Chefs' Warehouse Reports Strong Q4 Adjusted Results and Positive 2026 Guidance
Summary
Chefs' Warehouse reported strong adjusted Q4 2025 financial results, including a 23.6% increase in adjusted EPS, and issued positive full-year 2026 guidance for net sales and adjusted EBITDA.
Key Events
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Strong Q4 2025 Adjusted Performance
Net sales increased 10.5% to $1.14 billion. Adjusted net income per diluted share rose to $0.68 from $0.55, and Adjusted EBITDA grew 17.7% to $80.3 million compared to Q4 2024.
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GAAP Net Income Decline Due to Impairment
GAAP net income decreased to $21.7 million ($0.50 per diluted share) from $23.9 million in Q4 2024, primarily due to an $8.0 million impairment charge on a non-core customer relationship intangible asset.
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Positive Full-Year 2026 Guidance
The company projects 2026 net sales between $4.35 billion and $4.45 billion, and Adjusted EBITDA between $276 million and $286 million, indicating continued growth.
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Organic Sales and Customer Growth
Organic sales increased 9.7% in Q4 2025, driven by a 3.3% increase in organic case count in the specialty category and growth in unique customer and placement metrics.
Analysis
Chefs' Warehouse announced robust adjusted financial results for the fourth quarter of 2025, with adjusted net income per share increasing significantly and adjusted EBITDA showing strong growth. While GAAP net income declined, this was primarily attributed to an $8.0 million intangible asset impairment charge. The company also provided full-year 2026 guidance projecting continued growth in net sales and adjusted EBITDA, reinforcing a positive outlook for its upscale dining customer base. This report provides definitive figures following a preliminary outlook issued last month.
At the time of this filing, CHEF was trading at $66.57 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $45.00 to $68.94. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.