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US Foods

USFD NYSE Food Distributors Financials FY2016–FY2025

US Foods' revenue rose 4.1% to $39.4 billion in fiscal 2025. Its operating margin was 3.0%, up from 2.9% a year earlier. Free cash flow was $959 million, up 15.1%. It paid out $926 million in dividends and buybacks, 97% of free cash flow. The diluted share count fell 5.7%.

Last close · Oct 23, 2026

$100.91

3.0%
Value it Compare
Revenue Total sales reported in the income statement.
$39.4B
4.1% vs prior year
Operating margin Operating income as a share of revenue.
3.0%
0.1 pts
Net income Profit after all expenses, interest and tax.
$676M
36.8%
Free cash flow Cash from operations minus capital spending.
$959M
15.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.6%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$22.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
31.1x
On $3.25 EPS (TTM)

What US Foods does

No business description yet.

Legal name
US FOODS HOLDING CORP.
Fiscal year ends
December 27, 2025
Latest annual report
—
Accession · CIK
0001665918-26-000008
0001665918

Revenue and margins

US Foods had $39.4B of revenue in fiscal 2025, up 4.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 12.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $959M in fiscal 2025, 2.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

US Foods returned $926M to shareholders in fiscal 2025, 97% of free cash flow. The diluted share count fell 5.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value US Foods yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.2B and divides by 230.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 31.0x · peers 32.3x · sector 24.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably US Foods can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $148M$211M$269M$59.0M$41.0M
Debt incl. finance leases $5.0B$4.9B$4.7B$4.9B$5.2B
Net debt / EBITDA 6.1x4.8x3.1x3.2x3.1x
Debt / equity 1.3x1.2x1.0x1.1x1.2x
Interest coverage 2.0x2.3x3.1x3.5x3.9x
Current ratio 1.4x1.4x1.3x1.2x1.2x
Quick ratio 0.8x0.8x0.8x0.7x0.7x
Total assets $12.5B$12.8B$13.2B$13.4B$13.9B
Total liabilities $8.3B$8.3B$8.4B$8.9B$9.6B
Shareholders' equity $3.7B$4.0B$4.7B$4.5B$4.3B
Net debt (− = net cash) $4.9B$4.6B$4.4B$4.9B$5.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$18.5M

5 insiders

Of sales under plans

23%

$4.2M

DateInsiderTradeSharesPriceValueFiling
Aug 13, 2026 Randy J TaylorSee Remarks Sold 11,630 $110.37 $1.3M Form 4
Aug 7, 2026 William Spencer HancockSee Remarks Sold 21,754 $108.29 $2.4M Form 4
Mar 30, 2026 Dirk J. LocascioEVP, Chief Financial Officer Sold plan 20,000 $91.19 $1.8M Form 4
Feb 25, 2026 Dirk J. LocascioEVP, Chief Financial Officer Sold plan 25,101 $96.59 $2.4M Form 4
Feb 18, 2026 James David Works JrSee Remarks Sold 65,737 $96.52 $6.3M Form 4
Nov 11, 2025 Steven GubermanSee Remarks Sold 58,632 $72.00 $4.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 95 / 97 / 9
Accruals ratio −4.9%−5.1%−5.1%
Altman Z'' 1.941.901.94

