The Chefs’ Warehouse Reports Third Quarter 2026 Financial Results

Higher gross margin and lower interest expense accompanied earnings growth, while the company raised its full-year outlook.

Rhea-AI Summary

The Chefs’ Warehouse (CHEF) reported third-quarter 2026 net sales of $1.14 billion, up 11.2% from the prior-year quarter. For the quarter ended September 25, GAAP net income rose to $29.6 million, or $0.67 per diluted share, from $19.1 million, or $0.44. Organic sales grew 10.3%, while acquisitions contributed 0.9% to sales growth. Gross profit increased 15.0% to $284.3 million, and gross margin expanded approximately 84 basis points to 25.0%.

Selling, general and administrative expenses rose approximately 12.1% to $233.4 million. Adjusted EBITDA, a supplemental non-GAAP earnings measure, increased to $82.2 million from $65.1 million. The company raised its full-year outlook to sales of $4.56 billion–$4.61 billion, gross profit of $1.130 billion–$1.140 billion and adjusted EBITDA of $317 million–$321 million. Operating cash flow for the first 39 weeks increased to $141.138 million from $55.352 million.

30 points · 1 major

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year sales guidance raised to $4.56 billion–$4.61 billion for fiscal 2026.
• Moderate pointThird-quarter net sales increased 11.2% to $1.14 billion from $1.02 billion a year earlier.
• Moderate pointThird-quarter GAAP net income rose to $29.6 million, or $0.67 diluted EPS, from $19.1 million, or $0.44.
• Moderate pointThird-quarter gross profit increased 15.0% to $284.3 million from $247.2 million.
• Moderate pointThird-quarter operating income increased to $51.5 million from $38.9 million a year earlier.
• Moderate pointThird-quarter adjusted EBITDA increased to $82.2 million from $65.1 million a year earlier.
• Moderate pointFirst-39-week operating cash flow increased to $141.138 million from $55.352 million in the prior-year period.

23 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year gross profit guidance raised to $1.130 billion–$1.140 billion for fiscal 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted EBITDA guidance raised to $317 million–$321 million for fiscal 2026.
• Minor pointThird-quarter organic sales increased $105.4 million, or 10.3%, versus the prior-year quarter.
• Minor pointAcquisitions primarily contributed $8.7 million, or 0.9%, to third-quarter sales growth.
• Minor pointSpecialty organic case count increased approximately 6.1% year over year in the third quarter.
• Minor pointSpecialty unique customers increased 4.4% year over year in the third quarter.
• Minor pointSpecialty unique item placements increased 7.2% year over year in the third quarter.
• Minor pointCenter-of-the-plate organic pounds sold increased approximately 6.6% year over year in the third quarter.
• Minor pointThird-quarter gross margin increased approximately 84 basis points to 25.0%.
• Minor pointSpecialty gross margin increased 63 basis points year over year in the third quarter.
• Minor pointCenter-of-the-plate gross margin increased 137 basis points year over year in the third quarter.
• Minor pointThird-quarter interest expense decreased to $9.0 million from $10.5 million a year earlier.
• Minor pointThird-quarter effective tax rate fell to 30.3% from 32.6%, including a stock-award vesting tax benefit.
• Minor pointThird-quarter adjusted net income rose to $29.5 million, or $0.66 per share, from $21.5 million, or $0.50.
• Minor pointFirst-39-week sales increased to $3,363.002 million from $3,006.973 million in the prior-year period.
• Minor pointFirst-39-week gross profit increased to $834.590 million from $727.525 million in the prior-year period.
• Minor pointFirst-39-week operating income increased to $143.249 million from $101.887 million in the prior-year period.
• Minor pointFirst-39-week net income increased to $80.751 million from $50.677 million in the prior-year period.
• Minor pointFirst-39-week diluted EPS increased to $1.83 from $1.18 in the prior-year period.
• Minor pointFirst-39-week adjusted EBITDA increased to $230.391 million from $177.983 million in the prior-year period.
• Minor pointCash increased to $164.725 million at September 25, 2026, from $120.982 million at December 26, 2025.
• Minor pointLong-term debt, excluding current maturities, decreased to $696.769 million from $720.333 million at year-end 2025.
• Minor pointFirst-39-week capital expenditures decreased to $25.413 million from $33.340 million in the prior-year period.

