Chefs' Warehouse (CHEF) Financials

$81.71 +1.37 (+1.71%)

Closing price 05/8/2026 04:00 PM Eastern

Extended Trading

$81.78 +0.07 (+0.09%)

As of 05/8/2026 06:08 PM Eastern

Annual Income Statements for Chefs' Warehouse

This table shows Chefs' Warehouse's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/25/2015	12/30/2016	12/29/2017	12/28/2018	12/27/2019	12/25/2020	12/24/2021	12/30/2022	12/29/2023	12/27/2024	12/26/2025
Net Income / (Loss) Attributable to Common Shareholders	16	3.02	14	20	24	-83	-4.89	28	35	54	73
Consolidated Net Income / (Loss)	16	3.02	14	20	24	-83	-4.92	28	35	55	72
Net Income / (Loss) Continuing Operations	16	3.02	14	20	24	-83	-4.92	28	35	55	72
Total Pre-Tax Income	28	5.68	18	28	32	-124	-6.78	42	55	80	104
Total Operating Income	40	47	41	49	51	-103	11	86	101	128	145
Total Gross Profit	269	301	329	349	387	248	390	619	814	914	1,004
Total Revenue	1,047	1,193	1,302	1,445	1,592	1,112	1,746	2,613	3,434	3,794	4,150
Operating Revenue	1,047	1,193	1,302	1,445	1,592	1,112	1,746	2,613	3,434	3,794	4,150
Total Cost of Revenue	778	892	972	1,096	1,205	863	1,355	1,995	2,619	2,880	3,145
Operating Cost of Revenue	778	892	972	1,096	1,205	863	1,355	1,995	2,619	2,880	3,145
Total Operating Expenses	228	254	288	300	336	351	380	533	714	786	859
Selling, General & Admin Expense	-	-	-	298	330	336	379	518	705	785	850
Other Operating Expenses / (Income)	228	254	288	2.23	6.36	14	0.42	15	8.77	1.09	9.20
Total Other Income / (Expense), net	-13	-42	-23	-21	-18	-21	-18	-44	-45	-49	-42
Interest Expense	13	42	23	21	18	21	18	44	45	49	42
Income Tax Expense	12	2.65	4.04	7.44	8.21	-41	-1.85	14	21	24	31
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-0.03	0.16	-0.35	1.98	-1.04
Basic Earnings per Share	$0.63	$0.12	$0.55	$0.71	$0.82	($2.46)	($0.13)	$0.75	$0.92	$1.46	$1.87
Weighted Average Basic Shares Outstanding	25.53M	25.92M	26.12M	28.70M	29.53M	33.72M	36.74M	37.09M	37.63M	37.91M	38.72M
Diluted Earnings per Share	$0.63	$0.12	$0.54	$0.70	$0.81	($2.46)	($0.13)	$0.73	$0.88	$1.32	$1.68
Weighted Average Diluted Shares Outstanding	26.51M	26.03M	27.42M	29.68M	30.07M	33.72M	36.74M	38.74M	45.64M	45.98M	46.00M
Weighted Average Basic & Diluted Shares Outstanding	25.70M	25.20M	26.10M	28.70M	30.31M	37.28M	37.89M	38.60M	39.67M	40.27M	40.69M

This table shows Chefs' Warehouse's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025	6/27/2025	9/26/2025	12/26/2025	3/27/2026
Net Income / (Loss) Attributable to Common Shareholders	7.09	16	1.61	15	14	23	10	22	19	22	17
Consolidated Net Income / (Loss)	7.32	16	1.93	16	14	24	10	21	19	22	17
Net Income / (Loss) Continuing Operations	7.32	16	1.93	16	14	24	10	21	19	22	17
Total Pre-Tax Income	14	26	2.76	22	20	34	12	30	28	33	23
Total Operating Income	26	38	16	34	32	46	23	40	39	43	33
Total Gross Profit	208	229	209	229	225	251	226	254	247	277	257
Total Revenue	882	950	874	955	931	1,034	951	1,035	1,021	1,143	1,059
Operating Revenue	882	950	874	955	931	1,034	951	1,035	1,021	1,143	1,059
Total Cost of Revenue	674	722	665	726	707	783	725	781	774	866	802
Operating Cost of Revenue	674	722	665	726	707	783	725	781	774	866	802
Total Operating Expenses	182	190	193	195	193	205	203	214	208	233	224
Selling, General & Admin Expense	180	190	190	195	193	207	203	214	208	225	224
Other Operating Expenses / (Income)	2.54	0.50	3.11	0.30	-0.03	-2.30	0.50	0.37	0.13	8.20	0.09
Total Other Income / (Expense), net	-11	-12	-13	-12	-12	-12	-10	-11	-11	-10	-10
Interest Expense	11	12	13	12	12	12	10	11	11	10	10
Income Tax Expense	6.85	10	0.83	6.65	6.04	11	2.19	8.26	9.25	11	5.37
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.23	-0.31	0.32	0.13	0.28	1.24	-0.18	-0.84	0.35	-0.38	0.23
Basic Earnings per Share	$0.19	$0.43	$0.05	$0.41	$0.37	$0.63	$0.27	$0.55	$0.50	$0.55	$0.45
Weighted Average Basic Shares Outstanding	37.69M	37.63M	37.82M	37.92M	37.86M	37.91M	38.70M	38.88M	38.58M	38.72M	38.80M
Diluted Earnings per Share	$0.19	$0.40	$0.05	$0.37	$0.34	$0.56	$0.25	$0.49	$0.44	$0.50	$0.40
Weighted Average Diluted Shares Outstanding	45.72M	45.64M	38.63M	45.95M	45.94M	45.98M	46.09M	46.03M	45.80M	46.00M	46.08M
Weighted Average Basic & Diluted Shares Outstanding	39.67M	39.67M	39.77M	39.83M	39.55M	40.27M	40.68M	40.76M	40.69M	40.69M	40.78M

