Revenue growth has trended into negative territory with a 4.2% year-over-year decline in 2026Q3, while gross margins remain structurally thin between 13.2% and 13.6%.
| 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 | 31.21B | 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 % | -3.22% | 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 | 27.03B | 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 | 4.18B | 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 % | 13.38% | 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 | 4.03B | 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 | 1.02B | 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 | 193M | -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 % | 0.62% | -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 | 497M | 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 % | 1.59% | 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 % | 30.1% | -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) | 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 |
| EBIT | 148M | 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 | -130M | -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 | 3M | 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 | 133M | 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 | -227M | -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 | -53M | -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 % | -0.17% | -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 | -16M | -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 % | 30.19% | 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 | -38M | -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 % | -0.12% | -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 % | 44.12% | -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) | -37M | -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) | -0.61 | -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 % | 43.33% | -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 | 62.7M | 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 | 60.8M | 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% |
Volume and Margin Compression
As reported in recent financial statements, UNFI's revenue growth has trended into negative territory, with a 4.2% year-over-year decline in 2026Q3, signaling that the post-pandemic demand surge has fully dissipated and the company is struggling to maintain volume in a competitive food distribution landscape.
The consistent negative revenue growth over the last several quarters suggests that the company is facing significant headwinds in its core wholesale segment. Investors should monitor whether this contraction is a result of intentional SKU rationalization or a broader loss of market share to more agile competitors.
Based on the provided quarterly data, UNFI maintains a structurally thin gross margin profile, hovering around 13.2% to 13.6%, which leaves the company with minimal buffer to absorb inflationary pressures or operational inefficiencies without immediately impacting the bottom line as seen in recent periods.
The inability to consistently expand gross margins despite the scale of the business suggests that pricing power remains limited by the nature of the large-scale retail contracts. This lack of margin expansion potential implies that profitability improvements must come from internal cost-cutting rather than top-line pricing leverage.
According to the income statement data, UNFI has struggled to demonstrate meaningful operating leverage, as operating margins have fluctuated between -1.0% and 1.3% over the last ten quarters, indicating that overhead costs are not scaling efficiently with the company's massive revenue base.
The volatility in operating income suggests that the company's cost structure is highly sensitive to operational disruptions and inflationary spikes in logistics. Without a clear path to consistent operating margin expansion, the company remains vulnerable to even minor fluctuations in fuel and labor costs.
As evidenced by the frequent swings between net losses and marginal profitability, UNFI's earnings quality appears compromised by non-operating items and restructuring charges, with net income margins failing to consistently break into positive territory over the observed ten-quarter period ending in 2026Q3.
The reliance on stock-based compensation and the impact of historical acquisition-related costs suggest that GAAP earnings may not accurately reflect the company's cash-generating potential. Analysts should scrutinize the recurring nature of these adjustments to determine if the business can achieve sustainable, normalized profitability.
While the company maintains a critical role in the natural and organic supply chain, the persistent negative net margins reported in several recent quarters raise significant questions regarding the long-term viability of the current hybrid wholesale-retail model in a high-inflation, low-margin environment.
Short-sellers may focus on the potential for further margin compression if the company cannot successfully pass through rising logistics costs to its largest retail partners. The risk remains that the company's infrastructure is too capital-intensive to support the current thin-margin revenue base without significant operational restructuring.
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.