US FOODS HOLDING CORP., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
3 Months Ended
Mar. 28, 2026
May 01, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 28, 2026  
Document Transition Report false  
Entity File Number 001-37786  
Entity Registrant Name US FOODS HOLDING CORP.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0347906  
Entity Address, Address Line One 9399 W. Higgins Road  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town Rosemont  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60018  
City Area Code 847  
Local Phone Number 720-8000  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol USFD  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Outstanding (in shares)   220,221,656
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001665918  
Current Fiscal Year End Date --01-02  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 27, 2025
Current assets:    
Cash and cash equivalents $ 49 $ 41
Accounts receivable, less allowances of $32 and $30 2,170 2,026
Vendor receivables, less allowances of $8 and $7 232 173
Inventories—net 1,678 1,711
Prepaid expenses 200 153
Other current assets 31 60
Total current assets 4,360 4,164
Property and equipment—net 2,702 2,681
Goodwill 5,794 5,794
Other intangibles—net 767 781
Other assets 541 523
Total assets 14,164 13,943
Current liabilities:    
Cash overdraft liability 158 168
Accounts payable 2,741 2,447
Accrued expenses and other current liabilities 778 839
Current portion of long-term debt 142 137
Total current liabilities 3,819 3,591
Long-term debt 5,025 5,063
Deferred tax liabilities 438 426
Other long-term liabilities 549 556
Total liabilities 9,831 9,636
Commitments and contingencies (Note 14)
Shareholders’ equity:    
Common stock, $0.01 par value—600 shares authorized; 257.9 issued and 220.4 outstanding as of March 28, 2026, and 256.6 issued and 220.5 outstanding as of December 27, 2025 3 3
Additional paid-in capital 3,812 3,777
Retained earnings 2,795 2,679
Accumulated other comprehensive income 48 48
Treasury Stock, 37.5 and 36.1 shares, respectively (2,325) (2,200)
Total shareholders’ equity 4,333 4,307
Total liabilities and shareholders' equity $ 14,164 $ 13,943
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 28, 2026
Dec. 27, 2025
Statement of Financial Position [Abstract]    
Allowances for accounts receivable $ 32 $ 30
Allowances for vendor receivables $ 8 $ 7
Common stock, par value (dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600.0 600.0
Common stock, issued (in shares) 257.9 256.6
Common stock, outstanding (in shares) 220.4 220.5
Treasury stock, common (in shares) 37.5 36.1
v3.26.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Comprehensive Income [Abstract]    
Net sales $ 9,610 $ 9,351
Cost of goods sold 7,957 7,737
Gross profit 1,653 1,614
Operating expenses:    
Distribution, selling and administrative costs 1,429 1,385
Restructuring activity and asset impairment charges 8 5
Total operating expenses 1,437 1,390
Operating income 216 224
Other income—net (1) (1)
Interest expense—net 75 77
Income before income taxes 142 148
Income tax provision 26 33
Net income 116 115
Other comprehensive income—net of tax:    
Comprehensive income 116 115
Net income $ 116 $ 115
Net income per share    
EPS basic (in dollars per share) $ 0.53 $ 0.50
EPS diluted (in dollars per share) $ 0.52 $ 0.49
Weighted-average common shares outstanding    
Basic weighted average shares outstanding (in shares) 220.0 231.0
Diluted weighted average shares outstanding (in shares) 223.0 234.0
v3.26.1
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income
Common stock outstanding, beginning balance (in shares) at Dec. 28, 2024   254.7        
Balance at beginning of period at Dec. 28, 2024 $ 4,528 $ 3 $ 3,748 $ 2,003 $ (1,269) $ 43
Treasury stock, common, beginning balance (in shares) at Dec. 28, 2024         24.2  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation expense 22   22      
Proceeds from employee stock purchase plan (in shares)   0.1        
Proceeds from employee share purchase plan 6   6      
Vested restricted stock units, net (in shares)   1.0        
Exercise of stock options 1   1      
Tax withholding payments for net share-settled equity awards (33)   (33)      
Common stock repurchased (23)       $ (23)  
Common stock repurchased (in shares)         0.3  
Net income 115     115    
Common stock outstanding, ending balance (in shares) at Mar. 29, 2025   255.8        
Balance at end of period at Mar. 29, 2025 $ 4,616 $ 3 3,744 2,118 $ (1,292) 43
Treasury stock, common, ending balance (in shares) at Mar. 29, 2025         24.5  
Common stock outstanding, beginning balance (in shares) at Dec. 27, 2025 220.5 256.6        
Balance at beginning of period at Dec. 27, 2025 $ 4,307 $ 3 3,777 2,679 $ (2,200) 48
Treasury stock, common, beginning balance (in shares) at Dec. 27, 2025 36.1       36.1  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation expense $ 22   22      
Proceeds from employee share purchase plan 7   7      
Vested restricted stock units, net (in shares)   1.0        
Exercise of stock options (in shares)   0.3        
Exercise of stock options 7   7      
Tax withholding payments for net share-settled equity awards (51)   (51)      
Common stock repurchased (75)   50   $ (125)  
Common stock repurchased (in shares)         1.4  
Net income $ 116     116    
Common stock outstanding, ending balance (in shares) at Mar. 28, 2026 220.4 257.9        
Balance at end of period at Mar. 28, 2026 $ 4,333 $ 3 $ 3,812 $ 2,795 $ (2,325) $ 48
Treasury stock, common, ending balance (in shares) at Mar. 28, 2026 37.5       37.5  
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Cash flows from operating activities:    
Net income $ 116 $ 115
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 119 112
Deferred tax provision 11 8
Share-based compensation expense 22 22
Provision for doubtful accounts 8 9
Other non-cash activities 2 3
Changes in operating assets and liabilities:    
Increase in receivables (211) (174)
Decrease in inventories 34 120
Increase in prepaid expenses and other assets (14) (13)
Increase in accounts payable and cash overdraft liability 291 190
Decrease in accrued expenses and other liabilities (84) (1)
Net cash provided by operating activities 294 391
Cash flows from investing activities:    
Proceeds from sales of property and equipment 1 1
Proceeds from divestitures 0 38
Purchases of property and equipment (98) (84)
Cash paid for acquisitions 0 (85)
Net cash used in investing activities (97) (130)
Cash flows from financing activities:    
Principal payments on debt and financing leases (2,241) (1,907)
Proceeds from debt borrowings 2,164 1,737
Repurchase of common stock (75) (23)
Proceeds from employee stock purchase plan 7 6
Proceeds from exercise of stock options 7 1
Tax withholding payments for net share-settled equity awards (51) (33)
Net cash used in financing activities (189) (219)
Net increase in cash, cash equivalents and restricted cash 8 42
Cash, cash equivalents and restricted cash—beginning of period 41 59
Cash, cash equivalents and restricted cash—end of period 49 101
Supplemental disclosures of cash flow information:    
Interest paid—net of amounts capitalized 91 92
Income taxes paid—net* 76 [1] 4
Property and equipment purchases included in accounts payable 64 41
Leased assets obtained in exchange for financing lease liabilities 44 45
Leased assets obtained in exchange for operating lease liabilities $ 23 $ 48
[1]
*2026 includes $73 million of cash paid to counterparties to purchase federal transferable tax credits.
