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Chefs' Warehouse (CHEF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Chefs' Warehouse (CHEF) reported revenue of $1.1B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +12% from the quarter before. Operating margin was 3.8%, net earnings $21.7M (1.9% of revenue).
Chefs' Warehouse, Q4 2025: revenue $1.1B (+10% year over year), operating margin 3.8%, net earnings $21.7M, operating cash flow $73.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +12% | +11% |
| Gross profit | $277M | +12% | +10% |
| Operating profit | $43.2M | +11% | -7% |
| Net earnings | $21.7M | +13% | -9% |
| Operating cash flow | $73.9M | — | +1% |
| Free cash flow | $65.8M | — | +2% |
What changed
Revenue was $1.1B in Q4 2025, up 11% year over year and up 12% from the previous quarter. Center-of-the-plate was the largest line at 40% of revenue.
Gross margin was 24.2%, down 0.1 points from a year earlier. Operating profit was $0.04B, a 3.8% margin (down 0.7 points year over year). Operating profit fell $3.2M even though revenue rose $0.11B versus a year earlier, so costs grew faster than sales. Operating expenses grew 14% against revenue growth of 11%. Net earnings were $0.02B, down 9% year over year. The effective tax rate was 34.6%.
Operating cash flow was $0.07B (up 1% year over year), 341% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.03B. Capital expenditures of $0.01B left free cash flow of $0.07B.
Questions
What was Chefs' Warehouse's revenue in the fourth quarter 2025?
Chefs' Warehouse (CHEF) reported revenue of $1.1B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +12% from the quarter before.
Was Chefs' Warehouse profitable in the fourth quarter 2025?
Operating profit was $43.2M (3.8% of revenue) and net earnings $21.7M.
Source: Chefs' Warehouse 10-K on SEC EDGAR.