Revenue growth has decelerated to -0.7% year-over-year as of 2026Q4, while gross margins remain stuck in a structural trough between 13.1% and 13.7%, preventing meaningful expansion of the operating margin above 1.0%.
United Natural Foods, Inc. (UNFI) annual income statement — 29-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 31.15B | 31.78B | 30.98B | 30.27B | 28.93B | 26.95B | 26.51B | 21.39B | 10.23B | 9.27B | 8.47B | 8.18B | 6.79B | 6.06B | 5.24B | 4.53B | 3.76B | 3.45B | 3.37B | 2.75B | 2.43B | 2.06B | 1.67B | 1.38B | 1.18B | 1.02B | 908.69M | 857M | 728.9M | 421.7M |
| Revenue Growth % | -1.99% | 2.6% | 2.34% | 4.65% | 7.34% | 1.64% | 23.97% | 109.13% | 10.27% | 9.49% | 3.49% | 20.47% | 12.04% | 15.82% | 15.59% | 20.57% | 8.75% | 2.65% | 22.2% | 13.18% | 18.16% | 23.33% | 21.02% | 17.4% | 15.59% | 11.9% | 6.03% | 17.57% | 72.85% | - |
| Cost of Goods Sold | 26.96B | 27.56B | 26.78B | 26.14B | 24.75B | 23.01B | 22.64B | 18.6B | 8.7B | 7.85B | 7.19B | 6.92B | 5.67B | 5.04B | 4.32B | 3.71B | 3.06B | 2.79B | 2.73B | 2.24B | 1.97B | 1.66B | 1.34B | 1.1B | 944.78M | 818.04M | 728.14M | 672.2M | 573.7M | 331.2M |
| COGS % of Revenue | - | 86.72% | 86.44% | 86.35% | 85.54% | 85.38% | 85.39% | 86.98% | 85.11% | 84.59% | 84.9% | 84.6% | 83.4% | 83.1% | 82.51% | 81.79% | 81.45% | 80.88% | 81.17% | 81.5% | 80.86% | 80.82% | 80.21% | 79.69% | 80.38% | 80.45% | 80.13% | 78.44% | 78.71% | 78.54% |
| Gross Profit | 4.2B | 4.22B | 4.2B | 4.13B | 4.18B | 3.94B | 3.87B | 2.79B | 1.52B | 1.43B | 1.28B | 1.26B | 1.13B | 1.03B | 916M | 824.81M | 696.93M | 660.48M | 633.89M | 509.58M | 465.91M | 395.05M | 330.46M | 280.19M | 230.62M | 198.79M | 180.55M | 184.8M | 155.2M | 90.5M |
| Gross Margin % | 13.47% | 13.28% | 13.56% | 13.65% | 14.46% | 14.62% | 14.61% | 13.02% | 14.89% | 15.41% | 15.1% | 15.4% | 16.6% | 16.9% | 17.49% | 18.21% | 18.55% | 19.12% | 18.83% | 18.5% | 19.14% | 19.18% | 19.79% | 20.31% | 19.62% | 19.55% | 19.87% | 21.56% | 21.29% | 21.46% |
| Gross Profit Growth % | - | 0.5% | 1.69% | -1.22% | 6.17% | 1.66% | 39.13% | 82.89% | 6.57% | 11.69% | 1.49% | 11.78% | 10.01% | 11.91% | 11.06% | 18.35% | 5.52% | 4.19% | 24.4% | 9.37% | 17.94% | 19.55% | 17.94% | 21.5% | 16.01% | 10.11% | -2.3% | 19.07% | 71.49% | - |
| Operating Expenses | 3.9B | 4.25B | 4.19B | 3.94B | 3.83B | 3.59B | 3.54B | 2.63B | 1.28B | 1.2B | 1.05B | 1.02B | 916.86M | 837.95M | 755.74M | 701.4M | 582.03M | 550.56M | 541.41M | 416.09M | 385.98M | 322.35M | 271.97M | 238.6M | 190.23M | 168.36M | 174.27M | 154.1M | 122.1M | 72M |
| OpEx % of Revenue | - | 13.38% | 13.53% | 13.03% | 13.22% | 13.33% | 13.36% | 12.3% | 12.51% | 12.9% | 12.39% | 12.43% | 13.49% | 13.82% | 14.43% | 15.48% | 15.49% | 15.94% | 16.09% | 15.11% | 15.86% | 15.65% | 16.29% | 17.29% | 16.18% | 16.56% | 19.18% | 17.98% | 16.75% | 17.07% |
| Selling, General & Admin | 0 | 4.03B | 4.03B | 3.91B | 3.77B | 3.5B | 3.5B | 2.94B | 1.28B | 1.2B | 1.05B | 1.02B | 915.36M | 837.95M | 755.74M | 688.86M | 0 | 0 | 541.41M | 415.34M | 385.4M | 321.69M | 270.67M | 236.78M | 190.05M | 167.32M | 166.67M | 144.9M | 116M | 67.6M |
| SG&A % of Revenue | - | 12.69% | 13% | 12.92% | 13.05% | 12.97% | 13.19% | 13.76% | 12.51% | 12.9% | 12.37% | 12.44% | 13.47% | 13.82% | 14.43% | 15.21% | - | - | 16.09% | 15.08% | 15.84% | 15.62% | 16.21% | 17.16% | 16.17% | 16.46% | 18.34% | 16.91% | 15.91% | 16.03% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 220M | 166M | 2M | 3.83B | 3.59B | 3.54B | 2.63B | 1.54M | 5.15M | -743K | 1.95M | 3.87M | -6.11M | 0 | 688.86M | 582.03M | 550.56M | 0 | 756K | 578K | 660K | 1.31M | 1.82M | 180K | 1.04M | 7.6M | 9.2M | 6.1M | 4.4M |
