Us Foods Holding Corp. · NYSE:USFD
Us Foods — Q2 2026 Earnings Presentation
29 slides from Us Foods's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter Fiscal Year 2026 Results
Second Quarter Fiscal Year 2026 Results August 6, 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: Driving Profitable Growth Through Consistent Execution, Disciplined Capital Allocation and Innovation
Driving Profitable Growth Through Consistent Execution, Disciplined Capital Allocation and Innovation Accelerated Independent Restaurant case growth to 5.1%; in line with our long-range 1 plan; fifth consecutive quarter of acceleration Grew Adjusted EBITDA 10.2% to a record $604 million and delivere
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 • Deployed ~2,500 safer center-ride pallet jacks to date; rollout is 87% complete • Launched VALOR campaign, supporting our Mission 2030 commitm
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 • Drove 13% improvement in Operations Quality Composite (Ops QC) compared to prior year and 37% over the past two years • Piloted autonomous inven
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 • Strong growth in all three target customer types: Independent Restaurants, Healthcare and Hospitality • Expanded Pronto to 52 markets; Pronto
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 • Grew Adjusted Gross Profit 140 basis points faster than Adjusted Operating Expenses • Expanded Adjusted EBITDA margin by 29 basis points to
Slide 8: Leveraging AI to Widen Our Competitive Moat
Leveraging AI to Widen Our Competitive Moat U S F O O D S ’ AI C APAB I L I T Y E X AM P L E S Our Approach to AI Customer Profitable Supply Chain Enterprise Experience Sales Growth Excellence Productivity Proprietary data at scale: Years of rich foodservice transaction data A compounding flywhe
Slide 9: Second Quarter Fiscal Year 2026 Financial Review
Second Quarter Fiscal Year 2026 Financial Review
Slide 10: Delivered Strong Earnings Growth and Drove Margin Expansion
Delivered Strong Earnings Growth and Drove Margin Expansion B/(W) vs. B/(W) vs. Q2 2026 YTD 2026 Q2 2025 YTD 2025 Total Case Volume +1.9% +1.6% Independent Restaurant Case Volume +5.1% +4.8% Healthcare Case Volume +3.5% +3.6% Hospitality Case Volume +4.4% +4.8% Net Sales ($millions) $10,532 +4.5% $2
Slide 11: 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) $8.64 $9.00 $8.50 $8.23 $2.37 $8.00 $2.22 $3.00 $2.73 $7.50 $7.00 +$0.41 $2.52 $2.50 $2.00 $6.50 $6.00 Q2 2025 Q2 2026 $2.00 $1.50 Adjust
Slide 12: Solid Cash Flow and Strong Balance Sheet Support Capital Allocation Priorities
Solid Cash Flow and Strong Balance Sheet Support Capital Allocation Priorities Operating Cash Flow ($M) Capital Allocation Priorities $850 Invest in the business $725 $725 1 $800 $750 > Funding strong capital investment to maintain our $621 $700 $650 $600 business, support growth and drive attractiv
Slide 13: Reiterating Fiscal Year 2026 Guidance
Reiterating Fiscal Year 2026 Guidance 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 $315M Tax Rate ~26% Adjusted Dilut
Slide 14: Consistently Compounding Earnings Growth Over Time
Consistently Compounding Earnings Growth Over Time Adj. EPS CAGR 2027 P/E Consistent earnings and 2023 – 2026E volume compounder with accretive capital 27.4x allocation 22% Delivering earnings growth ahead of peers, industrial distributors 18.4x and consumer staples 18.3x 7% 6% 17.3x 4% Compelling v
Slide 15: Appendix
Appendix
Slide 16: Invest with US Foods
Invest with US Foods 1 Differentiated value proposition and meaningful scale with most profitable 2025 to 2027 customer types Financial Targets Industry-leading digital ecosystem 2 embedded with AI-powered features which enhances customer engagement, ~5% ~10% drives efficiency and strengthens loyalt
Slide 17: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare 5.1% 4.6% Hospitality 3.9% 4.1% 2.5% 2.7% 4.4% 5.0% 6% 3.5% 3.7% 1
Slide 18: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of ($ in millions) Maturity Interest Terms June 27, 2026 June 27, 2026 December 27, 2025 • Funding strong capital ABL Facility 2021 Incremental Term Loan Facility (net of $1 May 28, 2031 5.16% $433 $429 investment to maintain o
Slide 19: 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 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change except per share data) Case Volume 222 218 1.9% Net Sales $10,532 $10,082 4.5% Gross P
Slide 20: 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 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change except per share data) Case Volume 430 423 1.6% Net Sales $20,142 $19,433 3.6% Gross Pro
Slide 21: Non-GAAP 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 26 Weeks Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 (Total cases and $ in millions, except per case data) Total Cases 222
Slide 22: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 13 Weeks Ended (unaudited) 26 Weeks Ended (unaudited) ($ in millions) June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Gross profit (GAAP) $1,919 $1,777 $3,572 $3,391 LIFO reserve adjustment(1) (5) 14 33 19 Adjust
Slide 23: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 24: Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) 26 Weeks Ended (unaudited) ($ in millions) June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Net income and net income margin (GAAP) 275 2.6% 224 2.2% 391 1.9% 339 1.7% Interest expense—net 77 74 152 1
Slide 25: 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 26: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 13 Weeks Ended (unaudited) 26 Weeks Ended (unaudited) June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Diluted EPS (GAAP) $1.24 $0.96 $1.76 $1.45 Restructuring activity and asset impairment charges(1) - 0.01 0.04 0.03 Share-b
Slide 27: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 28: Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) June 27, 2026 December 27, 2025 June 28, 2025 Total Debt (GAAP) $5,237 $5,200 $4,831 Cash, cash equivalents and restricted cash (56) (41) (61) Net Debt (non-GAAP) $5,181 $5,159 $4,770 Adjusted EBITD
Slide 29: We Help You Make It
WE HELP YOU US. MAKE IT"