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Chefs' Warehouse (CHEF) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Chefs' Warehouse (CHEF) reported revenue of $1.1B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -7% from the quarter before. Operating margin was 3.1%, net earnings $17.4M (1.6% of revenue).
Chefs' Warehouse, Q1 2026: revenue $1.1B (+11% year over year), operating margin 3.1%, net earnings $17.4M, operating cash flow $38.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | -7% | +11% |
| Gross profit | $257M | -7% | +14% |
| Operating profit | $33.1M | -23% | +46% |
| Net earnings | $17.4M | -20% | +69% |
| Operating cash flow | $38.3M | -48% | -23% |
| Free cash flow | $30.6M | -54% | -18% |
What changed
Revenue was $1.1B in Q1 2026, up 11% year over year and down 7% from the previous quarter. Center-of-the-Plate was the largest line at 40% of revenue. Center-of-the-Plate added $0.06B year over year (up 16%), 55% of the total change. Dairy and Eggs declined 16%.
Gross margin was 24.3%, up 0.5 points from Q1 2025. Operating profit was $0.03B, a 3.1% margin (up 0.7 points year over year). Of the extra revenue versus Q1 2025, 10% reached operating profit, above the 2% margin then. Operating expenses grew 10% against revenue growth of 11%. Net earnings were $0.02B, up 69% year over year. The effective tax rate was 23.6%.
Operating cash flow was $0.04B (down 23% year over year), 220% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.01B left free cash flow of $0.03B.
Questions
What was Chefs' Warehouse's revenue in the first quarter 2026?
Chefs' Warehouse (CHEF) reported revenue of $1.1B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -7% from the quarter before.
Was Chefs' Warehouse profitable in the first quarter 2026?
Operating profit was $33.1M (3.1% of revenue) and net earnings $17.4M.
Source: Chefs' Warehouse 10-Q on SEC EDGAR.