Slide 1: Second Quarter Fiscal Year 2025 Results
Second Quarter Fiscal Year 2025 Results August 7, 2025
Slide 2: Disclaimer Page
Disclaimer Page Cautionary Statements Regarding Forward-Looking Information Statements in this presentation which are not historical in nature are “forward-looking statements” within the meaning of the federal securities laws. These statements often include words such as “believe,” “expect,” “projec
Slide 3: Delivering Strong Financial Results
Delivering Strong Financial Results Q2 2025 YTD 2025 GROWING Volume +0.9% +1.0% GROWING Net Sales +3.8% +4.2% GROWING Adjusted EBITDA (1) +12.1% +10.9% GROWING Adjusted EBITDA Margin (1) +40 bps +29 bps GROWING Adjusted Diluted EPS (1) +28.0% +27.2% Note: Represents change versus the same period in
Slide 4: Driving Strong Performance Through Consistent Execution of Our Strategy
Driving Strong Performance Through Consistent Execution of Our Strategy Delivered record Adjusted EBITDA and Adjusted EBITDA margin through a combination 1 of topline growth, strong gross profit gains and disciplined cost management Continued market share gains with our target customer types of Inde
Slide 5: Embrace the US Foods Culture
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Embrace the US Foods Culture • Building a strong safety culture; safety performance improved by 21% over prior year • Published our 2024 Sustainability Report, highlighting
Slide 6: Deliver Service Excellence
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Deliver Service Excellence • Continued rollout of Descartes routing platform; now live or in active deployment in 65 markets, representing ~90% of routed miles; remain on tr
Slide 7: Grow Profitable Market Share
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Grow Profitable Market Share • Grew Pronto business; Legacy now live in 44 markets; Penetration expanded to 15 markets and plan to be in a total of 20 by year-end • Pronto p
Slide 8: Further Optimize EBITDA Margin
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Further Optimize EBITDA Margin • Delivered more than $50M in year-to-date cost of goods savings through strategic vendor management, line of sight to exceed our 2027 plan co
Slide 9: Second Quarter Fiscal Year 2025 Financial Review
Second Quarter Fiscal Year 2025 Financial Review Dirk Locascio Chief Financial Officer
Slide 10: Delivered Strong Earnings Growth and Margin Expansion
Delivered Strong Earnings Growth and Margin Expansion B/(W) vs. B/(W) vs. Q2 2025 YTD 2025 Q2 2024 YTD 2024 Total Case Volume +0.9% +1.0% Independent Restaurant Case Volume +2.7% +2.6% Healthcare Case Volume +4.9% +5.5% Hospitality Case Volume +2.4% +3.0% Net Sales ($millions) $10,082 +3.8% $19,433
Slide 11: Drove Operating Leverage Gains Through Execution of Self-help Initiatives
Drove Operating Leverage Gains Through Execution of Self-help Initiatives Adj. Gross Profit Per Case(1) Adj. EBITDA Per Case(1) $10.00 $9.00 $7.91 $8.23 $8.00 $7.00 $6.00 $5.00 $2.52 $2.50 $2.50 +$0.32 $2.27 $4.00 $3.00 $2.22 $2.00 $1.00 $2.00 $2.00 $2.02 $- Q2 2024 Q2 2025 $1.50 $1.50 $10.00 $9.00
Slide 12: Healthy Cash Flow and Strong Balance Sheet
Healthy Cash Flow and Strong Balance Sheet Enables Business Investment and Capital Return Operating Cash Flow ($M) Capital Allocation Priorities $725 Invest in the business $800 $750 $621 $700 > Funding record capital investment to maintain our 1 $650 $600 business, support growth and drive attracti
Slide 13: Updating Fiscal Year 2025 Guidance and Modeling Assumptions
Updating Fiscal Year 2025 Guidance and Modeling Assumptions Fiscal Year 2025 Guidance Modeling Assumptions Total Case Growth 1% to 3% Net Sales Growth 4% to 6% Sales Inflation & Mix ~3% Depreciation $410M to $450M (1) Adjusted EBITDA Growth 9.5% to 12% Interest Expense $300M to $315M Tax Rate ~26% (
Slide 14: What Differentiates US Foods?
