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Chefs' Warehouse (CHEF) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Chefs' Warehouse (CHEF) reported revenue of $951M for the first quarter 2025 (Q1 2025), +9% from a year earlier and -8% from the quarter before. Operating margin was 2.4%, net earnings $10.3M (1.1% of revenue).
Chefs' Warehouse, Q1 2025: revenue $951M (+9% year over year), operating margin 2.4%, net earnings $10.3M, operating cash flow $49.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $951M | -8% | +9% |
| Gross profit | $226M | -10% | +8% |
| Operating profit | $22.7M | -51% | +42% |
| Net earnings | $10.3M | -57% | +433% |
| Operating cash flow | $49.6M | -32% | +60% |
| Free cash flow | $37.2M | -42% | +169% |
What changed
Revenue was $950.7M in Q1 2025, up 9% year over year and down 8% from the previous quarter. Center-of-the-Plate was the largest line at 38% of revenue. Pastry added $26.7M year over year (up 26%), 35% of the total change. Produce declined 5%.
Gross margin was 23.8%, down 0.2 points from a year earlier. Operating profit was $22.7M, a 2.4% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, above the 2% margin then. Operating expenses grew 5% against revenue growth of 9%. Net earnings were $10.3M, up 433% year over year. The effective tax rate was 17.6%.
Operating cash flow was $49.6M (up 60% year over year), 482% of net earnings. Non-cash charges added back $12.2M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items added $22.3M. Capital expenditures of $12.3M left free cash flow of $37.2M.
Questions
What was Chefs' Warehouse's revenue in the first quarter 2025?
Chefs' Warehouse (CHEF) reported revenue of $951M for the first quarter 2025 (Q1 2025), +9% from a year earlier and -8% from the quarter before.
Was Chefs' Warehouse profitable in the first quarter 2025?
Operating profit was $22.7M (2.4% of revenue) and net earnings $10.3M.
Source: Chefs' Warehouse 10-Q on SEC EDGAR.