Free cash flow remains highly erratic, swinging from a $243.0 million inflow in 2026Q2 to a $54.0 million deficit in 2026Q1, highlighting significant volatility in cash conversion.
| Metric | TTM | Aug'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 |
|---|
| Cash from Operations | 503M | 470M | 253M | 624M | 331M | 614M | 457M | 284.53M | 109.47M | 280.78M | 296.61M | 48.86M | 62.42M | 44.33M | 66.24M | 49.84M | 66.13M | 108.32M | 9.13M | 35.51M | 25.19M | 38.35M | 8.97M | 31.87M | 11.02M | 21.99M | -11.58M | 8.3M | 4.5M | 500K |
| Operating CF Margin % | - | 1.48% | 0.82% | 2.06% | 1.14% | 2.28% | 1.72% | 1.33% | 1.07% | 3.03% | 3.5% | 0.6% | 0.92% | 0.73% | 1.27% | 1.1% | 1.76% | 3.14% | 0.27% | 1.29% | 1.03% | 1.86% | 0.54% | 2.31% | 0.94% | 2.16% | -1.27% | 0.97% | 0.62% | 0.12% |
| Operating CF Growth % | 17.22% | 85.77% | -59.46% | 88.52% | -46.09% | 34.35% | 60.62% | 159.91% | -61.01% | -5.34% | 507.01% | -21.72% | 40.8% | -33.08% | 32.9% | -24.63% | -38.95% | 1086.58% | -74.29% | 40.98% | -34.31% | 327.68% | -71.87% | 189.14% | -49.86% | 289.88% | -239.51% | 84.44% | 800% | - |
| Net Income | -38M | -118M | -112M | 24M | 248M | 143M | -256M | -285.63M | 165.67M | 130.16M | 125.77M | 138.73M | 125.48M | 107.85M | 91.34M | 76.67M | 68.32M | 59.18M | 48.48M | 50.15M | 43.28M | 41.57M | 31.99M | 20.22M | 17.21M | 13.36M | -1.23M | 13.5M | 13.1M | 9.3M |
| Depreciation & Amortization | 304M | 321M | 319M | 304M | 285M | 287M | 289M | 249.9M | 86.5M | 85M | 71.01M | 63.8M | 48.76M | 42.4M | 39.56M | 35.3M | 27.48M | 27.03M | 22.54M | 18.38M | 17.1M | 13.57M | 11.66M | 10.33M | 8.21M | 7.91M | 7.6M | 9.2M | 6.1M | 4.4M |
| Stock-Based Compensation | 29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.98M | 14.61M | 0 | 0 | 9.16M | 8.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -48M | -56M | -49M | -36M | 55M | -5M | -71M | -61.21M | -14.82M | -1.89M | 12.48M | 15.34M | 881K | 6.78M | -6.12M | 15.52M | 5.06M | 239K | 2.26M | 1.71M | -1.35M | 1.76M | 3.72M | 1.67M | -1.1M | -1.53M | -930K | -900K | 200K | 0 |
| Other Non-Cash Items | 96M | 57M | 90M | 162M | 109M | 36M | 552M | 357.43M | 31.65M | 29.43M | 22.93M | 182K | -1.63M | 18.45M | 11.32M | 5.36M | -3.32M | 10.53M | 7.38M | 8.28M | 8.2M | 2.43M | 2.79M | 4.61M | 6.44M | 3.8M | 3.97M | 400K | -100K | 2.2M |
| Working Capital Changes | 160M | 266M | 5M | 170M | -366M | 153M | -57M | 24.04M | -159.53M | 38.09M | 64.43M | -183.17M | -125.68M | -131.15M | -69.86M | -92.16M | -39.47M | 11.35M | -71.53M | -43M | -42.03M | -20.99M | -41.19M | -4.96M | -19.74M | -1.55M | -20.99M | -13.9M | -17.4M | -15.4M |
| Change in Receivables | -13M | -142M | -68M | 327M | -108M | 24M | -124M | 53.35M | -67.28M | -38.76M | 29.42M | -42.26M | -70.72M | -37.3M | -51.19M | -41.25M | -20.44M | -4.6M | -7.63M | -10.69M | -15.31M | -27.57M | -20.18M | -1.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 186M | 87M | 104M | -57M | -264M | 14M | -111M | 183.1M | -108.8M | -6.93M | 2.11M | -153.7M | -97.82M | -123.9M | -62.82M | -66.28M | -55.8M | 30.4M | -58.11M | -52.98M | -21.24M | -34.65M | -37.8M | -3.86M | -21.09M | -5.72M | -13.76M | -500K | -14.1M | -6.4M |
| Change in Payables | 0 | 200M | -81M | 53M | 86M | 15M | 107M | -24.83M | 4.39M | 90.22M | 14.38M | 16M | 28.2M | 34.97M | 16.09M | 9.58M | 19.62M | -13.84M | -8.32M | 27.74M | -8.94M | 32.22M | 13.69M | -496K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -158M | -218M | -342M | -339M | -49M | -237M | -1M | -2.26B | -47.01M | -59.96M | -350.92M | -142.07M | -352.79M | -72.32M | -34.46M | -62.74M | -118.67M | -36.75M | -158.9M | -51.66M | -22.35M | -82.32M | -23.61M | -63.49M | -27.77M | -18.24M | -17.01M | -6.9M | -34.7M | -3.3M |
