CHEF

MKT CAP:$3B

The Chefs' Warehouse, Inc.

Market Cap

$3B

Consumer Defensive·Food Distribution·🇺🇸 United States·NASDAQ

Consumer Def.·Food Distribution·🇺🇸·NASDAQ

Stock Price

$65.23+$2.84 (+4.55%)

Apr 23, 2026

Company Details

The Chefs' Warehouse, Inc., together with its subsidiaries, engages in distribution of specialty food products in the United States and Canada. The company's product portfolio includes approximately 50,000 stock-keeping units, such as speci...

CEO

Christopher Pappas

IPO Date

Jul 28, 2011

Website

www.chefswarehouse.com

Key Metrics TTM

Revenue

$4.1B

+9.4% YoY

Net Income

$72M

EPS (Diluted)

$1.68

Free Cash Flow

$88M

Revenue / Share

$90.12

Gross Margin

24.2%

Operating Margin

3.7%

Net Margin

1.7%

FCF Margin

2.1%

P/S

0.6x

P/E

36.9x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 24, 2026

$4.1B+9.4%EPS $1.68

Q4 2025

Feb 24, 2026

$1.1B+10.5%EPS $0.50

Q3 2025

Oct 29, 2025

$1.0B+9.6%EPS $0.44

Q2 2025

Jul 30, 2025

$1.0B+8.4%EPS $0.49

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$512M	$118M	$6M
Q2 22	$648M	$156M	$31M
Q3 22	$662M	$158M	$22M
Q4 22	$791M	$187M	$30M
Q1 23	$720M	$170M	$12M
Q2 23	$882M	$208M	$25M
Q3 23	$882M	$208M	$26M
Q4 23	$950M	$229M	$39M
Q1 24	$874M	$209M	$17M
Q2 24	$955M	$229M	$34M
Q3 24	$931M	$225M	$32M
Q4 24	$1.0B	$251M	$46M
Q1 25	$951M	$226M	$23M
Q2 25	$1.0B	$254M	$40M
Q3 25	$1.0B	$247M	$39M
Q4 25	$1.1B	$277M	$51M

Valuation

Quarter	P/S	P/E
Q1 22	1.4x	185.7x
Q2 22	1.2x	88.5x
Q3 22	1.1x	76.3x
Q4 22	1.0x	96.3x
Q1 23	0.9x	96.2x
Q2 23	0.9x	128.9x
Q3 23	0.8x	135.2x
Q4 23	0.8x	77.2x
Q1 24	0.7x	76.1x
Q2 24	0.7x	65.5x
Q3 24	0.7x	56.2x
Q4 24	0.7x	48.2x
Q1 25	0.7x	41.8x
Q2 25	0.7x	38.4x
Q3 25	0.7x	35.8x
Q4 25	0.6x	36.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$10M	-$4M
Q2 22	$9M	$214.0K
Q3 22	$1M	-$7M
Q4 22	-$9M	-$23M
Q1 23	-$2M	-$11M
Q2 23	$13M	-$1M
Q3 23	$9M	-$3M
Q4 23	$42M	$19M
Q1 24	$31M	$14M
Q2 24	$29M	$13M
Q3 24	$20M	$12M
Q4 24	$73M	$65M
Q1 25	$50M	$37M
Q2 25	$15M	$5M
Q3 25	-$9M	-$20M
Q4 25	$74M	$66M

Capital Expenditures

Quarter	CapEx
Q1 22	$14M
Q2 22	$9M
Q3 22	$8M
Q4 22	$14M
Q1 23	$9M
Q2 23	$14M
Q3 23	$12M
Q4 23	$22M
Q1 24	$17M
Q2 24	$16M
Q3 24	$8M
Q4 24	$8M
Q1 25	$12M
Q2 25	$10M
Q3 25	$11M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+82.8%	+68.4%
Q2 22	+53.2%	+47.5%
Q3 22	+36.7%	+35.0%
Q4 22	+41.8%	+40.4%
Q1 23	+40.5%	+39.9%
Q2 23	+36.1%	+38.8%
Q3 23	+33.2%	+33.8%
Q4 23	+20.1%	+19.7%
Q1 24	+21.5%	+21.2%
Q2 24	+8.3%	+7.5%
Q3 24	+5.6%	+5.1%
Q4 24	+8.7%	+8.2%
Q1 25	+8.7%	+8.2%
Q2 25	+8.4%	+8.0%
Q3 25	+9.6%	+9.2%
Q4 25	+10.5%	+10.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	0.6%
Q2 22	$3M	0.5%
Q3 22	$3M	0.5%
Q4 22	$5M	0.6%
Q1 23	$5M	0.7%
Q2 23	$5M	0.6%
Q3 23	$5M	0.6%
Q4 23	$4M	0.4%
Q1 24	$4M	0.5%
Q2 24	$5M	0.5%
Q3 24	$4M	0.5%
Q4 24	$5M	0.4%
Q1 25	$5M	0.5%
Q2 25	$5M	0.5%
Q3 25	$5M	0.5%
Q4 25	$7M	0.6%

