Detailed financial statements for US Foods Holding Corp. (USFD): 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.
US Foods Holding Corp., operating primarily via its subsidiary, US Foods, Inc., is a key marketer and distributor within the United States foodservice market, offering an extensive selection of fresh, frozen, and dry food products alongside various non-food supplies.
Analysis Summary
US Foods Holding Corp. reported revenue of $39.42B in the most recent fiscal year, growing at a 5-year CAGR of 11.5%.
Trailing-twelve-month margins: gross margin 17.6%, operating margin 3.2%, net margin 1.8%. Free cash flow grew at 33.8% CAGR over 5 years.
At $103.61 (closing price, October 30, 2026), USFD trades at a P/E of 31.88 and an ROE of 16.75%. Market capitalisation stands at $22.4B, placing it among large-cap names.
Balance sheet quality for USFD: current ratio of 1.2, net debt of $5.68B. 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 $959.0M represents 142% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.92B | $24.15B | $24.18B | $25.94B | $22.89B | $29.49B | $34.06B | $35.60B | $37.88B | $39.42B |
| Cost of Revenue | $18.87B | $19.93B | $19.87B | $21.35B | $19.17B | $24.83B | $28.57B | $29.45B | $31.34B | $32.56B |
| Gross Profit | $4.05B | $4.22B | $4.31B | $4.59B | $3.72B | $4.66B | $5.49B | $6.15B | $6.53B | $6.86B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $3.58B | $3.63B | $3.65B | $3.89B | $3.76B | $4.22B | $4.89B | $5.12B | $5.41B | $5.63B |
| Operating Expenses | $3.63B | $3.63B | $3.65B | $3.89B | $3.80B | $4.23B | $4.89B | $5.12B | $5.41B | $5.63B |
| Operating Income | $419.0M | $588.0M | $658.0M | $699.0M | -$77.0M | $424.0M | $606.0M | $1.03B | $1.12B | $1.23B |
| EBITDA | $781.0M | $952.0M | $1.01B | $1.06B | $366.0M | $805.0M | $988.0M | $1.40B | $1.40B | $1.67B |
| Interest Expense | $229.0M | $170.0M | $175.0M | $184.0M | $238.0M | $213.0M | $255.0M | $324.0M | $315.0M | $305.0M |
| Pre-tax Income | $131.0M | $404.0M | $496.0M | $511.0M | -$294.0M | $214.0M | $361.0M | $678.0M | $644.0M | $898.0M |
| Income Tax | -$79.0M | -$40.0M | $89.0M | $126.0M | -$68.0M | $50.0M | $96.0M | $172.0M | $150.0M | $222.0M |
| Net Income | $210.0M | $444.0M | $407.0M | $385.0M | -$226.0M | $164.0M | $265.0M | $506.0M | $494.0M | $676.0M |
| EPS | $1.05 | $2.00 | $1.88 | $1.77 | $-1.15 | $0.55 | $1.02 | $2.09 | $2.05 | $2.98 |
| EPS (Diluted) | $1.03 | $1.97 | $1.87 | $1.75 | $-1.15 | $0.54 | $1.01 | $2.02 | $2.02 | $2.94 |
| Shares Outstanding (Diluted) | 204.0 M | 225.7 M | 217.8 M | 220.0 M | 220.0 M | 225.0 M | 226.0 M | 250.0 M | 244.0 M | 230.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $10.19B | $9.80B | $9.61B | $10.53B |
| Gross Profit | $1.75B | $1.72B | $1.65B | $1.92B |
| Operating Income | $295.0M | $334.0M | $216.0M | $443.0M |
| EBITDA | $400.0M | $439.0M | $336.0M | $564.0M |
| Net Income | $153.0M | $184.0M | $116.0M | $275.0M |
| EPS | $0.68 | $0.83 | $0.53 | $1.26 |
| EPS (Diluted) | $0.67 | $0.82 | $0.52 | $1.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $131.0M | $119.0M | $104.0M | $90.0M | $828.0M | $148.0M | $211.0M | $269.0M | $59.0M | $41.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.33B | $1.40B | $1.45B | $1.60B | $1.21B | $1.61B | $1.85B | $2.01B | $2.12B | $2.20B |
