United Natural Foods, Inc. Press Releases

United Natural Foods to Participate in the Goldman Sachs 33rd Annual Global Retailing Conference

Wed, 09 Sep 2026 07:30:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) will participate in the Goldman Sachs 33^rd Annual Retailing Conference. Chief Executive Officer Sandy Douglas will be part of a fireside chat beginning at 7:45 a.m. Eastern Time on September 15, 2026.

A link to the live audio webcast will be available on the investor relations section of the Company’s website, www.unfi.com, via the “Events” link.

About United Natural Foods, Inc.

United Natural Foods, Inc. (UNFI) is a leading North American grocery wholesaler, providing a broad assortment of natural, organic, specialty, fresh, conventional, and private label products to approximately 30,000 retail locations. The Company supports independent, regional, and national grocers with access to a wide assortment of products from thousands of established and emerging suppliers, delivered through a scaled, technology-enabled distribution network. UNFI provides a broad range of value-added data, insights, programs, and services to help retailers differentiate their stores and grow profitably, while connecting suppliers to a diverse and dynamic retail ecosystem. With a strategic focus on adding value and improving effectiveness and efficiency, UNFI is committed to creating long-term, shared value for all its stakeholders. To learn more, visit www.unfi.com.

Investor Contacts
Steve Bloomquist
Vice President, Investor Relations
952-828-4144
sbloomquist@unfi.com

Jeremy Perron
SVP, Investor Relations & Corporate Development
781-733-6890
jeremy.perron@unfi.com

Media Contact
Kristen Jimenez
404-906-8425
kristen.jimenez@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods, Inc. Reports Fourth Quarter and Full Year Fiscal 2026 Results

Tue, 08 Sep 2026 07:00:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today reported financial results for the fourth quarter (13 weeks) and fiscal year (52 weeks) ended August 1, 2026.

Fourth Quarter Fiscal 2026		Full Year Fiscal 2026
Net sales decreased 0.7% to $7.6 billion Net income of $35 million; Net income per diluted share (EPS) of $0.57 Adjusted EBITDA ⁽¹⁾ increased 48.3% to $172 million Adjusted EPS ⁽¹⁾ increased to $0.69 Net cash provided by operating activities of $197 million; Free cash flow ⁽¹⁾ of $80 million		Net sales decreased 2.0% to $31.2 billion Net income of $84 million; Net income per diluted share (EPS) of $1.34 Adjusted EBITDA increased 27.0% to $701 million Adjusted EPS increased to $2.65 Net cash provided by operating activities of $540 million; Free cash flow of $323 million

Recent Financial and Operational Summary Net sales in the quarter included about a 500 basis point adverse impact from planned optimization actions and 150 basis point impact of short-term project work, which were partially offset by lapping last year’s cybersecurity event Delivered on updated fiscal 2026 outlook, with full year Net income increasing to $84 million, Adjusted EBITDA growth of 27%, Free cash flow growth of $84 million, and year end Net leverage ratio ⁽¹⁾ of 2.2x Completed initial deployment phase of Lean daily management to 44 distribution centers, supporting fourth consecutive quarter of year-over-year improvement in fill rates, on-time deliveries, and throughput Began onboarding additional business from new and existing customers expected to produce revenue growth in fiscal 2027 after cycling larger optimization actions Fiscal 2027 guidance reflects high single digit growth for Adjusted EBITDA; midpoint $25 million higher than guidance provided at December 2025 Investor Day

“UNFI delivered a strong fiscal year through disciplined execution of our strategy to add value for customers and suppliers while becoming a more effective and efficient company. We continued strengthening commercial and supply chain capabilities to better serve our partners, while generating solid growth in Adjusted EBITDA and Free cash flow, enabling us to further reduce net debt,” said Sandy Douglas, UNFI’s Chief Executive Officer.

“Our progress demonstrates the strength of our customer base and our commitment to creating long-term, shared value for all stakeholders. In fiscal 2027, we remain focused on helping our partners execute their growth strategies, accelerating our operating momentum, and returning to revenue growth.”

Fourth Quarter Fiscal 2026 Summary

	Fourth Quarter Ended								Fiscal Year Ended
($ in millions, except for per share data)	August 1, 2026 (13 weeks)			August 2, 2025 (13 weeks)			Percent Change		August 1, 2026 (52 weeks)			August 2, 2025 (52 weeks)			Percent Change
Net sales	$	7,642		$	7,696		(0.7	)%	$	31,152		$	31,784		(2.0	)%
Natural	$	4,260		$	3,998		6.6	%	$	17,132		$	16,017		7.0	%
Conventional	$	3,121		$	3,414		(8.6	)%	$	12,974		$	14,667		(11.5	)%
Retail	$	528		$	573		(7.9	)%	$	2,157		$	2,342		(7.9	)%
Eliminations	$	(267	)	$	(289	)	7.6	%	$	(1,111	)	$	(1,242	)	10.5	%
Net income (loss)	$	35		$	(87	)	N/M		$	84		$	(118	)	N/M
Adjusted EBITDA⁽¹⁾	$	172		$	116		48.3	%	$	701		$	552		27.0	%
Earnings (loss) per diluted share (EPS)	$	0.57		$	(1.43	)	N/M		$	1.34		$	(1.95	)	N/M
Adjusted earnings (loss) per diluted share (Adjusted EPS)⁽¹⁾	$	0.69		$	(0.11	)	N/M		$	2.65		$	0.71		273.2	%
Net cash provided by operating activities	$	197		$	160		23.1	%	$	540		$	470		14.9	%
Payments for capital expenditures	$	(117	)	$	(74	)	58.1	%	$	(217	)	$	(231	)	(6.1	)%
Free cash flow⁽¹⁾	$	80		$	86		(7.0	)%	$	323		$	239		35.1	%

N/M - not meaningful
(1)		Please refer to the tables in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

Net sales decreased 0.7% in the fourth quarter of fiscal 2026 compared to the fourth quarter of fiscal 2025. Sales in the fourth quarter of fiscal 2026 included an approximately 500 basis point impact from planned accretive optimization actions and a 150 basis point headwind from the completed unwind of short-term project work. Sales in the fourth quarter of fiscal 2025 were impacted by the previously disclosed cybersecurity incident experienced in the fourth quarter of fiscal 2025.

Gross profit in the fourth quarter of fiscal 2026 was $1,050 million, an increase of $20 million, or 1.9%, compared to the fourth quarter of fiscal 2025. The gross profit rate in the fourth quarter of fiscal 2026 was 13.7% of net sales compared to 13.4% of net sales in the fourth quarter of fiscal 2025. The gross profit rate benefitted from network optimization actions and customer mix, partially offset by a lower gross margin rate in the Retail segment.

Operating expenses in the fourth quarter of fiscal 2026 were $984 million, or 12.9% of net sales, compared to $1,046 million, or 13.6% of net sales, in the fourth quarter of fiscal 2025. The decrease in operating expenses as a percent of net sales was primarily driven by the benefits of cost saving initiatives, including network optimization actions and higher levels of distribution center productivity. Operating expenses in the fourth quarter of fiscal 2025 included an investment in servicing customers during the cybersecurity incident.

Interest expense, net for the fourth quarter of fiscal 2026 was $29 million, compared to $36 million for the fourth quarter of fiscal 2025. The decrease in interest expense was primarily driven by lower average outstanding debt balances.

Effective tax rate for the fourth quarter of fiscal 2026 was an expense rate of 23.9% on a pre-tax income compared to a benefit rate of 21.1% on a pre-tax loss for the fourth quarter of fiscal 2025. The change from the fourth quarter of fiscal 2025 was primarily driven by the increase in pre-tax income and discrete tax benefits from employee stock award vestings during the fourth quarter of fiscal 2026.

Net income for the fourth quarter of fiscal 2026 was $35 million. Net loss for the fourth quarter of fiscal 2025 was $87 million.

Adjusted EBITDAfor the fourth quarter of fiscal 2026 increased 48.3% to $172 million from $116 million for the fourth quarter of fiscal 2025.

Net income per diluted share was $0.57 for the fourth quarter of fiscal 2026 compared to net loss per diluted share of $1.43 for the fourth quarter of fiscal 2025.

Adjusted earnings per share were $0.69 for the fourth quarter of fiscal 2026, compared to adjusted loss per share of $0.11 in the fourth quarter of fiscal 2025.

Capital Structure and Financing Overview

Free Cash Flow – Net cash provided by operating activities was $197 million in the fourth quarter of fiscal 2026 compared to $160 million in the fourth quarter of fiscal 2025, reflecting higher levels of profitability. The Company made payments of $117 million for capital expenditures in the fourth quarter of fiscal 2026 compared to $74 million in the fourth quarter of fiscal 2025, with the higher spending driven primarily by investments in supply chain and technology. Free cash flow was $80 million in the fourth quarter of 2026, compared to free cash flow of $86 million in the fourth quarter of fiscal 2025.
Net Leverage – Total outstanding debt, net of cash, was $1.54 billion at the end of the fourth quarter of 2026, reflecting a decrease of $93 million compared to the end of the third quarter of fiscal 2026 and a decrease of $295 million during fiscal 2026. The Net leverage ratio was 2.2x as of August 1, 2026.
Liquidity – As of August 1, 2026, total liquidity was approximately $1.27 billion, consisting of $37 million in cash, plus the unused capacity of approximately $1.23 billion under the Company’s asset-based lending facility.
Repurchase Program – During the fourth quarter of 2026, the Company repurchased 420,502 shares at an average price of $49.94 for an aggregate cost of approximately $21 million. On September 3, 2026, the Company’s Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to $200 million of its shares. This program replaces the Company’s previous repurchase program announced in September 2022.

Fiscal 2027 Outlook ⁽¹⁾

The Company is providing the following outlook for fiscal 2027, a 52-week year.

Fiscal Year Ending July 31, 2027 (52 weeks)
Net sales ($ in billions)		$31.2 - $31.8
Net income ($ in millions)		$105 - $145
EPS⁽²⁾		$1.70 - $2.30
Adjusted EPS^(2)(3)(4)		$3.00 - $3.50
Adjusted EBITDA⁽⁴⁾($ in millions)		$730 - $780
Capital and cloud implementation expenditures⁽⁴⁾⁽⁵⁾($ in millions)		~ $300
Free cash flow⁽⁴⁾⁽⁵⁾($ in millions)		$275-$325

(1)		The outlook provided above is for fiscal 2027 only. This outlook is forward-looking, is based on management’s current estimates and expectations and is subject to a number of risks, including many that are outside of management’s control. See cautionary Safe Harbor Statement below.
(2)		Earnings per share amounts as presented include rounding.
(3)		The Company uses an adjusted effective tax rate in calculating Adjusted EPS. The outlook for Adjusted EPS reflects a tax rate of 27%. See additional information at the end of this release regarding the non-GAAP financial measure adjusted effective tax rate.
(4)		See additional information at the end of this release regarding non-GAAP financial measures. The Company is unable to provide a full reconciliation for outlook to the most comparable GAAP measure without unreasonable effort due to the difficulty in predicting the amounts for certain adjustment items.
(5)		The components of capital and cloud implementation expenditures for fiscal 2027 will be primarily dependent on the nature of certain contracts to be executed. As such, the Company is unable to reconcile the outlook for free cash flow as well as Capital and cloud implementation expenditures in fiscal 2027 to the most directly comparable financial measures calculated in accordance with GAAP.

Conference Call and Webcast

The Company’s fourth quarter and full year fiscal 2026 conference call and audio webcast will be held today, Tuesday, September 8, 2026 at 8:30 a.m. ET. A webcast of the conference call (and supplemental materials) will be available to the public, on a listen only basis, via the internet at the Investors section of the Company’s website www.unfi.com. The call can also be accessed at (800) 715 - 9871 (conference ID 5462932). An online archive of the webcast (and supplemental materials) will be available for 120 days.

