Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q4 2025 Earnings Presentation
33 slides from Us Foods's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter and Fiscal Year 2025 Results
Fourth Quarter and Fiscal Year 2025 Results February 12, 2026
Slide 2: Disclaimer Page
Disclaimer Page Cautionary Statements Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, forecasted financial performance
Slide 3: 2025: Strong Start to 3-Year Long-range Plan
2025: Strong Start to 3-Year Long-range Plan 2025 to 2027 2025 2025 Highlights Financial Targets Results Generated record Adj. EBITDA of $1.93B and record Adj. Diluted EPS of $3.98 Net Sales CAGR ~5% 4.1% Delivered share gains across 3 target customer types Adj. EBITDA ~10% 11.0% (1) CAGR Grew Adj.
Slide 4: Significant Achievements Against our Strategy in 2025
Significant Achievements Against our Strategy in 2025 CULTURE SAFE SUPPORTIVE RESPONSIBLE Improved safety performance by 16% Provided nearly 1.2 million hours of Donated more than $12.5 million to Embrace the over prior year, which is on top of 20% learning opportunities to associates, support hunge
Slide 5: Continued Strong Profitable Growth and Return on Invested Capital Improvement
Continued Strong Profitable Growth and Return on Invested Capital Improvement Sales ($B) Adj. EBITDA ($M) Adj. Diluted EPS (1) (1) Adj. ROIC (1) (%) $2,500 $42.0 $3.98 33% $39.4 31% $1,932 $40.0 $2,000 28% $37.9 $1,741 $3.15 $1,559 $38.0 $2.63 23% $35.6 $1,310 $1,500 $2.14 $36.0 $34.1 4.9% $34.0 $1,
Slide 6: Fourth Quarter and Fiscal Year 2025 Financial Review
Fourth Quarter and Fiscal Year 2025 Financial Review Dirk Locascio Chief Financial Officer
Slide 7: Delivered Strong Earnings Growth and Drove Margin Expansion
Delivered Strong Earnings Growth and Drove Margin Expansion B/(W) vs. B/(W) vs. Q4 2025 FY 2025 Q4 2024 FY 2024 Total Case Volume +0.8% +1.0% Independent Restaurant Case Volume +4.1% +3.3% Healthcare Case Volume +2.9% +4.4% Hospitality Case Volume +3.1% +2.9% Net Sales ($millions) $9,800 +3.3% $39,4
Slide 8: Effective Execution Drove Continued Adjusted EBITDA Rate Improvement
Effective Execution Drove Continued Adjusted EBITDA Rate Improvement $10.00 Adjusted Gross Profit Per Case(1) Adjusted EBITDA Per Case(1) $9.00 $7.99 $8.22 $8.00 $7.00 +40% $6.00 $2.34 $5.00 $2.50 $2.50 $4.00 +$0.23 $2.28 $2.12 $2.07 $3.00 $2.00 $2.00 $2.00 $1.00 $1.63 $- Q4 2024 Q4 2025 $1.50 $1.50
Slide 9: Strong Cash Flow and Balance Sheet Enables Significant Business Investment and Capital Return
Strong Cash Flow and Balance Sheet Enables Significant Business Investment and Capital Return Operating Cash Flow ($M) Capital Deployed in 2025 ($M) Cash Capex $1,369 $131 $1,450 Share Repurchases $1,400 $1,350 $1,140 $1,174 $1,300 $1,250 Tuck in M&A $1,200 $1,150 $410 $1,100 $1,050 $1,000 $950 $900
Slide 10: Fiscal Year 2026 Guidance and Modeling Assumptions
Fiscal Year 2026 Guidance and Modeling Assumptions Fiscal Year 2026 Guidance(1) Modeling Assumptions(1) Total Case Growth 2.5% to 4.5% Net Sales Growth 4% to 6% Sales Inflation & Mix ~1.5% Depreciation $420M to $450M Adjusted EBITDA Growth(2) 9% to 13% Interest Expense $300M to $315M Tax Rate ~26% A
Slide 11: Invest with US Foods
Invest with US Foods 1 Differentiated value proposition and meaningful scale with most profitable 2025 to 2027 customer types Financial Targets Industry-leading digital ecosystem 2 embedded with AI powered features which enhances customer engagement, ~5% ~10% drives efficiency and strengthens loyalt
Slide 12: Appendix
Appendix
Slide 13: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare Hospitality 5.7% 4.6% 4.1% 4.1% 3.9% 3.2% 2.7% 2.5% 6% 3.7% 2.9% 3
Slide 14: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of ($ in millions) Maturity Interest Terms December 27, 2025 December 27, 2025 December 28, 2024 • Funded record capital ABL Facility 2021 Incremental Term Loan Facility (net of $1 December 7, 2027 5.41% $429 $223 investment to
Slide 15: Fourth Quarter Financial Performance
Fourth Quarter Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 13 Weeks Ended 13 Weeks Ended (Case volume and $ in millions, December 27, 2025 December 28, 2024 Change December 27, 2025 December 28, 2024 Change except per share data) Case Volume 209 208 0.8% Net Sales $9,800 $9,49
Slide 16: Full Year 2025 Financial Performance
Full Year 2025 Financial Performance Reported (unaudited) Adjusted(1) (unaudited) Year Ended Year Ended (Case volume and $ in millions, December 27, 2025 December 28, 2024 Change December 27, 2025 December 28, 2024 Change except per share data) Case Volume 849 841 1.0% Net Sales $39,424 $37,877 4.1%
