The Chefs' Warehouse Earnings Call Transcripts
Fiscal Year 2026
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Investments in technology, training, and facility consolidation are driving growth and margin expansion, with strong performance in core and emerging markets. Margin targets remain ambitious, supported by operational leverage and digital tools, while industry trends show resilient demand for premium products and evolving consumer preferences.
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The meeting, held virtually for broader access, covered director elections, auditor ratification, and executive compensation, with all proposals passing by majority vote. A quorum was confirmed, and shareholders could submit questions online.
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Q1 2026 delivered double-digit revenue and profit growth, led by strong North American performance and resilient demand despite Middle East volatility. Guidance for the full year remains unchanged, with robust liquidity and continued margin expansion supported by operational leverage.
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Food away from home demand remains strong, with resilient international sales and effective inflation management. Integration of acquisitions and facility upgrades are driving growth, while AI and digital tools are enhancing sales and operational efficiency.
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Healthy demand and strong bookings are expected to continue, supported by diversified customer segments and moderate inflation. Strategic investments in technology, category expansion, and operational efficiency aim to double the business and achieve higher margins by 2028.
Fiscal Year 2025
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Q4 2025 saw double-digit sales and profit growth, with strong organic expansion and margin improvements despite minor headwinds from non-core program exits and weather. 2026 guidance projects continued revenue and EBITDA growth, supported by ongoing investments and a robust balance sheet.
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Upscale and specialty food segments are showing strong, stable demand, with growth in key markets like Texas and Florida. Margin expansion is expected as recent investments mature, and technology, especially AI, is increasingly integrated into operations.
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Q3 2025 saw 9.6% sales growth, margin expansion, and strong profit gains, with momentum continuing into Q4. Full-year guidance was raised, reflecting robust demand, market share gains, and successful integration of recent acquisitions.
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Q2 2025 delivered 8.4% sales growth, margin expansion, and strong profitability, driven by specialty and operational improvements. Guidance for 2025 was raised, with continued focus on integration, digital growth, and margin initiatives.
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Strong growth is driven by market share gains, new customer acquisition, and expansion into new markets and categories. Technology, premium product offerings, and a high-touch service model differentiate the business, while disciplined M&A and operational efficiency support profitability.
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Q1 2025 delivered 8.7% sales growth, strong specialty performance, and improved profitability, despite a strategic exit from low-margin business. Guidance for 2025 remains conservative amid macro uncertainty, with digital adoption and segment growth supporting outlook.
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Significant investments in facilities, digital platforms, and talent are driving growth, efficiency, and profitability. The company targets $4.5–$5 billion in revenue and 6.5–7% EBITDA margin by 2028, with organic growth and operational leverage as key priorities.
Fiscal Year 2024
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Q4 2024 saw record revenue above $1 billion, 8.7% sales growth, and 9.8% gross profit growth. Digital adoption, margin expansion, and strong specialty sales drove results. 2025 guidance targets continued top-line and EBITDA growth, with ongoing facility investments and margin improvement.
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Q3 2024 saw 5.6% sales growth, margin expansion, and strong profit gains despite seasonal and industry softness. Guidance for 2024 was reaffirmed, with ongoing investments in digital, operational efficiency, and integration driving future margin improvement.
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Upscale and high-end markets are adapting to new consumer patterns, with growth driven by customer additions, capacity investments, and digital transformation. Expansion focuses on optimizing recent acquisitions and measured entry into new markets, targeting mid-single-digit organic growth and EBITDA margin improvement through 2028.
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Q2 2024 saw 8.3% sales growth, margin expansion, and strong new customer acquisition, driven by investments in capacity and sales force. Full-year guidance anticipates continued growth, with moderating organic revenue in the back half due to tougher comps.