EarningsQ2 2026 Earnings Report
DE:2CF Q2 2026 EPS Results
Actual EPS€0.69
Consensus EPS€0.52
Beat/MissBeat by +€0.17
One Year Ago EPS€0.46
DE:2CF Q2 2026 Revenue Results
Actual Revenue€1.04B
Expected Revenue€999.16M
Beat/MissBeat by +€38.75M
YoY Revenue Growth+12.92%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
DE:2CF Upcoming Earnings
The Chefs' Warehouse's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2CF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial trajectory: robust revenue growth (Q2 net sales +12.9% and organic +12.2%), meaningful margin and EBITDA expansion, raised full-year guidance, improved market penetration metrics and healthy liquidity/deleveraging. Key challenges include regional Middle East disruption, inflation and rising operating costs, convertible note dilution risk and a selective M&A backdrop. On balance, the positive growth, margin gains and cash-generation trends materially outweigh the headwinds.Company Guidance
Strong Top-Line Growth
Net sales increased ~12.9% to $1.169B in Q2 2026 from $1.035B a year ago; organic net sales grew ~12.2% and acquisitions contributed ~0.7% to growth. Management expects double-digit top-line growth to start Q3 and momentum continued into July.
Profitability and Margin Expansion
Gross profit rose 15.2% to $292.9M and gross margin expanded ~49 basis points to 25.1%. Operating income improved to $58.6M from $40.2M prior year. Adjusted EBITDA increased to $88.1M from $65.4M and adjusted net income was $34.7M ($0.78 diluted) versus $22.5M ($0.52) in the prior-year quarter.
Raised FY2026 Guidance and Ambitious 2030 Targets
Company raised full-year 2026 guidance to net sales $4.5B–$4.6B, gross profit $1.102B–$1.125B and adjusted EBITDA $305M–$315M. Updated 2030 targets call for annual revenue growth of 7%–10% to reach $6.0B–$6.5B and adjusted EBITDA of $450M–$520M (7.5%–8% margin).
Improved Market Penetration and Operational Metrics
Organic specialty sales up 10% driven by unique placement growth of 7.2% and specialty case growth of 6%. Unique customers grew 3.6% year-over-year (approximately 4.9% excluding Middle East impacts). Pounds in center of the plate rose ~8.8%. Management highlighted improvements in gross profit per route and adjusted EBITDA per employee.
Healthy Liquidity, Deleveraging and Cash Generation
Total liquidity of $321.1M (cash $135.5M + $185.6M ABL availability). Repaid $30M of ABL in Q2 (drawn ABL $70M). Total net debt ~$478.5M and net debt to adjusted EBITDA ~1.6x. Management reported ~$270M of free cash flow generated since 2024 and targets net debt/EBITDA of 1.5–2.5 with plans to increase share repurchases as leverage permits.
Technology and AI Investments Showing Early ROI
Company is deploying AI and analytics across sales, pricing, procurement, inventory and logistics. Management indicated these investments are improving speed and decision-making, delivering measurable efficiencies and expected to support sustained growth and margin improvement.
DE:2CF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed