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Chefs' Warehouse cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$36.0M in Q3 2026 · $182M over twelve months

Operating cash flow$44.5M
Capital spending−$8.5M
Free cash flow+$36.0M
Cash / net income1.5×
Cash conversion cycle47 days

Analysis

In Q3 2026, Chefs' Warehouse generated $44.5M of operating cash flow and spent $8.5M on capital projects, leaving free cash flow of $36.0M.

Over the twelve months to Sep 25, 2026, operating cash flow was $215M; the largest uses were net borrowing (+) / repaid (−) ($57.7M), capital spending ($33.5M), taxes on employees’ shares ($10.6M); besides operations, cash came from shares issued ($2.0M); the cash balance rose by $99.7M.

Operating cash flow was $44.5M against net income of $29.6M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: inventory −$24.6M, depreciation & amortization +$15.7M, payables +$15.3M.

Its cash conversion cycle was 47 days (receivables 32 + inventory 42 − payables 27).

Free cash flow

Chefs' Warehouse: free cash flow by quarterChefs' Warehouse: free cash flow by quarter$64.6MQ4 2024$37.2MQ1 2025$4.5MQ2 2025−$19.7MQ3 2025$65.8MQ4 2025$30.6MQ1 2026$49.2MQ2 2026$36.0MQ3 2026
Operating cash flow less capital spending.
Chefs' Warehouse: operating cash flow against capital spendingChefs' Warehouse: operating cash flow against capital spendingOperating cash flowCapital spending$73.0M$8.4MQ4 2024$49.6M$12.3MQ1 2025$14.5M$10.0MQ2 2025−$8.7M$11.0MQ3 2025$73.9M$8.1MQ4 2025$38.3M$7.7MQ1 2026$58.4M$9.2MQ2 2026$44.5M$8.5MQ3 2026
Latest (Q3 2026): Operating cash flow $44.5M, Capital spending $8.5M.

Capital allocation, year by year

Chefs' Warehouse: where the cash came from (up) and went (down), by fiscal yearChefs' Warehouse: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$19.9MFY2021: Net borrowing −$5.9MFY2021: Capital spending −$38.8MFY2021: Acquisitions −$10.2MFY2021FY2022: Operating cash flow $23.1MFY2022: Net borrowing $260MFY2022: Shares issued $69KFY2022: Capital spending −$45.8MFY2022: Acquisitions −$186M$283MFY2022FY2023: Operating cash flow $61.6MFY2023: Net borrowing $24.5MFY2023: Shares issued $55KFY2023: Capital spending −$57.4MFY2023: Acquisitions −$122M$86.1MFY2023FY2024: Operating cash flow $153MFY2024: Net borrowing −$10.1MFY2024: Shares issued $175KFY2024: Capital spending −$49.5MFY2024: Acquisitions −$315KFY2024: Buybacks −$17.4M$153MFY2024FY2025: Operating cash flow $129MFY2025: Net borrowing −$48.6MFY2025: Capital spending −$41.4MFY2025: Acquisitions −$4.6MFY2025: Buybacks −$15.0M$129MFY2025
Over these 5 years operating cash flow totalled $347M; the largest uses were acquisitions ($323M) and capital spending ($233M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$165M
Debt$729M
Net debt$564M
Due within a year$8.5M

Chefs' Warehouse funds itself: free cash flow was $182M over the last twelve months, and $165M of cash and investments stands against $729M of debt ($8.5M due within a year, 19.4× covered by cash).

Chefs' Warehouse: debt maturities by year (FY2025)Chefs' Warehouse: debt maturities by year (FY2025)$8.5MYear 1$8.5MYear 2$290MYear 3$243MYear 4$100MYear 5
Principal due in each year as disclosed in the annual report, against $165M of cash and investments now.

Where the cash came from and went

Chefs' Warehouse: sources (+) and uses (−) of cash, Q3 2026Chefs' Warehouse: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$44.5MCash drawn (+) / kept (−)−$29.3MCapital spending−$8.5MNet borrowing (+) / repaid (−)−$6.4MTaxes on employees’ shares−$291KExchange rates−$8K
Chefs' Warehouse: sources (+) and uses (−) of cash, TTM to Q3 2026Chefs' Warehouse: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$215MCash drawn (+) / kept (−)−$99.7MNet borrowing (+) / repaid (−)−$57.7MCapital spending−$33.5MTaxes on employees’ shares−$10.6MBuybacks−$10.0MAcquisitions−$4.9MShares issued$2.0MOther investing−$750KExchange rates$9K

From profit to cash

Chefs' Warehouse: net income to operating cash flow, Q3 2026Chefs' Warehouse: net income to operating cash flow, Q3 2026Net income$29.6MDepreciation & amortization$15.7MStock-based pay$9.3MDeferred taxes$3.2MOther non-cash−$33KReceivables−$3.9MInventory−$24.6MPayables$15.3MPrepaid and other assets−$9.4MOther operating capital$1.8MOperating cash flow$44.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202632422747
Q2 202630392544
Q1 202633432947
Q4 202529412644
Q3 202531443046
Q2 202530403139
Q1 202534403241
Q4 202431382940

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$44.5M−$8.5M——−$6.4M—−$29.3M$36.0M
Q2 2026$58.4M−$9.2M——−$36.0M—−$12.8M$49.2M
Q1 2026$38.3M−$7.7M—−$10.0M−$10.7M$2.0M−$1.7M$30.6M
Q4 2025$73.9M−$8.1M−$4.6M$1K−$4.5M—−$55.9M$65.8M
Q3 2025−$8.7M−$11.0M—−$5.0M−$6.1M—$31.8M−$19.7M
Q2 2025$14.5M−$10.0M—−$10.0M−$14.0M—$19.7M$4.5M
Q1 2025$49.6M−$12.3M——−$24.0M—−$1.9M$37.2M
Q4 2024$73.0M−$8.4M—−$7.4M$6.6M$120K−$64.0M$64.6M

Chefs' Warehouse: income statement and cash flow

Chefs' Warehouse, Q3 2026: revenue $1.1B (+11% year over year), operating margin 4.5%. The chart follows the revenue to costs, profit and cash.

Chefs' Warehouse: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.