| Capital Expenditures | -174M | -231M | -345M | -323M | -251M | -310M | -173M | -228.48M | -44.61M | -56.11M | -41.38M | -129.13M | -147.3M | -66.55M | -31.49M | -40.78M | -55.11M | -32.35M | -51.08M | -46.8M | -19.29M | -65.95M | -23.85M | -63.75M | -27.8M | -18.28M | -17.07M | -15.5M | -35.2M | -3.4M |
| CapEx % of Revenue | 0.56% | 0.73% | 1.11% | 1.07% | 0.87% | 1.15% | 0.65% | 1.07% | 0.44% | 0.6% | 0.49% | 1.58% | 2.17% | 1.1% | 0.6% | 0.9% | 1.47% | 0.94% | 1.52% | 1.7% | 0.79% | 3.2% | 1.43% | 4.62% | 2.37% | 1.8% | 1.88% | 1.81% | 4.83% | 0.81% |
| Acquisitions | 35M | 30M | 25M | 16M | 230M | 82M | 147M | -2.11B | 244K | -9.04M | -306.62M | -7.01M | -205.49M | -5.77M | -2.96M | -21.96M | -66.38M | -4.4M | -107.81M | -3.85M | -3.06M | -16.37M | 238K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2M | 0 | -22M | -32M | -28M | -9M | 25M | 81.76M | 0 | -2M | -2.92M | -2.92M | 0 | 0 | 0 | 0 | 2.81M | 0 | 0 | -1.01M | 0 | 0 | 0 | 257K | 33K | 46K | 57K | 8.6M | 500K | 100K |
| Cash from Financing | -354M | -248M | 92M | -292M | -279M | -384M | -453M | 2B | -53.99M | -224.56M | 56.35M | 94.43M | 295.36M | 22.34M | -32.83M | 16.34M | 56.04M | -86.64M | 158.09M | 13.11M | 4.6M | 42.96M | 24.64M | 24.08M | 21.54M | 702K | 27.69M | 100K | 30.6M | 2.8M |
| Debt Issued (Net) | -301M | -234M | 105M | -184M | -244M | -366M | -461M | 1.98B | -26.17M | -222.2M | 56.13M | 90.7M | 294.3M | 21.93M | -38.77M | -130.86M | 47.14M | -84.19M | 157M | 3.47M | -13.3M | 31.97M | 15.59M | 18.67M | 18.72M | -3.77M | 27.25M | -500K | 13.4M | -33.4M |
| Equity Issued (Net) | -29M | 0 | 0 | -62M | 8M | 1M | 14M | 23.98M | -23.26M | 274K | 2.01M | 3.42M | 2.21M | 1.94M | 4.67M | 148.46M | 8.48M | 1.04M | 920K | 7.13M | 12.59M | 10.99M | 9.04M | 5.41M | 2.41M | 3.51M | 440K | 600K | 17.2M | 35.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -29M | 0 | 0 | -62M | 0 | 0 | 0 | 0 | -24.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -24M | -14M | -13M | -46M | -43M | -19M | -6M | -3.94M | -4.56M | -2.63M | -1.8M | 316K | -1.16M | -1.53M | 1.28M | -1.26M | 416K | -3.48M | 171K | 2.52M | 5.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3M |
| Net Change in Cash | -9M | 4M | 3M | -7M | 3M | -6M | 2.53M | 21.15M | 7.9M | -3.18M | 1.21M | 1.26M | 5M | -5.01M | -745K | 3.06M | 3.53M | -15.06M | 8.32M | -3.04M | 20.05M | 12.62M | 0 | -7.54M | 4.79M | 4.45M | -902K | 1.4M | 400K | 0 |
| Free Cash Flow | 329M | 239M | -92M | 301M | 80M | 304M | 284M | 56.05M | 64.86M | 224.66M | 255.23M | -80.27M | -84.88M | -22.22M | 34.75M | 9.07M | 11.02M | 75.97M | -41.95M | -11.29M | 5.9M | -27.61M | -14.88M | -31.88M | -16.78M | 3.7M | -28.65M | -7.2M | -30.7M | -2.9M |
| FCF Margin % | 1.05% | 0.75% | -0.3% | 0.99% | 0.28% | 1.13% | 1.07% | 0.26% | 0.63% | 2.42% | 3.01% | -0.98% | -1.25% | -0.37% | 0.66% | 0.2% | 0.29% | 2.2% | -1.25% | -0.41% | 0.24% | -1.34% | -0.89% | -2.31% | -1.43% | 0.36% | -3.15% | -0.84% | -4.21% | -0.69% |
| FCF Growth % | 46.88% | 359.78% | -130.56% | 276.25% | -73.68% | 7.04% | 406.66% | -13.58% | -71.13% | -11.98% | 417.97% | 5.44% | -281.96% | -163.95% | 283.32% | -17.75% | -85.49% | 281.08% | -271.47% | -291.49% | 121.37% | -85.46% | 53.3% | -89.94% | -553.32% | 112.92% | -297.9% | 76.55% | -958.62% | - |
| FCF per Share | 5.25 | 3.97 | -1.55 | 4.96 | 1.31 | 5.07 | 5.28 | 1.09 | 1.28 | 4.42 | 5.06 | -1.60 | -1.70 | -0.45 | 0.71 | 0.19 | 0.25 | 1.77 | -0.98 | -0.26 | 0.14 | -0.66 | -0.36 | -0.81 | -0.43 | 0.10 | -0.78 | -0.19 | -0.86 | -0.13 |
