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US Foods Holding (USFD) Q3 2026 Earnings Report

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USFD Q3 2026 EPS Results

Actual EPS
$1.26
Consensus EPS
$1.25
Beat/Miss
Beat by +$0.01
One Year Ago EPS
$1.07

USFD Q3 2026 Revenue Results

Actual Revenue
$10.40B
Expected Revenue
$10.58B
Beat/Miss
Missed by -$181.06M
YoY Revenue Growth
+2.07%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
USFD Upcoming Earnings

US Foods Holding's next earnings date is estimated for February 18, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

USFD Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:-1.35%|
Earnings Call Sentiment|Positive

The call was predominantly positive. US Foods delivered strong adjusted EBITDA, margin, and EPS growth; continued to gain share in its target customer segments; improved service quality; expanded Pronto, AI, automation, and specialty capabilities; and maintained strong cash generation and balance sheet flexibility. The principal challenges were weaker macroeconomic conditions, lower-than-expected inflation, declining chain volume, and temporary fourth-quarter selling-cost and fuel headwinds, but management maintained its full-year guidance and expressed confidence in continued double-digit earnings growth over time.

Company Guidance

US Foods tightened fiscal year 2026 guidance to net sales growth of 4%-5%, adjusted EBITDA growth of 9%-11%, adjusted diluted EPS growth of 18%-20%, and total case volume growth of 2.5%-3.5%; full-year guidance includes a 53rd week expected to add approximately 1% to total case growth and adjusted EBITDA growth. The company expects Pronto to reach $1.3 billion this year and more than $1.7 billion in 2027, strategic vendor management to deliver more than $300 million of cost of goods savings over its three-year long-range plan ending next year, and 3%-5% annual operating expense productivity. AI initiatives are expected to generate more than $110 million next year, seller headcount is expected to grow at a low single-digit rate versus the prior mid-single-digit target, and the company expects adjusted diluted EPS to continue growing faster than adjusted EBITDA and to generate double-digit adjusted EPS growth over time.