This table details how cash moves in and out of Chefs' Warehouse's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/25/2015	12/30/2016	12/29/2017	12/28/2018	12/27/2019	12/25/2020	12/24/2021	12/30/2022	12/29/2023	12/27/2024	12/26/2025
Net Change in Cash & Equivalents	-0.87	30	8.52	0.95	98	53	-78	44	-109	65	6.33
Net Cash From Operating Activities	38	39	31	45	45	43	-20	23	62	153	129
Net Cash From Continuing Operating Activities	38	39	31	45	45	43	-20	23	62	153	129
Net Income / (Loss) Continuing Operations	16	3.02	14	20	24	-83	-4.92	28	35	55	72
Consolidated Net Income / (Loss)	16	3.02	14	20	24	-83	-4.92	28	35	55	72
Depreciation Expense	5.96	7.08	8.52	10	13	20	22	24	33	41	54
Amortization Expense	11	13	14	15	15	17	13	14	23	24	24
Non-Cash Adjustments To Reconcile Net Income	7.00	30	7.37	8.82	12	56	16	37	35	36	48
Changes in Operating Assets and Liabilities, net	-2.13	-14	-13	-9.50	-19	33	-65	-80	-64	-3.26	-69
Net Cash From Investing Activities	-129	-36	-42	-34	-44	-68	-49	-232	-179	-50	-47
Net Cash From Continuing Investing Activities	-129	-36	-42	-34	-44	-68	-49	-232	-179	-50	-47
Purchase of Property, Plant & Equipment	-22	-17	-12	-20	-16	-7.04	-39	-46	-57	-50	-41
Acquisitions	-124	-20	-30	-14	-28	-61	-10	-186	-122	-0.32	-4.58
Other Investing Activities, net	-	-	-	-	-	-	-	-	0.00	0.00	-0.75
Net Cash From Financing Activities	91	27	19	-10	97	78	-9.22	253	9.01	-38	-76
Net Cash From Continuing Financing Activities	91	27	19	-10	97	78	-9.22	253	9.01	-38	-76
Repayment of Debt	-143	-321	-38	-57	-54	-104	-54	-367	-33	-49	-34
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	0.00	-17	-15
Issuance of Debt	235	349	24	47	150	100	52	630	60	46	0.00
Other Financing Activities, net	-1.01	-0.57	-0.50	-0.76	0.52	-3.67	-6.64	-9.73	-18	-18	-28
Effect of Exchange Rate Changes	-0.35	0.07	-	-	0.02	0.08	-0.01	-	-	0.02	0.09

This table details how cash moves in and out of Chefs' Warehouse's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025	6/27/2025	9/26/2025	12/26/2025	3/27/2026
Net Change in Cash & Equivalents	-27	17	-7.61	-3.93	12	64	1.88	-20	-32	56	1.73
Net Cash From Operating Activities	9.26	42	31	29	20	73	50	15	-8.72	74	38
Net Cash From Continuing Operating Activities	9.26	42	31	29	20	73	50	15	-8.72	74	38
Net Income / (Loss) Continuing Operations	7.32	16	1.93	16	14	24	10	21	19	22	17
Consolidated Net Income / (Loss)	7.32	16	1.93	16	14	24	10	21	19	22	17
Depreciation Expense	8.49	8.72	9.23	9.54	11	11	12	13	14	15	15
Amortization Expense	6.47	5.80	6.17	6.17	5.87	6.16	6.09	6.01	6.08	6.29	5.65
Non-Cash Adjustments To Reconcile Net Income	9.57	6.47	10	7.54	7.19	11	8.78	11	9.72	18	10
Changes in Operating Assets and Liabilities, net	-23	4.61	3.14	-9.44	-18	21	12	-37	-57	13	-9.85
Net Cash From Investing Activities	-13	-24	-17	-16	-8.01	-8.38	-12	-9.98	-11	-13	-7.70
Net Cash From Continuing Investing Activities	-13	-24	-17	-16	-8.01	-8.38	-12	-9.98	-11	-13	-7.70
Purchase of Property, Plant & Equipment	-12	-22	-17	-16	-8.01	-8.38	-12	-9.98	-11	-8.09	-7.70
Net Cash From Financing Activities	-23	-1.46	-21	-17	0.54	-0.66	-35	-24	-12	-4.63	-29
Net Cash From Continuing Financing Activities	-23	-1.46	-21	-17	0.54	-0.66	-35	-24	-12	-4.63	-29
Repayment of Debt	-21	1.49	-8.05	-10	-4.25	-27	-21	-11	-1.41	-0.75	-5.75
Repurchase of Common Equity	-	-	-5.00	-5.00	-	-7.39	0.00	-10	-5.00	0.00	-10
Other Financing Activities, net	-1.52	-13	-8.20	-2.92	-1.20	-5.77	-15	-3.48	-5.53	-3.88	-13
Effect of Exchange Rate Changes	-0.28	0.27	0.12	-0.08	-	-	-	-	-0.13	0.11	-0.06

This table presents Chefs' Warehouse's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/25/2015	12/30/2016	12/29/2017	12/28/2018	12/27/2019	12/25/2020	12/24/2021	12/30/2022	12/29/2023	12/27/2024	12/26/2025
Total Assets	580	634	688	732	1,014	974	1,074	1,509	1,705	1,859	2,028
Total Current Assets	229	264	297	329	453	406	470	721	731	868	970
Cash & Equivalents	2.45	33	42	42	140	193	115	159	50	115	121
Accounts Receivable	124	128	142	162	175	96	173	260	334	366	392
Inventories, net	93	87	102	113	124	83	144	246	285	316	386
Prepaid Expenses	9.16	16	11	12	14	33	38	56	63	71	71
Plant, Property, & Equipment, net	54	62	68	85	93	115	134	186	235	276	342
Total Noncurrent Assets	297	307	323	318	468	453	470	603	740	715	716
Goodwill	156	164	173	184	198	215	222	287	356	356	363
Intangible Assets	137	137	146	130	139	112	105	156	185	160	137
Other Noncurrent Operating Assets	4.47	6.02	2.98	4.07	131	119	134	160	199	198	216
Total Liabilities & Shareholders' Equity	580	634	688	732	1,014	974	1,074	1,509	1,705	1,859	2,028
Total Liabilities	392	440	439	424	678	630	724	1,108	1,251	1,321	1,424
Total Current Liabilities	103	107	108	126	150	118	197	284	386	425	473
Short-Term Debt	6.27	15	3.83	0.06	0.72	6.10	5.14	12	53	18	28
Accounts Payable	65	66	70	88	94	58	118	163	201	267	276
Accrued Expenses	24	18	22	25	30	28	35	54	71	69	78
Current Employee Benefit Liabilities	7.73	9.52	13	13	8.03	9.40	22	34	37	50	66
Other Current Liabilities	-	-	-	-	17	17	16	19	24	22	25
Total Noncurrent Liabilities	289	332	331	298	528	512	527	824	865	896	950
Long-Term Debt	267	318	314	278	386	398	394	654	665	689	720
Noncurrent Deferred & Payable Income Tax Liabilities	4.06	6.96	6.02	9.60	11	-	0.00	6.10	14	16	22
Other Noncurrent Operating Liabilities	17	7.72	11	10	131	114	132	164	186	191	207
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	188	194	249	309	336	345	350	402	455	538	604
Total Preferred & Common Equity	188	194	249	309	336	345	350	402	455	538	604
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	188	194	249	309	336	345	350	402	455	538	604
Common Stock	125	127	167	208	213	304	315	338	357	400	405
Retained Earnings	65	69	83	103	125	43	38	65	100	142	202
Accumulated Other Comprehensive Income / (Loss)	-2.95	-2.19	-1.55	-2.22	-2.05	-2.05	-2.02	-2.19	-1.83	-3.81	-2.76

