US Foods Q1 case growth accelerates to 1.4%, but LIFO charge compresses margins 20 bps

Filed May 7, 2026 · Period ending March 28, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Independent restaurant case volume surged 4.6% (vs 2.5% prior year), driving total case growth to 1.4%. Organic growth excluding acquisitions jumped from 0.1% to 1.1%, signaling sustainable momentum in the core business.

  MD&A: Case Volume Growth verify on EDGAR →
• high

  LIFO expense spiked from $5M to $38M due to inventory inflation, compressing gross margin 10 bps to 17.2% and operating margin 20 bps to 2.2%. Adjusted EBITDA margin improved 10 bps to 4.3%, suggesting underlying operations remain healthy.

  MD&A: Gross Profit & Operating Income verify on EDGAR →
• high

  Food cost inflation decelerated sharply from 3.0% to 1.0%, reducing top-line tailwinds but potentially easing future margin pressure if pricing discipline holds.

  MD&A: Food Cost Inflation verify on EDGAR →