Revenue growth accelerated to 12.9% YoY in 2026Q2, with gross margin expanding to 25.1% and operating income up 45.8% YoY, though margin expansion pace has slowed.
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 | 4.39B | 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 % | 11.16% | 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 | 3.32B | 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 | 1.07B | 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 % | 24.46% | 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 | 891.99M | 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 | 891.6M | 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 | 472K | 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 | 181.94M | 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 % | 4.14% | 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 | 418.31M | 231.24M | 193.14M | 156.55M | 125.71M | 47.18M | -68.69M | 76.76M | 70.96M | 61.68M | 65.75M | 55.81M | 41.25M | 43.9M | 32.7M | 29.52M | 22.96M |
| EBITDA Margin % | 9.53% | 5.57% | 5.09% | 4.56% | 4.81% | 2.7% | -6.18% | 4.82% | 4.91% | 4.74% | 5.51% | 5.27% | 4.93% | 6.52% | 6.81% | 7.37% | 6.96% |
| EBITDA Growth % | 96.81% | 19.72% | 23.37% | 24.53% | 166.47% | 168.68% | -189.49% | 8.17% | 15.06% | -6.2% | 17.81% | 35.29% | -6.03% | 34.25% | 10.78% | 28.56% | - |
| D&A (Non-Cash Add-back) | 236.37M | 78.13M | 64.93M | 55.61M | 39.98M | 36.37M | 33.97M | 25.99M | 22.21M | 20.55M | 18.52M | 15.41M | 8.24M | 7.32M | 3.93M | 1.72M | 1.39M |
| EBIT | 173.92M | 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 | -40.4M | -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 | 40.4M | 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 | -48.43M | -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 | 133.51M | 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 % | 3.04% | 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 | 41.55M | 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 % | 31.12% | 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 | 91.97M | 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 % | 2.09% | 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 % | 32.22% | 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) | 91.97M | 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) | 2.00 | 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 % | 28.83% | 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 | 46.05M | 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 | 38.93M | 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
Margin compression from food inflation
Metrics are mathematically derived from official filings.
Revenue Growth Momentum Builds
CHEF's revenue growth accelerated from 5.6% in 2024Q3 to 12.9% in 2026Q2, as reported in quarterly filings, indicating sustained demand for specialty food distribution.
The sequential acceleration in revenue growth, from 8.7% in 2024Q4 to 12.9% in 2026Q2, suggests that the company is gaining market share or benefiting from favorable pricing. This trend is supported by consistent quarter-over-quarter revenue increases, with 2026Q2 reaching $1.2B, the highest in the period. The growth appears durable as it is broad-based across quarters, though investors should monitor whether it is driven by volume or price inflation.
Gross Margin Expansion Narrows
Gross margin improved from 23.9% in 2024Q1 to 25.1% in 2026Q2, as per financial statements, but the pace of expansion has slowed, suggesting limited pricing power.
Gross margin has expanded by 120 basis points over the period, but the quarterly gains have become smaller, with 2026Q2 only 80 bps above the prior year. This may indicate that the company is facing cost pressures that are increasingly difficult to pass through to customers. The absolute margin level of 25.1% is well above peers like USFD (17.4%) and SYY (18.5%), reflecting CHEF's specialty niche, but the deceleration in improvement warrants monitoring.
Operating Leverage Kicks In
Operating income grew 45.8% year-over-year in 2026Q2, outpacing revenue growth of 12.9%, as reported in SEC filings, demonstrating strong operating leverage.
The operating margin expanded from 3.5% in 2025Q2 to 5.0% in 2026Q2, driven by revenue growth outpacing SG&A growth. SG&A as a percentage of revenue declined from 21.0% in 2025Q2 to 20.0% in 2026Q2, indicating that overhead costs are being spread over a larger revenue base. This suggests that the company's cost structure is scalable, and if revenue growth persists, operating margins could continue to expand.
Earnings Quality Solid but SBC Dilutes
Net income surged 55.1% year-over-year in 2026Q2, but stock-based compensation of $7.5M, as per income statement data, represents a modest drag on reported EPS.
The reported EPS of $0.76 in 2026Q2 is supported by strong operational performance, but SBC of $7.5M reduces net income by roughly 22% before tax. While SBC is not a cash expense, it does dilute shareholders, and the increasing trend in SBC (from $4.2M in 2024Q1 to $7.5M in 2026Q2) suggests that a portion of earnings growth is being offset by equity compensation. Investors should consider the quality of earnings, as the gap between reported and cash-based EPS may widen.
COGS and SG&A Drive Cost Structure
COGS remains the dominant cost at 74.9% of revenue in 2026Q2, while SG&A grew 9.5% year-over-year, as per financial statements, reflecting disciplined expense management.
The cost structure is heavily weighted toward COGS, which is typical for a food distributor, but the gross margin expansion indicates that CHEF is managing procurement and pricing effectively. SG&A growth of 9.5% in 2026Q2 is below revenue growth of 12.9%, showing that the company is not overspending on overhead. This discipline is critical in a low-margin industry, and the trend suggests that management is focused on cost control.
Inflation Could Squeeze Margins
Despite recent margin gains, food inflation and competitive pressures could compress gross margins, as evidenced by the slowing expansion in 2026Q2, according to reported data.
The gross margin improvement has decelerated, and if input costs rise faster than CHEF can pass through, margins could contract. Additionally, the company's reliance on specialty products may make it vulnerable to shifts in consumer spending. Short-sellers might argue that the current operating margin of 5.0% is unsustainable if revenue growth slows, as fixed costs would not be as well absorbed. Investors should monitor commodity prices and competitive dynamics in the food distribution industry.