This page shows United Natural Foods (UNFI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
United Natural Foods has an operating margin of -0.1%, meaning the company retains $-0 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 0.0% the prior year.
United Natural Foods's revenue grew a modest 2.6% year-over-year to $31.8B. This slow but positive growth earns a score of 36/100.
United Natural Foods carries a low D/E ratio of 1.24, meaning only $1.24 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
United Natural Foods's current ratio of 1.38 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
United Natural Foods's free cash flow margin of 0.8% results in a low score of 4/100. Capital expenditures of $231.0M absorb a large share of operating cash flow.
United Natural Foods passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, United Natural Foods generates $-3.98 in operating cash flow ($470.0M OCF vs -$118.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
United Natural Foods earns $-0.2 in operating income for every $1 of interest expense (-$31.0M vs $146.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
United Natural Foods generated $31.8B in revenue in fiscal year 2025. This represents an increase of 2.6% from the prior year.
United Natural Foods's EBITDA was $290.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.3% from the prior year.
United Natural Foods generated $239.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 359.8% from the prior year.
United Natural Foods reported -$118.0M in net income in fiscal year 2025. This represents a decrease of 5.4% from the prior year.
United Natural Foods earned $-1.95 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.2% from the prior year.
United Natural Foods held $38.0M in cash against $1.9B in long-term debt as of fiscal year 2025.
United Natural Foods had 61M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.
United Natural Foods's gross margin was 13.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
United Natural Foods's operating margin was -0.1% in fiscal year 2025, reflecting core business profitability. This is down 0.1 percentage points from the prior year.
United Natural Foods's net profit margin was -0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.0 percentage points from the prior year.
United Natural Foods spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
United Natural Foods invested $231.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 33.0% from the prior year.
UNFI Income Statement
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q2'24 | Q3'24 | Q1'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.8B-2.7% | $8.1B-1.2% | $8.2B+3.6% | $7.9B+1.2% | $7.8B+3.7% | $7.5B-0.7% | $7.6B-3.4% | $7.8B |
| Cost of Revenue | $6.8B-2.7% | $7.0B-1.5% | $7.1B+3.7% | $6.8B+1.4% | $6.7B+4.0% | $6.5B-0.7% | $6.5B-3.3% | $6.7B |
| Gross Profit | $1.1B-2.9% | $1.1B+0.9% | $1.1B+3.3% | $1.0B+0.3% | $1.0B+1.5% | $1.0B-1.0% | $1.0B-3.6% | $1.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $19.0M+26.7% | $15.0M-44.4% | $27.0M+440.0% | $5.0M-68.8% | $16.0M+166.7% | $6.0M+137.5% | -$16.0M-125.4% | $63.0M |
| Interest Expense | $34.0M-5.6% | $36.0M-5.3% | $38.0M+5.6% | $36.0M-10.0% | $40.0M+8.1% | $37.0M+5.7% | $35.0M-10.3% | $39.0M |
| Income Tax | -$5.0M+44.4% | -$9.0M-200.0% | -$3.0M+25.0% | -$4.0M+20.0% | -$5.0M+16.7% | -$6.0M+33.3% | -$9.0M-200.0% | $9.0M |
