Revenue growth has moderated to 4.5% in 2026Q2, yet gross margin expanded to 18.2% and operating margin reached 4.2%, reflecting improved operating leverage.
US Foods Holding Corp. (USFD) annual income statement — 13-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 |
|---|
| Sales/Revenue | 40.34B | 39.42B | 37.88B | 35.6B | 34.06B | 29.49B | 22.89B | 25.94B | 24.18B | 24.15B | 22.92B | 23.13B | 23.02B | 22.3B |
| Revenue Growth % | 3.14% | 4.08% | 6.4% | 4.52% | 15.5% | 28.85% | -11.77% | 7.3% | 0.12% | 5.36% | -0.9% | 0.47% | 3.24% | - |
| Cost of Goods Sold | 33.15B | 32.56B | 31.34B | 29.45B | 28.57B | 24.83B | 19.17B | 21.35B | 19.87B | 19.93B | 18.87B | 19.11B | 19.22B | 18.47B |
| COGS % of Revenue | - | 82.59% | 82.75% | 82.73% | 83.87% | 84.21% | 83.75% | 82.32% | 82.19% | 82.54% | 82.32% | 82.65% | 83.5% | 82.85% |
| Gross Profit | 7.2B | 6.86B | 6.53B | 6.15B | 5.49B | 4.66B | 3.72B | 4.59B | 4.31B | 4.22B | 4.05B | 4.01B | 3.8B | 3.82B |
| Gross Margin % | 17.84% | 17.41% | 17.25% | 17.27% | 16.13% | 15.79% | 16.25% | 17.68% | 17.81% | 17.46% | 17.68% | 17.35% | 16.5% | 17.15% |
| Gross Profit Growth % | - | 5.05% | 6.28% | 11.94% | 17.98% | 25.17% | -18.92% | 6.53% | 2.11% | 4.05% | 0.99% | 5.68% | -0.67% | - |
| Operating Expenses | 5.83B | 5.63B | 5.41B | 5.12B | 4.89B | 4.23B | 3.8B | 3.89B | 3.65B | 3.63B | 3.63B | 3.82B | 3.55B | 3.5B |
| OpEx % of Revenue | - | 14.29% | 14.29% | 14.37% | 14.35% | 14.35% | 16.59% | 14.99% | 15.09% | 15.03% | 15.86% | 16.53% | 15.4% | 15.71% |
| Selling, General & Admin | 5.79B | 5.63B | 5.41B | 5.12B | 4.89B | 4.22B | 3.76B | 3.89B | 3.65B | 3.63B | 3.58B | 3.65B | 3.55B | 3.49B |
| SG&A % of Revenue | - | 14.29% | 14.29% | 14.37% | 14.35% | 14.31% | 16.42% | 14.99% | 15.09% | 15.04% | 15.62% | 15.79% | 15.4% | 15.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 11M | 39M | 0 | 1M | -1M | 53M | 172.71M | 0 | 8.39M |
| Operating Income | 1.36B | 1.23B | 1.12B | 1.03B | 606M | 424M | -77M | 699M | 658M | 588M | 419M | 189.83M | 252.26M | 320.5M |
| Operating Margin % | 3.38% | 3.13% | 2.96% | 2.9% | 1.78% | 1.44% | -0.34% | 2.69% | 2.72% | 2.44% | 1.83% | 0.82% | 1.1% | 1.44% |
| Operating Income Growth % | - | 9.8% | 8.83% | 70.13% | 42.92% | 650.65% | -111.02% | 6.23% | 11.9% | 40.33% | 120.73% | -24.75% | -21.29% | - |
| EBITDA | 1.84B | 1.69B | 1.56B | 1.43B | 978M | 802M | 345M | 1.06B | 998M | 966M | 840M | 589.08M | 663.8M | 708.69M |
| EBITDA Margin % | 4.56% | 4.3% | 4.12% | 4.01% | 2.87% | 2.72% | 1.51% | 4.09% | 4.13% | 4% | 3.67% | 2.55% | 2.88% | 3.18% |
| EBITDA Growth % | 11.04% | 8.59% | 9.4% | 45.81% | 21.95% | 132.46% | -67.48% | 6.31% | 3.31% | 15% | 42.6% | -11.26% | -6.33% | - |
