Chefs’ Warehouse Delivers Robust Q1 2026 Earnings: Key Highlights for Investors

Ridgefield, CT, April 29, 2026 – The Chefs’ Warehouse, Inc. (NASDAQ: CHEF), a leading distributor of specialty food products across the United States, the Middle East, and Canada, has announced impressive first quarter financial results for the period ended March 27, 2026.

Key Financial Highlights

• Net Sales: Grew by 11.4% to \$1.06 billion, up from \$950.7 million in Q1 2025.
• Organic Sales: Increased \$98.3 million (10.4%), with acquisitions contributing an additional \$10.0 million (1.0%).
• GAAP Net Income: Rose to \$17.4 million (\$0.40 per diluted share) from \$10.3 million (\$0.25 per diluted share) in Q1 2025.
• Adjusted Net Income Per Share: \$0.40, up from \$0.25.
• Adjusted EBITDA: \$60.1 million, up from \$47.5 million in the previous year.
• Gross Profit: Increased 13.9% to \$257.4 million, with gross profit margin rising by 53 basis points to 24.3%.
• Operating Income: Jumped to \$33.1 million from \$22.7 million, with operating margin up from 2.4% to 3.1%.

Operational Performance and Market Expansion

• Organic Case Count: Increased approximately 5.7% in specialty category.
• Unique Customers: Up 1.9% year-over-year.
• Placement Increases: Up 6.2% year-over-year.
• Center-of-the-Plate Category: Organic pounds sold increased by 6.2%.
• SG&A Expenses: Up 10.5% to \$224.1 million, reflecting investments in talent and infrastructure. SG&A as a percentage of sales was steady at 21.2%.

Guidance for Fiscal 2026

• Net Sales: Expected in the range of \$4.35 billion to \$4.45 billion.
• Gross Profit: Forecast between \$1.053 billion and \$1.076 billion.
• Adjusted EBITDA: Guidance at \$276 million to \$286 million.

Management Commentary

“First quarter 2026 business activity displayed typical seasonal cadence as revenue trends coming out of January increased steadily into February and March. Despite some volatility in business due to extreme weather events and the start of the conflict in the Middle East later in the quarter, our businesses continued to grow market share, delivering strong year-over-year growth in volume, product penetration, unique customers, revenue and profitability,” said Christopher Pappas, Chairman and CEO.

Management attributes growth to regional leadership, investments in talent, and the successful integration of technology with industry expertise. The company continues to position itself as a trusted advisor to top chefs, leveraging deep customer relationships and operational excellence.

Balance Sheet and Cash Flow

• Cash and Cash Equivalents: \$122.7 million.
• Total Assets: \$1.99 billion.
• Total Liabilities: \$1.38 billion.
• Stockholders’ Equity: \$608.6 million, up from \$604.3 million at the prior year-end.
• Operating Cash Flow: \$38.3 million for Q1 2026, lower than last year due to working capital changes, but remains positive.
• Capital Expenditures: \$7.7 million, reflecting continued investment in facilities and fleet.
• Share Buybacks: \$10.0 million repurchased during the quarter, potentially supporting share price.

Non-GAAP Measures and Adjustments

Chefs’ Warehouse emphasizes the use of non-GAAP metrics like EBITDA and Adjusted EBITDA to provide investors with a clearer picture of operational performance. These exclude non-cash stock compensation, rent costs for unused facilities during consolidation, moving expenses, and third-party deal costs. Adjusted net income also accounts for debt modification and normalizes tax rates.

Risks and Forward-Looking Considerations

• Company notes increased volatility from extreme weather events and the Middle East conflict in Q1, which could impact future quarters.
• Risks include macroeconomic factors, low margins susceptible to inflation/deflation, cost increases for supply chain, competition, cybersecurity, acquisition integration, labor shortages, and regulatory changes.
• Company also faces risks from substantial indebtedness, currency fluctuations, and international trade disputes.
• Management cautions that projections are subject to change and may differ materially from actual results.

Summary for Investors

Chefs’ Warehouse delivered strong financial and operational results for Q1 2026, continuing its trend of market share growth and profitability. The company’s guidance for full-year 2026 is bullish, with expected increases in sales, gross profit, and adjusted EBITDA — all likely to be price sensitive and positively affect share values if sustained.

Investors should note the ongoing risks tied to macroeconomic volatility, supply chain, international events, and the company’s debt profile. Share buybacks, steady investment in infrastructure, and improved margins provide additional confidence.

The Q1 results and guidance, along with operational execution and market expansion, are significant news items that could move the share price.

Upcoming Events

The company will host its Q1 2026 earnings conference call today at 8:30 a.m. ET, with an online webcast available for replay.

Contact

Investor Relations: Jim Leddy, CFO, (718) 684-8415

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Forward-looking statements are subject to risks and uncertainties as described above and in Chefs’ Warehouse SEC filings. Investors should review official filings and consult their own advisors before making any investment decisions.

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