OpEx Breakdown

Quarter	SG&A
Q1 22	$110M
Q2 22	$124M
Q3 22	$130M
Q4 22	$153M
Q1 23	$156M
Q2 23	$179M
Q3 23	$180M
Q4 23	$190M
Q1 24	$190M
Q2 24	$195M
Q3 24	$193M
Q4 24	$207M
Q1 25	$203M
Q2 25	$214M
Q3 25	$208M
Q4 25	$225M

Revenue Segments

Quarter	Center-Of-The-Plate Product	Cheese And Charcuterie Product	Dairy And Eggs Product	Dry Goods Product	Kitchen Supplies Product	Oils And Vinegar Product	Pastry Product	Produce
Q1 22	$239M	$43M	$29M	$79M	$12M	$24M	$58M	$28M
Q2 22	$284M	$59M	$40M	$104M	$16M	$32M	$76M	$37M
Q3 22	$280M	$61M	$42M	$109M	$17M	$33M	$80M	$39M
Q1 23	$306M	$55M	$49M	$123M	$15M	$29M	$89M	$53M
Q2 23	$336M	$76M	$60M	$163M	$21M	$38M	$122M	$66M
Q3 23	$334M	$65M	$57M	$134M	$18M	$34M	$103M	$138M
Q1 24	$343M	$59M	$58M	$139M	$18M	$30M	$102M	$126M
Q2 24	$365M	$69M	$63M	$155M	$19M	$34M	$114M	$136M
Q3 24	$349M	$69M	$64M	$148M	$19M	$33M	$111M	$138M
Q1 25	$361M	$65M	$76M	$150M	$18M	$32M	$129M	$120M
Q2 25	$394M	$76M	$78M	$168M	$20M	$36M	$139M	$124M
Q3 25	$394M	$76M	$74M	$163M	$19M	$36M	$134M	$125M
Q4 25	$459M	$75M	$69M	$176M	$22M	$32M	$160M	$148M

Revenue by Geography

Quarter	Non-US	United States
Q3 25	$84M	$938M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$79M	$0	$79M
Q2 22	$52M	$0	$52M
Q3 22	$145M	$0	$145M
Q4 22	$159M	$0	$159M
Q1 23	$92M	$0	$92M
Q2 23	$60M	$0	$60M
Q3 23	$33M	$0	$33M
Q4 23	$50M	$0	$50M
Q1 24	$42M	$0	$42M
Q2 24	$38M	$0	$38M
Q3 24	$51M	$0	$51M
Q4 24	$115M	$0	$115M
Q1 25	$117M	$0	$117M
Q2 25	$97M	$0	$97M
Q3 25	$65M	$0	$65M
Q4 25	$121M	$0	$121M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	37M	-10.7%	+2.5%
Q2 22	42M	+12.7%	+13.4%
Q3 22	42M	-0.0%	+13.3%
Q4 22	38M	-9.8%	-9.3%
Q1 23	38M	+0.6%	+2.3%
Q2 23	46M	+19.5%	+8.4%
Q3 23	46M	+0.2%	+8.7%
Q4 23	46M	+0.2%	+20.8%
Q1 24	39M	-15.7%	+1.2%
Q2 24	46M	+19.0%	+0.8%
Q3 24	46M	-0.0%	+0.5%
Q4 24	46M	+0.1%	+0.4%
Q1 25	46M	+0.2%	+19.3%
Q2 25	46M	-0.1%	+0.2%
Q3 25	46M	-0.5%	-0.3%
Q4 25	46M	+0.5%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$188.8K	3K
Q2 22	$239.0K	3K
Q3 22	$244.0K	3K
Q4 22	$191.9K	4K
Q1 23	$174.5K	4K
Q2 23	$213.8K	4K
Q3 23	$213.8K	4K
Q4 23	$195.0K	5K
Q1 24	$179.5K	5K
Q2 24	$195.9K	5K
Q3 24	$191.1K	5K
Q4 24	$205.5K	5K
Q1 25	$189.1K	5K
Q2 25	$205.8K	5K
Q3 25	$203.1K	5K
Q4 25	$221.6K	5K

Revenue / Employee