| Inventory | $1.22B | $1.21B | $1.28B | $1.43B | $1.27B | $1.69B | $1.62B | $1.60B | $1.63B | $1.71B |
| Total Current Assets | $2.79B | $2.82B | $2.98B | $3.26B | $3.46B | $3.59B | $3.82B | $4.03B | $3.97B | $4.16B |
| Property, Plant & Equipment | $1.77B | $1.80B | $1.84B | $2.08B | $2.02B | $2.03B | $2.17B | $2.28B | $2.40B | $2.68B |
| Goodwill | $3.91B | $3.97B | $3.97B | $4.73B | $5.64B | $5.62B | $5.62B | $5.70B | $5.77B | $5.79B |
| Intangible Assets | $387.0M | $364.0M | $324.0M | $967.0M | $892.0M | $830.0M | $785.0M | $803.0M | $836.0M | $781.0M |
| Total Assets | $8.94B | $9.04B | $9.19B | $11.29B | $12.42B | $12.52B | $12.77B | $13.19B | $13.44B | $13.94B |
| Accounts Payable | $1.29B | $1.29B | $1.36B | $1.46B | $1.22B | $1.66B | $1.85B | $2.05B | $2.23B | $2.45B |
| Short-term Debt | $218.7M | $263.0M | $263.0M | $364.0M | $267.0M | $278.0M | $291.0M | $330.0M | $325.0M | $305.0M |
| Total Current Liabilities | $1.97B | $2.00B | $2.08B | $2.36B | $1.98B | $2.55B | $2.80B | $3.11B | $3.30B | $3.59B |
| Long-term Debt | $3.71B | $3.65B | $3.00B | $4.59B | $5.62B | $4.92B | $4.74B | $4.56B | $4.82B | $5.06B |
| Total Liabilities | $6.41B | $6.29B | $5.96B | $7.58B | $8.37B | $8.25B | $8.28B | $8.44B | $8.91B | $9.64B |
| Retained Earnings | -$136.0M | $124.0M | $531.0M | $916.0M | $661.0M | $782.0M | $1.01B | $1.51B | $2.00B | $2.68B |
| Total Equity | $2.54B | $2.75B | $3.23B | $3.71B | $4.05B | $4.27B | $4.50B | $4.75B | $4.53B | $4.31B |
| Total Debt | $3.92B | $3.91B | $3.64B | $5.13B | $6.19B | $5.47B | $5.31B | $5.20B | $5.43B | $5.72B |
| Net Debt | $3.79B | $3.79B | $3.54B | $5.04B | $5.36B | $5.33B | $5.10B | $4.93B | $5.38B | $5.68B |
| Working Capital | $819.0M | $816.0M | $903.0M | $900.0M | $1.48B | $1.04B | $1.02B | $919.0M | $678.0M | $573.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $56.0M | $41.0M | $49.0M | $56.0M |
| Total Assets | $14.04B | $13.94B | $14.16B | $14.34B |
| Total Liabilities | $9.57B | $9.64B | $9.83B | $10.06B |
| Total Equity | $4.47B | $4.31B | $4.33B | $4.28B |
| Total Debt | $5.12B | $5.72B | $5.17B | $5.24B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $210.0M | $444.0M | $407.0M | $385.0M | -$226.0M | $164.0M | $265.0M | $506.0M | $494.0M | $676.0M |
| Depreciation & Amortization | $421.0M | $378.0M | $340.0M | $362.0M | $422.0M | $378.0M | $372.0M | $395.0M | $438.0M | $462.0M |
| Stock-based Compensation | $18.0M | $21.0M | $28.0M | $32.0M | $40.0M | $48.0M | $45.0M | $56.0M | $63.0M | $83.0M |
| Change in Working Capital | -$78.0M | $7.0M | -$235.0M | -$54.0M | $154.0M | -$230.0M | $43.0M | $117.0M | $18.0M | $5.0M |
| Operating Cash Flow | $549.0M | $749.0M | $609.0M | $760.0M | $413.0M | $419.0M | $765.0M | $1.14B | $1.17B | $1.37B |
| Capital Expenditure | -$164.0M | -$221.0M | -$235.0M | -$258.0M | -$189.0M | -$274.0M | -$265.0M | -$309.0M | -$341.0M | -$410.0M |
| Acquisitions | -$122.0M | -$182.0M | 0 | -$1.83B | -$972.0M | 0 | 0 | -$196.0M | -$214.0M | -$131.0M |