| D&A (Non-Cash Add-back) | 477M | 462M | 438M | 395M | 372M | 378M | 422M | 362M | 340M | 378M | 421M | 399.25M | 411.55M | 388.19M |
| EBIT | 1.36B | 1.2B | 959M | 1B | 616M | 427M | -56M | 695M | 671M | 574M | 360M | 477.33M | 252.26M | 278.7M |
| Net Interest Income | -308M | -305M | -315M | -324M | -255M | -213M | -238M | -184M | -175M | -170M | -229M | -285.18M | -289.2M | -306.09M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 308M | 305M | 315M | 324M | 255M | 213M | 238M | 184M | 175M | 170M | 229M | 285.18M | 289.2M | 306.09M |
| Other Income/Expense | -316M | -334M | -478M | -353M | -245M | -210M | -217M | -188M | -162M | -184M | -288M | 2.33M | -289.2M | -347.88M |
| Pretax Income | 1.05B | 898M | 644M | 678M | 361M | 214M | -294M | 511M | 496M | 404M | 131M | 192.15M | -36.95M | -27.38M |
| Pretax Margin % | 2.6% | 2.28% | 1.7% | 1.9% | 1.06% | 0.73% | -1.28% | 1.97% | 2.05% | 1.67% | 0.57% | 0.83% | -0.16% | -0.12% |
| Income Tax | 255M | 222M | 150M | 172M | 96M | 50M | -68M | 126M | 89M | -40M | -79M | 24.64M | 35.97M | 29.82M |
| Effective Tax Rate % | 24.33% | 24.72% | 23.29% | 25.37% | 26.59% | 23.36% | 23.13% | 24.66% | 17.94% | -9.9% | -60.31% | 12.82% | -97.35% | -108.9% |
| Net Income | 793M | 676M | 494M | 506M | 265M | 164M | -226M | 385M | 407M | 444M | 210M | 167.52M | -72.91M | -57.21M |
| Net Margin % | 1.97% | 1.71% | 1.3% | 1.42% | 0.78% | 0.56% | -0.99% | 1.48% | 1.68% | 1.84% | 0.92% | 0.72% | -0.32% | -0.26% |
| Net Income Growth % | 42.11% | 36.84% | -2.37% | 90.94% | 61.59% | 172.57% | -158.7% | -5.41% | -8.33% | 111.43% | 25.36% | 329.75% | -27.46% | - |
| Net Income (Continuing) | 793M | 676M | 494M | 506M | 265M | 164M | -226M | 385M | 407M | 444M | 210M | 167.52M | -72.91M | -57.21M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 3.64 | 2.94 | 2.02 | 2.02 | 1.01 | 0.54 | -1.15 | 1.75 | 1.87 | 1.97 | 1.03 | 0.87 | -0.38 | -0.30 |
| EPS Growth % | 49.17% | 45.54% | 0% | 100% | 87.04% | 146.96% | -165.71% | -6.42% | -5.08% | 91.26% | 18.39% | 328.95% | -26.67% | - |
| EPS (Basic) | - | 2.98 | 2.05 | 2.09 | 1.02 | 0.55 | -1.15 | 1.77 | 1.88 | 2.00 | 1.05 | 0.88 | -0.38 | -0.30 |
| Diluted Shares Outstanding | 217.7M | 230M | 244M | 250M | 226M | 225M | 220M | 220M | 217.83M | 225.66M | 204.02M | 192.75M | 192.75M | 192.75M |
| Basic Shares Outstanding | 215.7M | 227M | 241M | 239M | 224M | 222M | 220M | 218M | 216.11M | 222.38M | 200.13M | 191.25M | 191.25M | 191.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 317.14% | - | - | - |
Quick answers to the most common questions about buying USFD stock.
For fiscal year 2025, US Foods Holding Corp. (USFD) reported total revenue of $39.42B. This represents a 76.8% increase compared to $22.30B in 2013.