  • Strong Earnings Growth and Margin ExpansionThird-quarter adjusted EBITDA increased 9.9% to $555 million, adjusted EBITDA margin expanded 38 basis points to 5.3%, and adjusted diluted EPS increased 17.8% to $1.26. Management attributed the performance to growth with target customer types, gross profit improvement, productivity gains, and share repurchases.
  • Continued Market Share GainsUS Foods extended its market-share gain streak to 22 consecutive quarters with independent restaurants and 24 consecutive quarters with healthcare customers. Independent restaurant case growth was 5%, with a two-year stack of 9%.
  • Improved New Account GrowthNet new account growth improved to 5.5%, the company's strongest performance in more than three years. Management said the sales force is minimizing lost business and accelerating new account openings.
  • Target Customer Growth OutperformedHealthcare volume increased 3.3% and hospitality volume increased 3.7% in the third quarter. Chain restaurant volume declined 1.5%, but performed 50 basis points better than industry foot traffic as reported by Black Box.
  • Operating Leverage and Gross Profit GrowthAdjusted gross profit increased 5.7% to $1.9 billion and grew 170 basis points faster than adjusted operating expenses. Adjusted gross profit per case increased 4.3% to $0.36, while adjusted EBITDA per case increased 8.6% to $2.53.
  • Strategic Vendor Management SavingsManagement remains confident it will deliver more than $300 million of cost-of-goods savings over the three-year long-range plan ending next year. The company also continues to target 3%-5% annual operating expense productivity.
  • Prime Line Acquisition Expands Specialty CapabilitiesIn October, US Foods acquired Prime Line, a specialty distributor of gourmet Italian products generating more than $110 million in annual sales. Prime Line delivered double-digit revenue growth and expanded margins over the prior year, and its assortment will be scaled through Pronto and the broadline distribution network.
  • Pronto Continues to ScalePronto generated more than $1 billion in sales year to date, already surpassing the prior year's total. The platform operates in 52 markets, with Pronto Next Day available in 38 markets; five additional markets are planned by year-end. Management remains on track for $1.3 billion of sales this year and more than $1.7 billion in 2027.
  • Sales Compensation Transition ProgressingApproximately 40% of sellers are now compensated entirely through variable pay, ahead of the pace management initially expected. Seller retention has remained strong, and management said both the transitioned and not-yet-transitioned groups are embracing the new plan.
  • AI-Driven Earnings ContributionAI initiatives deployed over the past two years are generating more than $75 million of adjusted EBITDA across sales, supply chain, and enterprise functions, with a path to more than $110 million next year. Management said the AI contribution is incremental to strategic vendor management and comes through additional sales and productivity.
  • Rapid Expansion of AI Sales ToolsVisit Assistant Insights generated more than 2.5 million customer-specific insights in the quarter, up from 700,000 in the prior quarter. Accounts supported by the insights are growing cases nearly 10% faster than accounts without them. Scout AI was also launched within MOXē and the CRM platform to answer questions, take action, resolve issues, and automate administrative work.
  • Lower Salesforce Hiring RequirementBecause of productivity gains from AI tools, MOXē, and the variable compensation plan, management now expects seller headcount to grow at a low single-digit rate instead of the prior mid-single-digit target. Management said the transition timeline may move closer to two years rather than the previously discussed two-to-three-year range.
  • Service and Operational Quality ImprovementsThe year-to-date Operations Quality Composite improved approximately 10% from the prior year. Order markouts were reduced by 25% and truck shorts improved 10%, reflecting better product availability, order accuracy, and delivery performance.
  • Strong Cash Generation and Capital AllocationOperating cash flow was nearly $1.2 billion through the first nine months. US Foods invested $266 million in year-to-date cash capital expenditures, repurchased $191 million of shares in the quarter and $690 million year to date, and completed the Prime Line acquisition.
  • Balance Sheet Flexibility and Debt RefinancingThe company ended the quarter with net leverage of 2.4x, within its 2x-3x target range. Subsequent to quarter end, it completed a refinancing with an $810 million term loan due in 2033, priced 25 basis points below the term loan due in 2028, while extending maturities and increasing liquidity.
  • Updated Full-Year Growth OutlookUS Foods expects fiscal 2026 net sales growth of 4%-5%, adjusted EBITDA growth of 9%-11%, adjusted diluted EPS growth of 18%-20%, and total case volume growth of 2.5%-3.5%. The outlook includes a 53rd week expected to add approximately 1% to total case growth and adjusted EBITDA growth.
  • Effective Fuel Surcharge RecoveryThe company recovered approximately 70% of the year-over-year increase in fuel costs during the quarter, compared with its typical recovery rate of 30%-40%. Management expects recovery to remain around 70% in the fourth quarter.
  • Safety, Community, and Workforce InitiativesUS Foods is using operating data and AI-guided root cause analysis to identify high-risk locations and behaviors. The center-ride pallet jack rollout is 95% complete and remains on track for full deployment by year-end. The company also awarded $20,000 scholarships to 20 students from 18 schools, bringing the US Foods Scholars Program total to nearly $3 million awarded to more than 140 students.
  • Automation and M&A Pipeline DevelopmentThe inventory-scanning robotics pilot is expanding from one location to several additional pilots, and the Aurora automation operation is stable with a Texas expansion underway. Management also described the M&A pipeline as probably as busy as it has ever been, while emphasizing a discerning approach to valuation and strategic fit.
  • Opportunities in Specialty and Ethnic CategoriesManagement identified Italian and Hispanic cuisine segments as areas where US Foods is under-indexed relative to its average independent market share and said the company gained share in both. Prime Line is expected to broaden access to higher-end Italian restaurants and specialty products, while bar and grill was described as a core strength.

USFD Earnings History

USFD earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 18, 20272026 (Q4)1.28-1.04――
Nov 05, 20262026 (Q3)1.251.261.0717.76% (+0.19)
Aug 06, 20262026 (Q2)1.361.441.1921.01% (+0.25)
May 07, 20262026 (Q1)0.810.780.6814.71% (+0.10)
Feb 12, 20262025 (Q4)1.001.040.8423.81% (+0.20)
Nov 06, 20252025 (Q3)1.041.070.8525.88% (+0.22)
Aug 07, 20252025 (Q2)1.141.190.9327.96% (+0.26)
May 08, 20252025 (Q1)0.690.680.5425.93% (+0.14)
Feb 13, 20252024 (Q4)0.800.840.6431.25% (+0.20)
Nov 07, 20242024 (Q3)0.830.850.721.43% (+0.15)

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