$CHEF

Chefs' Warehouse, Inc.

CIK:0001517175|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2026	Jun. 27, 2025	Jun. 26, 2026	Jun. 27, 2025
Income Statement [Abstract]
Net sales	$ 1,168,613	$ 1,034,906	$ 2,227,623	$ 1,985,654
Cost of sales	875,726	780,567	1,677,368	1,505,320
Gross profit	292,887	254,339	550,255	480,334
Selling, general and administrative expenses	234,177	213,750	458,322	416,513
Other operating expenses, net	81	373	170	870
Operating income	58,629	40,216	91,763	62,951
Interest expense	9,411	10,715	19,807	20,968
Income before income taxes	49,218	29,501	71,956	41,983
Provision for income tax expense	15,451	8,260	20,822	10,454
Net income	33,767	21,241	51,134	31,529
Other comprehensive (loss) income:
Foreign currency translation adjustments	(428)	842	(653)	1,019
Comprehensive income	$ 33,339	$ 22,083	$ 50,481	$ 32,548
Net income per share:
Basic (in dollars per share)	$ 0.87	$ 0.55	$ 1.32	$ 0.81
Diluted (in dollars per share)	$ 0.76	$ 0.49	$ 1.16	$ 0.74
Weighted average common shares outstanding:
Basic (in shares)	38,930,511	38,883,019	38,871,337	38,788,843
Diluted (in shares)	46,049,607	46,031,127	46,041,507	46,055,696

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2026	Jun. 27, 2025
Cash flows from operating activities:
Net income	$ 51,134	$ 31,529
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	30,160	25,332
Amortization of intangible assets	11,171	12,103
Provision for allowance for credit losses	8,065	6,603
Provision for deferred income taxes	5,174	1,111
Stock compensation	12,826	9,629
Non-cash interest and other operating activities	1,595	3,552
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(11,812)	9,279
Inventories	5,416	(51,410)
Prepaid expenses and other current assets	4,139	2,000
Accounts payable, accrued liabilities and accrued compensation	(19,313)	14,685
Other assets and liabilities	(1,904)	(344)
Net cash provided by operating activities	96,651	64,069
Cash flows from investing activities:
Capital expenditures	(16,927)	(22,325)
Cash paid for acquisitions, net of cash acquired	(283)	0
Net cash used in investing activities	(17,210)	(22,325)
Cash flows from financing activities:
Payment of debt and other financing obligations	(6,500)	(11,500)
Payment of finance leases	(10,242)	(6,506)
Common stock repurchases	(10,003)	(10,003)
Proceeds from exercise of stock options	2,041	0
Surrender of shares to pay withholding taxes	(10,164)	(11,636)
Payments under asset-based loan facility	(30,000)	(20,000)
Net cash used in financing activities	(64,868)	(59,645)
Effect of foreign currency on cash and cash equivalents	(89)	112
Net change in cash and cash equivalents	14,484	(17,789)
Cash and cash equivalents-beginning of period	120,982	114,655
Cash and cash equivalents-end of period	$ 135,466	$ 96,866

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 26, 2026	Dec. 26, 2025
Current assets:
Cash and cash equivalents	$ 135,466	$ 120,982
Accounts receivable, net of allowances ($27,112 in 2026, $26,965 in 2025)	395,875	392,374
Inventories	379,836	385,722
Prepaid expenses and other current assets	64,592	70,811
Total current assets	975,769	969,889
Property and equipment, net	348,850	342,019
Operating lease right-of-use assets	200,980	205,270
Goodwill	363,391	362,742
Intangible assets, net	126,098	137,310
Other assets	11,084	10,777
Total assets	2,026,172	2,028,007
Current liabilities:
Accounts payable	246,124	275,622
Accrued liabilities	91,061	78,458
Short-term operating lease liabilities	24,269	24,832
Accrued compensation	61,883	66,350
Current portion of long-term debt	30,958	28,197
Total current liabilities	454,295	473,459
Long-term debt, net of current portion	693,723	720,333
Operating lease liabilities	197,658	201,542
Deferred taxes, net	27,654	22,424
Other liabilities	4,607	5,940
Total liabilities	1,377,937	1,423,698
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 26, 2026 and December 26, 2025, respectively	0	0
Common Stock - $0.01 par value, 100,000,000 shares authorized, 40,783,752 and 40,679,813 shares issued and outstanding at June 26, 2026 and December 26, 2025, respectively	408	407
Additional paid-in capital	406,885	405,020
Accumulated other comprehensive loss	(3,416)	(2,763)
Retained earnings	244,358	201,645
Total stockholders’ equity	648,235	604,309
Total liabilities and stockholders’ equity	$ 2,026,172	$ 2,028,007