| Net Income | -$4.0M+42.9% | -$7.0M-133.3% | -$3.0M+85.7% | -$21.0M-40.0% | -$15.0M+28.6% | -$21.0M+46.2% | -$39.0M-305.3% | $19.0M |
| EPS (Diluted) | $-0.06+50.0% | $-0.12-140.0% | $-0.05+85.7% | $-0.35-40.0% | $-0.25+26.5% | $-0.34+49.3% | $-0.67-316.1% | $0.31 |
UNFI Balance Sheet
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q2'24 | Q3'24 | Q1'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.6B-0.7% | $7.6B-1.5% | $7.7B-3.0% | $8.0B+5.8% | $7.5B-0.8% | $7.6B-3.4% | $7.8B+6.1% | $7.4B |
| Current Assets | $3.5B+1.9% | $3.4B-1.4% | $3.5B-7.0% | $3.7B+10.0% | $3.4B-3.1% | $3.5B-11.3% | $4.0B+14.3% | $3.5B |
| Cash & Equivalents | $38.0M-26.9% | $52.0M+18.2% | $44.0M+18.9% | $37.0M-7.5% | $40.0M+2.6% | $39.0M+5.4% | $37.0M0.0% | $37.0M |
| Inventory | $2.2B+2.1% | $2.2B-1.6% | $2.2B-7.3% | $2.4B+10.2% | $2.2B-2.4% | $2.2B-15.7% | $2.6B+15.5% | $2.3B |
| Accounts Receivable | $1.0B+2.9% | $981.0M-1.8% | $999.0M-8.4% | $1.1B+16.6% | $936.0M-2.3% | $958.0M-4.6% | $1.0B+13.2% | $887.0M |
| Goodwill | $19.0M0.0% | $19.0M0.0% | $19.0M0.0% | $19.0M0.0% | $19.0M-5.0% | $20.0M+5.3% | $19.0M-5.0% | $20.0M |
| Total Liabilities | $6.0B+0.3% | $6.0B-1.9% | $6.1B-3.7% | $6.3B+7.7% | $5.9B-0.3% | $5.9B-4.0% | $6.1B+8.8% | $5.7B |
| Current Liabilities | $2.5B+3.9% | $2.4B+1.6% | $2.4B-5.4% | $2.5B+7.0% | $2.4B+2.0% | $2.3B-10.1% | $2.6B+7.2% | $2.4B |
| Long-Term Debt | $1.9B-2.1% | $2.0B-5.3% | $2.1B-7.8% | $2.2B+7.8% | $2.1B-3.1% | $2.1B-6.4% | $2.3B+17.4% | $2.0B |
| Total Equity | $1.5B-4.8% | $1.6B0.0% | $1.6B0.0% | $1.6B-1.0% | $1.6B-2.4% | $1.7B-1.1% | $1.7B-2.5% | $1.7B |
| Retained Earnings | $1.0B-8.2% | $1.1B-0.6% | $1.1B-0.3% | $1.1B-1.8% | $1.1B-3.1% | $1.2B-3.0% | $1.2B-3.1% | $1.3B |
UNFI Cash Flow Statement
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q2'24 | Q3'24 | Q1'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$38.0M-122.0% | $173.0M-30.0% | $247.0M+324.5% | -$110.0M-155.3% | $199.0M+59.2% | $125.0M+149.2% | -$254.0M-214.4% | $222.0M |
| Capital Expenditures | $16.0M-70.4% | $54.0M0.0% | $54.0M+10.2% | $49.0M-61.7% | $128.0M+68.4% | $76.0M+2.7% | $74.0M-29.5% | $105.0M |
| Free Cash Flow | -$54.0M-145.4% | $119.0M-38.3% | $193.0M+221.4% | -$159.0M-323.9% | $71.0M+44.9% | $49.0M+114.9% | -$328.0M-380.3% | $117.0M |
| Investing Cash Flow | -$16.0M+69.8% | -$53.0M0.0% | -$53.0M-12.8% | -$47.0M+59.5% | -$116.0M-38.1% | -$84.0M-16.7% | -$72.0M+43.8% | -$128.0M |
| Financing Cash Flow | $48.0M+142.5% | -$113.0M+39.2% | -$186.0M-220.8% | $154.0M+287.8% | -$82.0M-127.8% | -$36.0M-111.0% | $326.0M+443.2% | -$95.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 | $0-100.0% | $21.0M |
UNFI Financial Ratios
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q2'24 | Q3'24 | Q1'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.4%-0.0pp | 13.4%+0.3pp | 13.1%-0.1pp | 13.2%-0.1pp | 13.3%-0.3pp | 13.6%-0.0pp | 13.6%-0.0pp | 13.7% |
| Operating Margin | 0.2%+0.0pp | 0.2%-0.1pp | 0.3%+0.3pp | 0.1%-0.1pp | 0.2%+0.1pp | 0.1%+0.3pp | -0.2%-1.0pp | 0.8% |
| Net Margin | -0.1%+0.0pp | -0.1%-0.1pp | -0.0%+0.2pp | -0.3%-0.1pp | -0.2%+0.1pp | -0.3%+0.2pp | -0.5%-0.8pp | 0.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.0% |
| Return on Assets | -0.1%+0.0pp | -0.1%-0.1pp | -0.0%+0.2pp | -0.3%-0.1pp | -0.2%+0.1pp | -0.3%+0.2pp | -0.5%-0.8pp | 0.3% |
| Current Ratio | 1.38-0.0 | 1.41-0.0 | 1.45-0.0 | 1.48+0.0 | 1.44-0.1 | 1.51-0.0 | 1.54+0.1 | 1.44 |
| Debt-to-Equity | 1.24+0.0 | 1.21-0.1 | 1.27-0.1 | 1.38+0.1 | 1.270.0 | 1.28-0.1 | 1.35+0.2 | 1.12 |
