United Natural Foods, Inc. Earnings Recaps
Q4 2026
Sep 10, 2026
UNFI’s fiscal 26 fourth quarter results were broadly in line with its latest outlook, with the stock rising 1.5% after earnings. The quarter showed continued EBITDA growth and balance-sheet improvement, but underlying sales remained only low single digit, consistent with a slowly growing addressable market.
Key takeaways
- Fourth-quarter adjusted EBITDA was $172 million, contributing to 27% full-year EBITDA growth.
- Free cash flow was $80 million in Q4 and $323 million for the full year.
- Year-end net leverage declined to 2.2x, more than one full turn below the prior year.
- Underlying sales growth was low single digit, broadly aligned with UNFI’s approximately $90 billion target addressable market, which management expects to grow at a low-single-digit rate.
- Execution initiatives included launching more than 130 private-brand SKUs, consolidating the Racine facility, expanding the Joliet distribution center with automation, and deploying AI-enabled supply-chain and procurement planning across the distribution-center network.
Q3 2026
Jun 11, 2026
UNFI’s shares fell 2.0% following Q3 results as investors weighed steady top-line growth against limited margin progress and a cautious outlook on scaling next-generation supply chain initiatives.
Key takeaways
- Underlying net sales grew in line with low single-digit expansion, reflecting resilience in differentiated grocers and natural/organic segments.
- Continued investment in digital services and private brand innovation with more than 30 new SKUs introduced to support retailer differentiation.
- Expansion of AI-driven supply chain tools improved fill rates, inventory management, and free cash flow conversion, but broad network benefits remain at an early stage.
- On-time deliveries increased 4% year-to-date, while average miles per delivery declined 5%, signaling operational efficiencies.
- Market response suggests investor caution on margin expansion and the timeline for supply chain productivity gains despite stable growth and strategic initiatives.