At a glance
US Foods Holding Corp is worth $22.05B, about 35 times its fiscal 2025 earnings. Revenue grew 4.1% to $39.42B in fiscal 2025, with 1.7% kept as profit; over 5 years it has grown 11.5% a year. It pays no dividend; it spent $2.18B buying back its shares over FY2021–FY2025. The stock returned +37.2% over the past year with dividends reinvested and +23.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.6% in the 2020 crash (S&P 500: 33.7%) and 32.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows.
The business in plain English
US Foods is a food distributor, a go-between for food suppliers and the kitchens that cook their products. It delivers fresh, frozen and dry food, plus non-food items such as disposables, to about 250,000 customer locations nationwide. Customers include independent restaurants, restaurant chains, hospitals and nursing homes, hotels, schools and government sites. It is a "broadline" distributor, which means it carries a wide range of products. It does not specialize in one category or serve only large chains.
US Foods sources goods from thousands of suppliers. It stores them in more than 70 distribution centers and delivers them with over 6,500 trucks. The business runs on high volume and low margins, and much of its pricing is the product's cost plus a markup. In fiscal 2025, which ended December 27, 2025, revenue was $39.4 billion. Gross margin (sales minus the cost of goods, as a share of sales) was 17.4%, but net profit was 1.7% of sales.
US Foods reports as one business segment, so the clearest split is by product. In fiscal 2025, meats and seafood made up 35.4% of sales, dry grocery 17.0%, refrigerated and frozen grocery 16.8%, dairy 10.7%, and equipment, disposables and supplies 9.2%. Beverages and produce made up the rest. Its growth plan centers on independent restaurants, healthcare and hospitality customers, and on its own Exclusive Brands (private-label products).
Price history
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USFD +37.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Meats and seafood | $13.97B | 35.4% |
| Dry grocery products | $6.68B | 17% |
| Refrigerated and frozen grocery products | $6.63B | 16.8% |
| Dairy | $4.21B | 10.7% |
| Equipment, disposables and supplies | $3.63B | 9.2% |
| Beverage products | $2.34B | 5.9% |
| Produce | $1.95B | 4.9% |
Latest results
- In Q2 FY2026 (ended Jun 27, 2026), revenue was $10.53B, up 4.5% from a year earlier, and net income was $275.0M (+22.8%).
- For fiscal 2025, revenue was $39.42B (+4.1% year over year; +11.5% a year from FY2020 to FY2025) with a 1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.5% good |
|---|---|
| Operating margin | 3% weak |
| Free cash flow margin | 2.4% watch |
| Return on equity (FY2025) | 15.7% good |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-5.18B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $22.89B | $-226.0M | $224.0M |
| FY2021 | $29.49B | $164.0M | $145.0M |
| FY2022 | $34.06B | $265.0M | $500.0M |
| FY2023 | $35.60B | $506.0M | $831.0M |
| FY2024 | $37.88B | $494.0M | $833.0M |
| FY2025 | $39.42B | $676.0M | $959.0M |
Valuation snapshot
| Market value | $22.05B |
|---|---|
| P/E ratio | 34.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
US Foods Holding’s market value went from $6.06B at the end of 2016 to $22.05B on Oct 28, 2026, about 3.6 times as much; since the end of 2025 it is up 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $22.05B | +31.3% |
| 2025 | $16.79B | +6.9% |
| 2024 | $15.71B | +40.8% |
| 2023 | $11.16B | +45.9% |
| 2022 | $7.65B | -1.4% |
| 2021 | $7.76B | +5.5% |
| 2020 | $7.36B | -20.0% |
| 2019 | $9.19B | +33.7% |
| 2018 | $6.88B | -4.1% |
| 2017 | $7.17B | +18.3% |
| 2016 | $6.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| USFD price data to Oct 28, 2026 | +35.3% | +37.2% | +40.3% | +23.4% | +16.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.3% |
| 2025 | +11.7% |
| 2024 | +48.6% |
| 2023 | +33.5% |
| 2022 | -2.3% |
| 2021 | +4.6% |
| 2020 | -20.5% |
| 2019 | +32.4% |
| 2018 | -0.9% |
| 2017 | +16.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.7% over that stretch · deepest drop along the way 75.6%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.9% over that stretch · deepest drop along the way 32.8%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($5.5M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | William Spencer Hancock See Remarks | sell | $2.4M |
| Mar 30, 2026 | Dirk J. Locascio EVP, Chief Financial Officer | sell (plan) | $1.8M |
| Aug 13, 2026 | Randy J Taylor See Remarks | sell | $710K |
| Aug 13, 2026 | Randy J Taylor See Remarks | sell | $574K |
Who owns it
Large shareholders (13G filings)
| Wellington Management Group LLP | 10.4% | Jun 30, 2026 |
| BlackRock, Inc. | 9% | Jun 30, 2026 |
| Boston Partners | 7.86% | Jun 30, 2025 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| FMR LLC | 4.1% | Jun 30, 2026 |
| Capital World Investors | 3.5% | Mar 31, 2026 |
ETFs with the most weight in USFD
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.48% |
| PEJ Invesco Leisure and Entertainment ETF | 2.99% |
| PSL Invesco Dorsey Wright Consumer Staples Momentum ETF | 2.78% |
| PBJ Invesco Food & Beverage ETF | 2.55% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 2.43% |
| XMMO Invesco S&P MidCap Momentum ETF | 2.43% |
| LYLD Cambria Large Cap Shareholder Yield ETF | 2.02% |
| FFLV Fidelity Fundamental Large Cap Value ETF | 2% |
What could go wrong
- Razor-thin profit margins. Net profit was 1.7% of fiscal 2025 sales. Many prices are cost plus a markup, so falling food prices shrink profit dollars. Rapid inflation can squeeze margins before higher costs are passed on.