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)
$ in Millions
3 Months Ended
Mar. 28, 2026
USD ($)
Statement of Cash Flows [Abstract]  
Payments for purchase of eligible tax credits $ 73
v3.26.1
Overview and Basis of Presentation
3 Months Ended
Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Overview and Basis of Presentation OVERVIEW AND BASIS OF PRESENTATION
US Foods Holding Corp., a Delaware corporation, and its consolidated subsidiaries are referred to in these consolidated financial statements and notes as “we,” “our,” “us,” the “Company,” or “US Foods.” US Foods Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. (“USF”) and its subsidiaries. All of the Company’s indebtedness, as further described in Note 9, Debt, is a direct obligation of USF and its subsidiaries.
Business Description—The Company, through USF, operates in one business segment in which it markets, sells and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States (“U.S.”). These customers include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities and retail locations.
Basis of Presentation—The Company operates on a 52- or 53-week fiscal year, with all periods ending on a Saturday. When a 53-week fiscal year occurs, the Company reports the additional week in the fiscal fourth quarter. Fiscal year 2026 is scheduled to be a 53-week fiscal year and 2025 was a 52-week fiscal year.
The consolidated unaudited financial statements included in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures included in this Quarterly Report are adequate to make the information presented not misleading. These interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the fiscal year ended December 27, 2025 (the “2025 Annual Report”).
The consolidated interim financial statements reflect all adjustments (consisting of normal recurring items) necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be achieved for any other interim period or the full fiscal year.
v3.26.1
Recent Accounting Pronouncements
3 Months Ended
Mar. 28, 2026
Revenue from Contract with Customer [Abstract]  
Recent Accounting Pronouncements RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (“Subtopic 326”) “Measurement of Credit Losses for Accounts Receivable and Contract Assets”. This update provides a practical expedient for all entities to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. In developing reasonable and supportable forecasts as part of estimating expected credit losses, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The standard updates will be applied on a prospective basis. The Company adopted the provisions of ASU 2025-05 at the beginning of the first quarter of fiscal year 2026 and applied them prospectively. The provisions of this new guidance do not materially affect our financial position, results of operation or cash flows.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU No 2024-03 Income Statement—Reporting Comprehensive Income—“Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses”, which requires disclosure of disaggregated information about certain income statement expense line items within the footnotes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact, if any, that this standard will have on the Company’s consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (“Subtopic 350-40”) “Targeted Improvements to the Accounting for Internal-Use Software”, which amends the accounting guidance on the timing of capitalization of internally-developed software costs by removing references to software development stages, and provides guidance on how to determine when it is probable that a project will be completed and a software will be used to perform the function intended. This guidance is effective for interim and fiscal years beginning after December 15, 2027, with early adoption permitted. The standard updates may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact, if any, that this standard will have on the Company’s consolidated financial statements.
v3.26.1
Revenue Recognition
3 Months Ended
Mar. 28, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
The Company recognizes revenue when the performance obligation is satisfied, which occurs when a customer obtains control of the promised goods or services. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these goods or services. The Company generates substantially all of its revenue from the distribution and sale of food and food-related products and recognizes revenue when title and risk of loss passes to the customer and the customer accepts the goods, which occurs at delivery. Customer sales incentives, such as volume-based rebates or discounts, are treated as a reduction of revenue at the time the revenue is recognized. Sales taxes invoiced to customers and remitted to governmental authorities are excluded from net sales. Shipping and handling costs are treated as fulfillment costs and included in distribution, selling and administrative costs.
The Company did not have any material outstanding performance obligations, contract liabilities or capitalized contract acquisition costs as of March 28, 2026 or December 27, 2025. Customer receivables, which are included in accounts receivable, less allowances, in the Company’s Consolidated Balance Sheets, were $2.2 billion and $2.0 billion as of March 28, 2026 and December 27, 2025, respectively.
The Company has certain customer contracts under which incentives are paid upfront to its customers. These payments have become industry practice and are not related to financing any customer’s business, nor are these payments associated with any distinct good or service to be received from any customer. These incentive payments are capitalized in prepaid expenses and other assets and amortized as a reduction of revenue over the life of the contract or as goods or services are transferred to the customer. The Company’s contract assets for these upfront payments were $70 million and $63 million included in prepaid expenses in the Company’s Consolidated Balance Sheets as of March 28, 2026 and December 27, 2025, respectively, and $83 million and $74 million included in other assets in the Company’s Consolidated Balance Sheets as of March 28, 2026 and December 27, 2025, respectively.
The following table presents the disaggregation of revenue for each of the Company’s principal product categories:
13 weeks ended
March 28, 2026March 29, 2025
Meats and seafood$3,408 $3,207 
Dry grocery products1,664 1,616 
Refrigerated and frozen grocery products1,640 1,602 
Dairy918 1,057 
Equipment, disposables and supplies896 861 
Beverage products601 548 
Produce483 460 
Total net sales$9,610 $9,351 
v3.26.1
Acquisitions and Divestitures
3 Months Ended
Mar. 28, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures ACQUISITIONS AND DIVESTITURES
Acquisitions

Jake’s Finer Foods Acquisition—On January 10, 2025, the Company acquired Jake’s Finer Foods, a broadline distributor in Texas, for a purchase price of $92 million subject to holdbacks and adjustments (less the amount of cash received). The acquisition was funded with cash on hand and allows US Foods to further expand its reach into key markets in south Texas. The Jake’s Finer Foods acquisition, reflected in the Company’s consolidated financial statements commencing from the date of acquisition, did not materially affect the Company’s results of operations or financial position. The Company recorded goodwill of $4 million and intangible assets of $5 million for this acquisition. The goodwill recognized from the Jake’s Finer Foods acquisition is not deductible for tax purposes. Jake’s Finer Foods is integrated into the Company’s foodservice distribution network.
Divestitures

Freshway Divestiture—During the fiscal quarter ended March 29, 2025, the Company completed the sale of the Freshway business for net proceeds of approximately $38 million. The Freshway business processes, repacks, and distributes fresh fruit and vegetables in the eastern half of the U.S. The Company recognized an immaterial loss included within distribution, selling and administrative costs in the Company’s Consolidated Statements of Comprehensive Income. The sale of the Freshway business did not represent a strategic shift that had a major effect on the Company’s operations and financial results and, therefore, did not qualify for presentation as discontinued operations.
v3.26.1
Inventories
3 Months Ended
Mar. 28, 2026
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
The Company’s inventories, consisting mainly of food and other food-related products, are primarily considered finished goods. Inventory costs include the purchase price of the product, freight costs to deliver it to the Company’s distribution and retail facilities, and depreciation and labor related to processing facilities and equipment and are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions.
