Short answer
UNITED NATURAL FOODS INC (UNFI) filed its fiscal 2026 10-K annual report with the SEC on Sep 14, 2026. It reported revenue of $31.2B (−2.0% year over year) and net income of $84M.
- Top risk flagged: FDA and DEA regulatory compliance risks, including 2019 Controlled Substances Act settlement with DEA for pharmacy operations
FY2026 key financial metrics · XBRL
- Revenue
- $31.2B
- −2.0% YoY
- Net income
- $84M
- +171.2% YoY
- Operating margin
- 0.7%
- +0.8 pp YoY
- Gross margin
- 13.5%
- +0.2 pp YoY
- EPS (diluted)
- $1.34
- +168.7% YoY
- ROE
- 5.2%
- +12.8 pp YoY
- Operating cash flow
- $540M
- +14.9% YoY
Source: XBRL data from the UNITED NATURAL FOODS INC (UNFI) FY2026 10-K on SEC EDGAR. USD.
UNITED NATURAL FOODS INC FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Leading grocery wholesaler and support services provider to 30,000+ retailers in U.S. and Canada with 200,000+ natural, organic, conventional products
- New digital marketplace Endless Aisle launched in fiscal 2026, expanding access to innovative, emerging brands for retailers and suppliers
- Strategic emphasis on sustainability with updated Sustainability Policy and Climate Action Partnership involving 100+ suppliers reducing Scope 3 emissions
- Employee count rose to 23,431 with 48% unionized, expanded safety programs with AI video fleet safety tech and Lean management in 44 distribution centers
- Retail segment now includes 65 Cub Foods and Shoppers stores, supplied principally by Conventional distribution centers; intersegment sales eliminated for reporting
Management Discussion & Analysis
- Revenue $31.2B, down 2.0% YoY ($632M decline); Natural up $1.1B (+7.0%), Conventional down $1.7B (-11.5%), Retail down $185M (-7.9%)
- Operating margin 0.68% ($211M operating income vs -$31M loss), Gross margin 13.5% vs 13.3%, Operating expenses 12.5% vs 13.0% of sales
- Best segment: Conventional Adj. EBITDA up $96M (+55.2%); Worst segment: Retail Adj. EBITDA down $31M with gross profit decline of $69M
- Cash: $37M cash, $1.23B unused credit; total debt down $299M to $1.56B; share repurchases $50M (1.25M shares); Capex $217M; increased cloud tech spend to $35M; liquidity $1.27B
- Outlook: Fiscal 2027 capex/cloud spend ~$300M; risks include inflation, supply chain, cybersecurity, multiemployer pension exposure, macroeconomic volatility, and competitive dynamics
Risk Factors
- FDA and DEA regulatory compliance risks, including 2019 Controlled Substances Act settlement with DEA for pharmacy operations
- Geopolitical and supply chain exposure to tariffs, import restrictions, and global conflicts impacting imported product costs and availability
- Operational vulnerability from IT system migration to a new ERP and warehouse management platform with risk of cost overruns and business disruption
- Competitive risk from mass market grocery distributors expanding natural product offerings and advanced AI-driven digital platforms reducing customer and product visibility
- Leverage risk with $1.6B long-term debt increasing vulnerability to economic downturns and restrictive covenants limiting operating and strategic flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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