Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q3 2025 Earnings Presentation
30 slides from Us Foods's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter Fiscal Year 2025 Results
Third Quarter Fiscal Year 2025 Results November 6, 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 Q3 2025 YTD 2025 GROWING Volume +1.1% +1.0% GROWING Net Sales +4.8% +4.4% GROWING Adjusted EBITDA (1) +11.0% +10.9% GROWING Adjusted EBITDA Margin (1) +28 bps +29 bps GROWING Adjusted Diluted EPS (1) +25.9% +26.7% 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 Accelerated Independent Restaurant volume growth by 120 basis points to 3.9%; Grew 1 Adjusted EBITDA 11.0% and Adjusted Diluted EPS 25.9% Delivered earnings growth through consistent share gains and margin expansion; 2 Remain on
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 • Drove safety improvement of 16% over prior year and 35% over the past two years; building a strong safety culture • Announced a new partnershi
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 • Launched AI-powered search within MOXē, to deliver significantly faster and more intuitive results, leading to a 3% higher conversion rate of pr
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 46 markets; Penetration expanded to more than 20 markets; on track to deliver ~$950M in sales this ye
Slide 8: Further Optimize EBITDA Margin
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Further Optimize EBITDA Margin • Expanded Adjusted EBITDA margin by 28 basis points through self-help initiatives focused on sustainable margin improvement • Grew Adjusted G
Slide 9: Third Quarter Fiscal Year 2025 Financial Review
Third Quarter Fiscal Year 2025 Financial Review Dirk Locascio Chief Financial Officer
Slide 10: Delivered Consistent Earnings Growth and Drove Margin Expansion
Delivered Consistent Earnings Growth and Drove Margin Expansion B/(W) vs. B/(W) vs. Q3 2025 YTD 2025 Q3 2024 YTD 2024 Total Case Volume +1.1% +1.0% Independent Restaurant Case Volume +3.9% +3.0% Healthcare Case Volume +3.9% +4.9% Hospitality Case Volume +2.4% +2.8% Net Sales ($millions) $10,191 +4.8
Slide 11: Drove Operating Leverage Gains Through Operational Excellence and Self-help Initiatives
Drove Operating Leverage Gains Through Execution of Operational Excellence and Self-help Initiatives Adjusted Gross Profit Per Case(1) Adjusted EBITDA Per Case(1) $10.00 $9.00 $7.89 $8.30 $8.00 $7.00 $2.33 $6.00 $5.00 $2.25 $4.00 $3.00 +$0.41 $2.12 $2.05 $2.00 $2.00 $2.00 $1.00 $- Q3 2024 Q3 2025 $1
Slide 12: Strong Cash Flow and Balance Sheet Enables Business Investment and Capital Return
Strong Cash Flow and Balance Sheet Enables Business Investment and Capital Return Operating Cash Flow ($M) Capital Allocation Priorities $1,076 $1,150 $1,100 Invest in the business $1,050 $891 $1,000 1 $950 $900 $850 $800 > Funding record capital investment to maintain our $750 $700 business, suppor
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 2% Net Sales Growth 4% to 5% Sales Inflation & Mix ~3% Depreciation $400M to $420M Adjusted EBITDA Growth 10% to 12% (1) Interest Expense $300M to $310M Tax Rate ~26% Ad
Slide 14: Happy Veterans Day from US Foods
HAPPY VETERANS DAY FROM US FOODS’ US. FOODS
Slide 15: Appendix
Appendix Summary Non-GAAP Reconciliations
Slide 16: Outperformer in Resilient Industry with Levers to Pull if Weaker Macro Persists
Outperformer in Resilient Industry with Levers to Pull if Weaker Macro Persists RESILIENT INDUSTRY AND BUSINESS MODEL Large and growing Total Food away from home continues to Continued market share gains in Addressable Market steadily increase year over year Independents, Healthcare and Hospitality
Slide 17: Positioned for Long-term Growth in a Resilient Industry
Positioned for Long-term Growth in a Resilient Industry 1 Operating in a resilient industry with a durable business model, levers to pull if 2025E to 2027E weaker macro persists Financial Targets Ongoing self-help initiatives to 2 enhance Gross Profit and streamline Operating Expenses ~5% ~10% Net S
Slide 18: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare Hospitality 5.7% 4.6% 4.1% 3.9% 3.2% 2.7% 2.5% 6% 2.9% 3.2% 3.5% 2
Slide 19: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of Maturity Interest Terms ($ in millions) September 27, 2025 September 27, 2025 December 28, 2024 ABL Facility December 7, 2027 6.33% $162 $223 2021 Incremental Term Loan Facility (net of $1 • Funding record capital 1M Term SO
Slide 20: Third Quarter Financial Performance
Third Quarter Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 13 Weeks Ended 13 Weeks Ended (Case volume and $ in millions, September 27, 2025 September 28, 2024 Change September 27, 2025 September 28, 2024 Change except per share data) Case Volume 217 214 1.1% Net Sales $10,191 $
Slide 21: Year to Date Financial Performance
Year to Date Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 39 Weeks Ended 39 Weeks Ended (Case volume and $ in millions, September 27, 2025 September 28, 2024 Change September 27, 2025 September 28, 2024 Change except per share data) Case Volume 639 633 1.0% Net Sales $29,624 $2
Slide 22: Non-GAAP Reconciliation – Adjusted Gross Profit, Operating Expense, 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 39 Weeks Ended September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 (Total cases and $ in millions, except per case da
Slide 23: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 13 Weeks Ended (unaudited) 39 Weeks Ended (unaudited) ($ in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Gross profit (GAAP) $1,753 $1,667 $5,144 $4,868 LIFO reserve adjustment(1)
Slide 24: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 25: Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) 39 Weeks Ended (unaudited) ($ in millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Net income and net income margin (GAAP) $153 1.5% $148 1.5% $492 1.7% $428 1.5% Interest
Slide 26: Non-GAAP 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 27: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 13 Weeks Ended (unaudited) 39 Weeks Ended (unaudited) (In millions, except per share data) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Diluted EPS (GAAP) $0.67 $0.61 $2.12 $1.74 Restructuring activity
Slide 28: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 29: Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) September 27, 2025 December 28, 2024 September 28, 2024 Total Debt (GAAP) $4,952 $4,928 $4,789 Cash, cash equivalents and restricted cash (56) (59) (81) Net Debt (non-GAAP) $4,896 $4,869 $4,708 Adju
Slide 30: We Help You Make It
WE HELP YOU US. MAKE IT"