The Company records inventories at the lower of cost or market primarily using the last-in, first-out (“LIFO”) method. For our LIFO based inventories, the base year values of beginning and ending inventories are determined using the inventory price index computation method. This “links” current costs to original costs in the base year when the Company adopted LIFO. LIFO reserves in the Company’s Consolidated Balance Sheets were $650 million and $613 million as of March 28, 2026 and December 27, 2025, respectively. As a result of changes in LIFO reserves, cost of goods increased $38 million and $5 million for the 13 weeks ended March 28, 2026 and March 29, 2025, respectively.
v3.26.1
Property and Equipment
3 Months Ended
Mar. 28, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment PROPERTY AND EQUIPMENT
Property and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from 3 to 40 years. Property and equipment under financing leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining terms of the related leases or the estimated useful lives of the assets, if reasonably assured the Company will purchase the assets at the end of the lease terms. As of March 28, 2026 and December 27, 2025, property and equipment-net included accumulated depreciation of $3,467 million and $3,406 million, respectively. Depreciation expense was $105 million and $98 million for the 13 weeks ended March 28, 2026 and March 29, 2025, respectively.
v3.26.1
Goodwill and Other Intangibles
3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles GOODWILL AND OTHER INTANGIBLES
Goodwill includes the cost of acquired businesses in excess of the fair value of the tangible and other intangible net assets acquired. Other intangible assets include customer relationships, noncompete agreements, amortizable trade names, the brand names comprising the Company’s portfolio of exclusive brands, and trademarks. Brand names and trademarks are indefinite-lived intangible assets and, accordingly, are not subject to amortization, but are subject to impairment assessments as described below.
Customer relationships, noncompete agreements and amortizable trade names are intangible assets with definite lives, and are carried at the acquired fair value less accumulated amortization. Customer relationships, noncompete agreements, and amortizable trade names are amortized over their estimated useful lives (which range from 3 to 15 years). Amortization expense was $14 million for both the 13 weeks ended March 28, 2026 and March 29, 2025.
Goodwill and other intangibles—net consisted of the following:
March 28, 2026December 27, 2025
Goodwill$5,794 $5,794 
Other intangibles—net
Customer relationships—amortizable:
Gross carrying amount$812 $812 
Accumulated amortization(309)(297)
Net carrying value503 515 
Trade names—amortizable:
Gross carrying amount
Accumulated amortization(2)(2)
Net carrying value
Noncompete agreements—amortizable:
Gross carrying amount
Accumulated amortization(4)(2)
Net carrying value
Brand names and trademarks—not amortizing258 258 
Total other intangibles—net$767 $781 
The Company assesses for impairment of intangible assets with definite lives only if events occur that indicate that the carrying amount of an intangible asset may not be recoverable. The Company assesses goodwill and other intangible assets with indefinite lives for impairment annually, or more frequently if events occur that indicate an asset may be impaired. For goodwill and indefinite-lived intangible assets, the Company’s policy is to assess for impairment as of the beginning of each fiscal third quarter. No impairments were recognized for the 13 weeks ended March 28, 2026 and March 29, 2025.
v3.26.1
Fair Value Measurements
3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Certain assets and liabilities are carried at fair value under GAAP, under which fair value is a market-based measurement, not an entity-specific measurement. The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:
Level 1—observable inputs, such as quoted prices in active markets
Level 2—observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active or inactive markets that are observable either directly or indirectly, or other inputs that are observable or can be corroborated by observable market data
Level 3—unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions
Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized as of the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented below.
There were no significant assets or liabilities on the Company’s Consolidated Balance Sheets measured at fair value on a nonrecurring basis for the periods presented above, except as further disclosed in Note 7, Goodwill and Other Intangibles.
Recurring Fair Value Measurements
Derivative Financial Instruments
The Company has in the past, and may in the future, use interest rate hedges, designated as cash flow hedges, to manage its exposure to interest rate movements in connection with its variable-rate debt. In April 2023, the Company entered into two, two-year interest rate cap agreements, which matured on April 30, 2025, with a total notional amount of $450 million. On April 10, 2025, the Company entered into a one-year interest rate cap agreement, which matured on April 30, 2026, with a total notional amount of $450 million (“2025 April interest rate cap”). In June 2025, the Company entered into another one-year interest rate cap agreement, effective April 30, 2026, which will mature on April 30, 2027, with a notional amount of $450 million (“2025 June interest rate cap”). The 2025 April interest rate cap and the 2025 June interest rate cap hedges effectively cap the interest rate on approximately 34% of the current principal amount of the Term Loan Facilities. The Company’s maximum exposure to
the variable component of the interest rate on the Term Loan Facilities will be 5% on the notional amount covered by the 2025 April interest rate cap and the 2025 June interest rate cap. The Company’s derivative financial instruments are classified as Level 2 assets. As of March 28, 2026 and December 27, 2025, the fair value of the Company’s derivative assets was immaterial for both periods.
The Company records its interest rate caps within other current assets in the Consolidated Balance Sheet at fair value, based on projections of cash flows and future interest rates. The determination of fair value includes the consideration of any credit valuation adjustments necessary, giving consideration to the creditworthiness of the respective counterparties or the Company, as appropriate.
The effective portion of gains and losses on the interest rate caps are initially recorded in other comprehensive income, net of tax and reclassified from accumulated other comprehensive income, net of tax to interest expense within the Company’s Consolidated Statement of Comprehensive Income during the period in which the hedged transaction affects income. There was no ineffectiveness attributable to the Company’s interest rate caps during the 13 weeks ended March 28, 2026. During the next twelve months, the Company estimates an immaterial amount will be reclassified from accumulated other comprehensive income to income.
Other Fair Value Measurements
The carrying value of cash, accounts receivable, vendor receivables, cash overdraft liability, and accounts payable approximate their fair values due to their short-term maturities.
The fair value of the Company’s total debt approximated $5.2 billion as of March 28, 2026 and December 27, 2025, compared to its carrying value of $5.2 billion as of March 28, 2026 and December 27, 2025.
