US Foods Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data US Foods Holding Corp. 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	22,919	24,147	24,175	25,939	22,885	29,487	34,057	35,597	37,877	39,424
Cost of revenue	18,866	19,929	19,869	21,352	19,166	24,832	28,565	29,449	31,343	32,560
Gross profit	4,053	4,218	4,306	4,587	3,719	4,655	5,492	6,148	6,534	6,864
Selling, general and administrative	3,581	3,631	3,647	3,888	3,757	4,220	4,886	5,117	5,412	5,632
Operating expenses	3,634	3,630	3,648	3,888	3,796	4,231	4,898	5,131	5,435	5,665
Operating income	419	588	658	699	-77	424	594	1,017	1,099	1,199
Interest expense	229	170	175	184	238	213	255	324	315	305
Other non-operating income	-5	-14	13	-4	21	26	22	6	-6	4
Pre-tax income	131	404	496	511	-294	214	361	678	644	898
Income tax	-79	-40	89	126	-68	50	96	172	150	222
Income from continuing operations			407	385
Net income	210	444	407	385	-226	164	265	506	494	676
EBITDA	840	966	998	1,061	345	802	966	1,412	1,537	1,661
EPS, basic	1.05	2.00	1.88	1.77	-1.15	0.55	1.02	2.09	2.05	2.98
EPS, diluted	1.03	1.97	1.87	1.75	-1.15	0.54	1.01	2.02	2.02	2.94
Shares, basic (weighted)	200	223	216	218	220	222	224	239	241	227
Shares, diluted (weighted)	204	226	218	220	220	225	226	250	244	230

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	131	119	104	90	828	148	211	269	59	41
Receivables	1,226	1,302	1,347	1,455	1,084	1,469	1,705	1,854	1,957	2,026
Inventory	1,223	1,208	1,279	1,432	1,273	1,686	1,616	1,600	1,626	1,711
Other current assets	9.78	8	30	32	26	18	19	14	11	60
Total current assets	2,789	2,819	2,979	3,262	3,465	3,594	3,820	4,031	3,974	4,164
Property, plant and equipment	1,768	1,801	1,842	2,075	2,021	2,033	2,171	2,280	2,398	2,681
Lease right-of-use assets				145	284	275	265	290	271	332
Goodwill	3,908	3,967	3,967	4,728	5,637	5,625	5,625	5,697	5,766	5,794
Intangible assets	387	364	324	967	892	830	785	803	836	781
Other non-current assets	57.9	65	67	256	407	431	372	376	429	523
Total assets	8,944	9,037	9,186	11,288	12,423	12,521	12,773	13,187	13,436	13,943
Accounts payable	1,295	1,289	1,359	1,460	1,218	1,662	1,855	2,051	2,231	2,447
Accrued liabilities	157	161	454	538	497	610	650	731	732	839
Short-term debt	76	109	106	142	131	95	116	110	109	137
Total current liabilities	1,969	2,003	2,076	2,362	1,982	2,550	2,796	3,112	3,296	3,591
Long-term debt	3,706	3,648	3,351	4,594	5,617	4,916	4,738	4,564	4,819	5,063
Lease liabilities			21	131	263	244	246	265	248	307
Other non-current liabilities	351	372	232	315	505	479	446	469	447	556
Total liabilities	6,407	6,286	5,957	7,579	8,374	8,252	8,278	8,438	8,908	9,636
Total debt	3,800	3,800	3,457	4,736	5,748	5,011	4,854	4,674	4,928	5,200
Paid-in capital	2,791	2,720	2,780	2,845	2,901	2,970	3,036	3,663	3,748	3,777
Retained earnings	-136	124	531	916	661	782	1,010	1,509	2,003	2,679
Treasury stock						0	-14	-311	-1,269	-2,200
Other comprehensive income	-119	-95	-84	-54	-34	-19	-73	-115	43	48
Shareholders' equity	2,538	2,751	3,229	3,709	3,530	3,735	3,961	4,749	4,528	4,307
Total equity	2,538	2,751	3,229	3,709	3,530	3,735	3,961	4,749	4,528	4,307
Total liabilities and equity	8,944	9,037	9,186	11,288	12,423	12,521	12,773	13,187	13,436	13,943
Shares outstanding	221	215	217	220	221	223	225	245	231	221

