What changed in this filing

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Item 1. Business

2026-02-12 compared with 2025-02-13 · 101 added, 89 removed, 195 unchanged (49% of the section changed)

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At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers.

This mission is supported by our brand promise of WE HELP YOU MAKE IT™ , which is centered on bringing four key elements to the forefront for our customers;

(1) more quality products, including our large portfolio of exclusive brands, (2) more tools, centering on our MOXē business platform, (3) more support from our sellers and our team of experts and lastly, (4) more deliveries, enabled by our traditional broadline services and Pronto ™ program.

This mission is supported by our brand promise of WE HELP YOU MAKE IT ® .

Our promise brings three key elements to the forefront for our customers;

(1) more quality products, like our large and diverse Exclusive Brand portfolio that is based on consistency, freshness and innovation, (2) more tools, centering on our industry-leading ecommerce platform, MOXē ® , and (3) more deliveries, with expanded options for on-time delivery enabled by our traditional broadline services and our convenient and flexible Pronto ® program.

We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment.

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We supply approximately 250,000 customer locations nationwide.

These customer locations include independent restaurants, chain restaurants, healthcare, hospitality, education and other customers.

These customer locations include independent restaurants, chain restaurants, healthcare, hospitality, government and education customers.

We provide fresh, frozen, and dry food products, as well as non-food items, sourced from thousands of suppliers.

Approximately 4,000 sales associates manage customer relationships at local, regional, and national levels.

Our sales associates are supported by sophisticated marketing and category management capabilities, as well as a sales support team that includes world-class chefs and restaurant operations consultants, new business development managers and others that help us provide more comprehensive service to our customers.

Our relationship with our customer is further strengthened by our industry-leading MOXē digital platform that makes it easy for our customers to manage their orders and inventories, while also providing valuable support for their business.

Over 4,000 sales associates manage customer relationships at local, regional, and national levels.

Our sales associates are supported by sophisticated marketing and category management capabilities, as well as a sales support team that includes world-class chefs, new business development managers and others that help us provide more comprehensive service to our customers.

Our relationship with our customers is further strengthened by our industry-leading MOXē ® digital platform that makes it easy for our customers to manage their orders and inventories, while also providing valuable support for their business.

Our extensive network of over 70 distribution facilities and fleet of over 6,500 trucks, along with over 90 cash and carry locations, allow us to operate efficiently and provide high levels of customer service.

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Foodservice distributors typically fall into three categories, representing differences in customer focus, product offering, and supply chain:

• Broadline distributors which offer a “broad line” of products and services;

• System distributors which carry products specified for large chains;

• Specialized distributors which primarily focus on specific product categories (e.g., meat or produce) or customer types.

• Broadline distributors who offer a “broad line” of products and services;

• System distributors who carry products specified for large chains;

• Specialized distributors who primarily focus on specific product categories (e.g., meat or produce) or customer types.

Given our mix of products and services, we are considered a broadline distributor.

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Customer buying decisions are based on the assortment of product offered, quality, price, and service levels.

foodservice distribution industry serves different customer types of varying sizes, growth profiles, and product and service requirements, including independent restaurants, regional and national restaurant chains, healthcare customers (such as hospital systems, nursing homes and long-term care facilities), hospitality customers (ranging from large hotel chains to local banquet halls, country clubs, casinos and entertainment complexes), colleges and universities, K-12 schools, and retail locations.

Our target customer types — independent restaurants, healthcare and hospitality — value foodservice distributors with a broad product offering and value-added services that help them be efficient and effective in running their operations.

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There are several important dynamics affecting the industry, including:

• Evolving consumer tastes and preferences.

Consumers demand healthy and authentic food choices with fewer artificial ingredients, and they value locally-harvested and sustainably-manufactured food and packaging products.

In addition, many ethnic food offerings are becoming more mainstream as consumers show a greater willingness to try new flavors and cuisines.

Changes in consumer preferences create opportunities for new and innovative products and for unique food- away-from-home destinations.

This, in turn, is expected to create growth, expand margins, and produce better customer retention opportunities for those distributors with the flexibility to balance national scale and local preferences.

We believe foodservice distributors will need broader product assortments, extended supplier networks, effective supply chain management capabilities, and strong food safety and quality programs to meet these needs.

• Generational shifts with Millennials and Baby Boomers.

Given their purchasing power and diverse taste profiles, Millennials, Generation Z and Baby Boomers will continue to significantly influence food consumption and the food away from home market.

According to U.S.

Census Bureau statistics, there were 89 million individuals born between 1982 and 2002 in the U.S., making Millennials and Generation Z the largest demographic cohorts.

When it comes to food, Millennials and Generation Z are open-minded and curious, and willing to seek out new flavors, dining experiences and diverse menu offerings, while also demanding customization, convenience and sustainable products.

Independent restaurants are well positioned to capitalize on these preferences.

As Millennials’ and Generation Z’s disposable income increases, we believe this demographic will be key to driving growth in the broader U.S.

food industry.

We also expect that Baby Boomers will continue to shape the industry as they remain in the workplace longer, which is expected to prolong their contribution to food-away-from-home expenditures.

• Growing importance of technology.

We see significant continued growth being driven by the increased utilization of, and reliance on technology by foodservice distributors, customers and diners.

Digital solutions streamline the purchasing process and increase customer retention.

They also deepen the relationship between foodservice distributors and customers, creating personalized insights and services that can make both more efficient.

We believe foodservice distributors that have deeper, technology-enabled relationships with customers are better able to accelerate their customers’ adoption of new products and increase customer loyalty, giving them a competitive edge.

Technology is also growing in importance and helping to level the playing field for independent restaurants.

Mobile food delivery and social media apps make independent restaurants more competitive with larger restaurant chains, and help this customer type attract more diners at a relatively low cost.

We believe these technology trends will continue to accelerate as Millennials and Generation Z place a greater reliance on technology and become key influencers and decision-makers within the food industry, including at the customer level.

Consequently, we believe foodservice distributors which are focused on strengthening their technology, data analytics, and related capabilities will be well-positioned to capitalize on these trends.

• Impact of evolving consumer tastes and preferences.

New dietary trends and advancements in pharmaceutical therapies are reshaping dining behaviors.

Some restaurants are responding with lighter options, smaller plates, vegetable-forward dishes and lean proteins, while also embracing flexibility and personalization in menu offerings.

At the same time, consumers increasingly demand healthy, authentic choices with fewer artificial ingredients, locally sourced products and sustainable packaging.

Ethnic cuisines are becoming mainstream, creating opportunities for innovative offerings and unique dining experiences.

To meet these shifting expectations, foodservice distributors will need broader assortments, strong supplier networks, efficient supply chains and rigorous food safety programs, positioning themselves to drive growth, expand margins and improve customer retention.

• Technology in foodservice and Artificial Intelligence (“AI”).

Technology and AI are transforming the foodservice industry, driving efficiency and deeper customer engagement.

AI-powered tools such as self-ordering kiosks, predictive scheduling, kitchen robotics and real-time inventory systems reduce waste, optimize labor and improve profitability.

At the same time, digital solutions, including mobile delivery applications and social media platforms, help independent restaurants compete with larger chains and strengthen customer relationships through personalized insights and services.

These innovations enable predictive maintenance, optimized logistics and data-driven menu design, while enhancing customer experiences through chatbots, voice assistants and biometric recognition.

As Millennials and Generation Z increasingly influence dining trends, foodservice distributors who invest in advanced technology, analytics and supply chain capabilities may gain a competitive edge, accelerate product adoption and build lasting loyalty.

• Tariffs, inflation and economic pressures.

Inflation and rising input costs are creating challenges for both consumers and operators.

Customers are increasingly focused on value, not just lower prices, but better quality, evolving portions and experiences that feel sustainable and worthwhile.

In response, operators are streamlining menus to reduce complexity and protect margins, favoring smaller, more focused offerings.

At the same time, tariffs on imported ingredients, packaging and equipment are impacting costs.

These pressures have prompted operators to raise menu prices and shift toward domestic sourcing.

Broader inflation is compounding the issue by increasing food, labor and utility expenses, which threatens profitability and may dampen consumer demand.

As economic uncertainty persists, operators are strengthening supply chain resilience and adapting strategies to align with evolving consumer spending patterns.

We believe that we have the scale, foresight and agility required to proactively address these trends and, in turn, benefit from higher sales growth, greater customer retention, increased private label penetration, and improved profitability.

Our Business Strategy

Our WE HELP YOU MAKE IT™ brand promise is founded on our quality products and services but also on our commitment to innovation.

Our WE HELP YOU MAKE IT ® brand promise is not only founded on our quality products and services but also on our commitment to innovation.

Through this strategy, we deliver unmatched value for customers as consultants and business partners, bringing them personalized solutions and tailoring a suite of innovative products and services to fit their needs.

More Quality.

A portion of our strategy is anchored by leading quality and innovation in our own Exclusive Brands that span the categories of produce and center-of-the-plate and includes our commitment to innovative products through Scoop™.

This program introduces innovative and on-trend products multiple times a year, helping our customers keep their menus fresh and delivering back-of-house convenience to reduce their labor and food costs.

A growing part of our Scoop portfolio is our Serve Good® program.

The Serve Good program, including Progress Check™, features more than 900 products that are sustainably-sourced or contribute to waste reduction.

We also recently launched our Serve You portfolio of products that is aligned to consumer preferences for plant-forward, gluten-free and cleaner ingredients.

Together there are over 4,000 products in our Serve Good and Serve You portfolios.Our private brand portfolio is guided by a spirit of innovation and a commitment to delivering superior quality products and value to customers.

While we offer products under a spectrum of private brands, and at different price points, all are designed to deliver quality, performance and value to our customers.

Our strategy is anchored in leading quality and innovation through our own Exclusive Brands that span a wide variety of categories including grocery, produce, center-of-the-plate and much more.

As a national leader and one-stop shop for quality products, we continually innovate to meet operator concerns around profitability, staffing, and driving traffic.

Scoop™, our program that introduces high-quality innovative products multiple times a year, requires a rigorous product development process of extensive research, sourcing the right ingredients and suppliers, and testing at each stage of development to ensure high quality.

These products tackle the challenges operators face by offering one or more of these solutions:

versatility, labor savings, profit boosting, and on trend.

To help meet operator needs to drive traffic, many of our Scoop products focus on increasing consumer demand for sustainability and evolving dietary preferences.

In addition to being part of Scoop, these products also connect to our Serve Good® and Serve You™ programs, which includes original products with defined environmental and social attributes to ensure we deliver solutions that matter.

Our Exclusive Brands portfolio is guided by a spirit of innovation and a commitment to delivering superior quality products and value.

All of our products, across the spectrum of private brands and price points, are designed to deliver quality, performance and value to our customers.

MOXē ® is an industry leading platform that makes it easy for our customers to transact with us and run their businesses.

MOXē ® is our all-in-one foodservice business application built to interact with every part of our customers’ foodservice operation from the palm of an operator’s hand.

Placing orders is easy with our time-saving image ordering feature.

Simply snap an image of a handwritten order, upload a screenshot of a text message, or even multi-page PDF files.

Our smart technology will create the order, so the operator only needs to review for accuracy and click submit.

Customers also get AI-powered, real-time delivery alerts and smart business tools like Inventory and a Food Cost Calculator, intended to save time and boost profits.

Our new AI-powered Menu IQ tool helps operators better manage their recipes and menu items, helping them have even more control over their profitability and understand the cost of every ingredient.

Our Check ® Business Tools, a suite of digital solutions designed to help customers modernize operations, simplify staffing and drive diner traffic, are a core component of the More Tools pillar.

Operators gain access to tools, including website design, online ordering, efficient staff management, inventory and food cost control, state-of-the-art point-of-sale systems and our exclusive US Foods Menu Design Service.

Whether through Check or MOXē, customers using these solutions tend to purchase more products and have stronger commercial relationships with us.

More Deliveries.

This means more on-time and complete orders and customer choice via the omni-channel offering we have to serve our customers.

As noted above, our strategy of making it easier for our customers includes servicing our customers through multiple channels.

We have over 90 cash and carry locations to provide more customers with a retail option in between deliveries and to cost effectively serve more price-conscious and smaller customers.

Our US Foods Direct™ service more than doubles our product assortment and provides customers with access to thousands of specialty products which ship directly to them from the supplier.

Additionally, US Foods Pronto™ service allows restaurant operators to receive smaller orders more frequently.

All of these channels provide our customers options to shop their way.

MOXē is the industry leading platform that makes it easy for our customers to transact with us and run their businesses.

Our mobile technology platform provides customers with a personalized digital ordering experience and easy-to-use business analytics tools.

Digital solutions are utilized in over 80% of our sales transactions.

Customers utilizing these solutions tend to purchase more products and have stronger commercial relationships with us.

We also have Check Business Tools, our portfolio of value-added services that helps customers address key pain points like food waste, back-of-house operations and diner traffic.

This suite of tools includes personalized, custom menu design all the way through integrated point of sale systems that enable a more seamless order experience.

More Support.

By delivering our products and services through a differentiated team-based selling approach, we provide customers access to a diverse team of experts.

In addition to our tenured and experienced sales representatives, our team includes chefs, center-of-the-plate and produce specialists and restaurant operations consultants.

We’re committed to making it easier for customers to get what they need, when they need it.

Our omnichannel approach offers more flexibility, frequency and responsiveness with more trucks, days and deliveries.

This includes Scheduled Delivery, which offers delivery service on our customers’ scheduled day and time.

US Foods Pronto ® , which offers daily deliveries for our customers in high-volume, dense markets with deliveries six days a week and late order times.

Customers with Scheduled Delivery can also receive deliveries on their days off through Pronto ® Next Day.

Our over 90 CHEF’STORE ® locations offer a solution between deliveries, particularly for price-conscious and smaller operators.

In addition, US Foods Direct ® , offers more than 200,000 items online.

Customers can explore a wide array of products delivered right to their door via FedEx.

This service expands our product assortment by more than double, giving customers access to thousands of specialty items shipped directly from suppliers.

Together, these channels, enable our customers to shop their way.

We believe our WE HELP YOU MAKE IT ® strategy enables us to reach more customers and create deeper relationships with existing ones, particularly within our target customer types—independent restaurants, healthcare, and hospitality—and drive increased penetration of our private brand products.

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Acquisitions have also historically played an important role in supporting the execution of our growth strategy.

On April 5, 2024, USF completed the acquisition of IWC Food Service, a broadline distributor in Tennessee, for a purchase price of $220 million (less the amount of cash received, which was $6 million) for a net purchase price of $214 million, subject to adjustments.

The acquisition allows US Foods to further expand its reach into Tennessee and distribution channels in the southeast United States.

Integrating the above acquisition and realizing synergies from these acquisitions are key priorities for the Company.

On January 10, 2025, USF completed the acquisition of Jake’s Finer Foods and Gourmet Ranch in Houston, Texas, for a purchase price of $92 million.

The acquisition allows US Foods to further expand its reach and distribution channels in the expansive South Texas market.

On November 14, 2025, USF completed the acquisition of Shetakis, for a purchase price of $46 million.

The acquisition allows US Foods to further expand its reach into Nevada and distribution channels in the southwest United States.

Integrating the above acquisitions and realizing synergies from these acquisitions are key priorities for the Company.

The Company will selectively pursue acquisition opportunities in the future if they are aligned with and enhance our strategic priorities.

We strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers.

This mission is supported by our strategy of WE HELP YOU MAKE IT.™, which is centered on bringing four key elements to the forefront for our customers;

more quality products, including our large portfolio of exclusive brands, more tools, centering on our MOXē business platform, more support from our sellers and our team of experts and lastly, more deliveries, enabled by our traditional broadline services and Pronto™ program.

This mission is supported by our strategy of WE HELP YOU MAKE IT ® , which is centered on bringing three key elements to the forefront for our customers:

More Quality products, including our large portfolio of Exclusive Brands;

More Tools, centering on our MOXē ® business platform;

and More Deliveries, enabled by our traditional broadline services, Pronto ® program and new delivery options.

Products and Brands

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Equipment, disposables and supplies 3,631 3,567 3,571

Produce 2,136 1,915 1,840

Beverage products 2,338 2,161 1,971

Produce 1,947 2,136 1,915

Total Net sales $ 39,424 $ 37,877 $ 35,597

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We have a number of processing facilities for certain meat, poultry, seafood and produce products.

These units are registered and inspected by the USDA (with respect to meat and poultry) and the FDA (with respect to produce and seafood) as applicable.

These units are registered with and inspected by the USDA (with respect to meat and poultry) and the FDA (with respect to produce and seafood) as applicable.

Our CHEF’STORE locations are registered with and inspected by various state and local authorities.

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Our workers’ compensation self-insurance is subject to regulation by the jurisdictions in which we operate.

Our facilities are subject to inspections under the Occupational Safety and Health Act related to our compliance with certain manufacturing, health and safety standards to protect our employees from accidents.

Our facilities are subject to inspections under OSHA related to our compliance with certain manufacturing, health and safety standards to protect our employees from accidents.

We are also subject to the National Labor Relations Act, which governs the process for collective bargaining between employers and employees and protects the rights of both employers and employees in the workplace.

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Collective Bargaining Agreements

As of December 28, 2024, we were party to 58 collective bargaining agreements (“CBAs”) covering 6,600, or 22%, of our associates working at 33 (or 43%) of our distribution facilities, 4 of our broadline support business production facilities and 24 of our cash and carry locations.

As of December 27, 2025, we were party to 58 collective bargaining agreements (“CBAs”) covering approximately 6,600, or 22%, of our associates working at 33 (or 43%) of our distribution facilities, 4 of our broadline support business production facilities and 24 of our cash and carry locations.

During fiscal year 2025, 17 CBAs covering approximately 1,900 union associates were renegotiated.

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Under our long-term incentive plan, we grant equity compensation awards, such as stock options, restricted stock units and performance awards, which vest over a period of time, to eligible associates in order to attract and retain key personnel, strengthen their commitment to the welfare of the Company and align their interests with those of our stockholders.

Additionally, our comprehensive health and welfare benefits program provides our associates with a variety of medical and dental plans, plus voluntary benefits like vision or critical illness protection.

Additionally, our comprehensive health and welfare benefits program provides our associates with a variety of medical and dental plans, plus other benefits like vision or critical illness protection.

We also offer innovative, no-cost wellness programs, paid time off programs including a paid parental leave policy, an employee assistance program, an employee stock purchase plan, a 401(k) savings plan, and a tuition reimbursement program.

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Our ability to attract, develop and retain high-performing associates is crucial to our success, from building trusting relationships with our customers to timely and accurately preparing and delivering orders.

We have a program to train interested warehouse associates to become commercial driver’s license (“CDL”) Class A delivery drivers.

We have a program to train interested warehouse associates to become commercial driver’s license Class A delivery drivers.

Additionally, through training, mentoring, e-learning and on-the-job development, we help associates at all levels learn and grow, while building a pipeline of diverse talent.

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53 Executive Vice President, Chief Financial Officer

Martha Ha 59 Executive Vice President, General Counsel and Corporate Secretary

50 Executive Vice President, Chief Legal Officer and Corporate Secretary

61 Executive Vice President, Nationally Managed Business & Chief Transformation Officer

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Flitman has served as the Chief Executive Officer since January 2023.

Flitman previously served as Chief Executive Officer and a member of the board of directors of Builders FirstSource, Inc., serving in this role since April 2021.

Prior to that, Mr.

Flitman served as President and Chief Executive Officer and a member of the board of directors of BMC Stock Holdings, Inc.

from August 2018 until its merger with Builders FirstSource.

Flitman previously served as Chief Executive Officer and a member of the board of directors of Builders FirstSource, Inc., from April 2021 to December 2022.

He also served as President and Chief Executive Officer and a member of the board of directors of BMC Stock Holdings, Inc.

from August 2018 until its merger with Builders FirstSource in January 2021.

In addition, Mr.

Flitman previously served as Executive Vice President of Performance Food Group Company and was President and Chief Executive Officer of its Performance Foodservice division from January 2015 to September 2018.

Flitman was Executive Vice President of Performance Food Group Company and President and Chief Executive Officer of its Performance Foodservice division from January 2015 to September 2018.