Negative

• Moderate pointThird-quarter selling, general and administrative expenses rose approximately 12.1% to $233.4 million from $208.1 million.
• Minor pointThird-quarter selling, general and administrative expenses reached 20.6% of sales, versus 20.4% a year earlier.
• Minor pointFirst-39-week selling, general and administrative expenses increased to $691.729 million from $624.638 million.
• Minor pointCurrent debt maturities increased to $32.105 million at September 25, 2026, from $28.197 million at year-end 2025.
• Minor pointThird-quarter non-cash stock compensation expense increased to $9.297 million from $4.922 million a year earlier.

News Explained

The quarterly results also show that at September 25, 2026, The Chefs’ Warehouse had cash of $164,725 thousand, current debt of $32,105 thousand and long-term debt of $696,769 thousand; reported debt exceeded cash.

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Key Figures

Net sales: $1.14 billion GAAP net income: $29.6 million Diluted EPS: $0.67 +5 more

Net sales

$1.14 billion

Q3 2026; versus $1.02 billion in Q3 2025

GAAP net income

$29.6 million

Q3 2026; versus $19.1 million in Q3 2025

Diluted EPS

$0.67

Q3 2026; versus $0.44 in Q3 2025

Adjusted net income per share

$0.66

Q3 2026; versus $0.50 in Q3 2025

Adjusted EBITDA

$82.2 million

Q3 2026; versus $65.1 million in Q3 2025

FY26 net sales guidance

$4.56 billion to $4.61 billion

Raised fiscal 2026 guidance

FY26 gross profit guidance

$1.130 billion to $1.140 billion

Raised fiscal 2026 guidance

FY26 adjusted EBITDA guidance

$317 million to $321 million

Raised fiscal 2026 guidance

Previous Earnings Reports

1 past event · Latest: Jul 29

Same Type 1 event

1. Jul 29

   Q2 earnings results

   24h Move

   +5.4%

   Q2 guidance set FY26 sales at $4.50–$4.60B and adjusted EBITDA at $305–$315M.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, ebitda, non-gaap financial measures, basis points, +1 more

5 terms

gaap financial

"GAAP net income was $29.6 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

ebitda financial

"Adjusted EBITDA was $82.2 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial measures financial

"These non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

basis points financial

"Gross profit margins increased approximately 84 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

convertible notes financial

"Interest on convertible notes, net of tax"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RIDGEFIELD, Conn., Oct. 28, 2026 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or “Chefs’”), a premier distributor of specialty food products in the United States, the Middle East, and Canada, today reported financial results for its third quarter ended September 25, 2026.

Financial highlights for the third quarter of 2026:

• Net sales increased 11.2% to $1.14 billion for the third quarter of 2026 from $1.02 billion for the third quarter of 2025.
• GAAP net income was $29.6 million, or $0.67 per diluted share, for the third quarter of 2026 compared to $19.1 million, or $0.44 per diluted share, in the third quarter of 2025.
• Adjusted net income per share¹ was $0.66 for the third quarter of 2026 compared to $0.50 for the third quarter of 2025.
• Adjusted EBITDA¹ was $82.2 million for the third quarter of 2026 compared to $65.1 million for the third quarter of 2025.

“Revenue trends displayed typical seasonal cadence through the third quarter of 2026, building from the summer months into September with strong year-over-year growth. Our regional Chefs’ Warehouse teams delivered excellent execution across markets and product categories – driving strong growth in revenue and gross profit dollars; as well as continued progress increasing relevance with our customer base with solid year-over-year growth in unique item placements and unique customers. Our Middle East operations continue to operate effectively in a challenging environment. Revenue trends in recent weeks have been approximately 100% of prior-year, as food-away-from-home activity is supported by local residents and ex-patriots returning from the summer off-season”, said Christopher Pappas, Chairman and Chief Executive of the Company. “Momentum continued into October, and as we head into the busy holiday season, I would like to thank all our Chefs’ Warehouse teams, from sales, procurement and operations to all the supporting functions, for their dedication and commitment to delivering our diverse, high-quality product, and service, in partnership with our suppliers and customers and the communities we serve.”

