US Foods Holding Corp. (USFD) SEC Filings & Earnings Calls

Increased secured debt; covenants limit financial flexibility.

“Credit Agreement contains a number of customary covenants that, among other things, limit or restrict the ability of the Company and its restricted subsidiaries to dispose of certain assets, incur or guarantee additional indebtedness, repurchase or repay senior notes upon the occurrence of a change of control, make dividends and other restricted payments.” · word for word

Consumer eating habits and discretionary spending changes could impact demand.

“Risk factor: changes in consumer eating habits, including economic factors affecting consumer confidence and discretionary spending”

Cost inflation/deflation and commodity volatility, including fuel costs, could pressure margins.

“Risk factor: cost inflation/deflation and commodity volatility, including increases in fuel costs”

Supply chain disruptions and geopolitical developments could affect operations.

“Risk factor: geopolitical developments and supply chain disruptions”

Labor relations and access to qualified labor could increase costs.

“Risk factor: labor relations, increased labor costs and continued access to qualified labor”

Chain restaurant volume decline

“partially offset by a 1.5% decrease in chain volume” · word for word

LIFO expense volatility

“LIFO method of inventory costing resulted in an expense of $33 million in 2026 compared to $19 million expense in 2025”

Macroeconomic deterioration and weather-related disruptions impacted results.

“Despite a deteriorating macro environment and weather-related disruptions” · word for word

Chain volume decreased 2.3%.

“Partially offset by a 2.3% decrease in chain volume.” · word for word

LIFO Expense Volatility

“Gross profit was negatively impacted by LIFO expense of $38 million for the 13 weeks ended March 28, 2026. Gross profit was negatively impacted by LIFO expense of $5 million for the 13 weeks ended March 29, 2025.” · word for word

Chain Restaurant Volume Decline

“partially offset by a 2.3% decrease in chain volume” · word for word

Consumer Spending Slowdown

“Despite a softer economic environment” · word for word

Cost Inflation/Commodity Volatility

“cost inflation/deflation and commodity volatility, including increases in fuel costs” · word for word

Labor Cost and Availability

“labor relations, increased labor costs and continued access to qualified labor” · word for word

High leverage and interest rate exposure

“We had $5.2 billion of indebtedness outstanding as of December 27, 2025. ... approximately 34% of the net principal amount of our indebtedness accrued interest at variable rates of interest as of December 27, 2025” · word for word

Customer concentration via GPOs

“approximately 27% of our net sales in fiscal year 2025 were made to customers under terms negotiated by GPOs (including approximately 14% of our net sales in fiscal year 2025 that were made to customers that are members of a single GPO).” · word for word

Goodwill impairment risk

“resulted in a $13 million impairment during the fiscal year ended December 27, 2025” · word for word

Chain volume decline partially offsetting gains

“Chain volume decreased 3.5% in FY2025 and 3.4% in Q4.”

Guidance assumes no material change in economic conditions; risks include cost inflation, competition, and supply chain disruptions.

“Forward-looking statements include risks such as cost inflation/deflation, commodity volatility, and competition.”

Merger termination removes potential synergies

“Terminated information sharing process with PFG”

LIFO expense volatility

“Gross profit was negatively impacted by LIFO expense of $46 million and $65 million for the 13 weeks and 39 weeks ended September 27, 2025, respectively.” · word for word

Chain restaurant volume decline

“Total case volume increased 1.1%, driven by a 3.9% increase in independent restaurant case volume, a 3.9% increase in healthcare volume and a 2.4% increase in hospitality volume, partially offset by a 2.4% decrease in chain volume.” · word for word

Chain volume declined 2.4%; food cost inflation of 3.0%.

“Chain volume...2.4% decrease...food cost inflation of 3.0%.”