Detailed financial statements for United Natural Foods, Inc. (UNFI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
United Natural Foods, Inc. (UNFI), founded in 1976 and based in Providence, Rhode Island, functions as a prominent distributor of a wide spectrum of products across the United States and Canada. The company supplies natural, organic, and specialty items, alongside conventional grocery staples, fresh produce, and non-food merchandise, operating through two primary business divisions: Wholesale and Retail.
Analysis Summary
United Natural Foods, Inc. reported revenue of $31.15B in the most recent fiscal year, growing at a 5-year CAGR of 2.9%. Net income reached $84.0M, with a -10.8% 5-year CAGR.
Balance sheet quality for UNFI: current ratio of 1.3, net debt of $3.00B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $323.0M represents 385% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.27B | $10.23B | $21.39B | $26.51B | $26.95B | $28.93B | $30.27B | $30.98B | $31.78B | $31.15B |
| Cost of Revenue | $7.85B | $8.70B | $18.60B | $22.64B | $23.01B | $24.75B | $26.14B | $26.78B | $27.56B | $26.96B |
| Gross Profit | $1.43B | $1.52B | $2.79B | $3.87B | $3.94B | $4.18B | $4.13B | $4.20B | $4.22B | $4.20B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.20B | $1.28B | $2.94B | $3.50B | $3.50B | $3.77B | $3.91B | $4.03B | $4.03B | $3.88B |
| Operating Expenses | $1.20B | $1.28B | $2.63B | $3.54B | $3.59B | $3.83B | $3.94B | $4.19B | $4.25B | $3.87B |
| Operating Income | $226.0M | $227.2M | $191.0M | $376.1M | $439.0M | $423.0M | $120.0M | $8.0M | -$31.0M | $345.0M |
| EBITDA | $316.5M | $315.7M | $86.3M | $115.0M | $599.0M | $732.0M | $444.0M | $328.0M | $498.0M | $648.0M |
| Interest Expense | $17.1M | $16.5M | $180.9M | $168.0M | $204.0M | $113.0M | $155.0M | $174.0M | $154.0M | $126.0M |
| Pre-tax Income | $214.4M | $212.7M | -$435.3M | -$344.5M | $183.0M | $310.0M | $7.0M | -$137.0M | -$154.0M | $102.0M |
| Income Tax | $84.3M | $47.1M | -$84.6M | -$90.4M | $34.0M | $56.0M | -$23.0M | -$27.0M | -$39.0M | $18.0M |
| Net Income | $130.2M | $165.7M | -$350.7M | -$254.0M | $149.0M | $248.0M | $24.0M | -$112.0M | -$118.0M | $84.0M |
| EPS | $2.57 | $3.28 | $-6.85 | $-4.72 | $2.65 | $4.28 | $0.41 | $-1.89 | $-1.96 | $1.38 |
| EPS (Diluted) | $2.56 | $3.26 | $-6.85 | $-4.72 | $2.48 | $4.07 | $0.40 | $-1.89 | $-1.96 | $1.34 |
| Shares Outstanding (Diluted) | $50.8M | $50.8M | $51.2M | $53.8M | $60.0M | $61.0M | $60.7M | $59.3M | $60.2M | $62.8M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $7.84B | $7.95B | $7.72B | $7.64B |
| Gross Profit | $1.05B | $1.05B | $1.05B | $1.05B |
| Operating Income | $74.0M | $95.0M | $95.0M | $78.0M |
| EBITDA | $102.0M | $169.0M | $145.0M | $211.0M |
| Net Income | -$4.0M | $20.0M | $33.0M | $35.0M |
| EPS | $-0.07 | $0.33 | $0.54 | $0.58 |
