Chefs' Warehouse, Inc.
For the period ended Dec 26, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
CHEF$108.18+0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Fiscal Years Ended | |||
|---|---|---|---|
| December 26,2025 | December 27,2024 | December 29,2023 | |
| Cash flows from operating activities: | |||
| Net income | $72,361 | $55,479 | $34,590 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of property and equipment | 53,652 | 40,562 | 32,887 |
| Amortization of intangible assets | 24,478 | 24,372 | 22,719 |
| Provision for allowance for credit losses | 12,118 | 11,982 | 8,078 |
| Provision for deferred income taxes | 6,533 | 1,464 | 8,114 |
| Stock compensation | 21,242 | 17,778 | 20,042 |
| Change in fair value of contingent earn-out liabilities | — | (3,266) | 3,081 |
| Intangible asset impairment | 8,023 | — | 1,838 |
| Non-cash interest and other operating activities | 6,449 | 6,144 | 5,456 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (35,853) | (44,812) | (48,813) |
| Inventories | (67,114) | (32,205) | (28,759) |
| Prepaid expenses and other current assets | 404 | (6,036) | (7,234) |
| Accounts payable, accrued liabilities and accrued compensation | 31,367 | 87,312 | 19,598 |
| Other assets and liabilities | (4,441) | (5,713) | (9,958) |
| Net cash provided by operating activities | 129,219 | 153,061 | 61,639 |
| Cash flows from investing activities: | |||
| Capital expenditures | (41,426) | (49,506) | (57,427) |
| Cash paid for acquisitions, net of cash acquired | (4,583) | (315) | (121,884) |
| Cash paid for contingent earn-out liabilities | (750) | — | — |
| Net cash used in investing activities | (46,759) | (49,821) | (179,311) |
| Cash flows from financing activities: | |||
| Payment of debt and other financing obligations | (13,000) | (22,995) | (29,000) |
| Payment of finance leases | (15,566) | (7,057) | (4,327) |
| Payment of deferred financing fees | (658) | — | (1,739) |
| Common stock repurchases | (15,004) | (17,393) | — |
| Proceeds from exercise of stock options | — | 175 | 55 |
| Surrender of shares to pay withholding taxes | (11,994) | (7,412) | (2,134) |
| Cash paid for contingent earn-out liabilities | — | (3,800) | (11,625) |
| Borrowings under asset-based loan and revolving credit facilities | — | 46,430 | 60,000 |
| Payments under asset-based loan and revolving credit facilities | (20,000) | (26,430) | (2,220) |
| Net cash (used in) provided by financing activities | (76,222) | (38,482) | 9,010 |
| Effect of foreign currency on cash and cash equivalents | 89 | 19 | (260) |
| Net change in cash and cash equivalents | 6,327 | 64,777 | (108,922) |
| Cash and cash equivalents at beginning of year | 114,655 | 49,878 | 158,800 |
| Cash and cash equivalents at end of year | $120,982 | $114,655 | $49,878 |
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