Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q1 2026 Earnings Presentation
26 slides from Us Foods's earnings presentation, May 7, 2026
Slide 1: First Quarter Fiscal Year 2026 Results
First Quarter Fiscal Year 2026 Results May 7, 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: Executing Our Strategy With Discipline and Consistency
Executing Our Strategy With Discipline and Consistency Continued share gains with target customer types; accelerated year-over-year organic 1 independent restaurant case growth by more than 300 basis points to 4.4% Focused execution drove profitable growth and improved operational efficiency 2 resul
Slide 4: 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 • Improved injury and accident rates by 12% compared to prior year and 45% over the past three years • Continued deployment of safer center-ride
Slide 5: 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 Menu IQ, an AI-powered tool that helps restaurant operators better manage food cost and gives them real-time visibility into menu profi
Slide 6: 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 • Expanded Pronto to 47 markets; Pronto Next Day now live in 26 markets with plans to add ~10 more this year • Overall Pronto program growing at
Slide 7: 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 14 basis points through self-help initiatives focused on sustainable margin improvement • Grew Adjusted G
Slide 8: First Quarter Fiscal Year 2026 Financial Review
First Quarter Fiscal Year 2026 Financial Review Dirk Locascio Chief Financial Officer
Slide 9: Delivered Solid Volume Growth and Margin Expansion Amid a Challenging Operating Environment
Delivered Solid Volume Growth and Margin Expansion Amid a Challenging Operating Environment B/(W) vs. Q1 2026 Q1 2025 Total Case Volume +1.4% Independent Restaurant Case Volume +4.6% Healthcare Case Volume +3.7% Hospitality Case Volume +5.0% Net Sales ($millions) $9,610 +2.8% Adjusted EBITDA ($milli
Slide 10: Consistent Execution Resulted in Continued Operating Leverage Gains
Consistent Execution Resulted in Continued Operating Leverage Gains $10.00 Adjusted Gross Profit Per Case(1) Adjusted EBITDA Per Case(1) $9.00 $8.00 $7.89 $8.12 $2.50 $7.00 $1.98 $6.00 $5.00 $2.00 $1.90 $4.00 $3.00 +$0.23 $2.00 $1.00 $1.50 $- Q1 2025 Q1 2026 Adjusted Operating Expenses Per Case (1)
Slide 11: Solid Cash Flow and Strong Balance Sheet Support Capital Allocation Priorities
Solid Cash Flow and Strong Balance Sheet Support Capital Allocation Priorities Operating Cash Flow ($M) Capital Allocation Priorities Invest in the business $391 $450 $400 1 > Funding strong capital investment to maintain our business, support growth and drive attractive returns $294 $350 $300 $250
Slide 12: 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 $315M Tax Rate ~26% A
Slide 13: Invest with US Foods
Invest with US Foods 1 Differentiated value proposition and meaningful scale with most profitable 2025 to 2027 customer types Financial Targets Industry-leading digital ecosystem 2 embedded with AI powered features which enhances customer engagement, ~5% ~10% drives efficiency and strengthens loyalt
Slide 14: Appendix
Appendix
Slide 15: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare 4.6% Hospitality 3.9% 4.1% 2.5% 2.7% 3.7% 4.4% 6% 3.5% 1.3% 2.3% Q
Slide 16: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of ($ in millions) Maturity Interest Terms March 28, 2026 March 28, 2026 December 27, 2025 • Funding strong capital ABL Facility 2021 Incremental Term Loan Facility (net of $1 December 7, 2027 5.35% $388 $429 investment to main
Slide 17: First Quarter Financial Performance
First Quarter Financial Performance Reported (unaudited) Adjusted(1) (unaudited) 13 Weeks Ended 13 Weeks Ended (Case volume and $ in millions, March 28, 2026 March 29, 2025 Change March 28, 2026 March 29, 2025 Change except per share data) Case Volume 208 205 1.4% Net Sales $9,610 $9,351 2.8% Gross
Slide 18: Non-GAAP Reconciliation – Adjusted Gross Profit per Case, Operating Expense per Case, 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 March 28, 2026 March 29, 2025 (Total cases and $ in millions, except per case data) Total Cases 208 205 Adjusted GP $1,691 $1,619 Adjusted GP
Slide 19: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 13 Weeks Ended (unaudited) ($ in millions) March 28, 2026 March 29, 2025 Gross profit (GAAP) $1,653 $1,614 LIFO reserve adjustments(1) 38 5 Adjusted Gross profit (Non-GAAP) $1,691 $1,619 Operating expenses (GAAP) $1,437
Slide 20: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 21: Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) ($ in millions) March 28, 2026 March 29, 2025 Net income and net income margin (GAAP) 116 1.2% 115 1.2% Interest expense—net 75 77 Income tax provision 26 33 Depreciation expense 105 98 Amortization expense
Slide 22: 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 23: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 13 Weeks Ended (unaudited) (In millions, except per share data) March 28, 2026 March 29, 2025 Diluted EPS (GAAP) $0.52 $0.49 Restructuring activity and asset impairment charges(1) 0.04 0.02 Share-based compensation expense(2) 0.10 0
Slide 24: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 25: Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) March 28, 2026 December 27, 2025 March 29, 2025 Total Debt (GAAP) $5,167 $5,200 $4,805 Cash, cash equivalents and restricted cash (49) (41) (101) Net Debt (non-GAAP) $5,118 $5,159 $4,704 Adjusted EB
Slide 26: We Help You Make It
WE HELP YOU US. MAKE IT"