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US Foods Holding cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$343M in Q3 2026 · $1.1B over twelve months

Operating cash flow$435M
Capital spending−$92.0M
Free cash flow+$343M
Cash / net income2.0×
Cash conversion cycle8 days

Analysis

In Q3 2026, US Foods Holding generated $435M of operating cash flow and spent $92.0M on capital projects, leaving free cash flow of $343M.

Over the twelve months to Sep 26, 2026, operating cash flow was $1.5B; the largest uses were buybacks ($959M), capital spending ($400M), taxes on employees’ shares ($54.0M); besides operations, cash came from shares issued ($11.0M), asset & business sales ($4.0M); the cash balance fell by $2.0M.

Operating cash flow was $435M against net income of $218M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$123M, accrued liabilities +$71.0M, receivables −$47.0M.

Its cash conversion cycle was 8 days (receivables 20 + inventory 18 − payables 30).

Free cash flow

US Foods Holding: free cash flow by quarterUS Foods Holding: free cash flow by quarter$178MQ4 2024$307MQ1 2025$257MQ2 2025$236MQ3 2025$159MQ4 2025$196MQ1 2026$355MQ2 2026$343MQ3 2026
Operating cash flow less capital spending.
US Foods Holding: operating cash flow against capital spendingUS Foods Holding: operating cash flow against capital spendingOperating cash flowCapital spending$283M$105MQ4 2024$391M$84.0MQ1 2025$334M$77.0MQ2 2025$351M$115MQ3 2025$293M$134MQ4 2025$294M$98.0MQ1 2026$431M$76.0MQ2 2026$435M$92.0MQ3 2026
Latest (Q3 2026): Operating cash flow $435M, Capital spending $92.0M.

Capital allocation, year by year

US Foods Holding: where the cash came from (up) and went (down), by fiscal yearUS Foods Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $419MFY2021: Net borrowing −$87.0MFY2021: Shares issued $15.0MFY2021: Asset sales $12.0MFY2021: Capital spending −$274M$446MFY2021FY2022: Operating cash flow $765MFY2022: Net borrowing −$73.0MFY2022: Shares issued $15.0MFY2022: Asset sales $10.0MFY2022: Capital spending −$265MFY2022: Buybacks −$14.0M$790MFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$111MFY2023: Shares issued $26.0MFY2023: Asset sales $10.0MFY2023: Capital spending −$309MFY2023: Acquisitions −$196MFY2023: Buybacks −$294M$1.2BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $376MFY2024: Shares issued $15.0MFY2024: Asset sales $3.0MFY2024: Capital spending −$341MFY2024: Acquisitions −$214MFY2024: Buybacks −$948M$1.6BFY2024FY2025: Operating cash flow $1.4BFY2025: Net borrowing −$120MFY2025: Shares issued $6.0MFY2025: Asset sales $44.0MFY2025: Capital spending −$410MFY2025: Acquisitions −$131MFY2025: Buybacks −$926M$1.4BFY2025
Over these 5 years operating cash flow totalled $4.9B; the largest uses were buybacks ($2.2B) and capital spending ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$54.0M
Debt$5.1B
Net debt$5.0B
Due within a year$137M

US Foods Holding funds itself: free cash flow was $1.1B over the last twelve months, and $54.0M of cash and investments stands against $5.1B of debt ($137M due within a year, 0.4× covered by cash).

US Foods Holding: debt maturities by year (FY2025)US Foods Holding: debt maturities by year (FY2025)$137MYear 1$554MYear 2$1.2BYear 3$985MYear 4$579MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $54.0M of cash and investments now.

Where the cash came from and went

US Foods Holding: sources (+) and uses (−) of cash, Q3 2026US Foods Holding: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$2.6BOther financing$2.4BOperating cash flow$435MBuybacks−$190MCapital spending−$92.0MAsset & business sales$3.0MCash drawn (+) / kept (−)$2.0MShares issued$1.0M
US Foods Holding: sources (+) and uses (−) of cash, TTM to Q3 2026US Foods Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.5BBuybacks−$959MCapital spending−$400MTaxes on employees’ shares−$54.0MAcquisitions−$46.0MShares issued$11.0MOther financing−$11.0MAsset & business sales$4.0MCash drawn (+) / kept (−)$2.0M

From profit to cash

US Foods Holding: net income to operating cash flow, Q3 2026US Foods Holding: net income to operating cash flow, Q3 2026Net income$218MDepreciation & amortization$123MStock-based pay$22.0MReceivables−$47.0MInventory−$27.0MAccrued liabilities$71.0MPrepaid and other assets$34.0MOperating cash flow$435M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262018308
Q2 20261918298
Q1 202620193010
Q4 202520192910
Q3 20251918289
Q2 20251917279
Q1 202520182711
Q4 202419192711

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$435M−$92.0M—−$190M−$2.6B$1.0M$2.0M$343M
Q2 2026$431M−$76.0M−$2.0M−$370M−$2.8B$3.0M−$7.0M$355M
Q1 2026$294M−$98.0M—−$75.0M−$2.2B$7.0M−$8.0M$196M
Q4 2025$293M−$134M−$44.0M−$324M——$15.0M$159M
Q3 2025$351M−$115M—−$332M−$2.9B$1.0M$5.0M$236M
Q2 2025$334M−$77.0M−$2.0M−$247M−$2.4B$4.0M$40.0M$257M
Q1 2025$391M−$84.0M−$85.0M−$23.0M−$1.9B$1.0M−$42.0M$307M
Q4 2024$283M−$105M—−$320M—$1.0M$21.0M$178M

US Foods Holding: income statement and cash flow

US Foods Holding, Q3 2026: revenue $10.4B (+2% year over year), operating margin 3.6%. The chart follows the revenue to costs, profit and cash.

US Foods Holding: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.