This table presents Chefs' Warehouse's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/29/2023	3/29/2024	6/28/2024	9/27/2024	3/28/2025	6/27/2025	9/26/2025	3/27/2026
Total Assets	1,552	1,651	1,658	1,670	1,715	1,774	1,839	1,907	1,916	1,990
Total Current Assets	697	714	722	693	741	792	835	883	869	931
Cash & Equivalents	92	60	33	42	38	51	117	97	65	123
Accounts Receivable	275	301	316	313	323	334	336	351	348	377
Inventories, net	275	292	312	272	310	336	317	368	385	364
Prepaid Expenses	56	61	60	66	68	71	66	68	71	67
Plant, Property, & Equipment, net	196	206	209	251	260	270	294	311	338	345
Total Noncurrent Assets	659	732	727	727	715	711	709	713	709	713
Goodwill	308	349	345	357	357	357	356	357	357	363
Intangible Assets	168	196	200	179	172	167	154	148	144	132
Other Noncurrent Operating Assets	183	187	183	192	186	188	199	208	208	219
Total Liabilities & Shareholders' Equity	1,552	1,651	1,658	1,670	1,715	1,774	1,839	1,907	1,916	1,990
Total Liabilities	1,146	1,228	1,223	1,223	1,254	1,293	1,297	1,350	1,339	1,381
Total Current Liabilities	304	333	350	360	400	429	407	440	406	428
Short-Term Debt	13	12	12	56	57	65	20	19	22	30
Accounts Payable	170	198	209	183	220	232	250	279	228	233
Accrued Expenses	72	72	75	63	62	66	74	73	77	84
Current Employee Benefit Liabilities	27	28	31	35	37	43	42	47	56	56
Other Current Liabilities	22	23	23	23	24	23	22	22	24	25
Total Noncurrent Liabilities	842	895	873	863	854	864	890	910	934	953
Long-Term Debt	654	709	689	667	661	667	681	690	712	721
Noncurrent Deferred & Payable Income Tax Liabilities	6.22	7.29	9.32	15	17	20	16	17	21	24
Other Noncurrent Operating Liabilities	181	178	175	181	176	178	193	203	201	209
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	406	423	435	448	462	480	542	558	577	609
Total Preferred & Common Equity	406	423	435	448	462	480	542	558	577	609
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	406	423	435	448	462	480	542	558	577	609
Common Stock	341	348	353	353	357	359	393	395	400	401
Retained Earnings	67	77	84	102	117	124	152	165	180	211
Accumulated Other Comprehensive Income / (Loss)	-2.10	-1.91	-2.14	-2.16	-2.28	-2.56	-3.63	-2.79	-3.14	-2.99

