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• Costco for restaurants and institutions.
• Amazon for commercial kitchens.

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• Fresh Food Products: A broad category including produce, meats, dairy, and other perishable items distributed to foodservice establishments.
• Frozen Food Products: Items such as frozen vegetables, prepared meals, and meats that are preserved by freezing and distributed to customers.
• Dry Food Products: Shelf-stable goods like grains, pasta, canned goods, baking ingredients, spices, and other non-perishable food items.
• Non-Food Products: Essential supplies for foodservice operations, including disposables, cleaning supplies, kitchen equipment, and other operational necessities.

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US Foods (USFD) primarily serves other companies and institutions within the foodservice industry rather than individual consumers. The company's customer base is broad and diverse, encompassing a wide variety of foodservice operations across the United States. The provided background information describes the *categories* of major customers but does not list specific named customer companies or their symbols.

The major categories of customers served by US Foods include:

• Independently owned single and multi-unit restaurants
• Regional concepts
• National restaurant chains
• Hospitals
• Nursing homes
• Hotels and motels
• Country clubs
• Government and military organizations
• Colleges and universities
• Retail locations

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David E. Flitman, Chief Executive Officer and Director

David E. Flitman was appointed CEO of US Foods effective January 5, 2023. He brings over 35 years of experience in manufacturing and distribution across multiple industries, including food distribution. Prior to joining US Foods, he served as CEO and President of Builders FirstSource. His previous leadership roles include CEO of BMC Stock Holdings (which merged with Builders FirstSource), President of the Water and Process Services operation of Ecolab, and a leader at Performance Foodservice. He also spent more than two decades in various positions at DuPont.

Dirk J. Locascio, Executive Vice President and Chief Financial Officer

Dirk J. Locascio assumed the role of Chief Financial Officer at US Foods on February 6, 2017. He has held various finance and accounting leadership positions within the company since 2009. Before his tenure at US Foods, Locascio held senior finance roles with United Airlines and worked in public accounting with Arthur Andersen LLP.

John Tonnison, Executive Vice President, Chief Information and Digital Officer

John Tonnison joined US Foods as Executive Vice President, Chief Information and Digital Officer on July 12, 2021. In this role, he is responsible for the company's technology vision, strategy, and all information technology functions, including digital, cybersecurity, applications, and infrastructure. Prior to US Foods, Tonnison served for nearly 20 years as Executive Vice President and Chief Information Officer at Tech Data Corp., a global distributor of business and consumer technologies. He also previously held the position of Vice President and Chief Technology Officer for Technology Solutions Network.

Steven M. Guberman, Executive Vice President, Nationally Managed Business and Chief Transformation Officer

Steven M. Guberman is an Executive Vice President at US Foods.

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Here are the key risks to US Foods (USFD):

1. Intense Competition: US Foods operates in a highly competitive foodservice distribution industry, facing numerous national, multi-regional, regional, and local distributors, as well as specialty competitors. This competitive landscape necessitates continuous innovation and service improvement to avoid losing customers and market share.
2. Economic Sensitivity and Cost Volatility: The company's performance is closely tied to overall economic conditions, consumer spending, and confidence within the hospitality and restaurant industries. US Foods is exposed to market risks, including fluctuations in fuel and commodity costs, which can significantly impact delivery expenses and product costs, affecting both profitability and consumer demand.
3. Supply Chain Disruptions and Labor Costs: US Foods relies on third-party suppliers, making it vulnerable to supply interruptions or increased product costs due to factors beyond its control, such as labor shortages, severe weather, and geopolitical events. Additionally, rising transportation and labor costs pose ongoing margin pressure for the business.

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• The U.S. food service market size was valued at approximately USD 1,202.65 billion in 2024 and is projected to grow to USD 1,286.65 billion in 2025.
• Other estimates place the U.S. foodservice market at USD 1.02 trillion in 2024, with a projected increase to USD 1.53 trillion by 2030.
• Additionally, food sales at foodservice outlets in the U.S. were reported as USD 1.52 trillion in 2024.
• The U.S. foodservice market size reached USD 1,610.1 billion in 2025 and is expected to reach USD 2,703.6 billion by 2034.
• Another source estimates the United States foodservice restaurants market to grow from USD 0.91 trillion in 2025 to USD 1.67 trillion by 2031.
• The United States Foodservice Market is expected to grow from US$ 846 billion in 2024 to US$ 1,970.47 billion in 2033.

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US Foods (NYSE: USFD) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Continued Growth in Independent Restaurants: US Foods consistently emphasizes capturing incremental market share and increasing case volume within independently owned restaurants. This segment has shown accelerated growth, and the company has achieved 19 consecutive quarters of share gains in independent restaurant case volume.
2. Expansion in Healthcare and Hospitality Sectors: The company strategically focuses on growing its business within healthcare and hospitality customer types, which collectively represent a significant portion of its sales and have demonstrated consistent volume growth.
3. Leveraging Digital Platforms and Technology: US Foods is focused on enhancing its digital capabilities, including its MOXē platform, which is a key digital tool for customers and sales force, reducing seller workload by 30% and boasting nearly 90% customer penetration. The integration of AI and automation is also central to improving efficiency and service levels, supporting further growth.
4. Increased Penetration of Exclusive Brands: The company's strong focus on its private label, Exclusive Brands, and value-added offerings is expected to enhance gross margins and provide insulation from input cost pressures. Increased penetration of these differentiated products can also drive revenue by attracting and retaining customers.
5. Enhanced Sales Force Effectiveness and Pronto Expansion: The transition to a new 100% variable commission plan for its sales force is designed to drive stronger alignment with business objectives and accelerate long-term growth. Additionally, the Pronto small truck delivery service, which has already generated over $1 billion in sales, is planned for further market expansion.

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Share Repurchases

• US Foods repurchased $934 million of stock in 2025.
• The company announced a new $1 billion share repurchase authorization in January 2026.
• As of early 2026, US Foods had approximately $1.09 billion of remaining share repurchase authorization.

Share Issuance

• No information available regarding significant dollar amounts of shares issued. Shares outstanding declined by 5.66% in 2025 compared to 2024, reflecting net repurchases.

Inbound Investments

• No information available regarding large inbound investments made in US Foods by third-parties.

Outbound Investments

• In January 2025, US Foods acquired Jake's Finer Food for $92 million as part of its tuck-in acquisition strategy.
• After the third quarter of 2025, US Foods signed a definitive agreement to acquire Shetakis.
• The company decided against a merger with Performance Food Group, citing regulatory risks and unfavorable economics.

Capital Expenditures

• Cash capital expenditures for fiscal year 2025 totaled $410 million, representing an increase of $69 million from the prior year.
• These expenditures in 2025 were focused on investments in information technology, property and equipment, and construction and improvements to distribution facilities.