Chefs' Warehouse Raises Full-Year Guidance as Organic Sales Accelerate
The specialty food distributor raised its 2026 adjusted EBITDA forecast to a range of $305 million to $315 million.
Chefs' Warehouse (CHEF) reported second-quarter net sales of $1.17 billion, an increase of 12.9% year-over-year.
The gourmet food distributor showed an acceleration in growth momentum during the period. Organic sales growth rose to 12.2%, up from 9.7% in the fourth quarter of 2024.
Profitability improved as gross profit margins expanded 49 basis points to 25.1%. This followed a period of contraction in the prior quarter, when margins decreased 8 basis points to 24.2%. Operating income as a percentage of net sales rose to 5.1%, compared to 3.9% in both the second quarter of 2024 and the fourth quarter of 2024.
Growth was supported by volume increases across key product categories. Organic case counts in the specialty category grew 6.0%, an increase from the 3.3% growth seen in the fourth quarter of 2024. In the center-of-the-plate category, organic pounds sold shifted to an 8.8% increase, reversing a 2.4% decrease in the prior quarter.
Adjusted EBITDA for the quarter increased 34.4% to $88.1 million, compared to $65.4 million in the second quarter of 2024.
The company raised its full-year fiscal 2026 guidance across all primary metrics. Net sales are now projected between $4.50 billion and $4.60 billion, up from a previous range of $4.35 billion to $4.45 billion. The company also increased its gross profit forecast to $1.102 billion to $1.125 billion and its adjusted EBITDA forecast to $305 million to $315 million.
Operations in the Middle East showed a gradual recovery, with the region operating at approximately 94% of the prior year's levels during May and June 2026.