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Chefs' Warehouse (CHEF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Chefs' Warehouse (CHEF) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +9% from the quarter before. Operating margin was 3.9%, net earnings $21.2M (2.1% of revenue).
Chefs' Warehouse, Q2 2025: revenue $1.0B (+8% year over year), operating margin 3.9%, net earnings $21.2M, operating cash flow $14.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +9% | +8% |
| Gross profit | $254M | +13% | +11% |
| Operating profit | $40.2M | +77% | +19% |
| Net earnings | $21.2M | +106% | +37% |
| Operating cash flow | $14.5M | -71% | -51% |
| Free cash flow | $4.5M | -88% | -66% |
What changed
Revenue was $1.0B in Q2 2025, up 8% year over year and up 9% from the previous quarter. Center-of-the-Plate was the largest line at 38% of revenue. Center-of-the-Plate added $0.03B year over year (up 8%), 36% of the total change. Produce declined 9%.
Gross margin was 24.6%, up 0.6 points from a year earlier. Operating profit was $0.04B, a 3.9% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 4% margin then. Operating expenses grew 10% against revenue growth of 8%. Net earnings were $0.02B, up 37% year over year. The effective tax rate was 28.0%.
Operating cash flow was $0.01B (down 51% year over year), 68% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $0.02B. Capital expenditures of $0.01B left free cash flow of $4.5M.
Questions
What was Chefs' Warehouse's revenue in the second quarter 2025?
Chefs' Warehouse (CHEF) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +9% from the quarter before.
Was Chefs' Warehouse profitable in the second quarter 2025?
Operating profit was $40.2M (3.9% of revenue) and net earnings $21.2M.
Source: Chefs' Warehouse 10-Q on SEC EDGAR.