The Chefs’ Warehouse’s Third-Quarter Results Have Yet to Be Verified
Key Facts
The Chefs’ Warehouse was scheduled to report third-quarter results for the quarter ended September 25, 2026, before the market opened on October 28, according to a prior company notice. The notice scheduled an earnings review call for 8:30 a.m. Eastern time on the same day. Investors were waiting for figures measuring the company’s performance in the quarter, after results in previous periods showed growth in sales and net income under U.S. accounting standards. But the figures included in an earlier draft of the third-quarter results could not be verified through the available open sources, and therefore cannot be treated as reported results. This includes adjusted net income, sales, gross profit, and case and customer growth indicators.
Before the scheduled release, Investing.com cited Reuters as reporting that analysts expected earnings of 58 cents per share and revenue of $1.12 billion for the third quarter. Estimates pointed to expected year-over-year growth of 16.3% in earnings and 9.8% in revenue. These figures were forecasts made before the results were announced and do not establish what the company actually achieved. The estimates followed the company’s report of net sales of $1.17 billion in the second quarter of 2026, up 12.9% from $1.03 billion in the same period of 2025. The anticipated third-quarter comparison would therefore measure whether revenue growth continued after the prior quarter’s performance.
In the third quarter of 2025, the company’s net sales rose 9.6% to $1,021.3 million, from $931.5 million in the third quarter of 2024. Net income under U.S. accounting standards was $19.1 million, or $0.44 per diluted share, compared with $14.1 million and $0.34 per share in the same period of 2024. These earlier results provide a baseline for the year-over-year comparison with the third quarter of 2026, but do not on their own reveal the latest quarter’s performance. In the second quarter of 2026, net income under the same standards was $33.8 million, or $0.76 per diluted share, versus $21.2 million and $0.49 per share a year earlier. These figures show an improvement in second-quarter net income, while the awaited third-quarter results remained the latest measure of the company’s performance.
Ahead of the results, the company made a change to its financing structure: on October 15, it borrowed the full amount of a new $675 million term loan facility, due in 2033, according to its filing with the U.S. Securities and Exchange Commission. The company said the proceeds were used to refinance the previous loan, redeem notes and pay related costs. It also allocated part of the proceeds to capital expenditures and general corporate purposes. The financing forms part of the backdrop to the financial results investors were awaiting, alongside comparisons with sales and net income growth in previous periods. The company’s stock, listed under the ticker CHEF, closed at $108.99 on October 27, the eve of the scheduled results announcement.
The company’s notice had scheduled the results release before the market opened on October 28, followed by a review call at 8:30 a.m. Eastern time. This schedule allowed investors to follow the published figures and the company’s presentation during the call on the same day. The previous day’s closing price, however, is not in itself evidence of the market’s response to the results. The year-over-year comparison focuses on third-quarter sales and net income per share, in light of the figures for the same period in 2025 and analysts’ forecasts before the release. Further details were expected to become clear when the results were published and reviewed on the scheduled call.