The Chefs' Warehouse, Inc. (CHEF) Earnings
The Chefs' Warehouse, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.58. CHEF has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +28.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.23 | $0.40 | +73.9% | $1.1B | +5.0% |
| Feb 11, 2026 | $0.62 | $0.68 | +9.7% | $1.1B | +12.6% |
| Oct 29, 2025 | $0.43 | $0.50 | +16.3% | $1.0B | -7.0% |
| Jul 30, 2025 | $0.45 | $0.52 | +15.6% | $1.0B | +4.9% |
| Apr 30, 2025 | $0.21 | $0.25 | +19.0% | $951M | -5.7% |
| Feb 12, 2025 | $0.51 | $0.55 | +7.8% | $1.0B | +3.0% |
| Jul 31, 2024 | $0.36 | $0.40 | +11.1% | $955M | +1.2% |
| May 1, 2024 | $0.07 | $0.15 | +114.3% | $874M | +4.9% |
| Feb 14, 2024 | $0.42 | $0.47 | +11.9% | $950M | +4.5% |
| Nov 1, 2023 | $0.33 | $0.33 | +0.0% | $882M | +6.0% |
| Aug 2, 2023 | $0.50 | $0.35 | -30.0% | $882M | +6.5% |
| May 3, 2023 | $0.09 | $0.12 | +33.3% | $720M | +13.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Business activity in first quarter 2026 had typical seasonal cadence with revenue increasing from January into February and March. • Despite Middle East conflict and extreme weather, North American business grew market share with strong volume, product penetration, unique customer, revenue, and profitability growth. Momentum continued into April with expected double-digit top-line growth in second quarter. • Teams in Middle East focused on safety and security, navigating supply chain and demand volatility. • Regional leadership and teams executing strategy to leverage investments and train sales/operational talent, marrying technology with industry know-how. • First quarter highlights include organic net sales growth, unique customer growth (adjusted for Texas impact), pounds and center of the plate growth, and gross profit margin improvement.
Guidance
• Maintained full-year guidance for 2026: net sales in range of $4.35 billion to $4.45 billion, gross profit between $1.053 billion and $1.076 billion, adjusted EBITDA between $276 million and $286 million. • Potential for upward revision of guidance if Middle East situation normalizes. • Convertible notes maturing in 2028 expected to be dilutive, fully dilutive share count between ~46 and 46.7 million shares.
Segment performance
Organic net sales grew 10.4%. Organic specialty sales were up 6.8% over the prior year, driven primarily by unique placement growth of 6.2%, specialty case growth of 5.7%, and price inflation. Unique customers grew 1.9% year-over-year, with reported growth impacted by Texas non-core customer transition, but excluding that, was ~4.3%. Pounds and center of the plate were ~6.2% higher than prior year. Gross profit margins increased approximately 53 basis points. Specialty category gross margin increased ~43 basis points, center of the plate category gross margin increased ~110 basis points year over year. Net sales for the quarter ended March 27, 2026, increased approximately 11.4% to $1.059 billion from $950.7 million in the first quarter of 2025, with organic sales up ~10.4% and acquisitions adding ~1%.
Risks & headwinds
• Uncertainty in the Middle East situation, including potential impact on supply chains, customer demand, and business operations. The conflict could cause actual results to differ materially from expectations.
Analyst Q&A
Q: Curious on profitability implications for Middle East business and EBITDA color.
A: Middle East business is less than 10% of overall business, very profitable, made significant investments, short-term bump in road but full-year guidance not adjusted.
Q: On Middle East business stabilization and course of March.
A: Business in region has been trending at ~75% of prior year, modeled in scenarios, guidance unchanged.
Q: Shifts in thinking about inflation.
A: Teams have managed through inflationary/deflationary environments due to product portfolio diversity, investments in talent, systems, technology, infrastructure.
Q: Math on CME business drag on top line.
A: 50 basis point drag in Q1, North America business more than offsetting.
Q: Color on different markets contributing to North America growth.
A: All markets growing, major markets like Texas, California, New York, New England, Florida driving growth towards $10 billion goal.
Q: Gross margin color, center of plate margin strength.
A: Diversity of product portfolio, teams managing effectively through pricing environment, mix of products and consumer behavior contributing.
Q: EBITDA margin expansion.
A: More than 20 or 25 basis points of EBITDA margin improvement seen, operating leverage from investments, but Middle East uncertainty preventing guidance adjustment.
Q: Capital structure and share repurchase.
A: Want to remain with dry powder for strategic acquisitions, continue repurchasing shares opportunistically, may gradually pay down debt.
Q: Potential tailwinds for consumer outside Middle East.
A: World Cup in US major markets seen as tailwind, consumer spending strong for restaurants and hotels supplied.
Q: Impact of major events like Olympics.
A: Temporary bump, not modeled in long term.
Q: Seasonal acceleration and Q2 outlook.
A: Strong results in Q1, double digits in April, customers cautiously optimistic, acceleration due to consumer behavior.
Q: Attribution of EBITDA margin gains.
A: All factors including training, infrastructure, technology, teams managing pricing and procurement coming together.
Q: Placement growth lever.
A: Little bit of everything including sales force, new hires, digital penetration contributing.
Q: M&A environment.
A: Pipeline frothy, patient as not in need of lot of M&A currently, some multiples come down but waiting for good accretive M&A.