Chefs Warehouse (CHEF) financial statements
Chefs Warehouse reported revenue of $4.1B in fiscal 2025, up 14.9% a year over 9 years.
Net income was $72M and the operating margin 3.5%, against 4.0% in 2016.
Free cash flow was $88M, and the company returned $15M in net buybacks.
The diluted share count rose 77% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Chefs Warehouse's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.4B | $1.6B | $1.1B | $1.7B | $2.6B | $3.4B | $3.8B | $4.1B |
| Cost of revenue | $892M | $972M | $1.1B | $1.2B | $863M | $1.4B | $2.0B | $2.6B | $2.9B | $3.1B |
| Gross profit | $301M | $329M | $349M | $387M | $248M | $390M | $619M | $814M | $914M | $1.0B |
| Selling, general and admin | — | — | $298M | $330M | $336M | $379M | $518M | $705M | $785M | $850M |
| Operating income | $47M | $41M | $49M | $51M | -$103M | $11M | $86M | $101M | $128M | $145M |
| Interest expense | $42M | $23M | $21M | $18M | $21M | $18M | $44M | $45M | $49M | $42M |
| Pre-tax income | $6M | $18M | $28M | $32M | -$124M | -$7M | $42M | $55M | $80M | $104M |
| Income tax | $3M | $4M | $7M | $8M | -$41M | -$2M | $14M | $21M | $24M | $31M |
| Net income | $3M | $14M | $20M | $24M | -$83M | -$5M | $28M | $35M | $55M | $72M |
| EPS (diluted) | $0.12 | $0.54 | $0.70 | $0.81 | -$2.46 | -$0.13 | $0.73 | $0.88 | $1.32 | $1.68 |
| Diluted shares | 26M | 27M | 30M | 30M | 34M | 37M | 39M | 46M | 46M | 46M |
| Gross margin | 25.3% | 25.3% | 24.2% | 24.3% | 22.3% | 22.4% | 23.7% | 23.7% | 24.1% | 24.2% |
| Operating margin | 4.0% | 3.2% | 3.4% | 3.2% | -9.2% | 0.6% | 3.3% | 2.9% | 3.4% | 3.5% |
| Net margin | 0.3% | 1.1% | 1.4% | 1.5% | -7.5% | -0.3% | 1.1% | 1.0% | 1.5% | 1.7% |
Balance sheet
Fiscal years, from Chefs Warehouse's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $33M | $42M | $42M | $140M | $193M | $115M | $159M | $50M | $115M | $121M |
| Receivables | $128M | $142M | $162M | $175M | $96M | $173M | $260M | $334M | $366M | $392M |
| Inventory | $87M | $102M | $113M | $124M | $83M | $144M | $246M | $285M | $316M | $386M |
| Total current assets | $264M | $297M | $329M | $453M | $406M | $470M | $721M | $731M | $868M | $970M |
| Property, plant and equipment | $62M | $68M | $85M | $93M | $115M | $134M | $186M | $235M | $276M | $342M |
| Goodwill | $164M | $173M | $184M | $198M | $215M | $222M | $287M | $356M | $356M | $363M |
| Total assets | $634M | $688M | $732M | $1.0B | $974M | $1.1B | $1.5B | $1.7B | $1.9B | $2.0B |
| Total current liabilities | $107M | $108M | $126M | $150M | $118M | $197M | $284M | $386M | $425M | $473M |
| Long-term debt | $318M | $314M | $278M | $386M | $398M | $394M | $654M | $665M | $689M | $720M |
| Total liabilities | $440M | $439M | $424M | $678M | $630M | $724M | $1.1B | $1.3B | $1.3B | $1.4B |
| Shareholders' equity | $194M | $249M | $309M | $336M | $345M | $350M | $402M | $455M | $538M | $604M |
| Net debt | $300M | $276M | $236M | $247M | $211M | $284M | $507M | $668M | $592M | $628M |
Cash flow
Fiscal years, from Chefs Warehouse's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $39M | $31M | $45M | $45M | $43M | -$20M | $23M | $62M | $153M | $129M |
| Capital spending | $17M | $12M | $20M | $16M | $7M | $39M | $46M | $57M | $50M | $41M |
| Free cash flow | $22M | $19M | $25M | $29M | $36M | -$59M | -$23M | $4M | $104M | $88M |
| Stock-based compensation | $3M | $3M | $4M | $4M | $9M | $11M | $14M | $20M | $18M | $21M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$17M | -$15M |
| Net borrowing | — | $0 | $0 | $150M | $0 | $19M | $260M | -$29M | -$23M | -$13M |
| Free cash flow margin | 1.9% | 1.5% | 1.7% | 1.8% | 3.2% | -3.4% | -0.9% | 0.1% | 2.7% | 2.1% |
Questions
What was Chefs Warehouse's revenue in 2025?
$4.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Chefs Warehouse generate?
$88M in fiscal 2025 (operating cash flow minus capital spending).
From Chefs Warehouse's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.