US Foods Holding (USFD) Q2 2026 Earnings Report

The call emphasized strong execution and multiple tangible operational and financial wins: record adjusted EBITDA and margin expansion, double-digit adjusted EPS growth, accelerating independent restaurant volume (+5.1%), sizable share repurchases, and concrete self-help and AI-driven productivity initiatives with quantifiable savings targets. Management acknowledged headwinds — notably a decline in chain restaurant volume (-1.5%), elevated fuel and near-term selling cost pressure from the sales compensation transition, and the need to lap a prior event that will moderate Q3 comparisons. Overall, the positives (robust growth, margin expansion, share gains, cash flow strength, and clear programs to drive further productivity and AI adoption) materially outweigh the limited and largely manageable near-term challenges.

US Foods reaffirmed fiscal 2026 guidance calling for net sales growth of 4%–6%, adjusted EBITDA growth of 9%–13% and adjusted EPS growth of 18%–24%, driven by total case volume growth of 2.5%–4.5%; management noted the full‑year outlook includes a 53rd week expected to add roughly 1% to total case growth and adjusted EBITDA, assumes fuel roughly at current levels, and that the midpoint of the ranges reflects their best estimate, with adjusted EPS expected to continue to outpace adjusted EBITDA over time as strong cash flow and share repurchases are deployed.