Chefs' Warehouse Q3 Earnings Beat Forecasts as Revenue Rises 11.2% and Full-Year Guidance Increases

The Chefs’ Warehouse Inc. (NASDAQ:CHEF) reported third-quarter 2026 earnings and revenue above analyst expectations on Wednesday, supported by higher specialty food sales, increased distribution volumes and improved profitability.

The specialty food distributor reported adjusted earnings per share of $0.66, exceeding the consensus estimate of $0.58. Revenue increased 11.2% year over year to $1.14 billion, compared with analysts’ expectations of $1.12 billion and $1.02 billion in the corresponding period of 2025.

Shares were largely unchanged in pre-market trading, edging up 0.01% following the announcement.

Organic Sales Growth Supports Quarterly Revenue

Chefs’ Warehouse reported organic sales growth of 10.3% during the third quarter, reflecting increased demand across its specialty food distribution operations.

Specialty category case volumes increased 6.1% year over year, while centre-of-the-plate product volumes, which include meat and protein products, rose 6.6% by weight.

The higher distribution volumes contributed to revenue growth across the company’s product categories.

Chairman and Chief Executive Officer Christopher Pappas highlighted the seasonal improvement in sales activity.

“Revenue trends displayed typical seasonal cadence through the third quarter of 2026, building from the summer months into September with strong year-over-year growth,” Pappas said. “Our regional Chefs’ Warehouse teams delivered excellent execution across markets and product categories – driving strong growth in revenue and gross profit dollars.”

The results reflected higher sales volumes and continued demand from the company’s restaurant and foodservice customers.

Gross Profit and Adjusted EBITDA Increase

Chefs’ Warehouse reported gross profit of $284.3 million, representing a 15% increase from the previous year.

Gross margin expanded by 84 basis points to 25%, reflecting improved profitability alongside higher sales.

Adjusted EBITDA increased to $82.2 million, compared with $65.1 million in the third quarter of 2025.

Net income also improved, reaching $29.6 million, or $0.67 per diluted share, compared with $19.1 million, or $0.44 per diluted share, in the prior-year quarter.

The increases in gross profit, adjusted EBITDA and net income accompanied the company’s double-digit revenue growth.

Chefs’ Warehouse Raises Full-Year 2026 Guidance

Following its third-quarter performance, Chefs’ Warehouse increased its fiscal 2026 revenue forecast to between $4.56 billion and $4.61 billion.

The midpoint of the revised range is $4.585 billion, slightly below the analyst consensus estimate of $4.59 billion.

The company also raised its adjusted EBITDA guidance to between $317 million and $321 million.

Full-year gross profit is expected to range from $1.130 billion to $1.140 billion.

The updated forecasts reflect the company’s performance during the first nine months of 2026 and expectations for continued sales activity through the remainder of the year.

Chefs’ Warehouse Outlook

Chefs’ Warehouse exceeded third-quarter earnings and revenue forecasts, with adjusted earnings per share reaching $0.66 and revenue increasing 11.2% to $1.14 billion.

Organic sales grew 10.3%, supported by higher specialty food case volumes and increased centre-of-the-plate product sales.

The company also reported improved profitability, with gross margin rising to 25% and adjusted EBITDA increasing to $82.2 million.

For the full year, Chefs’ Warehouse now expects revenue of $4.56 billion to $4.61 billion and adjusted EBITDA of $317 million to $321 million.

Shares remained largely unchanged in pre-market trading following the announcement.

Chefs’ Warehouse stock price