The Chefs’ Warehouse reported solid sales growth for the fourth quarter and full year 2025, driven by steady demand from upscale and independent restaurants, though quarterly profit declined from a year earlier.
The specialty food distributor said net sales for the fourth quarter ending Dec. 26 rose 10.5% to $1.14 billion, up from $1.03 billion in the same period of 2024.
Net income for the quarter fell 9.4% to $21.7 million, compared with $23.9 million a year earlier. Diluted earnings per share declined to 50 cents, down from 55 cents.
Operating income decreased 7.0% to $43.2 million, from $46.5 million in the fourth quarter of 2024. The company said results were affected by an $8.0 million impairment charge tied to a non-core customer relationship asset. In the prior-year quarter, results included a $2.3 million benefit from changes in the value of contingent liabilities.
CEO Christopher Pappas said business activity “remained consistently strong” during the quarter, citing a healthy environment for the company’s core customer base of upscale-casual and fine-dining restaurants.
Full-year results
For the 52 weeks ending Dec. 26, net sales increased 9.4% to $4.15 billion, up from $3.79 billion in fiscal 2024.
Net income rose 30.4% to $72.4 million, compared with $55.5 million the previous year. Diluted earnings per share increased to $1.68, from $1.32.
Gross profit for the year climbed 9.8% to $1.00 billion, compared with $914.1 million in 2024.
In the fourth quarter, organic sales — which exclude acquisitions — increased 9.7%, contributing $100 million of the revenue gain. Acquisitions accounted for about 0.8% of quarterly growth.
Within its specialty category, organic case volumes rose approximately 3.3% year over year, supported by a 1.2% increase in unique customers and a 4.2% increase in product placements.
In the center-of-the-plate category, organic pounds sold declined by about 2.4% from the prior year, due to the company’s exit from a non-core commodity poultry program during 2025.
Selling, general and administrative expenses increased 8.9% to $225.2 million, reflecting higher compensation and benefits tied to sales growth, increased depreciation from facility and fleet investments, and higher self-insurance costs.
For fiscal 2026, The Chefs’ Warehouse expects:
- Net sales are between $4.35 billion and $4.45 billion.
- Gross profit between $1.053 billion and $1.076 billion
The company distributes more than 90,000 specialty food products to more than 55,000 customer locations across the United States, Canada and the Middle East, serving independent restaurants, hotels, caterers, country clubs, and specialty food retailers.
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