The fair value of the Company’s senior notes is based upon their quoted market prices on the respective dates and are classified under Level 2 of the fair value hierarchy. The fair value of all of the Company’s individual senior note issuances approximates carrying value. The fair value of the balance of the Company’s debt is primarily classified under Level 3 of the fair value hierarchy, with fair value estimated based upon a combination of the cash outflows expected under these debt facilities, interest rates that are currently available to the Company for debt with similar terms, and estimates of the Company’s overall credit risk.
v3.26.1
Debt
3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Total debt consisted of the following:
Debt DescriptionMaturityInterest Rate as of March 28, 2026Carrying Value as of March 28, 2026Carrying Value as of December 27, 2025
ABL FacilityDecember 7, 20275.35%$388 $429 
2021 Incremental Term Loan Facility (net of $1 and $1 of unamortized deferred financing costs, respectively)
November 22, 20285.42%609 609 
2024 Incremental Term Loan Facility (net of $7 and $7 of unamortized deferred financing costs, respectively)
October 3, 20315.42%710 712 
Senior Notes due 2028 (net of $2 and $3 of unamortized deferred financing costs, respectively)
September 15, 20286.88%498 497 
Senior Notes due 2029 (net of $3 and $4 of unamortized deferred financing costs, respectively)
February 15, 20294.75%897 896 
Senior Notes due 2030 (net of $2 and $2 of unamortized deferred financing costs, respectively)
June 1, 20304.63%498 498 
Senior Notes due 2032 (net of $4 and $4 of unamortized deferred financing costs, respectively)
January 15, 20327.25%496 496 
Senior Notes due 2033 (net of $2 and $2 of unamortized deferred financing costs, respectively)
April 15, 20335.75%498 498 
Obligations under financing leases2026–2033
1.26%-8.31%
565 557 
Other debtJanuary 1, 20315.75%
Total debt5,167 5,200 
Current portion of long-term debt
(142)(137)
Long-term debt$5,025 $5,063 
ABL Facility
The Company’s asset based senior secured revolving credit facility (the “ABL Facility”) provides the Company with loan commitments having a maximum aggregate principal amount of $2,300 million. The ABL Facility is scheduled to mature on December 7, 2027.
Borrowings under the ABL Facility bear interest at a rate per annum equal to, at the Company’s periodic election, Term Secured Overnight Financing Rate (“Term SOFR”) or Adjusted Borrowing Rate (“ABR”), as described in the ABL Facility, plus the following margin and credit spread adjustment:
Borrowing Election
Margin based on USF’s excess availability under the ABL Facility
Margin at March 28, 2026
Credit Spread Adjustment
SOFR Floor
ABR
0.00% to 0.50%
0.00%
N/A
N/A
Term SOFR
1.00% to 1.50%
1.00%
0.10%
0.00%
The Company had outstanding borrowings totaling $388 million, and had outstanding letters of credit totaling $315 million, under the ABL Facility as of March 28, 2026. The outstanding letters of credit primarily relate to securing USF’s obligations with respect to certain real estate leases. There was available capacity of $1,597 million under the ABL Facility as of March 28, 2026.
Term Loan Facilities
The Amended and Restated Term Loan Credit Agreement, dated as of June 27, 2016 (as amended, the “Term Loan Credit Agreement”), provides the Company with an incremental senior secured term loan borrowed in October 2024 (the “2024 Incremental Term Loan Facility”), an incremental senior secured term loan borrowed in November 2021 (the “2021 Incremental Term Loan Facility”) and the right to request additional incremental senior secured term loan commitments.
Borrowings under the Term Loan Credit Agreement bear interest at a rate per annum equal to, at the Company’s periodic election, Term SOFR or ABR, as described in the Term Loan Credit Agreement, plus the following margin:
Borrowing Election
Margin
SOFR Floor
ABR
0.75%
N/A
Term SOFR
1.75%0.00%
USF’s maximum exposure to the variable component of the interest rate on the Term Loan Facilities is 5% on the notional amount covered by the interest rate caps described above. Borrowings under the Term Loan Credit Agreement may be voluntarily prepaid without penalty or premium, other than customary breakage costs related to prepayments of SOFR-based borrowings. The Term Loan Credit Agreement may require mandatory repayments if certain assets are sold.
Senior Notes
Each of the Company’s outstanding senior notes are redeemable, at USF’s option, in whole or in part, at a price multiplied by the remaining principal, plus accrued and unpaid interest, if any, to but not including the applicable redemption date. The senior notes are unconditionally guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned domestic subsidiaries that provide guarantees under the Company’s senior secured term loan credit facilities.
As of March 28, 2026, the Term Loan Facility, ABL Facility and certain variable rate finance leases, which were approximately 34% of the Company’s total debt, bore interest at a floating rate.
Debt Covenants
The agreements governing our indebtedness contain customary covenants. These include, among other things, covenants that may restrict our ability to incur certain additional indebtedness, create or permit liens on assets, pay dividends, or engage in mergers or consolidations. The Company had approximately $2.9 billion of restricted payment capacity under these covenants, and approximately $1.4 billion of its net assets were restricted after taking into consideration the net deferred tax assets and intercompany balances that eliminate in consolidation as of March 28, 2026.
v3.26.1
Retirement Plans
3 Months Ended
Mar. 28, 2026
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
The Company sponsors various retirement plans for eligible employees, and provides certain postretirement health and welfare benefits to eligible retirees and their dependents.
Certain employees are eligible to participate in the Company’s 401(k) plan. The Company made employer matching contributions to the 401(k) plan of $23 million and $22 million for the 13 weeks ended March 28, 2026 and March 29, 2025, respectively.
The Company is also required to contribute to various multiemployer pension plans under the terms of collective bargaining agreements that cover certain of its union-represented employees. The Company’s contributions to these plans were $17 million and $16 million for the 13 weeks ended March 28, 2026 and March 29, 2025, respectively.
The Company does not expect to make any material contributions to its defined benefit pension plan in fiscal year 2026.
v3.26.1
Stockholders' Equity
3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Earnings Per Share
The Company computes EPS in accordance ASC 260 “Earnings per Share”. Basic EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding.
Diluted EPS is computed using the weighted average number of shares of common stock, plus the effect of potentially dilutive securities. The Company applied the treasury method to calculate the dilution impact of share-based awards—stock options, non-vested restricted shares with forfeitable dividend rights, restricted stock units, and employee stock purchase plan deferrals. For the 13 weeks ended March 28, 2026, share-based awards representing 2 million underlying common shares were not included in the computation because the effect would have been anti-dilutive. For the 13 weeks ended March 29, 2025, there were less than 1 million anti-dilutive shares excluded from the dilutive share-based calculation.
The following table sets forth the computation of basic and diluted EPS:
13 weeks ended
March 28, 2026March 29, 2025
Numerator:
Net income$116 $115 
Denominator:
Weighted-average common shares outstanding—basic220 231 
Effect of dilutive share-based awards
Weighted-average common shares outstanding—diluted223 234 
Net income per share
Basic$0.53 $0.50 
Diluted
$0.52 $0.49 
Share Repurchase Programs and Accelerated Share Repurchase
On May 7, 2025, the Board of Directors approved, and on May 8, 2025, the Company publicly announced, a share repurchase program (the “May 2025 Share Repurchase Program”) under which the Company is authorized to repurchase up to $1 billion of its outstanding common stock. On November 24, 2025, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Morgan Stanley & Co. LLC to repurchase an aggregate of $250 million of the Company’s common stock under the May 2025 Share Repurchase Program. Additionally, on November 24, 2025, the Board of Directors approved, and the Company publicly announced, a new share repurchase program (the “November 2025 Share Repurchase Program”) under which the Company is authorized to repurchase up to $1 billion of its outstanding common stock. In the fourth quarter of 2025, under the ASR Agreement, the Company funded $250 million and received a $200 million initial delivery of approximately 2.6 million shares of the Company’s common stock based on a volume weighted average price of $77.41 per share, inclusive of the 1% excise tax. The ASR Agreement concluded in the first fiscal quarter of 2026 and 530,300 additional shares were delivered. In total, under the ASR Agreement, the Company paid $250 million to repurchase approximately 3.1 million shares of US Foods common stock at a volume-weighted average price of $80.42 per share, inclusive of the 1% excise tax.
