Core Insights - The cyberattack in June significantly impacted United Natural Foods Inc. (UNFI), costing approximately 5% of sales in the fiscal fourth quarter and reducing adjusted EBITDA by about $50 million [1][2]. Financial Performance - UNFI reported fourth-quarter sales of approximately $7.7 billion, reflecting a 1.6% increase year-over-year on a comparable basis [5]. - For the full fiscal year, sales rose by 2.6% to about $31.8 billion, driven by a 7.2% increase in the natural channel [6]. - The company experienced a loss of $87 million in the fourth quarter and a loss of $118 million for the full fiscal year, compared to losses of $37 million and $112 million in the previous year [4]. Growth Projections - UNFI has raised its three-year financial goals, now targeting low single-digit annual sales growth from fiscal 2024 through fiscal 2027, up from a previous target of flat sales growth [3]. - The company aims for adjusted annual EBITDA growth in the low double digits during the same period, an increase from previous high single-digit targets [4]. Operational Strategies - UNFI is implementing "lean" operating strategies across 28 facilities to enhance supply chain efficiency, which is expected to drive profitability in fiscal 2026 [10]. - The company anticipates net income between $0 and $50 million in fiscal 2026, with sales projected between $31.6 billion and $32 billion [10]. Market Position - UNFI's market position has been challenged as C&S Wholesale Grocers has overtaken it as the top U.S. grocery wholesaler in market share due to its acquisition of SpartanNash [11].

Financial Data and Key Metrics Changes - For Q4 2025, net sales were $7.7 billion, down from $8.2 billion in the previous year, reflecting a 1.6% growth when excluding the $582 million benefit from an extra week in last year's quarter [22][23] - Full-year net sales rose 4.6%, with volumes growing 1.4% and inflation at about 1.8% [24] - Adjusted EBITDA for Q4 was $116 million, compared to $133 million in the prior year, with full-year adjusted EBITDA at $552 million, slightly above the midpoint of guidance [27][28] - Free cash flow for Q4 was $86 million, bringing the full-year total to around $240 million, a significant improvement from a cash use of approximately $90 million in fiscal 2024 [28][29] Business Line Data and Key Metrics Changes - The natural segment grew by 9% on a comparable 13-week basis, outperforming the market, while conventional segment sales declined by 6% [23] - For the full year, volume growth outperformed Nielsen's industry benchmarks, largely due to the strength of the customer base and new business with existing customers [24] Market Data and Key Metrics Changes - The company is targeting a $90 billion addressable market, focusing on natural, organic, specialty, multicultural, and conventional grocery retailers [10] - The growth in the natural segment is supported by enduring consumer trends towards health and wellness [17][92] Company Strategy and Development Direction - The company aims to become the food industry's most valued partner by providing innovative products and services to help retailers and suppliers grow [9] - The refresh strategy focuses on creating more value for customers and suppliers while improving operational efficiency [10][13] - The company expects to achieve net sales growth in the low single digits from fiscal 2024 to 2027, with adjusted EBITDA growth in the low double-digit range [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and ability to create sustainable long-term value despite challenges faced during the cyber incident [20] - The company anticipates continued growth in the natural segment and improved profitability through operational efficiencies and strategic investments [21][34] Other Important Information - The company reduced net debt to around $1.8 billion, the lowest level since 2018, and reduced net leverage by 0.7 turns compared to the previous year [8][29] - The company is focused on enhancing capabilities in merchandising, revenue growth management, and technology to drive long-term growth [31] Q&A Session Summary Question: Opportunities in natural merchandising initiatives - Management highlighted three key areas: innovation for natural retailers, deepening involvement for conventional retailers, and simplifying the experience for emerging suppliers [37] Question: Improving conventional profitability - Management noted that natural products have historically higher margins and emphasized efforts to improve product mix, efficiency, and lean operations across both segments [40] Question: Updated three-year guidance and customer attrition - Management indicated solid growth in the customer file and better-than-expected organic growth, particularly in natural and organic segments [46] Question: Industry promotional backdrop - Management observed a disciplined increase in promotional activities, with volume sold on deal still below 2019 levels [48] Question: Volume metrics and cyber incident impact - Management clarified that volumes were up about 1.5% for the full year, with a more significant impact from the cyber incident on conventional sales [51] Question: Factors leading to raised adjusted EBITDA algorithm - Management attributed the increase to better-than-expected top-line growth, progress in shrink reduction, and productivity improvements [52] Question: Relationship with Amazon - Management refrained from commenting on specific customers but emphasized a tailored strategy for enterprise accounts and support for small independents [56] Question: Capital investment and facility expansion - Management discussed ongoing rationalization and expansion of distribution centers, with a focus on automation and efficiency [61][62] Question: Margin gain flow in 2026 - Management outlined key components for EBITDA growth, including the exit of unprofitable contracts and continuous progress on shrink and supplier programs [66] Question: Tariff impact - Management is closely monitoring tariffs and working with suppliers and customers to manage costs effectively [68]

Financial Data and Key Metrics Changes - For Q4 2025, net sales were $7.7 billion, down from $8.2 billion in the previous year, reflecting a 1.6% growth when excluding the $582 million benefit from an extra week in last year's quarter [22][23] - Full-year adjusted EBITDA was $552 million, slightly above the midpoint of the outlook provided earlier, with a Q4 adjusted EBITDA of $116 million compared to $133 million in the prior year [27][28] - Free cash flow for Q4 was $86 million, bringing the full-year total to approximately $240 million, a significant improvement from a cash use of about $90 million in fiscal 2024 [28][29] Business Line Data and Key Metrics Changes - The natural segment grew by 9% on a comparable 13-week basis, outperforming the market, while conventional segment sales declined by 6% [23] - For the full year, net sales rose 4.6%, with volume growth of 1.4% and inflation at about 1.8% [24] Market Data and Key Metrics Changes - The company is targeting a $90 billion addressable market, focusing on natural, organic, specialty, multicultural, and conventional grocery retailers [10] - The company expects net sales to grow in the low single digits on average from fiscal 2024 to 2027, reflecting better-than-projected organic growth [17] Company Strategy and Development Direction - The company aims to become the food industry's most valued partner by providing innovative products and services to help retailers and suppliers grow profitably [9] - The refresh strategy focuses on creating more value for customers and suppliers while becoming a more effective and efficient business [10][12] - The company plans to enhance capabilities in merchandising, revenue growth management, and technology to drive long-term growth [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and ability to create sustainable long-term value despite challenges faced during the cyber incident [20] - The company anticipates continued execution of its strategy and another year of profitable growth, with adjusted EBITDA expected to exceed $730 million by fiscal 2027 [18][34] Other Important Information - The company reduced net debt to around $1.8 billion, the lowest level since 2018, and reduced net leverage by 0.7 turns compared to the previous year [8][29] - The company is focused on improving the experience for independent customers and emerging suppliers, which are critical to the industry's vitality [16] Q&A Session Summary Question: Opportunities in natural merchandising initiatives - Management highlighted three key areas: innovation for natural retailers, deepening involvement in categories for conventional retailers, and simplifying the experience for emerging suppliers [37] Question: Improving conventional profitability - Management noted that natural products have historically higher margins, and efforts are focused on improving product mix, driving efficiency, and embedding lean practices [40] Question: Updated three-year guidance and customer attrition - Management indicated solid growth in the customer file and better-than-expected organic growth, particularly in natural and organic segments [46] Question: Industry promotional backdrop - Management observed a disciplined increase in promotional activities, with volume sold on deal still below 2019 levels [48] Question: Volume metrics and cyber incident impact - Management clarified that volume growth was skewed towards natural products, with a heavier impact from the cyber incident on conventional sales [51] Question: Factors leading to raised adjusted EBITDA algorithm - Management cited stronger top-line growth, continuous progress on shrink reduction, and productivity efforts as key contributors [52] Question: Relationship with Amazon - Management refrained from commenting on specific customers but emphasized a tailored strategy for enterprise accounts [56] Question: Capital investment and facility expansion - Management confirmed ongoing rationalization and optimization of distribution centers, with plans for automation and modernization [62] Question: Margin gain flow in 2026 - Management outlined key components for EBITDA growth, including the exit of unprofitable contracts and continuous shrink reduction efforts [66] Question: Tariff impact - Management is closely monitoring tariffs and working with suppliers and customers to manage costs effectively [68]

Financial Data and Key Metrics Changes - In Q4 2025, net sales were $7.7 billion, down from $8.2 billion in the previous year, reflecting a 1.6% growth when excluding the $582 million benefit from an extra week in last year's quarter [37][38] - Full-year net sales rose 4.6% on a comparable 52-week basis, with volumes growing 1.4% and inflation at about 1.8% [39] - Adjusted EBITDA for Q4 was $116 million, compared to $133 million in the prior year, with full-year adjusted EBITDA at $552 million, slightly above the midpoint of the outlook [42][43] - Free cash flow in Q4 was $86 million, bringing the full-year total to around $240 million, a significant improvement from a cash use of approximately $90 million in fiscal 2024 [43][44] - Net debt was reduced to approximately $1.8 billion, the lowest level since 2018, with net leverage decreasing by around 0.7 turns from the end of the last fiscal year [23][44] Business Line Data and Key Metrics Changes - The natural segment experienced a growth of 9% on a comparable 13-week basis, outperforming the market, while conventional segment sales declined by 6% [38] - The company is focusing on improving category merchandising and account management capabilities, which includes realigning sales and merchandising teams [26][28] Market Data and Key Metrics Changes - The company is targeting a $90 billion addressable market that includes natural, organic, specialty, multicultural, and conventional grocery retailers [25] - The growth in the natural segment is supported by enduring consumer trends towards health and wellness [33][120] Company Strategy and Development Direction - The company aims to become the food industry's most valued partner by providing innovative products and services to help retailers and suppliers grow profitably [24] - The refresh strategy focuses on creating more value for customers and suppliers while becoming a more effective and efficient business [25][31] - The company expects to achieve net sales growth in the low single digits on average from fiscal 2024 to 2027, reflecting better-than-projected organic growth [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and ability to create sustainable long-term value despite challenges faced during the cyber incident [35] - The company anticipates continued execution of its strategy and another year of profitable growth while further strengthening its balance sheet [31][49] Other Important Information - The company has implemented lean daily management in 28 of its 52 distribution centers, which is expected to enhance operational efficiency [45] - The fiscal 2026 outlook includes expected net sales in the range of $31.6 billion to $32 billion, with adjusted EBITDA projected between $630 million and $700 million [47][48] Q&A Session Summary Question: Opportunities in natural merchandising initiatives - Management highlighted three key areas for growth in natural merchandising, focusing on innovation, simplifying the experience for emerging suppliers, and deepening involvement in categories for conventional retailers [52][56] Question: Improving conventional profitability - Management acknowledged that conventional products have lower margins and emphasized the need for thoughtful business shrinkage while focusing on improving product mix and operational efficiency [58][62] Question: Updated three-year guidance and customer attrition - Management noted solid growth in the customer file and emphasized that the strategy remains unchanged, with better-than-expected organic growth in natural and organic segments [67][68] Question: Industry promotional backdrop - Management observed a disciplined increase in promotional activities but noted that the share of volume sold on deal remains below 2019 levels [69] Question: Volume metrics and cyber incident impact - Management clarified that volume growth for the full year was about 1.5%, with a more significant impact from the cyber incident on conventional sales [70][71] Question: Adjusted EBITDA algorithm changes - Management attributed the improved adjusted EBITDA outlook to better-than-expected organic growth, continuous shrink reduction, and productivity efforts [72][73] Question: Relationship with Amazon - Management refrained from commenting on specific customers but emphasized a tailored strategy for enterprise accounts and a segmented approach to support customers of all sizes [78][79] Question: Capital investment and facility expansion - Management indicated that ongoing rationalization and expansion of distribution centers are part of their strategy, with a focus on automation and modernization [80][84] Question: Margin gain distribution in 2026 - Management outlined several factors contributing to EBITDA growth, including the exit of unprofitable contracts and continuous productivity improvements [90][93] Question: Tariff impact - Management is closely monitoring tariff developments and working with suppliers and customers to navigate challenges while keeping prices competitive [96] Question: Sales outlook for 2026 - Management expects organic sales growth led by the natural business, offset by the impact of distribution center optimization [110][111]

Core Insights - United Natural Foods Inc. (UNFI) reported fiscal fourth-quarter 2025 results that exceeded analyst expectations despite a decline in year-over-year sales [1][3] - The company faced significant challenges due to a cyber incident in June 2025, which impacted net sales and adjusted EBITDA [2] Financial Performance - Net sales for the fourth quarter reached $7.70 billion, surpassing Wall Street's estimate of $7.64 billion, but down 5.6% from $8.16 billion a year earlier [1] - The adjusted net loss was 11 cents per share, better than the expected 19-cent loss, compared to an adjusted earnings of 1 cent per share in the prior year [3] - Adjusted EBITDA for the fourth quarter was $116 million, down from $143 million in the previous year [5] Segment Performance - The natural segment experienced strong growth of 9.1%, contributing an additional $335 million in year-over-year sales [3] - The conventional segment declined by 6.1%, resulting in a decrease of $223 million, while the retail segment saw a modest decline of 1.7%, totaling $10 million [4] Cyber Incident Impact - The cyber incident is estimated to have caused a reduction of approximately $400 million in net sales and around $50 million in adjusted EBITDA [2] - After adjusting for the extra week in fiscal 2024 and the estimated 5% impact from the cyber incident, the company achieved underlying sales growth of 1.6% [4] Financial Position - On a GAAP basis, the company reported a wider net loss of $1.43 per share, compared to a loss of 63 cents in the prior year [5] - The net leverage ratio improved from 4.0x at the end of fiscal 2024 to 3.3x by the end of fiscal 2025, indicating progress toward deleveraging goals [5] - Cash and cash equivalents stood at $44 million at the end of the fourth quarter of fiscal 2025 [6] Future Outlook - For fiscal year 2026, the company expects net sales to be in the range of $31.6 billion to $32 billion, slightly below the estimated $32.31 billion [7]

Financial Performance - Q4 FY25 - Net sales reached $7696 million, a 1.6% increase excluding the 14th week of FY24[15] - Adjusted EBITDA was $116 million, a decrease of 12.8% excluding the 14th week of FY24[15] - Adjusted EPS was $(0.11)[15] - Free cash flow was $86 million[15] Financial Performance - FY25 - Net sales reached $31784 million, a 4.6% increase excluding the 53rd week of FY24[15] - Adjusted EBITDA was $552 million, an 8.7% increase excluding the 53rd week of FY24[15] - Adjusted EPS was $0.71[15] - Free cash flow was $239 million[15] Factors Impacting Performance - The cyber incident impacted Q4 net sales by an estimated $400 million and Adjusted EBITDA by an estimated $50 million[16, 31] - Fiscal year 2024 included an extra week that produced approximately $582 million of sales and $10 million of Adjusted EBITDA[16] Future Outlook - FY26 - Net sales are projected to be between $31600 million and $32000 million[42] - Adjusted EBITDA is projected to be between $630 million and $700 million[42] - Adjusted EPS is projected to be between $1.50 and $2.30[42] - Free cash flow is projected to be approximately $300 million[42]

This story was originally published on Grocery Dive. To receive daily news and insights, subscribe to our free daily Grocery Dive newsletter. Dive Brief: United Natural Foods, Inc. on Tuesday reported net sales of $7.7 billion for the fourth quarter of fiscal 2025, down 5.6% from the same period last year. The grocery retailer and wholesaler believes its sales for the quarter would have increased were it not for the cyberattack it experienced in June, which brought down its sales growth rate by about ...

Core Viewpoint - United Natural Foods, Inc. (UNFI) has provided its adjusted earnings and net sales guidance for the full year 2026, indicating positive underlying momentum and effective strategy execution [1] Financial Guidance - For the year 2026, the company projects a loss per share ranging from $0.00 to $0.80 and adjusted earnings between $1.50 and $2.30 per share [1] - Net sales are expected to be between $31.6 billion and $32.0 billion [1] Analyst Expectations - On average, ten analysts anticipate the company will report earnings of $1.42 per share with net sales of $32.72 billion for the year [2]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Fourth Quarter and Full Fiscal Year 2025 Performance Overview](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202025%20Performance) UNFI demonstrated solid performance in the fourth quarter of fiscal year 2025, successfully navigating a cybersecurity incident, achieving above-industry-average sales growth for the full fiscal year, while improving free cash flow and strengthening its financial position Key Financial Data for Fourth Quarter and Full Fiscal Year 2025 | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (14 Weeks) | Percentage Change | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | Percentage Change | | :------------------------------------- | :----------------------- | :----------------------- | :----------- | :-------------------- | :-------------------- | :----------- | | Net Sales (million USD) | $7,696 | $8,155 | (5.6)% | $31,784 | $30,980 | 2.6 % | | Natural Product Sales (million USD) | $3,998 | $3,943 | 1.4 % | $16,017 | $14,948 | 7.2 % | | Conventional Product Sales (million USD) | $3,414 | $3,917 | (12.8)% | $14,667 | $14,946 | (1.9)% | | Retail Sales (million USD) | $573 | $628 | (8.8)% | $2,342 | $2,436 | (3.9)% | | Net Loss (million USD) | $(87) | $(37) | N/M | $(118) | $(112) | N/M | | Adjusted EBITDA (million USD) | $116 | $143 | (18.9)% | $552 | $518 | 6.6 % | | Diluted Loss Per Share (EPS) | $(1.43) | $(0.63) | N/M | $(1.95) | $(1.89) | N/M | | Adjusted Loss Per Share (Adjusted EPS) | $(0.11) | $0.01 | N/M | $0.71 | $0.14 | 407.1 % | | Net Cash Provided by Operating Activities (million USD) | $160 | $191 | (16.2)% | $470 | $253 | 85.8 % | | Capital Expenditures (million USD) | $(74) | $(120) | (38.3)% | $(231) | $(345) | (33.0)% | | Free Cash Flow (million USD) | $86 | $71 | 21.1 % | $239 | $(92) | N/M | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Sandy Douglas noted the company's solid performance in the fourth quarter of fiscal year 2025, successfully managing a cybersecurity incident and achieving above-industry-average sales growth, with a focus on accelerating momentum in fiscal year 2026 by delivering innovative products, services, and supply chain solutions to drive profitable growth and shareholder value for customers and suppliers - UNFI demonstrated solid performance in the fourth quarter of fiscal year 2025, effectively managing a cybersecurity incident and collaborating with customers and suppliers[3](index=3&type=chunk) - For fiscal year 2025, the company continuously enhanced its value proposition, achieved above-industry-average sales growth, improved efficiency, drove increased free cash flow, and strengthened its financial position[3](index=3&type=chunk) - In fiscal year 2026, the company will focus on accelerating momentum by providing innovative products, programs, services, and comprehensive supply chain solutions to help customers and suppliers achieve profitable growth and shareholder value[4](index=4&type=chunk) [Recent Financial and Operational Summary](index=1&type=section&id=Recent%20Financial%20and%20Operational%20Summary) The company achieved **$7.7 billion** in net sales for the fourth quarter of fiscal year 2025, with comparable 13-week growth of **1.6%**, significantly improved full-year free cash flow, reduced net debt to its lowest level since 2018, and lowered net leverage to **3.3x**, while deploying lean daily management in 28 distribution centers and projecting approximately **20% growth** in median Adjusted EBITDA for fiscal year 2026 - Net sales reached **$7.7 billion**, with comparable 13-week growth of **1.6%**[7](index=7&type=chunk) - Free cash flow for fiscal year 2025 significantly improved, increasing by **$331 million** year-over-year[7](index=7&type=chunk) - Net debt decreased to **$1.83 billion**, the lowest level since 2018, with the net leverage ratio falling **0.7x** from **4.0x** at the end of the prior fiscal year to **3.3x**[7](index=7&type=chunk) - Lean daily management was deployed in **28 distribution centers** in fiscal year 2025, enhancing customer and supplier experience, and improving safety, quality, delivery, and cost efficiency[7](index=7&type=chunk) - The fiscal year 2026 outlook reflects potential business momentum and continued strategic execution, with median Adjusted EBITDA projected to grow approximately **20%** over fiscal year 2025, and nearly **15%** average annual growth over fiscal year 2024 (comparable 52 weeks)[7](index=7&type=chunk) [Fourth Quarter Fiscal Year 2025 Detailed Financial Summary](index=2&type=section&id=Fourth%20Quarter%20Fiscal%202025%20Summary) [Net Sales](index=2&type=section&id=Net%20sales) Net sales for the fourth quarter of fiscal year 2025 were **$7.7 billion**, down from **$8.2 billion** in the fourth quarter of fiscal year 2024, primarily due to an extra week in the prior year, with comparable sales increasing **1.6%** excluding the impact of the additional week - Net sales for the fourth quarter of fiscal year 2025 were **$7.7 billion**, compared to **$8.2 billion** in the fourth quarter of fiscal year 2024[8](index=8&type=chunk) - The fourth quarter of fiscal year 2024 included approximately **$582 million** in sales from an extra week[8](index=8&type=chunk) - Excluding the extra week, sales increased by **1.6%** (comparable 13-week basis)[8](index=8&type=chunk) [Gross Profit](index=2&type=section&id=Gross%20profit) Gross profit for the fourth quarter of fiscal year 2025 was **$1.03 billion**, down from **$1.116 billion** in the fourth quarter of fiscal year 2024, including **$15 million** in cybersecurity incident-related costs and **$7 million** in LIFO income, with gross margin remaining **13.5%** in both quarters after adjusting for these items and the extra week in fiscal year 2024 - Gross profit for the fourth quarter of fiscal year 2025 was **$1.03 billion**, compared to **$1.116 billion** in the fourth quarter of fiscal year 2024[9](index=9&type=chunk) - Gross profit in the fourth quarter of fiscal year 2025 included **$15 million** in cybersecurity incident-related costs and **$7 million** in LIFO income[9](index=9&type=chunk) - Excluding cybersecurity incident costs and LIFO income, gross profit for the fourth quarter of fiscal year 2025 was **$1.038 billion**, representing **13.5%** of net sales, consistent with **$1.022 billion** (representing **13.5%** of net sales) in the fourth quarter of fiscal year 2024 (excluding LIFO income and the extra week)[9](index=9&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20expenses) Operating expenses for the fourth quarter of fiscal year 2025 were **$1.046 billion**, or **13.6%** of net sales, higher than **$1.075 billion** (or **13.2%** of net sales) in the fourth quarter of fiscal year 2024, primarily due to the deleveraging impact of lost sales from the cybersecurity incident on fixed costs and investments in customer service - Operating expenses for the fourth quarter of fiscal year 2025 were **$1.046 billion**, or **13.6%** of net sales[10](index=10&type=chunk) - Operating expenses for the fourth quarter of fiscal year 2024 were **$1.075 billion**, or **13.2%** of net sales[10](index=10&type=chunk) - The increase in operating expenses as a percentage of net sales was due to the deleveraging impact of lost sales from the cybersecurity incident on fixed costs and investments made in customer service during the period[10](index=10&type=chunk) [Interest Expense, Net](index=2&type=section&id=Interest%20expense%2C%20net) Net interest expense for the fourth quarter of fiscal year 2025 was **$36 million**, down from **$50 million** in the fourth quarter of fiscal year 2024, primarily due to a reduction in the average outstanding debt balance and the extra week in the prior year, excluding prepayment and refinancing costs - Net interest expense for the fourth quarter of fiscal year 2025 was **$36 million**, including **$4 million** in costs and fees related to the prepayment of secured term loans[11](index=11&type=chunk) - Net interest expense for the fourth quarter of fiscal year 2024 was **$50 million**, including **$10 million** in costs and fees related to the refinancing of secured term loans[11](index=11&type=chunk) - Excluding prepayment and refinancing costs, the decrease in interest expense was primarily due to a reduction in the average outstanding debt balance and the extra week in the prior year period[11](index=11&type=chunk) [Effective Tax Rate](index=2&type=section&id=Effective%20tax%20rate) The effective tax rate for the fourth quarter of fiscal year 2025 was a **21.1%** benefit on pre-tax loss, compared to a **15.9%** benefit on pre-tax loss in the fourth quarter of fiscal year 2024, with both periods including expenses related to the deductibility of charitable contributions due to tax law changes, and the prior year also including equity compensation - The effective tax rate for the fourth quarter of fiscal year 2025 was a **21.1%** benefit on pre-tax loss[12](index=12&type=chunk) - The effective tax rate for the fourth quarter of fiscal year 2024 was a **15.9%** benefit on pre-tax loss[12](index=12&type=chunk) - The effective tax rate for the fourth quarter of fiscal year 2025 included expenses related to the deductibility of charitable contributions due to tax law changes, while the fourth quarter of fiscal year 2024 included expenses related to equity compensation and charitable contribution deductibility[12](index=12&type=chunk) [Net Loss and EPS](index=2&type=section&id=Net%20loss%20and%20EPS) Net loss for the fourth quarter of fiscal year 2025 worsened to **$87 million**, with diluted loss per share of **$1.43**, compared to a net loss of **$37 million** and diluted loss per share of **$0.63** in the fourth quarter of fiscal year 2024, and adjusted loss per share also declined from **$0.01** to **$0.11** - Net loss for the fourth quarter of fiscal year 2025 was **$87 million**, compared to **$37 million** in the fourth quarter of fiscal year 2024[13](index=13&type=chunk) - Diluted loss per share for the fourth quarter of fiscal year 2025 was **$1.43**, compared to **$0.63** in the fourth quarter of fiscal year 2024[13](index=13&type=chunk) - Adjusted loss per share for the fourth quarter of fiscal year 2025 was **$0.11**, compared to **$0.01** in the fourth quarter of fiscal year 2024[13](index=13&type=chunk) [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA for the fourth quarter of fiscal year 2025 was **$116 million**, a decrease from **$143 million** in the fourth quarter of fiscal year 2024 - Adjusted EBITDA for the fourth quarter of fiscal year 2025 was **$116 million**, compared to **$143 million** in the fourth quarter of fiscal year 2024[14](index=14&type=chunk) [Capital Structure and Financing Overview](index=2&type=section&id=Capital%20Structure%20and%20Financing%20Overview) [Free Cash Flow](index=2&type=section&id=Free%20Cash%20Flow) Free cash flow for the fourth quarter of fiscal year 2025 was **$86 million**, an increase from **$71 million** in the fourth quarter of fiscal year 2024, driven by **$160 million** in cash flow from operating activities less **$74 million** in capital expenditures - Free cash flow for the fourth quarter of fiscal year 2025 was **$86 million**, compared to **$71 million** in the fourth quarter of fiscal year 2024[17](index=17&type=chunk) - Free cash flow for the fourth quarter of fiscal year 2025 reflected **$160 million** in cash provided by operating activities less **$74 million** in capital expenditures[17](index=17&type=chunk) [Net Leverage](index=2&type=section&id=Net%20Leverage) As of August 2, 2025, the company's total outstanding debt (net of cash) was **$1.83 billion**, reduced by **$230 million** in fiscal year 2025, with the net debt to Adjusted EBITDA leverage ratio decreasing to **3.3x** from **4.0x** at the end of the prior fiscal year - As of August 2, 2025, total outstanding debt (net of cash) was **$1.83 billion**, reduced by **$230 million** during fiscal year 2025[17](index=17&type=chunk) - As of August 2, 2025, the net debt to Adjusted EBITDA leverage ratio was **3.3x**[17](index=17&type=chunk)[39](index=39&type=chunk) [Liquidity](index=2&type=section&id=Liquidity) As of August 2, 2025, the company's total liquidity was approximately **$1.5 billion**, comprising **$44 million** in cash and approximately **$1.45 billion** in unused availability under its asset-backed lending facility - As of August 2, 2025, total liquidity was approximately **$1.5 billion**[17](index=17&type=chunk) - Liquidity consisted of **$44 million** in cash and approximately **$1.45 billion** in unused availability under the company's asset-backed lending facility[17](index=17&type=chunk) [Fiscal Year 2026 Outlook](index=3&type=section&id=Fiscal%202026%20Outlook) UNFI provided its fiscal year 2026 (52-week) outlook, projecting net sales between **$31.6 billion** and **$32.0 billion**, net income between **$0** and **$50 million**, Adjusted EBITDA between **$630 million** and **$700 million**, adjusted EPS between **$1.50** and **$2.30**, and free cash flow of approximately **$300 million** Fiscal Year 2026 Outlook (as of August 1, 2026, 52 Weeks) | Metric | Range | | :------------------------------------- | :---------------- | | Net Sales (billion USD) | $31.6 - $32.0 | | Net Income (million USD) | $0 - $50 | | EPS | $0.00 - $0.80 | | Adjusted EPS | $1.50 - $2.30 | | Adjusted EBITDA (million USD) | $630 - $700 | | Capital and Cloud Implementation Expenditures (million USD) | ~ $250 | | Free Cash Flow (million USD) | ~ $300 | - The midpoint of the fiscal year 2026 Adjusted EBITDA range reflects approximately **20% growth** over fiscal year 2025 and nearly **15%** average annual growth over fiscal year 2024 (comparable 52 weeks)[7](index=7&type=chunk) [Company Information & Contacts](index=3&type=section&id=Company%20Information%20%26%20Contacts) [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) The company held its fiscal year 2025 fourth quarter and full-year earnings conference call and audio webcast on Tuesday, September 30, 2025, at 8:30 AM ET, accessible to the public via the company's investor relations website or by phone - The company's fiscal year 2025 fourth quarter and full-year earnings conference call and audio webcast was held on Tuesday, September 30, 2025, at 8:30 AM ET[21](index=21&type=chunk) - The webcast (and supplemental materials) is available to the public on a listen-only basis via the investor relations section of the company's website at www.unfi.com, and the conference call can also be accessed by dialing **(800) 715-9871** (conference ID **5462932**)[21](index=21&type=chunk) [About United Natural Foods](index=3&type=section&id=About%20United%20Natural%20Foods) UNFI is North America's leading food wholesaler, supplying a wide range of fresh, branded, and private label products to over 30,000 locations, including natural product supermarkets, independent retailers, conventional supermarket chains, e-commerce platforms, and foodservice customers, while also offering extensive value-added services and specialized marketing to build a better food system for all - UNFI is North America's leading food wholesaler, providing the widest variety of fresh, branded, and private label products to over **30,000 locations** across North America[22](index=22&type=chunk) - Customers served include natural product supermarkets, independent retailers, conventional supermarket chains, e-commerce platforms, and foodservice customers[22](index=22&type=chunk) - The company offers value-added services and specialized marketing, including proprietary technology, data, market insights, and shelf management, to help customers and suppliers grow their businesses and brands[22](index=22&type=chunk) [Investor Contacts](index=3&type=section&id=INVESTOR%20CONTACTS) Contact information for Steve Bloomquist, Vice President of Investor Relations, and Kristyn Farahmand, Chief Strategy Officer, is provided - Vice President, Investor Relations: Steve Bloomquist, Phone: **952-828-4144**, Email: sbloomquist@unfi.com[23](index=23&type=chunk) - Chief Strategy Officer: Kristyn Farahmand, Phone: **612-439-6625**, Email: kristyn.farahmand@unfi.com[23](index=23&type=chunk) [Legal Disclosures](index=4&type=section&id=Legal%20Disclosures) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) Non-historical statements in this press release are 'forward-looking statements' involving risks and uncertainties, where actual results may differ materially, with detailed risks described in the company's SEC filings, including the 'Risk Factors' section of its fiscal year 2024 Form 10-K, and the company undertakes no obligation to update any information - Non-historical statements in this press release regarding the company's business are 'forward-looking statements' involving risks and uncertainties, based on current expectations and management estimates; actual results may differ materially[24](index=24&type=chunk) - Risks and uncertainties that could affect these statements are described in the company's filings with the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934, including the 'Risk Factors' section of the company's Annual Report on Form 10-K for the fiscal year ended August 3, 2024[24](index=24&type=chunk) - The company undertakes no obligation to update any information in the foregoing reports until the effective date of its future reports as required by applicable law[24](index=24&type=chunk) [Explanation of Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and explains the non-GAAP financial measures used by the company, including Adjusted EBITDA, Adjusted EPS, Adjusted Effective Tax Rate, Free Cash Flow, Net Debt to Adjusted EBITDA Leverage Ratio, and Capital and Cloud Implementation Expenditures, which are intended to supplement GAAP financial information for better period-over-period comparisons and understanding of core business trends, though a full reconciliation for outlook cannot be provided without unreasonable effort - The company included non-GAAP financial measures such as Adjusted EBITDA, Adjusted EPS, Adjusted Effective Tax Rate, Free Cash Flow, Net Debt to Adjusted EBITDA Leverage Ratio, and Capital and Cloud Implementation Expenditures in the press release[25](index=25&type=chunk) - Non-GAAP financial measures are provided to aid in period-over-period comparisons, evaluate the company's business performance, and understand underlying operating performance and core business trends by excluding certain adjustments not expected to recur in the normal course of business or not indicative of actual and estimated operating performance[26](index=26&type=chunk) - The company is unable to provide a full reconciliation of the non-GAAP outlook to the most comparable GAAP measures without unreasonable effort, as the amount of certain adjusting items is difficult to predict[23](index=23&type=chunk) [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section presents the unaudited consolidated statements of operations for the fourth quarter and full fiscal years ended August 2, 2025, and August 3, 2024, detailing key financial data such as net sales, cost of sales, gross profit, operating expenses, and net loss Consolidated Statements of Operations (million USD, except per share data) | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (14 Weeks) | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | | :------------------------------------- | :----------------------- | :----------------------- | :-------------------- | :-------------------- | | Net Sales | $7,696 | $8,155 | $31,784 | $30,980 | | Cost of Sales | $6,666 | $7,039 | $27,562 | $26,779 | | Gross Profit | $1,030 | $1,116 | $4,222 | $4,201 | | Operating Expenses | $1,046 | $1,075 | $4,117 | $4,100 | | Operating (Loss) Income | $(78) | $2 | $(31) | $8 | | Loss Before Income Taxes | $(109) | $(44) | $(154) | $(137) | | Net Loss Attributable to United Natural Foods, Inc. | $(87) | $(37) | $(118) | $(112) | | Diluted Loss Per Share | $(1.43) | $(0.63) | $(1.95) | $(1.89) | [Consolidated Balance Sheets](index=7&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) This section provides the unaudited consolidated balance sheets as of August 2, 2025, and August 3, 2024, detailing the composition of assets, liabilities, and stockholders' equity Consolidated Balance Sheets (million USD, except par value) | Metric | August 2, 2025 | August 3, 2024 | | :------------------------------------- | :------------- | :------------- | | **Assets** | | | | Cash and Cash Equivalents | $44 | $40 | | Accounts Receivable, Net | $1,093 | $953 | | Inventories, Net | $2,095 | $2,179 | | Prepaid Expenses and Other Current Assets | $191 | $230 | | Total Current Assets | $3,423 | $3,402 | | Property and Equipment, Net | $1,749 | $1,820 | | Operating Lease Assets | $1,474 | $1,370 | | Goodwill | $19 | $19 | | Intangible Assets, Net | $576 | $649 | | Deferred Income Taxes | $162 | $87 | | Other Long-Term Assets | $192 | $181 | | **Total Assets** | **$7,595** | **$7,528** | | **Liabilities and Stockholders' Equity** | | | | Accounts Payable | $1,875 | $1,688 | | Accrued Expenses and Other Current Liabilities | $319 | $288 | | Accrued Compensation and Benefits | $227 | $197 | | Current Portion of Operating Lease Liabilities | $173 | $181 | | Current Portion of Long-Term Debt and Finance Lease Liabilities | $8 | $11 | | Total Current Liabilities | $2,602 | $2,365 | | Long-Term Debt | $1,859 | $2,081 | | Long-Term Operating Lease Liabilities | $1,400 | $1,263 | | Long-Term Finance Lease Liabilities | $11 | $12 | | Pension and Other Postretirement Benefit Obligations | $14 | $15 | | Other Long-Term Liabilities | $155 | $151 | | **Total Liabilities** | **$6,041** | **$5,887** | | Total Stockholders' Equity Attributable to United Natural Foods, Inc. | $1,551 | $1,641 | | Noncontrolling Interests | $3 | $0 | | **Total Stockholders' Equity** | **$1,554** | **$1,641** | | **Total Liabilities and Stockholders' Equity** | **$7,595** | **$7,528** | [Consolidated Statements of Cash Flows](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section provides the unaudited consolidated statements of cash flows for the full fiscal years ended August 2, 2025, and August 3, 2024, detailing cash flows from operating, investing, and financing activities Consolidated Statements of Cash Flows (million USD) | Metric | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | | :------------------------------------- | :-------------------- | :-------------------- | | Net Cash Provided by Operating Activities | $470 | $253 | | Net Cash Used in Investing Activities | $(218) | $(342) | | Net Cash (Used in) Provided by Financing Activities | $(248) | $92 | | Net Increase in Cash and Cash Equivalents | $4 | $3 | | Cash and Cash Equivalents at End of Period | $44 | $40 | [Supplemental Non-GAAP Financial Information](index=9&type=section&id=SUPPLEMENTAL%20NON-GAAP%20FINANCIAL%20INFORMATION) [Reconciliation of Net Loss (including noncontrolling interests) to Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20Net%20loss%20including%20noncontrolling%20interests%20to%20Adjusted%20EBITDA) This section details the reconciliation from GAAP net loss (including noncontrolling interests) to Adjusted EBITDA for the fourth quarter and full fiscal years 2025 and 2024, covering adjustments such as interest expense, taxes, depreciation, amortization, equity compensation, LIFO adjustments, restructuring charges, asset disposal losses, business transformation costs, and cybersecurity incident-related expenses Reconciliation of Net Loss (including noncontrolling interests) to Adjusted EBITDA (million USD) | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (14 Weeks) | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | | :------------------------------------- | :----------------------- | :----------------------- | :-------------------- | :-------------------- | | Net Loss (including noncontrolling interests) | $(86) | $(37) | $(115) | $(110) | | Less: Net income attributable to noncontrolling interests | $(1) | $0 | $(3) | $(2) | | Interest expense, net | $36 | $50 | $146 | $162 | | Income tax benefit | $(23) | $(7) | $(39) | $(27) | | Depreciation and amortization | $79 | $91 | $321 | $319 | | Share-based compensation | $15 | $11 | $43 | $37 | | LIFO (income) expense | $(7) | $(12) | $(2) | $7 | | Restructuring, acquisition, and integration related expenses | $59 | $19 | $94 | $36 | | Loss on asset disposals and other asset charges | $3 | $20 | $42 | $57 | | Business transformation costs | $7 | $12 | $47 | $52 | | Cybersecurity incident | $26 | $0 | $26 | $0 | | Other adjustments | $13 | $0 | $15 | $4 | | **Adjusted EBITDA** | **$116** | **$143** | **$552** | **$518** | - Fiscal year 2025 restructuring expenses primarily included **$53 million** related to the termination of a supply agreement with an eastern region customer, and costs associated with certain employee severance and outsourcing of certain corporate functions[36](index=36&type=chunk) - Cybersecurity incident-related costs and expenses primarily included mitigation and remediation costs associated with third-party cybersecurity, legal, and governance experts, with **$15 million** recorded in gross profit and **$11 million** in operating expenses[36](index=36&type=chunk) [Reconciliation of Net Loss Attributable to United Natural Foods, Inc. to Adjusted Net (Loss) Income and Adjusted EPS](index=10&type=section&id=Reconciliation%20of%20Net%20loss%20attributable%20to%20United%20Natural%20Foods%2C%20Inc.%20to%20Adjusted%20net%20(loss)%20income%20and%20Adjusted%20EPS) This section provides a reconciliation from GAAP net loss attributable to United Natural Foods, Inc. to adjusted net (loss) income and adjusted EPS for the fourth quarter and full fiscal years 2025 and 2024, calculated by adding specific non-GAAP adjustments and applying the adjusted effective tax rate Reconciliation of Net Loss Attributable to United Natural Foods, Inc. to Adjusted Net (Loss) Income and Adjusted EPS (million USD, except per share amounts) | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (14 Weeks) | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | | :------------------------------------- | :----------------------- | :----------------------- | :-------------------- | :-------------------- | | Net Loss Attributable to United Natural Foods, Inc. | $(87) | $(37) | $(118) | $(112) | | Restructuring, acquisition, and integration related expenses | $59 | $19 | $94 | $36 | | Loss (gain) on asset disposals and other asset charges (excluding loss on sale of accounts receivable) | $(2) | $15 | $23 | $36 | | LIFO (income) expense | $(7) | $(12) | $(2) | $7 | | Depreciation and interest expense on residual properties | $1 | $2 | $2 | $5 | | Loss on extinguishment of debt | $4 | $10 | $4 | $10 | | Business transformation costs | $7 | $12 | $47 | $52 | | Cybersecurity incident | $26 | $0 | $26 | $0 | | Other adjustments | $13 | $0 | $15 | $4 | | Tax impact of adjustments and adjusted effective tax rate | $(20) | $(8) | $(47) | $(29) | | **Adjusted Net (Loss) Income** | **$(6)** | **$1** | **$44** | **$9** | | Diluted weighted-average shares outstanding | 60.6 | 60.0 | 61.8 | 60.4 | | **Adjusted EPS** | **$(0.11)** | **$0.01** | **$0.71** | **$0.14** | [Calculation of Net Debt to Adjusted EBITDA Leverage Ratio](index=11&type=section&id=Calculation%20of%20net%20debt%20to%20Adjusted%20EBITDA%20leverage%20ratio) This section details the calculation of the net debt to Adjusted EBITDA leverage ratio for fiscal years 2025 and 2024, demonstrating a significant improvement in the leverage ratio Calculation of Net Debt to Adjusted EBITDA Leverage Ratio (million USD, except ratio) | Metric | FY2025 (August 2, 2025) | FY2024 (August 3, 2024) | | :------------------------------------- | :----------------------- | :----------------------- | | Current portion of long-term debt and finance lease liabilities | $8 | $11 | | Long-term debt | $1,859 | $2,081 | | Long-term finance lease liabilities | $11 | $12 | | Less: Cash and cash equivalents | $(44) | $(40) | | Net carrying value of debt and finance lease liabilities | $1,834 | $2,064 | | Adjusted EBITDA | $552 | $518 | | **Adjusted EBITDA Leverage Ratio** | **3.3x** | **4.0x** | [Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow](index=11&type=section&id=Reconciliation%20of%20Net%20cash%20provided%20by%20operating%20activities%20to%20Free%20cash%20flow) This section reconciles net cash provided by operating activities to free cash flow for the fourth quarter and full fiscal years 2025 and 2024, by subtracting capital expenditures from net cash provided by operating activities Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (million USD) | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (14 Weeks) | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | | :------------------------------------- | :----------------------- | :----------------------- | :-------------------- | :-------------------- | | Net cash provided by operating activities | $160 | $191 | $470 | $253 | | Capital expenditures | $(74) | $(120) | $(231) | $(345) | | **Free Cash Flow** | **$86** | **$71** | **$239** | **$(92)** | [Reconciliation of Capital Expenditures to Capital and Cloud Implementation Expenditures](index=11&type=section&id=Reconciliation%20of%20Payments%20for%20capital%20expenditures%20to%20Capital%20and%20cloud%20implementation%20expenditures) This section reconciles capital expenditures to total capital and cloud implementation expenditures for the fourth quarter and full fiscal years 2025 and 2024, by adding cloud technology implementation expenditures to capital expenditures Reconciliation of Capital Expenditures to Capital and Cloud Implementation Expenditures (million USD) | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (14 Weeks) | FY2025 Full Year (52 Weeks) | FY2024 Full Year (53 Weeks) | | :------------------------------------- | :----------------------- | :----------------------- | :-------------------- | :-------------------- | | Capital expenditures | $74 | $120 | $231 | $345 | | Cloud technology implementation expenditures | $1 | $5 | $7 | $25 | | **Capital and Cloud Implementation Expenditures** | **$75** | **$125** | **$238** | **$370** | [Fiscal Year 2025 Comparable Growth Rates](index=11&type=section&id=Fiscal%202025%20Comparable%20Growth%20Rates) This section provides comparable growth rates for the fourth quarter and full fiscal year 2025, adjusted to exclude the impact of the 53rd week in fiscal year 2024, covering metrics such as net sales and Adjusted EBITDA Fiscal Year 2025 Comparable Growth Rates (million USD) | Metric | FY2025 Q4 (13 Weeks) | FY2024 Q4 (13 Weeks, Comparable) | Comparable 13-Week Percentage Change | FY2025 Full Year (52 Weeks) | FY2024 Full Year (52 Weeks, Comparable) | Comparable 52-Week Percentage Change | | :------------------------------------- | :----------------------- | :----------------------------- | :------------------- | :-------------------- | :----------------------------- | :------------------- | | Net Sales | $7,696 | $7,573 | 1.6 % | $31,784 | $30,398 | 4.6 % | | Natural Products | $3,998 | $3,663 | 9.1 % | $16,017 | $14,668 | 9.2 % | | Conventional Products | $3,414 | $3,637 | (6.1)% | $14,667 | $14,666 | — % | | Retail | $573 | $583 | (1.7)% | $2,342 | $2,391 | (2.0)% | | Eliminations | $(289) | $(310) | (6.8)% | $(1,242) | $(1,327) | (6.4)% | | Adjusted EBITDA | $116 | $133 | (12.8)% | $552 | $508 | 8.7 % | - Comparable 13-week and 52-week percentage changes exclude the estimated contribution from the extra week in fiscal year 2024[45](index=45&type=chunk) [Reconciliation of Actual Fiscal Year 2025 and 2024 U.S. GAAP Effective Tax Rate to Adjusted Effective Tax Rate](index=12&type=section&id=Reconciliation%20of%20actual%202025%20and%202024%20U.S.%20GAAP%20effective%20tax%20rate%20to%20adjusted%20effective%20tax%20rate) This section reconciles the actual U.S. GAAP effective tax rate to the adjusted effective tax rate for fiscal years 2025 and 2024, calculated by adjusting for discrete GAAP items, tax impact of other expenses and adjustments, and changes in valuation allowance Reconciliation of Actual Fiscal Year 2025 and 2024 U.S. GAAP Effective Tax Rate to Adjusted Effective Tax Rate | Metric | FY2025 Actual | FY2024 Actual | | :------------------------------------- | :------------- | :------------- | | U.S. GAAP Effective Tax Rate | 25 % | 20 % | | Quarterly discrete recognition of GAAP items | (1)% | 20 % | | Tax impact of other expenses and adjustments | (13)% | (24)% | | Change in valuation allowance | 5 % | 5 % | | **Adjusted Effective Tax Rate** | **16 %** | **21 %** |

Group 1 - United Natural Foods, Inc. is set to release its fourth-quarter earnings results on September 30, with analysts expecting a quarterly loss of 18 cents per share compared to a profit of 1 cent per share a year ago [1] - The projected quarterly revenue for United Natural Foods is $7.64 billion, down from $8.15 billion the previous year [1] - On July 16, United Natural Foods raised its FY25 sales guidance, leading to a 4.7% increase in share price, closing at $31.62 [2] Group 2 - BMO Capital analyst Kelly Bania upgraded the stock from Market Perform to Outperform, raising the price target from $25 to $36 [6] - Wells Fargo analyst Edward Kelly upgraded the stock from Underweight to Equal-Weight, increasing the price target from $25 to $26 [6] - UBS analyst Mark Carden maintained a Neutral rating and raised the price target from $26 to $29 [6] - Deutsche Bank analyst Krisztina Katai maintained a Hold rating but cut the price target from $33 to $24 [6] - Guggenheim analyst John Heinbockel reiterated a Neutral rating [6]