Chefs’ Warehouse (NASDAQ:CHEF) Releases Earnings Results, Beats Estimates By $0.06 EPS

Chefs’ Warehouse (NASDAQ:CHEF) announced its quarterly earnings results on Wednesday. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.06, FiscalAI reports. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Chefs’ Warehouse had a net margin of 1.85% and a return on equity of 14.11%. Chefs’ Warehouse’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.55 earnings per share.

Here are the key takeaways from Chefs’ Warehouse’s conference call:

• Strong results and 2026 guidance: Q4 net sales were $1.143B (up ~10.5%) with Q4 adjusted EBITDA of $80.3M and full‑year 2025 revenue topping $4B; 2026 guidance calls for $4.35B–$4.45B of net sales and $276M–$286M of adjusted EBITDA.
• Operational leverage improving: Trailing‑12 month gross profit dollars per route rose ~6.2% and adjusted EBITDA per employee rose ~13% versus FY2024, with adjusted OpEx as a % of gross profit improving ~176 bps, driven by facility consolidations, technology and sales execution.
• Stronger liquidity and flexible capital allocation: Total liquidity of $280.5M, net debt ~ $529.5M with net debt/adjusted EBITDA ~2.1x, a repriced term loan (spread reduced to 2.5% over SOFR), and an opportunistic approach to buybacks and M&A.
• Inflation and mix dynamics: Reported Q4 net inflation was 8.3% (specialty 3.4%, center‑of‑plate 16.1%), though company‑adjusted inflation is ~4.3% after excluding certain attrition and cross‑sell effects; overall gross margin declined ~8 bps with specialty margins up and center‑of‑plate margins down.
• One‑time impairment pressured GAAP results: Other operating expenses rose by ~$10.5M in Q4, including an ~$8M impairment on a non‑core customer relationship/tangible asset, which weighed on GAAP operating income and net income.

Chefs’ Warehouse Stock Down 1.9%

Shares of NASDAQ:CHEF opened at $64.15 on Thursday. The firm has a market capitalization of $2.61 billion, a PE ratio of 37.74 and a beta of 1.30. The business has a 50 day simple moving average of $62.97 and a two-hundred day simple moving average of $61.93. Chefs’ Warehouse has a 1 year low of $45.00 and a 1 year high of $68.94. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.14 and a quick ratio of 1.19.

Hedge Funds Weigh In On Chefs’ Warehouse

Large investors have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in Chefs’ Warehouse in the fourth quarter worth $31,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Chefs’ Warehouse by 515.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the company’s stock valued at $31,000 after purchasing an additional 438 shares during the period. Osaic Holdings Inc. grew its holdings in shares of Chefs’ Warehouse by 30.7% in the second quarter. Osaic Holdings Inc. now owns 800 shares of the company’s stock worth $51,000 after purchasing an additional 188 shares during the last quarter. Vestcor Inc purchased a new position in Chefs’ Warehouse in the 3rd quarter worth about $57,000. Finally, Strs Ohio purchased a new position in Chefs’ Warehouse in the 1st quarter worth about $98,000. Hedge funds and other institutional investors own 91.55% of the company’s stock.

Key Headlines Impacting Chefs’ Warehouse

Here are the key news stories impacting Chefs’ Warehouse this week:

• Positive Sentiment: Q4 beat — CHEF posted $0.68 EPS vs. $0.62 consensus and revenue of $1.14B vs. $1.10B consensus, signaling solid top- and bottom-line execution. Chefs’ Warehouse (CHEF) Q4 Earnings and Revenues Beat Estimates
• Positive Sentiment: Revenue growth and organic strength — Revenue rose ~10.5% year-over-year, and management highlighted continued organic growth trends during the quarter. Q4 2025 Earnings Call Highlights
• Neutral Sentiment: Company affirmed FY2026 sales guidance rather than raising it, leaving investors to weigh whether growth and margin assumptions are conservative enough. Affirming guidance can be seen as prudent but not bullish. What’s Going On With Chefs’ Warehouse Stock Wednesday?
• Neutral Sentiment: Earnings call color — The conference call/transcript includes management remarks on cost dynamics, product mix and margin levers; investors will parse that detail for forward margin trajectory. Q4 2025 Earnings Call Transcript
• Negative Sentiment: Shares slipped after results — despite the beat, the stock fell as investors focused on the 2026 outlook and guidance tone (and potentially margin or reinvestment plans), prompting profit-taking. Chefs’ Warehouse beats Q4 estimates, shares dip on guidance

Analyst Upgrades and Downgrades

CHEF has been the topic of a number of research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Chefs’ Warehouse in a report on Wednesday, January 21st. BTIG Research reissued a “buy” rating and set a $74.00 price objective on shares of Chefs’ Warehouse in a research note on Tuesday, October 21st. Morgan Stanley started coverage on Chefs’ Warehouse in a research report on Monday, October 27th. They set an “overweight” rating and a $75.00 price objective on the stock. Benchmark lifted their target price on Chefs’ Warehouse from $79.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Finally, Zacks Research downgraded Chefs’ Warehouse from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 15th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Chefs’ Warehouse currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.71.

About Chefs’ Warehouse

Chefs’ Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.