US Foods is like the Amazon for restaurants and professional kitchens.

Think of it as a nationwide Costco that delivers all the food and supplies restaurants and institutions need.

Essentially, it's the Walmart of foodservice distribution.

• Food & Beverage Products: A comprehensive range of fresh, frozen, and dry food ingredients, beverages, and specialty items for various foodservice operations.
• Kitchen & Dining Supplies: Essential non-food items including disposables, cleaning chemicals, paper products, and smallwares used in commercial kitchens and dining areas.
• Consulting & Support Services: Expert guidance and resources for menu development, operational efficiency, food safety, and business growth strategies for customers.
• Technology & E-commerce Platforms: Digital tools for online ordering, inventory management, and business analytics designed to streamline customer operations.

US Foods (symbol: USFD) primarily sells to other companies, operating as a leading foodservice distributor in the United States. Due to the nature of its distribution business, US Foods serves a highly fragmented customer base and typically does not disclose specific major individual public company customers by name, as its revenue is derived from thousands of diverse client locations.

Instead, US Foods categorizes its major customer segments into the following groups:

• Independent Restaurants: This segment includes a vast number of local, privately-owned restaurants ranging from fine dining to casual eateries.
• Healthcare and Hospitality Customers: This category encompasses a wide array of institutions such as hospitals, nursing homes, assisted living facilities, hotels, resorts, and other hospitality venues.
• National Restaurant Chains and Other Customers: This segment comprises multi-unit restaurant chains (including quick service, fast casual, and casual dining), educational institutions (schools and universities), government and military facilities, and other large foodservice operators.

Given the diverse and fragmented nature of its customer base across these categories, US Foods does not rely on a few named public companies as "major customers" in a way that would allow for listing specific symbols; rather, its business model involves supplying a broad spectrum of commercial foodservice operations.

Dave Flitman, Chief Executive Officer

David E. Flitman has served as Chief Executive Officer and a director of US Foods since January 2023. Prior to joining US Foods, he was President and Chief Executive Officer of Builders FirstSource from April 2021 to November 2022, and President and Chief Executive Officer of BMC Stock Holdings from September 2018 until its merger with Builders FirstSource. He also served as 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. Earlier in his career, he held leadership roles at Univar Corporation, Ecolab Inc., Nalco Holding Company (which was acquired by Ecolab), Allegheny Power System, and spent nearly 20 years at DuPont in various operational, commercial, and global business leadership positions. Mr. Flitman has a proven track record in distribution across multiple industries. He has also served as a director for public companies such as Veritiv Corporation.

Dirk Locascio, Executive Vice President and Chief Financial Officer

Dirk J. Locascio has been Executive Vice President and Chief Financial Officer of US Foods since February 2017. He joined US Foods in 2009 and has held various finance and accounting leadership roles within the company, including Senior Vice President, Financial Accounting and Analysis. Before his tenure at US Foods, Mr. Locascio held senior finance positions with United Airlines and Arthur Anderson LLP.

Andrew Iacobucci, Senior Executive Vice President, Field Operations and Chief Commercial Officer

Andrew Iacobucci joined US Foods in 2017 and currently serves as Senior Executive Vice President, Field Operations and Chief Commercial Officer. In this role, he oversees the company's local sales, commercial excellence, merchandising, marketing, CHEF'STORE, US Foods Direct, and MOXē teams. He previously served as Interim Chief Executive Officer of US Foods from May 2022 to January 2023. Prior to US Foods, he was Executive Vice President, Merchandising for Ahold USA and spent ten years at Loblaw Companies Limited, where he served in several senior roles, including President of the company's discount supermarket business. After his interim CEO role at US Foods, he was appointed CEO of RONA, Inc. from 2023 to 2024.

Steve Guberman, Chief Transformation Officer and Executive Vice President, Nationally Managed Business

Steve Guberman is the Chief Transformation Officer (since May 2023) and Executive Vice President, Nationally Managed Business (since 2016) at US Foods. He joined US Foods in 1991 and has accumulated over 35 years of industry experience, beginning his career in restaurant operations. Mr. Guberman has held various field and corporate leadership roles and has overseen several transformational initiatives for US Foods, including the integration of the SGA Food Group acquisition between 2018 and 2021. He previously served as Chief Merchandising Officer.

Irfan Badibanga, President, US Foods CHEF'STORE

Irfan Badibanga was appointed President of US Foods CHEF'STORE in 2022, where he is responsible for all CHEF'STORE locations and their growth strategy. His extensive retail leadership experience includes serving as Senior Vice President of Operations for Giant Food from 2020 to 2022, and Senior Vice President of Operations at Family Dollar Stores in 2020. From 2008 to 2017, he was Vice President - Store Operations at Walmart. Mr. Badibanga began his grocery retail career as a bagger at Gooding's Supermarkets and Winn-Dixie, quickly advancing to District Manager.

US Foods (NYSE: USFD) operates primarily in the foodservice distribution industry, supplying a broad range of food and non-food products, along with services like distribution, online ordering, and menu design, to customers across the Continental U.S.. Its main products and services encompass the distribution of fresh, frozen, and dry food items, including meats, seafood, produce, dairy, and beverages, as well as various supplies. The company serves a diverse customer base, including independent and chain restaurants, healthcare facilities, hospitality businesses, educational institutions, and government agencies.

The addressable market for US Foods' main products and services, within the U.S. foodservice distribution industry, posted sales of approximately $382 billion in 2022. A 2024 report estimated the market size of the foodservice distribution industry in the United States to be around $360 billion.

For context, the broader U.S. food service market, which includes all food sales at foodservice outlets, was valued at approximately $1.20 trillion in 2024 and $1.52 trillion in 2024. This larger market represents the total spending by consumers at establishments that US Foods' distribution services support.

US Foods (symbol: USFD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Independent Restaurant Volume Growth and Market Share Gains: The company consistently emphasizes its focus on expanding its independent restaurant customer base and gaining market share within this segment. US Foods has reported a strong track record of net new independent account wins and accelerated independent restaurant volume growth, with expectations for this momentum to continue.
2. Expansion in Healthcare and Hospitality Segments: US Foods is strategically investing in and successfully onboarding new business within the healthcare and hospitality sectors, which collectively represent a substantial addressable market. The company has reported strong volume growth in these segments and anticipates continued expansion in the coming quarters through its differentiated strategy.
3. Growth of Pronto Small Truck Delivery Service: The expansion of the Pronto small truck delivery service is a significant revenue driver. US Foods is actively extending this service to more markets and increasing its penetration, with projections to achieve substantial sales figures from this program.
4. Strategic Acquisitions: US Foods continues to pursue targeted "tuck-in" mergers and acquisitions to bolster its market position and expand its reach. A recent example is the agreement to acquire Shetakis, an independent food distributor, which is expected to strengthen US Foods' presence in key markets.
5. Pricing Optimization and Food Cost Inflation: The company leverages pricing initiatives and benefits from food cost inflation, which directly contribute to net sales growth. Pricing optimization efforts are noted as a factor in improving gross profit, thereby supporting overall revenue expansion.

Share Repurchases

• In May 2025, US Foods authorized a new share repurchase program of up to $1 billion.
• The company repurchased $958 million of shares in fiscal year 2024.
• In fiscal year 2023, US Foods repurchased $294 million of common stock.

Share Issuance

• US Foods' shares outstanding increased by 10.62% in 2023 to 0.25 billion from 0.226 billion in 2022, indicating a net issuance of shares.
• Net total equity issued/repurchased was $0.023 billion in 2022, representing a net issuance.

Outbound Investments

• In March 2020, US Foods acquired Smart Foodservice for approximately $970 million.
• US Foods acquired Jake's Finer Food for $92 million in January 2025.
• In November 2023, the company acquired Saladino's Foodservice for $56 million.

Capital Expenditures

• Expected capital expenditures for fiscal year 2025 are $161 million, with a focus on IT upgrades, distribution facility modernization, and customer-centric innovations.
• Cash capital expenditures for fiscal year 2024 totaled $341 million, primarily for investments in information technology, property and equipment, and maintenance of distribution facilities.
• For fiscal year 2023, cash capital expenditures were $309 million, allocated to information technology, property and equipment, fleet replacement, and maintenance of distribution facilities.