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
US Foods USFD $22.3B 4.1% 3.0% 2.4% 9.6% 31.1x 7
Performance Food Group PFGC $14.9B 7.2% 1.3% 1.5% 5.7% 41.4x 5 Compare →
Sysco SYY $39.1B 3.9% 3.7% 2.3% 16.8% 22.2x 7 Compare →
Andersons ANDE $2.2B −2.2% — −0.5% 9.3% 23.3x 5 Compare →
Chefs' Warehouse CHEF $4.9B 9.4% 3.5% 2.1% 8.5% 57.9x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $22.9B $24.1B $24.2B $25.9B $22.9B $29.5B $34.1B $35.6B $37.9B $39.4B
Gross profit $4.1B $4.2B $4.3B $4.6B $3.7B $4.7B $5.5B $6.1B $6.5B $6.9B
Operating income $419M $588M $658M $699M −$77.0M $424M $594M $1.0B $1.1B $1.2B
Interest expense $229M $170M $175M $184M $238M $213M $255M $324M $315M $305M
Pretax income $131M $404M $496M $511M −$294M $214M $361M $678M $644M $898M
Income tax −$79.0M −$40.0M $89.0M $126M −$68.0M $50.0M $96.0M $172M $150M $222M
Net income $210M $444M $407M $385M −$226M $164M $265M $506M $494M $676M
Diluted EPS $1.03 $1.97 $1.87 $1.75 −$1.15 $0.54 $1.01 $2.02 $2.02 $2.94
Diluted shares 0.20B 0.23B 0.22B 0.22B 0.22B 0.23B 0.23B 0.25B 0.24B 0.23B
Cash flow
Cash from operations $549M $749M $609M $760M $413M $419M $765M $1.1B $1.2B $1.4B
Capital expenditure $164M $221M $235M $258M $189M $274M $265M $309M $341M $410M
Free cash flow $385M $528M $374M $502M $224M $145M $500M $831M $833M $959M
Depreciation and amortization $421M $378M $340M $362M $422M $378M $372M $395M $438M $462M
Stock-based compensation $18.0M $21.0M $28.0M $32.0M $40.0M $48.0M $45.0M $56.0M $63.0M $83.0M
Acquisitions $122M $182M $0.0M $1.8B $972M $0.0M $0.0M $196M $214M $131M
Share buybacks $0.0M $280M $0.0M $0.0M $0.0M $0.0M $14.0M $294M $948M $926M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $280M $0.0M $0.0M $0.0M $0.0M $14.0M $294M $948M $926M
Balance sheet
Cash and short-term investments $131M $119M $104M $90.0M $828M $148M $211M $269M $59.0M $41.0M
Total debt $3.8B $3.8B $3.5B $4.7B $5.7B $5.0B $4.9B $4.7B $4.9B $5.2B
Finance lease liabilities $0.0M $0.0M $0.0M $352M $323M $292M $446M $462M $490M $557M
Current assets $2.8B $2.8B $3.0B $3.3B $3.5B $3.6B $3.8B $4.0B $4.0B $4.2B
Current liabilities $2.0B $2.0B $2.1B $2.4B $2.0B $2.6B $2.8B $3.1B $3.3B $3.6B
Inventory $1.2B $1.2B $1.3B $1.4B $1.3B $1.7B $1.6B $1.6B $1.6B $1.7B
Property and equipment, net $1.8B $1.8B $1.8B $2.1B $2.0B $2.0B $2.2B $2.3B $2.4B $2.7B
Total assets $8.9B $9.0B $9.2B $11.3B $12.4B $12.5B $12.8B $13.2B $13.4B $13.9B
Total liabilities $6.4B $6.3B $6.0B $7.6B $8.4B $8.3B $8.3B $8.4B $8.9B $9.6B
Shareholders' equity $2.5B $2.8B $3.2B $3.7B $3.5B $3.7B $4.0B $4.7B $4.5B $4.3B
Margins
Gross margin 17.7% 17.5% 17.8% 17.7% 16.3% 15.8% 16.1% 17.3% 17.3% 17.4%
Operating margin 1.8% 2.4% 2.7% 2.7% −0.3% 1.4% 1.7% 2.9% 2.9% 3.0%
EBITDA margin 3.7% 4.0% 4.1% 4.1% 1.5% 2.7% 2.8% 4.0% 4.1% 4.2%
Net margin 0.9% 1.8% 1.7% 1.5% −1.0% 0.6% 0.8% 1.4% 1.3% 1.7%
FCF margin 1.7% 2.2% 1.6% 1.9% 1.0% 0.5% 1.5% 2.3% 2.2% 2.4%
Returns
Return on capital 6.8% 9.3% 8.3% 7.1% −0.7% 3.8% 5.1% 8.6% 9.1% 9.6%
Return on capital employed 5.8% 8.4% 9.3% 8.7% −0.8% 4.2% 6.0% 10.1% 10.9% 11.7%
Return on equity 9.5% 16.8% 13.6% 11.1% −6.2% 4.5% 6.9% 11.6% 10.7% 15.3%
Return on assets 2.3% 4.9% 4.5% 3.8% −1.9% 1.3% 2.1% 3.9% 3.7% 4.9%
Growth
Revenue growth −0.9% 5.4% 0.1% 7.3% −11.8% 28.9% 15.5% 4.5% 6.4% 4.1%
Net income growth 25.4% 111.4% −8.3% −5.4% −158.7% — 61.6% 90.9% −2.4% 36.8%
EPS growth 5.1% 91.3% −5.1% −6.4% −165.7% — 87.0% 100.0% 0.0% 45.5%
FCF growth 4.5% 37.1% −29.2% 34.2% −55.4% −35.3% 244.8% 66.2% 0.2% 15.1%
Share count change 19.3% 10.8% −3.5% 0.9% 0.0% 2.3% 0.4% 10.6% −2.4% −5.7%
Financial health
Net debt / EBITDA 4.4x 3.8x 3.4x 4.4x 14.3x 6.1x 4.8x 3.1x 3.2x 3.1x
Debt / equity 1.5x 1.4x 1.1x 1.3x 1.6x 1.3x 1.2x 1.0x 1.1x 1.2x
Interest coverage 1.8x 3.5x 3.8x 3.8x −0.3x 2.0x 2.3x 3.1x 3.5x 3.9x
Current ratio 1.4x 1.4x 1.4x 1.4x 1.8x 1.4x 1.4x 1.3x 1.2x 1.2x
Quick ratio 0.8x 0.8x 0.8x 0.8x 1.1x 0.8x 0.8x 0.8x 0.7x 0.7x
Capital allocation
Capex / revenue 0.7% 0.9% 1.0% 1.0% 0.8% 0.9% 0.8% 0.9% 0.9% 1.0%
Stock comp / revenue 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.1% 0.2% 0.2% 0.2%
Payouts / FCF 0.0% 53.0% 0.0% 0.0% 0.0% 0.0% 2.8% 35.4% 113.8% 96.6%
Quality scores
Piotroski F-score — 5.0 7.0 4.0 4.0 6.0 7.0 7.0 5.0 7.0
Altman Z'' 1.3 1.5 1.9 1.7 1.4 1.5 1.6 1.9 1.9 1.9
Accruals ratio −3.7% −3.4% −2.2% −3.7% −5.4% −2.0% −4.0% −4.9% −5.1% −5.1%

Source: SEC EDGAR XBRL filings (CIK 0001665918). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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