- Holding on to its highest-margin business. Independent restaurants and US Foods' own private-label brands are its highest-margin business. If those customers close or move to rivals, or private-label sales stall, overall margins could suffer.
- Purchasing groups hold bargaining power. Group purchasing organizations negotiate prices for many members. They made up about 27% of fiscal 2025 net sales, and the top 50 customers, including these groups, were about 42%. Losing or repricing a contract could hurt.
- Heavy debt, little cash. As of June 27, 2026, US Foods had $5.24 billion of debt and $56 million of cash and investments. Loan terms restrict some decisions, and the debt could limit flexibility in a downturn.
- Customers can switch distributors cheaply. Competition is intense and barriers to entry are low. Customers usually lack exclusive contracts. They can move to rival distributors, cash-and-carry stores, warehouse clubs or online wholesalers that offer lower prices.
- Less dining out in hard times. Recessions, inflation and tariffs can all cut how often people eat out, which shrinks orders from US Foods' customers. In fiscal 2020, as COVID hit dining, the company posted a net loss of $226 million.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Bylaws or fiscal year changed; Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
US Foods paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026, so there is no record of dividend increases to judge. Instead, it returned cash through buybacks (repurchasing its own shares). These totaled about $2.18 billion over those five years, including $948 million in fiscal 2024 and $926 million in fiscal 2025. The share count fell 2.8% between August 4, 2021, and July 31, 2026. An income investor would get no dividend checks, so any cash drawn from this stock would have to come from cashing in shares.
The share price has dropped sharply in downturns. In the 2020 COVID crash, it fell 75.6% from February 20 to March 18, 2020, and took about 11.8 months to recover. In the 2022 market slump, it fell 32.8% and recovered in about 4.2 months. The price record does not reach back to the 2008 financial crisis. Single stocks carry more risk than diversified funds.
Questions investors ask
How does US Foods make money?
US Foods makes money by distributing food and kitchen supplies to about 250,000 customer locations, including restaurants, hospitals, hotels and schools. It sources products from thousands of suppliers and delivers them with over 6,500 trucks. Much of its pricing is cost plus a markup. Margins are thin. In fiscal 2025, which ended December 27, 2025, revenue was $39.4 billion and net income was $676 million, or 1.7% of sales. Meats and seafood were the largest product group, at 35.4% of sales.
Does US Foods pay a dividend?
No. US Foods paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. Instead, it returned about $2.18 billion to shareholders through share buybacks over those five years. Buybacks reduce the number of shares, which gives each remaining share a larger slice of profits. The share count fell 2.8% between August 4, 2021, and July 31, 2026. Investors who rely on regular income would get none directly from this stock.
How much debt does US Foods have?
US Foods had about $5.24 billion of total debt as of June 27, 2026, and $56 million of cash and investments. Shareholders' equity (assets minus liabilities) was about $4.28 billion. The company's 10-K warns that its debt could limit its ability to raise money, react to changes in its business and make required debt payments. It also reported new financing agreements in filings dated June 2 and October 2, 2026.
How has US Foods stock performed?
US Foods shares rose sharply over five and ten years, with deep drops along the way. As of October 28, 2026, the share price was up 37.2% over one year, about 23.4% a year over five years and about 16.2% a year over ten years. Full calendar years ranged from a 20.5% loss in 2020 to a 48.6% gain in 2024. The deepest fall from a high to a later low in its price history was 77.3%. Past returns don't predict future ones.
What is US Foods' P/E ratio?
US Foods' P/E ratio was about 34.7 as of October 28, 2026. That is based on diluted earnings per share of $2.94 for fiscal 2025 (profit per share, counting shares that could be issued later). The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit. Net income rose 36.8% in fiscal 2025. The higher the P/E, the less room there is for disappointment if growth slows. The company's total market value was about $22.1 billion on the same date.