As of December 27, 2025, there were approximately $90 million in remaining funds authorized under the May 2025 Share Repurchase Program and $1 billion in remaining funds authorized under the November 2025 Share Repurchase Program.
As of March 28, 2026, there were approximately $14 million in remaining funds authorized under the May 2025 Share Repurchase Program and $1 billion in remaining funds authorized under the November 2025 Share Repurchase Program.
For the 13 weeks ended March 28, 2026, the Company repurchased approximately 1.4 million shares at an aggregate purchase price of approximately $125 million under the May 2025 Share Repurchase Program ($50 million of which was funded in the fourth quarter of 2025 pursuant to the ASR Agreement, as described above), inclusive of fees, commissions, and any related excise tax.
The size and timing of any future repurchases will depend on a number of factors, including share price, general business and market conditions as well as other factors. Under each of the May 2025 Share Repurchase Program and the November 2025 Share Repurchase Program, repurchases can be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The May 2025 Share Repurchase Program and the November 2025 Share Repurchase Program do not obligate the Company to acquire any particular number of shares, and the repurchase programs may be suspended or discontinued at any time at the Company’s discretion. The repurchase authorizations do not have expiration dates.
v3.26.1
Changes in Accumulated Other Comprehensive Income
3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME
As of March 28, 2026 and March 29, 2025, the accumulated other comprehensive income balance included $47 million and $42 million, respectively, of amounts related to retirement obligations.
As of both March 28, 2026 and March 29, 2025, the fair value of the Company’s interest rate caps net of tax included within accumulated other comprehensive income is $1 million.
Given the changes in accumulated other comprehensive income components noted above, the change in accumulated other comprehensive income between comparative periods March 29, 2025 and March 28, 2026 is immaterial.
Included in the retirement benefit obligations balance for both March 28, 2026 and December 27, 2025 is $43 million of tax effects, $44 million of which represents tax effects on items within accumulated other comprehensive income related to the Tax Cuts and Jobs Act of 2017 and the presence of a valuation allowance in certain historical periods. The Company expects the tax effects to remain in accumulated other comprehensive income until the Company’s retirement plan ceases to exist.
v3.26.1
Income Taxes
3 Months Ended
Mar. 28, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The determination of the Company’s overall effective income tax rate requires the use of estimates. The effective income tax rate reflects the income earned and taxed in U.S. federal and various state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction.
The Company estimated its annual effective income tax rate for the full fiscal year and applied the annual effective income tax rate to the results of the 13 weeks ended March 28, 2026 and March 29, 2025, and then recognized the impact of discrete tax items for purposes of determining its year-to-date tax provision.
For the 13 weeks ended March 28, 2026, the Company’s effective income tax rate of 18% differed from the 21% federal corporate income tax rate primarily as a result of state income taxes and the recognition of various discrete tax items. These discrete tax items included a tax expense of $4 million related to an unrecognized tax benefit due to tax positions taken in prior years and a tax benefit of $15 million, primarily related to excess tax benefits associated with share-based compensation.
For the 13 weeks ended March 29, 2025, the Company’s effective income tax rate of 22% differed from the 21% federal corporate income tax rate primarily as a result of state income taxes and the recognition of various discrete tax items. These discrete tax items included a tax benefit of $6 million, primarily related to excess tax benefits associated with share-based compensation.
v3.26.1
Commitments and Contingencies
3 Months Ended
Mar. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Purchase Commitments—The Company enters into purchase orders with vendors and other parties in the ordinary course of business and has a limited number of purchase contracts with certain vendors that require it to buy a predetermined volume of products. The Company had $865 million of purchase orders and purchase contract commitments as of March 28, 2026 to be purchased in the remainder of fiscal year 2026 and $105 million of information technology commitments through 2028 that are not recorded in the Company’s Consolidated Balance Sheets.
The Company has entered into various minimum volume purchase agreements at various pricing terms. Minimum amounts committed to as of March 28, 2026 totaled approximately $868 million. Minimum amounts committed to by year are as follows:
Amount
(In millions)
2026$630 
2027238 
2028 and thereafter
— 
To minimize fuel price risk, the Company enters into forward purchase commitments for a portion of its projected diesel fuel requirements. The Company had diesel fuel forward purchase commitments totaling $27 million through December 2026, as of March 28, 2026. Additionally, the Company had electricity forward purchase commitments totaling $2 million through July 2027, as of March 28, 2026. The Company does not measure its forward purchase commitments for fuel and electricity at fair value, as the amounts under contract meet the physical delivery criteria in the normal purchase exception.
Legal Proceedings—The Company is subject to a number of legal proceedings arising in the normal course of business. These legal proceedings, whether pending, threatened or unasserted, if decided adversely to or settled by the Company, may result in liabilities material to its financial position, results of operations, or cash flows. The Company has recognized provisions with respect to the proceedings, where appropriate, in its Consolidated Balance Sheets. It is possible that the Company could settle one or more of these proceedings or could be required to make expenditures, in excess of the established provisions, in amounts that cannot be reasonably estimated. However, the Company, at present, believes that the ultimate outcome of these proceedings will not have a material adverse effect on its consolidated financial position, results of operations or cash flows.
Surety Bonds—As of March 28, 2026, the Company had approximately $377 million of surety bonds that were not recorded on the Consolidated Balance Sheets. The surety bonds are primarily used as security against certain insurance program contractual commitments in the normal course of business.
v3.26.1
Business Information
3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Business information BUSINESS INFORMATION
Single Operating Segment Reporting
The Company operates as one operating segment. The Company markets, sells, and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the U.S. The Company uses a centralized management structure, and its strategies and initiatives are implemented and executed consistently across the organization. The Company uses shared resources for sales, procurement, and general and administrative activities across each of its distribution facilities and operations. The Company’s distribution facilities form a single network to reach its customers; it is common for a single customer to make purchases from several different distribution facilities. Capital projects, whether for cost savings or generating incremental revenue, are evaluated based on estimated economic returns to the organization as a whole.
The Company’s consolidated results represent the results of its one operating segment based on how the Company’s chief operating decision maker (the “CODM”), the Chief Executive Officer (the “CEO”), views the business for purposes of evaluating performance and making operating decisions.
