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Chefs' Warehouse (CHEF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Chefs' Warehouse (CHEF) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $1.1B · 3¢ of every $1 of revenue kept as net profit · operating margin 4.5%
Chefs' Warehouse made $1.1B in Q3 2026 (+11% Y/Y): Total Specialty $686M, Dry Goods $182M, Produce $152M. Operating margin 4.5%, net earnings $29.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.1B in Q3 2026, up 11% year over year and down 3% from the previous quarter. Center-of-the-Plate was the largest line at 39% of revenue. Center-of-the-Plate added $0.05B year over year (up 14%), 47% of the total change. Dairy and Eggs declined 8%.
Gross margin was 25.0%, up 0.8 points from Q3 2025. Operating profit was $0.05B, a 4.5% margin (up 0.7 points year over year). Of the extra revenue versus Q3 2025, 11% reached operating profit, above the 4% margin then. Operating expenses grew 12% against revenue growth of 11%. Net earnings were $0.03B, up 55% year over year. The effective tax rate was 30.3%.
Operating cash flow was $0.04B, 150% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.01B. Capital expenditures of $0.01B left free cash flow of $0.04B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $1.1B | +11% | 4.5% | $29.6M | $44.5M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $1.2B | +13% | 5.0% | $33.8M | $58.4M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $1.1B | +11% | 3.1% | $17.4M | $38.3M |
| Q4 2025 | 10-K | Feb 24, 2026 | $1.1B | +10% | 3.8% | $21.7M | $73.9M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $1.0B | +10% | 3.8% | $19.1M | −$8.7M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $1.0B | +8% | 3.9% | $21.2M | $14.5M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $951M | +9% | 2.4% | $10.3M | $49.6M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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About Chefs' Warehouse
We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. We are focused on serving the specific needs of chefs who own and/or operate some of the leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores in the United States, the Middle East, and Canada (collectively, our “Core Customers”). We believe that we have a distinct competitive advantage in serving these customers as a result of our extensive selection of distinctive and hard-to-find specialty and center-of-the-plate food products, our product knowledge and our customer service.
In its own words, from its 10-K, filed Feb 24, 2026.
Chefs' Warehouse against its Wholesale-Groceries, General Line peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: 4.5% against the peers' median 1.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CHEF Chefs' Warehouse | Q3 2026 | $1.1B | +11% | 4.5% |
| PFGC Performance Food Group | Q1 FY27 | $18.0B | +6% | 1.5% |
| UNFI United Natural Foods | Q4 FY26 | $7.6B | -0.7% | 0.9% |
| DIT Amcon Distributing | Q3 FY26 | $835M | +13% | 0.7% |
| IVFH Innovative Food Holdings | Q2 2026 | $13.1M | -22% | 3.0% |
| MWYN Marwynn Holdings | Q1 FY27 | $1.1M | 26× | -7.7% |
Source: Chefs' Warehouse 10-Q on SEC EDGAR · CIK 1517175 · Wholesale-Groceries, General Line
Guidance and outlook
13F: who owns CHEF and who is buying
More on CHEF
- How Chefs' Warehouse makes money: revenue by segment
- Chefs' Warehouse next earnings date and what analysts expect
- Chefs' Warehouse stock forecast, price target and fair value
- Who owns Chefs' Warehouse stock: holders, funds and Congress trades
- Chefs' Warehouse guidance and outlook
- Is Chefs' Warehouse a takeover target? LBO and rumors
- Chefs' Warehouse recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Chefs' Warehouse guidance history: guided vs reported
- Chefs' Warehouse gross margin by quarter
- Chefs' Warehouse operating margin by quarter
- Chefs' Warehouse net income by quarter
- Chefs' Warehouse free cash flow by quarter
- Chefs' Warehouse capital expenditures by quarter
- Chefs' Warehouse Total Specialty revenue by quarter
- Chefs' Warehouse Dry Goods revenue by quarter
- Chefs' Warehouse Produce revenue by quarter