Filing Flows › United Natural Foods (UNFI) › Q3 FY26 › vs Q2 FY26
United Natural Foods (UNFI) Q3 FY26 vs Q2 FY26 (quarter over quarter)
United Natural Foods's revenue fell $224M (-3%) from $7.9B in Q2 FY26 to $7.7B in Q3 FY26. The biggest changes: Conventional −$231M (-7%); Natural +$52.0M (+1%); Retail −$45.0M (-8%). Gross margin 13.6% against 13.2% (+0.4 pts).
United Natural Foods, Q3 FY26: revenue $7.7B (-4% year over year), operating margin 0.9%, net earnings $33.0M, operating cash flow $98.0M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 13.6% | 13.2% | +0.4 pts |
| Operating margin | 0.9% | 0.7% | +0.1 pts |
| Net margin | 0.4% | 0.3% | +0.2 pts |
| Free cash flow margin | 0.7% | 3.1% | -2.4 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Natural | $4.3B | $4.3B | $52.0M | +1% |
| Conventional | $2.9B | $3.1B | −$231M | -7% |
| Retail | $515M | $560M | −$45.0M | -8% |
| Revenue | $7.7B | $7.9B | −$224M | -3% |
| Gross profit | $1.0B | $1.0B | $3.0M | +0.3% |
| Cost of revenue | $6.7B | $6.9B | −$227M | -3% |
| Operating profit | $66.0M | $57.0M | $9.0M | +16% |
| Operating expenses | $983M | $989M | −$6.0M | -0.6% |
| Pre-tax earnings | $42.0M | $23.0M | $19.0M | +83% |
| Other expense, net | $24.0M | $34.0M | −$10.0M | -29% |
| Net earnings | $33.0M | $20.0M | $13.0M | +65% |
| Income tax | $9.0M | $3.0M | $6.0M | +200% |
| Operating cash sources | $141M | $126M | $15.0M | +12% |
| Depreciation & amortization | $90.0M | $90.0M | $0 | 0% |
| Share-based compensation | $18.0M | $16.0M | $2.0M | +12% |
| Working capital & other | $43.0M | −$157M | $200M | — |
| Operating cash flow | $98.0M | $283M | −$185M | -65% |
| Free cash flow (OCF − capex) | $54.0M | $243M | −$189M | -78% |
| Capital expenditures | $44.0M | $40.0M | $4.0M | +10% |
Questions
How much did United Natural Foods's revenue grow quarter over quarter in Q3 FY26?
United Natural Foods's revenue fell $224M (-3%) from $7.9B in Q2 FY26 to $7.7B in Q3 FY26.
What drove United Natural Foods's revenue change in Q3 FY26?
Conventional −$231M (-7%); Natural +$52.0M (+1%); Retail −$45.0M (-8%).