The Chefs' Warehouse, Inc., together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. It offers specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products and center-of-the-plate products that includes custom cut beef, seafood, and hormone-free poultry, as well as produce and broadline food products comprising cooking oils, butter, eggs, milk, and flour. The company serves menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores. It markets its center-of-the-plate products directly to consumers through a mail and e-commerce platform. The Chefs' Warehouse, Inc. was founded in 1985 and is headquartered in Ridgefield, Connecticut.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.1B | $223M | $72M | $88M | 12.0% | 9.4% | 30.4% |
| 2024 | $3.8B | $193M | $55M | $104M | 10.3% | 10.5% | 60.4% |
| 2023 | $3.4B | $157M | $35M | $4M | 7.6% | 31.4% | 24.6% |
| 2022 | $2.6B | $124M | $28M | $-23M | 6.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,613.40 | 3,433.76 | 3,794.21 | 4,149.54 |
| Operating Revenue | - | 2,613.40 | 3,433.76 | 3,794.21 | 4,149.54 |
| Cost Of Revenue | - | 1,994.76 | 2,619.29 | 2,880.06 | 3,145.45 |
| Gross Profit | - | 618.64 | 814.47 | 914.15 | 1,004.09 |
| Operating Expense | - | 532.90 | 713.53 | 785.94 | 850.98 |
| Selling General And Administration | - | 518.22 | 704.76 | 784.85 | 849.79 |
| Total Expenses | - | 2,527.66 | 3,332.82 | 3,666 | 3,996.43 |
| Operating Income | - | 85.74 | 100.94 | 128.21 | 153.11 |
| Total Operating Income As Reported | - | 85.74 | 100.94 | 128.21 | 145.11 |
| EBITDA | - | 123.98 | 156.55 | 193.14 | 223.24 |
| Normalized EBITDA | - | 123.98 | 156.55 | 193.14 | 231.24 |
| EBIT | - | 85.74 | 100.94 | 128.21 | 145.11 |
| Interest Expense | - | 43.85 | 45.47 | 48.68 | 41.56 |
| Net Interest Income | - | -43.85 | -45.47 | -48.68 | -41.56 |
| Other Income Expense | - | - | - | - | -8 |
| Interest Expense Non Operating | - | 43.85 | 45.47 | 48.68 | 41.56 |
| Net Non Operating Interest Income Expense | - | -43.85 | -45.47 | -48.68 | -41.56 |
| Pretax Income | - | 41.89 | 55.47 | 79.53 | 103.54 |
| Tax Provision | - | 14.14 | 20.88 | 24.05 | 31.18 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -2.41 |
| Net Income Continuous Operations | - | 27.75 | 34.59 | 55.48 | 72.36 |
| Net Income From Continuing And Discontinued Operation | - | 27.75 | 34.59 | 55.48 | 72.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 27.75 | 34.59 | 55.48 | 72.36 |
| Net Income | - | 27.75 | 34.59 | 55.48 | 72.36 |
| Net Income Common Stockholders | - | 27.75 | 34.59 | 55.48 | 72.36 |
| Net Income Including Noncontrolling Interests | - | 27.75 | 34.59 | 55.48 | 72.36 |
| Normalized Income | - | 27.75 | 34.59 | 55.48 | 77.95 |
| Diluted NI Availto Com Stockholders | - | 28.33 | 39.99 | 60.71 | 77.13 |
| Basic Average Shares | - | 37.09 | 37.63 | 37.91 | 38.72 |
| Diluted Average Shares | - | 38.74 | 45.64 | 45.98 | 46 |
| Reconciled Depreciation | - | 38.24 | 55.61 | 64.93 | 78.13 |
| Reconciled Cost Of Revenue | - | 1,994.76 | 2,619.29 | 2,880.06 | 3,145.45 |
| Total Unusual Items | - | - | - | - | -8 |
| Total Unusual Items Excluding Goodwill | - | - | - | - | -8 |
| Special Income Charges | - | - | - | - | -8 |
| Impairment Of Capital Assets | - | - | - | - | 8 |
| Other Operating Expenses | - | 14.68 | 8.77 | 1.09 | 1.20 |
| Average Dilution Earnings | - | 0.58 | 5.40 | 5.23 | 4.77 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Chefs' Warehouse, Inc.this co. | CHEF | $3.2B | 43.70β premium | 5.23 | 12.0% | 17.99 |
| Cal-Maine Foods, Inc. | CALM | $3.5B | 2.89 | 1.38 | 47.6% | 1.26 |
| National Beverage Corp. | FIZZ | $3.3B | 17.41 | 7.33 | 42.1% | 12.21 |
| United Natural Foods, Inc. | UNFI | $3.2B | -27.35 | 2.08 | -7.6% | 21.68 |
| Tootsie Roll Industries, Inc. | TR |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.9B |
| 28.60 |
| 3.04 |
| 10.6% |
| 17.22 |
| Interparfums, Inc. | IPAR | $2.8B | 16.90 | 3.23 | 19.1% | 9.53 |
| The Andersons, Inc. | ANDE | $2.5B | 25.96 | 2.00 | 7.7% | 10.35 |
| Central Garden & Pet Company | CENT | $2.5B | 15.21 | 1.56 | 10.3% | 8.44 |
| Freshpet, Inc. | FRPT | $2.4B | 17.38 | 2.00 | 11.5% | 15.10 |
| Peer Median | - | 17.14 | 2.04 | 11.1% | 11.28 | |