Chefs' Warehouse, Inc.

Listed Company

CHEFCIK 0001517175NasdaqLarge AcceleratedWholesale-Groceries, General LineDelawareFY ends Dec 26

Period

FY 2025

Revenue

$4.15B

Net Income

$72.36M

Total Assets

$2.03B

Equity

$604.31M

Shares Out

40.78M

Op. Cash Flow

$129.22M

Business

Chefs' Warehouse, Inc. is a premier distributor specializing in specialty food and center-of-the-plate products for professional culinary customers. It offers an extensive portfolio of over 88,000 SKUs including artisan charcuterie, specialty cheeses, truffles, caviar, chocolate and pastry products, custom-cut beef, seafood, hormone-free poultry, produce and broadline staples. Its operations include specialty distribution, an importing division, and a direct-to-consumer mail and e-commerce channel (Allen Brothers). The company serves chefs and foodservice customers across the United States, the Middle East and Canada through 49 distribution centers and a fleet of delivery vehicles.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	4,150	3,794	3,434	2,613	1,746
Cost of sales	3,145	2,880	2,619	1,995	1,355
Gross profit	1,004	914	814	619	390
Selling, general and administrative expenses	850	785	705	518	379
Other operating expenses, net	9	1	9	15	422,000
Operating income	145	128	101	86	11
Interest expense	42	49	45	44	—
Income before income taxes	104	80	55	42	−7
Provision for income tax expense	31	24	21	14	−2
Net income	72	55	35	28	−5
Foreign currency translation adjustments	1	−2	353,000	−163,000	29,000
Comprehensive income	73	54	35	28	−5
Basic (in dollars per share)	1.87	1.46	0.92	0.75	−0.13
Diluted (in dollars per share)	1.68	1.32	0.88	0.73	−0.13
Basic (in shares)	39	38	38	37	37
Diluted (in shares)	46	46	46	39	37

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	121	115	50	159	115
Accounts receivable, net of allowances ($26,965 in 2025 and $22,341 in 2024)	392	366	334	260	173
Inventories	386	316	285	246	144
Prepaid expenses and other current assets	71	71	63	56	38
Total current assets	970	868	731	721	470
Property and equipment, net	342	276	235	186	—
Operating lease right-of-use assets	205	191	192	157	131
Goodwill	363	356	356	287	222
Intangible assets, net	137	160	185	156	105
Other assets	11	7	6	3	4
Total assets	2,028	1,859	1,705	1,509	1,074
Accounts payable	276	267	201	163	118
Accrued liabilities	78	69	71	54	35
Short-term operating lease liabilities	25	22	24	19	16
Accrued compensation	66	50	37	34	22
Current portion of long-term debt	28	18	53	12	5
Total current liabilities	473	425	386	284	197
Long-term debt, net of current portion	720	689	665	654	394
Operating lease liabilities	202	187	184	151	127
Deferred taxes, net	22	16	14	6	0
Other liabilities	6	4	2	13	5
Total liabilities	1,424	1,321	1,251	1,108	724
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred Stock - $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 26, 2025 and December 27, 2024, respectively	0	0	0	0	0
Common Stock - $0.01 par value, 100,000,000 shares authorized, 40,679,813 and 40,248,884 shares issued and outstanding at December 26, 2025 and December 27, 2024, respectively	407,000	402,000	396,000	386,000	380,000
Additional paid in capital	405	399	356	338	314
Accumulated other comprehensive loss	−3	−4	−2	−2	−2
Retained earnings	202	142	100	65	38
Total stockholders equity	604	538	455	402	350
Total liabilities and stockholders equity	2,028	1,859	1,705	1,509	1,074

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of property and equipment	54	41	33	24	22
Amortization of intangible assets	24	24	23	14	13
Provision for allowance for credit losses	12	12	8	6	−422,000
Provision for deferred income taxes	7	1	8	10	−2
Stock compensation	21	18	20	14	11
Change in fair value of contingent earn-out liabilities	0	−3	3	9	−1
Intangible asset impairment	8	0	2	0	—
Non-cash interest and other operating activities	6	6	5	3	4
Accounts receivable	−36	−45	−49	−48	−71
Inventories	−67	−32	−29	−50	−61
Prepaid expenses and other current assets	404,000	−6	−7	−18	−2
Accounts payable, accrued liabilities and accrued compensation	31	87	20	19	72
Other assets and liabilities	−4	−6	−10	−1	−108,000
Net cash provided by operating activities	129	153	62	23	−20
Capital expenditures	−41	−50	−57	−46	−39
Cash paid for acquisitions, net of cash acquired	−5	−315,000	−122	−186	−10
Cash paid for contingent earn-out liabilities	−750,000	0	0	—	—
Net cash used in investing activities	−47	−50	−179	−232	−49
Payment of debt and other financing obligations	−13	−23	−29	−328	−33
Payment of finance leases	−16	−7	−4	−3	−5
Payment of deferred financing fees	−658,000	0	−2	−19	−1
Common stock repurchases	−15	−17	0	0	—
Proceeds from exercise of stock options	0	175,000	55,000	69,000	0
Surrender of shares to pay withholding taxes	−12	−7	−2	−3	−2
Cash paid for contingent earn-out liabilities	0	−4	−12	−4	−83,000
Borrowings under asset-based loan and revolving credit facilities	0	46	60	42	0
Payments under asset-based loan and revolving credit facilities	−20	−26	−2	−20	−20
Net cash (used in) provided by financing activities	−76	−38	9	253	−9
Effect of foreign currency on cash and cash equivalents	89,000	19,000	−260,000	−681,000	−14,000
Net change in cash and cash equivalents	6	65	−109	44	−78

Filings

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