| Operating Income | 349M | -31M | 8M | 120M | 423M | 439M | 376.07M | 190.98M | 227.22M | 226.03M | 224.11M | 241.96M | 210.79M | 185.49M | 155.16M | 129.68M | 114.9M | 109.92M | 92.48M | 93.48M | 79.93M | 72.53M | 58.48M | 40.82M | 39.97M | 29.63M | 6.27M | 30.7M | 33.1M | 18.5M |
| Operating Margin % | 1.12% | -0.1% | 0.03% | 0.4% | 1.46% | 1.63% | 1.42% | 0.89% | 2.22% | 2.44% | 2.65% | 2.96% | 3.1% | 3.06% | 2.96% | 2.86% | 3.06% | 3.18% | 2.75% | 3.39% | 3.28% | 3.52% | 3.5% | 2.96% | 3.4% | 2.91% | 0.69% | 3.58% | 4.54% | 4.39% |
| Operating Income Growth % | - | -487.5% | -93.33% | -71.63% | -3.64% | 16.73% | 96.92% | -15.95% | 0.53% | 0.85% | -7.38% | 14.79% | 13.64% | 19.55% | 19.65% | 12.86% | 4.53% | 18.86% | -1.08% | 16.96% | 10.2% | 24.02% | 43.29% | 2.13% | 34.87% | 372.45% | -79.57% | -7.25% | 78.92% | - |
| EBITDA | 652M | 290M | 327M | 424M | 708M | 726M | 665.07M | 440.88M | 313.73M | 311.02M | 295.12M | 305.76M | 259.55M | 227.89M | 194.72M | 164.98M | 142.38M | 136.95M | 115.02M | 111.86M | 97.03M | 86.1M | 70.14M | 51.15M | 48.17M | 37.54M | 13.87M | 39.9M | 39.2M | 22.9M |
| EBITDA Margin % | 2.09% | 0.91% | 1.06% | 1.4% | 2.45% | 2.69% | 2.51% | 2.06% | 3.07% | 3.35% | 3.48% | 3.74% | 3.82% | 3.76% | 3.72% | 3.64% | 3.79% | 3.96% | 3.42% | 4.06% | 3.99% | 4.18% | 4.2% | 3.71% | 4.1% | 3.69% | 1.53% | 4.66% | 5.38% | 5.43% |
| EBITDA Growth % | 124.83% | -11.31% | -22.88% | -40.11% | -2.48% | 9.16% | 50.85% | 40.53% | 0.87% | 5.39% | -3.48% | 17.8% | 13.89% | 17.04% | 18.03% | 15.87% | 3.97% | 19.06% | 2.83% | 15.29% | 12.69% | 22.75% | 37.14% | 6.18% | 28.32% | 170.6% | -65.23% | 1.79% | 71.18% | - |
| D&A (Non-Cash Add-back) | 303M | 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 |
| EBIT | 355M | 177M | 9M | 140M | 447M | 312M | -174M | -160M | 229.22M | 231.54M | 231.86M | 243.06M | 215.16M | 180.01M | 155.52M | 131.44M | 117.85M | 110.1M | 92.48M | 93.48M | 79.93M | 72.7M | 58.48M | 41.59M | 40.39M | 30.43M | 6.27M | 30.7M | 33.1M | 22.3M |
| Net Interest Income | -125M | -151M | -171M | -153M | -112M | -204M | -167M | -180.85M | -16.02M | -16.75M | -15.14M | -14.14M | -7.25M | -5.26M | -4.02M | -3.77M | -5.6M | -9.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2M | 3M | 3M | 2M | 1M | 0 | 1M | 0 | 446K | 360K | 1.11M | 356K | 508K | 632K | 715K | 1.23M | 247K | 450K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 127M | 154M | 174M | 155M | 113M | 204M | 168M | 180.85M | 16.47M | 17.11M | 16.26M | 14.5M | 7.75M | 5.9M | 4.73M | 5M | 5.84M | 9.91M | 0 | 12.18M | 9.85M | 4.73M | 4.83M | 9.92M | 16.18M | 9.4M | 10.2M | 8.5M | 11.7M | 3.4M |
| Other Income/Expense | -228M | -123M | -145M | -113M | -113M | -111M | -149M | -148.46M | -14.48M | -11.6M | -15.89M | -12.19M | -3.38M | -11.38M | -4.38M | -3.25M | -2.9M | -9.74M | -15.28M | -11.27M | -10.53M | -5.48M | -6.05M | -7.41M | -11.28M | -7.37M | -8.3M | -7.1M | -8.4M | -1.5M |
| Pretax Income | 102M | -154M | -137M | 7M | 310M | 183M | -344.45M | -435.29M | 212.75M | 214.42M | 208.22M | 229.77M | 207.41M | 174.12M | 150.78M | 126.44M | 112M | 100.18M | 77.2M | 82.22M | 69.4M | 67.05M | 52.44M | 33.41M | 28.68M | 22.26M | -2.03M | 23.6M | 24.7M | 15.7M |
