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Chefs' Warehouse (CHEF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Chefs' Warehouse (CHEF) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +10% from a year earlier and -1% from the quarter before. Operating margin was 3.8%, net earnings $19.1M (1.9% of revenue).
Chefs' Warehouse, Q3 2025: revenue $1.0B (+10% year over year), operating margin 3.8%, net earnings $19.1M, operating cash flow −$8.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -1% | +10% |
| Gross profit | $247M | -3% | +10% |
| Operating profit | $38.9M | -3% | +22% |
| Net earnings | $19.1M | -10% | +36% |
| Operating cash flow | −$8.7M | -160% | — |
What changed
Revenue was $1.0B in Q3 2025, up 10% year over year and down 1% from the previous quarter. Center-of-the-Plate was the largest line at 39% of revenue. Center-of-the-Plate added $0.04B year over year (up 13%), 50% of the total change. Produce declined 9%.
Gross margin was 24.2%, up 0.1 points from a year earlier. Operating profit was $0.04B, a 3.8% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 3% margin then. Operating expenses grew 8% against revenue growth of 10%. Net earnings were $0.02B, up 36% year over year. The effective tax rate was 32.6%.
Operating cash flow was −$0.01B. Non-cash charges added back $0.01B of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.02B.
Questions
What was Chefs' Warehouse's revenue in the third quarter 2025?
Chefs' Warehouse (CHEF) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +10% from a year earlier and -1% from the quarter before.
Was Chefs' Warehouse profitable in the third quarter 2025?
Operating profit was $38.9M (3.8% of revenue) and net earnings $19.1M.
Source: Chefs' Warehouse 10-Q on SEC EDGAR.