The Chefs' Warehouse, Inc. (NASDAQ: CHEF) is a premier specialty food distributor headquartered in Ridgefield, Connecticut. Founded in 1985 by Christopher Pappas, the company has grown to serve over 40,000 customers across the United States and Canada, with a workforce of over 5,000 employees. The company's product portfolio includes more ...The Chefs' Warehouse, Inc. (NASDAQ: CHEF) is a premier specialty food distributor headquartered in Ridgefield, Connecticut. Founded in 1985 by Christopher Pappas, the company has grown to serve over 40,000 customers across the United States and Canada, with a workforce of over 5,000 employees. The company's product portfolio includes more than 50,000 SKUs, ranging from artisanal cheeses, charcuterie, truffles, and caviar to center-of-the-plate proteins like custom-cut beef, fresh seafood, and hormone-free poultry, as well as everyday kitchen staples. They source from over 1,000 artisan producers in 40 countries, connecting high-end restaurants, hotels, country clubs, catering companies, culinary schools, and specialty food retailers with unique and high-quality ingredients. The Chefs' Warehouse differentiates itself through its customer-centric approach, offering value-added services such as menu development, culinary training, and product customization. Financially, the company generates annual revenues exceeding $4 billion, with a market capitalization of around $4.5 billion. Despite a price-to-earnings ratio of over 46, the company maintains a gross margin of 24.5% and continues to expand through acquisitions and organic growth. The executive team, led by founder and CEO Christopher Pappas, focuses on strengthening relationships with both suppliers and chefs, while investing in technology and distribution efficiency. The company's commitment to quality and service has made it a trusted partner for top culinary professionals, and it remains dedicated to delivering exceptional value to its stakeholders.
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InteranualYoY significa Year-over-Year (interanual). Compara el último valor anual con el valor anual anterior para mostrar la fortaleza de la tendencia a largo plazo.
TrimestralQoQ significa Quarter-over-Quarter (intertrimestral). Compara el último trimestre con el trimestre inmediatamente anterior para mostrar cambios de impulso a corto plazo.
IngresosEl dinero total que entró por la puerta principal al vender cosas, antes de pagar una sola factura. Piensa en esto como el gran total de cada compra con tarjeta de los clientes. (YoY compara el rendimiento de este año con el del año pasado, mientras que QoQ compara los tres meses actuales con los tres anteriores).
$4.1B
+9.4%
+10.3%
Beneficio netoEl resultado final absoluto. Si la empresa pagara a cada proveedor, empleado, banquero y recaudador de impuestos, este es el dinero real que queda en su bolsillo al final del día.
$72.4M
+30.4%
+94.4%
Margen brutoEl margen básico. Si venden unas zapatillas de 100 dólares, este porcentaje indica cuánto de ese precio es ganancia justo después de pagar el caucho y los cordones, pero antes de pagar el alquiler de la tienda o los anuncios de televisión.
+24.2%
+0.4%
+3.1%
Margen operativoLa puntuación de eficiencia del 'trabajo diario'. De cada dólar que gasta un cliente, esto muestra cuántos centavos mantiene la empresa después de fabricar el producto Y pagar todos los gastos generales corporativos (como salarios, marketing y mantener las luces encendidas).
+3.7%
+9.2%
+60.3%
Margen netoEl porcentaje final que se lleva a casa. Cuando se eliminan todos los costos concebibles, impuestos y pagos de intereses, este es el número exacto de centavos que la empresa realmente se queda de cada dólar en ventas.
+1.7%
+19.3%
+76.2%
Flujo de caja libreEl santo grial del efectivo corporativo. Es el dinero físico gastable que queda después de que el negocio paga sus operaciones diarias Y compra las actualizaciones grandes y costosas (como nuevas fábricas o servidores) que necesita para sobrevivir. Este es el dinero 'libre' que pueden usar para pagar dividendos o recomprar acciones.
$87.8M
-15.2%
+60.9%
Margen FCFLa tasa definitiva de conversión de efectivo. Muestra qué tan buena es la empresa para convertir ventas regulares directamente en efectivo frío, duro y gastable. Un porcentaje alto significa que el negocio es una auténtica máquina de imprimir dinero.
+2.1%
-22.5%
+45.8%
Deuda/PatrimonioEl indicador de riesgo financiero. Compara cuánto del imperio de la empresa se construyó con dinero prestado (préstamos) frente al dinero propio de los propietarios (accionistas). Un número alto significa que están muy apalancados y juegan un juego más arriesgado; un número bajo significa que juegan a lo seguro.
194.7%
+14.3%
-9.1%
Ratio corrienteLa verificación de supervivencia de 12 meses. Simplemente compara el efectivo que tienen ahora mismo (más cosas que pueden convertirse rápidamente en efectivo) con las facturas inmediatas que absolutamente deben pagar este año. Una puntuación superior a 1 significa que tienen suficiente en la billetera para cubrir las próximas facturas sin entrar en pánico.
2.05x
+0.4%
-1.3%
Activos totalesEl tamaño absoluto del imperio de la empresa. Agrupa absolutamente todo lo valioso que poseen, desde el efectivo en la caja registradora y el inventario en el almacén, hasta las patentes de software en la bóveda y las fábricas en el suelo.
Operator: Greetings, welcome to The Chefs' Warehouse second quarter 2026 earnings conference call. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Alex Aldous, General Counsel, Corporate Secretary, and Chief Government Relations Officer. Please go ahead, sir.
Alex Aldous: Thank you, operator. Good morning, everyone. With me on today's call are Chris Pappas, Founder, Chairman, and CEO, and Jim Leddy, our CFO. By now, you should have access to our second quarter 2026 earnings press release. It can also be found at www.chefswarhouse.com under the investor relations section. Throughout this conference call, we will be presenting non-GAAP financial measures, including, among others, historical and estimated EBITDA and adjusted EBITDA, as well as historical adjusted net income, adjusted earnings per share, adjusted operating expenses, adjusted operating expenses as a percentage of net sales and as a percentage of gross profit, net debt, net debt leverage, and free cash flow. These measures are not calculated in accordance with GAAP and may be calculated differently in similarly titled non-GAAP financial measures used by other companies. Quantitative reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's press release and second quarter 2026 earnings presentation. Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements, including statements regarding our estimated financial performance. Such forward-looking statements are not guarantees of future performance, and therefore you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's release. Others are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the SEC website. Today, we are going to provide a business update and go over our second quarter results in detail. We are also providing an update to our five-year financial targets. For a portion of our discussion this morning, we will refer to a few slides posted on The Chefs' Warehouse website under the investor relations section titled Second Quarter 2026 Earnings Presentation. Please note that these slides are disclosed at this time for illustration purposes only. We will open up the call for questions. With that, I will turn the call over to Chris Pappas. Chris?
Chris Pappas: Thank you, Alex, and thank you all for joining our second quarter 2026 earnings call. Today, Jim and I will begin our remarks with an update on second quarter results and provide an increase to our full year 2026 financial guidance, followed by an update to our five-year financial targets, taking our previously provided 2028 targets out to 2030. Second …