What Differentiates US Foods? Proven strategy-driven operational playbook to 1 Only pure-play, U.S. focused foodservice distributor with national scale 5 advance Culture, Service, Growth and Profit strategy pillars Differentiated value proposition and scale with the 2 three most profitable customer
Slide 15: Appendix
Appendix Summary Non-GAAP Reconciliations
Slide 16: Outperformer in Resilient Industry with Levers to Pull if Weaker Macro Persists
Outperformer in Resilient Industry with Levers to Pull if Weaker Macro Persists RESILIENT INDUSTRY AND BUSINESS MODEL Large and growing Total Food away from home continues to Continued market share gains in Addressable Market steadily increase year over year Independents, Healthcare and Hospitality
Slide 17: Positioned for Long-term Growth in a Resilient Industry
Positioned for Long-term Growth in a Resilient Industry 1 Operating in a resilient industry with a durable business model, levers to pull if 2025E to 2027E weaker macro persists Financial Targets Ongoing self-help initiatives to 2 enhance Gross Profit and streamline Operating Expenses ~5% ~10% Net S
Slide 18: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare Hospitality 5.7% 4.6% 4.1% 3.2% 2.7% 2.5% 6% 2.9% 3.2% 2.4% 2.3% 1
Slide 19: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of Maturity Interest Terms ($ in millions) June 28, 2025 June 28, 2025 December 28, 2024 ABL Facility December 7, 2027 Prime + 0% 7.50% $48 $223 2021 Incremental Term Loan Facility (net of $1 • Funding record capital 1M Term SO
Slide 20: Second Quarter Financial Performance
Second Quarter Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 13 Weeks Ended 13 Weeks Ended (Case volume and $ in millions, June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change except per share data) Case Volume 218 216 0.9% Net Sales $10,082 $9,709 3.8% Gross Pr
Slide 21: Year to Date Financial Performance
Year to Date Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 26 Weeks Ended 26 Weeks Ended (Case volume and $ in millions, June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change except per share data) Case Volume 423 419 1.0% Net Sales $19,433 $18,658 4.2% Gross Pro
Slide 22: Non-GAAP Reconciliation – Adjusted Gross Profit per Case
Non-GAAP Reconciliation – Adjusted Gross Profit per Case, Adjusted Operating Expense per Case, Adjusted EBITDA per Case Adjusted(1) (unaudited) 13 Weeks Ended 26 Weeks Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 (Total cases and $ in millions, except per case data) Total Cases 218
Slide 23: Non-GAAP Reconciliation – Adjusted Gross Profit and Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 13 Weeks Ended (unaudited) 26 Weeks Ended (unaudited) ($ in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Gross profit (GAAP) $1,777 $1,706 $3,391 $3,201 LIFO reserve adjustment(1) 14 - 19 45 Adjusted
Slide 24: Non-GAAP Reconciliation – Adjusted Gross Profit and Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 25: Non-GAAP Reconciliation – Adjusted EBITDA and Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) 26 Weeks Ended (unaudited) ($ in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Net income and net income margin (GAAP) 224 2.2% 198 2.0% 339 1.7% 280 1.5% Interest expense—net 74 81 151 1
Slide 26: Non-GAAP Reconciliation – Adjusted EBITDA and Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Represe
Slide 27: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 13 Weeks Ended (unaudited) 26 Weeks Ended (unaudited) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Diluted EPS (GAAP) $0.96 $0.80 $1.45 $1.13 Restructuring activity and asset impairment charges(1) 0.01 - 0.03 0.05 Share-b
Slide 28: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 29: Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) June 28, 2025 December 28, 2024 June 29, 2024 Total Debt (GAAP) $4,831 $4,928 $4,707 Cash, cash equivalents and restricted cash (61) (59) (405) Net Debt (non-GAAP) $4,770 $4,869 $4,302 Adjusted EBIT
Slide 30: We Help You Make It
WE HELP YOU US. MAKE IT