Financial Performance - Net sales for Q4 2025 increased by 10.5% to $1.14 billion from $1.03 billion in Q4 2024[5] - Organic sales rose by $99.9 million, or 9.7%, compared to the prior year quarter[5] - Gross profit increased by 10.2% to $276.6 million, with gross profit margins decreasing to 24.2%[6] - Selling, general and administrative expenses rose by approximately 8.9% to $225.2 million, representing 19.7% of net sales[7] - GAAP net income for Q4 2025 was $21.7 million, or $0.50 per diluted share, compared to $23.9 million, or $0.55 per diluted share, in Q4 2024[9] - Adjusted EBITDA for Q4 2025 was $80.3 million, up from $68.2 million in Q4 2024[12] - Net sales for the thirteen weeks ended December 26, 2025, were $1,142,564, an increase of 10.6% compared to $1,033,568 for the same period in 2024[24] - Gross profit for the fifty-two weeks ended December 26, 2025, was $1,004,090, representing a 9.8% increase from $914,147 in 2024[24] - Net income for the fifty-two weeks ended December 26, 2025, was $72,361, up 30.5% from $55,479 in 2024[24] - Adjusted net income for the fifty-two weeks ended December 26, 2025, was $82,604, a 32.9% increase from $62,163 in 2024[33] - EBITDA for the fifty-two weeks ended December 26, 2025, was $223,236, compared to $193,141 in 2024, reflecting a growth of 15.6%[29] - Operating income for the fifty-two weeks ended December 26, 2025, was $145,106, a 13.2% increase from $128,207 in 2024[24] Future Projections - The company expects full-year 2026 net sales in the range of $4.35 billion to $4.45 billion[16] - Gross profit for 2026 is projected to be between $1.053 billion and $1.076 billion[16] - Adjusted EBITDA for 2026 is forecasted to be between $276 million and $286 million[16] - Net income guidance ranges from $88,000 to $92,000[35] - Provision for income tax expense is estimated between $34,000 and $36,000[35] - Depreciation and amortization of property and equipment is projected at $85,000 to $87,000[35] - Interest expense is expected to be in the range of $41,000 to $42,000[35] - EBITDA guidance is set between $248,000 and $257,000[35] - Adjusted EBITDA is forecasted to be between $276,000 and $286,000[35] Asset and Expense Management - Total assets increased to $2,028,007 as of December 26, 2025, from $1,858,691 in 2024, marking an increase of 9.1%[26] - Cash and cash equivalents at the end of the period were $120,982, up from $114,655 in 2024, indicating a growth of 5.5%[27] - The company incurred capital expenditures of $41,426 for the fifty-two weeks ended December 26, 2025, down from $49,506 in 2024, a decrease of 16.5%[28] - The company reported a diluted adjusted net income per share of $1.90 for the fifty-two weeks ended December 26, 2025, compared to $1.47 in 2024, an increase of 29.3%[33] - The company reported an impairment charge of $8.0 million in Q4 2025 related to a non-core customer relationship intangible asset[10] Operating Expenses - Stock compensation expense is estimated at $23,500 to $24,000[35] - Duplicate rent costs are expected to remain at $3,500[35] - Other operating expenses are projected to be between $1,000 and $1,500[35]

Core Insights - The Chefs' Warehouse, Inc. reported strong financial results for the fourth quarter of 2025, with net sales increasing by 10.5% to $1.14 billion compared to $1.03 billion in the same quarter of 2024, driven by robust demand in the upscale dining sector [4][10]. Financial Performance - Net sales for Q4 2025 reached $1.14 billion, a 10.5% increase from $1.03 billion in Q4 2024. Organic sales grew by $99.9 million, or 9.7%, while acquisitions contributed an additional $9.1 million, or 0.8% [4][10]. - Gross profit rose by 10.2% to $276.6 million from $251.0 million in Q4 2024, although gross profit margins slightly decreased to 24.2% [5][10]. - Selling, general and administrative expenses increased by approximately 8.9% to $225.2 million, primarily due to higher compensation and benefits costs [6][10]. - Operating income for Q4 2025 was $43.2 million, down from $46.5 million in Q4 2024, reflecting increased operating expenses [8][10]. - Net income for Q4 2025 was $21.7 million, or $0.50 per diluted share, compared to $23.9 million, or $0.55 per diluted share, in Q4 2024 [9][10]. Operational Highlights - The company experienced a 3.3% increase in organic case count in its specialty category, with unique customer placements rising by 1.2% and unique item placements increasing by 4.2% compared to Q4 2024 [4][10]. - Organic pounds sold in the center-of-the-plate category decreased by approximately 2.4% due to the exit from a non-core commodity poultry program [4][10]. Future Guidance - For fiscal 2026, the company provided guidance for net sales in the range of $4.35 billion to $4.45 billion, gross profit between $1.053 billion and $1.076 billion, and adjusted EBITDA between $276 million and $286 million [16][31].

