US Foods Holding (USFD) financial statements
US Foods Holding reported revenue of $39.4B in fiscal 2025, up 6.2% a year over 9 years.
Net income was $676M and the operating margin 3.0%, against 1.8% in 2016.
Free cash flow was $959M, and the company returned $926M in net buybacks.
The diluted share count rose 13% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from US Foods Holding's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.9B | $24.1B | $24.2B | $25.9B | $22.9B | $29.5B | $34.1B | $35.6B | $37.9B | $39.4B |
| Cost of revenue | $18.9B | $19.9B | $19.9B | $21.4B | $19.2B | $24.8B | $28.6B | $29.4B | $31.3B | $32.6B |
| Gross profit | $4.1B | $4.2B | $4.3B | $4.6B | $3.7B | $4.7B | $5.5B | $6.1B | $6.5B | $6.9B |
| Selling, general and admin | $3.6B | $3.6B | $3.6B | $3.9B | $3.8B | $4.2B | $4.9B | $5.1B | $5.4B | $5.6B |
| Operating income | $419M | $588M | $658M | $699M | -$77M | $424M | $594M | $1.0B | $1.1B | $1.2B |
| Interest expense | $229M | $170M | $175M | $184M | $238M | $213M | $255M | $324M | $315M | $305M |
| Pre-tax income | $131M | $404M | $496M | $511M | -$294M | $214M | $361M | $678M | $644M | $898M |
| Income tax | -$79M | -$40M | $89M | $126M | -$68M | $50M | $96M | $172M | $150M | $222M |
| Net income | $210M | $444M | $407M | $385M | -$226M | $164M | $265M | $506M | $494M | $676M |
| EPS (diluted) | $1.03 | $1.97 | $1.87 | $1.75 | -$1.15 | $0.54 | $1.01 | $2.02 | $2.02 | $2.94 |
| Diluted shares | 204M | 226M | 218M | 220M | 220M | 225M | 226M | 250M | 244M | 230M |
| Gross margin | 17.7% | 17.5% | 17.8% | 17.7% | 16.3% | 15.8% | 16.1% | 17.3% | 17.3% | 17.4% |
| Operating margin | 1.8% | 2.4% | 2.7% | 2.7% | -0.3% | 1.4% | 1.7% | 2.9% | 2.9% | 3.0% |
| Net margin | 0.9% | 1.8% | 1.7% | 1.5% | -1.0% | 0.6% | 0.8% | 1.4% | 1.3% | 1.7% |
Balance sheet
Fiscal years, from US Foods Holding's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $131M | $119M | $104M | $90M | $828M | $148M | $211M | $269M | $59M | $41M |
| Receivables | $1.2B | $1.3B | $1.3B | $1.5B | $1.1B | $1.5B | $1.7B | $1.9B | $2.0B | $2.0B |
| Inventory | $1.2B | $1.2B | $1.3B | $1.4B | $1.3B | $1.7B | $1.6B | $1.6B | $1.6B | $1.7B |
| Total current assets | $2.8B | $2.8B | $3.0B | $3.3B | $3.5B | $3.6B | $3.8B | $4.0B | $4.0B | $4.2B |
| Property, plant and equipment | $1.8B | $1.8B | $1.8B | $2.1B | $2.0B | $2.0B | $2.2B | $2.3B | $2.4B | $2.7B |
| Goodwill | $3.9B | $4.0B | $4.0B | $4.7B | $5.6B | $5.6B | $5.6B | $5.7B | $5.8B | $5.8B |
| Total assets | $8.9B | $9.0B | $9.2B | $11.3B | $12.4B | $12.5B | $12.8B | $13.2B | $13.4B | $13.9B |
| Total current liabilities | $2.0B | $2.0B | $2.1B | $2.4B | $2.0B | $2.5B | $2.8B | $3.1B | $3.3B | $3.6B |
| Long-term debt | $3.7B | $3.6B | $3.4B | $4.6B | $5.6B | $4.9B | $4.7B | $4.6B | $4.8B | $5.1B |
| Total liabilities | $6.4B | $6.3B | $6.0B | $7.6B | $8.4B | $8.3B | $8.3B | $8.4B | $8.9B | $9.6B |
| Shareholders' equity | $2.5B | $2.8B | $3.2B | $3.7B | $3.5B | $3.7B | $4.0B | $4.7B | $4.5B | $4.3B |
| Net debt | $3.7B | $3.5B | $3.2B | $4.5B | $4.8B | $4.8B | $4.5B | $4.3B | $4.8B | $5.0B |
Cash flow
Fiscal years, from US Foods Holding's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $549M | $749M | $609M | $760M | $413M | $419M | $765M | $1.1B | $1.2B | $1.4B |
| Capital spending | $164M | $221M | $235M | $258M | $189M | $274M | $265M | $309M | $341M | $410M |
| Free cash flow | $385M | $528M | $374M | $502M | $224M | $145M | $500M | $831M | $833M | $959M |
| Stock-based compensation | $18M | $21M | $28M | $32M | $40M | $48M | $45M | $56M | $63M | $83M |
| Share buybacks (net) | $0 | -$280M | $0 | $0 | $0 | $0 | -$14M | -$294M | -$948M | -$926M |
| Net borrowing | — | — | — | — | — | $0 | $0 | $1.0B | — | — |
| Free cash flow margin | 1.7% | 2.2% | 1.5% | 1.9% | 1.0% | 0.5% | 1.5% | 2.3% | 2.2% | 2.4% |
Questions
What was US Foods Holding's revenue in 2025?
$39.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does US Foods Holding generate?
$959M in fiscal 2025 (operating cash flow minus capital spending).
From US Foods Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.