This table displays calculated financial ratios and metrics derived from Chefs' Warehouse's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/25/2015	12/30/2016	12/29/2017	12/28/2018	12/27/2019	12/25/2020	12/24/2021	12/30/2022	12/29/2023	12/27/2024	12/26/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.72%	13.95%	9.11%	10.99%	10.19%	-30.17%	57.04%	49.70%	31.39%	10.50%	9.36%
EBITDA Growth	36.08%	17.95%	-5.74%	16.00%	6.59%	-183.68%	169.40%	170.85%	26.27%	23.37%	15.58%
EBIT Growth	23.26%	16.25%	-13.09%	18.17%	4.28%	-302.62%	110.53%	693.06%	17.73%	27.01%	13.18%
NOPAT Growth	25.14%	6.47%	27.57%	10.92%	6.26%	-289.96%	110.53%	650.54%	10.83%	42.08%	13.39%
Net Income Growth	14.03%	-81.35%	375.22%	42.02%	18.58%	-442.67%	94.06%	663.68%	24.65%	60.39%	30.43%
EPS Growth	10.53%	-80.95%	350.00%	29.63%	15.71%	-403.70%	94.72%	661.54%	20.55%	50.00%	27.27%
Operating Cash Flow Growth	285.09%	3.15%	-19.06%	43.13%	-0.17%	-4.72%	-146.41%	216.26%	166.44%	148.32%	-15.58%
Free Cash Flow Firm Growth	-1,677.77%	93.85%	106.52%	2,591.54%	-101.26%	-22,135.96%	-59.07%	-205.02%	30.48%	154.53%	-100.82%
Invested Capital Growth	59.97%	7.47%	6.38%	3.73%	6.98%	-4.64%	14.20%	43.24%	23.57%	0.62%	9.04%
Revenue Q/Q Growth	6.89%	4.47%	1.10%	2.63%	2.08%	-11.53%	18.83%	9.79%	4.86%	2.24%	2.70%
EBITDA Q/Q Growth	13.04%	13.57%	-9.23%	5.39%	0.99%	-4,329.68%	391.70%	14.30%	10.00%	6.12%	0.14%
EBIT Q/Q Growth	10.00%	18.54%	-14.66%	4.93%	1.45%	-184.89%	120.28%	19.39%	9.07%	6.92%	-2.18%
NOPAT Q/Q Growth	12.23%	3.15%	16.45%	-5.05%	3.48%	-184.89%	120.28%	8.45%	20.04%	11.59%	-3.93%
Net Income Q/Q Growth	9.87%	463.99%	2.43%	-2.86%	9.04%	-137.15%	90.24%	-20.76%	75.02%	16.67%	-3.01%
EPS Q/Q Growth	8.62%	500.00%	-1.82%	-6.67%	8.00%	-134.29%	90.85%	-19.78%	62.96%	13.79%	-3.45%
Operating Cash Flow Q/Q Growth	45.59%	-7.76%	-23.01%	7.85%	28.15%	-43.08%	46.68%	-39.40%	439.18%	25.82%	0.67%
Free Cash Flow Firm Q/Q Growth	12.70%	-259.16%	139.30%	-44.18%	98.90%	-226.31%	-0.77%	-133.06%	85.61%	272.52%	-103.13%
Invested Capital Q/Q Growth	-2.73%	0.56%	1.00%	3.02%	-0.17%	-2.89%	4.77%	0.00%	1.80%	-2.68%	-1.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.67%	25.25%	25.31%	24.15%	24.28%	22.32%	22.37%	23.67%	23.72%	24.09%	24.20%
EBITDA Margin	5.48%	5.67%	4.90%	5.12%	4.95%	-5.93%	2.62%	4.74%	4.56%	5.09%	5.38%
Operating Margin	3.86%	3.96%	3.16%	3.36%	3.18%	-9.24%	0.62%	3.28%	2.94%	3.38%	3.50%
EBIT Margin	3.89%	3.97%	3.16%	3.36%	3.18%	-9.24%	0.62%	3.28%	2.94%	3.38%	3.50%
Profit (Net Income) Margin	1.55%	0.25%	1.10%	1.41%	1.52%	-7.46%	-0.28%	1.06%	1.01%	1.46%	1.74%
Tax Burden Percent	58.49%	53.26%	78.04%	73.27%	74.66%	67.07%	72.65%	66.25%	62.36%	69.76%	69.89%
Interest Burden Percent	68.09%	12.00%	44.77%	57.31%	63.95%	120.40%	-62.68%	48.86%	54.95%	62.03%	71.36%
Effective Tax Rate	41.51%	46.74%	21.96%	26.73%	25.34%	0.00%	0.00%	33.75%	37.64%	30.24%	30.11%
Return on Invested Capital (ROIC)	6.33%	5.28%	6.30%	6.66%	6.71%	-12.63%	1.27%	7.36%	6.20%	7.94%	8.59%
ROIC Less NNEP Spread (ROIC-NNEP)	2.73%	-2.47%	0.15%	0.72%	1.06%	-17.46%	-3.77%	0.02%	1.37%	2.55%	3.82%
Return on Net Nonoperating Assets (RNNOA)	3.35%	-3.70%	0.19%	0.66%	0.79%	-11.74%	-2.69%	0.02%	1.88%	3.24%	4.09%
Return on Equity (ROE)	9.68%	1.58%	6.50%	7.32%	7.51%	-24.36%	-1.42%	7.38%	8.08%	11.18%	12.67%
Cash Return on Invested Capital (CROIC)	-39.80%	-1.92%	0.12%	3.00%	-0.04%	-7.88%	-11.99%	-28.19%	-14.89%	7.32%	-0.06%
Operating Return on Assets (OROA)	8.51%	7.80%	6.22%	6.84%	5.80%	-10.33%	1.06%	6.64%	6.28%	7.19%	7.47%
Return on Assets (ROA)	3.39%	0.50%	2.17%	2.87%	2.77%	-8.34%	-0.48%	2.15%	2.15%	3.11%	3.72%
Return on Common Equity (ROCE)	9.68%	1.58%	6.50%	7.32%	7.51%	-24.36%	-1.42%	7.38%	8.08%	11.18%	12.67%
Return on Equity Simple (ROE_SIMPLE)	8.62%	1.56%	5.78%	6.61%	7.20%	-24.06%	-1.41%	6.91%	7.61%	10.32%	0.00%
Net Operating Profit after Tax (NOPAT)	24	25	32	36	38	-72	7.57	57	63	89	101
NOPAT Margin	2.26%	2.11%	2.47%	2.46%	2.38%	-6.46%	0.43%	2.17%	1.83%	2.36%	2.44%
Net Nonoperating Expense Percent (NNEP)	3.61%	7.76%	6.16%	5.94%	5.65%	4.83%	5.05%	7.34%	4.83%	5.39%	4.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.32%	5.37%	7.19%	7.50%
Cost of Revenue to Revenue	74.33%	74.75%	74.69%	75.85%	75.72%	77.68%	77.63%	76.33%	76.28%	75.91%	75.80%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	20.64%	20.70%	30.26%	21.72%	19.83%	20.52%	20.69%	20.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.81%	21.29%	22.15%	20.79%	21.10%	31.56%	21.75%	20.39%	20.78%	20.71%	20.70%
Earnings before Interest and Taxes (EBIT)	41	47	41	49	51	-103	11	86	101	128	145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	68	64	74	79	-66	46	124	157	193	223
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.43	2.14	2.19	3.04	3.43	2.62	3.52	3.17	2.57	3.58	4.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	50.10	52.08	0.00	0.00	91.84	24.79
Price to Revenue (P/Rev)	0.44	0.35	0.42	0.65	0.72	0.81	0.71	0.49	0.34	0.51	0.62
Price to Earnings (P/E)	28.17	137.22	37.91	46.02	47.61	0.00	0.00	46.17	33.41	35.99	35.21
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.55%	0.73%	2.64%	2.17%	2.10%	0.00%	0.00%	2.17%	2.99%	2.78%	2.84%
Enterprise Value to Invested Capital (EV/IC)	1.59	1.45	1.56	2.16	2.40	2.00	2.39	1.96	1.63	2.23	2.61
Enterprise Value to Revenue (EV/Rev)	0.70	0.60	0.63	0.81	0.88	1.00	0.87	0.68	0.53	0.66	0.77
Enterprise Value to EBITDA (EV/EBITDA)	12.69	10.56	12.88	15.89	17.74	0.00	33.16	14.36	11.72	13.04	14.39
Enterprise Value to EBIT (EV/EBIT)	17.89	15.10	19.96	24.18	27.60	0.00	140.42	20.77	18.18	19.64	22.14
Enterprise Value to NOPAT (EV/NOPAT)	30.80	28.40	25.58	33.00	36.96	0.00	200.59	31.35	29.16	28.15	31.68
Enterprise Value to Operating Cash Flow (EV/OCF)	19.29	18.36	26.06	26.06	31.07	25.96	0.00	76.98	29.78	16.45	24.86
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1,378.71	73.31	0.00	0.00	0.00	0.00	0.00	30.54	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.46	1.72	1.28	0.90	1.15	1.17	1.14	1.66	1.58	1.31	1.24
