Chefs' Warehouse, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Chefs' Warehouse, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,193	1,302	1,445	1,592	1,112	1,746	2,613	3,434	3,794	4,150
Cost of revenue	892	972	1,096	1,205	863	1,355	1,995	2,619	2,880	3,145
Gross profit	301	329	349	387	248	390	619	814	914	1,004
Selling, general and administrative			298	330	336	379	518	705	785	850
Operating expenses	254	288	0	0
Operating income	47.2	41.1	48.6	50.7	-103	10.8	85.7	101	128	145
Interest expense	41.6	22.7	20.7	18.3	20.9	17.6	43.8	45.5	48.7	41.6
Pre-tax income	5.68	18.4	27.8	32.4	-124	-6.78	41.9	55.5	79.5	104
Income tax	2.65	4.04	7.44	8.21	-40.7	-1.85	14.1	20.9	24.1	31.2
Net income	3.02	14.4	20.4	24.2	-82.9	-4.92	27.8	34.6	55.5	72.4
EBITDA	54.3	49.6	58.9	64	-82.9	32.8	110	134	169	199
EPS, basic	0.12	0.55	0.71	0.82	-2.46	-0.13	0.75	0.92	1.46	1.87
EPS, diluted	0.12	0.54	0.70	0.81	-2.46	-0.13	0.73	0.88	1.32	1.68
Shares, basic (weighted)	25.9	26.1	28.7	29.5	33.7	36.7	37.1	37.6	37.9	38.7
Shares, diluted (weighted)	26	27.4	29.7	30.1	33.7	36.7	38.7	45.6	46	46

