The Chefs' Warehouse (CHEF) Q3 2026 Earnings Report

The call was strongly positive, led by double-digit revenue and organic growth, higher gross profit and margins, improved earnings, continued October momentum, raised full-year guidance, and effective execution across regions. The company also reported strong liquidity, ongoing facility expansion, and continued investment in AI and digital capabilities. These positives were partly offset by higher SG&A, fuel and freight costs, Middle East uncertainty, higher projected year-end leverage and interest expense, share issuance related to the refinancing, and isolated softness in certain customer segments.

For full-year 2026, the company estimates net sales will be in the range of $4.56 billion to $4.61 billion, gross profit will be between $1.13 billion and $1.14 billion, and adjusted EBITDA will be between $317 million and $321 million; for the fourth quarter of 26, interest expense is expected to be between $15.5 million and $17.5 million, including approximately $2.7 million of estimated fourth quarter interest expense related to onetime costs associated with the debt refinancing, and fully diluted share count is expected to be in the range of 43.0 million to 43.5 million shares, while for 2027 it is expected to be in the range of 42.0 million to 43 million shares; by year end 26, net debt is expected to be in the range of $550 million to $600 million and net debt to adjusted EBITDA to be in a range of 1.7 to 2.0x, with Q4 guidance implying really consistent year over year revenue growth, about 10% organic growth at the top end, a very consistent kind of above 7% type of EBITDA margin, and full year guidance implying getting to 7%; price inflation is expected to remain consistent through the remainder of the year, at the upper end of the normal range of 2 to 4%.