US Foods (USFD) · Q2 2026 results and valuation

At 5.0% growth a year (3-year revenue growth), the model's fair value is $48.72 a share — the stock trades 125% above it. Today's price assumes 13.3% growth a year.

1. Key theme

   The company reported that focus on net new account generation serves as the lifeblood of growth and indicates a "feel really good" sentiment regarding continued growth.

   Source quote

   “Our teams have really focused on that over the past couple of years, and you're seeing that continue to gain... At the heart of it is our net new account generation, which has always been the lifeblood of our growth. Really confident that we're going to continue to...”

2. Guidance

   The company expects growing demand for AI model insights to support stronger sales execution, deeper customer engagement, and sustained growth over time.

   Source quote

   “As the AI model continues to learn and scale, we expect these insights to become increasingly valuable, supporting stronger sales execution, deeper customer engagement and sustained growth over time.”

3. Guidance

   The company expects adjusted EPS to grow faster than adjusted EBITDA over time because it has done so for several years due to earnings growth and disciplined deployment.

   Source quote

   “We expect adjusted EPS to grow faster than adjusted EBITDA over time as it has for the past several years, supported by earnings growth and the disciplined deployment...”

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 96% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“Second quarter adjusted EBITDA grew 10.2% to a record $604 million, driven by volume growth with our target customer types and progress on our continuous improvement efforts to increase gross...”

“Adjusted gross profit per case increased $0.41 or 5% compared to the prior year, supported by profitable volume growth and our self-help initiatives, including strategic vendor management and improved inventory...”

“Across the business our teams are applying a continuous improvement mindset while leveraging investments in technology, including artificial intelligence to raise customer service levels, improve productivity and create a stronger...”