The CODM utilizes the U.S. GAAP measurement of consolidated net income to assess financial performance and allocate resources. This financial metric is used by the CODM to make key operating decisions, such as allocation of budget between net sales, cost of goods sold, distribution costs and selling and administrative costs. The measure of segment assets is reported on the Company’s Consolidated Balance Sheets as total consolidated assets. In addition, the measure of capital expenditures, depreciation and amortization is reported on the Company’s Consolidated Statements of Cash Flows. The following table presents selected financial information with respect to the Company’s single operating segment for the 13 weeks ended March 28, 2026 and March 29, 2025:
13 Weeks Ended
March 28, 2026March 29, 2025
Net sales$9,610 $9,351 
Cost of goods sold7,957 7,737 
Distribution costs688 643 
Selling and administrative costs741 742 
Restructuring activity and asset impairment charges
Other (income) expense—net(1)(1)
Interest expense—net75 77 
Income tax provision26 33 
Net income$116 $115 
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 28, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Overview and Basis of Presentation (Policies)
3 Months Ended
Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Description
Business Description—The Company, through USF, operates in one business segment in which it markets, sells and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States (“U.S.”). These customers include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities and retail locations.
Basis of Presentation
Basis of Presentation—The Company operates on a 52- or 53-week fiscal year, with all periods ending on a Saturday. When a 53-week fiscal year occurs, the Company reports the additional week in the fiscal fourth quarter. Fiscal year 2026 is scheduled to be a 53-week fiscal year and 2025 was a 52-week fiscal year.
The consolidated unaudited financial statements included in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures included in this Quarterly Report are adequate to make the information presented not misleading. These interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the fiscal year ended December 27, 2025 (the “2025 Annual Report”).
Consolidation The consolidated interim financial statements reflect all adjustments (consisting of normal recurring items) necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be achieved for any other interim period or the full fiscal year
Recently Adopted Accounting Pronouncements, and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (“Subtopic 326”) “Measurement of Credit Losses for Accounts Receivable and Contract Assets”. This update provides a practical expedient for all entities to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. In developing reasonable and supportable forecasts as part of estimating expected credit losses, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The standard updates will be applied on a prospective basis. The Company adopted the provisions of ASU 2025-05 at the beginning of the first quarter of fiscal year 2026 and applied them prospectively. The provisions of this new guidance do not materially affect our financial position, results of operation or cash flows.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU No 2024-03 Income Statement—Reporting Comprehensive Income—“Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses”, which requires disclosure of disaggregated information about certain income statement expense line items within the footnotes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact, if any, that this standard will have on the Company’s consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (“Subtopic 350-40”) “Targeted Improvements to the Accounting for Internal-Use Software”, which amends the accounting guidance on the timing of capitalization of internally-developed software costs by removing references to software development stages, and provides guidance on how to determine when it is probable that a project will be completed and a software will be used to perform the function intended. This guidance is effective for interim and fiscal years beginning after December 15, 2027, with early adoption permitted. The standard updates may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact, if any, that this standard will have on the Company’s consolidated financial statements.
Revenue Recognition
The Company recognizes revenue when the performance obligation is satisfied, which occurs when a customer obtains control of the promised goods or services. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these goods or services. The Company generates substantially all of its revenue from the distribution and sale of food and food-related products and recognizes revenue when title and risk of loss passes to the customer and the customer accepts the goods, which occurs at delivery. Customer sales incentives, such as volume-based rebates or discounts, are treated as a reduction of revenue at the time the revenue is recognized. Sales taxes invoiced to customers and remitted to governmental authorities are excluded from net sales. Shipping and handling costs are treated as fulfillment costs and included in distribution, selling and administrative costs.
v3.26.1
Revenue Recognition (Tables)
3 Months Ended
Mar. 28, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue by principal product categories
The following table presents the disaggregation of revenue for each of the Company’s principal product categories:
13 weeks ended
March 28, 2026March 29, 2025
Meats and seafood$3,408 $3,207 
Dry grocery products1,664 1,616 
Refrigerated and frozen grocery products1,640 1,602 
Dairy918 1,057 
Equipment, disposables and supplies896 861 
Beverage products601 548 
Produce483 460 
Total net sales$9,610 $9,351 
v3.26.1
Goodwill and Other Intangibles (Tables)
3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangibles, Net
Goodwill and other intangibles—net consisted of the following:
March 28, 2026December 27, 2025
Goodwill$5,794 $5,794 
Other intangibles—net
Customer relationships—amortizable:
Gross carrying amount$812 $812 
Accumulated amortization(309)(297)
Net carrying value503 515 
Trade names—amortizable:
Gross carrying amount
Accumulated amortization(2)(2)
Net carrying value
Noncompete agreements—amortizable:
Gross carrying amount
Accumulated amortization(4)(2)
Net carrying value
Brand names and trademarks—not amortizing258 258 
Total other intangibles—net$767 $781 
v3.26.1
Debt (Tables)
3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Components of total debt
Total debt consisted of the following:
Debt DescriptionMaturityInterest Rate as of March 28, 2026Carrying Value as of March 28, 2026Carrying Value as of December 27, 2025
ABL FacilityDecember 7, 20275.35%$388 $429 
2021 Incremental Term Loan Facility (net of $1 and $1 of unamortized deferred financing costs, respectively)
November 22, 20285.42%609 609 
2024 Incremental Term Loan Facility (net of $7 and $7 of unamortized deferred financing costs, respectively)
October 3, 20315.42%710 712 
Senior Notes due 2028 (net of $2 and $3 of unamortized deferred financing costs, respectively)
September 15, 20286.88%498 497 
Senior Notes due 2029 (net of $3 and $4 of unamortized deferred financing costs, respectively)
February 15, 20294.75%897 896 
Senior Notes due 2030 (net of $2 and $2 of unamortized deferred financing costs, respectively)
June 1, 20304.63%498 498 
Senior Notes due 2032 (net of $4 and $4 of unamortized deferred financing costs, respectively)
January 15, 20327.25%496 496 
Senior Notes due 2033 (net of $2 and $2 of unamortized deferred financing costs, respectively)
April 15, 20335.75%498 498 
Obligations under financing leases2026–2033
1.26%-8.31%
565 557 
Other debtJanuary 1, 20315.75%
Total debt5,167 5,200 
Current portion of long-term debt
(142)(137)
Long-term debt$5,025 $5,063 
Borrowings under the ABL Facility bear interest at a rate per annum equal to, at the Company’s periodic election, Term Secured Overnight Financing Rate (“Term SOFR”) or Adjusted Borrowing Rate (“ABR”), as described in the ABL Facility, plus the following margin and credit spread adjustment:
Borrowing Election
Margin based on USF’s excess availability under the ABL Facility
Margin at March 28, 2026
Credit Spread Adjustment
SOFR Floor
ABR
0.00% to 0.50%
0.00%
N/A
N/A
Term SOFR
1.00% to 1.50%
1.00%
0.10%
0.00%
Borrowings under the Term Loan Credit Agreement bear interest at a rate per annum equal to, at the Company’s periodic election, Term SOFR or ABR, as described in the Term Loan Credit Agreement, plus the following margin:
Borrowing Election
Margin
SOFR Floor
ABR
0.75%
N/A
Term SOFR
1.75%0.00%
v3.26.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS
The following table sets forth the computation of basic and diluted EPS:
13 weeks ended
March 28, 2026March 29, 2025
Numerator:
Net income$116 $115 
Denominator:
Weighted-average common shares outstanding—basic220 231 
Effect of dilutive share-based awards
Weighted-average common shares outstanding—diluted223 234 
Net income per share
Basic$0.53 $0.50 
Diluted
$0.52 $0.49 
v3.26.1
Commitment and Contingencies (Tables)
3 Months Ended
Mar. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
Long-Term Purchase Commitment Minimum amounts committed to by year are as follows:
Amount
(In millions)
2026$630 
2027238 
2028 and thereafter
— 
v3.26.1
Business Information (Tables)
3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table presents selected financial information with respect to the Company’s single operating segment for the 13 weeks ended March 28, 2026 and March 29, 2025:
13 Weeks Ended
March 28, 2026March 29, 2025
Net sales$9,610 $9,351 
Cost of goods sold7,957 7,737 
Distribution costs688 643 
Selling and administrative costs741 742 
Restructuring activity and asset impairment charges
Other (income) expense—net(1)(1)
Interest expense—net75 77 
Income tax provision26 33 
Net income$116 $115 
v3.26.1
Overview and Basis of Presentation (Detail)
3 Months Ended
Mar. 28, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of business segments 1
Number of operating segments 1
v3.26.1
Revenue Recognition - Additional Information (Detail - Level 4) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 27, 2025
Disaggregation of Revenue [Line Items]    
Accounts receivable, less allowances $ 2,170 $ 2,026
Prepaid expenses    
Disaggregation of Revenue [Line Items]    
Contract assets 70 63
Other Noncurrent Assets    
Disaggregation of Revenue [Line Items]    
Contract assets $ 83 $ 74
v3.26.1
Revenue Recognition - Schedule of Disaggregation of Revenue (Detail - Level 4) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Disaggregation of Revenue [Line Items]    
Total net sales $ 9,610 $ 9,351
Meats and seafood    
Disaggregation of Revenue [Line Items]    
Total net sales 3,408 3,207
Dry grocery products    
Disaggregation of Revenue [Line Items]    
Total net sales 1,664 1,616
Refrigerated and frozen grocery products    
Disaggregation of Revenue [Line Items]    
Total net sales 1,640 1,602
Dairy    
Disaggregation of Revenue [Line Items]    
Total net sales 918 1,057
Equipment, disposables and supplies    
Disaggregation of Revenue [Line Items]    
Total net sales 896 861
Beverage products    
Disaggregation of Revenue [Line Items]    
Total net sales 601 548
Produce    
Disaggregation of Revenue [Line Items]    
Total net sales $ 483 $ 460
v3.26.1
Acquisitions and Divestitures - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Jan. 10, 2025
Mar. 28, 2026
Mar. 29, 2025
Dec. 27, 2025
Business Combination [Line Items]        
Goodwill   $ 5,794   $ 5,794
Proceeds from divestitures   0 $ 38  
Freshway | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Business Combination [Line Items]        
Proceeds from divestitures   $ 38    
Jake's Finer Foods        
Business Combination [Line Items]        
Payments for acquisition $ 92      
Goodwill 4      
Intangible assets $ 5      
v3.26.1
Inventories (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 27, 2025
Inventory Disclosure [Abstract]      
LIFO balance sheet reserves $ 650   $ 613
Increase (decrease) of cost of goods sold from changes in LIFO reserves $ 38 $ 5  
v3.26.1
Property and Equipment (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 27, 2025
Property, Plant and Equipment [Line Items]      
Property and equipment, accumulated depreciation $ 3,467   $ 3,406
Depreciation expense $ 105 $ 98  
Minimum      
Property, Plant and Equipment [Line Items]      
Property and equipment, useful life (years) 3 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Property and equipment, useful life (years) 40 years    
v3.26.1
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Other Intangible Assets [Line Items]    
Amortization expense $ 14,000,000 $ 14,000,000
Goodwill and intangible asset impairment $ 0 $ 0
Minimum    
Other Intangible Assets [Line Items]    
Estimated useful lives of intangible assets (in years) 3 years  
Maximum    
Other Intangible Assets [Line Items]    
Estimated useful lives of intangible assets (in years) 15 years  
v3.26.1
Goodwill and Other Intangibles - Schedule of Goodwill and Other Intangibles, Net (Detail) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 27, 2025
Other intangibles—net    
Goodwill $ 5,794 $ 5,794
Total other intangibles—net 767 781
Brand Names and Trademarks    
Other intangibles—net    
Brand names and trademarks—not amortizing 258 258
Customer Relationships    
Other intangibles—net    
Gross carrying amount 812 812
Accumulated amortization (309) (297)
Net carrying value 503 515
Trade Names    
Other intangibles—net    
Gross carrying amount 4 4
Accumulated amortization (2) (2)
Net carrying value 2 2
Noncompete Agreements    
Other intangibles—net    
Gross carrying amount 8 8
Accumulated amortization (4) (2)
Net carrying value $ 4 $ 6
v3.26.1
Fair Value Measurements - Additional Information (Detail)
$ in Millions
1 Months Ended
Apr. 10, 2025
USD ($)
Apr. 30, 2023
USD ($)
derivative
Mar. 28, 2026
USD ($)
Dec. 27, 2025
USD ($)
Interest Rate Cap        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Number of instruments | derivative   2    
Contract term 1 year 2 years    
Derivative, notional amount $ 450 $ 450    
Percentage bearing variable interest, percentage rate 34.00%      
Cap interest rate 5.00%      
Fair Value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Approximated fair value of debt     $ 5,200 $ 5,200
Carrying value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Approximated fair value of debt     $ 5,200 $ 5,200
v3.26.1
Debt - Schedule of Components of Total Debt (Detail) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 27, 2025
Debt Instrument [Line Items]    
Total debt $ 5,167 $ 5,200
Current portion of long-term debt (142) (137)
Long-term debt $ 5,025 5,063
ABL Facility | Revolving Credit Facility    
Debt Instrument [Line Items]    
Interest rate 5.35%  
Total debt $ 388 429
2021 Term Loan Facility | Senior secured term loan facility    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 1 1
Interest rate 5.42%  
Total debt $ 609 609
2024 Term Loan Facility | Senior secured term loan facility    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 7 7
Interest rate 5.42%  
Total debt $ 710 712
Senior Notes due 2028 | Senior notes    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 2 3
Interest rate 6.88%  
Total debt $ 498 497
Senior Notes due 2029 | Senior notes    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 3 4
Interest rate 4.75%  
Total debt $ 897 896
Senior Notes due 2030 | Senior notes    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 2 2
Interest rate 4.63%  
Total debt $ 498 498
Senior Notes due 2032 | Senior notes    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 4 4
Interest rate 7.25%  
Total debt $ 496 496