About United Natural Foods

United Natural Foods, Inc. (UNFI) is a leading North American grocery wholesaler, providing a broad assortment of natural, organic, specialty, fresh, conventional, and private label products to over 30,000 retail locations. The Company supports independent, regional, and national grocers with access to a wide assortment of products from thousands of established and emerging suppliers, delivered through a scaled, technology-enabled distribution network. UNFI provides a broad range of value-added data, insights, programs, and services to help retailers differentiate their stores and grow profitably, while connecting suppliers to a diverse and dynamic retail ecosystem. With a strategic focus on adding value and improving effectiveness and efficiency, UNFI is committed to creating long-term, shared value for all its stakeholders. To learn more, visit www.unfi.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including under the section entitled “Risk Factors” in the Company’s annual report on Form 10-K for the year ended August 2, 2025 filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2025 and other filings the Company makes with the SEC, and include, but are not limited to, our dependence on principal customers; our relatively low margins, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing retailer consolidation and the growth of consumer choices for grocery and consumable purchases; our ability to realize the anticipated benefits of our strategic initiatives; changes in relationships with our suppliers; our ability to develop, implement, operate and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems; the effectiveness of our business continuity plans in response to incidents impacting our operating network or technology systems; our sensitivity to general economic conditions including inflation, tariff policy and changes in disposable income levels and consumer purchasing habits; labor and other workforce shortages and challenges; the addition or loss of significant customers or material changes to our relationships with these customers; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; our ability to maintain sufficient volume in our Natural and Conventional businesses to support our operating infrastructure; increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans; the potential for our insurance and self-insurance programs not to be adequate to cover our claims; the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise; the effect of adverse decisions in, or settlement of, litigation or other proceedings to which we are subject; volatility in fuel costs; our ability to access additional capital; our ability to realize anticipated benefits of strategic transactions; the potential for additional asset impairment charges; our ability to maintain food quality and safety; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; and changes in tax laws and regulations, and actions by federal, state and local taxing authorities related to the interpretation and application of such tax laws and regulations. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so.

Non-GAAP Financial Measures: To supplement the financial information presented on a U.S. generally accepted accounting principles (“GAAP”) basis, the Company has included in this press release the non-GAAP financial measures Adjusted EBITDA, Adjusted EPS, adjusted effective tax rate, Free cash flow, Net leverage ratio and Capital and cloud implementation expenditures. Adjusted EBITDA is a consolidated measure which the Company reconciles by adding Net income (loss) including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, and certain other non-cash charges or other items, as determined by management. Adjusted EPS is a consolidated measure, which the Company reconciles by adding Net income (loss) attributable to UNFI plus the LIFO charge or benefit, Goodwill impairment benefits and charges, Restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate, and certain other non-cash charges or items, as determined by management. The adjusted effective tax rate is calculated based on adjusted net income before tax and excludes the potential impact of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. Free cash flow is defined as net cash provided by operating activities less payments for capital expenditures. Net leverage ratio (previously referred to as Net Debt to Adjusted EBITDA leverage ratio) is defined as the total carrying value of the Company’s outstanding short- and long-term debt and finance lease liabilities less net cash and cash equivalents, the sum of which is divided by the trailing four quarters Adjusted EBITDA. Capital and cloud implementation expenditures is defined as the sum of payments for capital expenditures and cloud technology implementation expenditures.

The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures and the calculation of Net leverage ratio are presented in the tables appearing below, where practicable. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting Adjusted EBITDA and Adjusted EPS aids in making period-to-period comparisons, assessing the performance of the Company’s business and understanding the underlying operating performance and core business trends by excluding certain adjustments not expected to recur in the normal course of business or that are not meaningful indicators of actual and estimated operating performance. The Company believes that providing the adjusted effective tax rate gives investors a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. The inclusion of Free cash flow assists investors in understanding the cash generating ability of the Company separate from cash generated by the sale of assets. Net leverage ratio is a commonly used metric that assists investors in understanding and evaluating the Company’s capital structure and changes to its capital structure over time. The Company believes that providing Capital and cloud implementation expenditures provides investors with better visibility into the Company's total investment expenditures. The components of Capital and cloud implementation expenditures for fiscal 2027 will be primarily dependent on the nature of certain contracts to be executed. Management utilizes and plans to utilize these non-GAAP financial measures to compare the Company’s operating performance during fiscal 2027 to the comparable periods in fiscal 2026 and to internally prepared projections. These non-GAAP financial measures may differ from similarly titled measures of other companies.

UNITED NATURAL FOODS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions, except for per share data)

	Fourth Quarter Ended						Fiscal Year Ended
	August 1, 2026 (13 weeks)			August 2, 2025 (13 weeks)			August 1, 2026 (52 weeks)			August 2, 2025 (52 weeks)
Net sales	$	7,642		$	7,696		$	31,152		$	31,784
Cost of sales		6,592			6,666			26,956			27,562
Gross profit		1,050			1,030			4,196			4,222
Operating expenses		984			1,046			3,906			4,117
Restructuring, acquisition and integration related expenses		12			59			52			94
(Gain) loss on sale of assets and other asset charges		(15	)		3			27			42
Operating income (loss)		69			(78	)		211			(31	)
Net periodic benefit income, excluding service cost		(5	)		(5	)		(23	)		(20	)
Interest expense, net		29			36			126			146
Other (income) expense, net		(1	)		—			6			(3	)
Income (loss) before income taxes		46			(109	)		102			(154	)
Provision (benefit) for income taxes		11			(23	)		18			(39	)
Net income (loss) including noncontrolling interests		35			(86	)		84			(115	)
Less net income attributable to noncontrolling interests		—			(1	)		—			(3	)
Net income (loss) attributable to United Natural Foods, Inc.	$	35		$	(87	)	$	84		$	(118	)

Basic income (loss) per share	$	0.59		$	(1.43	)	$	1.39		$	(1.95	)
Diluted income (loss) per share	$	0.57		$	(1.43	)	$	1.34		$	(1.95	)

Weighted average shares outstanding:
Basic		60.5			60.6			60.7			60.2
Diluted		62.9			60.6			62.8			60.2

UNITED NATURAL FOODS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par values)

	August 1, 2026			August 2, 2025
ASSETS
Cash and cash equivalents	$	37		$	44
Accounts receivable, net		921			1,093
Inventories, net		1,946			2,095
Prepaid expenses and other current assets		234			191
Total current assets		3,138			3,423
Property and equipment, net		1,716			1,749
Operating lease assets		1,334			1,474
Goodwill		19			19
Intangible assets, net		509			576
Deferred income taxes		158			162
Other long-term assets		235			192
Total assets	$	7,109		$	7,595
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	1,771		$	1,875
Accrued expenses and other current liabilities		305			319
Accrued compensation and benefits		214			227
Current portion of operating lease liabilities		143			173
Current portion of long-term debt and finance lease liabilities		5			8
Total current liabilities		2,438			2,602
Long-term debt		1,561			1,859
Long-term operating lease liabilities		1,316			1,400
Long-term finance lease liabilities		10			11
Pension and other postretirement benefit obligations		13			14
Other long-term liabilities		149			155
Total liabilities		5,487			6,041
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 5.0 shares; none issued or outstanding		—			—
Common stock, $0.01 par value, authorized 100.0 shares; 64.0 shares issued and 60.3 shares outstanding at August 1, 2026; 63.1 shares issued and 60.6 shares outstanding at August 2, 2025		1			1
Additional paid-in capital		690			658
Treasury stock at cost		(136	)		(86	)
Accumulated other comprehensive loss		(38	)		(42	)
Retained earnings		1,104			1,020
Total United Natural Foods, Inc. stockholders’ equity		1,621			1,551
Noncontrolling interests		1			3
Total stockholders’ equity		1,622			1,554
Total liabilities and stockholders’ equity	$	7,109		$	7,595

UNITED NATURAL FOODS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Fiscal Year Ended
(in millions)	August 1, 2026 (52 weeks)			August 2, 2025 (52 weeks)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) including noncontrolling interests	$	84		$	(115	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		303			321
Share-based compensation		61			43
Loss (gain) on sale of assets		(12	)		(4	)
Long-lived asset impairment charges		30			25
Net pension and other postretirement benefit income		(23	)		(20	)
Deferred income tax expense (benefit)		27			(56	)
LIFO charge (benefit)		19			(2	)
Provision for losses on receivables		34			3
Loss on debt extinguishment		2			4
Non-cash interest expense and other adjustments		5			5
Changes in operating assets and liabilities:
Accounts and notes receivable		131			(142	)
Inventories		130			87
Prepaid expenses and other assets		115			276
Accounts payable		(119	)		200
Accrued expenses and other liabilities		(247	)		(155	)
Net cash provided by operating activities		540			470
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for capital expenditures		(217	)		(231	)
Proceeds from dispositions of assets		56			30
Payments for investments		(14	)		(18	)
Other investing		6			1
Net cash used in investing activities		(169	)		(218	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit line		3,524			3,528
Proceeds from issuance of other loans		3			13
Repayments of borrowings under revolving credit line		(3,660	)		(3,642	)
Repayments of long-term debt and finance leases		(167	)		(124	)
Repurchases of common stock		(50	)		—
Payments of employee restricted stock tax withholdings		(15	)		(10	)
Payments for debt issuance costs		(8	)		(1	)
Distributions to noncontrolling interests		(2	)		(4	)
Repayments of other loans		(2	)		(8	)
Other financing		—			—
Net cash used in financing activities		(377	)		(248	)
EFFECT OF EXCHANGE RATE ON CASH		(1	)		—
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(7	)		4
Cash and cash equivalents, at beginning of period		44			40
Cash and cash equivalents, at end of period	$	37		$	44
Supplemental disclosures of cash flow information:
Cash paid for interest	$	127		$	147
Cash payments for federal, state and foreign income taxes, net	$	7		$	4
Leased assets obtained in exchange for new operating lease liabilities	$	60		$	321
Leased assets obtained in exchange for new finance lease liabilities	$	2		$	5
Additions of property and equipment included in Accounts payable	$	24		$	7

SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION UNITED NATURAL FOODS, INC.

Reconciliation of Net income (loss) including noncontrolling interests to Adjusted EBITDA (unaudited)

	Fourth Quarter Ended						Fiscal Year Ended
(in millions)	August 1, 2026 (13 weeks)			August 2, 2025 (13 weeks)			August 1, 2026 (52 weeks)			August 2, 2025 (52 weeks)
Net income (loss) including noncontrolling interests	$	35		$	(86	)	$	84		$	(115	)
Adjustments to net income (loss) including noncontrolling interests:
Less net income attributable to noncontrolling interests		—			(1	)		—			(3	)
Net periodic benefit income, excluding service cost		(5	)		(5	)		(23	)		(20	)
Interest expense, net		29			36			126			146
Other (income) expense, net		(1	)		—			6			(3	)
Provision (benefit) for income taxes		11			(23	)		18			(39	)
Depreciation and amortization		78			79			303			321
Share-based compensation		16			15			61			43
LIFO charge (benefit)		1			(7	)		19			(2	)
Restructuring, acquisition and integration related expenses⁽¹⁾		12			59			52			94
(Gain) loss on sale of assets and other asset charges⁽²⁾		(15	)		3			27			42
Multiemployer pension plan withdrawal charges		3			—			3			—
Other retail expense⁽³⁾		1			—			1			—
Business transformation costs⁽⁴⁾		10			7			34			47
Cybersecurity incident⁽⁵⁾		(3	)		26			(21	)		26
Other adjustments⁽⁶⁾		—			13			11			15
Adjusted EBITDA	$	172		$	116		$	701		$	552

(1)		Fiscal 2026 primarily reflects distribution center and store closure charges, costs associated with certain employee severance and other employee separation costs and adjustments to previously recorded multiemployer pension plan withdrawal liabilities. Fiscal 2025 primarily reflects the $53 million charge related to the Company’s termination of its supply agreement with a customer in the East region and costs associated with certain employee severance and other employee separation costs and outsourcing certain corporate functions under restructuring initiatives.
(2)		Fiscal 2026 primarily includes $30 million in non-cash asset impairment charges related to decisions to close certain retail store locations and discontinue operations at certain distribution centers, warehouses or offsite storage facilities, an $18 million gain on the sale of a surplus distribution center and $17 million in losses on the sales of receivables under the accounts receivable monetization program. Fiscal 2025 primarily includes a $24 million non-cash asset impairment charge related to a distribution center in our East region and $19 million in losses on the sales of receivables under the accounts receivable monetization program.
(3)		Fiscal 2026 reflects store closure inventory charges, which are included within Cost of sales in the Consolidated Statements of Operations.
(4)		Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Consolidated Statements of Operations.
(5)		Fiscal 2026 includes $45 million of insurance recoveries, which are included within Operating expenses in the Consolidated Statements of Operations, partially offset by $24 million of costs and charges related to the June 2025 cybersecurity incident, of which $20 million is included within Gross profit and $4 million is included within Operating expenses in the Consolidated Statements of Operations. Fiscal 2025 includes costs and charges related to the cybersecurity incident, of which $15 million is included within Gross profit and $11 million is included within Operating expenses in the Consolidated Statements of Operations.
(6)		Primarily reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Consolidated Statements of Operations.

