CHEF · The Chefs' Warehouse, Inc.

The Chefs’ Warehouse delivered strong Q1 2026 results with net sales up 11.4% to $1.06 billion, fueled by $98.3 million or 10.4% organic growth and $10.0 million from acquisitions. Specialty category saw 5.7% organic case count growth, 1.9% unique customer increase, and 6.2% placement growth, while center-of-the-plate pounds sold rose 6.2%. Gross profit climbed 13.9% to $257.4 million, with margins expanding 53 basis points to 24.3% (43 bps in specialty, 110 bps in center-of-the-plate), driven by higher volumes, price inflation, and acquisitions. SG&A expenses rose 10.5% to $224.1 million or 21.2% of sales (down from 21.3%), reflecting compensation for sales support and depreciation from facility/fleet investments. Operating income improved to $33.1 million or 3.1% of sales from 2.4%, with GAAP net income at $17.4 million and Adjusted EBITDA at $60.1 million. CEO Christopher Pappas highlighted steady revenue trends post-January, market share gains despite weather and Middle East conflict volatility, and execution of strategy via investments and talent development. Full-year guidance signals confidence: net sales $4.35-4.45 billion, gross profit $1.053-1.076 billion, Adjusted EBITDA $276-286 million. Effective tax rate was 23.6% versus 17.6% prior year, both impacted by stock award vesting benefits. A conference call was held April 29, 2026, at 8:30 a.m. ET.