Revenue grew 11.2% year over year in 2026Q3 with gross margin steady near 25%, but operating margin of 4.5% and net margin of 2.6% indicate limited operating leverage and earnings that remain sensitive to small cost pressures.
The Chefs' Warehouse, Inc. (CHEF) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 4.51B | 4.15B | 3.79B | 3.43B | 2.61B | 1.75B | 1.11B | 1.59B | 1.44B | 1.3B | 1.19B | 1.06B | 836.63M | 673.54M | 480.29M | 400.63M | 330.12M |
| Revenue Growth % | 11.51% | 9.36% | 10.5% | 31.39% | 49.7% | 57.04% | -30.17% | 10.19% | 10.99% | 9.11% | 12.64% | 26.58% | 24.21% | 40.24% | 19.88% | 21.36% | - |
| Cost of Goods Sold | 3.39B | 3.15B | 2.88B | 2.62B | 1.99B | 1.36B | 863.48M | 1.19B | 1.08B | 972.14M | 891.65M | 789.46M | 630.57M | 501.18M | 355.29M | 294.7M | 244.34M |
| COGS % of Revenue | - | 75.8% | 75.91% | 76.28% | 76.33% | 77.63% | 77.68% | 74.47% | 74.59% | 74.69% | 74.75% | 74.55% | 75.37% | 74.41% | 73.97% | 73.56% | 74.02% |
| Gross Profit | 1.11B | 1B | 914.15M | 814.47M | 618.64M | 390.49M | 248.15M | 406.35M | 367.05M | 329.38M | 301.22M | 269.53M | 206.05M | 172.36M | 125M | 105.93M | 85.78M |
| Gross Margin % | 24.66% | 24.2% | 24.09% | 23.72% | 23.67% | 22.37% | 22.32% | 25.53% | 25.41% | 25.31% | 25.25% | 25.45% | 24.63% | 25.59% | 26.03% | 26.44% | 25.98% |
| Gross Profit Growth % | - | 9.84% | 12.24% | 31.66% | 58.43% | 57.36% | -38.93% | 10.71% | 11.44% | 9.35% | 11.75% | 30.81% | 19.54% | 37.89% | 18% | 23.5% | - |
| Operating Expenses | 916.58M | 850.98M | 785.94M | 713.53M | 532.9M | 379.67M | 350.81M | 355.58M | 318.29M | 288.25M | 253.98M | 229.13M | 173.04M | 135.78M | 96.24M | 78.14M | 64.21M |
| OpEx % of Revenue | - | 20.51% | 20.71% | 20.78% | 20.39% | 21.75% | 31.56% | 22.34% | 22.03% | 22.15% | 21.29% | 21.64% | 20.68% | 20.16% | 20.04% | 19.5% | 19.45% |
| Selling, General & Admin | 916.88M | 849.79M | 784.85M | 704.76M | 518.22M | 379.25M | 336.39M | 349.71M | 316.84M | 288.83M | 264.01M | 227.75M | 175.55M | 135.26M | 95.42M | 0 | 0 |
| SG&A % of Revenue | - | 20.48% | 20.69% | 20.52% | 19.83% | 21.72% | 30.26% | 21.97% | 21.93% | 22.19% | 22.13% | 21.51% | 20.98% | 20.08% | 19.87% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -216K | 1.2M | 1.09M | 8.77M | 14.68M | 422K | 14.42M | 5.88M | 0 | 0 | 253.98M | 0 | 173.04M | 0 | 0 | 78.14M | 64.21M |
| Operating Income | 194.49M | 153.11M | 128.21M | 100.94M | 85.74M | 10.81M | -102.66M | 50.77M | 48.76M | 41.13M | 47.24M | 40.4M | 33.01M | 36.58M | 28.77M | 27.8M | 21.57M |
| Operating Margin % | 4.32% | 3.69% | 3.38% | 2.94% | 3.28% | 0.62% | -9.24% | 3.19% | 3.38% | 3.16% | 3.96% | 3.81% | 3.95% | 5.43% | 5.99% | 6.94% | 6.53% |
| Operating Income Growth % | - | 19.42% | 27.01% | 17.73% | 693.06% | 110.53% | -302.21% | 4.12% | 18.55% | -12.94% | 16.93% | 22.39% | -9.76% | 27.16% | 3.49% | 28.85% | - |
| EBITDA | 277.9M | 231.24M | 193.14M | 156.55M | 123.98M | 45.78M | -69.38M | 76.76M | 70.96M | 61.68M | 65.75M | 55.81M | 41.25M | 43.9M | 32.7M | 29.52M | 22.96M |
| EBITDA Margin % | 6.17% | 5.57% | 5.09% | 4.56% | 4.74% | 2.62% | -6.24% | 4.82% | 4.91% | 4.74% | 5.51% | 5.27% | 4.93% | 6.52% | 6.81% | 7.37% | 6.96% |
| EBITDA Growth % | 24.66% | 19.72% | 23.37% | 26.27% | 170.85% | 165.97% | -190.39% | 8.17% | 15.06% | -6.2% | 17.81% | 35.29% | -6.03% | 34.25% | 10.78% | 28.56% | - |
| D&A (Non-Cash Add-back) | 83.41M | 78.13M | 64.93M | 55.61M | 38.24M | 34.97M | 33.28M | 25.99M | 22.21M | 20.55M | 18.52M | 15.41M | 8.24M | 7.32M | 3.93M | 1.72M | 1.39M |
| EBIT | 186.47M | 145.11M | 128.21M | 100.94M | 85.74M | 10.81M | -102.66M | 50.67M | 48.59M | 41.12M | 47.31M | 40.7M | 33.02M | 36.57M | 28.75M | 27.87M | 22.48M |
| Net Interest Income | -38.87M | -41.56M | -48.67M | -45.47M | -43.85M | -17.59M | -20.95M | -18.26M | -20.75M | -22.71M | -41.63M | -12.98M | -8.17M | -7.78M | -3.67M | -14.57M | -4.04M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 38.87M | 41.56M | 48.67M | 45.47M | 43.85M | 17.59M | 20.95M | 18.26M | 20.75M | 22.71M | 41.63M | 12.98M | 8.17M | 7.78M | 3.67M | 14.57M | 4.04M |
| Other Income/Expense | -46.89M | -49.56M | -48.67M | -45.47M | -43.85M | -17.59M | -20.95M | -18.36M | -20.75M | -22.72M | -41.56M | -12.69M | -8.16M | -7.78M | -3.69M | -14.49M | -3.13M |
| Pretax Income | 147.6M | 103.54M | 79.53M | 55.47M | 41.89M | -6.78M | -123.61M | 32.4M | 27.84M | 18.41M | 5.68M | 27.71M | 24.85M | 28.8M | 25.07M | 13.3M | 18.44M |
| Pretax Margin % | 3.28% | 2.5% | 2.1% | 1.62% | 1.6% | -0.39% | -11.12% | 2.04% | 1.93% | 1.41% | 0.48% | 2.62% | 2.97% | 4.28% | 5.22% | 3.32% | 5.59% |
| Income Tax | 45.17M | 31.18M | 24.05M | 20.88M | 14.14M | -1.85M | -40.7M | 8.21M | 7.44M | 4.04M | 2.65M | 11.5M | 10.63M | 11.81M | 10.56M | 5.6M | 2.57M |
| Effective Tax Rate % | 30.6% | 30.11% | 30.24% | 37.64% | 33.75% | 27.35% | 32.93% | 25.34% | 26.73% | 21.96% | 46.74% | 41.51% | 42.79% | 41% | 42.13% | 42.12% | 13.92% |
| Net Income | 102.44M | 72.36M | 55.48M | 34.59M | 27.75M | -4.92M | -82.9M | 24.19M | 20.4M | 14.37M | 3.02M | 16.21M | 14.21M | 16.99M | 14.51M | 7.7M | 15.87M |
| Net Margin % | 2.27% | 1.74% | 1.46% | 1.01% | 1.06% | -0.28% | -7.46% | 1.52% | 1.41% | 1.1% | 0.25% | 1.53% | 1.7% | 2.52% | 3.02% | 1.92% | 4.81% |
| Net Income Growth % | 37.31% | 30.43% | 60.39% | 24.65% | 663.68% | 94.06% | -442.67% | 18.58% | 42.02% | 375.22% | -81.35% | 14.03% | -16.33% | 17.08% | 88.5% | -51.51% | - |
| Net Income (Continuing) | 102.44M | 72.36M | 55.48M | 34.59M | 27.75M | -4.92M | -82.9M | 24.19M | 20.4M | 14.37M | 3.02M | 16.21M | 14.21M | 16.99M | 14.51M | 7.7M | 15.87M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.22 | 1.68 | 1.32 | 0.88 | 0.73 | -0.13 | -2.46 | 0.81 | 0.69 | 0.54 | 0.12 | 0.63 | 0.57 | 0.77 | 0.69 | 0.43 | -0.50 |
| EPS Growth % | 32.95% | 27.27% | 50% | 20.55% | 661.54% | 94.72% | -403.7% | 17.39% | 27.78% | 350% | -80.95% | 10.53% | -25.97% | 11.59% | 60.47% | 186% | - |
| EPS (Basic) | - | 1.87 | 1.46 | 1.06 | 0.75 | -0.13 | -2.46 | 0.82 | 0.71 | 0.55 | 0.12 | 0.63 | 0.58 | 0.78 | 0.70 | 0.44 | -0.50 |
| Diluted Shares Outstanding | 46.16M | 46.05M | 45.98M | 45.64M | 38.74M | 36.74M | 33.72M | 30.07M | 29.68M | 27.42M | 26.03M | 26.51M | 24.84M | 22M | 20.93M | 18.03M | 21.33M |
| Basic Shares Outstanding | 38.81M | 38.72M | 37.91M | 37.63M | 37.09M | 36.74M | 33.72M | 29.53M | 28.7M | 26.12M | 25.92M | 25.53M | 24.64M | 21.77M | 20.61M | 17.59M | 21.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10.06% |
Quick answers to the most common questions about buying CHEF stock.
