The Chefs' Warehouse, Inc. (CHEF) Income Statement
CHEF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCHEF revenue and net income
Where CHEF's revenue goes
2025Each bar shows an amount and its share of revenue. CHEF kept 1.7% of revenue as net income.
CHEF profit margins
CHEF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.4% | +16.7% | +30.1% | +14.6% |
| Gross profit | +9.8% | +17.5% | +32.3% | +14.1% |
| Operating income | +19.4% | +21.3% | — | +14.3% |
| Net income | +30.4% | +37.6% | — | +16.1% |
| EPS (diluted) | +33.6% | +9.1% | — | +9.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CHEF quarterly EPS vs estimates
Chefs' Warehouse beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.59).
CHEF income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.15B | $3.79B | $3.43B | $2.61B | $1.75B | $1.11B | $1.59B | $1.44B | $1.30B | $1.19B |
| Cost of revenue | $3.15B | $2.88B | $2.62B | $1.99B | $1.36B | $863.5M | $1.19B | $1.08B | $972.1M | $891.6M |
| Gross profit | $1.00B | $914.1M | $814.5M | $618.6M | $390.5M | $248.2M | $406.4M | $367.0M | $329.4M | $301.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $849.8M | $784.9M | $668.2M | $518.2M | $379.3M | $336.4M | $27.4M | $316.8M | $288.8M | $201.9M |
| Total operating expenses | $851.0M | $785.9M | $713.5M | $532.9M | $379.7M | $350.8M | $355.6M | $318.3M | $288.3M | $254.0M |
| Operating income | $153.1M | $128.2M | $100.9M | $85.7M | $10.8M | −$102.7M | $50.8M | $48.8M | $41.1M | $47.2M |
| Interest expense | $41.6M | $48.7M | $45.5M | $43.8M | $17.6M | $20.9M | $18.3M | $20.7M | $22.7M | $41.6M |
| Income before taxes | $103.5M | $79.5M | $55.5M | $41.9M | −$6.8M | −$123.6M | $32.4M | $27.8M | $18.4M | $5.7M |
| Income taxes | $31.2M | $24.1M | $20.9M | $14.1M | −$1.9M | −$40.7M | $8.2M | $7.4M | $4.0M | $2.7M |
| Net income | $72.4M | $55.5M | $34.6M | $27.8M | −$4.9M | −$82.9M | $24.2M | $20.4M | $14.4M | $3.0M |
| EBITDA | $223.2M | $193.1M | $156.5M | $124.0M | $45.8M | −$69.4M | $76.8M | $71.0M | $61.7M | $43.5M |
| EPS (diluted) | $1.95 | $1.46 | $1.27 | $1.50 | −$0.08 | −$2.02 | $1.00 | $0.78 | $0.43 | $0.45 |
| Gross margin | 24.2% | 24.1% | 23.7% | 23.7% | 22.4% | 22.3% | 25.5% | 25.4% | 25.3% | 25.3% |
| Operating margin | 3.7% | 3.4% | 2.9% | 3.3% | 0.6% | −9.2% | 3.2% | 3.4% | 3.2% | 4.0% |
| Net margin | 1.7% | 1.5% | 1.0% | 1.1% | −0.3% | −7.5% | 1.5% | 1.4% | 1.1% | 0.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.06B | $1.14B | $1.02B | $1.03B | $950.7M | $1.03B | $931.5M | $954.7M | $874.5M | $950.5M | $881.8M |
| Cost of revenue | $875.7M | $801.6M | $866.0M | $774.1M | $780.6M | $724.8M | $782.6M | $706.7M | $725.7M | $665.1M | $721.8M | $674.1M |
| Gross profit | $292.9M | $257.4M | $276.6M | $247.2M | $254.3M | $226.0M | $251.0M | $224.7M | $229.0M | $209.4M | $228.6M | $207.7M |
| Sales, general & admin | $234.2M | $224.1M | $225.2M | $208.1M | $213.8M | $202.8M | $206.8M | $192.9M | $194.8M | $190.3M | $190.0M | $179.6M |
