Revenue growth remains consistent at 11.4% in 2026Q1, yet operating margins remain constrained at 3.1% due to high variable costs associated with last-mile logistics.
| 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 | 4.26B | 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 % | 10.01% | 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 | 3.22B | 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 | 1.04B | 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 % | 24.32% | 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 | 871.93M | 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 | 871.17M | 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 | 764K | 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 | 163.53M | 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 % | 3.84% | 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 | 419M | 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 % | 9.84% | 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 % | 106.6% | 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) | 255.47M | 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 | 163.53M | 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 | -41.71M | -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 | 41.71M | 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 | -49.73M | -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 | 113.8M | 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 % | 2.67% | 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 | 34.36M | 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 % | 30.19% | 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 | 79.44M | 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 % | 1.87% | 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 % | 24.44% | 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) | 79.44M | 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) | 1.72 | 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 % | 21.19% | 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 | 46.08M | 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 | 38.8M | 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% |
Thin operating margin sensitivity
According to quarterly financial data, CHEF has maintained a consistent revenue growth trajectory, with the most recent period showing a 9.36% year-over-year increase, suggesting that the company's high-touch specialty distribution model continues to capture market share within the fragmented independent restaurant sector despite broader economic headwinds.
The company's ability to sustain top-line expansion appears to be driven by its specialized SKU portfolio, which remains less susceptible to the commoditization pressures faced by broadline distributors. Investors should monitor whether this growth remains organic or if it is increasingly reliant on acquisition-led expansion, as the latter may mask underlying demand trends in core metropolitan markets.
As reported in recent income statements, CHEF consistently maintains gross margins near 24.2%, a figure that significantly outperforms industry peers like Sysco and US Foods, reflecting the company's unique ability to command pricing power through its high-value, artisanal product offerings and specialized culinary-focused logistics network.
This structural margin advantage suggests that the company's 'broken case' delivery model effectively creates a moat that prevents direct price competition with larger, volume-oriented distributors. However, the stability of these margins warrants close observation, as any shift in product mix toward lower-margin commodity proteins could compress this premium over time.
Based on the provided income statement figures, operating income has struggled to scale proportionally with gross profit, as evidenced by a narrow operating margin of 3.69% that suggests high variable costs, particularly in labor and last-mile logistics, continue to absorb the majority of the company's gross margin gains.
The lack of significant operating leverage implies that the company's specialized service model is inherently labor-intensive and difficult to automate at scale. Investors should evaluate whether management can successfully optimize route density and delivery efficiency to expand operating margins, or if the current cost structure represents a permanent ceiling on profitability.
Analysis of the income statement reveals that stock-based compensation, which reached $5.3 million in 2026Q1, consistently dilutes net income, suggesting that reported EPS figures may overstate the true cash-generative capacity of the business when accounting for recurring equity-based incentives provided to the management and sales force.
The persistent nature of these compensation expenses warrants further investigation into their impact on long-term shareholder dilution. Furthermore, the volatility in quarterly net income, often exacerbated by acquisition-related costs, suggests that investors should focus on normalized earnings to better gauge the underlying operational health of the enterprise.
Based on the reported 1.74% net margin, the company operates with an extremely thin buffer, leaving it highly vulnerable to external shocks such as fuel price volatility or wage inflation, which could rapidly erode profitability and challenge the sustainability of its current acquisition-led growth strategy.
Short-sellers may focus on the potential for 'acquisition indigestion,' where the integration of regional players fails to yield the expected synergies, leading to operational slippage. The reliance on independent restaurants, which often lack the financial resilience of national chains, further amplifies the risk of a sharp earnings contraction during a cyclical downturn.
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.