Slide 17: Reconciliation – Adjusted Gross Profit per Case, Adjusted Operating Expense per Case, Adjusted EBITDA 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 Year Ended December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 (Total cases and $ in millions, except per case data) Tota
Slide 18: Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 13 Weeks Ended (unaudited) Year Ended (unaudited) ($ in millions) December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Gross profit (GAAP) $1,720 $1,666 $6,864 $6,534 LIFO reserve adjustments(1) - (7)
Slide 19: Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 20: Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) Year Ended (unaudited) ($ in millions) December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Net income and net income margin (GAAP) $184 1.9% $66 0.7% $676 1.7% $494 1.3% Interest expense—
Slide 21: Reconciliation – Adjusted EBITDA and Adjusted 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 22: Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 13 Weeks Ended (unaudited) Year Ended (unaudited) (In millions, except per share data) December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 Diluted EPS (GAAP) $0.82 $0.28 $2.94 $2.02 Restructuring activity and ass
Slide 23: Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 24: Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) December 27, 2025 December 28, 2024 December 30, 2023 Total Debt (GAAP) $5,200 $4,928 $4,674 Cash, cash equivalents and restricted cash (41) (59) (269) Net Debt (non-GAAP) $5,159 $4,869 $4,405 Adjus
Slide 25: Adjusted EBITDA and Adjusted Net Income to GAAP Reconciliation – 2022 to 2023
Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted EBITDA and Adjusted Net Income Year Ended (unaudited) ($ in millions) December 30, 2023 December 31, 2022 Net income available to common shareholders and net income margin (GAAP) $499 1.4% $228 0.7% Series A Preferred Stock Dividends (7) (37) N
Slide 26: Adjusted EBITDA and Adjusted Net Income to GAAP Reconciliation – 2022 to 2023
Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted EBITDA and Adjusted Net Income 1. Consists primarily of non-CEO severance and related costs associated with organizational realignment and other impairment charges. For fiscal year 2022, also consists of the write-off of old leases ROU asset an
Slide 27: Adjusted Diluted EPS to GAAP Reconciliation – 2022 to 2023
Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted Diluted EPS Year Ended (unaudited) December 30, 2023 December 31, 2022 Diluted EPS (GAAP) $2.02 $1.01 Restructuring costs and asset impairment charges(1) 0.06 0.05 Share-based compensation expense(2) 0.22 0.18 LIFO reserve adjustments(3) - 0.59
Slide 28: Adjusted Diluted EPS to GAAP Reconciliation – 2022 to 2023
Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted Diluted EPS 1. Consists primarily of non-CEO severance and related costs associated with organizational realignment and other impairment charges. For fiscal year 2022, also consists of the write-off of old leases ROU asset and lease liability o
Slide 29: Non-GAAP to GAAP Reconciliation – Net Leverage and Adjusted EBITDA per Case & Margin
Non-GAAP to GAAP Reconciliation – 2019, 2022 to 2023 Net Leverage and Adjusted EBITDA per Case & Margin for 2019, 2022 to 2023 For the Year Ended (unaudited) ($ in millions, except ratios) December 30, 2023 December 31, 2022 December 28, 2019 Total Debt (GAAP) $4,674 $4,854 $4,736 Cash, cash equival
Slide 30: Non-GAAP to GAAP Reconciliation – Net Leverage and Adjusted EBITDA per Case & Margin
Non-GAAP to GAAP Reconciliation – 2019, 2022 to 2023 Net Leverage and Adjusted EBITDA per Case & Margin for 2019, 2022 to 2023 1. EBITDA is defined as net income, plus interest expense—net, income tax provision, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for: (1
Slide 31: ROIC to GAAP Reconciliation – 2022 to 2025
Non-GAAP to GAAP Reconciliation – 2022 to 2025 ROIC For the Year Ended (unaudited) ($ in millions) December 27, 2025 December 28, 2024 December 30, 2023 December 31, 2022 Operating Income (GAAP) $1,199 $1,099 $1,017 $594 Other income (expense) 4 (6) 6 22 Loss on extinguishment of debt(1) - (10) (21)
Slide 32: ROIC to GAAP Reconciliation – 2022 to 2025
Non-GAAP to GAAP Reconciliation – 2022 to 2025 ROIC 1. Includes early redemption premium and the write-off of certain pre-existing debt issuance costs. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation exp
Slide 33: We Help You Make It
WE HELP YOU US. MAKE IT"