From January 2014 to December 2014, Mr.

Flitman served as Chief Operating Officer and President USA & Mexico of Univar Solutions Inc.

Flitman joined Univar in December 2012 as President USA with additional responsibility for Univar’s Global Supply Chain & Export Services teams.

Flitman held Chief Operating Officer and President USA & Mexico roles at Univar Solutions Inc.

Flitman joined Univar in December 2012 as President USA.

From November 2011 to September 2012, he served as Executive Vice President and President of Water and Process Services at Ecolab Inc.

and prior to that, from August 2008 to November 2011, Mr.

Flitman served as Senior Executive Vice President of Nalco Holding Company until it was acquired by Ecolab in 2011.

and from August 2008 to November 2011, he was Senior Executive Vice President of Nalco Holding Company.

He also served as President of Allegheny Power System from February 2005 to July 2008.

Before holding these executive positions, Mr.

Flitman spent nearly twenty years in operational, commercial, and global business leadership positions at DuPont de Nemours, Inc.

Flitman spent nearly 20 years in operational, commercial, and global business leadership positions at DuPont de Nemours, Inc.

From July 2017 until November 2023, Mr.

Flitman served as a member of the board of directors of Veritiv Corporation, where he served as the Chair of the Compensation and Leadership Development Committee.

Flitman served as a member of the board of directors of Veritiv Corporation and as Chair of the Compensation and Leadership Development Committee.

Since July 2025, Mr.

Flitman has been a member of the board of directors of Avery Dennison and a member of their Talent and Compensation Committee since December 2025.

Locascio has served as Executive Vice President, Chief Financial Officer since February 2017.

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Locascio held senior finance roles with United Airlines, a global airline, and Arthur Andersen LLP, a public accounting firm.

Ha has served as Executive Vice President and General Counsel since September 2023 and Corporate Secretary since November 2023.

Prior to joining US Foods, Ms.

Ha served as Vice President, Chief Counsel - Corporate Governance, Mergers and Acquisitions and Cardiovascular Portfolio for Medtronic PLC from September 2016 to September 2023, where she was responsible for all corporate governance and securities matters, including ESG strategy and disclosures, shareholder and Board of Director matters and U.S.

and Irish public company filings and disclosures.

Prior to joining Medtronic, she served as Vice President, Corporate Secretary and General Counsel - Corporate and International for DaVita Health Care Partners, Inc., where she spent nearly 5 years, from November 2011 to September 2016.

Prior to joining DaVita, she served as Vice President, Corporate Secretary and Deputy General Counsel at W.W.

Grainger, Inc until November 2011 and before joining Grainger, she was Associate General Counsel at Baxter Healthcare Corporation for over 9 years from January 2002 until June 2011.

Prior to joining Baxter Healthcare, Ms.

Ha was an attorney in the Office of the General Counsel at Arthur Andersen LLP and a partner at Bell, Boyd & Lloyd law firm.

Johnson has served as Executive Vice President, Chief Legal Officer and Corporate Secretary since December 2025.

Prior to joining US Foods, Mr.

Johnson served as Executive Vice President, General Counsel and Corporate Secretary for Builders FirstSource, Inc.

from January 2021 to December 2025.

Prior to Builders FirstSource, he served as Executive Vice President, General Counsel and Corporate Secretary of BMC Stock Holdings, Inc.

from January 2019 until its merger with Builders FirstSource in January 2021.

Prior to joining BMC Stock Holdings, Inc., Mr.

Johnson was Senior Vice President and General Counsel at Ply Gem Holdings, Inc.

from June 2008 to January 2019.

Prior to Joining Ply Gem Holdings, Inc., Mr.

Johnson was Senior Vice President and Regional Counsel for Arysta LifeScience North America from March 2006 to June 2008.

Prior to joining Arysta LifeScience North America, Mr.

Johnson practiced law at the international law firms of Hunton Andrews Kurth (previously Hunton & Williams) and Wilson, Sonsini, Goodrich & Rosati.

Guberman has served as Executive Vice President, Nationally Managed Business since August 2016 and as Chief Transformation Officer since May 2023.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business