| Pretax Margin % | 0.33% | -0.48% | -0.44% | 0.02% | 1.07% | 0.68% | -1.3% | -2.04% | 2.08% | 2.31% | 2.46% | 2.81% | 3.05% | 2.87% | 2.88% | 2.79% | 2.98% | 2.9% | 2.29% | 2.99% | 2.85% | 3.26% | 3.14% | 2.42% | 2.44% | 2.19% | -0.22% | 2.75% | 3.39% | 3.72% |
| Income Tax | 18M | -39M | -27M | -23M | 56M | 34M | -90.44M | -84.61M | 47.08M | 84.27M | 82.46M | 91.03M | 81.93M | 66.26M | 59.44M | 49.76M | 43.68M | 41M | 28.72M | 32.06M | 26.12M | 25.48M | 20.45M | 13.19M | 11.47M | 8.91M | -802K | 10.1M | 11.6M | 6.4M |
| Effective Tax Rate % | 17.65% | 25.32% | 19.71% | -328.57% | 18.06% | 18.58% | 26.26% | 19.44% | 22.13% | 39.3% | 39.6% | 39.62% | 39.5% | 38.06% | 39.42% | 39.36% | 39% | 40.92% | 37.2% | 39% | 37.64% | 38% | 39% | 39.47% | 40% | 40% | 39.45% | 42.8% | 46.96% | 40.76% |
| Net Income | 84M | -118M | -112M | 24M | 248M | 149M | -254.01M | -350.68M | 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 | 8.4M |
| Net Margin % | 0.27% | -0.37% | -0.36% | 0.08% | 0.86% | 0.55% | -0.96% | -1.64% | 1.62% | 1.4% | 1.48% | 1.7% | 1.85% | 1.78% | 1.74% | 1.69% | 1.82% | 1.71% | 1.44% | 1.82% | 1.78% | 2.02% | 1.92% | 1.47% | 1.46% | 1.31% | -0.14% | 1.58% | 1.8% | 1.99% |
| Net Income Growth % | 171.19% | -5.36% | -566.67% | -90.32% | 66.44% | 158.66% | 27.57% | -311.68% | 27.29% | 3.49% | -9.35% | 10.56% | 16.34% | 18.08% | 19.13% | 12.22% | 15.44% | 22.08% | -3.34% | 15.89% | 4.1% | 29.97% | 58.19% | 17.5% | 28.83% | 1185.13% | -109.12% | 3.05% | 55.95% | - |
| Net Income (Continuing) | 84M | -115M | -110M | 30M | 254M | 149M | -251M | -285.52M | 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 | 10.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1M | 3M | 0 | 1M | 1M | -1M | -2.49M | -2.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.34 | -1.96 | -1.89 | 0.40 | 4.07 | 2.48 | -4.72 | -6.85 | 3.26 | 2.56 | 2.50 | 2.76 | 2.52 | 2.18 | 1.86 | 1.60 | 1.57 | 1.38 | 1.13 | 1.17 | 1.02 | 1.00 | 0.78 | 0.51 | 0.45 | 0.35 | -0.03 | 0.37 | 0.37 | 0.28 |
| EPS Growth % | 168.94% | -3.7% | -572.5% | -90.17% | 64.11% | 152.54% | 31.09% | -310.12% | 27.34% | 2.4% | -9.42% | 9.52% | 15.6% | 17.2% | 16.25% | 1.91% | 13.77% | 22.12% | -3.42% | 14.71% | 2% | 28.21% | 52.94% | 13.33% | 28.57% | 1138.58% | -109.11% | 0% | 32.14% | - |
| EPS (Basic) | - | -1.96 | -1.89 | 0.41 | 4.28 | 2.65 | -4.72 | -6.85 | 3.28 | 2.57 | 2.50 | 2.77 | 2.53 | 2.19 | 1.87 | 1.62 | 1.58 | 1.38 | 1.14 | 1.18 | 1.04 | 1.02 | 0.81 | 0.53 | 0.46 | 0.36 | -0.03 | 0.37 | 0.38 | 0.29 |
| Diluted Shares Outstanding | 62.9M | 60.2M | 59.3M | 60.7M | 61M | 60M | 53.8M | 51.2M | 50.84M | 50.77M | 50.4M | 50.27M | 49.89M | 49.51M | 49.1M | 47.81M | 43.42M | 42.99M | 42.85M | 42.79M | 42.3M | 41.61M | 41.02M | 39.45M | 38.67M | 37.64M | 36.53M | 37.07M | 35.6M | 22.86M |
| Basic Shares Outstanding | 60.5M | 60.2M | 59.3M | 59.2M | 58M | 60M | 53.78M | 51.18M | 50.53M | 50.57M | 50.31M | 50.02M | 49.6M | 49.22M | 48.77M | 47.46M | 43.18M | 42.85M | 42.69M | 42.45M | 41.68M | 40.64M | 39.47M | 38.47M | 37.87M | 36.96M | 36.53M | 36.39M | 34.93M | 22.86M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.14% |
Quick answers to the most common questions about buying UNFI stock.
For fiscal year 2025, United Natural Foods, Inc. (UNFI) reported total revenue of $31.78B. This represents a 7437.1% increase compared to $421.7M in 1997.
United Natural Foods, Inc. (UNFI) reported a net loss of $118.0M for the fiscal year ending 2025.