Third Quarter Fiscal 2026 Results

Net sales for the third quarter of 2026 increased 11.2% to $1.14 billion from $1.02 billion in the third quarter of 2025. Organic sales increased $105.4 million, or 10.3% versus the prior year quarter. Sales growth of $8.7 million, or 0.9%, was primarily a result of acquisitions. Organic case count increased approximately 6.1% in the Company’s specialty category for the third quarter of 2026 with unique customer and placement increases of 4.4% and 7.2% respectively, compared to the third quarter of 2025. Organic pounds sold in the Company’s center-of-the-plate category increased approximately 6.6% for the third quarter of 2026 compared to the prior year quarter.

Gross profit increased 15.0% to $284.3 million for the third quarter of 2026 from $247.2 million for the third quarter of 2025. The increase in gross profit dollars was primarily a result of increased sales volumes, price inflation and acquisitions. Gross profit margins increased approximately 84 basis points to 25.0%. Gross profit margins increased 63 basis points in the Company’s specialty category and increased 137 basis points in the center-of-the-plate category.

Selling, general and administrative expenses increased by approximately 12.1% to $233.4 million for the third quarter of 2026 from $208.1 million for the third quarter of 2025. The increase was primarily due to higher costs associated with compensation and benefits, facilities and distribution to support sales growth, fuel costs, as well as higher depreciation expense driven by facility and fleet investments. As a percentage of net sales, selling, general and administrative expenses were 20.6% in the third quarter of 2026 compared to 20.4% in the third quarter of 2025.

Operating income for the third quarter of 2026 was $51.5 million compared to $38.9 million for the third quarter of 2025. The increase in operating income was driven primarily by higher gross profit, partially offset by higher selling, general and administrative expenses, as discussed above. As a percentage of net sales, operating income was 4.4% in the third quarter of 2026 as compared to 3.8% in the third quarter of 2025.

Interest expense decreased to $9.0 million for the third quarter of 2026 compared to $10.5 million for the third quarter of 2025. The decrease was primarily due to lower aggregate principal amounts of debt outstanding and lower interest rates in the current period compared to the prior year quarter.

The Company’s effective tax rate was 30.3% and 32.6% for the third quarters of 2026 and 2025, respectively. The effective rate for the third quarter of 2026 includes a discrete tax benefit related to the vesting of stock awards.

Net income for the third quarter of 2026 was $29.6 million, or $0.67 per diluted share, compared to $19.1 million, or $0.44 per diluted share, for the third quarter of 2025.

Adjusted EBITDA¹ was $82.2 million for the third quarter of 2026 compared to $65.1 million for the third quarter of 2025. For the third quarter of 2026, adjusted net income¹ was $29.5 million, or $0.66 per diluted share compared to adjusted net income of $21.5 million, or $0.50 per diluted share for the third quarter of 2025.

2026 Guidance

We are raising our fiscal 2026 full year financial guidance as follows:

• Net sales in the range of $4.56 billion to $4.61 billion,
• Gross profit to be between $1.130 billion and $1.140 billion and
• Adjusted EBITDA¹ to be between $317 million and $321 million.

Third Quarter 2026 Earnings Conference Call

The Company will host a conference call to discuss third quarter 2026 financial results today at 8:30 a.m. ET. Hosting the call will be Chris Pappas, chairman and chief executive officer, and Jim Leddy, chief financial officer. The conference call will be webcast live from the Company’s investor relations website at http://investors.chefswarehouse.com. An online archive of the webcast will be available on the Company’s investor relations website.

Non-GAAP Financial Measures

We present EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share, as well as forecasted EBITDA and adjusted EBITDA ranges, which are not measurements determined in accordance with the U.S. Generally Accepted Accounting Principles (“GAAP”), because we believe these measures provide additional metrics to evaluate our operations and our forecasted results and which we believe, when considered with both our GAAP results and the reconciliation to net income and net income available to common shareholders, provide a more complete understanding of our business than could be obtained absent this disclosure. We use EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share together with financial measures prepared in accordance with GAAP, such as revenue and cash flows from operations, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. The use of EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share as performance measures permits a comparative assessment of our operating performance relative to our GAAP performance while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.

Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.

Please see the schedules accompanying this earnings release for a reconciliation of EBITDA, adjusted EBITDA, adjusted net income and adjusted net income per share to these measures’ most directly comparable GAAP measure.

Forward-Looking Statements

Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include, but are not limited to the following: our success depends to a significant extent upon general economic conditions, including disposable income levels and changes in consumer discretionary spending; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition; changes in our credit profile and any effect they may have on our relationships with suppliers; the effects of rising costs for and/or decreases in supply of commodities, ingredients, packaging, other raw materials, distribution and labor; price reductions by our manufacturers of products that we sell which could cause the value of our inventory to decline or our customers to demand lower sales prices; fuel cost volatility and its impact on distribution, packaging and energy costs; our continued ability to promote our brand successfully, to anticipate and respond to new customer demands, and to develop new products and markets to compete effectively; our ability and the ability of our supply chain partners to continue to operate distribution centers and other work locations without material disruption, and to procure ingredients, packaging and other raw materials when needed despite disruptions in the supply chain or labor shortages; risks associated with the expansion of our business; our possible inability to identify new acquisitions or to integrate recent or future acquisitions, or our failure to realize anticipated revenue enhancements, cost savings or other synergies from recent or future acquisitions; other factors that affect the food industry generally, including: recalls if products become adulterated or misbranded, liability if product consumption causes injury, ingredient disclosure and labeling laws and regulations and the possibility that customers could lose confidence in the safety and quality of certain food products; new information or attitudes regarding diet and health or adverse opinions about the health effects of the products we distribute; dependence on independent certifications for products; changes in disposable income levels and consumer purchasing habits; competitors’ pricing practices and promotional spending levels; fluctuations in the level of our customers’ inventories and credit and other related business risks; and the risks associated with third-party suppliers, including the risk that any failure by one or more of our third-party suppliers to comply with food safety or other laws and regulations may disrupt our supply of raw materials or certain products or injure our reputation; our ability to recruit and retain senior management and a highly skilled and diverse workforce; unanticipated expenses, including, without limitation, litigation or legal settlement expenses, adverse judgments, or impairment charges; the cost and adequacy of our insurance policies; the impact and effects of public health crises, pandemics and epidemics and the adverse impact thereof on our business, financial condition, and results of operations; economic and other developments, or events, including adverse weather conditions, in the culinary markets in which we operate; information technology system failures, cybersecurity incidents, or other disruptions to our use of technology and networks; our ability to realize the benefits we anticipate from investments in information technology; our ability to protect our intellectual property; significant governmental regulation and any potential failure to comply with such regulations; changing rules, public disclosure regulations and stakeholder expectations on ESG-related matters; federal, state, provincial and local tax rules in the United States and the foreign countries in which we operate, including tax reform and legislation; climate change, or the legal, regulatory or market measures being implemented to address climate change; the concentration of ownership among our existing executive officers, directors and their affiliates which may prevent new investors from influencing significant corporate decisions; risks relating to our substantial indebtedness; our ability to raise additional capital and/or obtain debt or other financing, on commercially reasonable terms or at all; our ability to meet future cash requirements, including the ability to access financial markets effectively and maintain sufficient liquidity; the effects of currency movements in the jurisdictions in which we operate as compared to the U.S. dollar; and the effects of international trade disputes, tariffs, quotas and other import or export restrictions on our international procurement, sales and operations. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. A more detailed description of these and other risk factors is contained in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2026 and other reports filed by the Company with the SEC since that date. The Company is not undertaking to update any information until required by applicable laws. Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced projections, but it is not obligated to do so.

About The Chefs’ Warehouse

The Chefs’ Warehouse, Inc. (http://www.chefswarehouse.com) is a premier distributor of specialty food products in the United States, the Middle East and Canada focused on serving the specific needs of chefs who own and/or operate some of the nation’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores. The Chefs’ Warehouse, Inc. carries and distributes more than 90,000 products to more than 55,000 customer locations throughout the United States, the Middle East and Canada.

