Short answer
Chefs' Warehouse, Inc. (CHEF) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $4.1B (+9.4% year over year) and net income of $72M.
- Top risk flagged: Geopolitical risk: Fuel price and supply volatility due to Ukraine war and Middle East hostilities impacting delivery and product costs
FY2025 key financial metrics · XBRL
- Revenue
- $4.1B
- +9.4% YoY
- Net income
- $72M
- +30.4% YoY
- Operating margin
- 3.5%
- +0.1 pp YoY
- Gross margin
- 24.2%
- +0.1 pp YoY
- EPS (diluted)
- $1.68
- +27.3% YoY
- ROE
- 12.0%
- +1.7 pp YoY
- Operating cash flow
- $129M
- −15.6% YoY
Source: XBRL data from the Chefs' Warehouse, Inc. (CHEF) FY2025 10-K on SEC EDGAR. USD.
Chefs' Warehouse, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: premier distributor of specialty and center-of-the-plate food products serving chefs in the U.S., Middle East, and Canada
- Expanded market footprint into Middle East (Dubai, Abu Dhabi, Qatar, Oman) beginning 2022, with 44 distribution centers globally
- Strategic emphasis on digital transformation: integration of AI, robotics, and advanced analytics to enhance e-commerce, supply chain, and sales efficiency
- Employee count at 5,156 with approximately 1,100 sales professionals; net revenues surged from $1.7B in 2021 to $4.1B in 2025
- Ongoing implementation of wearable inventory scanning technology replacing voice picking to increase order fulfillment speed and accuracy
Management Discussion & Analysis
- Revenue $4.15B, up 9.4% YoY (+$355.3M), driven 9.1% organic growth and 0.3% acquisitions
- Gross profit $1.00B, up 9.8% YoY (+$89.9M), gross margin 24.2% vs 24.1%, specialty margin +43 bps, center-of-the-plate margin -31 bps
- Specialty segment strong with $90.4M sales increase and margin +43 bps; center-of-the-plate segment sales down $32.5M with margin -31 bps
- Operating income $145.1M vs $128.2M prior year; SG&A $849.8M up 8.3% but ratio improved to 20.5% from 20.7%
- Operating cash flow $129.2M vs $153.1M prior year; Capex $41.4M (2025), expected $45-55M (2026); $32.4M stock buybacks completed in 2025, no dividends disclosed
- Management sees sufficient liquidity from $121M cash, $159.5M untapped ABL capacity; risks include customer intangible impairment ($8M) and inventory timing impacting cash flow
Risk Factors
- Geopolitical risk: Fuel price and supply volatility due to Ukraine war and Middle East hostilities impacting delivery and product costs
- Operational risk: Dependency on non-long-term contracts with suppliers causing supply interruptions, price increases, and inability to fulfill orders
- Competitive risk: Group purchasing organizations may force price reductions, eroding margins and risking customer loss
- Financial risk: Credit profile changes could prompt suppliers to shorten payment terms, materially straining liquidity
- Macroeconomic risk: Reduced consumer discretionary spending, especially in expensive restaurants, could lower customer sales and profitability
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