Chefs’ Warehouse released preliminary guidance for fiscal year 2026 that projects net sales between $4.35 billion and $4.45 billion, gross profit of $1.053 billion to $1.076 billion, and adjusted EBITDA of $276 million to $286 million. The company’s guidance is built on the momentum it achieved in the third quarter of 2025, when it reported net sales of $1.021 billion, a 9.6% year‑over‑year increase, and an adjusted net income per share of $0.50, beating the consensus estimate of $0.43.
Compared with the prior year’s preliminary outlook, the FY2025 guidance was $3.94 billion to $4.04 billion in net sales. The upward revision for FY2026 therefore represents a 7% to 12% increase in expected sales, reflecting management’s confidence that demand for specialty and center‑of‑the‑plate products will continue to grow. The company also highlighted that its gross profit margin for FY2026 is expected to remain in the 24% to 25% range, a slight improvement over the 23.8% margin reported in Q3 2025.
Revenue growth is driven by a mix of stronger specialty sales and a rebound in center‑of‑the‑plate volumes after the exit of a commodity poultry program. The company’s specialty category saw a 3.2% increase in organic case count, while the center‑of‑the‑plate segment experienced a 1.1% decline in organic pounds sold, offset by higher pricing in the specialty line. Management noted that “business and demand trends improved sequentially through the third quarter and momentum in demand and market share gains continued into October,” underscoring the resilience of its core customer base.
Margin performance for FY2026 is expected to improve modestly. Gross profit is projected to rise to $1.053 billion to $1.076 billion, driven by higher pricing power in specialty products and cost efficiencies from recent supply‑chain optimizations. Adjusted EBITDA is forecast at $276 million to $286 million, up from $265 million to $275 million in the prior year’s guidance, reflecting the company’s ability to maintain operating leverage as sales grow.
Chief Executive Officer Christopher Pappas emphasized that the company is “in the first inning” of growth opportunities in Texas following a recent acquisition, and that holiday bookings are “good” and provide a cautiously optimistic outlook for the holiday quarter. Chief Financial Officer James Leddy highlighted that protein margins were down year‑over‑year but that the company’s pricing strategy and cost controls are mitigating the impact. Together, the guidance signals a strong confidence in continued growth, a solid competitive position in the specialty food distribution market, and a focus on expanding geographic reach while managing headwinds such as the exit of legacy programs and temporary regional shutdowns.
Analysts have noted the guidance as a sign of confidence in the company’s growth trajectory, citing the company’s ability to sustain margin expansion and its strategic focus on high‑margin specialty products.
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