Contact:
Investor Relations
Jim Leddy, CFO, (718) 684-8415

¹ _{Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP measures. Please see the schedules accompanying this earnings release for a reconciliation of EBITDA, Adjusted EBITDA, adjusted net income and adjusted net income per share to these measures’ most directly comparable GAAP measure.}

THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited; in thousands except share amounts and per share data)
		Thirteen Weeks Ended							Thirty-Nine Weeks Ended
		September 25, 2026				September 26, 2025			September 25, 2026				September 26, 2025
Net sales		$	1,135,379			$	1,021,319		$	3,363,002			$	3,006,973
Cost of sales			851,044				774,128			2,528,412				2,279,448
Gross profit			284,335				247,191			834,590				727,525
Selling, general and administrative expenses			233,407				208,125			691,729				624,638
Other operating (income) expenses, net			(558	)			130			(388	)			1,000
Operating income			51,486				38,936			143,249				101,887
Interest expense			8,999				10,535			28,806				31,503
Income before income taxes			42,487				28,401			114,443				70,384
Income tax expense			12,870				9,253			33,692				19,707
Net income		$	29,617			$	19,148		$	80,751			$	50,677
Net income per share:
Basic		$	0.76			$	0.50		$	2.08			$	1.31
Diluted		$	0.67			$	0.44		$	1.83			$	1.18
Numerator:
Net income		$	29,617			$	19,148		$	80,751			$	50,677
Add effect of dilutive securities:
Interest on convertible notes, net of tax			1,175				1,226			3,524				3,677
Net income available to common shareholders		$	30,792			$	20,374		$	84,275			$	54,354
Denominator:
Weighted average basic common shares outstanding			38,814,944				38,575,691			38,852,135				38,717,363
Dilutive effect of unvested common shares and stock options			852,296				729,276			772,396				744,749
Dilutive effect of convertible notes			6,494,970				6,494,970			6,494,970				6,494,970
Weighted average diluted common shares outstanding			46,162,210				45,799,937			46,119,501				45,957,082

THE CHEFS’ WAREHOUSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; in thousands)
		September 25, 2026				December 26, 2025
Cash and cash equivalents		$	164,725			$	120,982
Accounts receivable, net			398,827				392,374
Inventories			404,474				385,722
Prepaid expenses and other current assets			73,961				70,811
Total current assets			1,041,987				969,889
Property and equipment, net			353,047				342,019
Operating lease right-of-use assets			196,013				205,270
Goodwill			363,407				362,742
Intangible assets, net			120,649				137,310
Other assets			8,116				10,777
Total assets		$	2,083,219			$	2,028,007
Accounts payable		$	253,871			$	275,622
Accrued liabilities			87,823				78,458
Short-term operating lease liabilities			24,188				24,832
Accrued compensation			73,114				66,350
Current portion of long-term debt			32,105				28,197
Total current liabilities			471,101				473,459
Long-term debt, net of current portion			696,769				720,333
Operating lease liabilities			192,713				201,542
Deferred taxes, net			30,847				22,424
Other liabilities			5,231				5,940
Total liabilities			1,396,661				1,423,698
Common stock			408				407
Additional paid in capital			415,516				405,020
Accumulated other comprehensive loss			(3,341	)			(2,763	)
Retained earnings			273,975				201,645
Stockholders’ equity			686,558				604,309
Total liabilities and stockholders’ equity		$	2,083,219			$	2,028,007