Company Overview - The Chefs' Warehouse, Inc. (NASDAQ:CHEF) is a premier distributor of specialty food products in the United States, serving chefs and culinary professionals across the hospitality industry, culinary schools, and specialty food retailers [3] Recent Developments - On January 29, Benchmark raised its price target on The Chefs' Warehouse, Inc. to $84 from $79 while maintaining a Buy rating, citing strong underlying momentum in the business as a key driver [1] - The company announced the acquisition of Italco Food Products during its third-quarter 2025 earnings call, enhancing its presence in the Denver market [2] - The Chefs' Warehouse's Middle East operations reported double-digit growth, supported by facility expansions in Dubai, Qatar, and Oman, which extend its global distribution footprint [2]

Core Viewpoint - The Chefs' Warehouse, Inc. is set to announce its financial results for Q4 and the fiscal year ending December 26, 2025, on February 11, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results will be released before the stock market opens on February 11, 2026 [1] - A conference call to review the results will take place at 8:30 a.m. ET on the same day [1] Group 2: Conference Call Details - The conference call will be available via a live webcast on the Company's investor relations website [2] - An online archive of the webcast will be accessible for 30 days following the event [2] Group 3: Company Overview - The Chefs' Warehouse, Inc. is a leading distributor of specialty food products in the U.S., Middle East, and Canada [3] - The company serves a diverse clientele, including independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, and specialty food stores [3] - It distributes over 88,000 products to more than 50,000 customer locations [3]

Group 1 - Chefs' Warehouse (NASDAQ:CHEF) is recognized as a promising mid-cap consumer staples stock priced under $100, with a consensus 1-year median price target of $76.71, indicating an upside potential of nearly 26% from the current level [1] - The stock has received coverage from 7 analysts, with 6 analysts giving Buy ratings and 1 analyst issuing a Hold call, reflecting a highly bullish sentiment towards the company [1] - Todd Brookes from Benchmark Co reiterated a Buy rating for Chefs' Warehouse with a price target estimate of $75, suggesting an upside potential of around 23%, based on positive discussions with company management [2] Group 2 - Chefs' Warehouse operates as a specialty food distributor and restaurant supplier across the United States, Canada, and the Middle East, covering various product categories such as Dairy & Eggs, Meat & Poultry, Seafood, Oil & Vinegar, Pantry, Frozen Grocery, and Beverages [3] - The company manages its supply chain operations through 53 distribution centers and an extensive logistics network, which supports its business model [3]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was in the 3% range, which is favorable for food distributors [8] - The company aims to achieve a 6.5%-7% Adjusted EBITDA margin by fiscal 2028, with various initiatives planned to reach this goal [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, moving from high-end products to include upscale casual and various food service sectors [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [19] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share, which would equate to approximately $50 billion [16] - The company has seen significant growth in regions like Texas and Florida, with Texas being described as a startup opportunity for the company [32][33] Company Strategy and Development Direction - The company focuses on being a primary supplier to independent restaurants and cafes, while also expanding into other categories and territories [21][22] - The management emphasizes the importance of being a solution provider and consultant to customers, particularly in addressing labor challenges [24] Management Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is not expecting any material changes in inflation or tariffs that would significantly impact operations [8][10] Other Important Information - The company has paused its M&A activities to focus on integrating recent acquisitions and improving operational efficiencies [31] - The management believes that the future of distribution will require a more consultative approach to meet customer needs [24] Q&A Session Summary Question: How is the company adapting to potential economic tailwinds? - Management does not model potential tailwinds but acknowledges that increased disposable income for consumers could benefit the business [6] Question: What is the outlook on inflation and pricing? - Management noted that they can manage through inflation effectively due to their diverse SKU offerings and that they prefer a stable inflation range of 1%-3% [11] Question: How does the company view competition in the food distribution market? - Management believes that while competition is strong, their unique approach and long-standing relationships with chefs and restaurants set them apart [14] Question: What is the company's strategy regarding M&A? - Management indicated a pause in M&A to focus on internal growth and integration of existing acquisitions, while remaining opportunistic for future deals [31][32]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was around 3%, which is favorable for food distributors [8] - The company aims to achieve an Adjusted EBITDA margin of 6.5%-7% by fiscal 2028 [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, moving from high-end products to include upscale casual and various food service sectors [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [19] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share [16] - The company has seen significant growth in regions like Texas and Florida, with Texas being described as a startup due to its rapid expansion [32][33] Company Strategy and Development Direction - The company focuses on being a core supplier to independent restaurants and cafes, rather than pursuing large national chains [23] - The strategy includes enhancing the sales force to act more as consultants, providing tailored solutions to customers facing labor challenges [24] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is not expecting significant changes in inflation rates and is prepared to manage price volatility effectively [8][10] Other Important Information - The company has paused M&A activities to focus on integrating recent acquisitions and improving operational efficiencies [31] - The management emphasizes the importance of maintaining a diversified supply chain to mitigate risks associated with tariffs and inflation [10][12] Q&A Session Summary Question: How is the state of the consumer affecting your business? - Management noted that their customer base remains healthy, with continued spending on dining out and events [4] Question: How do you expect tax reforms to impact your business? - Management does not model tax reforms into their forecasts but acknowledges that increased disposable income for consumers could be beneficial [6] Question: What is your outlook on inflation and pricing? - Management indicated that they can manage through price volatility effectively and prefer a stable inflation range of 1%-3% [11] Question: How do you view competition in the food distribution market? - Management believes that their unique approach and long-standing relationships with chefs set them apart from competitors [14] Question: What is your strategy regarding M&A? - Management stated that they are currently focused on organic growth and integrating past acquisitions, remaining opportunistic for future M&A [31][33]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was around 3%, which is favorable for food distributors [9] - The company aims to achieve an Adjusted EBITDA margin of 6.5%-7% by fiscal 2028 [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, serving various sectors including upscale casual dining, cruise ships, hotels, and caterers [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [21][22] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share [16][18] - The company has seen significant growth in regions like Texas and Florida, with Texas being compared to a startup due to its rapid expansion [32][33] Company Strategy and Development Direction - The company focuses on being a primary supplier to independent restaurants and cafes, while also expanding its presence in various categories [22] - The strategy includes a pause on M&A to integrate recent acquisitions and improve operational efficiencies [31] - The company aims to leverage technology and automation in distribution centers to enhance efficiency and customer experience [30] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is well-prepared to manage inflationary pressures and has a diversified product range to mitigate risks [8][12] - Management believes that the future of distribution will involve more consulting roles to help customers navigate challenges, particularly in labor [25] Other Important Information - The company has a strong commitment to training its sales force to adapt to changing market dynamics and improve customer service [26] - The company has built a robust supply chain with many small producers, allowing for exclusive partnerships and brand development [18] Q&A Session Summary Question: How is the company adapting to potential economic tailwinds? - Management does not model potential tailwinds but acknowledges that increased disposable income could benefit the business [6] Question: What is the outlook on inflation and pricing? - The company has seen volatility in certain categories but can manage through it effectively, aiming for a normalized inflation range of 1%-4% [12] Question: How does the company view competition and market positioning? - The company operates in a competitive market but differentiates itself through its focus on quality and relationships with creative chefs [15][16] Question: What is the company's approach to M&A? - Management is currently opportunistic regarding M&A but is focused on organic growth and integrating existing acquisitions [31][33]

