US Foods USFD Wins Share in a Weather- and Fuel-Hit 1Q; Keeps F26 Target Range Intact

Research evidence excerpt

US Foods USFD Wins Share in a Weather- and Fuel-Hit 1Q; Keeps F26 Target Range Intact

J P M O R G A N North America Equity Research

14 May 2026

US Foods Neutral

USFD, USFD US

USFD Wins Share in a Weather- and Fuel-Hit 1Q; Price (13 May 26):$85.16

Keeps F26 Target Range Intact ▼Price Target (Dec-26):$90.00 Prior (Dec-26):$98.00

USFD takes broad sector share with +4.4% organic independent case volume

growth in what was a difficult 1Q26 with weather and sudden spike in gasoline. Restaurants

Headline organic case growth was 1.1% vs our 1.9% and also included John Ivankoe AC

healthcare and hospitality up 3.7-3.8%, and chains down 2.3%. Overall organic (1-212) 622-6487

case growth of +1.1% compares with 2.3%-3.7% at competitors SYY and PFGC. john.ivankoe@jpmorgan.com

Adjusted Ebitda growth of 6.2% was vs our 8.2% expectation with ~400bps impact Rahul Krotthapalli

from weather and fuel prices. Much of F26 guide (53w) is kept intact including sales (1-212) 622-2408

rahul.krotthapalli@jpmorgan.com

growth of +4-6% that includes +2.5-4.5% total case growth and ~1.5% inflation/mix

Christabel Rocha

– in addition to adj Ebitda growth of +9-13% and adj EPS growth +18-24% with the

(1-212) 622-9184

caveat that continued pressure on fuel prices could tighten these expectations towards christabel.rocha@jpmchase.com

the low end of the range. J.P. Morgan Securities LLC

• USFD leadership team continues to balance growth-oriented investments

in its sales force with various operational efficiency efforts, including Quarterly Forecasts (FYE Dec)

ongoing vendor management, efficient use of sales tools, more efficient Adj. EPS ($)

routing & improved selector productivity, and focus on non-personnel indirect 2025A 2026E 2027E

cost spend.