Reconciliation of Net income (loss) attributable to United Natural Foods, Inc. to Adjusted net income (loss) and Adjusted EPS (unaudited)

	Fourth Quarter Ended						Fiscal Year Ended
(in millions, except per share amounts)	August 1, 2026 (13 weeks)			August 2, 2025 (13 weeks)			August 1, 2026 (52 weeks)			August 2, 2025 (52 weeks)
Net income (loss) attributable to United Natural Foods, Inc.	$	35		$	(87	)	$	84		$	(118	)
Restructuring, acquisition, and integration related expenses⁽¹⁾		12			59			52			94
(Gain) loss on sale of assets and other asset charges other than losses on sales of receivables⁽²⁾		(19	)		(2	)		10			23
LIFO charge (benefit)		1			(7	)		19			(2	)
Surplus property depreciation and interest expense⁽³⁾		3			1			5			2
Multiemployer pension plan withdrawal charges		3			—			3			—
Loss on debt extinguishment		1			4			2			4
Other retail expense⁽⁴⁾		1			—			1			—
Business transformation costs⁽⁵⁾		10			7			34			47
Cybersecurity incident⁽⁶⁾		(3	)		26			(21	)		26
Other adjustments⁽⁷⁾		—			13			11			15
Tax impact of adjustments and adjusted effective tax rate⁽⁸⁾		—			(20	)		(34	)		(47	)
Adjusted net income (loss)	$	44		$	(6	)	$	166		$	44

Diluted weighted average shares outstanding		62.9			60.6			62.8			61.8
Adjusted EPS⁽⁹⁾	$	0.69		$	(0.11	)	$	2.65		$	0.71

(1)		Fiscal 2026 primarily reflects distribution center and store closure charges, costs associated with certain employee severance and other employee separation costs and adjustments to previously recorded multiemployer pension plan withdrawal liabilities. Fiscal 2025 primarily reflects the $53 million charge related to the Company’s termination of its supply agreement with a customer in the East region and costs associated with certain employee severance and other employee separation costs and outsourcing certain corporate functions under restructuring initiatives.
(2)		(Gain) loss on sale of assets and other asset charges, as reflected here, does not include losses on sales of receivables under the accounts receivable monetization program, which are included in Loss (gain) on sale of assets and other asset charges on the Consolidated Statements of Operations and are not adjusted in the calculation of Adjusted EPS. Fiscal 2026 primarily includes $30 million in non-cash asset impairment charges related to decisions to close certain retail store locations and discontinue operations at certain distribution centers, warehouses or offsite storage facilities and an $18 million gain on the sale of a surplus distribution center. Fiscal 2025 primarily includes a $24 million non-cash asset impairment charge related to a distribution center in our East region.
(3)		Reflects surplus, non-operating property depreciation and interest expense.
(4)		Fiscal 2026 reflects store closure inventory charges, which are included within Cost of sales in the Consolidated Statements of Operations.
(5)		Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Consolidated Statements of Operations.
(6)		Fiscal 2026 includes $45 million of insurance recoveries, which are included within Operating expenses in the Consolidated Statements of Operations, partially offset by $24 million of costs and charges related to the June 2025 cybersecurity incident, of which $20 million is included within Gross profit and $4 million is included within Operating expenses in the Consolidated Statements of Operations. Fiscal 2025 includes costs and charges related to the cybersecurity incident, of which $15 million is included within Gross profit and $11 million is included within Operating expenses in the Consolidated Statements of Operations.
(7)		Primarily reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Consolidated Statements of Operations.
(8)		Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations.
(9)		Adjusted earnings (loss) per share amounts are calculated using actual unrounded figures.

Calculation of Net leverage ratio (unaudited)

(in millions, except ratios)	Fiscal Year Ended August 1, 2026
Current portion of long-term debt and finance lease liabilities	$	5
Long-term debt		1,561
Long-term finance lease liabilities		10
Less: Cash and cash equivalents		(37	)
Net carrying value of debt and finance lease liabilities		1,539
Adjusted EBITDA	$	701
Net leverage ratio	2.2x

Reconciliation of Net cash provided by operating activities to Free cash flow (unaudited)

	Fourth Quarter Ended						Fiscal Year Ended
(in millions)	August 1, 2026 (13 weeks)			August 2, 2025 (13 weeks)			August 1, 2026 (52 weeks)			August 2, 2025 (52 weeks)
Net cash provided by operating activities	$	197		$	160		$	540		$	470
Payments for capital expenditures		(117	)		(74	)		(217	)		(231	)
Free cash flow	$	80		$	86		$	323		$	239

Reconciliation of Payments for capital expenditures to Capital and cloud implementation expenditures (unaudited)

	Fourth Quarter Ended				Fiscal Year Ended
(in millions)	August 1, 2026 (13 weeks)		August 2, 2025 (13 weeks)		August 1, 2026 (52 weeks)		August 2, 2025 (52 weeks)
Payments for capital expenditures	$	117	$	74	$	217	$	231
Cloud technology implementation expenditures⁽¹⁾		17		1		35		7
Capital and cloud implementation expenditures	$	134	$	75	$	252	$	238

(1)

Cloud technology implementation expenditures are included in operating activities in the Consolidated Statements of Cash Flows.

Reconciliation of actual 2026 and 2025 U.S. GAAP effective tax rate to adjusted effective tax rate (unaudited)

	Actual Fiscal 2026	Actual Fiscal 2025
U.S. GAAP Effective Tax Rate	18 %	25 %
Discrete quarterly recognition of GAAP items⁽¹⁾	4 %	(1)%
Tax impact of other charges and adjustments⁽²⁾	5 %	(13)%
Changes in valuation allowances⁽³⁾	(3)%	5 %
Other⁽⁴⁾	— %	— %
Adjusted Effective Tax Rate⁽⁴⁾	24 %	16 %

Note: As part of the year-end reconciliation, we have updated the reconciliation of the fiscal 2026 GAAP effective tax rate for actual results.
(1)		Reflects changes in tax laws, uncertain tax positions, the tax impacts related to the exercise of share-based compensation awards and any prior-year deferred tax or payable adjustments. This includes prior-year Internal Revenue Service or other tax jurisdiction audit adjustments.
(2)		Reflects the tax impact of pre-tax adjustments that are excluded from pre-tax income when calculating Adjusted EPS.
(3)		Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations.
(4)		The Company establishes an estimated adjusted effective tax rate at the beginning of the fiscal year based on the best available information. The Company re-evaluates its estimated adjusted effective tax rate as appropriate throughout the year and adjusts for any material changes. The actual adjusted effective tax rate at the end of the fiscal year is based on actual results and accordingly may differ from the estimated adjusted effective tax rate used during the year.

INVESTOR CONTACTS:
Steve Bloomquist
Vice President, Investor Relations
952-828-4144 sbloomquist@unfi.com

Jeremy Perron
SVP, Investor Relations and Corporate Development
781-733-6890 jeremy.perron@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods to Release Fourth Quarter and Full Year Fiscal 2026 Results on September 8, 2026

Mon, 10 Aug 2026 16:15:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) will release financial results for its 13-week fiscal 2026 fourth quarter, and 52-week fiscal year ended August 1, 2026, the morning of Tuesday, September 8, 2026. Management will host a conference call that morning at 8:30 a.m. ET to discuss results.

To access the conference call, please dial (800) 715 - 9871 (U.S. toll-free) and reference conference ID number 5462932. An audio webcast of the conference call, and materials that will be referenced during the call, will be available via the Investors section of the Company's website, www.unfi.com. An online archive of the webcast will be available for 120 days.

About United Natural Foods, Inc.

Investor Contacts
Steve Bloomquist
952-828-4144
steve.j.bloomquist@unfi.com

Media Contact
Kristen Jimenez
404-906-8425
kristen.jimenez@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods Announces Leadership Updates to Accelerate Value Creation Strategy

Thu, 09 Jul 2026 07:00:00 -0400

Company aligns senior leadership structure to strengthen commercial capabilities, sharpen operational execution, and support long-term, profitable growth

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today announced leadership updates to strengthen execution of the Company’s strategy, focused on adding value for customers and suppliers while improving effectiveness and efficiency.

These updates, effective August 3, 2026, are designed to align UNFI’s leadership structure more closely with its strategy, helping the Company accelerate capability building, sharpen operational execution, and continue strengthening its financial performance.

Matteo Tarditi will become President and Chief Operating Officer, with responsibility for UNFI’s product sales organizations, enterprise customer relationships, supply chain operations, technology, and lean implementation. As President and Chief Financial Officer, Tarditi demonstrated operational depth and discipline that consistently improved UNFI’s financial performance and customer service capabilities. Bringing sales, operations, and technology together under Tarditi’s leadership is expected to better align UNFI’s operational execution with its customers’ unique growth strategies, in turn supporting shared, profitable growth in an evolving marketplace.

Louis Martin will serve as Chief Commercial Officer, with a sharper focus on accelerating UNFI’s commercial strategy and capabilities, including conventional and natural merchandising, supplier partnerships and services, private brands, professional and digital services, and revenue growth management. Building on the strong progress Martin has led over the past two years, he and his team will continue developing value-added programs, services, data, and insights to help customers and suppliers differentiate and profitably grow.

Alfredo Luchini will join UNFI as Chief Financial Officer beginning August 10, 2026, focused on advancing UNFI’s financial objectives to support long-term, profitable growth and shareholder value. Previously, he served as Vice President of Finance and Chief Financial Officer for Carrier Climate Solutions Americas, leading the finance function for an $11 billion business segment of Carrier Global Corporation. Luchini brings global finance experience across complex organizations, including leadership roles in transformation, integration, and financial planning, which will support UNFI’s continued focus on disciplined execution, financial performance, and value creation.

UNFI Chief Executive Officer Sandy Douglas said, “These moves reflect the strength of our team and our commitment to aligning our leadership structure with the next chapter of UNFI’s value creation strategy. Matteo, Louis, and Alfredo each bring unique capabilities that will help us strengthen execution, create more value for our customers and suppliers, and continue building a more effective, efficient, and sustainable UNFI.”

As part of these changes, Mark Bushway, President of Natural, Organic, Specialty & Fresh Products and UNFI Chief Supply Chain Officer, will be leaving the Company on January 1, 2027. Bushway will serve as Chief Supply Chain Officer and work closely with Tarditi to ensure a smooth transition over the coming months.

“Throughout Mark’s 23-year career at UNFI, he has strengthened our supply chain and taken great pride in developing strong leaders across our business,” Douglas said. “We thank Mark for his enduring contributions and look forward to continuing our journey to build UNFI’s next generation supply chain under Matteo’s leadership.”

Tarditi, Martin, and Luchini will report directly to Douglas as members of the Company’s senior leadership team, alongside Danielle Benedict (Chief Human Resources Officer), David Best (President & Chief Executive Officer, Retail), Mark Bushway (Chief Supply Chain Officer), Matt Echols (Chief Corporate Affairs Officer), Mahrukh Hussain (General Counsel & Corporate Secretary), and Mario Maffie (Chief Information Officer).

About UNFI

United Natural Foods, Inc. (UNFI) is a leading North American grocery wholesaler, providing a broad assortment of natural, organic, specialty, fresh, conventional, and private label products to approximately 30,000 retail locations. The company supports independent, regional, and national grocers with access to a wide assortment of products from thousands of established and emerging suppliers, delivered through a scaled, technology-enabled distribution network. UNFI provides a broad range of value-added data, insights, programs, and services to help retailers differentiate their stores and grow profitably, while connecting suppliers to a diverse and dynamic retail ecosystem. With a strategic focus on adding value and improving effectiveness and efficiency, UNFI is committed to creating long-term, shared value for all its stakeholders. To learn more, visit www.unfi.com.

For Media:
Grace Turiano
786.682.8046
Grace.Turiano@unfi.com

For Investors:
Steve Bloomquist
952.828.4144
steve.j.bloomquist@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods Spotlights Top Industry Trends and Innovations to Help Grocery Retailers Differentiate this Holiday and Winter Selling Season

Thu, 25 Jun 2026 08:00:00 -0400

Natural, functional, fresh, and private label products are poised to light up holiday shopping aisles

PROVIDENCE, R.I.--(BUSINESS WIRE)-- At its 2026 Holiday and Winter Selling Show at Mohegan Sun in Uncasville, Conn., United Natural Foods, Inc. (NYSE: UNFI) brought together more than 1,400 grocery retail representatives and 715 suppliers to connect and plan for the holiday and winter selling season. The show featured innovative products across natural, organic, fresh, specialty, and conventional grocery categories, including nearly 70 new-to-market brands.

More than 1,400 grocery retail representatives and 715 suppliers gathered at UNFI’s 2026 Holiday and Winter Selling Show at Mohegan Sun to discover new products and prepare for the holiday and winter selling season. The event showcased innovative products across natural, organic, fresh, specialty, conventional, and private label categories, including nearly 70 new-to-market brands.