| EPS (Diluted) | $-0.07 | $0.32 | $0.53 | $0.56 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.4M | $23.3M | $42.4M | $47.0M | $41.0M | $44.0M | $37.0M | $40.0M | $44.0M | $37.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $525.6M | $579.7M | $1.04B | $1.10B | $1.10B | $1.21B | $889.0M | $953.0M | $1.09B | $921.0M |
| Inventory | $1.03B | $1.14B | $2.09B | $2.28B | $2.25B | $2.35B | $2.29B | $2.18B | $2.10B | $1.95B |
| Total Current Assets | $1.66B | $1.79B | $3.57B | $3.70B | $3.55B | $3.80B | $3.46B | $3.40B | $3.42B | $3.14B |
| Property, Plant & Equipment | $602.1M | $571.1M | $1.64B | $2.68B | $2.85B | $2.87B | $3.00B | $3.19B | $3.22B | $3.05B |
| Goodwill | $371.3M | $362.5M | $442.3M | $19.6M | $20.0M | $20.0M | $20.0M | $19.0M | $19.0M | $19.0M |
| Intangible Assets | $208.3M | $193.2M | $1.04B | $969.6M | $891.0M | $819.0M | $722.0M | $649.0M | $576.0M | $509.0M |
| Total Assets | $2.89B | $2.96B | $7.18B | $7.59B | $7.53B | $7.63B | $7.39B | $7.53B | $7.59B | $7.11B |
| Accounts Payable | $534.6M | $517.1M | $1.53B | $1.63B | $1.64B | $1.74B | $1.78B | $1.69B | $1.88B | $1.77B |
| Short-term Debt | $12.1M | $12.4M | $112.1M | $118.0M | $255.0M | $27.0M | $18.0M | $4.0M | $8.0M | $148.0M |
| Total Current Liabilities | $704.0M | $699.2M | $2.11B | $2.37B | $2.49B | $2.42B | $2.40B | $2.37B | $2.60B | $2.44B |
| Long-term Debt | $373.5M | $347.7M | $2.82B | $2.52B | $2.17B | $2.11B | $1.96B | $2.08B | $1.86B | $1.56B |
| Total Liabilities | $1.20B | $1.12B | $5.67B | $6.44B | $6.01B | $5.84B | $5.65B | $5.89B | $6.04B | $5.49B |
| Retained Earnings | $1.24B | $1.40B | $1.12B | $837.6M | $978.0M | $1.23B | $1.25B | $1.14B | $1.02B | $1.10B |
| Total Equity | $1.68B | $1.85B | $1.51B | $1.14B | $1.51B | $1.79B | $1.74B | $1.64B | $1.55B | $1.62B |
| Total Debt | $385.6M | $360.1M | $3.04B | $3.66B | $3.43B | $3.38B | $3.27B | $3.55B | $3.45B | $3.04B |
| Net Debt | $370.2M | $336.8M | $3.00B | $3.61B | $3.39B | $3.34B | $3.23B | $3.51B | $3.41B | $3.00B |
| Working Capital | $958.7M | $1.09B | $1.46B | $1.33B | $1.06B | $1.38B | $1.06B | $1.04B | $821.0M | $700.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $38.0M | $52.0M | $43.0M | $37.0M |
| Total Assets | $7.56B | $7.25B | $7.19B | $7.11B |
| Total Liabilities | $6.01B | $5.69B | $5.59B | $5.49B |
| Total Equity | $1.55B | $1.55B | $1.60B | $1.62B |
| Total Debt | $3.47B | $3.24B | $3.15B | $3.04B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $130.2M | $165.7M | -$285.6M | -$256.0M | $143.0M | $248.0M | $24.0M | -$112.0M | -$118.0M | $84.0M |
| Depreciation & Amortization | $85.0M | $86.5M | $249.9M | $289.0M | $287.0M | $285.0M | $304.0M | $319.0M | $321.0M | $303.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $61.0M |
| Change in Working Capital | $38.1M | -$159.5M | $24.0M | -$57.0M | $153.0M | -$366.0M | $170.0M | $5.0M | $266.0M | $10.0M |
| Operating Cash Flow | $280.8M | $109.5M | $284.5M | $457.0M | $614.0M | $331.0M | $624.0M | $253.0M | $470.0M | $540.0M |
