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UNFI

United Natural Foods, Inc.

UNFI

United Natural Foods, Inc. • NYSE
$37.31 ▼ -0.85% (-0.32)
Market Cap $2.26 B
52w High $43.29
52w Low $20.78
Dividend Yield 0%
P/E -19.13
Volume 506.26K
Outstanding Shares 60.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $7.696B ▼ $1.108B ▲ $-87M ▼ -1.13% ▼ $-1.43 ▼ $5M ▼
Q3-2025 $8.059B ▼ $1.067B ▲ $-7M ▼ -0.087% ▼ $-0.12 ▼ $100M ▼
Q2-2025 $8.158B ▲ $1.031B ▲ $-3M ▲ -0.037% ▲ $-0.05 ▲ $113M ▲
Q1-2025 $7.871B ▼ $1.015B ▼ $-21M ▲ -0.267% ▲ $-0.35 ▲ $91M ▲
Q4-2024 $8.155B $1.114B $-37M -0.454% $-0.63 $86M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $44M ▼ $7.595B ▼ $6.041B ▲ $1.551B ▼
Q3-2025 $52M ▲ $7.617B ▼ $5.993B ▼ $1.625B
Q2-2025 $44M ▲ $7.731B ▼ $6.106B ▼ $1.625B
Q1-2025 $37M ▼ $7.966B ▲ $6.341B ▲ $1.625B ▼
Q4-2024 $40M $7.528B $5.887B $1.641B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-87M ▼ $160M ▼ $-65M ▼ $-103M ▲ $-8M ▼ $86M ▼
Q3-2025 $-7M ▼ $173M ▼ $-53M $-113M ▲ $8M ▲ $119M ▼
Q2-2025 $-2M ▲ $247M ▲ $-53M ▼ $-186M ▼ $7M ▲ $193M ▲
Q1-2025 $-20M ▲ $-110M ▼ $-47M ▲ $154M ▲ $-3M ▼ $-110M ▼
Q4-2024 $-37M $199M $-116M $-82M $1M $71M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q4-2025
Retail Segment
Retail Segment
 $630.00M ▲$590.00M ▼$610.00M ▲$1.15Bn ▲
Other Operating Segment
Other Operating Segment
 $0 ▲$60.00M ▲$50.00M ▼$0 ▼
Wholesale Operating Segment
Wholesale Operating Segment
 $0 ▲$7.59Bn ▲$7.87Bn ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has steadily climbed over the past five years, showing that UNFI continues to grow its top line in a tough, low‑margin industry. However, profitability has moved in the opposite direction: operating profit has shrunk from clearly positive levels to roughly breakeven and then slightly negative in the most recent year. Net results have swung from profits earlier in the period to losses in the last two years, which means the business is currently not earning enough to comfortably cover its costs and interest. Overall, the picture is of a company that can grow sales but is struggling to translate that growth into sustainable earnings, likely due to cost pressures, pricing competition, and the upfront burden of its transformation efforts.

Balance Sheet

Balance Sheet The balance sheet looks stable in terms of total assets, which have stayed in a fairly tight range, suggesting the overall size of the business is not changing dramatically. Debt remains sizable and only modestly lower than a few years ago, so leverage is still a key feature of the capital structure. Equity built up for a while but has started to erode as cumulative losses have chipped away at the company’s capital base. Cash on hand is very small relative to the size of the business, which increases reliance on credit lines and continued access to financing. In short, UNFI has a solid asset base but runs with meaningful debt and limited cash cushion, leaving less room for prolonged weak profitability.

Cash Flow

Cash Flow Despite recent accounting losses, UNFI has consistently generated positive cash from its day‑to‑day operations over the past five years, although the level has bounced around from year to year. After capital spending, free cash flow has been positive in most years, with one notable dip when investment outpaced operating cash generation. The latest year shows a recovery in free cash flow as both operating cash improved and capital spending eased somewhat. This suggests the core business still throws off cash, but the margin for error is not large, and cash performance is sensitive to working capital swings and investment timing. Healthy but not abundant cash flow gives UNFI some flexibility to invest in its transformation, but less room if conditions worsen or if the turnaround takes longer than planned.

Competitive Edge

Competitive Edge UNFI holds a strong position as one of the largest grocery distributors in North America, with a broad network of distribution centers and relationships that span tens of thousands of retail locations. Its scale, wide product assortment, and focus on natural, organic, and specialty foods give it a differentiated role as a one‑stop shop for many retailers, especially independent grocers that rely heavily on it. Long‑standing contracts with both major chains and smaller customers help support volume stability, while its private brands and professional services give retailers reasons to stay tied to UNFI. At the same time, the company operates in a very competitive, low‑margin industry where pricing pressure is intense and large customers have bargaining power. UNFI’s challenge is to use its scale, service breadth, and technology investments to widen its advantage without further squeezing already thin margins.

Innovation and R&D

Innovation and R&D Innovation at UNFI is focused less on traditional lab R&D and more on technology, supply chain optimization, and value‑added services. The company is rolling out robotics and AI‑powered automation in its warehouses through its partnership with Symbotic, aiming to lower handling costs, improve accuracy, and increase throughput. It is also upgrading scanning and tracking systems and building digital tools like UNFI Insights, Community Marketplace, and a media and data platform to deepen ties with both retailers and suppliers. On the product side, its Brands+ private label program is a key innovation focus, using trend‑driven offerings in natural, organic, and value tiers to help retailers stand out and capture better margins. These initiatives could strengthen UNFI’s moat over time, but they require execution discipline and upfront spending, which are likely contributing to current profit pressure and make the timing of benefits an important uncertainty.

Summary

UNFI is a large, strategically important distributor with growing sales but currently weak profitability and thin safety buffers. The income statement shows a clear tension: revenue is up over time, but margins and net income have deteriorated into losses, reflecting cost challenges and transformation spending. The balance sheet carries meaningful debt and only modest equity growth over the long term, with recent losses now slowly eating into that equity, and very little cash relative to the scale of operations. Cash flow is a relative bright spot—operations generally generate cash and, in most years, leave something left after capital spending—yet not at a level that makes the company feel deeply cushioned. Competitively, UNFI’s scale, broad assortment, focus on natural and organic, and suite of services for independent grocers provide a real strategic position in the market. Its heavy push into automation, data, digital platforms, and private label brands is designed to lift efficiency and margins over the medium term, but success depends on strong execution and the company’s ability to manage leverage and cash while it works through this recovery and transformation phase.

NEWS

November 10, 2025 · 7:02 AM UTC

United Natural Foods to Release Fiscal 2026 First Quarter Results on December 2, 2025

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October 22, 2025 · 7:50 PM UTC

Halper Sadeh LLC Encourages United Natural Foods, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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September 30, 2025 · 7:00 AM UTC

United Natural Foods, Inc. Reports Fourth Quarter and Full Year Fiscal 2025 Results

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September 26, 2025 · 5:06 PM UTC

UNITED NATURAL FOODS INVESTIGATION CONTINUED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of United Natural Foods, Inc. - UNFI

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September 17, 2025 · 5:20 PM UTC

UNITED NATURAL FOODS INVESTIGATION CONTINUED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of United Natural Foods, Inc. – UNFI

Read more