US Foods Files 2024 10-K

TL;DR

US Foods dropped its 2024 10-K. Full financials out.

AI Summary

US Foods Holding Corp. filed its 2024 10-K report on February 13, 2025, detailing its fiscal year ending December 28, 2024. The company, a major wholesale grocer, operates out of Rosemont, Illinois. The filing covers its financial performance and business operations for the fiscal year 2024.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of US Foods' financial health, operational performance, and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and forward-looking statements, typical for a publicly traded company.

Key Numbers

• 20241228 — Fiscal Year End (The end date of the reporting period.)
• 20250213 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• US Foods Holding Corp. (company) — Filer of the 10-K report
• 20241228 (date) — Fiscal year end date
• 20250213 (date) — Filing date
• Rosemont, IL (location) — Company headquarters location

FAQ

Key Financial Figures

• $0.01 — h r egistered Common Stock, par value $0.01 per share USFD New York Stock Exchange
• $220 million — r in Tennessee, for a purchase price of $220 million (less the amount of cash received, whic
• $6 million — the amount of cash received, which was $6 million) for a net purchase price of $214 milli
• $214 m — $6 million) for a net purchase price of $214 million, subject to adjustments. The acqu

Filing Documents

• usfd-20241228.htm (10-K) — 2496KB
• insidertradingpolicyex19.htm (EX-19) — 234KB
• usfd12282024ex211.htm (EX-21.1) — 21KB
• usfd12282024ex231.htm (EX-23.1) — 3KB
• usfd12282024ex311.htm (EX-31.1) — 8KB
• usfd12282024ex312.htm (EX-31.2) — 8KB
• usfd12282024ex321.htm (EX-32.1) — 4KB
• usfd12282024ex322.htm (EX-32.2) — 4KB
• usfd-20241228_g1.jpg (GRAPHIC) — 206KB
• usfd-20241228_g2.jpg (GRAPHIC) — 138KB
• 0001665918-25-000017.txt ( ) — 16239KB
• usfd-20241228.xsd (EX-101.SCH) — 97KB
• usfd-20241228_cal.xml (EX-101.CAL) — 154KB
• usfd-20241228_def.xml (EX-101.DEF) — 543KB
• usfd-20241228_lab.xml (EX-101.LAB) — 1180KB
• usfd-20241228_pre.xml (EX-101.PRE) — 928KB
• usfd-20241228_htm.xml (XML) — 2599KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 35

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 36

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Controls and Procedures

Item 9A. Controls and Procedures 79

Other Information

Item 9B. Other Information 81

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 82

Executive Compensation

Item 11. Executive Compensation 82

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 82

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 83 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 84

Form 10-K Summary

Item 16. Form 10-K Summary 88

Signatures

Signatures 89 Basis of Presentation We operate on a 52 or 53-week fiscal year, with all periods ending on a Saturday. When a 53-week fiscal year occurs, we report the additional week in the fiscal fourth quarter. The fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022 are also referred to herein as fiscal years 2024, 2023 and 2022, respectively. Our fiscal years 2024, 2023 and 2022 were 52-week fiscal years.

Forward-Looking Statements

Forward-Looking Statements Statements in this Annual Report on Form 10-K ("Annual Report") which are not historical in nature are "forward-looking statements" within the meaning of the federal securities laws. These statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "outlook," "estimate," "target," "seek," "will," "may," "would," "should," "could," "forecast," "mission," "strive," "more," "goal," or similar expressions (although not all forward-looking statements may contain such words) and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments. However, you should understand that these statements are not guarantees of performance or results, and there are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties, and other factors set forth in Item 1A of Part I, "Risk Factors," and Item 7 of Part II, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of this Annual Report. In light of these risks, uncertainties, and other important factors, the forward-looking statements in this Annual Report might not prove to be accurate, and you should not place undue reliance on them. All forward-looking statements attributable to us, or others acting on our behalf, are expressly qualified in their entirety by the cautionary statements above and contained elsewhere in this Annual Report. All of these statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law. Comparisons of results between current and prior periods are not intended to express any future trends, o

Business

Item 1. Business US Foods Holding Corp. and its consolidated subsidiaries are referred to in this Annual Report as "we," "our," "us," the "Company," or "US Foods." US Foods Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. ("USF") and its subsidiaries. Our Company At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our brand promise of WE HELP YOU MAKE IT , which is centered on bringing four key elements to the forefront for our customers; (1) more quality products, including our large portfolio of exclusive brands, (2) more tools, centering on our MOX business platform, (3) more support from our sellers and our team of experts and lastly, (4) more deliveries, enabled by our traditional broadline services and Pronto program. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We have centralized activities where scale matters and our local field structure focuses on customer-facing activities. We supply approximately 250,000 customer locations nationwide. These customer locations include independent restaurants, chain restaurants, healthcare, hospitality, education and other customers. We provide fresh, frozen, and dry food products, as well as non-food items, sourced from thousands of suppliers. Approximately 4,000 sales associates manage customer relationships at local, regional, and national levels. Our sales associates are supported by sophisticated marketing and category management capabilities, as well as a sales support team that includes world-class chefs and restaurant operations consultants, new business development managers and others that help us provide more comprehensive service to our customers. Our relationship wi