| Capital Expenditure | -$56.1M | -$44.6M | -$228.5M | -$173.0M | -$310.0M | -$251.0M | -$323.0M | -$345.0M | -$231.0M | -$217.0M |
| Acquisitions | -$9.0M | $243,999 | -$2.11B | $147.0M | $82.0M | $230.0M | $16.0M | $25.0M | $30.0M | 0 |
| Stock Repurchased | 0 | -$24.2M | 0 | 0 | 0 | 0 | -$62.0M | 0 | 0 | -$50.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $224.7M | $64.9M | $56.1M | $284.0M | $304.0M | $80.0M | $301.0M | -$92.0M | $239.0M | $323.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$38.0M | $283.0M | $98.0M | $197.0M |
| Capital Expenditure | -$16.0M | -$40.0M | -$44.0M | -$117.0M |
| Free Cash Flow | -$54.0M | $243.0M | $54.0M | $80.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $11.0M | 0 | $18.0M | $32.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.3% | +109.1% | +24.0% | +1.6% | +7.3% | +4.6% | +2.3% | +2.6% | -2.0% | |
| Net Income Growth (YoY) | +27.3% | -311.7% | +27.6% | +158.7% | +66.4% | -90.3% | -566.7% | -5.4% | +171.2% | |
| EPS Growth (YoY) | +27.6% | -308.8% | +31.1% | +156.1% | +61.5% | -90.4% | -561.0% | -3.7% | +170.4% | |
| Shares Change (YoY) | +0.1% | +0.7% | +5.1% | +11.5% | +1.7% | -0.5% | -2.3% | +1.5% | +4.3% | |
| FCF Growth (YoY) | -71.1% | -13.6% | +406.7% | +7.0% | -73.7% | +276.2% | -130.6% | +359.8% | +35.1% | |
| Gross Margin | 15.4% | 14.9% | 13.0% | 14.6% | 14.6% | 14.5% | 13.6% | 13.6% | 13.3% | 13.5% |
| Operating Margin | 2.4% | 2.2% | 0.9% | 1.4% | 1.6% | 1.5% | 0.4% | 0.0% | -0.1% | 1.1% |
| EBITDA Margin | 3.4% | 3.1% | 0.4% | 0.4% | 2.2% | 2.5% | 1.5% | 1.1% | 1.6% | 2.1% |
| Net Margin | 1.4% | 1.6% | -1.6% | -1.0% | 0.6% | 0.9% | 0.1% | -0.4% | -0.4% | 0.3% |
| FCF Margin | 2.4% | 0.6% | 0.3% | 1.1% | 1.1% | 0.3% | 1.0% | -0.3% | 0.8% | 1.0% |
| Effective Tax Rate | 39.3% | 22.1% | 19.4% | 26.3% | 18.6% | 18.1% | -328.6% | 19.7% | 25.3% | 17.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.42 | $1.28 | $1.09 | $5.28 | $5.07 | $1.31 | $4.96 | $-1.55 | $3.97 | $5.14 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $50.6M | $50.5M | $51.2M | $53.8M | $60.0M | $58.0M | $59.2M | $59.3M | $60.2M | $60.7M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.99 | 9.82 | -1.44 | -4.21 | 12.50 | 10.10 | 50.73 | -8.20 | -13.78 | 36.83 |
| P/B | 1.16 | 0.88 | 0.33 | 0.93 | 1.31 | 1.40 | 0.71 | 0.56 | 1.05 | 1.90 |
| P/S | 0.21 | 0.16 | 0.02 | 0.04 | 0.07 | 0.09 | 0.04 | 0.03 | 0.05 | 0.10 |
| Gross Margin | 15.4% | 14.9% | 13.0% | 14.6% | 14.6% | 14.5% | 13.6% | 13.6% | 13.3% | 13.5% |
| Operating Margin | 2.4% | 2.2% | 0.9% | 1.4% | 1.6% | 1.5% | 0.4% | 0.0% | -0.1% | 1.1% |
| Net Margin | 1.4% | 1.6% | -1.6% | -1.0% | 0.6% | 0.9% | 0.1% | -0.4% | -0.4% | 0.3% |
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Explore sector: Consumer Defensive · Food Distribution
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