Senior Notes due 2033 | Senior notes    
Debt Instrument [Line Items]    
Unamortized deferred financing costs $ 2 2
Interest rate 5.75%  
Total debt $ 498 498
Obligations under financing leases | Lease agreements    
Debt Instrument [Line Items]    
Total debt $ 565 $ 557
Obligations under financing leases | Lease agreements | Minimum    
Debt Instrument [Line Items]    
Interest rate 1.26%  
Obligations under financing leases | Lease agreements | Maximum    
Debt Instrument [Line Items]    
Interest rate 8.31%  
Other debt | Other Debt Obligations    
Debt Instrument [Line Items]    
Interest rate 5.75% 5.75%
Total debt $ 8 $ 8
v3.26.1
Debt - ABL Facility (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Dec. 27, 2025
Debt Instrument [Line Items]    
Borrowings under facility $ 5,167 $ 5,200
ABL Facility | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 0.10%  
ABL Facility | Secured Overnight Financing Rate (SOFR) | Minimum    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 1.00%  
ABL Facility | Secured Overnight Financing Rate (SOFR) | Maximum    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 1.50%  
Revolving Credit Facility | ABL Facility    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity $ 2,300  
Borrowings under facility 388 $ 429
Letters of credit, outstanding amount 315  
Available capacity in credit facility $ 1,597  
Revolving Credit Facility | ABL Facility | ABR    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 0.00%  
Revolving Credit Facility | ABL Facility | ABR | Minimum    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 0.00%  
Revolving Credit Facility | ABL Facility | ABR | Maximum    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 0.50%  
Revolving Credit Facility | ABL Facility | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 1.00%  
Revolving Credit Facility | ABL Facility | Secured Overnight Financing Rate (SOFR) | Minimum    
Debt Instrument [Line Items]    
Basis spread on variable interest rate 0.00%  
v3.26.1
Debt - Term Loan Agreement (Detail)
3 Months Ended
Mar. 28, 2026
Debt Instrument [Line Items]  
Cap interest rate 5.00%
2021 Term Loan Facility | ABR | Revolving Credit Facility  
Debt Instrument [Line Items]  
Basis spread on variable interest rate 0.75%
2021 Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility  
Debt Instrument [Line Items]  
Basis spread on variable interest rate 1.75%
2021 Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Minimum  
Debt Instrument [Line Items]  
Basis spread on variable interest rate 0.00%
v3.26.1
Debt - Senior Notes (Details)
Mar. 28, 2026
Debt Disclosure [Abstract]  
Percentage of principal amount of total debt borrowed at floating rate (percent) 34.00%
v3.26.1
Debt - Debt Covenants (Details)
$ in Billions
Mar. 28, 2026
USD ($)
Debt Disclosure [Abstract]  
Restricted payment capacity $ 2.9
Restricted assets $ 1.4
v3.26.1
Retirement Plans - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Retirement Benefits [Abstract]    
Employer matching contribution $ 23 $ 22
Multiemployer plan contributions $ 17 $ 16
v3.26.1
Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 4 Months Ended
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Mar. 28, 2026
Nov. 24, 2025
May 07, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Common stock repurchased $ 75.0   $ 23.0      
Average price per share (in usd per share)   $ 77.41        
Payments for repurchase of stock 75.0   $ 23.0      
New Share Repurchase Program            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Stock repurchase program, authorized amount           $ 1,000.0
Remaining authorized repurchase amount   $ 90.0        
May 2025 Share Repurchase Program and November 2025 Share Repurchase Program            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Common stock repurchased 125.0          
Unrecognized gain on interest rate swaps, net of income tax 1.4          
Payments for repurchase of stock   50.0        
May 2025 Share Repurchase Program            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Remaining authorized repurchase amount 14.0     $ 14.0    
May 2025 Share Repurchase Program, ASR Agreement            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Stock repurchase program, authorized amount         $ 250.0  
Funded amount $ 250.0 250.0   $ 250.0    
Common stock repurchased   $ 200.0        
Common stock repurchased (in shares) 530,300 2,600,000   3,100,000    
Average price per share (in usd per share)       $ 80.42    
November 2025 Share Repurchase Program            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Stock repurchase program, authorized amount         $ 1,000.0  
Remaining authorized repurchase amount $ 1,000.0 $ 1,000.0   $ 1,000.0    
Common Stock            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Antidilutive securities (in shares) 2,000,000   1,000,000      
v3.26.1
Stockholders' Equity - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Numerator:    
Net income $ 116 $ 115
Denominator:    
Weighted-average common shares outstanding—basic 220.0 231.0
Effect of dilutive share-based awards 3.0 3.0
Weighted-average common shares outstanding—diluted 223.0 234.0
EPS basic (in dollars per share) $ 0.53 $ 0.50
EPS diluted (in dollars per share) $ 0.52 $ 0.49
v3.26.1
Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Dec. 28, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total shareholders’ equity $ 4,333 $ 4,307 $ 4,616 $ 4,528
Accumulated Defined Benefit Plans Adjustment Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total shareholders’ equity 47   42  
Tax effects 43 $ 44    
Interest rate caps        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total shareholders’ equity $ 1   $ 1  
v3.26.1
Income Taxes (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Income Tax Disclosure [Abstract]    
Effective tax rate (percent) 18.00% 22.00%
Federal corporate income tax rate (percent) 21.00% 21.00%
Increase in unrecognized tax benefit due to prior year tax position $ 4  
Tax benefit related to excess tax benefits associated with share-based compensation $ 15 $ 6
v3.26.1
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Mar. 28, 2026
USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]  
Minimum amounts committed $ 868
Surety Bond  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Guarantor obligations 377
Purchase orders and contract commitments  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Purchase commitments 865
Information technology commitments  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Purchase commitments 105
Diesel fuel  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Purchase commitments 27
Electricity  
Unrecorded Unconditional Purchase Obligation [Line Items]  
Purchase commitments $ 2
v3.26.1
Commitments and Contingencies - Summary of Future Minimum Purchase Agreement Payments (Detail)
$ in Millions
Mar. 28, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 630
2027 238
2028 and thereafter $ 0
v3.26.1
Business Information (Detail)
3 Months Ended
Mar. 28, 2026
segment
Segment Reporting [Abstract]  
Number of business segments 1
Number of operating segments 1
v3.26.1
Business Information - Schedule of Reportable Segments (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting Information [Line Items]    
Net sales $ 9,610 $ 9,351
Cost of goods sold 7,957 7,737
Selling and administrative costs 1,429 1,385
Restructuring activity and asset impairment charges 8 5
Other (income) expense—net 1 1
Interest expense—net 75 77
Income tax provision 26 33
Net income 116 115
Reportable Segment    
Segment Reporting Information [Line Items]    
Net sales 9,610 9,351
Cost of goods sold 7,957 7,737
Distribution costs 688 643
Selling and administrative costs 741 742
Restructuring activity and asset impairment charges 8 5
Other (income) expense—net (1) (1)
Interest expense—net 75 77
Income tax provision 26 33
Net income $ 116 $ 115