US Foods Holding Corp. (USFD) · Nov 5, 2026 · Earnings

US Foods earnings beat on EPS as revenue misses and outlook tightens

In line — Adjusted EPS $1.26 vs ~$1.25 consensus; revenue $10.40B vs ~$10.58B

US Foods earnings showed strong margin expansion and an adjusted EPS beat, but softer sales growth and a tightened 2026 outlook complicate the story.

US Foods is a large foodservice distributor trying to compound growth through independent-restaurant share gains, cost savings, digital and AI initiatives, and small specialty acquisitions. Before this release, management had reaffirmed fiscal 2026 targets of 4%-6% sales growth, 9%-13% Adjusted EBITDA growth, and 18%-24% Adjusted Diluted EPS growth, while the second-quarter story was accelerating volume and margin expansion.

The quarter was operationally solid, but not cleanly above the bar. Adjusted Diluted EPS of $1.26 was slightly above published estimates clustered around $1.25, while revenue of $10.402 billion came in below an external estimate of roughly $10.58 billion. The business delivered 5.0% independent-restaurant case growth and 5.3% Adjusted EBITDA margin, but total case growth slowed to 1.3% and food-cost inflation contributed only 0.4% to sales. The filing says, “Total case volume increased 1.3% from the prior year driven by a 5.0% increase in independent restaurant case volume,” while “Net sales of $10.4billion for the quarter increased 2.1% from the prior year.” 〔0〕

Figure	Q3 2026	Q3 2025	Consensus / comparison
Net sales (Income Statement)	$10.402B (+2.1%)	$10.191B	~$10.58B
Adjusted Diluted EPS (Non-GAAP reconciliation)	$1.26 (+17.8%)	$1.07	~$1.25
Adjusted EBITDA (Non-GAAP reconciliation)	$555M (+9.9%)	$505M
Adjusted EBITDA margin (Non-GAAP reconciliation)	5.3% (+38 bps)	5.0%
Net leverage ratio (Liquidity table)	2.4x	2.7x

Margin execution is doing more work than demand growth. Adjusted gross profit rose 5.7% while Adjusted operating expenses increased 4.0%, lifting Adjusted EBITDA 9.9% despite just 2.1% sales growth. That is a genuine continuation of the self-help story, although the headline GAAP gross-profit increase benefited from a favorable $49 million year-over-year LIFO adjustment. The filing says, “Adjusted EBITDA of $555million increased by $50million, or 9.9%, from the prior year.”

The new negative signal is the tighter full-year outlook. Management explicitly cited a sustained slower macroeconomic environment and elevated fuel costs when tightening fiscal 2026 expectations. The release does not provide the revised numerical ranges in the supplied filing text, so the magnitude of the change cannot be assessed precisely; nevertheless, the direction matters because the prior outlook had been reaffirmed only one quarter earlier. The filing says, “Based on our year-to-date results and fourth quarter expectations, we have tightened our full-year outlook to reflect the reality of a sustained slower macroeconomic environment and the impact of elevated fuel costs.” 〔1〕

Capital returns and leverage remain supportive, but they do not erase the demand signal. US Foods repurchased $191 million of stock in the quarter and reduced net leverage to 2.4x from 2.7x at fiscal year-end, while operating cash flow reached $1.16 billion through nine months. Those figures preserve flexibility for buybacks and tuck-in acquisitions, including the completed Prime Line deal, but the core update is that slower demand is making the original growth framework harder to maintain.

Bottom line: US Foods is still executing well on margins, share gains, and cash generation, but the revenue miss and tighter outlook show the macro slowdown is beginning to constrain the growth story. The quarter is best read as mixed and roughly in line overall, with execution offsetting softer demand rather than decisively overcoming it.

What to watch next

Q4 report and final FY2026 outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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US Foods earnings beat on EPS as revenue misses and outlook tightens

What to watch next

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