Us Foods Holding Corp. · NYSE:USFD

Us Foods — Consumer Analyst Group of New York (CAGNY) Conference 2026

51 slides from Us Foods's conference presentation, Feb 19, 2026

  1. Slide 1: Consumer Analyst Group of New York (CAGNY) Conference

    Consumer Analyst Group of New York (CAGNY) Conference February 19, 2026

  2. 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

  3. Slide 3: Leading the Foodservice Industry with Excellence

    Leading the Foodservice Industry with Excellence Dave Flitman | Chief Executive Officer 3

  4. Slide 4: Key Messages

    Key Messages Focusing on fastest growing, most profitable 1 segments: Independent Restaurants, Healthcare, and Hospitality Leading in a fragmented, resilient market with 2 national scale; AI-enabled digital ecosystem that drives engagement, efficiency, and loyalty Driving balanced top and bottom-lin

  5. Slide 5: US Foods Strategy & Cultural Beliefs

    US Foods Strategy & Cultural Beliefs 5

  6. Slide 6: US Foods Sizzle Reel

    US Foods Sizzle Reel im

  7. Slide 7: US Foods Overview

    US Foods Overview ROSEMONT, IL 150+ ~$22B(1) $39.4B(2) HEADQUARTERS YEARS IN BUSINESS MARKET CAP IN REVENUE ~30,000 ~3,700 ~6,500 ~250,000 ASSOCIATES BROADLINE SALES ASSOCIATES TRUCKS IN OUR FLEET CUSTOMER LOCATIONS Revenue Breakdown(2) ~10% 5% 17% 6% ~62% 9% 35% 33% Industry Our Our ~28% 11% Struct

  8. Slide 8: Consumers Continue to Favor Meals Outside of Home

    Consumers Continue to Favor Meals Outside of Home Consumer Spending on Food(1) (% Total U.S. Spend by Type) 60% Food Away from Home 55% 50% Food at Home 45% 40% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Growing Consumer Spend on Food Away from Home Presents Significant Opportunity (1) S

  9. Slide 9: Foodservice Distribution Industry has Long History of Sustained Growth

    Foodservice Distribution Industry has Long History of Sustained Growth Distributor Share Historical Trend (% Total Market) Total Addressable Market $377B Top 3 Total Inclusive 32% Addressable Market Restaurants 38% of USFD $306B $231B Top 4-50 19% Restaurants 20% $186B Healthcare & Healthcare & Rest

  10. Slide 10: US Foods: Differentiated to Win

    US Foods: Differentiated to Win Proven strategy-driven operational playbook to 1 Only pure-play, U.S.-focused foodservice distributor with national scale 5 advance Culture, Service, Growth and Profit strategy pillars Differentiated value proposition and scale with 2 the three most profitable custome

  11. Slide 11: Prioritizing High-Growth, High-Value Customers

    Prioritizing High-Growth, High-Value Customers Targeted Customer Types with Relative Contribution Higher Profitability Margin(1)  Strong market growth opportunity with a highly Independent profitable, diverse, and resilient customer base Independent Restaurants Restaurants  Accelerating growth wit

  12. Slide 12: Delivering Customer Value: A Proven Recipe for Success

    Delivering Customer Value: A Proven Recipe for Success MORE MORE MORE PRODUCTS TOOLS DELIVERIES  National leader and one-stop-  Best-in-industry MOXē platform  Building Best-in-class supply shop for breadth of quality enables efficient operations all chain – what customers order, products from on

  13. Slide 13: Differentiated Exclusive Brands (Private Label) Built Around Customer Needs

    Differentiated Exclusive Brands (Private Label) Built Around Customer Needs BREADTH OF PRODUCTS QUALITY PRODUCTS INCREASED VALUE Extensive portfolio that aligns with As good or better than the leading Lower cost for customers and higher profit customer needs equivalent at a competitive price for US

  14. Slide 14: MOXē: Industry Leading Digital Commerce Platform

    MOXē®: Industry Leading Digital Commerce Platform #1 Digital NPS Score US Foods 20 Independent Operators identify Peer #1 MOXē as Best-in-class 9 Foodservice Platform(1) -17 Peer #2 86% 10x MOXē® Customer Satisfaction More Customer Interactions than Non-digital Customers 89% 125M eCommerce Penetrati

  15. Slide 15: Pronto Continues to be a Long-term Growth Driver

    Pronto Continues to be a Long-term Growth Driver Pronto combines the scale and assortment of Pronto Sales ($B) US Foods’ Broadline platform with the speed, >$1.0 convenience, and flexibility of a local distributor Expanded from Since 2022, Pronto $0.7 3 markets in 2018 to sales have grown >45 market

  16. Slide 16: Significant Achievements Against our Strategy in 2025

    Significant Achievements Against our Strategy in 2025 CULTURE SAFE Improved safety performance by 16% SUPPORTIVE Provided nearly 1.2 million hours of RESPONSIBLE Donated more than $12.5 million to Embrace the over prior year, which is on top of 20% learning opportunities to associates, support hunge

