Chefs' Warehouse Issues Fiscal 2026 Sales and Adjusted EBITDA Guidance

The Tip Desk · November 8, 2026 · 3 min read

Third-quarter net sales were $1.14 billion, up 11.2%, as the specialty-food distributor issued fiscal 2026 adjusted EBITDA guidance of $317 million–$321 million.

The Chefs’ Warehouse, Inc. (CHEF), a distributor of specialty food products in the United States, the Middle East and Canada, issued fiscal 2026 full-year guidance after third-quarter net sales of $1.14 billion, up 11.2% from a year earlier.

The company now expects full-year net sales of $4.56 billion to $4.61 billion, gross profit of $1.130 billion to $1.140 billion, and adjusted EBITDA of $317 million to $321 million.

Organic sales increased $105.4 million, or 10.3%, versus the year-ago quarter. Acquisitions added $8.7 million, or 0.9%, of sales growth.

Organic case count in the specialty category rose approximately 6.1%. Unique customers increased 4.4% and unique item placements 7.2%. Organic pounds sold in the center-of-the-plate category increased approximately 6.6%.

Gross profit increased 15.0% to $284.3 million. The company said the dollar increase was primarily a result of higher sales volumes, price inflation and acquisitions. Gross profit margin expanded approximately 84 basis points to 25.0%. Specialty gross margin rose 63 basis points and center-of-the-plate gross margin rose 137 basis points.

Selling, general and administrative expenses increased 12.1% to $233.4 million, which the company attributed primarily to compensation and benefits, facilities and distribution to support sales growth, fuel costs, and higher depreciation from facility and fleet investments. SG&A was 20.6% of net sales.

Operating income was $51.5 million, or 4.4% of net sales, compared with 3.8% of sales a year earlier. The company said the increase was driven primarily by higher gross profit, partially offset by higher SG&A.

Interest expense decreased to $9.0 million from $10.5 million a year earlier, which the company attributed primarily to lower aggregate principal amounts of debt outstanding and lower interest rates.

GAAP net income was $29.6 million, or $0.67 a share, compared with $19.1 million, or $0.44 a share, a year earlier. Adjusted net income was $29.5 million, or $0.66 a share. Adjusted EBITDA was $82.2 million.

The effective tax rate was 30.3% in the third quarter of 2026. The company said the rate includes a discrete tax benefit related to the vesting of stock awards.

Chairman and Chief Executive Christopher Pappas said revenue trends displayed typical seasonal cadence through the third quarter, building from the summer months into September with strong year-over-year growth, and that regional teams drove growth in revenue and gross profit dollars as well as unique item placements and unique customers. He said Middle East operations continue to operate effectively in a challenging environment.

Pappas said revenue trends in recent weeks have been approximately 100% of prior-year, as food-away-from-home activity is supported by local residents and ex-patriots returning from the summer off-season. In the second-quarter release, he had said Middle East operations ran at approximately 94% of prior year during May and June.

He said momentum continued into October as the company heads into the busy holiday season.

Cash and cash equivalents were $164.7 million at September 25, 2026. Long-term debt, net of the current portion, was $696.8 million.