United Natural Foods, Inc. (UNFI) Earnings Call Transcripts

United Natural Foods, Inc.'s Latest Earnings Call - Q3 FY2026

In the third quarter of fiscal 2026, United Natural Foods, Inc. (UNFI) reported revenues of approximately $7.7 billion, reflecting a 4.2% decline year-over-year, primarily due to strategic optimization actions. However, adjusted EBITDA grew nearly 17% to $183 million, leading to an adjusted EPS of $0.77, up from $0.44 a year ago. Management reiterated their guidance for fiscal 2026, maintaining confidence in a return to low single-digit sales growth in fiscal 2027, driven by ongoing investments in supply chain capabilities and customer differentiation strategies.

Reported metrics

Guidance from management

Management maintained their guidance for fiscal 2026 and expects a return to low single-digit sales growth in fiscal 2027, supported by ongoing investments in supply chain capabilities and customer differentiation strategies.

What management said

And John, on natural, the sequential step down from 6 and change percent to 4% and change, again, in the mid-single digit, is really driven by 200 basis points of unwind of the project-based work. More interesting, though, if you look at the 2-year stack, you see a consistent growth in the mid-teens over the last 5 quarters. So while, again, the project-based work could create a bit of ups and downs over the last 5 q...

Yes, Mark, it's Matteo. Maybe a couple of additional thoughts. So the first one just to reinforce the -- on the health of the customers. When you look at the natural customers, so deeply into the [indiscernible] $90 billion market. The 2-year stack points to a mid-teens growth for 5 consecutive quarters. So when you combine that trend, the resilience of the $90 billion market, that's where we have the confidence in t...

What analysts pressed on

Analysts expressed concerns regarding consumer demand pressures, particularly in lower socioeconomic segments, and the potential impact of rising fuel costs on margins. Additionally, there were questions about the sustainability of sales growth in the conventional product segment amidst ongoing optimization efforts.

Main topics on the call

• Revenue Decline — UNFI's revenue decreased by 4.2% year-over-year, attributed to a 450 basis point impact from optimization actions. Management stated, "Our underlying business performed in line with our estimate for our target addressabl...
• Profitability Improvement — Despite revenue decline, adjusted EBITDA increased by nearly 17% to $183 million, with an adjusted EBITDA margin of approximately 2.4%. This growth was driven by reduced operating expenses and improved gross margins, whi...
• Free Cash Flow Generation — UNFI generated strong free cash flow of $54 million for the quarter, bringing the year-to-date total to $243 million, an increase of $90 million from the prior year. This allowed for a reduction in net leverage to 2.5 tu...
• Guidance for Fiscal 2027 — Management reiterated their outlook for fiscal 2026 and indicated a return to low single-digit sales growth in fiscal 2027, stating, "We expect that our broader wholesale business will return to sales growth next fiscal ...

Read the full United Natural Foods, Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 33 United Natural Foods, Inc. earnings call transcripts on record, spanning March 11, 2020 to September 15, 2026. Based on this history, United Natural Foods, Inc. reports quarterly. The most recent call on file is dated September 15, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

UNFI

Exchange

NYSE

Country

US

Sector

Consumer Staples

Industry

Consumer Staples Distribution and Retail

Calls on record

33

First call

March 11, 2020

Most recent

September 15, 2026

Reporting cadence

quarterly