  17. Slide 17: Delivering Sustained Revenue and Earnings Growth

    Delivering Sustained Revenue and Earnings Growth Net Sales ($B) Adj. EBITDA(1) ($M) & Adj. Diluted EPS(1) $2,500 $39.4 $37.9 $1,932 $35.6 $1,741 $2,000 $34.1 $1,559 $3.98 $1,310 $1,500 $3.15 $2.63 $2.14 $1,000 $500 $- 2022 2023 2024 2025 2022 2023 2024 2025 Execution-focused Team Delivering Profitab

  18. Slide 18: 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 (1) CAGR ~10% 11.0% Grew Adj.

  19. Slide 19: Financial Excellence

    Financial Excellence Dirk Locascio | EVP & CFO 19

  20. Slide 20: Key Messages

    Key Messages Driving superior financial performance with 1 differentiated strategy, greater operational rigor, and improved execution Growing market share, accelerating 2 productivity, and expanding Adjusted EBITDA margin to drive strong earnings growth Increasing Cash Flow generation with 3 discipl

  21. Slide 21: 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

  22. Slide 22: 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 +40% $7.00 $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 $- Q4 2024 Q4 2025 $1.63 $1.50 $1.50

  23. Slide 23: Strong Cash Generation Enables Investment and Shareholder Returns

    Strong Cash Generation Enables Investment and Shareholder Returns Operating Cash Flow ($M) Capital Deployed in 2025 ($M) $1,369 $131 $1,450 $1,400 $1,350 $1,140 $1,174 $1,300 $1,250 $410 $1,200 $1,150 Cash Capex $1,100 $1,050 $1,000 $950 $900 Share Repurchases $850 $800 $750 $700 Tuck in M&A $650 $6

  24. Slide 24: Disciplined, Accretive Tuck-in M&A Advances Our Strategy

    Disciplined, Accretive Tuck-in M&A Advances Our Strategy Aligns Expands with overall capabilities Opportunistic Potential Targets growth plan and footprint ~100 Investment Criteria US Foodservice Businesses One or a few locations in a TOTALING 1 geography that increases density 4 Externally viewed a

  25. Slide 25: 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

  26. Slide 26: Consistent Profitable Growth and ROIC Expansion

    Consistent Profitable Growth and ROIC Expansion 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 $1,000 $32.0 4.6% $500 4.4% 3.8%

  27. Slide 27: Capital Deployment to Drive Growth and Returns

    Capital Deployment to Drive Growth and Returns Go-forward Priorities ~20% Continue to invest in the business ~30% 1 to drive organic growth $4B+ 2 $934M of shares repurchased in 2025 Deployable Capital (2025 to 2027E) Maintain net leverage in 3 target range of 2.0x to 3.0x Cash CapEx Share Buybacks

  28. Slide 28: Industry Leading Growth and Margin Expansion

    Industry Leading Growth and Margin Expansion Adj. EPS Growth Adj. EBITDA Adj. EBITDA Adj. EBITDA 2027E P/E vs. Growth Margin Expansion Margin Peers 17.8x 26.3% 11.0% +30 bps 4.9% 16.1x 4.0% 8.4% 3.7% +4 bps USFD Foodservice USFD Foodservice USFD Foodservice USFD Foodservice USFD Foodservice (1) (1)

  29. Slide 29: 2025 to 2027 Long-range Plan Financial Targets

    2025 to 2027 Long-range Plan Financial Targets ~5% ~10% 20bps+ ~20% Net Sales Adj. EBITDA Annual Adj. EBITDA Adj. Diluted EPS CAGR CAGR Margin Expansion CAGR Deployable Capital of $4B+ from 2025 to 2027 29

  30. Slide 30: Appendix

    Appendix 30

  31. Slide 31: 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

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: 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%

  35. Slide 35: 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 Year Ended December 27, 2025 December 28, 2024 December 27, 2025 December 28, 2024 (Total cases and $ in millions, except per case data) Tota

  36. Slide 36: Non-GAAP 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)

  37. Slide 37: 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

  38. Slide 38: Non-GAAP 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—

  39. Slide 39: 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

  40. Slide 40: Non-GAAP 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

  41. Slide 41: 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

  42. Slide 42: Non-GAAP 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

  43. Slide 43: Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted EBITDA and Adjusted Net Income

    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

  44. Slide 44: Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted EBITDA and Adjusted Net Income

    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

  45. Slide 45: Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted Diluted EPS

    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

  46. Slide 46: Non-GAAP to GAAP Reconciliation – 2022 to 2023 Adjusted Diluted EPS

    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

  47. Slide 47: Non-GAAP to GAAP Reconciliation – 2019, 2022 to 2023 Net Leverage and Adjusted EBITDA

    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

  48. Slide 48: Non-GAAP to GAAP Reconciliation – 2019, 2022 to 2023 Net Leverage and Adjusted EBITDA

    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

  49. Slide 49: Non-GAAP to GAAP Reconciliation – 2022 to 2025 ROIC

    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)

  50. Slide 50: Non-GAAP to GAAP Reconciliation – 2022 to 2025 ROIC

    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

  51. Slide 51: WE HELP YOU MAKE IT

    WE HELP YOU US. MAKE IT"

US Foods Holding — Consumer Analyst Group of New York (CAGNY) Conference 2026 on 6ix