| Total operating expenses | $234.2M | $224.2M | $225.3M | $208.3M | $214.1M | $203.3M | $204.5M | $192.9M | $195.1M | $192.8M | $190.1M | $182.1M |
| Operating income | $58.6M | $33.1M | $51.2M | $38.9M | $40.2M | $22.7M | $46.5M | $31.9M | $33.9M | $16.6M | $38.5M | $25.5M |
| Interest expense | $9.4M | $10.4M | $10.1M | $10.5M | $10.7M | $10.3M | $12.0M | $11.7M | $11.7M | $13.2M | $12.1M | $11.4M |
| Income before taxes | $49.2M | $22.7M | $33.2M | $28.4M | $29.5M | $12.5M | $34.5M | $20.1M | $22.2M | $2.8M | $26.1M | $14.2M |
| Income taxes | $15.5M | $5.4M | $11.5M | $9.3M | $8.3M | $2.2M | $10.5M | $6.0M | $6.7M | $828,000 | $10.1M | $6.8M |
| Net income | $33.8M | $17.4M | $21.7M | $19.1M | $21.2M | $10.3M | $23.9M | $14.1M | $15.5M | $1.9M | $16.0M | $7.3M |
| EBITDA | $79.5M | $53.6M | $64.1M | $58.7M | $59.3M | $41.1M | $63.8M | $48.3M | $49.6M | $31.4M | $52.7M | $40.5M |
| EPS (diluted) | $0.78 | $0.40 | $0.68 | $0.50 | $0.52 | $0.25 | $0.55 | $0.36 | $0.40 | $0.15 | $0.47 | $0.33 |
| Gross margin | 25.1% | 24.3% | 24.2% | 24.2% | 24.6% | 23.8% | 24.3% | 24.1% | 24.0% | 23.9% | 24.1% | 23.6% |
| Operating margin | 5.0% | 3.1% | 4.5% | 3.8% | 3.9% | 2.4% | 4.5% | 3.4% | 3.5% | 1.9% | 4.1% | 2.9% |
| Net margin | 2.9% | 1.6% | 1.9% | 1.9% | 2.1% | 1.1% | 2.3% | 1.5% | 1.6% | 0.2% | 1.7% | 0.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CHEF's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CHEF financial results
In fiscal year 2025 (ended December 31, 2025), Chefs' Warehouse reported revenue of $4.1 billion, up 9.4% from the year before. It had net income of $72.4 million (up 30.4%), a net profit margin of 1.7%. Diluted earnings per share came to $1.95. Over five years revenue grew at an average rate of 30.1% a year.
See the CHEF stock overview for the latest quote and news, or the CHEF chart for price history and technical indicators.
CHEF income statement FAQ
What is Chefs' Warehouse's annual revenue?
Chefs' Warehouse reported total revenue of $4.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.4% from $3.8 billion the previous year.
Is Chefs' Warehouse profitable?
Yes. Chefs' Warehouse reported net income of $72.4 million in fiscal 2025, a net profit margin of 1.7%; its operating margin was 3.7%.
What is Chefs' Warehouse's gross margin?
Chefs' Warehouse's gross margin was 24.2% in fiscal 2025: for every $100 of revenue, Chefs' Warehouse kept $24 after the direct cost of its products and services.
How fast is Chefs' Warehouse growing?
Revenue grew 30.1% a year on average over the last five fiscal years, from $1.1 billion to $4.1 billion.
What are Chefs' Warehouse's earnings per share?
Chefs' Warehouse earned $1.95 per diluted share in fiscal 2025, compared with $1.46 a year earlier.
When will Chefs' Warehouse report its next earnings?
Chefs' Warehouse is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does Chefs' Warehouse's fiscal year end?
Chefs' Warehouse's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.