US Foods Holding Corp. · NYSE:USFD
US Foods — Q3 2026 Earnings Presentation
30 slides from US Foods's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter Fiscal Year 2026 Results
Third Quarter Fiscal Year 2026 Results November 5, 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 in a More Challenging Macro Environment
Executing Our Strategy in a More Challenging Macro Environment Delivered 5% Independent Restaurant case growth and extended our track record of 1 share gains to 22 consecutive quarters with Independents and 24 consecutive quarters with Healthcare; Grew Adjusted EBITDA 10% and Adjusted Diluted EPS 18
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 • Evolving our safety program toward targeted prevention, using operating data and AI- guided root-cause analysis to identify high- risk locatio
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 • Improved Operations Quality Composite (Ops QC) approximately 10% year to date versus the prior year, reflecting more consistent execution across
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 • Continued momentum across Independent Restaurants, Healthcare and Hospitality • Pronto surpassed $1B in year-to-date sales, exceeding full-yea
Slide 7: Further Optimize EBITDA Margin
CULTURE SERVICE GROWTH PROFIT EMBRACE THE US FOODS® CULTURE DELIVER WORLD-CLASS SERVICE GROW MARKET SHARE EXPAND EBITDA MARGIN Further Optimize EBITDA Margin • Expanded Adjusted EBITDA margin by 38 basis points to 5.3% • Grew Adjusted Gross Profit 170 basis points faster than Adjusted Operating Expe
Slide 8: Delivering Measurable Financial Results Through AI
Delivering Measurable Financial Results Through AI Proprietary data at scale Measurable ROI Years of rich foodservice AI initiative KPIs directly tied to our OUR transaction data financial goals APPROACH A compounding flywheel Production-grade AI at scale TO AI Every order, delivery, and customer So
Slide 9: Wishing All Our Veterans a Happy Veterans Day
WISHING ALL OF OUR VETERANS A HAPPY VETERANS ___.__ DAY. THANK YOU => FOR YOUR SERVICE.
Slide 10: Third Quarter Fiscal Year 2026 Financial Review
Third Quarter Fiscal Year 2026 Financial Review
Slide 11: Delivering Strong Earnings Growth and Margin Expansion
Delivering Strong Earnings Growth and Margin Expansion B/(W) vs. B/(W) vs. Q3 2026 YTD 2026 Q3 2025 YTD 2025 Total Case Volume +1.3% +1.5% Independent Restaurant Case Volume +5.0% +5.0% Healthcare Case Volume +3.3% +3.5% Hospitality Case Volume +3.7% +4.5% Net Sales ($millions) $10,402 +2.1% $30,544
Slide 12: Driving Operating Leverage Through Disciplined Execution
Driving Operating Leverage Through Disciplined Execution Adjusted Gross Profit Per Case(1) Adjusted EBITDA Per Case(1) $9.00 $8.66 $8.50 $8.30 $2.53 $2.42 $8.00 $2.33 $2.50 $2.50 $2.25 $7.50 $7.00 +$0.36 $6.50 $2.00 $2.00 $6.00 Q3 2025 Q3 2026 $1.50 $1.50 Adjusted Operating Expense Per Case(1) +$0.2
Slide 13: Deploying Strong Cash Flow Across Our Capital Priorities
Deploying Strong Cash Flow Across Our Capital Priorities Capital Allocation Priorities Operating Cash Flow ($M) $1,160 1 Invest in the business > Funding strong capital investment to maintain our $1,076 $1,200 $1,150 business, support growth and drive attractive returns $1,100 $1,050 $891 $1,000 2 $
Slide 14: Tightening Fiscal Year 2026 Guidance
Tightening Fiscal Year 2026 Guidance Fiscal Year 2026 Guidance(1) Modeling Assumptions(1) Total Case Growth 2.5% to 3.5% Net Sales Growth 4% to 5% Sales Inflation & Mix ~1.5% Depreciation $430M to $440M Adjusted EBITDA Growth(2) 9% to 11% Interest Expense $300M to $310M Tax Rate ~26% Adjusted Dilute
Slide 15: Appendix
Appendix
Slide 16: Consistently Compounding Earnings Growth Over Time
Consistently Compounding Earnings Growth Over Time Adj. EPS CAGR 2027 P/E Consistent earnings and 2023 – 2026E volume compounder with accretive capital 27.7x allocation 22% Delivering earnings growth ahead of peers, industrial distributors 18.5x and consumer staples 7% 18.3x 6% 5% 15.8x Compelling v
Slide 17: Invest with US Foods
Invest with US Foods 1 Differentiated value proposition and meaningful scale with most profitable 2025 to 2027 customer types Financial Targets Industry-leading digital ecosystem 2 embedded with AI-powered features which enhances customer engagement, ~5% ~10% drives efficiency and strengthens loyalt
Slide 18: Quarterly Case Volume Trend vs. Prior Year
Quarterly Case Volume Trend vs. Prior Year Organic Case Growth by Quarter Independent Restaurant Case Growth YOY percent change YOY percent change for total and organic cases 8% Independent Restaurants Organic Acquisitions Healthcare 5.1% 5.0% 4.6% Hospitality 3.9% 4.1% 2.5% 2.7% 4.4% 5.0% 5.0% 6% 3
Slide 19: Debt Summary
Debt Summary Interest Rates as of Carrying Value as of Carrying Value as of ($ in millions) Maturity Interest Terms September 26, 2026 September 26, 2026 December 27, 2025 • Funding strong capital investment ABL Facility May 28, 2031 5.07% $304 $429 to maintain our business, support 2021 Incremental
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 26, 2026 September 27, 2025 Change September 26, 2026 September 27, 2025 Change except per share data) Case Volume 219 217 1.3% Net Sales $10,402 $
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 26, 2026 September 27, 2025 Change September 26, 2026 September 27, 2025 Change except per share data) Case Volume 649 639 1.5% Net Sales $30,544 $2
Slide 22: Non-GAAP Reconciliation – Adjusted Gross Profit per Case, Opex 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 39 Weeks Ended September 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 (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 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 Gross profit (GAAP) $1,904 $1,753 $5,476 $5,144 LIFO reserve adjustment(1)
Slide 24: Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses
Non-GAAP Reconciliation – Adjusted Gross Profit and Adjusted Operating Expenses 1. Represents the impact of LIFO reserve adjustments. 2. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 3. Share-based compensation expense for expected
Slide 25: Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income
Non-GAAP Reconciliation – Adjusted EBITDA and Adjusted Net Income 13 Weeks Ended (unaudited) 39 Weeks Ended (unaudited) ($ in millions) September 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 Net income and net income margin (GAAP) $218 2.1% $153 1.5% $609 2.0% $492 1.7% 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) September 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 Diluted EPS (GAAP) $1.00 $0.67 $2.76 $2.12 Restructuring activity and asset impairment charges(1) 0.16
Slide 28: Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS)
Non-GAAP Reconciliation – Adjusted Diluted Earnings Per Share (EPS) 1. Consists primarily of severance and related costs, organizational realignment costs and asset impairment charges. 2. Share-based compensation expense for expected vesting of stock awards and employee stock purchase plan. 3. Repre
Slide 29: Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios
Non-GAAP Reconciliation – Net Debt and Net Leverage Ratios (unaudited) ($ in millions, except ratios) September 26, 2026 December 27, 2025 September 27, 2025 Total Debt (GAAP) $5,104 $5,200 $4,952 Cash, cash equivalents and restricted cash (54) (41) (56) Net Debt (non-GAAP) $5,050 $5,159 $4,896 Adju
Slide 30: We Help You Make It
WE HELP YOU US. MAKE IT"