THE CHEFS’ WAREHOUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; in thousands)
		Thirty-Nine Weeks Ended
		September 25, 2026				September 26, 2025
Cash flows from operating activities:
Net income		$	80,751			$	50,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment			45,883				39,045
Amortization of intangible assets			16,624				18,187
Provision for allowance for credit losses			10,013				9,610
Deferred income tax provision			8,366				4,914
Stock compensation			22,123				14,551
Non-cash interest and other operating activities			1,562				5,345
Changes in assets and liabilities, net of acquisitions:
Accounts receivable			(15,723	)			11,327
Inventories			(19,154	)			(70,137	)
Prepaid expenses and other current assets			(5,230	)			(1,085	)
Accounts payable, accrued liabilities and accrued compensation			(4,001	)			(26,825	)
Other liabilities
Other assets and liabilities			(76	)			(257	)
Net cash provided by operating activities			141,138				55,352
Cash flows from investing activities:
Capital expenditures			(25,413	)			(33,340	)
Cash paid for acquisitions, net of cash acquired			(283	)			—
Net cash used in investing activities			(25,696	)			(33,340	)
Cash flows from financing activities:
Payment of debt and other financing obligations			(7,250	)			(12,250	)
Payment of finance leases			(15,935	)			(11,843	)
Common stock repurchases			(10,003	)			(15,005	)
Payment of deferred financing fees			—				(658	)
Proceeds from exercise of stock options			2,041				—
Surrender of shares to pay withholding taxes			(10,455	)			(11,833	)
Payments under asset-based loan facility			(30,000	)			(20,000	)
Excess tax benefits on stock compensation
Net cash used in financing activities			(71,602	)			(71,589	)
Effect of foreign currency translation on cash and cash equivalents			(97	)			(17	)
Net change in cash and cash equivalents			43,743				(49,594	)
Cash and cash equivalents at beginning of period			120,982				114,655
Cash and cash equivalents at end of period		$	164,725			$	65,061

THE CHEFS’ WAREHOUSE, INC. RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (unaudited; in thousands)
		Thirteen Weeks Ended							Thirty-Nine Weeks Ended
		September 25, 2026				September 26, 2025			September 25, 2026				September 26, 2025
Net income		$	29,617			$	19,148		$	80,751			$	50,677
Interest expense			8,999				10,535			28,806				31,503
Depreciation and amortization of property and equipment			15,723				13,713			45,883				39,045
Amortization of intangible assets			5,453				6,084			16,624				18,187
Income tax expense			12,870				9,253			33,692				19,707
EBITDA (1)			72,662				58,733			205,756				159,119
Adjustments:
Stock compensation (2)			9,297				4,922			22,123				14,551
Other operating (income) expenses, net (3)			(558	)			130			(388	)			1,000
Duplicate rent (4)			756				1,157			2,871				2,875
Moving expenses (5)			29				111			29				438
Adjusted EBITDA (1)		$	82,186			$	65,053		$	230,391			$	177,983

1. See the “Non-GAAP Financial Measures” section of the press release.
2. Represents non-cash stock compensation expense associated with awards of restricted shares of our common stock and stock options to our key employees and our independent directors.
3. Represents non-cash changes in the fair value of contingent earn-out liabilities related to our acquisitions, non-cash charges related to asset disposals, asset impairments, including intangible asset impairment charges, certain third-party deal costs incurred in connection with our acquisitions or financing arrangements and certain other costs.
4. Represents rent and occupancy costs expected to be incurred in connection with our facility consolidations while we are unable to use those facilities.
5. Represents moving expenses for the consolidation and expansion of several of our distribution facilities.

THE CHEFS’ WAREHOUSE, INC. RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER SHARE (unaudited; in thousands except share amounts and per share data)
		Thirteen Weeks Ended							Thirty-Nine Weeks Ended
		September 25, 2026				September 26, 2025			September 25, 2026				September 26, 2025
Net income		$	29,617			$	19,148		$	80,751			$	50,677
Adjustments to reconcile net income to adjusted net income (1):
Other operating (income) expenses, net (2)			(558	)			130			(388	)			1,000
Duplicate rent (3)			756				1,157			2,871				2,875
Moving expenses (4)			29				111			29				438
Debt modification and extinguishment expenses (5)			—				—			655				525
Tax effect of adjustments (6)			(371	)			909			(2,767	)			(1,355	)
Total adjustments			(144	)			2,307			400				3,483
Adjusted net income (1)		$	29,473			$	21,455		$	81,151			$	54,160
Diluted adjusted net income per common share (1)		$	0.66			$	0.50		$	1.84			$	1.26
Numerator:
Adjusted net income (1)		$	29,473			$	21,455		$	81,151			$	54,160
Add effect of dilutive securities:
Interest on convertible notes, net of tax			1,175				1,226			3,524				3,677
Adjusted net income available to common shareholders		$	30,648			$	22,681		$	84,675			$	57,837
Denominator:
Weighted average basic common shares outstanding			38,814,944				38,575,691			38,852,135				38,717,363
Dilutive effect of unvested common shares and stock options			852,296				729,276			772,396				744,749
Dilutive effect of convertible notes			6,494,970				6,494,970			6,494,970				6,494,970
Weighted average diluted common shares outstanding			46,162,210				45,799,937			46,119,501				45,957,082