“This show reflects our continued focus on strengthening capabilities to help our retail customers differentiate and compete, while also supporting suppliers as they grow their brands in diverse retail environments,” said Sandy Douglas, CEO of UNFI. “We were honored to recognize some of the fastest growing, most innovative brands through UNFI’s third annual Supplier Circle of Excellence Awards. We continue to build on our broad, high-quality assortment and bring our customers more opportunities to stand out and grow profitably in a dynamic marketplace.”

Affordable Indulgence, Fresh Discovery, and Everyday Wellness Influence Holiday Shopping

During the show, UNFI experts shared industry trends and category expertise to support retailers’ holiday growth strategies. Top trends include:

Private label brands are reshaping holiday entertaining: Shoppers are increasingly looking to private brands for unique, holiday entertaining solutions that feel premium yet accessible. As shoppers look beyond everyday staples to seasonal favorites, gifts, and entertaining essentials, private brands are evolving from budget-friendly alternatives to trusted, must-have choices.

Trend in Action: New products unveiled at the show, such as Essential Everyday Dark Chocolate Peppermint Bark Bites and Woodstock Slightly Dipped Dark Chocolate Almonds, offer affordable, premium options for holiday entertaining. Essential Everyday high-protein, frozen breakfast sandwiches support convenient, quality solutions for holiday mornings and weekend brunches.
Fresh becomes a standout source of culinary inspiration: Fresh produce is evolving beyond a staple purchase as shoppers seek options that combine health, flavor, and discovery. Seasonal and specialty varieties, like red kiwis and broccolini, are attracting younger consumers who increasingly turn to the produce department for wellness, recipe inspiration, and unique ingredients that help create memorable holiday gatherings.

Trend in Action: Specialty produce offerings highlighted at the show inspire a sense of discovery for holiday meals and entertaining. Tropical fruits such as cherimoya and dragon fruit from Melissa's Produce, along with Naturipe's Mighty Blues blueberries, offer shoppers unique ways to elevate fruit platters, seasonal recipes, and festive gatherings with new flavors and produce varieties.
Functional wellness finds new occasions: Shoppers are paying closer attention to ingredients, functional benefits, and trusted certifications when selecting natural and organic products that support everyday wellness. That focus is carrying into the holiday season, as shoppers look for options that balance indulgence with better‑for‑you attributes.

Trend in Action: The show featured products that make healthier choices easy to incorporate into everyday routines. Examples include, Recess, a functional nonalcoholic beverage suited for festive gatherings, and FOND Regenerative, a regenerative bone broth that offers a nourishing way to support wellness during the busy holiday season.

“For us, success during the holiday season comes from anticipating shopper needs and delivering relevant solutions throughout the store,” said Jeremy Laurange, Director, Retail Operations and Enterprise Development at Hawthorne Valley. “UNFI’s data‑driven insights and innovative assortment help us find opportunities to grow our business by offering shoppers strong value, convenience, and quality.”

Celebrating Supplier Innovation and Excellence

During the show, UNFI honored 19 supplier partners during its third annual Supplier Circle of Excellence Awards, recognizing excellence in product innovation, category leadership, and community impact. Brands that received the evening’s highest honors included: Lumen, Better Sour, Organic Valley, and Frontier Co-op.

“We have spent nearly five decades working to advance the natural products industry through responsibly sourced products and a commitment to growers and communities around the world. UNFI has supported our growth every step of the way, and we’re honored to receive this recognition from a fellow industry leader in the natural food movement,” said Tony Bedard, CEO, Frontier Co-op, while accepting the UNFI Legacy Supplier Award from UNFI co-founder and board member Michael Funk.

To see the full list of UNFI’s 2026 Supplier Circle of Excellence Award winners, visit the UNFI Newsroom.

About UNFI

United Natural Foods, Inc. (UNFI) is a leading North American grocery wholesaler, providing a broad assortment of natural, organic, specialty, fresh, conventional, and private label products to approximately 30,000 retail locations. The company supports independent, regional, and national grocers with access to a wide assortment of products from thousands of established and emerging suppliers, delivered through a scaled, technology-enabled distribution network. UNFI provides a broad range of value-added data, insights, programs, and services to help retailers differentiate their stores and grow profitably, while connecting suppliers to a diverse and dynamic retail ecosystem. With a strategic focus on adding value and improving effectiveness and efficiency, UNFI is committed to creating long-term, shared value for all its stakeholders. To learn more, visit www.unfi.com.

For Media:
Grace Turiano
786.682.8046
Grace.Turiano@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods, Inc. Reports Third Quarter Fiscal 2026 Results

Tue, 09 Jun 2026 07:00:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today reported financial results for the third quarter of fiscal 2026 (13 weeks) ended May 2, 2026.

Third Quarter Fiscal 2026 Performance (comparisons to third quarter fiscal 2025)

Net sales decreased 4.2% to $7.7 billion, includes impact of approximately 450 basis points from optimization actions
Net income of $33 million; Net income per diluted share (EPS) of $0.52
Adjusted EBITDA ⁽¹⁾ increased 16.6% to $183 million
Adjusted EPS ⁽¹⁾ increased to $0.77
Net cash provided by operating activities of $98 million; Free cash flow ⁽¹⁾ of $54 million

Recent Financial and Operational Summary

Narrowing ranges while maintaining fiscal-year midpoints for Net Sales, Net Income, EPS, Adjusted EBITDA and Adjusted EPS
Strengthened capabilities to add value for customers and suppliers while becoming more effective and efficient
- Diversified and growing new business pipeline reflects focus on supporting customers’ unique strategies
- Continued implementation of next-generation supply chain technologies and lean practices, which is improving fill rates, on-time deliveries and productivity
- Reduced operating expenses by nearly 7% and operating expense rate by nearly 40 basis points, reflecting the benefits of network optimization and disciplined cost management
Reduced net debt to $1.63 billion and improved Net leverage ratio ⁽¹⁾ to 2.5x, lowest since fiscal 2018
Repurchased approximately 990,000 shares in fiscal 2026 through the end of May for approximately $38 million

“Through disciplined execution of our value creation strategy, we delivered underlying sales growth, higher profitability, and strong free cash flow, which strengthened our balance sheet and increased our financial flexibility. At the same time, we advanced capabilities to help our customers and suppliers grow profitably, while continuing to invest in next generation supply chain solutions that are steadily improving our effectiveness and efficiency,” said Sandy Douglas, UNFI’s CEO.

Douglas continued, “Our team remains focused on delivering a strong close to fiscal 2026 and creating long-term, shared value for our stakeholders.”

Third Quarter Fiscal 2026 Summary

	13-Week Period Ended						Percent Change
($ in millions, except for per share data)	May 2, 2026			May 3, 2025			Percent Change
Net sales	$	7,723		$	8,059		(4.2	)%
Natural	$	4,342		$	4,160		4.4	%
Conventional	$	3,136		$	3,628		(13.6	)%
Retail	$	515		$	573		(10.1	)%
Eliminations	$	(270	)	$	(302	)	10.6	%
Net income (loss)	$	33		$	(7	)	N/M
Adjusted EBITDA⁽¹⁾	$	183		$	157		16.6	%
Earnings (loss) per diluted share (EPS)	$	0.52		$	(0.12	)	N/M
Adjusted earnings per diluted share (Adjusted EPS)⁽¹⁾	$	0.77		$	0.44		75.0	%
Net cash provided by operating activities	$	98		$	173		(43.4	)%
Payments for capital expenditures	$	(44	)	$	(54	)	(18.5	)%
Free cash flow⁽¹⁾	$	54		$	119		(54.6	)%

N/M - not meaningful
(1)	Please refer to the tables in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Net sales decreased 4.2% in the third quarter of fiscal 2026 compared to the same period in the prior year, and includes an approximate 450 basis point impact from accretive optimization actions. This was largely driven by an expected decrease in conventional sales primarily due to the transition out of the Allentown, Pennsylvania distribution center completed in the first quarter of fiscal 2026. It also includes an impact from the anticipated lost sales associated with the unwind of short-term project-based work in our natural product segment. These impacts were partially offset by increases from inflation.

Gross profit in the third quarter of fiscal 2026 was $1,049 million, a decrease of $33 million, or 3.0%, compared to the third quarter of fiscal 2025. The gross profit rate in the third quarter of fiscal 2026 was 13.6% of net sales compared to 13.4% of net sales in the third quarter of fiscal 2025. The gross profit rate benefitted from network optimization actions and customer mix, partially offset by a lower gross margin rate in the Retail segment.

Operating expenses in the third quarter of fiscal 2026 were $954 million, or 12.4% of net sales, compared to $1,025 million, or 12.7% of net sales, in the third quarter of fiscal 2025. The decrease in operating expenses as a percentage of net sales was driven primarily by insurance proceeds and the benefits from cost saving initiatives, including network optimization actions and higher levels of distribution center productivity.

Interest expense, net for the third quarter of fiscal 2026 was $31 million compared to $36 million for the third quarter of fiscal 2025 driven by lower average outstanding debt balances.

Effective tax rate for the third quarter of fiscal 2026 was an expense rate of 21.4% on pre-tax income compared to a benefit rate of 56.3% on pre-tax loss for the third quarter of fiscal 2025. The change from the third quarter of fiscal 2025 was primarily driven by the increase in pre-tax income during the third quarter of fiscal 2026.

Net income for the third quarter of fiscal 2026 was $33 million. Net loss for the third quarter of fiscal 2025 was $7 million.

Adjusted EBITDA for the third quarter of fiscal 2026 increased 16.6% to $183 million from $157 million for the third quarter of fiscal 2025.

Net income per diluted share was $0.52 for the third quarter of fiscal 2026 compared to net loss per diluted share of $0.12 for the third quarter of fiscal 2025.

Adjusted earnings per share were $0.77 for the third quarter of fiscal 2026 compared to $0.44 in the third quarter of fiscal 2025.

Capital Structure and Financing Overview

Free Cash Flow – Net cash provided by operating activities was $98 million in the third quarter of fiscal 2026 compared to $173 million in the third quarter of fiscal 2025, reflecting higher working capital use partially offset by higher profitability. The Company made payments of $44 million for capital expenditures in the third quarter of fiscal 2026 compared to $54 million in the third quarter of fiscal 2025, with the lower spending driven by the timing of large-scale capital projects, such as automation. Free cash flow was $54 million in the third quarter of fiscal 2026, compared to free cash flow of $119 million in the third quarter of fiscal 2025.
Net Leverage – Total outstanding debt, net of cash, was $1.63 billion at the end of the third quarter of fiscal 2026, reflecting a decrease of $46 million compared to the end of the second quarter of fiscal 2026 and a decrease of $296 million compared to the end of the third quarter of fiscal 2025. The Net leverage ratio was 2.5x as of May 2, 2026.
Liquidity – As of May 2, 2026, total liquidity was approximately $1.25 billion, consisting of $43 million in cash, plus the unused capacity of approximately $1.20 billion under the Company’s asset-based lending facility. This facility was amended and restated during the quarter which, among other things, extended the maturity to April 2031.
Repurchase program – During the third quarter of 2026, the Company repurchased 82,233 shares at an average price of $48.64 for an aggregate cost of approximately $4 million.

Fiscal 2026 Outlook ⁽¹⁾

The Company is reiterating its full-year outlook midpoints and narrowing applicable ranges:

Fiscal Year Ending August 1, 2026 (52 weeks)	Previous Full Year Outlook Provided March 10, 2026	Updated Full Year Outlook	Change in Midpoint
Net sales ($ in billions)	$31.0 - $31.4	$31.1 - $31.3	$—
Net income ($ in millions)	$50 - $75	$55 - $70	$—
EPS⁽²⁾	$0.80 - $1.20	$0.90 - $1.10	$—
Adjusted EPS^(2)(3)(4)	$2.30 - $2.70	$2.40 - $2.60	$—
Adjusted EBITDA⁽⁴⁾($ in millions)	$680 - $710	$685 - $705	$—
Capital and cloud implementation expenditures⁽⁴⁾⁽⁵⁾ ($ in millions)	~ $250	~ $250	$—
Free cash flow⁽⁴⁾⁽⁵⁾ ($ in millions)	~ $330	~ $330	$—

(1)	The outlook provided above is for fiscal 2026 only. This outlook is forward-looking, is based on management’s current estimates and expectations and is subject to a number of risks, including many that are outside of management’s control. This outlook does not include any incremental impact from insurance proceeds. See cautionary Safe Harbor Statement below.
(2)	Earnings per share amounts as presented include rounding.
(3)	The Company uses an adjusted effective tax rate in calculating Adjusted EPS. The outlook for Adjusted EPS reflects a tax rate of 25%. See additional information at the end of this release regarding the non-GAAP financial measure adjusted effective tax rate.
(4)	See additional information at the end of this release regarding non-GAAP financial measures. The Company is unable to provide a full reconciliation for outlook to the most comparable GAAP measure without unreasonable effort due to the difficulty in predicting the amounts for certain adjustment items.
(5)	The components of Capital and cloud implementation expenditures for fiscal 2026 will be primarily dependent on the nature of certain contracts to be executed. As such, the Company is unable to reconcile the outlook for Free cash flow as well as Capital and cloud implementation expenditures in fiscal 2026 to the most directly comparable financial measures calculated in accordance with GAAP.