| Stock Repurchased | -$11.0M | -$281.0M | 0 | 0 | 0 | 0 | -$14.0M | -$294.0M | -$948.0M | -$976.0M |
| Dividends Paid | -$666.0M | 0 | 0 | 0 | 0 | -$28.0M | -$37.0M | -$7.0M | 0 | 0 |
| Free Cash Flow | $385.0M | $528.0M | $374.0M | $502.0M | $224.0M | $145.0M | $500.0M | $831.0M | $833.0M | $959.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $351.0M | $293.0M | $294.0M | $431.0M |
| Capital Expenditure | -$115.0M | -$134.0M | -$98.0M | -$76.0M |
| Free Cash Flow | $236.0M | $159.0M | $196.0M | $355.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $19.0M | $19.0M | $22.0M | $32.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.4% | +0.1% | +7.3% | -11.8% | +28.8% | +15.5% | +4.5% | +6.4% | +4.1% | |
| Net Income Growth (YoY) | +111.4% | -8.3% | -5.4% | -158.7% | +172.6% | +61.6% | +90.9% | -2.4% | +36.8% | |
| EPS Growth (YoY) | +90.5% | -6.0% | -5.9% | -165.0% | +147.8% | +85.5% | +104.9% | -1.9% | +45.4% | |
| Shares Change (YoY) | +10.6% | -3.5% | +1.0% | +0.0% | +2.3% | +0.4% | +10.6% | -2.4% | -5.7% | |
| FCF Growth (YoY) | +37.1% | -29.2% | +34.2% | -55.4% | -35.3% | +244.8% | +66.2% | +0.2% | +15.1% | |
| Gross Margin | 17.7% | 17.5% | 17.8% | 17.7% | 16.3% | 15.8% | 16.1% | 17.3% | 17.3% | 17.4% |
| Operating Margin | 1.8% | 2.4% | 2.7% | 2.7% | -0.3% | 1.4% | 1.8% | 2.9% | 3.0% | 3.1% |
| EBITDA Margin | 3.4% | 3.9% | 4.2% | 4.1% | 1.6% | 2.7% | 2.9% | 3.9% | 3.7% | 4.2% |
| Net Margin | 0.9% | 1.8% | 1.7% | 1.5% | -1.0% | 0.6% | 0.8% | 1.4% | 1.3% | 1.7% |
| FCF Margin | 1.7% | 2.2% | 1.5% | 1.9% | 1.0% | 0.5% | 1.5% | 2.3% | 2.2% | 2.4% |
| Effective Tax Rate | -60.3% | -9.9% | 17.9% | 24.7% | 23.1% | 23.4% | 26.6% | 25.4% | 23.3% | 24.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.89 | $2.34 | $1.72 | $2.28 | $1.02 | $0.64 | $2.21 | $3.32 | $3.41 | $4.17 |
| Dividends Per Share | $3.26 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.16 | $0.03 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 200.1 M | 222.4 M | 216.1 M | 218.0 M | 220.0 M | 222.0 M | 224.0 M | 239.0 M | 241.0 M | 227.0 M |
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.
Profitability
| Return on Equity | 16.75% |
| Return on Invested Capital | 9.23% |
| Return on Assets | 5.08% |
| Gross Margin | 17.55% |
| Operating Margin | 3.21% |
| Net Margin | 1.81% |
Financial Health
| Debt / Equity | 1.22 |
| Current Ratio | 1.14 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.52 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.17 | 15.96 | 16.83 | 23.67 | -28.97 | 63.33 | 33.35 | 21.73 | 33.25 | 25.63 |
| P/B | 2.17 | 2.58 | 2.12 | 2.46 | 1.81 | 1.81 | 1.70 | 2.29 | 3.63 | 4.03 |
| P/S | 0.24 | 0.29 | 0.28 | 0.35 | 0.32 | 0.26 | 0.22 | 0.30 | 0.43 | 0.44 |
| Gross Margin | 17.7% | 17.5% | 17.8% | 17.7% | 16.3% | 15.8% | 16.1% | 17.3% | 17.3% | 17.4% |
| Operating Margin | 1.8% | 2.4% | 2.7% | 2.7% | -0.3% | 1.4% | 1.8% | 2.9% | 3.0% | 3.1% |
| Net Margin | 0.9% | 1.8% | 1.7% | 1.5% | -1.0% | 0.6% | 0.8% | 1.4% | 1.3% | 1.7% |
Related companies: CHEF · SYY · PFGC · UNFI
Explore sector: Consumer Defensive · Food Distribution
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