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	210	444	407	385	-226	164	265	506	494	676
Depreciation and amortization	421	378	340	362	422	378	372	395	438	462
Stock-based compensation	18	21	28	32	40	48	45	56	63	83
Deferred income tax	-80	-123	45	7	-51	38	17	9	-10	86
Change in receivables	22	-67	-71	-19	334	-386	-240	-157	-140	-95
Change in inventory	-101	40	-72	16	201	-413	70	61	-16	-66
Cash from operations	549	749	609	760	413	419	765	1,140	1,174	1,369
Capital expenditures	-164	-221	-235	-258	-189	-274	-265	-309	-341	-410
Acquisitions	-122	-182	0	-1,832	-972	0	0	-196	-214	-131
Purchases of investments	-493	0	0
Cash from investing	-762	-356	-232	-1,987	-1,110	-262	-255	-495	-552	-497
Debt issued						0	0	1,000	500	0
Debt repaid						0	0	-1,000
Stock issued	3	0	0	19	3	15	15	26	15	6
Share buybacks	0	-280	0	0	0	0	-14	-294	-948	-926
Cash from financing	-180	-405	-391	1,220	1,427	-837	-447	-587	-831	-890
Net change in cash	-393	-12	-14	-7	730	-680	63	58	-209	-18
Free cash flow	385	528	374	502	224	145	500	831	833	959
Interest paid	223	158	160	173	216	185	243	294	284	300
Income taxes paid	5	11	78	137	-1	1	68	161	181	89

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $93.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.6%	Gross profit / revenue.
Operating margin	3.1%	Operating income / revenue.
EBITDA margin	4.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.4%	Pre-tax income / revenue.
Net margin	1.8%	Net income / revenue.
FCF margin	2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.4%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.1%	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	14.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.7%	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	13.0%	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	9.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	8.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	36.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	36.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	36.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	45.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	42.8%	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	16.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.4%	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	27.1%	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	15.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	33.8%	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	-4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.8%	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	4.1%	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	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.0%	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	2.3%	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	-5.7%	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	0.6%	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	0.9%	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	1.14x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.5%	Total debt / total assets.
Liabilities / assets	70.2%	Total liabilities / total assets.
Net debt	$5.18B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.12x	Operating income / interest expense.
Working capital	$536.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	45.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.80x	Revenue / average total assets.
Fixed asset turnover	14.8x	Revenue / average property, plant and equipment.
Inventory turnover	19.4x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	18.0x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	129.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.29	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	$181.60	Revenue / diluted weighted shares.
FCF per share	$4.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.19	Cash from operations / diluted weighted shares.
Book value per share	$19.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$10.49	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	116.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$20.19B	Share price x shares outstanding.
Enterprise value	$25.37B	Market cap + total debt - cash - short-term investments.
P/E	27.7x	Market cap / net income. Only when net income is positive.
P/S	0.50x	Market cap / revenue.
P/B	4.72x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	0.63x	Enterprise value / revenue.
EV/EBIT	20.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.65x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was US Foods Holding Corp.'s revenue in fiscal 2025?

US Foods Holding Corp. reported revenue of $39.42B for fiscal 2025, 4.1% higher than the year before.

Was US Foods Holding Corp. profitable in fiscal 2025?

Yes. Net income was $676.0M, a net margin of 1.7%.

How much free cash flow did US Foods Holding Corp. generate in fiscal 2025?

Cash from operations of $1.37B minus capital expenditures of $410.0M left free cash flow of $959.0M.

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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