$CHEF The Chefs' Warehouse, Inc.

What Do They Do?

Distributes specialty foods, center-of-the-plate proteins and staple ingredients to chefs at restaurants, hotels and other foodservice businesses.

How Do They Make Money?

Foodservice customers pay for food products after delivery under their payment terms.

revenue

Segment	Share	How money arrives
Center-of-the-plate Sold outright	39% FY2022: 43%	Sold outright
Dry goods Sold outright	16% FY2022: 15%	Sold outright
Pastry Sold outright	14% FY2022: 11%	Sold outright
Cheeses and charcuterie Sold outright	7.1% FY2022: 8.3%	Sold outright
Produce Sold outright	12% FY2022: 11%	Sold outright
Dairy and eggs Sold outright	7.2% FY2022: 5.9%	Sold outright
Oils and vinegars Sold outright	3.3% FY2022: 4.3%	Sold outright
Kitchen supplies Sold outright	1.9% FY2022: 2.3%	Sold outright

Who Are Their Customers?

Chefs at independent restaurants, hotels and other food businesses buy through the company’s sales team and distribution network. Allen Brothers also sells some center-of-the-plate products directly to consumers by mail and online.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

3% of revenue

▲ +13% vs FY2024 ($128.2M, 3%)

Net income, FY2025

2% of revenue

▲ +30% vs FY2024 ($55.5M, 1%)

Free cash flow, FY2025

2% of revenue

▼ −15% vs FY2024 ($103.6M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 26, 2026

Revenue: ▲ +13%; vs $1B in Q2 FY2025
Net income: ▲ +59%; vs $21.2M in Q2 FY2025

Center-of-the-Plate share of revenue vs 38.1% in Q2 FY2025

Jul 29, 2026 Company issued full-year sales guidance It projected fiscal 2026 net sales of $4.50 billion to $4.60 billion.

Growing. Revenue grew 2.4x in 4 years, from $1.7B in FY2021 to $4.1B in FY2025, about 24% a year.

Revenue over time

Center-of-the-plate Dry goods Pastry Cheeses and charcuterie Produce Dairy and eggs Oils and vinegars Kitchen supplies

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025