UNFI

MKT CAP:$3B

United Natural Foods, Inc.

Market Cap

$3B

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

Consumer Def.·Food Distribution·🇺🇸·NYSE

Stock Price

$49.36+$15.94 (+47.70%)

Apr 20, 2026

Company Details

United Natural Foods, Inc., together with its subsidiaries, distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. It operates in two segments, Wholesale and Retail....

CEO

James Alexander Miller Douglas Jr.

IPO Date

Nov 1, 1996

Website

www.unfi.com

Key Metrics TTM

Revenue

$31.5B

-0.4% YoY

Net Income

-$78M

EPS (Diluted)

-$1.30

Free Cash Flow

$395M

Revenue / Share

$503.06

Gross Margin

13.3%

Operating Margin

0.3%

Net Margin

-0.2%

FCF Margin

1.3%

P/S

0.1x

P/E

—

Earnings Reports

Q2 2026

Mar 10, 2026

$7.9B-2.6%EPS $0.32

Q1 2026

Dec 2, 2025

$7.8B-0.4%EPS -$0.07

FY 2025

Sep 30, 2025

$31.8B+2.6%EPS -$1.96

Q4 2025

Sep 30, 2025

$7.7B-5.6%EPS -$1.43

Q3 2025

Jun 10, 2025

$8.1B+7.5%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$7.2B	$1.0B	$54M
Q4 22	$7.3B	$976M	$71M
Q1 23	$7.5B	$1.1B	$99M
Q2 23	$7.8B	$1.1B	$63M
Q3 23	$7.5B	$1.0B	$33M
Q4 23	$7.4B	$966M	-$75M
Q1 24	$7.6B	$1.0B	-$16M
Q2 24	$7.8B	$961M	$39M
Q3 24	$7.5B	$943M	$38M
Q4 24	$8.2B	$1.1B	$2M
Q1 25	$7.9B	$1.0B	$5M
Q2 25	$8.2B	$1.1B	$27M
Q3 25	$8.1B	$1.1B	$15M
Q4 25	$7.7B	$1.0B	-$78M
Q1 26	$7.8B	$1.1B	$74M
Q2 26	$7.9B	$1.0B	$95M

Valuation

Quarter	P/S	P/E
Q3 22	0.1x	10.5x
Q4 22	0.1x	10.2x
Q1 23	0.1x	10.7x
Q2 23	0.1x	12.5x
Q3 23	0.1x	12.1x
Q4 23	0.0x	50.9x
Q1 24	0.0x	—
Q2 24	0.0x	—
Q3 24	0.0x	—
Q4 24	0.0x	—
Q1 25	0.0x	—
Q2 25	0.1x	—
Q3 25	0.0x	—
Q4 25	0.1x	—
Q1 26	0.1x	—
Q2 26	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	-$74M	-$126M
Q4 22	$362M	$269M
Q1 23	-$262M	-$329M
Q2 23	$532M	$448M
Q3 23	$132M	$65M
Q4 23	$222M	$117M
Q1 24	-$254M	-$328M
Q2 24	$183M	$116M
Q3 24	$125M	$49M
Q4 24	$199M	$71M
Q1 25	-$110M	-$159M
Q2 25	$246M	$192M
Q3 25	$174M	$120M
Q4 25	$160M	$86M
Q1 26	-$38M	-$54M
Q2 26	$283M	$243M

Capital Expenditures

Quarter	CapEx
Q3 22	$52M
Q4 22	$93M
Q1 23	$67M
Q2 23	$84M
Q3 23	$67M
Q4 23	$105M
Q1 24	$74M
Q2 24	$67M
Q3 24	$76M
Q4 24	$128M
Q1 25	$49M
Q2 25	$54M
Q3 25	$54M
Q4 25	$74M
Q1 26	$16M
Q2 26	$40M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+173.4%	+180.0%
Q4 22	+180.6%	+183.3%
Q1 23	+7.6%	+7.9%
Q2 23	+5.4%	+6.3%
Q3 23	+3.7%	+4.0%
Q4 23	+2.0%	+4.0%
Q1 24	+0.3%	+1.8%
Q2 24	-0.5%	-0.2%
Q3 24	-0.1%	-0.2%
Q4 24	+10.0%	+8.8%
Q1 25	+4.2%	+3.9%
Q2 25	+4.9%	+5.1%
Q3 25	+7.5%	+7.8%
Q4 25	-5.6%	-4.6%
Q1 26	-0.4%	-1.3%
Q2 26	-2.6%	-3.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$6M	0.1%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$12M	0.1%
Q1 25	$0	0.0%
Q2 25	$11M	0.1%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$11M	0.1%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	S&M
Q4 22	$915M
Q4 23	$1.7B
Q2 24	$926M
Q3 24	$909M
Q4 24	$1.7B
Q4 25	$1.7B

Revenue Segments

Quarter	Wholesale Operating Segment	Other Segments	Retail Segment	Other Operating Segment
Q3 23	$7.2B	—	—	—
Q3 24	$7.2B	$50M	$571M	—
Q1 25	$7.6B	—	$586M	$58M
Q2 25	$7.9B	—	$610M	$53M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$48M	$0	$48M
Q4 22	$44M	$0	$44M
Q1 23	$39M	$0	$39M
Q2 23	$40M	$0	$40M
Q3 23	$38M	$0	$38M
Q4 23	$37M	$0	$37M
Q1 24	$37M	$0	$37M
Q2 24	$34M	$0	$34M
Q3 24	$39M	$0	$39M
Q4 24	$40M	$0	$40M
Q1 25	$37M	$0	$37M
Q2 25	$44M	$0	$44M
Q3 25	$52M	$0	$52M
Q4 25	$44M	$0	$44M
Q1 26	$38M	$0	$38M
Q2 26	$52M	$0	$52M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	61M	-0.2%	+20.0%
Q4 22	61M	+0.3%	+20.0%
Q1 23	62M	+0.8%	+0.8%
Q2 23	61M	-1.0%	0.0%
Q3 23	60M	-1.0%	-0.8%
Q4 23	59M	-3.0%	-4.1%
Q1 24	59M	+0.2%	-4.7%
Q2 24	59M	+1.2%	-2.6%
Q3 24	59M	0.0%	-1.7%
Q4 24	60M	+0.2%	+1.5%
Q1 25	60M	+0.2%	+1.5%
Q2 25	60M	+1.0%	+1.3%
Q3 25	61M	+0.5%	+1.9%
Q4 25	61M	+0.2%	+1.8%
Q1 26	61M	+0.2%	+1.8%
Q2 26	63M	+3.3%	+4.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$255.9K	28K
Q4 22	$240.0K	30K
Q1 23	$248.6K	30K
Q2 23	$258.0K	30K
Q3 23	$247.8K	30K
Q4 23	$251.8K	29K
Q1 24	$256.4K	29K
Q2 24	$264.0K	29K
Q3 24	$254.6K	29K
Q4 24	$276.9K	29K
Q1 25	$277.8K	28K
Q2 25	$287.9K	28K
Q3 25	$284.4K	28K
Q4 25	$300.6K	26K
Q1 26	$306.3K	26K
Q2 26	$310.4K	26K

Revenue / Employee