Conference Call and Webcast

The Company’s third quarter fiscal 2026 conference call and audio webcast will be held today, Tuesday, June 9, 2026 at 8:30 a.m. ET. A webcast of the conference call (and supplemental materials) will be available to the public, on a listen only basis, via the internet at the Investors section of the Company’s website www.unfi.com. The call can also be accessed at (800) 715 - 9871 (conference ID 5462932). An online archive of the webcast (and supplemental materials) will be available for 120 days.

About United Natural Foods

UNFI is North America’s premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, eCommerce providers, and foodservice customers. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. To learn more about how UNFI is delivering value for its stakeholders, visit www.unfi.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including under the section entitled “Risk Factors” in the Company’s annual report on Form 10-K for the year ended August 2, 2025 filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2025 and other filings the Company makes with the SEC, and include, but are not limited to, our dependence on principal customers; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing consolidation of retailers and the growth of consumer choices for grocery and consumable purchases; our ability to realize the anticipated benefits of our strategic initiatives; changes in relationships with our suppliers; our ability to develop, implement, operate and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems, and the effectiveness of the Company’s business continuity plans in response to an incident impacting the Company’s technology systems, such as the unauthorized incident on its technology systems; labor and other workforce shortages and challenges; the addition or loss of significant customers or material changes to our relationships with these customers; our ability to realize anticipated benefits of strategic transactions; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; our ability to maintain sufficient volume in our Natural and Conventional businesses to support our operating infrastructure; our ability to access additional capital; increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans; the potential for additional asset impairment charges; our sensitivity to general economic conditions including inflation, tariff policy and changes in disposable income levels and consumer purchasing habits; our ability to timely and successfully deploy our warehouse management system throughout our distribution centers and our transportation management system across the Company and to achieve efficiencies and cost savings from these efforts; the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise; the effect of adverse decisions in, or settlement of, litigation or other proceedings to which we are subject; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; changes in tax laws and regulations, and actions by federal, state and local taxing authorities related to the interpretation and application of such tax laws and regulations; our ability to maintain food quality and safety; and volatility in fuel costs. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so.

Non-GAAP Financial Measures: To supplement the financial information presented on a U.S. generally accepted accounting principles (“GAAP”) basis, the Company has included in this press release the non-GAAP financial measures Adjusted EBITDA, Adjusted EPS, adjusted effective tax rate, Free cash flow, Net leverage ratio and Capital and cloud implementation expenditures. Adjusted EBITDA is a consolidated measure which the Company reconciles by adding Net income (loss) including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, and certain other non-cash charges or other items, as determined by management. Adjusted EPS is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, Goodwill impairment benefits and charges, Restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate, and certain other non-cash charges or items, as determined by management. The adjusted effective tax rate is calculated based on adjusted net income before tax and excludes the potential impact of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. Free cash flow is defined as net cash provided by operating activities less payments for capital expenditures. Net leverage ratio (previously referred to as Net Debt to Adjusted EBITDA leverage ratio) is defined as the total carrying value of the Company’s outstanding short- and long-term debt and finance lease liabilities less net cash and cash equivalents, the sum of which is divided by the trailing four quarters Adjusted EBITDA. Capital and cloud implementation expenditures is defined as the sum of payments for capital expenditures and cloud technology implementation expenditures.

The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures and the calculation of Net leverage ratio are presented in the tables appearing below, where practicable. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting Adjusted EBITDA and Adjusted EPS aids in making period-to-period comparisons, assessing the performance of the Company’s business and understanding the underlying operating performance and core business trends by excluding certain adjustments not expected to recur in the normal course of business or that are not meaningful indicators of actual and estimated operating performance. The Company believes that providing the adjusted effective tax rate gives investors a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. The inclusion of Free cash flow assists investors in understanding the cash generating ability of the Company separate from cash generated by the sale of assets. Net leverage ratio is a commonly used metric that assists investors in understanding and evaluating the Company’s capital structure and changes to its capital structure over time. The Company believes that providing Capital and cloud implementation expenditures provides investors with better visibility into the Company's total investment expenditures. The components of Capital and cloud implementation expenditures for fiscal 2026 will be primarily dependent on the nature of certain contracts to be executed. Management utilizes and plans to utilize these non-GAAP financial measures to compare the Company’s operating performance during fiscal 2026 to the comparable periods in fiscal 2025 and to internally prepared projections. These non-GAAP financial measures may differ from similarly titled measures of other companies.




UNITED NATURAL FOODS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions, except for per share data)

	13-Week Period Ended						39-Week Period Ended
	May 2, 2 026			May 3, 2 025			May 2, 2 026			May 3, 2 025
Net sales	$	7,723		$	8,059		$	23,510		$	24,088
Cost of sales		6,674			6,977			20,364			20,896
Gross profit		1,049			1,082			3,146			3,192
Operating expenses		954			1,025			2,922			3,071
Restructuring, acquisition and integration related expenses		10			14			40			35
Loss on sale of assets and other asset charges		19			28			42			39
Operating income		66			15			142			47
Net periodic benefit income, excluding service cost		(6	)		(5	)		(18	)		(15	)
Interest expense, net		31			36			97			110
Other (income) expense, net		(1	)		—			7			(3	)
Income (loss) before income taxes		42			(16	)		56			(45	)
Provision (benefit) for income taxes		9			(9	)		7			(16	)
Net income (loss) including noncontrolling interests		33			(7	)		49			(29	)
Less net income attributable to noncontrolling interests		—			—			—			(2	)
Net income (loss) attributable to United Natural Foods, Inc.	$	33		$	(7	)	$	49		$	(31	)

Basic earnings (loss) per share	$	0.54		$	(0.12	)	$	0.80		$	(0.51	)
Diluted earnings (loss) per share	$	0.52		$	(0.12	)	$	0.78		$	(0.51	)

Weighted average shares outstanding:
Basic		60.8			60.5			60.8			60.1
Diluted		62.7			60.5			62.7			60.1





UNITED NATURAL FOODS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par values)

	May 2, 2 026			August 2, 2 025
ASSETS
Cash and cash equivalents	$	43		$	44
Accounts receivable, net		973			1,093
Inventories, net		1,994			2,095
Prepaid expenses and other current assets		234			191
Total current assets		3,244			3,423
Property and equipment, net		1,668			1,749
Operating lease assets		1,353			1,474
Goodwill		19			19
Intangible assets, net		526			576
Deferred income taxes		155			162
Other long-term assets		222			192
Total assets	$	7,187		$	7,595
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	1,769		$	1,875
Accrued expenses and other current liabilities		312			319
Accrued compensation and benefits		189			227
Current portion of operating lease liabilities		166			173
Current portion of long-term debt and finance lease liabilities		6			8
Total current liabilities		2,442			2,602
Long-term debt		1,660			1,859
Long-term operating lease liabilities		1,312			1,400
Long-term finance lease liabilities		9			11
Pension and other postretirement benefit obligations		14			14
Other long-term liabilities		151			155
Total liabilities		5,588			6,041
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 5.0 shares; none issued or outstanding		—			—
Common stock, $0.01 par value, authorized 100.0 shares; 64.0 shares issued and 60.7 shares outstanding at May 2, 2026; 63.1 shares issued and 60.6 shares outstanding at August 2, 2025		1			1
Additional paid-in capital		679			658
Treasury stock at cost		(115	)		(86	)
Accumulated other comprehensive loss		(36	)		(42	)
Retained earnings		1,069			1,020
Total United Natural Foods, Inc. stockholders’ equity		1,598			1,551
Noncontrolling interests		1			3
Total stockholders’ equity		1,599			1,554
Total liabilities and stockholders’ equity	$	7,187		$	7,595





UNITED NATURAL FOODS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	39-Week Period Ended
(in millions)	May 2, 2 026			May 3, 2 025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) including noncontrolling interests	$	49		$	(29	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		225			242
Share-based compensation		45			28
Loss (gain) on sale of assets		8			(1	)
Long-lived asset impairment charges		29			24
Net pension and other postretirement benefit income		(18	)		(15	)
Deferred income tax expense (benefit)		5			(3	)
LIFO charge		18			5
Provision for losses on receivables		30			1
Loss on debt extinguishment		1			—
Non-cash interest expense and other adjustments		3			4
Changes in operating assets and liabilities
Accounts and notes receivable		85			(44	)
Inventories		83			(16	)
Prepaid expenses and other assets		83			186
Accounts payable		(114	)		86
Accrued expenses and other liabilities		(189	)		(158	)
Net cash provided by operating activities		343			310
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for capital expenditures		(100	)		(157	)
Proceeds from dispositions of assets		13			6
Payments for investments		(6	)		(2	)
Net cash used in investing activities		(93	)		(153	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit line		2,663			2,276
Repayments of borrowings under revolving credit line		(2,733	)		(2,397	)
Repayments of long-term debt and finance leases		(130	)		(11	)
Repurchases of common stock		(29	)		—
Payments of employee restricted stock tax withholdings		(14	)		(9	)
Payments for debt issuance costs		(6	)		(1	)
Distributions to noncontrolling interests		(2	)		(3	)
Net cash used in financing activities		(251	)		(145	)
EFFECT OF EXCHANGE RATE ON CASH		—			—
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(1	)		12
Cash and cash equivalents, at beginning of period		44			40
Cash and cash equivalents, at end of period	$	43		$	52
Supplemental disclosures of cash flow information:
Cash paid for interest	$	105		$	120
Cash payments for federal, state, and foreign income taxes, net	$	4		$	1
Leased assets obtained in exchange for new operating lease liabilities	$	36		$	301
Leased assets obtained in exchange for new finance lease liabilities	$	—		$	5
Additions of property and equipment included in Accounts payable	$	15		$	19





SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (unaudited) UNITED NATURAL FOODS, INC.

Reconciliation of Net income (loss) including noncontrolling interests to Adjusted EBITDA (unaudited)

	13-Week Period Ended						39-Week Period Ended
(in millions)	May 2, 2026			May 3, 2025			May 2, 2026			May 3, 2025
Net income (loss) including noncontrolling interests	$	33		$	(7	)	$	49		$	(29	)
Adjustments to net income (loss) including noncontrolling interests:
Less net income attributable to noncontrolling interests		—			—			—			(2	)
Net periodic benefit income, excluding service cost		(6	)		(5	)		(18	)		(15	)
Interest expense, net		31			36			97			110
Other (income) expense, net		(1	)		—			7			(3	)
Provision (benefit) for income taxes		9			(9	)		7			(16	)
Depreciation and amortization		74			81			225			242
Share-based compensation		18			10			45			28
LIFO charge (benefit)		8			(5	)		18			5
Restructuring, acquisition and integration related expenses⁽¹⁾		10			14			40			35
Loss on sale of assets and other asset charges⁽²⁾		19			28			42			39
Business transformation costs⁽³⁾		7			14			24			40
Cybersecurity incident⁽⁴⁾		(19	)		—			(18	)		—
Other adjustments⁽⁵⁾		—			—			11			2
Adjusted EBITDA	$	183		$	157		$	529		$	436

(1)	Fiscal 2026 primarily reflects distribution center and store closure charges, adjustments to previously recorded multiemployer pension plan withdrawal liabilities and costs associated with certain employee severance and other employee separation costs. Fiscal 2025 primarily reflects costs associated with certain employee severance and other employee separation costs, outsourcing certain corporate functions under restructuring initiatives and distribution center and store closure charges.
(2)	Fiscal 2026 primarily includes a $14 million non-cash asset impairment charge in the third quarter of fiscal 2026 related to the decision to close a leased retail store location, $5 million in non-cash impairment charges in the second quarter of fiscal 2026 related to the decision to discontinue operations at certain distribution centers, warehouses or offsite storage facilities, a $10 million non-cash asset impairment charge in the first quarter of fiscal 2026 related to the decision to close certain retail store locations and losses on the sales of receivables under the accounts receivable monetization program. Fiscal 2025 primarily includes a $24 million non-cash asset impairment charge related to a distribution center in our East region and losses on the sales of receivables under the accounts receivable monetization program.
(3)	Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(4)	The third quarter and year-to-date fiscal 2026 include $20 million and $40 million of insurance recoveries, respectively, which are included within Operating expenses in the Condensed Consolidated Statements of Operations. These were partially offset by $1 million and $22 million, of costs and charges in the third quarter and year-to-date fiscal 2026, respectively, related to the Cybersecurity Incident, of which $1 million and $20 million, respectively, are included within Gross profit and $0 million and $2 million, respectively, are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(5)	Fiscal 2026 reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Condensed Consolidated Statements of Operations. Fiscal 2025 reflects certain estimated accrued legal-related costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.