Long-Term Debt to Equity	1.42	1.64	1.26	0.90	1.15	1.16	1.13	1.63	1.46	1.28	1.19
Financial Leverage	1.23	1.50	1.30	0.92	0.75	0.67	0.71	1.05	1.37	1.27	1.07
Leverage Ratio	2.86	3.18	2.99	2.55	2.71	2.92	2.95	3.44	3.75	3.59	3.40
Compound Leverage Factor	1.94	0.38	1.34	1.46	1.73	3.52	-1.85	1.68	2.06	2.23	2.43
Debt to Total Capital	59.28%	63.18%	56.11%	47.41%	53.52%	53.98%	53.27%	62.39%	61.23%	56.80%	55.33%
Short-Term Debt to Total Capital	1.36%	2.81%	0.68%	0.01%	0.10%	0.81%	0.69%	1.16%	4.54%	1.45%	2.08%
Long-Term Debt to Total Capital	57.92%	60.37%	55.43%	47.40%	53.42%	53.17%	52.59%	61.22%	56.69%	55.35%	53.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.72%	36.82%	43.89%	52.59%	46.48%	46.02%	46.73%	37.61%	38.77%	43.20%	44.67%
Debt to EBITDA	4.77	4.92	4.99	3.76	4.91	-6.13	8.72	5.37	4.59	3.66	3.35
Net Debt to EBITDA	4.73	4.43	4.33	3.19	3.13	-3.20	6.21	4.09	4.27	3.07	2.81
Long-Term Debt to EBITDA	4.66	4.70	4.93	3.76	4.90	-6.04	8.61	5.27	4.25	3.57	3.23
Debt to NOPAT	11.58	13.22	9.90	7.81	10.23	-5.62	52.76	11.72	11.41	7.90	7.38
Net Debt to NOPAT	11.47	11.91	8.61	6.62	6.52	-2.93	37.55	8.93	10.61	6.62	6.19
Long-Term Debt to NOPAT	11.31	12.63	9.78	7.81	10.21	-5.54	52.08	11.51	10.56	7.70	7.10
Altman Z-Score	3.15	3.14	3.33	4.05	3.29	2.07	3.04	3.02	3.09	3.54	3.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.22	2.46	2.74	2.62	3.02	3.43	2.39	2.54	1.89	2.04	2.05
Quick Ratio	1.23	1.50	1.70	1.63	2.10	2.45	1.46	1.48	1.00	1.13	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-148	-9.13	0.60	16	-0.20	-45	-71	-217	-151	82	-0.67
Operating Cash Flow to CapEx	689.83%	242.11%	255.84%	227.84%	279.95%	609.45%	-51.28%	50.46%	107.33%	309.18%	311.93%
Free Cash Flow to Firm to Interest Expense	-11.44	-0.22	0.03	0.77	-0.01	-2.14	-4.05	-4.96	-3.32	1.69	-0.02
Operating Cash Flow to Interest Expense	2.91	0.93	1.39	2.17	2.46	2.05	-1.13	0.53	1.36	3.14	3.11
Operating Cash Flow Less CapEx to Interest Expense	2.48	0.55	0.84	1.22	1.58	1.71	-3.34	-0.52	0.09	2.13	2.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.19	1.97	1.97	2.03	1.82	1.12	1.70	2.02	2.14	2.13	2.14
Accounts Receivable Turnover	9.47	9.46	9.63	9.51	9.45	8.19	12.98	12.08	11.56	10.84	10.94
Inventory Turnover	9.25	9.89	10.26	10.21	10.19	8.36	11.94	10.22	9.88	9.59	8.96
Fixed Asset Turnover	20.48	20.48	19.94	18.80	17.87	10.67	14.02	16.37	16.33	14.86	13.43
Accounts Payable Turnover	14.40	13.68	14.35	13.89	13.25	11.39	15.42	14.16	14.39	12.33	11.60
Days Sales Outstanding (DSO)	38.53	38.58	37.89	38.40	38.61	44.56	28.11	30.22	31.58	33.69	33.37
Days Inventory Outstanding (DIO)	39.47	36.89	35.59	35.76	35.84	43.66	30.57	35.70	36.94	38.05	40.72
Days Payable Outstanding (DPO)	25.34	26.69	25.44	26.29	27.54	32.04	23.67	25.77	25.36	29.61	31.47
Cash Conversion Cycle (CCC)	52.66	48.78	48.03	47.87	46.91	56.18	35.01	40.14	43.17	42.13	42.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	459	493	525	544	583	555	634	909	1,123	1,130	1,232
Invested Capital Turnover	2.81	2.50	2.56	2.70	2.82	1.95	2.93	3.39	3.38	3.37	3.51
Increase / (Decrease) in Invested Capital	172	34	32	20	38	-27	79	274	214	6.99	102
Enterprise Value (EV)	728	714	821	1,175	1,398	1,113	1,518	1,781	1,835	2,518	3,212
Market Capitalization	457	415	545	939	1,152	902	1,234	1,274	1,167	1,926	2,585
Book Value per Share	$7.15	$7.38	$9.36	$10.30	$11.07	$9.12	$9.24	$10.49	$11.46	$13.59	$14.85
Tangible Book Value per Share	($3.98)	($4.08)	($2.67)	($0.19)	($0.02)	$0.48	$0.63	($1.08)	($2.17)	$0.53	$2.56
Total Capital	462	526	566	587	723	749	750	1,067	1,173	1,244	1,353
Total Debt	274	333	318	278	387	404	399	666	718	707	749
Total Long-Term Debt	267	318	314	278	386	398	394	654	665	689	720
Net Debt	271	300	276	236	247	211	284	507	668	592	628
Capital Expenditures (CapEx)	5.47	16	12	20	16	7.04	39	46	57	50	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	129	139	151	161	163	100	163	291	348	346	404
Debt-free Net Working Capital (DFNWC)	132	172	192	203	304	294	278	450	398	461	525
Net Working Capital (NWC)	125	157	189	203	303	288	273	437	345	443	496
Net Nonoperating Expense (NNE)	7.42	22	18	15	14	11	12	29	28	34	29
Net Nonoperating Obligations (NNO)	271	300	276	236	247	211	284	507	668	592	628
Total Depreciation and Amortization (D&A)	17	20	23	25	28	37	35	38	56	65	78
Debt-free, Cash-free Net Working Capital to Revenue	12.34%	11.66%	11.59%	11.13%	10.27%	9.03%	9.33%	11.13%	10.15%	9.12%	9.73%
Debt-free Net Working Capital to Revenue	12.57%	14.41%	14.78%	14.07%	19.08%	26.42%	15.93%	17.20%	11.60%	12.14%	12.64%
Net Working Capital to Revenue	11.98%	13.17%	14.49%	14.07%	19.04%	25.87%	15.63%	16.73%	10.05%	11.67%	11.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.63	$0.12	$0.55	$0.71	$0.82	($2.46)	($0.13)	$0.75	$0.92	$1.46	$1.87
Adjusted Weighted Average Basic Shares Outstanding	25.53M	25.92M	26.12M	28.70M	29.53M	33.72M	36.74M	37.09M	37.63M	37.91M	38.72M
Adjusted Diluted Earnings per Share	$0.63	$0.12	$0.54	$0.70	$0.81	($2.46)	($0.13)	$0.73	$0.88	$1.32	$1.68
Adjusted Weighted Average Diluted Shares Outstanding	26.51M	26.03M	27.42M	29.68M	30.07M	33.72M	36.74M	38.74M	45.64M	45.98M	46.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.28M	26.28M	28.44M	29.97M	30.31M	37.28M	37.89M	38.60M	39.67M	40.27M	40.69M
Normalized Net Operating Profit after Tax (NOPAT)	24	25	32	36	38	-72	7.57	57	63	89	101
Normalized NOPAT Margin	2.26%	2.11%	2.47%	2.46%	2.38%	-6.46%	0.43%	2.17%	1.83%	2.36%	2.44%
Pre Tax Income Margin	2.65%	0.48%	1.41%	1.93%	2.04%	-11.12%	-0.39%	1.60%	1.62%	2.10%	2.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.13	1.14	1.81	2.34	2.77	-4.90	0.61	1.96	2.22	2.63	3.49
NOPAT to Interest Expense	1.82	0.60	1.41	1.72	2.07	-3.43	0.43	1.30	1.38	1.84	2.44
EBIT Less CapEx to Interest Expense	2.71	0.75	1.27	1.39	1.89	-5.24	-1.59	0.91	0.96	1.62	2.49
NOPAT Less CapEx to Interest Expense	1.40	0.22	0.87	0.76	1.19	-3.77	-1.78	0.25	0.12	0.82	1.44
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	31.35%	20.73%

