.5%	+8.27%	+5.63%	+8.74%	+8.72%	+8.4%	+9.65%	+10.5%	+11.4%	+12.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	32.9M	41.5M	42.4M	140.2M	193.3M	115.2M	158.8M	49.9M	114.7M	121M
Receivables	128M	142.2M	161.8M	175M	96.4M	172.5M	260.2M	334M	366.3M	392.4M
Inventory	87.5M	102.1M	112.6M	124.1M	82.5M	144.5M	245.7M	284.5M	316M	385.7M
Total current assets	264.5M	296.8M	328.7M	453.2M	405.7M	470M	720.9M	730.9M	868M	969.9M
Property, plant & equipment	60.9M	67.1M	84M	219.1M	215M	245.9M	302.5M	385.1M	403.3M	480.6M
Goodwill & intangibles	601.7M	639.1M	628.6M	673M	653.2M	653M	885.6M	1.1B	1B	1B
Total assets	633.5M	687.7M	732.4M	1B	974.3M	1.1B	1.5B	1.7B	1.9B	2B
Accounts payable	65.5M	70M	87.8M	94.1M	57.5M	118.3M	163.4M	200.5M	266.8M	275.6M
Short-term debt	14.8M	3.8M	61K	18.2M	23.3M	21M	31.9M	77.4M	40M	53M
Total current liabilities	107.4M	108.3M	125.5M	150.2M	118.1M	197M	283.7M	385.8M	425.4M	473.5M
Long-term debt	317.7M	314M	278.2M	506.7M	507.2M	521.5M	804.9M	848.8M	875.8M	921.9M
Total liabilities	439.8M	439.1M	423.7M	677.7M	629.7M	723.6M	1.1B	1.3B	1.3B	1.4B
Shareholders' equity	193.8M	248.6M	308.7M	335.9M	344.6M	350.2M	401.5M	454.7M	537.6M	604.3M
Total debt	332.5M	317.8M	278.2M	524.9M	530.5M	542.5M	836.8M	926.3M	915.8M	974.9M
Net debt	299.7M	276.3M	235.8M	384.6M	337.2M	427.3M	678M	876.4M	801.2M	853.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	33.1M	49.9M	42.3M	38.3M	50.7M	114.7M	116.5M	96.9M	65.1M	121M	122.7M	135.5M
Receivables	316.1M	334M	313.1M	323.4M	334.4M	366.3M	335.8M	350.8M	347.5M	392.4M	377.4M	395.9M
Inventory	312.2M	284.5M	271.8M	310.4M	336.3M	316M	316.8M	367.9M	385.4M	385.7M	364M	379.8M
Total current assets	721.6M	730.9M	692.7M	740.5M	792.3M	868M	835M	883.4M	869M	969.9M	930.9M	975.8M
Property, plant & equipment	345.3M	385.1M	436.1M	439.4M	451.6M	403.3M	486.6M	512.3M	538.4M	480.6M	553.2M	549.8M
Goodwill & intangibles	1.1B	1.1B	1.1B	1.1B	1B	1B	1B	1B	1B	1B	988.7M	979M
Total assets	1.7B	1.7B	1.7B	1.7B	1.8B	1.9B	1.8B	1.9B	1.9B	2B	2B	2B
Accounts payable	209.3M	200.5M	183M	220.4M	232.2M	266.8M	249.5M	278.9M	227.9M	275.6M	233M	246.1M
Short-term debt	34.7M	77.4M	78.8M	80.1M	87.8M	40M	42.2M	41.1M	45.6M	53M	54.5M	55.2M
Total current liabilities	350.2M	385.8M	359.9M	399.5M	429.1M	425.4M	407.3M	439.9M	405.7M	473.5M	427.7M	454.3M
Long-term debt	860.4M	848.8M	845.9M	833.8M	841.5M	875.8M	869.7M	888.9M	908.5M	921.9M	923.7M	891.4M
Total liabilities	1.2B	1.3B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B
Shareholders' equity	434.8M	454.7M	447.8M	461.9M	480.3M	537.6M	541.6M	557.7M	576.6M	604.3M	608.6M	648.2M
Total debt	895.1M	926.3M	924.7M	913.9M	929.3M	915.8M	911.9M	930M	954.1M	974.9M	978.2M	946.6M
Net debt	862.1M	876.4M	882.4M	875.6M	878.6M	801.2M	795.4M	833.2M	889.1M	853.9M	855.5M	811.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3M	14.4M	20.4M	24.2M	-82.9M	-4.9M	27.8M	34.6M	55.5M	72.4M
Depreciation & amortization	18.5M	20.5M	22.2M	26M	33.3M	35M	38.2M	55.6M	64.9M	78.1M
Stock-based compensation	2.6M	3M	4.1M	4.4M	9.3M	11.5M	13.6M	20M	17.8M	21.2M
Change in working capital	1.1M	-26.8M	-27.3M	-28.8M	81.5M	-60.2M	-80.3M	-67.9M	4.6M	-76M
Operating cash flow	21.6M	12.3M	27.3M	38M	15.4M	-17.9M	20.4M	59M	146.4M	129.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	-41.4M
Investing cash flow	-19.2M	-30.1M	-13.9M	-28.1M	-60.9M	-10.2M	-186.2M	-121.9M	-315K	-46.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-569K	-500K	-764K	-1M	-3.7M	-1.8M	-2.7M	-2.1M	-17.4M	-15M
Financing cash flow	27.2M	19.4M	-10.4M	95.4M	178.1M	-9.2M	253.1M	9M	-38.7M	-76.2M
Net change in cash	29.6M	1.6M	3M	105.3M	132.5M	-37.3M	87.4M	-54M	107.5M	6.2M
Free cash flow	22.3M	19.2M	25.3M	28.9M	35.8M	-58.7M	-22.7M	4.2M	103.6M	87.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	19.1M	21.7M	17.4M	33.8M
Depreciation & amortization	—	—	—	—	—	—	—	—	19.8M	20.9M	20.4M	20.9M
Stock-based compensation	—	—	—	—	—	—	—	—	4.9M	6.7M	5.3M	7.5M
Change in working capital	—	—	—	—	—	—	—	—	-16.6M	-48.3M	-14.8M	-12.8M
Operating cash flow	—	—	—	—	—	—	—	—	-8.7M	73.9M	38.3M	58.4M
Capital expenditure	—	—	—	—	—	—	—	—	-11M	-8.1M	-7.7M	-9.2M
Investing cash flow	—	—	—	—	—	—	—	—	-11M	-12.7M	-7.7M	-9.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-5M	1K	-10M	0
Financing cash flow	—	—	—	—	—	—	—	—	-11.9M	-4.6M	-30.8M	-36.1M
Net change in cash	—	—	—	—	—	—	—	—	-31.7M	56.6M	-259K	13.1M
Free cash flow	-2.7M	19.3M	13.8M	13.3M	11.8M	64.6M	37.2M	4.5M	-19.7M	65.8M	30.6M	49.2M

The Chefs' Warehouse, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement