The Chefs' Warehouse(CHEF) - 2025 Q4 - Annual Results

Financial Performance - Net sales for Q4 2025 increased by 10.5% to $1.14 billion from $1.03 billion in Q4 2024[5] - Organic sales rose by $99.9 million, or 9.7%, compared to the prior year quarter[5] - Gross profit increased by 10.2% to $276.6 million, with gross profit margins decreasing to 24.2%[6] - Selling, general and administrative expenses rose by approximately 8.9% to $225.2 million, representing 19.7% of net sales[7] - GAAP net income for Q4 2025 was $21.7 million, or $0.50 per diluted share, compared to $23.9 million, or $0.55 per diluted share, in Q4 2024[9] - Adjusted EBITDA for Q4 2025 was $80.3 million, up from $68.2 million in Q4 2024[12] - Net sales for the thirteen weeks ended December 26, 2025, were $1,142,564, an increase of 10.6% compared to $1,033,568 for the same period in 2024[24] - Gross profit for the fifty-two weeks ended December 26, 2025, was $1,004,090, representing a 9.8% increase from $914,147 in 2024[24] - Net income for the fifty-two weeks ended December 26, 2025, was $72,361, up 30.5% from $55,479 in 2024[24] - Adjusted net income for the fifty-two weeks ended December 26, 2025, was $82,604, a 32.9% increase from $62,163 in 2024[33] - EBITDA for the fifty-two weeks ended December 26, 2025, was $223,236, compared to $193,141 in 2024, reflecting a growth of 15.6%[29] - Operating income for the fifty-two weeks ended December 26, 2025, was $145,106, a 13.2% increase from $128,207 in 2024[24] Future Projections - The company expects full-year 2026 net sales in the range of $4.35 billion to $4.45 billion[16] - Gross profit for 2026 is projected to be between $1.053 billion and $1.076 billion[16] - Adjusted EBITDA for 2026 is forecasted to be between $276 million and $286 million[16] - Net income guidance ranges from $88,000 to $92,000[35] - Provision for income tax expense is estimated between $34,000 and $36,000[35] - Depreciation and amortization of property and equipment is projected at $85,000 to $87,000[35] - Interest expense is expected to be in the range of $41,000 to $42,000[35] - EBITDA guidance is set between $248,000 and $257,000[35] - Adjusted EBITDA is forecasted to be between $276,000 and $286,000[35] Asset and Expense Management - Total assets increased to $2,028,007 as of December 26, 2025, from $1,858,691 in 2024, marking an increase of 9.1%[26] - Cash and cash equivalents at the end of the period were $120,982, up from $114,655 in 2024, indicating a growth of 5.5%[27] - The company incurred capital expenditures of $41,426 for the fifty-two weeks ended December 26, 2025, down from $49,506 in 2024, a decrease of 16.5%[28] - The company reported a diluted adjusted net income per share of $1.90 for the fifty-two weeks ended December 26, 2025, compared to $1.47 in 2024, an increase of 29.3%[33] - The company reported an impairment charge of $8.0 million in Q4 2025 related to a non-core customer relationship intangible asset[10] Operating Expenses - Stock compensation expense is estimated at $23,500 to $24,000[35] - Duplicate rent costs are expected to remain at $3,500[35] - Other operating expenses are projected to be between $1,000 and $1,500[35]