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	32.9	41.5	42.4	140	193	115	159	49.9	115	121
Receivables	128	142	162	175	96.4	173	260	334	366	392
Inventory	87.5	102	113	124	82.5	144	246	285	316	386
Other current assets	16.1	11.1	12	13.8	33.5	37.8	56.2	62.5	71.1	70.8
Total current assets	264	297	329	453	406	470	721	731	868	970
Property, plant and equipment	62.2	68.4	85.3	92.8	115	134	186	235	276	342
Lease right-of-use assets				128	115	131	157	192	191	205
Goodwill	164	173	184	198	215	222	287	356	356	363
Intangible assets	131	140	130	139	112	105	156	185	160	137
Other non-current assets	6.02	2.98	4.07	3.53	3.88	3.61	3.26	6.38	6.76	10.8
Total assets	634	688	732	1,014	974	1,074	1,509	1,705	1,859	2,028
Accounts payable	65.5	70	87.8	94.1	57.5	118	163	201	267	276
Accrued liabilities	17.5	21.9	24.8	29.8	27.9	35.4	54.3	70.7	68.5	78.5
Deferred revenue		1.28	1.5	1.35	2.56	2.29	2.21	2.46	1.94	1.93
Short-term debt	14.8	3.83	0.06	0.72	6.1	5.14	12.4	53.2	18	28.2
Total current liabilities	107	108	126	150	118	197	284	386	425	473
Long-term debt	318	314	278	386	398	394	654	665	689	720
Lease liabilities				121	109	127	151	184	187	202
Other non-current liabilities	7.72	10.9	10.4	10	4.42	5.11	13	1.6	3.94	5.94
Total liabilities	440	439	424	678	630	724	1,108	1,251	1,321	1,424
Total debt	333	318	278	392	396	393	675	713	673	651
Paid-in capital	127	167	207	212	304	314	338	356	399	405
Retained earnings	68.5	82.9	103	125	42.5	37.6	65.4	100	142	202
Treasury stock								0
Other comprehensive income	-2.19	-1.55	-2.22	-2.05	-2.05	-2.02	-2.19	-1.83	-3.81	-2.76
Shareholders' equity	194	249	309	336	345	350	402	455	538	604
Total equity	194	249	309	336	345	350	402	455	538	604
Total liabilities and equity	634	688	732	1,014	974	1,074	1,509	1,705	1,859	2,028
Shares outstanding	26.3	28.4	30	30.3	37.3	37.9	38.6	39.7	40.2	40.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.02	14.4	20.4	24.2	-82.9	-4.92	27.8	34.6	55.5	72.4
Depreciation and amortization	7.08	8.52	10.3	13.3	19.8	22	24.3	32.9	40.6	53.7
Stock-based compensation	2.58	3.02	4.09	4.4	9.29	11.5	13.6	20	17.8	21.2
Deferred income tax	2.99	-0.7	2.55	2.06	-18.4	-1.85	9.6	8.11	1.46	6.53
Change in receivables	-2.5	-13.6	-19.5	-13.2	77.6	-70.8	-48.2	-48.8	-44.8	-35.9
Change in inventory	7.04	-11.8	-6.33	-9.44	49.1	-60.8	-49.9	-28.8	-32.2	-67.1
Change in payables	-0.94	10.4	13.7	3.78	-46.4	71.5	19.2	19.6	87.3	31.4
Cash from operations	38.9	31.5	45.1	45	42.9	-19.9	23.1	61.6	153	129
Capital expenditures	-16.6	-12.3	-19.8	-16.1	-7.04	-38.8	-45.8	-57.4	-49.5	-41.4
Acquisitions	-19.7	-30.1	-13.9	-28.1	-60.9	-10.2	-186	-122	-0.32	-4.58
Cash from investing	-35.8	-42.4	-33.7	-44.2	-68	-49	-232	-179	-49.8	-46.8
Debt issued		0	0	150	0	51.8	588	0	0
Debt repaid						-32.9	-328	-29	-23	-13
Stock issued		34	0	0	85.9	0	0	0.06	0.18	0
Share buybacks							0	0	-17.4	-15
Cash from financing	27.2	19.4	-10.4	96.9	78.1	-9.22	253	9.01	-38.5	-76.2
Exchange rate effect	0.07	0.12	-0.05	0.02	0.08	-0.01	-0.68	-0.26	0.02	0.09
Net change in cash	30.4	8.64	0.91	97.8	53	-78.1	43.6	-109	64.8	6.33
Free cash flow	22.3	19.2	25.3	28.9	35.8	-58.7	-22.7	4.21	104	87.8
Interest paid	17.8	20.8	17	16.3	18.2	15.4	27.2	42.1	42.8	38.5
Income taxes paid	6.37	0.33	4.83	6.05	0.31	-0.23	4.28	19.4	19.2	22.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 27, 2026; growth uses fiscal years. Valuation uses the share price of $110.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.3%	Gross profit / revenue.
Operating margin	3.7%	Operating income / revenue.
EBITDA margin	5.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	30.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.0%	Net income / average total assets.
Return on invested capital (ROIC)	8.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	30.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	32.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	17.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	30.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	37.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	27.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	32.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	77.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	19.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.18x	Current assets / current liabilities.
Quick ratio	1.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.7%	Total debt / total assets.
Liabilities / assets	69.4%	Total liabilities / total assets.
Net debt	$627.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.97x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.73x	Operating income / interest expense.
Working capital	$503.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$114.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.14x	Revenue / average total assets.
Fixed asset turnover	12.3x	Revenue / average property, plant and equipment.
Inventory turnover	8.85x	Cost of revenue / average inventory.
Days inventory	41 days	365 x average inventory / cost of revenue.
Receivables turnover	11.3x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	47 days	Days inventory + days sales outstanding - days payables.
FCF conversion	102.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$92.40	Revenue / diluted weighted shares.
FCF per share	$1.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.56	Cash from operations / diluted weighted shares.
Book value per share	$14.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.81	Tangible book value / shares outstanding.
Cash per share	$3.01	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	30.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.50B	Share price x shares outstanding.
Enterprise value	$5.13B	Market cap + total debt - cash - short-term investments.
P/E	56.6x	Market cap / net income. Only when net income is positive.
P/S	1.06x	Market cap / revenue.
P/B	7.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	39.4x	Market cap / tangible book value, when positive.
P/FCF	55.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.2x	Market cap / cash from operations, when positive.
EV/Sales	1.20x	Enterprise value / revenue.
EV/EBIT	33.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	63.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.
PEG	1.77x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Chefs' Warehouse, Inc.'s revenue in fiscal 2025?

Chefs' Warehouse, Inc. reported revenue of $4.15B for fiscal 2025, 9.4% higher than the year before.

Was Chefs' Warehouse, Inc. profitable in fiscal 2025?

Yes. Net income was $72.4M, a net margin of 1.7%.

How much free cash flow did Chefs' Warehouse, Inc. generate in fiscal 2025?

Cash from operations of $129.2M minus capital expenditures of $41.4M left free cash flow of $87.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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