USFDMEDIUM SIGNALFINANCIAL10-K

USFD delivered strong operational performance with 37% net income growth while reducing share count by 4.3%, though higher interest expenses and increased capex indicate elevated investment spending.

The company appears to be in a growth investment phase, with substantial increases in both capital expenditures and interest expense suggesting debt-funded expansion or acquisitions. The 4.3% reduction in outstanding shares (from 230M to 220M) combined with strong earnings growth indicates effective capital allocation and shareholder value creation.

Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

USFD demonstrated robust financial performance with net income surging 37% to $676M and operating cash flow growing 17% to $1.4B, indicating strong underlying business fundamentals. However, the company is investing heavily with capital expenditures up 20% to $410M and interest expense rising 27% to $324M, suggesting significant debt-funded growth initiatives. The decline in cash reserves by 31% to $41M, combined with higher capex and interest costs, signals an aggressive investment posture that investors should monitor for returns on deployed capital.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+36.8%
$494.0M$676.0M

Net income grew 36.8% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-30.5%
$59.0M$41.0M

Cash declined 30.5% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Interest Expense
P&L
+27.1%
$255.0M$324.0M

Interest costs rose 27.1% — monitor debt levels and coverage ratio in rising rate environment.

Capital Expenditure
Cash Flow
+20.2%
$341.0M$410.0M

Capex increased 20.2% — ongoing investment in capacity or infrastructure for future growth.

Operating Cash Flow
Cash Flow
+16.6%
$1.2B$1.4B

Operating cash flow grew 16.6% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
220,541,957 shares of the registrant s common stock were outstanding as of February 6, 2026.
The fiscal years ended December 27, 2025, December 28, 2024 and December 31, 2023 are also referred to herein as fiscal years 2025, 2024 and 2023, respectively.
Our fiscal years 2025, 2024 and 2023 were 52-week fiscal years.
These forward-looking statements include, without limitation, statements about future results of operations, growth opportunities, operational improvements, strategies and other statements which are not purely historical facts or that necessarily depend upon future events.
These statements often include words such as believe, expect, project, anticipate, intend, plan, outlook, estimate, target, seek, will, may, would, should, could, forecast, mission, strive, more, goal, or similar expressions (although not all forward-looking statements may contain such words).
More information on these risks and other potential factors that could affect the Company s business, reputation, results of operations, financial condition, and stock price set forth in Item 1A of Part I, Risk Factors, and Item 7 of Part II, Management s Discussion and Analysis of Financial Condition and Results of Operations, of this Annual Report, as may be updated in the Company s subsequent filings with the Securities and Exchange Commission.
For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act.
Accordingly, you are cautioned not to place undue reliance on these forward-looking statements.
Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly and forward-looking statement.
This mission is supported by our brand promise of WE HELP YOU MAKE IT .
REMOVED
230,378,989 shares of the registrant s common stock were outstanding as of February 7, 2025.
The fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022 are also referred to herein as fiscal years 2024, 2023 and 2022, respectively.
Our fiscal years 2024, 2023 and 2022 were 52-week fiscal years.
These statements often include words such as believe, expect, project, anticipate, intend, plan, outlook, estimate, target, seek, will, may, would, should, could, forecast, mission, strive, more, goal, or similar expressions (although not all forward-looking statements may contain such words) and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments.
All of these statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
Comparisons of results between current and prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should be viewed only as historical data.
This mission is supported by our brand promise of WE HELP YOU MAKE IT , which is centered on bringing four key elements to the forefront for our customers; (1) more quality products, including our large portfolio of exclusive brands, (2) more tools, centering on our MOX business platform, (3) more support from our sellers and our team of experts and lastly, (4) more deliveries, enabled by our traditional broadline services and Pronto program.
Sales to our top 50 customers, including group purchasing organizations ( GPOs ), represented approximately 47% of our net sales in fiscal year 2024.
In fiscal year 2024, GPOs accounted for approximately 25% of our net sales.
Consumers demand healthy and authentic food choices with fewer artificial ingredients, and they value locally-harvested and sustainably-manufactured food and packaging products.
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