US Foods (USFD) Q4 2025 Earnings Call Transcript

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Thursday, February 12, 2026 astatine 9:00 a.m. ET

• Chief Executive Officer — David Flitman

• Chief Financial Officer — Dirk Locascio

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David Flitman: Thanks, Mike. Good morning, everyone, and convey you for joining us. Let's crook to today's agenda. I'll commencement by providing highlights from 2025, including our team's beardown execution during the archetypal twelvemonth of our 2025 to 2027 long-range plan. I'll past manus it implicit to Dirk to reappraisal our 4th fourth and afloat twelvemonth fiscal results and supply our fiscal 2026 guidance. Starting connected Slide 3. Our 2025 net exceeded the long-range program we outlined astatine our June 2024 Investor Day. We delivered these beardown results contempt a softer macro situation by continuing to absorption connected controlling the controllables, thing that we person been doing good for the past respective years.

These see capturing incremental marketplace stock crossed our people lawsuit types, and executing our operational excellence and productivity initiatives. For the year, we grew adjusted EBITDA 11% to a grounds of much than $1.9 cardinal and expanded EBITDA borderline by 30 ground points. At the aforesaid time, we delivered grounds adjusted net per stock of $3.98. Our adjusted EPS maturation of 26% led the manufacture and was much than doubly our double-digit adjusted EBITDA maturation rate. Now that we are 1/3 of the mode done our long-range plan, I stay highly assured that we'll scope our 2027 goals.

Highlights of our 2025 results driven by the continued advancement of our operational excellence and borderline initiatives include: delivering stock gains crossed autarkic restaurants, wellness attraction and hospitality, our 3 people lawsuit types; increasing adjusted gross nett dollars 190 ground points faster than adjusted operating expenses; driving much than $150 cardinal successful outgo of goods savings; expanding adjusted EBITDA borderline by 30 ground points to a grounds 4.9%; extending our exertion enactment presumption done caller embedded AI capabilities; and executing our superior allocation strategy by repurchasing astir $930 cardinal of our shares and completing 2 tiny tuck-in acquisitions for much than $130 million. In short, 2025 was a beardown commencement to our caller long-range plan.

Through the bonzer dedication and absorption of our 30,000 associates, we proceed to execute our strategy, service our customers well, seizure profitable marketplace stock and fortify margins. The momentum we carried into 2026 is simply a testament to their tireless efforts to present excellence to our customers. Let's crook to broader manufacture trends. Chain edifice ft postulation arsenic published by Black Box, was down 2.8% for the 4th fourth and decelerated 230 ground points from the 3rd quarter. Our concatenation concern was down astir 3.4%. Headwinds from the authorities shutdown, wintertime storms successful December and a challenged little income and younger demographic affected manufacture demand.