US Foods Holding Corp. (USFD) is profitable, generating $676.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
US Foods Holding Corp. (USFD) reported an operating income of $1.23B, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
US Foods Holding Corp. (USFD) generated $6.86B in gross profit for the year, representing a gross profit margin of 17.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth deceleration risk
Metrics are mathematically derived from official filings.
Steady Growth Amidst Deceleration
USFD's revenue growth has moderated from 7.7% in 2024Q2 to 4.5% in 2026Q2, as reported in quarterly filings, suggesting a gradual normalization in food distribution demand.
The sequential deceleration in revenue growth from mid-2024 to recent quarters indicates a maturing growth phase, possibly reflecting softer volume trends or pricing normalization. While growth remains positive, the trajectory suggests that the company may be facing tougher comparisons or market share stabilization. Investors should monitor whether this deceleration is a temporary cyclical dip or a structural slowdown.
Gross Margin Stability with Upside Potential
Gross margin has hovered around 17-18% over the past ten quarters, with 2026Q2 at 18.2%, as per financial statements, indicating stable pricing power relative to peers like Sysco.
USFD's gross margin is consistently above Performance Food Group's 11.7% but below The Chefs' Warehouse's 24.2%, reflecting its broadline distribution model. The slight uptick in 2026Q2 suggests potential benefits from mix shifts or cost efficiencies. However, the narrow range implies limited pricing power in a competitive environment, and any input cost inflation could compress margins.
Operating Leverage Emerging in 2026
Operating income grew 18.4% in 2026Q2 versus revenue growth of 4.5%, as per reported figures, indicating that SG&A costs are scaling slower than sales, driving margin expansion.
The operating margin improved to 4.2% in 2026Q2 from 3.7% in the prior year quarter, suggesting that the company is leveraging its fixed cost base. SG&A as a percentage of revenue declined to 14.3% from 14.5% in the same period, reflecting disciplined expense management. This operating leverage appears sustainable if revenue growth persists, but investors should watch for any reacceleration in SG&A spending.
Earnings Quality Boosted by Tax and SBC
Net income in 2026Q2 was $275M, with EPS of $1.24, but stock-based compensation of $54M, as disclosed in filings, suggests reported earnings are partially non-cash.
The effective tax rate appears lower than the statutory rate, as net margin of 2.6% is higher than the operating margin of 4.2% would imply after typical taxes, indicating possible one-time tax benefits. SBC has increased from $15M in 2024Q1 to $54M in 2026Q2, which dilutes shareholders and may inflate EPS growth relative to operational performance. Investors should adjust for SBC to assess true earnings power.
COGS Dominates Cost Structure
COGS consistently represents about 82-83% of revenue, as per income statements, leaving gross profit margins in the 17-18% range, highlighting the importance of procurement efficiency.
With COGS being the largest cost line, any fluctuation in food commodity prices directly impacts profitability. The stability in gross margin suggests effective cost pass-through mechanisms, but the company remains exposed to inflationary pressures. SG&A has been relatively flat as a percentage of revenue, indicating controlled overhead, but R&D is negligible, which is typical for a distributor.
2024Q4 Earnings Dip and Recovery
Net income fell to $66M in 2024Q4 from $198M in 2024Q2, as reported, marking a significant trough, followed by a recovery to $275M by 2026Q2.
The sharp decline in 2024Q4 EPS to $0.28, down 52.5% year-over-year, likely reflects one-time charges or tax adjustments, as revenue remained stable. The subsequent recovery to record EPS levels suggests that the dip was temporary and not indicative of operational deterioration. This inflection highlights the volatility in quarterly earnings, which investors should consider when forecasting future profitability.
What Could Invalidate the Base Case
Despite stable margins, the decelerating revenue growth and rising SBC could pressure earnings quality, as reported in recent filings, warranting caution on sustainability.
The steady deceleration in revenue growth from 7.7% to 4.5% over two years may indicate a loss of momentum, potentially due to increased competition or market saturation. Additionally, the significant increase in stock-based compensation from $15M to $54M over the same period could signal that reported EPS growth is partly driven by non-cash expenses, masking underlying operational performance. If revenue growth continues to slow, operating leverage could reverse, and margins may compress, challenging the current valuation.