A Well-Seasoned Quarter for CHEF: Revenue Climbs to $1.06B, EPS Holds at $0.40

Lede: a steady simmer, not a sizzle reel

The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) delivered its first-quarter 2026 results, seasoning a 11.4% jump in net sales to $1.06 billion. Organic growth carried most of the flavor (10.4%), with acquisitions contributing about 1%. On the profit line, GAAP net income came in at $17.4 million, or $0.40 per diluted share, while Adjusted net income per share also stood at $0.40. EBITDA touched $60.1 million, and gross margins nudged up 53 basis points to 24.3%. The company notes that EBITDA, Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP measures, with reconciliations provided on accompanying schedules. In short: the pantry was stocked, and the seasoning was on point, even if there isn’t a formal revenue forecast for the full year yet.

Key highlights

• Net sales: $1.06 billion, up 11.4% year over year; organic growth contributed the majority of the rise.
• Gross profit: $257.4 million, up from $226.0 million; gross margin rose to 24.3% (up ~53 bps).
• Operating income: $33.1 million, vs. $22.7 million a year ago; operating margin around 3.1% for Q1 2026.
• SG&A: $224.1 million, about 21.2% of net sales, roughly flat year over year as a percentage of sales.
• Adjusted metrics: EBITDA and adjusted net income per share remained stable at $1.40-ish and $0.40 per share, respectively, with the press release emphasizing non-GAAP nature of these measures.

Where the growth came from

Management pointed to organic volume growth across the company’s specialty category, where organic case counts climbed roughly 5.7% in the first quarter of 2026. Customer and placement metrics also improved in the specialty segment (1.9% and 6.2%, respectively). In the center-of-the-plate category, organic pounds sold increased about 6.2% versus the prior-year quarter. These numbers suggest Chefs’ Warehouse is expanding share within its premium, higher-mix categories even as it integrates acquisitions.

Margins, productivity, and a note on inflation

Gross margins expanded modestly as pricing power and volume gains combined for a 53-basis-point uplift. The company attributed margin gains to stronger volumes, price inflation and the ongoing contribution from acquisitions. On the expense side, SG&A rose in dollar terms but remained largely stable as a percentage of net sales, framing a path to profitability that benefits from scale without erasing the top-line momentum. In other words, Chefs’ Warehouse is driving a higher mix of profitable sales as it grows.

Non-GAAP measures and caution

The company reiterates that EBITDA, Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP measures; a reconciliation is included in the accompanying schedules. Investors should note that such measures can obscure the full picture if used in isolation, particularly when seasonality and acquisitions drive the top line.

What this signals for CHEF and peers

What stands out is a quarter that blends seasonal cadence with real volume momentum. The January-to-March arc shows demand resilience even as Chefs’ Warehouse navigates weather volatility and geopolitical headline risk in the Middle East, which crept into late Q1. For CHEF, the lessons are twofold: price-to-value discipline matters, and the company’s mix shift toward higher-margin specialty and center-of-the-plate offerings appears to be paying off. For sector peers—distributors with an analogous mix of high-frequency, B2B culinary supplies—the message is that acquisitions can augment organic growth without sacrificing profitability if integration remains disciplined and if the mix shift stays within core competencies.

Risks and the open kitchen

The quarterly narrative includes weather-driven volatility and geopolitical tensions, which can affect supply chains and customer demand in unexpected ways. The absence of explicit guidance for the full year means investors are assessing the model through the lens of quarter-to-quarter execution, ongoing integration of acquisitions, and the sustainability of margin expansion in a high-inflation backdrop for costs like compensation and depreciation from fleet investments.