1. See the “Non-GAAP Financial Measures” section of the press release.
2. Represents non-cash changes in the fair value of contingent earn-out liabilities related to our acquisitions, non-cash charges related to asset disposals, asset impairments, including intangible asset impairment charges, certain third-party deal costs incurred in connection with our acquisitions or financing arrangements and certain other costs. 
3. Represents rent and occupancy costs expected to be incurred in connection with our facility consolidations while we are unable to use those facilities. 
4. Represents moving expenses for the consolidation and expansion of several of our distribution facilities. 
5. Represents debt modification costs, extinguishment costs and interest expense related to the write-off of certain deferred financing fees related to our credit agreements. 
6. Represents the adjustments to the tax expense values to reflect a normalized annual effective tax rate on adjusted pretax earnings of 31.0% and 28.0% for the third quarters of 2026 and 2025, respectively, and year-to-date periods of 2026 and 2025, respectively.

THE CHEFS’ WAREHOUSE, INC. RECONCILIATION OF ADJUSTED EBITDA GUIDANCE FOR FISCAL 2026 (unaudited; in thousands)
		Low-End Guidance			High-End Guidance
Net income:		$	108,500		$	110,000
Income tax expense			45,000			45,500
Depreciation and amortization of property and equipment			85,000			85,000
Interest expense			45,500			46,500
EBITDA (1)			284,000			287,000
Adjustments:
Stock compensation (2)			29,000			30,000
Duplicate rent (3)			3,500			3,500
Other operating expenses (4)			500			500
Adjusted EBITDA (1)		$	317,000		$	321,000

1. See the “Non-GAAP Financial Measures” section of the press release.
2. Represents non-cash stock compensation expense associated with awards of restricted shares of our common stock and stock options to our key employees and our independent directors.
3. Represents rent and occupancy costs expected to be incurred in connection with our facility consolidations while we are unable to use those facilities.
4. Represents non-cash changes in the fair value of contingent earn-out liabilities related to our acquisitions, non-cash charges related to asset disposals, asset impairments, including intangible asset impairment charges, certain third-party deal costs incurred in connection with our acquisitions or financing arrangements, moving expenses for the consolidation and expansion of several of our distribution facilities and certain other costs.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were The Chefs’ Warehouse’s third-quarter 2026 earnings?

The Chefs’ Warehouse earned $29.6 million, or $0.67 per diluted share, in the quarter ended September 25, 2026. That compares with $19.1 million, or $0.44 per diluted share, in the prior-year quarter. Sales increased 11.2% to $1.14 billion.

What is CHEF’s updated full-year 2026 guidance?

The Chefs’ Warehouse raised its fiscal 2026 outlook to $4.56 billion–$4.61 billion in net sales, $1.130 billion–$1.140 billion in gross profit and $317 million–$321 million in adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP earnings measure.

What drove The Chefs’ Warehouse’s higher third-quarter 2026 expenses?

Higher compensation and benefits, facilities and distribution costs, fuel costs and depreciation drove the increase in selling, general and administrative expenses. Facilities and distribution costs supported sales growth, while higher depreciation reflected facility and fleet investments. These expenses totaled $233.4 million, up approximately 12.1% year over year.

How were The Chefs’ Warehouse’s Middle East operations performing?

The company said recent Middle East revenue trends were approximately 100% of prior-year levels despite a challenging operating environment. It attributed support for food-away-from-home activity to local residents and expatriates returning from the summer off-season.