📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

The Chefs' Warehouse, Inc., together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ↓ Deteriorating 4 quarters analysed

Q2 2025

Confident Specific

Management used precise figures (8.4% sales growth, 59 bps gross margin improvement, 7.2% reported inflation) and raised full-year guidance ranges for sales, gross profit, and adjusted EBITDA. They repeatedly attributed results to deliberate actions like the Texas transformation and digital platform growth, and directly addressed analyst questions with detailed explanations.

Q3 2025

Confident Specific

Management used specific growth percentages, raised full-year guidance, and described sequential improvement and continued momentum into October. Language such as 'strong growth', 'exceed our expectations', and 'really great quarter' supports a confident and data-backed tone.

Q4 2025

Confident Specific

Chris Pappas repeatedly used phrases like "consistently strong demand", "strong year-over-year organic volume growth", and "really strong". Jim Leddy provided specific metrics (e.g., 8.3% net inflation, 10.2% gross profit growth) and clear guidance ranges. Even when addressing weather disruptions, the tone remained optimistic and matter-of-fact.

Q1 2026 latest

Mixed

Management expressed strong confidence in North American performance ('exceptional execution', 'great start', 'double-digit top-line growth') but acknowledged uncertainty and volatility from the Middle East conflict, refraining from raising guidance despite strong Q1.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is largely unchanged but with a watchful eye on the Middle East. North American operations are clearly outperforming and generating operating leverage, which underpins confidence. However, management chose not to raise guidance despite strong Q1, citing uncertainty in the Middle East. This adds a layer of caution. If the conflict stabilizes, upward revisions are likely. Key next quarter watch items: the pace of recovery in Middle East revenue, sustainability of double-digit North American growth, and gross margin trends in center of the plate. Overall, the call reinforces the long-term growth story but tempers near-term expectations slightly.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED Chefs' Warehouse Q1 2026 net sales $1.059B, adj. EBITDA $60.1M, up 26.5% YoY

Revenue & Profitability

Q1 2026 net sales increased 11.4% to $1.059B. Gross profit rose 13.9% to $257.4M (margin 24.3%, up 53 bps). Operating income was $33.1M (vs $22.7M). GAAP net income was $17.4M ($0.40 diluted EPS) vs $10.3M ($0.25). Adjusted EBITDA grew to $60.1M from $47.5M. Full-year 2026 guidance: net sales $4.35B–$4.45B, gross profit $1.053B–$1.076B, adjusted EBITDA $276M–$286M.

Outlook

Management is cautiously optimistic about the high-end consumer, noting strong bookings and spending at restaurants and hotels. The World Cup in the U.S. is seen as a potential near-term tailwind. The Middle East conflict creates uncertainty, but the North American business is growing well above expectations. Macroeconomic factors like gas prices have not materially changed dining-out behavior for affluent customers.

Growth Drivers

Key growth drivers include organic market share gains (organic specialty sales up 6.8%), unique customer growth (4.3% ex-Texas attrition), and new market maturation (Florida growing over 20%, Texas becoming a top-three market). The company is accelerating through investments in sales talent, technology, and infrastructure, and expects double-digit top-line growth to start Q2.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross profit margin improved 53 bps to 24.3%, driven by specialty (+43 bps) and center-of-plate (+110 bps). Adjusted operating expenses were 18.6% of net sales. Management expects continued operating leverage from prior investments, with potential for more than 20–25 bps of annual EBITDA margin expansion. Full-year adjusted EBITDA margin is not explicitly guided but embedded in $276M–$286M range.

Key Risks

The primary risk flagged is the ongoing conflict in the Middle East, which impacted Q1 by ~50 bps and has resulted in operations running at approximately 75% of prior-year levels. Other risks include extreme weather events (two storms in Q1) and potential volatility in customer demand. Management left guidance unchanged due to uncertainty around the conflict's duration and severity.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Second quarter 2026 delivered double-digit revenue and profit growth, with strong execution across regions and product categories. Full-year guidance was raised, and long-term targets extended to 2030, reflecting confidence in continued market share gains, operational leverage, and technology investments.

Q1 2026 Q1 2026 2026-04-29

Q1 2026 delivered double-digit revenue and profit growth, led by strong North American performance and resilient demand despite Middle East volatility. Guidance for the full year remains unchanged, with robust liquidity and continued margin expansion supported by operational leverage.

Q4 2025 Q4 2025 2026-02-11

Q4 2025 saw double-digit sales and profit growth, with strong organic expansion and margin improvements despite minor headwinds from non-core program exits and weather. 2026 guidance projects continued revenue and EBITDA growth, supported by ongoing investments and a robust balance sheet.

Q3 2025 Q3 2025 2025-10-29

Q3 2025 saw 9.6% sales growth, margin expansion, and strong profit gains, with momentum continuing into Q4. Full-year guidance was raised, reflecting robust demand, market share gains, and successful integration of recent acquisitions.

Q2 2025 Q2 2025 2025-07-30

Q2 2025 delivered 8.4% sales growth, margin expansion, and strong profitability, driven by specialty and operational improvements. Guidance for 2025 was raised, with continued focus on integration, digital growth, and margin initiatives.

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