United Natural Foods, Inc. (UNFI) reported an operating income of $-31.0M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
United Natural Foods, Inc. (UNFI) generated $4.22B in gross profit for the year, representing a gross profit margin of 13.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent margin compression
Metrics are mathematically derived from official filings.
Revenue Growth Decelerates to Near-Stagnation
UNFI's revenue growth has stalled, shifting to a negative year-over-year trend of -0.7% in 2026Q4, according to reported financials, indicating the post-pandemic grocery surge has fully normalized.
The transition from consistent positive growth in 2024-2025 to negative quarterly comparisons suggests the company's top line is now contracting in real terms. This deceleration places the entire burden of earnings growth on margin improvement and cost control, rather than volume expansion.
Gross Margin Stuck in a Structural Trough
UNFI's gross margin has remained compressed between 13.1% and 13.7% for ten consecutive quarters, as reported in SEC filings, reflecting persistent pricing pressure and an inability to fully offset inflationary cost inputs.
The company's gross margin is structurally inferior to foodservice-focused peers like Sysco (18.5%) and US Foods (17.4%), indicating limited pricing power within its retail distribution model. This persistent trough-level profitability suggests the business model is currently ill-equipped to generate sufficient returns on its high-volume, low-touch operations.
Operating Leverage Remains Elusive
Despite achieving positive operating income in the last four quarters, the company has failed to scale operating profitability meaningfully, with operating margin hovering near 1% and net margin barely positive, based on recent financial statements.
The minimal operating margin indicates that SG&A expenses are consuming almost all available gross profit, leaving virtually no room for reinvestment or shareholder returns. This lack of operating leverage implies the cost structure is highly fixed and resistant to efficiency gains from revenue fluctuations.
Cost Discipline Masks Underlying Margin Fragility
A recent shift in SG&A reporting to $0 in the data makes precise cost analysis challenging, but the historically elevated SG&A line, which peaked at $1.1B in 2025Q4, appears to have been controlled enough to return to modest profitability.
The apparent management of overhead costs has been the primary driver of the swing from operating losses to minimal profits, rather than structural gross margin improvement. This reliance on SG&A control is a fragile foundation for sustained earnings growth, as further cuts may impair operational capabilities.
Sustainability of Minimal Profitability is Questionable
The narrow path to positive earnings, with net margin at just 0.5% in 2026Q4, is vulnerable to any reversal in the recent cost discipline, suggesting the current profitability inflection may not be durable.
Short-sellers would focus on the fact that the company's turnaround is entirely dependent on holding SG&A flat in a challenging inflationary environment, while its core gross margin offers no buffer. Any slip in expense control, competitive pressure on pricing, or a shift in consumer mix toward lower-margin items could quickly return the income statement to a loss position.