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US Foods Holding Corp. (USFD-1.72%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing details the company's financial performance, including a 6.4% increase in net sales to $37.9 billion, driven by case volume growth and food cost inflation of 2.6%.
Gross profit increased by $386 million to $6.5 billion, primarily due to increased case volume and pricing optimization, despite an unfavorable LIFO adjustment.
Operating expenses rose by $304 million to $5.4 billion, reflecting higher distribution costs and labor expenses, offset by productivity improvements.
Operating income for the year was $1.1 billion, up from $1.0 billion in the previous year, with the operating income margin remaining steady at 2.9%.
The company reported a net income of $494 million, slightly down from $506 million the previous year, after accounting for a $124 million pension settlement loss.
US Foods completed the acquisition of IWC Food Service for $214 million, expanding its reach in Tennessee and the southeastern United States.
The company announced its intention to explore the sale of its CHEF’STORE business to focus on broadline operations.
US Foods repurchased 16.4 million shares for approximately $958 million under its share repurchase program, with $75 million remaining authorized for future repurchases.
As of December 28, 2024, US Foods held $1.5 billion in cash and available liquidity, with total debt standing at $4.9 billion.
The company continues to focus on operational improvements and strategic acquisitions to drive growth and efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the US Foods Holding Corp. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.