EarningsQ4 2026 Earnings Report
MX:UNFI Q4 2026 EPS Results
Actual EPS$12.24
Consensus EPS$10.85
Beat/MissBeat by +$1.38
One Year Ago EPS-$1.95
MX:UNFI Q4 2026 Revenue Results
Actual Revenue$135.52B
Expected Revenue$136.63B
Beat/MissMissed by -$1.12B
YoY Revenue Growth-0.70%
Earnings Announcement Details
QuarterQ4 2026
Date09/08/2026
TimeBefore Open
Conference CallTuesday, September 8, 2026
MX:UNFI Upcoming Earnings
United Natural Foods's next earnings date is estimated for December 9, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:UNFI Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly optimistic. UNFI reported strong fiscal 26 EBITDA, free cash flow, EPS, deleveraging, margin improvement, technology deployment, and operational progress, while guiding to high single-digit EBITDA growth, 23% adjusted EPS growth at the midpoint, a return to profitable growth, and leverage below 2.0x. The main challenges were reported sales declines caused by optimization actions and project work, weakness in conventional products and retail, first-quarter sales headwinds, fuel and inflation considerations, competitive conditions, and continued operational improvement needs.Company Guidance
Strong Fourth-Quarter and Full-Year EBITDA Performance
Fourth-quarter adjusted EBITDA was $172 million, contributing to full-year adjusted EBITDA of $701 million and full-year EBITDA growth of 27%. Full-year adjusted EBITDA was near the top of the guidance range.
Record Free Cash Flow Generation
Free cash flow was $80 million in the fourth quarter and $323 million for the full year, $84 million higher than fiscal 25 and the highest full-year free cash flow delivered to date.
Meaningful Deleveraging
Year-end net leverage declined to 2.2x, a 1.1-turn improvement from the end of fiscal 25 and more than a full turn below the prior year. Net leverage declined from 4.0x in fiscal 24 to 2.2x in fiscal 26, and net debt was less than $1.6 billion.
Sales In Line With Outlook
Fourth-quarter sales were over $7.6 billion and full-year sales were approximately $31.2 billion, in line with the updated outlook provided in June. Underlying wholesale sales grew in line with UNFI's approximately $90 billion target addressable market.
Natural Products Outperformed the Broader Market
Underlying sales in the natural product segment outperformed the broader market, reflecting strong execution and continued shopper demand for natural, organic, fresh, and specialty products. Natural sales grew about 7% in fiscal 26 and natural EBITDA grew 19%.
Improved Gross Margin and Operating Leverage
Fourth-quarter gross margin was 13.7%, approximately 30 basis points higher than last year, reflecting optimization benefits and favorable customer mix. The adjusted EBITDA margin was approximately 2.3% of net sales, representing another quarter of margin improvement.
Adjusted EPS Beat Guidance
Fourth-quarter adjusted EPS was $0.69 and full-year adjusted EPS was $2.65, above the high end of the company's guidance range. The result benefited from strong operating performance, lower net interest expense from reduced net debt and refinancing activities, and lower depreciation expense.
Private-Brand Expansion
UNFI launched more than 130 new private-brand SKUs in fiscal 26, including innovative health-forward options, and refreshed one of its core seafood brands in the fourth quarter.
Supplier Support and AI-Enabled Insights
The company continued enhancing supplier support programs and added AI-enabled features to the UNFI Insights platform to help suppliers assess store-level performance, improve demand planning, and achieve their goals.
Supply-Chain Technology Deployment
UNFI completed the rollout of its AI-powered supply-chain and procurement-planning platform to all distribution centers, which management said is helping steadily improve fill rates and inventory management while increasing free cash flow.
Lean Management Progress
The initial deployment phase of lean daily management was completed at 44 distribution centers. UNFI delivered its fourth consecutive quarter of year-over-year improvements in fill rates, on-time deliveries, and throughput.
Network Modernization and Automation
UNFI consolidated its Racine, Wisconsin facility and expanded its nearby Joliet, Illinois distribution center with full-case automation. The Joliet facility is in the early stages of implementation and is part of a broader effort to modernize facilities and support customer growth.
Fiscal 27 EBITDA and EPS Growth Outlook
Fiscal 27 adjusted EBITDA is expected to be $730 million to $780 million, representing high single-digit growth at the midpoint and $25 million above the target communicated at Investor Day. Adjusted EPS is expected to be $3.00 to $3.50 per share, an increase of about $0.60 per share or 23% growth at the midpoint.
Expected Margin Expansion Ahead of Schedule
The midpoint of fiscal 27 sales and adjusted EBITDA guidance implies year-over-year margin expansion of 10 basis points, positioning UNFI to achieve its fiscal 28 margin-rate target one year earlier than planned.
Return to Profitable Growth
Management expects fiscal 27 sales of $31.2 billion to $31.8 billion, up 1% at the midpoint, with growth restored in the second half as the company cycles its optimization initiatives. Management presently expects fiscal 28 adjusted EBITDA to grow approximately 10% versus the fiscal 27 guidance midpoint.
Continued Free Cash Flow and Leverage Improvement Outlook
Fiscal 27 free cash flow is expected to be $275 million to $325 million, with a midpoint of $300 million. UNFI expects to reduce net debt and improve its leverage ratio to under 2.0x by the end of fiscal 27.
Capital Structure Optimization
UNFI repriced its term loan from SOFR plus 475 basis points to SOFR plus 400 basis points, which is expected to reduce annual interest expense by another $3 million. The company also cited savings from refinancing the ABL and reducing unsecured bonds by $150 million.
Share Repurchases
UNFI repurchased approximately 420,000 shares for about $21 million in the fourth quarter and approximately 1.25 million shares for about $50 million during fiscal 26, at an average price of $40.15 per share. The transcript first stated that the board authorized a new $100 million share-repurchase program and later referred to a new $200 million program.
Higher Organic Investment Plan
UNFI expects fiscal 27 capital expenditures of approximately $300 million, including targeted automation, ERP deployment, and broader technology initiatives. Management said it will take a methodical approach focused first on targeted implementations and then broader deployment.
Customer Business and Pipeline Momentum
Management said UNFI has continued to earn larger shares of existing customers' business and has new banners in its pipeline. The company said this customer growth is included in its fiscal 27 outlook and is supported by its focus on execution and customer differentiation.
Improved Technology and Security Following the Cyber Event
Management said the company had generally completed cycling the prior year's cyber-event impact entering the first quarter and that UNFI is stronger from a technology and security standpoint.
MX:UNFI 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