This table displays calculated financial ratios and metrics derived from Chefs' Warehouse's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	12/27/2024	3/28/2025	6/27/2025	9/26/2025	12/26/2025	3/27/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	40,694,233.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	40,694,233.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.24%	20.11%	21.52%	8.27%	5.63%	8.74%	8.72%	8.40%	9.65%	10.55%	11.39%
EBITDA Growth	26.30%	37.04%	33.05%	24.65%	19.37%	21.15%	30.77%	19.64%	21.48%	0.48%	30.43%
EBIT Growth	15.74%	28.19%	34.49%	33.65%	24.79%	21.75%	42.07%	18.75%	22.13%	-6.97%	45.74%
NOPAT Growth	-18.08%	267.72%	27.18%	26.43%	69.06%	37.76%	67.31%	22.14%	17.62%	-12.38%	35.05%
Net Income Growth	-11.54%	1,264.02%	37.83%	57.33%	92.54%	49.54%	432.78%	36.83%	35.82%	-9.37%	68.81%
EPS Growth	-9.52%	566.67%	25.00%	48.00%	78.95%	40.00%	400.00%	32.43%	29.41%	-10.71%	60.00%
Operating Cash Flow Growth	-22.60%	582.92%	1,466.65%	124.82%	114.11%	75.52%	60.41%	-50.55%	-143.96%	1.18%	-22.81%
Free Cash Flow Firm Growth	-275.31%	28.81%	54.82%	89.99%	96.72%	113.25%	115.23%	99.18%	-61.85%	-392.20%	-510.44%
Invested Capital Growth	0.00%	23.57%	14.92%	5.21%	5.26%	0.62%	-0.17%	2.56%	7.24%	9.04%	9.76%
Revenue Q/Q Growth	0.00%	7.78%	-7.99%	9.17%	-2.44%	10.96%	-8.01%	8.85%	-1.31%	11.87%	-7.31%
EBITDA Q/Q Growth	1.84%	30.04%	-36.23%	57.84%	-2.48%	31.99%	-35.63%	44.41%	-0.98%	9.17%	-16.44%
EBIT Q/Q Growth	0.82%	49.34%	-58.06%	111.63%	-5.86%	45.71%	-51.06%	76.89%	-3.18%	11.00%	-23.33%
NOPAT Q/Q Growth	-29.60%	77.36%	-52.17%	111.66%	-5.86%	44.53%	-41.91%	54.52%	-9.34%	7.67%	-10.46%
Net Income Q/Q Growth	-25.79%	118.52%	-87.93%	703.94%	-9.19%	69.71%	-57.00%	106.46%	-9.85%	13.24%	-19.91%
EPS Q/Q Growth	-24.00%	110.53%	-87.50%	640.00%	-8.11%	64.71%	-55.36%	96.00%	-10.20%	13.64%	-20.00%
Operating Cash Flow Q/Q Growth	-28.99%	349.08%	-25.71%	-5.09%	-32.38%	268.13%	-32.11%	-70.74%	-160.10%	947.39%	-48.21%
Free Cash Flow Firm Q/Q Growth	-233.26%	82.50%	29.06%	75.80%	-9.01%	170.78%	-18.42%	-101.31%	-21,369.21%	-27.77%	-14.59%
Invested Capital Q/Q Growth	1.70%	1.80%	0.49%	1.12%	1.75%	-2.68%	-0.29%	3.88%	6.39%	-1.05%	0.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.55%	24.05%	23.95%	23.99%	24.13%	24.28%	23.77%	24.58%	24.20%	24.21%	24.30%
EBITDA Margin	4.59%	5.54%	3.59%	5.19%	5.19%	6.17%	4.32%	5.73%	5.75%	5.61%	5.06%
Operating Margin	2.90%	4.01%	1.83%	3.55%	3.42%	4.49%	2.39%	3.89%	3.81%	3.78%	3.13%
EBIT Margin	2.90%	4.01%	1.83%	3.55%	3.42%	4.49%	2.39%	3.89%	3.81%	3.78%	3.13%
Profit (Net Income) Margin	0.83%	1.68%	0.22%	1.63%	1.51%	2.31%	1.08%	2.05%	1.87%	1.90%	1.64%
Tax Burden Percent	51.67%	61.37%	69.99%	70.00%	70.00%	69.44%	82.42%	72.00%	67.42%	65.40%	76.38%
Interest Burden Percent	55.46%	68.33%	17.24%	65.48%	63.17%	74.17%	54.90%	73.36%	72.94%	76.72%	68.62%
Effective Tax Rate	48.33%	38.63%	30.01%	30.00%	30.00%	30.56%	17.58%	28.00%	32.58%	34.60%	23.62%
Return on Invested Capital (ROIC)	8.89%	8.33%	4.36%	8.17%	7.86%	10.51%	6.77%	9.57%	8.63%	8.69%	8.61%
ROIC Less NNEP Spread (ROIC-NNEP)	7.13%	7.07%	2.88%	6.95%	6.64%	9.19%	5.43%	8.37%	7.58%	7.61%	7.30%
Return on Net Nonoperating Assets (RNNOA)	10.96%	9.70%	4.24%	10.53%	9.78%	11.67%	6.95%	10.60%	9.67%	8.13%	7.70%
Return on Equity (ROE)	19.85%	18.03%	8.60%	18.70%	17.64%	22.19%	13.71%	20.17%	18.31%	16.83%	16.31%
Cash Return on Invested Capital (CROIC)	-190.49%	-14.89%	-7.68%	1.31%	1.96%	7.32%	8.73%	6.28%	1.79%	-0.06%	-0.11%
Operating Return on Assets (OROA)	5.72%	8.58%	4.08%	7.72%	7.40%	9.57%	5.28%	8.48%	8.35%	8.08%	6.96%
Return on Assets (ROA)	1.64%	3.60%	0.49%	3.54%	3.27%	4.93%	2.39%	4.48%	4.11%	4.05%	3.65%
Return on Common Equity (ROCE)	19.85%	18.03%	8.60%	18.70%	17.64%	22.19%	13.71%	20.17%	18.31%	16.83%	16.31%
Return on Equity Simple (ROE_SIMPLE)	4.55%	0.00%	7.84%	8.83%	9.90%	0.00%	11.79%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	13	23	11	24	22	32	19	29	26	28	25
NOPAT Margin	1.50%	2.46%	1.28%	2.48%	2.40%	3.12%	1.97%	2.80%	2.57%	2.47%	2.39%
Net Nonoperating Expense Percent (NNEP)	1.76%	1.26%	1.48%	1.22%	1.22%	1.32%	1.34%	1.19%	1.05%	1.08%	1.31%
Return On Investment Capital (ROIC_SIMPLE)	-	2.00%	-	-	-	2.59%	1.51%	2.29%	2.00%	2.09%	1.86%
Cost of Revenue to Revenue	76.45%	75.95%	76.05%	76.01%	75.87%	75.72%	76.23%	75.42%	75.80%	75.79%	75.70%
SG&A Expenses to Revenue	20.37%	19.99%	21.76%	20.41%	20.71%	20.01%	21.33%	20.65%	20.38%	19.71%	21.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.66%	20.04%	22.12%	20.44%	20.71%	19.79%	21.38%	20.69%	20.39%	20.42%	21.17%
Earnings before Interest and Taxes (EBIT)	26	38	16	34	32	46	23	40	39	43	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	53	31	50	48	64	41	59	59	64	54
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	2.57	3.34	3.37	3.47	3.58	3.98	4.63	4.14	4.28	3.98
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	91.84	69.47	48.92	31.56	24.79	21.19
Price to Revenue (P/Rev)	0.26	0.34	0.42	0.42	0.45	0.51	0.56	0.65	0.59	0.62	0.57
Price to Earnings (P/E)	42.43	33.41	42.60	38.50	35.32	35.99	34.53	37.43	32.24	35.21	30.25
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.36%	2.99%	2.35%	2.60%	2.83%	2.78%	2.90%	2.67%	3.10%	2.84%	3.31%
Enterprise Value to Invested Capital (EV/IC)	1.37	1.63	1.93	1.96	2.02	2.23	2.43	2.73	2.45	2.61	2.47
Enterprise Value to Revenue (EV/Rev)	0.46	0.53	0.61	0.61	0.63	0.66	0.71	0.81	0.76	0.77	0.72
Enterprise Value to EBITDA (EV/EBITDA)	10.60	11.72	13.23	12.83	12.89	13.04	13.50	15.04	13.70	14.39	12.94
Enterprise Value to EBIT (EV/EBIT)	16.30	18.18	20.70	19.67	19.56	19.64	20.29	22.63	20.59	22.14	19.61
Enterprise Value to NOPAT (EV/NOPAT)	28.76	29.16	33.20	31.45	29.26	28.15	28.37	31.42	28.94	31.68	28.10
Enterprise Value to Operating Cash Flow (EV/OCF)	131.93	29.78	22.94	20.12	19.28	16.45	15.94	20.38	23.80	24.86	25.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	153.01	105.98	30.54	27.83	44.08	141.85	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.61	1.58	1.61	1.55	1.52	1.31	1.29	1.27	1.27	1.24	1.23
Long-Term Debt to Equity	1.59	1.46	1.49	1.43	1.39	1.28	1.26	1.24	1.23	1.19	1.18
Financial Leverage	1.54	1.37	1.47	1.52	1.47	1.27	1.28	1.27	1.28	1.07	1.05
Leverage Ratio	3.81	3.75	3.77	3.80	3.75	3.59	3.55	3.55	3.49	3.40	3.33
Compound Leverage Factor	2.12	2.57	0.65	2.49	2.37	2.66	1.95	2.61	2.55	2.61	2.28
Debt to Total Capital	61.73%	61.23%	61.75%	60.83%	60.36%	56.80%	56.42%	55.98%	55.98%	55.33%	55.22%
Short-Term Debt to Total Capital	1.05%	4.54%	4.74%	4.80%	5.34%	1.45%	1.63%	1.51%	1.65%	2.08%	2.17%
Long-Term Debt to Total Capital	60.67%	56.69%	57.00%	56.03%	55.01%	55.35%	54.79%	54.48%	54.33%	53.25%	53.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	38.27%	38.77%	38.25%	39.17%	39.64%	43.20%	43.58%	44.02%	44.02%	44.67%	44.78%
Debt to EBITDA	4.93	4.59	4.40	4.12	4.02	3.66	3.46	3.34	3.29	3.35	3.18
Net Debt to EBITDA	4.69	4.27	4.14	3.90	3.74	3.07	2.88	2.88	3.00	2.81	2.66
Long-Term Debt to EBITDA	4.84	4.25	4.06	3.79	3.66	3.57	3.36	3.25	3.19	3.23	3.06
Debt to NOPAT	13.37	11.41	11.04	10.10	9.12	7.90	7.27	6.97	6.95	7.38	6.91
Net Debt to NOPAT	12.74	10.61	10.39	9.56	8.49	6.62	6.06	6.02	6.33	6.19	5.78
Long-Term Debt to NOPAT	13.14	10.56	10.19	9.30	8.32	7.70	7.06	6.78	6.74	7.10	6.64
Altman Z-Score	2.78	2.97	3.24	3.28	3.27	3.39	3.54	3.69	3.67	3.64	3.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.06	1.89	1.92	1.85	1.85	2.04	2.05	2.01	2.14	2.05	2.18
Quick Ratio	1.00	1.00	0.99	0.91	0.90	1.13	1.11	1.02	1.02	1.08	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,090	-191	-135	-33	-36	25	21	-0.27	-58	-74	-85
Operating Cash Flow to CapEx	77.34%	186.55%	181.06%	182.64%	247.64%	871.69%	401.54%	145.31%	-79.14%	913.52%	496.92%
Free Cash Flow to Firm to Interest Expense	-95.76	-15.78	-10.22	-2.80	-3.04	2.11	2.01	-0.03	-5.48	-7.34	-8.14
Operating Cash Flow to Interest Expense	0.81	3.44	2.33	2.51	1.69	6.08	4.83	1.35	-0.83	7.34	3.68
Operating Cash Flow Less CapEx to Interest Expense	-0.24	1.60	1.04	1.14	1.01	5.39	3.63	0.42	-1.87	6.54	2.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.98	2.14	2.23	2.18	2.16	2.13	2.21	2.18	2.19	2.14	2.22
Accounts Receivable Turnover	10.36	11.56	12.21	11.72	11.41	10.84	11.93	11.72	11.85	10.94	11.94
Inventory Turnover	8.01	9.88	10.01	9.25	8.69	9.59	9.99	8.83	8.49	8.96	9.47
Fixed Asset Turnover	15.67	16.33	16.06	15.74	15.50	14.86	14.21	13.85	13.30	13.43	13.31
Accounts Payable Turnover	11.95	14.39	15.50	13.32	12.77	12.33	13.59	12.00	13.31	11.60	13.35
Days Sales Outstanding (DSO)	35.24	31.58	29.89	31.14	31.99	33.69	30.60	31.14	30.80	33.37	30.57
Days Inventory Outstanding (DIO)	45.56	36.94	36.48	39.44	41.98	38.05	36.54	41.33	43.01	40.72	38.56
Days Payable Outstanding (DPO)	30.54	25.36	23.55	27.41	28.58	29.61	26.85	30.43	27.42	31.47	27.33
Cash Conversion Cycle (CCC)	50.26	43.17	42.81	43.18	45.39	42.13	40.29	42.05	46.39	42.61	41.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,103	1,123	1,128	1,141	1,161	1,130	1,126	1,170	1,245	1,232	1,236
Invested Capital Turnover	5.94	3.38	3.40	3.29	3.28	3.37	3.43	3.42	3.36	3.51	3.60
Increase / (Decrease) in Invested Capital	1,103	214	147	56	58	6.99	-1.87	29	84	102	110
Enterprise Value (EV)	1,508	1,835	2,174	2,235	2,345	2,518	2,738	3,197	3,055	3,212	3,050
Market Capitalization	840	1,167	1,494	1,555	1,665	1,926	2,153	2,585	2,386	2,585	2,422
Book Value per Share	$10.96	$11.46	$11.84	$11.61	$12.06	$13.59	$13.45	$13.71	$14.15	$14.85	$14.96
Tangible Book Value per Share	($2.76)	($2.17)	($2.31)	($1.69)	($1.08)	$0.53	$0.77	$1.30	$1.85	$2.56	$2.81
Total Capital	1,136	1,173	1,171	1,179	1,212	1,244	1,243	1,267	1,310	1,353	1,359
Total Debt	701	718	723	717	731	707	701	709	733	749	750
Total Long-Term Debt	689	665	667	661	667	689	681	690	712	720	721
Net Debt	668	668	681	679	681	592	585	612	668	628	628
Capital Expenditures (CapEx)	12	22	17	16	8.01	8.38	12	9.98	11	8.09	7.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	350	348	346	359	377	346	331	366	420	404	410
Debt-free Net Working Capital (DFNWC)	383	398	388	398	428	461	448	463	485	525	533
Net Working Capital (NWC)	371	345	333	341	363	443	428	444	463	496	503
Net Nonoperating Expense (NNE)	5.88	7.42	9.27	8.18	8.22	8.33	8.45	7.71	7.10	6.58	7.94
Net Nonoperating Obligations (NNO)	668	668	681	679	681	592	585	612	668	628	628
Total Depreciation and Amortization (D&A)	15	15	15	16	16	17	18	19	20	21	20
Debt-free, Cash-free Net Working Capital to Revenue	10.70%	10.15%	9.64%	9.81%	10.16%	9.12%	8.56%	9.26%	10.39%	9.73%	9.63%
Debt-free Net Working Capital to Revenue	11.71%	11.60%	10.82%	10.86%	11.53%	12.14%	11.58%	11.71%	12.00%	12.64%	12.51%
Net Working Capital to Revenue	11.34%	10.05%	9.27%	9.31%	9.79%	11.67%	11.05%	11.23%	11.46%	11.96%	11.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.19	$0.43	$0.05	$0.41	$0.37	$0.63	$0.27	$0.55	$0.50	$0.55	$0.45
Adjusted Weighted Average Basic Shares Outstanding	37.69M	37.63M	37.82M	37.92M	37.86M	37.91M	38.70M	38.88M	38.58M	38.72M	38.80M
Adjusted Diluted Earnings per Share	$0.19	$0.40	$0.05	$0.37	$0.34	$0.56	$0.25	$0.49	$0.44	$0.50	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	45.72M	45.64M	38.63M	45.95M	45.94M	45.98M	46.09M	46.03M	45.80M	46.00M	46.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.67M	39.67M	39.77M	39.83M	39.55M	40.27M	40.68M	40.76M	40.69M	40.69M	40.78M
Normalized Net Operating Profit after Tax (NOPAT)	13	23	11	24	22	32	19	29	26	28	25
Normalized NOPAT Margin	1.50%	2.46%	1.28%	2.48%	2.40%	3.12%	1.97%	2.80%	2.57%	2.47%	2.39%
Pre Tax Income Margin	1.61%	2.74%	0.32%	2.32%	2.16%	3.33%	1.31%	2.85%	2.78%	2.90%	2.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.25	3.16	1.21	2.90	2.72	3.87	2.22	3.75	3.70	4.30	3.19
NOPAT to Interest Expense	1.16	1.94	0.85	2.03	1.90	2.69	1.83	2.70	2.49	2.81	2.43
EBIT Less CapEx to Interest Expense	1.19	1.31	-0.08	1.52	2.03	3.17	1.01	2.82	2.65	3.49	2.45
NOPAT Less CapEx to Interest Expense	0.11	0.09	-0.44	0.65	1.22	1.99	0.62	1.77	1.45	2.01	1.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	31.35%	19.41%	25.01%	30.02%	20.73%	31.48%