Core Insights - The Chefs' Warehouse, Inc. has provided a preliminary outlook for fiscal year 2026 following a strong fourth quarter of 2025, indicating positive business trends [2][7] Financial Guidance - The company forecasts net sales to be in the range of $4.35 billion to $4.45 billion for fiscal year 2026 [7] - Gross profit is expected to be between $1.053 billion and $1.076 billion [7] - Adjusted EBITDA, a non-GAAP measure, is projected to be between $276 million and $286 million [7] - The diluted share count is anticipated to be between 46.0 million and 46.7 million shares, including approximately 6.5 million shares from convertible notes due in 2028 [2] Non-GAAP Financial Measures - The company presents forecasted EBITDA and adjusted EBITDA as additional metrics to evaluate its performance, which are not determined in accordance with GAAP [4] - These measures are intended to provide a more complete understanding of the company's operating performance [4][5] Upcoming Events - The company will participate in a fireside chat at the ICR Conference on January 13, 2026, at 11:30 a.m. ET, which will be available via webcast [3]

Core Viewpoint - The Chefs' Warehouse, Inc. will participate in a fireside chat at the ICR Conference on January 13, 2026, at 11:30 a.m. ET, highlighting its role as a premier distributor of specialty food products [1]. Company Overview - The Chefs' Warehouse, Inc. is a leading distributor of specialty food products in the United States, the Middle East, and Canada, catering to chefs and operators of independent restaurants, fine dining establishments, and various culinary businesses [3]. - The company distributes over 88,000 products to more than 50,000 customer locations across its operational regions [3]. Investor Engagement - Investors and interested parties can access a webcast of the fireside chat through the company's investor relations website [2]. Contact Information - For further inquiries, the company's CFO, Jim Leddy, can be contacted at (718) 684-8415 [4].