| FCF Conversion (FCF/Net Income) | -8.66x | -3.98x | -2.26x | 26.00x | 1.33x | 4.12x | -1.80x | -0.81x | 0.66x | 2.16x | 2.36x | 0.35x | 0.50x | 0.41x | 0.73x | 0.65x | 0.97x | 1.83x | 0.19x | 0.71x | 0.58x | 0.92x | 0.28x | 1.58x | 0.64x | 1.65x | 9.41x | 0.61x | 0.34x | 0.06x |
| Interest Paid | 65M | 147M | 0 | 0 | 134M | 0 | 0 | 183M | 16.47M | 17.11M | 16.7M | 14.63M | 6.6M | -5.25M | -4.73M | -4.75M | 4.46M | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 5M | 4M | 0 | 0 | 5M | 0 | 0 | 78M | 64.04M | 78.98M | 67.03M | 72.36M | 77.09M | -64.37M | -52.67M | -42.02M | 35.54M | 43.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in financial statements, UNFI frequently generates positive operating cash flow despite persistent net losses, with OCF/NI ratios often reaching extreme negative values, such as -82.00 in 2025Q2, suggesting that non-cash items and working capital swings are the primary drivers of reported cash flow metrics.
The significant divergence between net income and operating cash flow indicates that GAAP earnings are currently poor proxies for the company's actual cash-generating capacity. Investors should monitor whether this reliance on working capital adjustments is sustainable or if it masks underlying operational deterioration.
Based on the provided quarterly data, UNFI's free cash flow trajectory remains highly erratic, swinging from a peak of $243.0 million in 2026Q2 to a deficit of $159.0 million in 2025Q1, reflecting a business model that struggles to maintain consistent cash conversion across varying seasonal cycles.
The lack of a stable FCF margin trend suggests that the company's cash flow is highly sensitive to inventory management and timing of payments. This volatility complicates long-term capital planning and may necessitate reliance on external financing during periods of negative cash generation.
According to recent SEC filings, UNFI's operating cash flow is heavily dependent on working capital fluctuations, which saw a massive $331.0 million inflow in 2024Q2 followed by a $180.0 million outflow in 2025Q1, highlighting the extreme sensitivity of the company's liquidity to inventory and payables cycles.
The reliance on working capital management to bolster cash flow suggests that operational efficiency is secondary to the timing of vendor payments and inventory turnover. This pattern warrants further investigation into whether the company is stretching payables to artificially inflate short-term liquidity metrics.
As evidenced by the financial data, UNFI maintains a disciplined approach to capital expenditures, with CapEx/Revenue ratios consistently remaining below 1.6% over the last ten quarters, indicating that the company is prioritizing maintenance over aggressive expansion in its current high-leverage, low-margin operational environment.
The relatively low capital intensity suggests that the company is not currently investing heavily in new capacity, which may be a prudent response to its strained profitability. However, this could also imply a risk of under-investment in the automation necessary to improve long-term logistics margins.
Quick answers to the most common questions about buying UNFI stock.
United Natural Foods, Inc. (UNFI) generated $470.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
United Natural Foods, Inc. (UNFI) generated $239.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
United Natural Foods, Inc. (UNFI) spent $231.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.