US Foods Q3 2026: Earnings Beat, Guidance Cut, Revenue Miss

US Foods posted adjusted diluted EPS of $1.26 for Q3 2026, edging past the $1.25 consensus estimate. Revenue of $10.40 billion rose 2.1% year over year but came in below the $10.58 billion analysts had expected, making for a classic mixed quarter where the bottom line held while the top line disappointed.

Independent restaurant case volume grew 5%, marking a 22nd consecutive quarter of share gains with that customer segment, while healthcare volume rose 3.3% and hospitality was up 3.7%. Chain volume, however, fell 1.5%, a soft patch that underscores where demand pressure is concentrated. A favorable $49 million year-over-year LIFO swing and disciplined cost management helped lift adjusted EBITDA by 9.9%, with the margin widening 38 basis points to 5.3%.

Management trimmed its full-year outlook, now projecting net sales growth of 4% to 5% (previously 4% to 6%) and adjusted diluted EPS growth of 18% to 20%, down from a prior ceiling of 24%. The company cited a sustained softer macroeconomic backdrop and elevated fuel costs as the key reasons for the reduction.

Share repurchases continued at an aggressive pace, with $690 million returned to shareholders in the first nine months of fiscal 2026 and $450 million of authorization remaining. Additionally, US Foods completed the acquisition of Prime Line Distributors, a specialty distributor of gourmet Italian products, subsequent to quarter-end, a tuck-in deal management says broadens the specialty and imported assortment while adding capabilities to its Pronto business.

The EPS history shows a relatively consistent pattern of meeting or narrowly beating estimates, with Q1 2026 standing as the one recent miss at $0.78 reported versus $0.81 estimated. The Q3 2026 result keeps that broader streak of near-consensus delivery intact, though the lowered forward guidance is likely to be the number investors weigh most carefully going into the final quarter of fiscal 2026.