Financials Breakdown Chart

Key Financial Trends

Chefs' Warehouse (CHEF) has shown meaningful topline growth in 2025’s Q1–Q4 sequence, with improving earnings and a positive cash-flow turn in the latest quarter. Below are the most relevant takeaways from the last four quarters of reported statements.

Revenue growth: Operating revenue rose from $950.7 million in Q1 2025 to $1.1426 billion in Q4 2025, a roughly 20% year-to-quarter increase as the year progressed.
Gross profit growth and stable margin: Total gross profit reached $276.6 million in Q4 2025, implying a gross margin around 24% on revenue of $1.1426 billion, indicating solid profitability relative to sales.
Net income growth and earnings per share: Net income attributable to common shareholders was $22.06 million in Q4 2025, with basic EPS of $0.55 and diluted EPS of $0.50, reflecting stronger quarterly earnings versus earlier periods.
Operating cash flow improvement: Net cash from continuing operating activities was $73.87 million in Q4 2025, a substantial improvement and turning positive after softer or negative mid-year cash flows.
Cost discipline (SG&A efficiency): Selling, general & admin expense totaled $225.15 million in Q4 2025, about 19.7% of revenue, down from the 20–22% range seen earlier in 2025, signaling better cost control.
Free cash flow potential: Estimated free cash flow for Q4 2025 is around $66 million (approx. $73.87 million of operating cash flow minus about $8.1 million of capital expenditures), indicating strong cash-generating capability in the quarter.
Inventory and working-capital context: Inventories rose to $385.4 million by Q4 2025, aligning with higher revenue and suggesting material working-capital investment tied to growth.
Balance-sheet leverage and equity growth: Total equity rose to about $576.6 million in Q4 2025 while long-term debt stood around $711.7 million, reflecting higher leverage alongside a growing equity base.
Liquidity momentum concerns: Cash and equivalents declined from about $116.5 million in Q1 2025 to $65.1 million in Q4 2025, signaling tighter near-term liquidity despite a positive Q4 cash flow.
Cash-flow volatility: Operating cash flow was negative in Q3 2025 (about -$8.7 million) before turning positive in Q4 2025, indicating quarterly cash-flow volatility that investors may want to monitor.

05/09/26 10:12 PM ETAI Generated. May Contain Errors.

Chefs' Warehouse Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Chefs' Warehouse's fiscal year ends in December. Their fiscal year 2025 ended on December 26, 2025.

Chefs' Warehouse's net income appears to be on an upward trend, with a most recent value of $72.36 million in 2025, rising from $16.21 million in 2015. The previous period was $55.48 million in 2024. See where experts think Chefs' Warehouse is headed by visiting Chefs' Warehouse's forecast page.

Chefs' Warehouse's total operating income in 2025 was $145.11 million, based on the following breakdown:

Total Gross Profit: $1.00 billion
Total Operating Expenses: $858.98 million

Over the last 10 years, Chefs' Warehouse's total revenue changed from $1.05 billion in 2015 to $4.15 billion in 2025, a change of 296.4%.

Chefs' Warehouse's total liabilities were at $1.42 billion at the end of 2025, a 7.8% increase from 2024, and a 263.3% increase since 2015.

In the past 10 years, Chefs' Warehouse's cash and equivalents has ranged from $2.45 million in 2015 to $193.28 million in 2020, and is currently $120.98 million as of their latest financial filing in 2025.

Over the last 10 years, Chefs' Warehouse's book value per share changed from 7.15 in 2015 to 14.85 in 2025, a change of 107.8%.

Related Companies

Financial statements for NASDAQ:CHEF last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Chefs' Warehouse (CHEF) Financials

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Chefs' Warehouse (CHEF) Financials

Annual Income Statements for Chefs' Warehouse

Quarterly Income Statements for Chefs' Warehouse

Annual Cash Flow Statements for Chefs' Warehouse

Quarterly Cash Flow Statements for Chefs' Warehouse

Annual Balance Sheets for Chefs' Warehouse

Quarterly Balance Sheets for Chefs' Warehouse

Annual Metrics And Ratios for Chefs' Warehouse

Quarterly Metrics And Ratios for Chefs' Warehouse

Financials Breakdown Chart

Key Financial Trends

Chefs' Warehouse Financials - Frequently Asked Questions

When does Chefs' Warehouse's financial year end?

How has Chefs' Warehouse's net income changed over the last 10 years?

What is Chefs' Warehouse's operating income?

How has Chefs' Warehouse's revenue changed over the last 10 years?

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How has Chefs' Warehouse's book value per share changed over the last 10 years?

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