US Foods Holding Corp. USFD
US Foods Holding Corp. and its consolidated subsidiaries are referred to in this Annual Report as "we," "our," "us," the "Company," or "US Foods." US Foods Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. ("USF") and its subsidiaries.
At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our brand promise of WE HELP YOU MAKE IT®. Our promise brings three key elements to the forefront for our customers; (1) more quality products, like our large and diverse Exclusive Brand portfolio that is based on consistency, freshness and innovation, (2) more tools, centering on our industry-leading ecommerce platform, MOXē®, and (3) more deliveries, with expanded options for on-time delivery enabled by our traditional broadline services and our convenient and flexible Pronto® program. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We have centralized activities where scale matters and our local field structure focuses on customer-facing activities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.42B | $37.88B | $35.60B | $34.06B | $29.49B | $22.89B | $25.94B | $24.18B | $24.15B | $22.92B |
| Cost of revenue | $32.56B | $31.34B | $29.45B | $28.57B | $24.83B | $19.17B | $21.35B | $19.87B | $19.93B | $18.87B |
| Gross profit | $6.86B | $6.53B | $6.15B | $5.49B | $4.66B | $3.72B | $4.59B | $4.31B | $4.22B | $4.05B |
| SG&A | $5.63B | $5.41B | $5.12B | $4.89B | $4.22B | $3.76B | $3.89B | $3.65B | $3.63B | $3.58B |
| Total operating expenses | $5.67B | $5.43B | $5.13B | $4.90B | $4.23B | $3.80B | $3.89B | $3.65B | $3.63B | $3.63B |
| Operating income | $1.20B | $1.10B | $1.02B | $594.0M | $424.0M | -$77.0M | $699.0M | $658.0M | $588.0M | $419.0M |
| Interest expense | $305.0M | $315.0M | $324.0M | $255.0M | $213.0M | $238.0M | $184.0M | $175.0M | $170.0M | $229.0M |
| Pre-tax income | $898.0M | $644.0M | $678.0M | $361.0M | $214.0M | -$294.0M | $511.0M | $496.0M | $404.0M | $131.0M |
| Income tax | $222.0M | $150.0M | $172.0M | $96.0M | $50.0M | $68.0M | $126.0M | $89.0M | $40.0M | $79.0M |
| Net income | $676.0M | $494.0M | $506.0M | $265.0M | $164.0M | -$226.0M | $385.0M | $407.0M | $444.0M | $210.0M |
| EPS, basic | 2.98 | 2.05 | 2.09 | 1.02 | 0.55 | -1.15 | 1.77 | 1.88 | 2.00 | 1.05 |
| EPS, diluted | 2.94 | 2.02 | 2.02 | 1.01 | 0.54 | -1.15 | 1.75 | 1.87 | 1.97 | 1.03 |
| Shares, diluted (wtd. avg.) | $230.0M | $244.0M | $250.0M | $226.0M | $225.0M | $220.0M | $220.0M | $218.0M | $226.0M | $204.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $41.0M | $59.0M | $269.0M | $211.0M | $148.0M | $828.0M | $98.0M | $105.0M | $119.0M | $131.0M |
| Receivables | $2.03B | $1.96B | $1.85B | $1.71B | $1.47B | $1.08B | $1.46B | $1.35B | $1.30B | $1.23B |
| Inventory | $1.71B | $1.63B | $1.60B | $1.62B | $1.69B | $1.27B | $1.43B | $1.28B | $1.21B | $1.22B |
| Total current assets | $4.16B | $3.97B | $4.03B | $3.82B | $3.59B | $3.46B | $3.26B | $2.98B | $2.82B | $2.79B |
| Property, plant and equipment | $2.68B | $2.40B | $2.28B | $2.17B | $2.03B | $2.02B | $2.08B | $1.84B | $1.80B | $1.77B |
| Goodwill | $5.79B | $5.77B | $5.70B | $5.62B | $5.62B | $5.64B | $4.73B | $3.97B | $3.97B | $3.91B |
| Other intangibles | $781.0M | $836.0M | $803.0M | $785.0M | $830.0M | $892.0M | $967.0M | $324.0M | $364.0M | $386.9M |
| Total assets | $13.94B | $13.44B | $13.19B | $12.77B | $12.52B | $12.42B | $11.29B | $9.19B | $9.04B | $8.94B |
| Accounts payable | $2.45B | $2.23B | $2.05B | $1.85B | $1.66B | $1.22B | $1.46B | $1.36B | $1.29B | $1.29B |
| Short-term debt | — | — | — | — | — | — | — | — | — | $76.0M |
| Total current liabilities | $3.59B | $3.30B | $3.11B | $2.80B | $2.55B | $1.98B | $2.36B | $2.08B | $2.00B | $1.97B |
| Long-term debt | — | — | — | — | — | — | — | — | $3.80B | $3.80B |
| Total liabilities | $9.64B | $8.91B | $8.44B | $8.28B | $8.25B | $8.37B | $7.58B | $5.96B | $6.29B | $6.41B |
| Retained earnings | $2.68B | $2.00B | $1.51B | $1.01B | $782.0M | $661.0M | $916.0M | $531.0M | $124.0M | -$136.5M |
| Total equity | $4.31B | $4.53B | $4.75B | $3.96B | $3.73B | $3.53B | $3.71B | $3.23B | $2.75B | $2.54B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.37B | $1.17B | $1.14B | $765.0M | $419.0M | $413.0M | $760.0M | $609.0M | $749.0M | $549.0M |
| Depreciation and amortisation | $462.0M | $438.0M | $395.0M | $372.0M | $378.0M | $422.0M | $362.0M | $340.0M | $378.0M | $421.0M |
| Stock-based compensation | $83.0M | $63.0M | $56.0M | $45.0M | $48.0M | $40.0M | $32.0M | $28.0M | $21.0M | $18.0M |
| Capital expenditure | $410.0M | $341.0M | $309.0M | $265.0M | $274.0M | $189.0M | $258.0M | $235.0M | $221.0M | $164.0M |
| Investing cash flow | -$497.0M | -$552.0M | -$495.0M | -$255.0M | -$262.0M | -$1.11B | -$1.99B | -$232.0M | -$356.0M | -$762.0M |
| Financing cash flow | -$890.0M | -$831.0M | -$587.0M | -$447.0M | -$837.0M | $1.43B | $1.22B | -$391.0M | -$405.0M | -$180.0M |
| Buybacks | $926.0M | $948.0M | $294.0M | $14.0M | $0 | $0 | $0 | $0 | $280.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001665918-26-000008.
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