For fiscal year 2025, The Chefs' Warehouse, Inc. (CHEF) reported total revenue of $4.15B. This represents a 1157.0% increase compared to $330.1M in 2010.
The Chefs' Warehouse, Inc. (CHEF) is profitable, generating $72.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
The Chefs' Warehouse, Inc. (CHEF) reported an operating income of $153.1M, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
The Chefs' Warehouse, Inc. (CHEF) generated $1.00B in gross profit for the year, representing a gross profit margin of 24.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin operating margin sensitivity
Metrics are mathematically derived from official filings.
Double-Digit Growth Sustained Through 2026
Based on reported figures, CHEF's revenue grew 11.2% year over year in 2026Q3 and 12.9% in 2026Q2, indicating growth has held at a double-digit pace across the most recent two quarters after mid-single-digit readings in 2024.
The acceleration from roughly 6% to 8% in 2024 to double digits in 2026 suggests volume gains or acquisition contribution rather than pricing alone, though the income statement data alone cannot separate these drivers. Investors should monitor whether the 2026Q3 deceleration to 11.2% from 12.9% marks the beginning of a normalization trend. The durability of this growth depends on whether new customer wins offset a maturing base in the core restaurant-focused distribution business.
Gross Margin Stable Near 24-25%
According to reported figures, CHEF's gross margin has held in a tight 23.8% to 25.1% band across the last ten quarters, with 2026Q2 reaching 25.1%, the high point of the series.
A narrow gross margin range suggests the company passes through input cost movements with limited volatility, consistent with a specialty distributor serving chef-driven demand. Relative to broadline peers such as SYY at 18.5% and USFD at 17.4%, CHEF's gross margin is structurally higher, which likely reflects its specialty product mix. The stability warrants further investigation into how much of this reflects pricing power versus mix versus contract structure.
Operating Leverage Remains Limited
Based on CHEF's reported figures, the operating margin ranged from 2.4% to 5.0% over the period, with SG&A consuming roughly 20% of revenue, leaving little cushion between gross profit and operating income.
Operating income has moved more erratically than gross profit, with 2026Q1 operating margin falling to 3.1% even as gross margin held near 24%, implying SG&A absorbed much of the gross profit gain. This pattern suggests the business has not yet demonstrated consistent overhead efficiency at scale. Investors should monitor whether SG&A growth tracks revenue growth in coming periods.
Net Income Volatility Outpaces Operations
As reported in financial statements, CHEF's diluted EPS swung from a 9.1% decline in 2025Q4 to a 60.0% gain in 2026Q1, a far wider range than the revenue growth band over the same periods.
EPS movements of this magnitude relative to operating income changes suggest that below-the-line items, tax effects, or share count changes may be contributing materially, though the supplied data does not isolate these. Stock-based compensation of roughly $4.6M to $7.5M per quarter is modest relative to net income, which limits its explanatory power for the volatility. The gap between operating and net margin warrants further investigation.
Thin Margins Limit Downside Buffer
Based on reported figures, CHEF's operating margin of 2.4% to 5.0% sits well below the peer SYY at 3.7% in aggregate context, and a modest gross margin slip would largely erase operating profit.
The bear case centers on the fact that a 1 percentage point decline in gross margin would reduce operating income by roughly 40% at current levels, leaving little room for SG&A missteps. Persistent SG&A growth near revenue growth could compress operating margins further. While growth has been strong, the sustainability of double-digit top-line expansion without margin dilution remains an open question for investors.