Reconciliation of Net income (loss) attributable to United Natural Foods, Inc. to Adjusted net income and Adjusted EPS (unaudited)

	13-Week Period Ended						39-Week Period Ended
(in millions, except per share amounts)	May 2, 2026			May 3, 2025			May 2, 2026			May 3, 2025
Net income (loss) attributable to United Natural Foods, Inc.	$	33		$	(7	)	$	49		$	(31	)
Restructuring, acquisition and integration related expenses⁽¹⁾		10			14			40			35
Loss on sale of assets and other asset charges other than losses on sales of receivables⁽²⁾		15			23			29			25
LIFO charge (benefit)		8			(5	)		18			5
Surplus property depreciation and interest expense⁽³⁾		—			—			2			1
Loss on debt extinguishment		1			—			1			—
Business transformation costs⁽⁴⁾		7			14			24			40
Cybersecurity incident⁽⁵⁾		(19	)		—			(18	)		—
Other adjustments⁽⁶⁾		—			—			11			2
Tax impact of adjustments and adjusted effective tax rate⁽⁷⁾		(7	)		(12	)		(34	)		(27	)
Adjusted net income	$	48		$	27		$	122		$	50

Diluted weighted average shares outstanding		62.7			62.0			62.7			61.6
Adjusted EPS⁽⁸⁾	$	0.77		$	0.44		$	1.95		$	0.82

(1)	Fiscal 2026 primarily reflects distribution center and store closure charges, adjustments to previously recorded multiemployer pension plan withdrawal liabilities and costs associated with certain employee severance and other employee separation costs. Fiscal 2025 primarily reflects costs associated with certain employee severance and other employee separation costs, outsourcing certain corporate functions under restructuring initiatives and distribution center and store closure charges.
(2)	Loss on sale of assets and other asset charges, as reflected here, does not include losses on sales of receivables under the accounts receivable monetization program, which are included in Loss on sale of assets and other asset charges on the Condensed Consolidated Statements of Operations and are not adjusted in the calculation of Adjusted EPS. Fiscal 2026 primarily includes a $14 million non-cash asset impairment charge in the third quarter of fiscal 2026 related to the decision to close a leased retail store location, $5 million in non-cash impairment charges in the second quarter of fiscal 2026 related to the decision to discontinue operations at certain distribution centers, warehouses or offsite storage facilities and a $10 million non-cash asset impairment charge in the first quarter of fiscal 2026 related to the decision to close certain retail store locations. Fiscal 2025 primarily includes a $24 million non-cash asset impairment charge related to a distribution center in our East region.
(3)	Reflects surplus, non-operating property depreciation and interest expense.
(4)	Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(5)	The third quarter and year-to-date fiscal 2026 include $20 million and $40 million of insurance recoveries, respectively, which are included within Operating expenses in the Condensed Consolidated Statements of Operations. These were partially offset by $1 million and $22 million, of costs and charges in the third quarter and year-to-date fiscal 2026, respectively, related to the Cybersecurity Incident, of which $1 million and $20 million, respectively, are included within Gross profit and $0 million and $2 million, respectively, are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(6)	Fiscal 2026 reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Condensed Consolidated Statements of Operations. Fiscal 2025 reflects certain estimated accrued legal-related costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(7)	Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations.
(8)	Adjusted earnings per share amounts are calculated using actual unrounded figures.





Calculation of Net leverage ratio (unaudited)

(in millions, except ratios)	May 2, 2026
Current portion of long-term debt and finance lease liabilities	$	6
Long-term debt		1,660
Long-term finance lease liabilities		9
Less: Cash and cash equivalents		(43	)
Net carrying value of debt and finance lease liabilities		1,632
Adjusted EBITDA⁽¹⁾	$	645
Net leverage ratio	2.5x

(1)	Adjusted EBITDA for purposes of this calculation reflects the summation of the trailing four quarters ended May 2, 2026. Refer to the following table for the reconciliation of Adjusted EBITDA trailing four quarters.



Reconciliation of trailing four quarters Net loss including noncontrolling interests to Adjusted EBITDA (unaudited)

(in millions)	52-Week Period Ended May 2, 2026
Net loss including noncontrolling interests	$	(37	)
Adjustments to net loss including noncontrolling interests:
Less net income attributable to noncontrolling interests		(1	)
Net periodic benefit income, excluding service cost		(23	)
Interest expense, net		133
Other expense, net		7
Benefit for income taxes		(16	)
Depreciation and amortization		304
Share-based compensation		60
LIFO charge		11
Restructuring, acquisition and integration related expenses		99
Loss on sale of assets and other asset charges		45
Business transformation costs		31
Cybersecurity incident		8
Other adjustments		24
Adjusted EBITDA⁽¹⁾	$	645

(1)	Adjusted EBITDA for purposes of this calculation reflects the summation of the trailing four quarters ended May 2, 2026.



Reconciliation of Net cash provided by operating activities to Free cash flow (unaudited)

	13-Week Period Ended						39-Week Period Ended
(in millions)	May 2, 2026			May 3, 2025			May 2, 2026			May 3, 2025
Net cash provided by operating activities	$	98		$	173		$	343		$	310
Payments for capital expenditures		(44	)		(54	)		(100	)		(157	)
Free cash flow	$	54		$	119		$	243		$	153



Reconciliation of Payments for capital expenditures to Capital and cloud implementation expenditures (unaudited)

	13-Week Period Ended				39-Week Period Ended
(in millions)	May 2, 2026		May 3, 2025		May 2, 2026		May 3, 2025
Payments for capital expenditures	$	44	$	54	$	100	$	157
Cloud technology implementation expenditures⁽¹⁾		9		1		18		6
Capital and cloud implementation expenditures	$	53	$	55	$	118	$	163

(1)	Cloud technology implementation expenditures are included in operating activities in the Condensed Consolidated Statements of Cash Flows.



Reconciliation of estimated 2026 and actual 2025 U.S. GAAP effective tax rate to adjusted effective tax rate (unaudited)

	Estimated Fiscal 2026		Actual Fiscal 2025
U.S. GAAP effective tax rate	17	%	25	%
Discrete quarterly recognition of GAAP items⁽¹⁾	5	%	(1	)%
Tax impact of other charges and adjustments⁽²⁾	6	%	(13	)%
Changes in valuation allowances⁽³⁾	(3	)%	5	%
Other⁽⁴⁾	—	%	—	%
Adjusted effective tax rate⁽⁴⁾	25	%	16	%

Note: As part of the year-end reconciliation, we update the reconciliation of the GAAP effective tax rate for actual results.

(1)	Reflects changes in tax laws, uncertain tax positions, the tax impacts related to the exercise of share-based compensation awards and any prior-year deferred tax or payable adjustments. This includes prior-year Internal Revenue Service or other tax jurisdiction audit adjustments.
(2)	Reflects the tax impact of pre-tax adjustments that are excluded from pre-tax income when calculating Adjusted EPS.
(3)	Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations.
(4)	The Company establishes an estimated adjusted effective tax rate at the beginning of the fiscal year based on the best available information. The Company re-evaluates its estimated adjusted effective tax rate as appropriate throughout the year and adjusts for any material changes. The actual adjusted effective tax rate at the end of the fiscal year is based on actual results and accordingly may differ from the estimated adjusted effective tax rate used during the year.

INVESTOR CONTACTS:
Steve Bloomquist
Vice President, Investor Relations
952-828-4144 sbloomquist@unfi.com

Kristyn Farahmand
Chief Strategy Officer
612-439-6625 kristyn.farahmand@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods to Participate at the Oppenheimer 26th Annual Consumer Growth & E-Commerce Conference

Thu, 04 Jun 2026 16:15:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) will participate in the Oppenheimer 26^th Annual Consumer Growth & E-Commerce Conference. Chief Executive Officer, Sandy Douglas, will be part of a fireside chat beginning at 8:15 am Eastern Time on June 10, 2026.

A link to the live audio webcast will be available on the investor relations section of the Company’s website at www.unfi.com via the “Events” link.

About United Natural Foods, Inc.

UNFI is North America's premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, ecommerce providers, and food service customers. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. As the largest full-service grocery partner in North America, UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. To learn more about how UNFI is delivering value for its stakeholders, visit www.unfi.com.

INVESTOR CONTACTS

Kristyn Farahmand
Chief Strategy Officer
612-439-6625 kristyn.farahmand@unfi.com

Steve Bloomquist
Vice President, Investor Relations
952-828-4144 sbloomquist@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods to Release Fiscal 2026 Third Quarter Results on June 9, 2026

Mon, 11 May 2026 07:30:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) will release financial results for its 13-week fiscal 2026 third quarter, ended May 2, 2026, the morning of Tuesday, June 9, 2026. Management will host a conference call that morning at 8:30 a.m. ET to discuss results.

To access the conference call, please dial (800) 715 - 9871 (U.S. toll-free) and reference conference ID number 5462932. An audio webcast of the conference call, and materials that will be referenced during the call, will be available via the Investors section of the Company's website www.unfi.com. An online archive of the webcast will be available for 120 days.

About United Natural Foods, Inc.

Investor Contacts
Kristyn Farahmand
612-439-6625
kristyn.farahmand@unfi.com
- or -
Steve Bloomquist
952-828-4144
steve.j.bloomquist@unfi.com

Media Contact
Kristen Jimenez
404-906-8425
kristen.jimenez@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods to Participate at the 38th Annual Roth Conference

Fri, 13 Mar 2026 07:00:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) will participate in the 38^th Annual Roth Conference. President and Chief Financial Officer, Matteo Tarditi, will be part of a fireside chat beginning at 2:00 pm Eastern Time on March 23, 2026.

A link to the live audio webcast will be available on the investor relations section of the Company’s website at www.unfi.com via the “Events” link.

About United Natural Foods, Inc.

INVESTOR CONTACTS

Kristyn Farahmand
Chief Strategy Officer
612-439-6625 kristyn.farahmand@unfi.com

Steve Bloomquist
Vice President, Investor Relations
952-828-4144 sbloomquist@unfi.com

Source: United Natural Foods, Inc.

United Natural Foods, Inc. Reports Second Quarter Fiscal 2026 Results

Tue, 10 Mar 2026 07:00:00 -0400

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today reported financial results for the second quarter of fiscal 2026 (13 weeks) ended January 31, 2026.

Second Quarter Fiscal 2026 Performance (comparisons to second quarter fiscal 2025)

Net sales decreased 2.6% to $7.9 billion, including a nearly 500 basis point impact from optimization actions
Net income of $20 million; Net income per diluted share (EPS) of $0.31
Adjusted EBITDA ⁽¹⁾ increased 23.4% to $179 million
Adjusted EPS ⁽¹⁾ increased to $0.62
Net cash provided by operating activities was $283 million; Free cash flow ⁽¹⁾ was $243 million

Recent Financial and Operational Summary

Updating outlook to increase all profitability metrics and raise free cash flow, while reducing net sales
Improving effectiveness and efficiency driven by network optimization, continued adoption of lean processes and high impact technology implementation
- On-time deliveries and productivity increased compared to prior year quarter
- Operating expenses declined nearly 6% and operating expense rate declined approximately 40 basis points
Net leverage ratio ⁽¹⁾ declined sequentially to 2.7x, lowest since fiscal 2023; now expect to be ~2.3x by year-end, meaningfully lower than prior target of ≤ 2.5x by year-end fiscal 2026
Repurchased nearly 750,000 shares for approximately $25 million

“In the second quarter, disciplined execution of our value creation strategy delivered growth in profitability and free cash flow ahead of our projections, which enabled us to further strengthen our balance sheet and increase our financial flexibility. With a sharpened focus on our growing $90 billion target addressable market, we are working to help differentiating retailers continue to accelerate profitable growth in a dynamic marketplace,” said Sandy Douglas, UNFI’s CEO.

Douglas continued, “Looking ahead, our new business pipeline is strong. And we remain committed to continuously improving our effectiveness and efficiency, delivering our updated outlook and strengthening our capabilities to create long-term value for our customers, suppliers, associates, and shareholders.”

Second Quarter Fiscal 2026 Summary

	13-Week Period Ended						Percent Change
($ in millions, except for per share data)	January 31, 2026			February 1, 2025			Percent Change
Net sales	$	7,947		$	8,158		(2.6	)%
Natural	$	4,290		$	4,021		6.7	%
Conventional	$	3,392		$	3,861		(12.1	)%
Retail	$	560		$	610		(8.2	)%
Eliminations	$	(295	)	$	(334	)	(11.7	)%
Net income (loss)	$	20		$	(3	)	N/M
Adjusted EBITDA⁽¹⁾	$	179		$	145		23.4	%
Earnings (loss) per diluted share (EPS)	$	0.31		$	(0.05	)	N/M
Adjusted earnings per diluted share (Adjusted EPS)⁽¹⁾	$	0.62		$	0.22		181.8	%
Net cash provided by operating activities	$	283		$	247		14.6	%
Payments for capital expenditures	$	(40	)	$	(54	)	(25.9	)%
Free cash flow⁽¹⁾	$	243		$	193		25.9	%

N/M - not meaningful
(1)	Please refer to the tables in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Net sales decreased 2.6% in the second quarter of fiscal 2026 compared to the same period in the prior year, and includes an a nearly 500 basis point impact from accretive optimization during the quarter. This was largely driven by an anticipated decrease in conventional sales primarily due to the transition out of the Allentown, Pennsylvania distribution center in the first quarter of fiscal 2026.

Gross profit in the second quarter of fiscal 2026 was $1.0 billion, a decrease of $26 million, or 2.4%, compared to the second quarter of fiscal 2025. The gross profit rate in the second quarter of fiscal 2026 was 13.2% of net sales compared to 13.1% of net sales in the second quarter of fiscal 2025. The gross profit rate was benefitted by network optimization and customer mix as well as higher levels of procurement gains, partially offset by a lower gross margin rate in the Retail segment.

Operating expenses in the second quarter of fiscal 2026 were $972 million, or 12.2% of net sales, compared to $1,031 million, or 12.6% of net sales, in the second quarter of fiscal 2025. The decrease in operating expenses as a percentage of net sales was driven by the benefits from cost saving initiatives, including network optimization and higher levels of distribution center productivity.

Interest expense, net for the second quarter of fiscal 2026 was $32 million compared to $38 million for the second quarter of fiscal 2025 driven by lower average outstanding debt balances.

Effective tax rate for the second quarter of fiscal 2026 was an expense rate of 13.0% on pre-tax income compared to a benefit rate of 60.0% on pre-tax loss for the second quarter of fiscal 2025. The change from the second quarter of fiscal 2025 was primarily driven by the increase in pre-tax income during the second quarter of fiscal 2026.

Net income for the second quarter of fiscal 2026 was $20 million. Net loss for the second quarter of fiscal 2025 was $3 million.

Adjusted EBITDA for the second quarter of fiscal 2026 increased 23.4% to $179 million from $145 million for the second quarter of fiscal 2025.

Net earnings per diluted share was $0.31 for the second quarter of fiscal 2026 compared to net loss per diluted share of $0.05 for the second quarter of fiscal 2025.

Adjusted earnings per share was $0.62 for the second quarter of fiscal 2026 compared to $0.22 in the second quarter of fiscal 2025.

Capital Structure and Financing Overview

Free Cash Flow – Net cash provided by operating activities was $283 million in the second quarter of fiscal 2026 compared to $247 million in the second quarter of fiscal 2025, reflecting higher profitability and more efficient working capital use. The Company made payments of $40 million for capital expenditures in the second quarter of fiscal 2026 compared to $54 million in the second quarter of fiscal 2025, with the lower spending driven by the timing of large-scale capital projects, such as automation. Free cash flow was $243 million in the second quarter of fiscal 2026, compared to free cash flow of $193 million in the second quarter of fiscal 2025.
Net Leverage – Total outstanding debt, net of cash, was $1.68 billion at the end of the second quarter of fiscal 2026, reflecting a decrease of $219 million compared to the end of the first quarter of fiscal 2026 and a decrease of $368 million compared to the end of the second quarter of fiscal 2025. The Net leverage ratio was 2.7x as of January 31, 2026.
Liquidity – As of January 31, 2026, total liquidity was approximately $1.34 billion, consisting of $52 million in cash, plus the unused capacity of approximately $1.29 billion under the Company’s asset-based lending facility.
Repurchase program – During the second quarter of 2026, the Company repurchased 742,622 shares at an average price of $33.66 for an aggregate cost of approximately $25 million.

Fiscal 2026 Outlook ⁽¹⁾

The Company is updating its full-year outlook:

Fiscal Year Ending August 1, 2026 (52 weeks)	Previous Full Year Outlook Provided December 2, 2025	Updated Full Year Outlook
Net sales ($ in billions)	$31.6 - $32.0	$31.0 - $31.4
Net income ($ in millions)	$0 - $50	$50 - $75
EPS⁽²⁾	$0.00 - $0.80	$0.80 - $1.20
Adjusted EPS^(2)(3)(4)	$1.50 - $2.30	$2.30 - $2.70
Adjusted EBITDA⁽⁴⁾($ in millions)	$630 - $700	$680 - $710
Capital and cloud implementation expenditures⁽⁴⁾⁽⁵⁾ ($ in millions)	~ $250	~ $250
Free cash flow⁽⁴⁾⁽⁵⁾ ($ in millions)	~ $300	~ $330

(1)	The outlook provided above is for fiscal 2026 only. This outlook is forward-looking, is based on management’s current estimates and expectations and is subject to a number of risks, including many that are outside of management’s control. This outlook does not include any incremental impact from insurance proceeds. See cautionary Safe Harbor Statement below.
(2)	Earnings per share amounts as presented include rounding.
(3)	The Company uses an adjusted effective tax rate in calculating Adjusted EPS. The outlook for Adjusted EPS reflects a tax rate of 25%. See additional information at the end of this release regarding the non-GAAP financial measure adjusted effective tax rate.
(4)	See additional information at the end of this release regarding non-GAAP financial measures. The Company is unable to provide a full reconciliation for outlook to the most comparable GAAP measure without unreasonable effort due to the difficulty in predicting the amounts for certain adjustment items.
(5)	The components of Capital and cloud implementation expenditures for fiscal 2026 will be primarily dependent on the nature of certain contracts to be executed. As such, the Company is unable to reconcile the outlook for Free cash flow as well as Capital and cloud implementation expenditures in fiscal 2026 to the most directly comparable financial measures calculated in accordance with GAAP.

Conference Call and Webcast

The Company’s second quarter fiscal 2026 conference call and audio webcast will be held today, Tuesday, March 10, 2026 at 8:30 a.m. ET. A webcast of the conference call (and supplemental materials) will be available to the public, on a listen only basis, via the internet at the Investors section of the Company’s website www.unfi.com. The call can also be accessed at (800) 715 - 9871 (conference ID 5462932). An online archive of the webcast (and supplemental materials) will be available for 120 days.

About United Natural Foods

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including under the section entitled “Risk Factors” in the Company’s annual report on Form 10-K for the year ended August 2, 2025 filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2025 and other filings the Company makes with the SEC, and include, but are not limited to, our dependence on principal customers; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing consolidation of retailers and the growth of consumer choices for grocery and consumable purchases; our ability to realize the anticipated benefits of our strategic initiatives; changes in relationships with our suppliers; our ability to develop, implement, operate and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems, and the effectiveness of the Company’s business continuity plans in response to an incident impacting the Company’s technology systems, such as the unauthorized incident on its technology systems; labor and other workforce shortages and challenges; the addition or loss of significant customers or material changes to our relationships with these customers; our ability to realize anticipated benefits of strategic transactions; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; our ability to maintain sufficient volume in our Natural and Conventional businesses to support our operating infrastructure; our ability to access additional capital; increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans; the potential for additional asset impairment charges; our sensitivity to general economic conditions including inflation, tariff policy and changes in disposable income levels and consumer purchasing habits; our ability to timely and successfully deploy our warehouse management system throughout our distribution centers and our transportation management system across the Company and to achieve efficiencies and cost savings from these efforts; the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise; the effect of adverse decisions in, or settlement of, litigation or other proceedings to which we are subject; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; changes in tax laws and regulations, and actions by federal, state and local taxing authorities related to the interpretation and application of such tax laws and regulations; our ability to maintain food quality and safety; and volatility in fuel costs. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so.

Non-GAAP Financial Measures: To supplement the financial information presented on a U.S. generally accepted accounting principles (“GAAP”) basis, the Company has included in this press release the non-GAAP financial measures Adjusted EBITDA, Adjusted EPS, adjusted effective tax rate, Free cash flow, Net leverage ratio and Capital and cloud implementation expenditures. Adjusted EBITDA is a consolidated measure which the Company reconciles by adding Net income (loss) including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, and certain other non-cash charges or other items, as determined by management. Adjusted EPS is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, Goodwill impairment benefits and charges, Restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate, and certain other non-cash charges or items, as determined by management. The adjusted effective tax rate is calculated based on adjusted net income before tax and excludes the potential impact of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. Free cash flow is defined as net cash provided by operating activities less payments for capital expenditures. Net leverage ratio (previously referred to as Net Debt to Adjusted EBITDA leverage ratio) is defined as the total carrying value of the Company’s outstanding short- and long-term debt and finance lease liabilities less net cash and cash equivalents, the sum of which is divided by the trailing four quarters Adjusted EBITDA. Capital and cloud implementation expenditures is defined as the sum of payments for capital expenditures and cloud technology implementation expenditures.

The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures and the calculation of Net leverage ratio are presented in the tables appearing below, where practicable. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting Adjusted EBITDA and Adjusted EPS aids in making period-to-period comparisons, assessing the performance of the Company’s business and understanding the underlying operating performance and core business trends by excluding certain adjustments not expected to recur in the normal course of business or that are not meaningful indicators of actual and estimated operating performance. The Company believes that providing the adjusted effective tax rate gives investors a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. The inclusion of Free cash flow assists investors in understanding the cash generating ability of the Company separate from cash generated by the sale of assets. Net leverage ratio is a commonly used metric that assists investors in understanding and evaluating the Company’s capital structure and changes to its capital structure over time. The Company believes that providing Capital and cloud implementation expenditures provides investors with better visibility into the Company's total investment expenditures. The components of Capital and cloud implementation expenditures for fiscal 2026 will be primarily dependent on the nature of certain contracts to be executed. Management utilizes and plans to utilize these non-GAAP financial measures to compare the Company’s operating performance during fiscal 2026 to the comparable periods in fiscal 2025 and to internally prepared projections. These non-GAAP financial measures may differ from similarly titled measures of other companies.

UNITED NATURAL FOODS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions, except for per share data)

	13-Week Period Ended						26-Week Period Ended
	January 31, 2026			February 1, 2025			January 31, 2026			February 1, 2025
Net sales	$	7,947		$	8,158		$	15,787		$	16,029
Cost of sales		6,901			7,086			13,690			13,919
Gross profit		1,046			1,072			2,097			2,110
Operating expenses		972			1,031			1,968			2,046
Restructuring, acquisition and integration related expenses		8			9			30			21
Loss on sale of assets and other asset charges		9			5			23			11
Operating income		57			27			76			32
Net periodic benefit income, excluding service cost		(6	)		(5	)		(12	)		(10	)
Interest expense, net		32			38			66			74
Other expense (income), net		8			(1	)		8			(3	)
Income (loss) before income taxes		23			(5	)		14			(29	)
Provision (benefit) for income taxes		3			(3	)		(2	)		(7	)
Net income (loss) including noncontrolling interests		20			(2	)		16			(22	)
Less net income attributable to noncontrolling interests		—			(1	)		—			(2	)
Net income (loss) attributable to United Natural Foods, Inc.	$	20		$	(3	)	$	16		$	(24	)

Basic earnings (loss) per share	$	0.32		$	(0.05	)	$	0.26		$	(0.39	)
Diluted earnings (loss) per share	$	0.31		$	(0.05	)	$	0.25		$	(0.39	)

Weighted average shares outstanding:
Basic		60.9			60.2			60.8			59.9
Diluted		62.7			60.2			62.7			59.9

UNITED NATURAL FOODS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par values)

	January 31, 2026			August 2, 2025
ASSETS
Cash and cash equivalents	$	52		$	44
Accounts receivable, net		994			1,093
Inventories, net		1,989			2,095
Prepaid expenses and other current assets		212			191
Total current assets		3,247			3,423
Property and equipment, net		1,682			1,749
Operating lease assets		1,388			1,474
Goodwill		19			19
Intangible assets, net		542			576
Deferred income taxes		158			162
Other long-term assets		209			192
Total assets	$	7,245		$	7,595
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	1,788		$	1,875
Accrued expenses and other current liabilities		310			319
Accrued compensation and benefits		183			227
Current portion of operating lease liabilities		150			173
Current portion of long-term debt and finance lease liabilities		7			8
Total current liabilities		2,438			2,602
Long-term debt		1,713			1,859
Long-term operating lease liabilities		1,356			1,400
Long-term finance lease liabilities		10			11
Pension and other postretirement benefit obligations		14			14
Other long-term liabilities		162			155
Total liabilities		5,693			6,041
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 5.0 shares; none issued or outstanding		—			—
Common stock, $0.01 par value, authorized 100.0 shares; 64.0 shares issued and 60.8 shares outstanding at January 31, 2026; 63.1 shares issued and 60.6 shares outstanding at August 2, 2025		1			1
Additional paid-in capital		666			658
Treasury stock at cost		(111	)		(86	)
Accumulated other comprehensive loss		(41	)		(42	)
Retained earnings		1,036			1,020
Total United Natural Foods, Inc. stockholders’ equity		1,551			1,551
Noncontrolling interests		1			3
Total stockholders’ equity		1,552			1,554
Total liabilities and stockholders’ equity	$	7,245		$	7,595