| FCF Margin | -0.7%-2.2pp | 1.5%-0.9pp | 2.4%+4.4pp | -2.0%-3.5pp | 1.5%+0.8pp | 0.7%+5.0pp | -4.3%-10.1pp | 5.7% |
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Frequently Asked Questions
What is United Natural Foods's annual revenue?
United Natural Foods (UNFI) reported $31.8B in total revenue for fiscal year 2025. This represents a 2.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is United Natural Foods's revenue growing?
United Natural Foods (UNFI) revenue grew by 2.6% year-over-year, from $31.0B to $31.8B in fiscal year 2025.
Is United Natural Foods profitable?
No, United Natural Foods (UNFI) reported a net income of -$118.0M in fiscal year 2025, with a net profit margin of -0.4%.
What is United Natural Foods's earnings per share (EPS)?
United Natural Foods (UNFI) reported diluted earnings per share of $-1.95 for fiscal year 2025. This represents a -3.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is United Natural Foods's EBITDA?
United Natural Foods (UNFI) had EBITDA of $290.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does United Natural Foods have?
As of fiscal year 2025, United Natural Foods (UNFI) had $38.0M in cash and equivalents against $1.9B in long-term debt.
What is United Natural Foods's gross margin?
United Natural Foods (UNFI) had a gross margin of 13.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is United Natural Foods's operating margin?
United Natural Foods (UNFI) had an operating margin of -0.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is United Natural Foods's net profit margin?
United Natural Foods (UNFI) had a net profit margin of -0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is United Natural Foods's free cash flow?
United Natural Foods (UNFI) generated $239.0M in free cash flow during fiscal year 2025. This represents a 359.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is United Natural Foods's operating cash flow?
United Natural Foods (UNFI) generated $470.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are United Natural Foods's total assets?
United Natural Foods (UNFI) had $7.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are United Natural Foods's capital expenditures?
United Natural Foods (UNFI) invested $231.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does United Natural Foods have outstanding?
United Natural Foods (UNFI) had 61M shares outstanding as of fiscal year 2025.
What is United Natural Foods's current ratio?
United Natural Foods (UNFI) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.
What is United Natural Foods's debt-to-equity ratio?
United Natural Foods (UNFI) had a debt-to-equity ratio of 1.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is United Natural Foods's return on assets (ROA)?
United Natural Foods (UNFI) had a return on assets of -1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is United Natural Foods's Piotroski F-Score?
United Natural Foods (UNFI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are United Natural Foods's earnings high quality?
United Natural Foods (UNFI) has an earnings quality ratio of -3.98x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can United Natural Foods cover its interest payments?
United Natural Foods (UNFI) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is United Natural Foods?
United Natural Foods (UNFI) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.