UNITED NATURAL FOODS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	26-Week Period Ended
(in millions)	January 31, 2026			February 1, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) including noncontrolling interests	$	16		$	(22	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		151			161
Share-based compensation		27			18
Loss (gain) on sale of assets		7			(1	)
Long-lived asset impairment charges		15			1
Net pension and other postretirement benefit income		(12	)		(10	)
Deferred income tax expense		4			—
LIFO charge		10			10
Provision for losses on receivables		28			1
Non-cash interest expense and other adjustments		3			3
Changes in operating assets and liabilities
Accounts and notes receivable		65			(78	)
Inventories		98			(59	)
Prepaid expenses and other assets		60			155
Accounts payable		(89	)		83
Accrued expenses and other liabilities		(138	)		(125	)
Net cash provided by operating activities		245			137
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for capital expenditures		(56	)		(103	)
Proceeds from dispositions of assets		11			5
Payments for investments		(1	)		(2	)
Net cash used in investing activities		(46	)		(100	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under revolving credit line		1,605			1,120
Repayments of borrowings under revolving credit line		(1,743	)		(1,133	)
Repayments of long-term debt and finance leases		(14	)		(7	)
Repurchases of common stock		(25	)		—
Payments of employee restricted stock tax withholdings		(13	)		(9	)
Payments for debt issuance costs		—			(1	)
Distributions to noncontrolling interests		(2	)		(2	)
Net cash used in financing activities		(192	)		(32	)
EFFECT OF EXCHANGE RATE ON CASH		1			(1	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		8			4
Cash and cash equivalents, at beginning of period		44			40
Cash and cash equivalents, at end of period	$	52		$	44
Supplemental disclosures of cash flow information:
Cash paid for interest	$	67		$	77
Cash payments (refunds) for federal, state, and foreign income taxes, net	$	2		$	(1	)
Leased assets obtained in exchange for new operating lease liabilities	$	19		$	283
Leased assets obtained in exchange for new finance lease liabilities	$	—		$	5
Additions of property and equipment included in Accounts payable	$	10		$	19

SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (unaudited) UNITED NATURAL FOODS, INC. Reconciliation of Net income (loss) including noncontrolling interests to Adjusted EBITDA (unaudited)

	13-Week Period Ended						26-Week Period Ended
(in millions)	January 31, 2026			February 1, 2025			January 31, 2026			February 1, 2025
Net income (loss) including noncontrolling interests	$	20		$	(2	)	$	16		$	(22	)
Adjustments to net income (loss) including noncontrolling interests:
Less net income attributable to noncontrolling interests		—			(1	)		—			(2	)
Net periodic benefit income, excluding service cost		(6	)		(5	)		(12	)		(10	)
Interest expense, net		32			38			66			74
Other expense (income), net		8			(1	)		8			(3	)
Provision (benefit) for income taxes		3			(3	)		(2	)		(7	)
Depreciation and amortization		74			81			151			161
Share-based compensation		16			11			27			18
LIFO charge		5			3			10			10
Restructuring, acquisition and integration related expenses⁽¹⁾		8			9			30			21
Loss on sale of assets and other asset charges⁽²⁾		9			5			23			11
Business transformation costs⁽³⁾		13			8			17			26
Cybersecurity incident⁽⁴⁾		(3	)		—			1			—
Other adjustments⁽⁵⁾		—			2			11			2
Adjusted EBITDA	$	179		$	145		$	346		$	279

(1)	Fiscal 2026 primarily reflects distribution center and store closure charges, adjustments to previously recorded multiemployer pension plan withdrawal liabilities and costs associated with certain employee severance and other employee separation costs. Fiscal 2025 primarily reflects costs associated with certain employee severance and other employee separation costs and distribution center and store closure charges.
(2)	Fiscal 2026 primarily includes $5 million in non-cash impairment charges in the second quarter of fiscal 2026 related to the decision to discontinue operations at certain distribution centers, warehouses or offsite storage facilities, a $10 million non-cash asset impairment charge in the first quarter of fiscal 2026 related to the decision to close certain retail store locations and losses on the sales of receivables under the accounts receivable monetization program. Fiscal 2025 primarily includes losses on the sales of receivables under the accounts receivable monetization program.
(3)	Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(4)	The second quarter and year-to-date fiscal 2026 include $7 million and $21 million, respectively, in costs and charges related to the Cybersecurity Incident, of which $6 million and $19 million, respectively, are included within Gross profit and $1 million and $2 million, respectively, are included within Operating expenses in the Condensed Consolidated Statements of Operations. These were partially offset by $10 million and $20 million of insurance recoveries in the second quarter and year-to-date fiscal 2026, respectively, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(5)	Fiscal 2026 reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Condensed Consolidated Statements of Operations. Fiscal 2025 reflects certain estimated accrued legal-related costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.

Reconciliation of Net income (loss) attributable to United Natural Foods, Inc. to Adjusted net income and Adjusted EPS (unaudited)

	13-Week Period Ended						26-Week Period Ended
(in millions, except per share amounts)	January 31, 2026			February 1, 2025			January 31, 2026			February 1, 2025
Net income (loss) attributable to United Natural Foods, Inc.	$	20		$	(3	)	$	16		$	(24	)
Restructuring, acquisition and integration related expenses⁽¹⁾		8			9			30			21
Loss on sale of assets and other asset charges other than losses on sales of receivables⁽²⁾		4			1			14			2
LIFO charge		5			3			10			10
Surplus property depreciation and interest expense⁽³⁾		2			1			2			1
Business transformation costs⁽³⁾		13			8			17			26
Cybersecurity incident⁽⁴⁾		(3	)		—			1			—
Other adjustments⁽⁵⁾		—			2			11			2
Tax impact of adjustments and adjusted effective tax rate⁽⁶⁾		(10	)		(8	)		(27	)		(15	)
Adjusted net income	$	39		$	13		$	74		$	23

Diluted weighted average shares outstanding		62.7			61.7			62.7			61.4
Adjusted EPS⁽⁷⁾	$	0.62		$	0.22		$	1.18		$	0.38

(1)	Fiscal 2026 primarily reflects distribution center and store closure charges, adjustments to previously recorded multiemployer pension plan withdrawal liabilities and costs associated with certain employee severance and other employee separation costs. Fiscal 2025 primarily reflects costs associated with certain employee severance and other employee separation costs and distribution center and store closure charges.
(2)	Loss on sale of assets and other asset charges, as reflected here, does not include losses on sales of receivables under the accounts receivable monetization program, which are included in Loss on sale of assets and other asset charges on the Condensed Consolidated Statements of Operations and are not adjusted in the calculation of Adjusted EPS. Fiscal 2026 primarily includes $5 million in non-cash impairment charges in the second quarter of fiscal 2026 related to the decision to discontinue operations at certain distribution centers, warehouses or offsite storage facilities and a $10 million non-cash asset impairment charge in the first quarter of fiscal 2026 related to the decision to close certain retail store locations.
(3)	Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(4)	The second quarter and year-to-date fiscal 2026 include $7 million and $21 million, respectively, in costs and charges related to the Cybersecurity Incident, of which $6 million and $19 million, respectively, are included within Gross profit and $1 million and $2 million, respectively, are included within Operating expenses in the Condensed Consolidated Statements of Operations. These were partially offset by $10 million and $20 million of insurance recoveries in the second quarter and year-to-date fiscal 2026, respectively, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(5)	Fiscal 2026 reflects accrued costs related to an agreement to settle certain legal proceedings, which are included within Operating expenses in the Condensed Consolidated Statements of Operations. Fiscal 2025 reflects certain estimated accrued legal-related costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.
(6)	Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations.
(7)	Adjusted earnings per share amounts are calculated using actual unrounded figures.

Calculation of Net leverage ratio (unaudited)

(in millions, except ratios)	January 31, 2026
Current portion of long-term debt and finance lease liabilities	$	7
Long-term debt		1,713
Long-term finance lease liabilities		10
Less: Cash and cash equivalents		(52	)
Net carrying value of debt and finance lease liabilities		1,678
Adjusted EBITDA⁽¹⁾	$	619
Net leverage ratio	2.7		x

(1)	Adjusted EBITDA for purposes of this calculation reflects the summation of the trailing four quarters ended January 31, 2026. Refer to the following table for the reconciliation of Adjusted EBITDA trailing four quarters.

Reconciliation of trailing four quarters Net loss including noncontrolling interests to Adjusted EBITDA (unaudited)

(in millions)	52-Week Period Ended January 31, 2026
Net loss including noncontrolling interests	$	(77	)
Adjustments to net loss including noncontrolling interests:
Less net income attributable to noncontrolling interests		(1	)
Net periodic benefit income, excluding service cost		(22	)
Interest expense, net		138
Other expense, net		8
Benefit for income taxes		(34	)
Depreciation and amortization		311
Share-based compensation		52
LIFO benefit		(2	)
Restructuring, acquisition and integration related expenses		103
Loss on sale of assets and other asset charges		54
Business transformation costs		38
Cybersecurity incident		27
Other adjustments		24
Adjusted EBITDA⁽¹⁾	$	619

(1)	Adjusted EBITDA for purposes of this calculation reflects the summation of the trailing four quarters ended January 31, 2026.

Reconciliation of Net cash provided by operating activities to Free cash flow (unaudited)

	13-Week Period Ended						26-Week Period Ended
(in millions)	January 31, 2026			February 1, 2025			January 31, 2026			February 1, 2025
Net cash provided by operating activities	$	283		$	247		$	245		$	137
Payments for capital expenditures		(40	)		(54	)		(56	)		(103	)
Free cash flow	$	243		$	193		$	189		$	34

Reconciliation of Payments for capital expenditures to Capital and cloud implementation expenditures (unaudited)

	13-Week Period Ended				26-Week Period Ended
(in millions)	January 31, 2026		February 1, 2025		January 31, 2026		February 1, 2025
Payments for capital expenditures	$	40	$	54	$	56	$	103
Cloud technology implementation expenditures⁽¹⁾		8		1		9		5
Capital and cloud implementation expenditures	$	48	$	55	$	65	$	108

(1)	Cloud technology implementation expenditures are included in operating activities in the Condensed Consolidated Statements of Cash Flows.

Reconciliation of estimated 2026 and actual 2025 U.S. GAAP effective tax rate to adjusted effective tax rate (unaudited)

	Estimated Fiscal 2026		Actual Fiscal 2025
U.S. GAAP effective tax rate	20	%	25	%
Discrete quarterly recognition of GAAP items⁽¹⁾	4	%	(1	)%
Tax impact of other charges and adjustments⁽²⁾	5	%	(13	)%
Changes in valuation allowances⁽³⁾	(4	)%	5	%
Other⁽⁴⁾	—	%	—	%
Adjusted effective tax rate⁽⁴⁾	25	%	16	%

Note: As part of the year-end reconciliation, we update the reconciliation of the GAAP effective tax rate for actual results.
(1)	Reflects changes in tax laws, uncertain tax positions, the tax impacts related to the exercise of share-based compensation awards and any prior-year deferred tax or payable adjustments. This includes prior-year Internal Revenue Service or other tax jurisdiction audit adjustments.
(2)	Reflects the tax impact of pre-tax adjustments that are excluded from pre-tax income when calculating Adjusted EPS.
(3)	Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations.
(4)	The Company establishes an estimated adjusted effective tax rate at the beginning of the fiscal year based on the best available information. The Company re-evaluates its estimated adjusted effective tax rate as appropriate throughout the year and adjusts for any material changes. The actual adjusted effective tax rate at the end of the fiscal year is based on actual results and accordingly may differ from the estimated adjusted effective tax rate used during the year.

INVESTOR CONTACTS:
Steve Bloomquist
Vice President, Investor Relations
952-828-4144 sbloomquist@unfi.com

Kristyn Farahmand
Chief Strategy Officer
612-439-6625 kristyn.farahmand@unfi.com

Source: United Natural Foods, Inc.