USFD · 10-K filed 12 Feb 2026 · year to 27 Dec 2025

US Foods Holding

23 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Group purchasing organizations (GPOs)

earns from · approximately 27% of our net salesnamed as a risk

In fiscal year 2025, GPOs accounted for approximately 27% of our net sales.Business (Item 1)

Also named by BAX, BDX, BSX, CDW, EW, GMED, GWW, SYY and 1 more

Single largest GPO

concentrated in · approximately 14% of our net salesnamed as a risk

While no single customer represented more than 2% of our total net sales in fiscal year 2025, approximately 27% of our net sales in fiscal year 2025 were made to customers under terms negotiated by GPOs (including approximately 14% of our net sales in fiscal year 2025 that were made to customers that are members of a single GPO).Risk factors (Item 1A)

Top 50 customers

concentrated in · approximately 42% of our net sales

Sales to our top 50 customers, including group purchasing organizations (“GPOs”), represented approximately 42% of our net sales in fiscal year 2025.Business (Item 1)

U.S. federal government

earns fromnamed as a risk

Our customers include several departments of the U.S. federal government, as well as certain state and local governmental entities.Business (Item 1)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

Independent restaurants

earns fromnamed as a risk

Our most profitable customers are independent restaurants.Risk factors (Item 1A)

Partners and platforms

FedEx

depends on

Customers can explore a wide array of products delivered right to their door via FedEx.Business (Item 1)

Also named by DKS, O, SNX

Other companies

International Brotherhood of Teamsters

approximately 6,600named as a risk

We employed approximately 30,000 associates as of December 27, 2025, of which approximately 6,600 were members of local unions associated with the International Brotherhood of Teamsters and other labor organizations.Risk factors (Item 1A)

Also named by R, UPS, XPO

Jake's Finer Foods

$92 millionnamed as a risk

On January 10, 2025, USF completed the acquisition of Jake’s Finer Foods and Gourmet Ranch in Houston, Texas, for a purchase price of $92 million.Business (Item 1)

Shetakis

$46 millionnamed as a risk

On November 14, 2025, USF completed the acquisition of Shetakis, for a purchase price of $46 million.Business (Item 1)

Hazards

Hurricanes

operates innamed as a risk

Some of our facilities and our customers’ and suppliers’ facilities are located in areas that may be subject to extreme, and occasionally prolonged, weather conditions, including hurricanes, flooding, tornadoes, blizzards, and extreme cold.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Food-borne illness

named as a risk

If patrons of our customers become ill from food-borne illnesses, our customers could be forced to temporarily close locations and our sales would correspondingly decrease.Risk factors (Item 1A)

Also named by CMG

Commodities and inputs

Diesel fuel

exposed to its price · approximated $174 millionnamed as a risk

Fuel costs related to outbound deliveries approximated $174 million during the fiscal year ended December 27, 2025.Market risk (Item 7A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Diesel fuel

exposed to its price · approximately $11 millionnamed as a risk

Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $11 million in additional fuel cost on uncommitted volumes through December 2026.Market risk (Item 7A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Term SOFR

exposed to its price · approximately $19 million per yearnamed as a risk

A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $19 million per year (see Note 9, Debt, in our consolidated financial statements).Market risk (Item 7A)

Also named by BWIN, CLH, DORM, DPZ, DY, ECG, HUBB, IBP and 9 more

Meats and seafood

earns from · $ 13,974

Meats and seafood $ 13,974 $ 12,930 $ 11,953Business (Item 1)

Regulators

Office of Federal Contract Compliance Programs

subject tonamed as a risk

Furthermore, as a government contractor, we are subject to oversight by the Department of Labor’s Office of Federal Contract Compliance Programs, which reviews our employment practices.Risk factors (Item 1A)

U.S. Food and Drug Administration (FDA)

subject to

Our distribution facilities must be registered with the FDA and are subject to periodic government agency inspections by federal and/or state authorities.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. Department of Agriculture (USDA)

subject to

These units are registered with and inspected by the USDA (with respect to meat and poultry) and the FDA (with respect to produce and seafood) as applicable.Business (Item 1)

Also named by AGM, BJ, CAG, CALM, CASH, CB, DLTR, FLO and 11 more

Federal Motor Carrier Safety Administration

subject to

We must comply with the regulations promulgated by the Federal Motor Carrier Safety Administration, including those relating to drug and alcohol testing and hours of service for our drivers.Business (Item 1)

Also named by CASY, CVLG, ET, FDXF, HTLD, IOT, JBHT, LSTR and 5 more

Laws and programs

Collective bargaining agreements

approximately 6,600, or 22%, of our associatesnamed as a risk

As of December 27, 2025, we were party to 58 collective bargaining agreements (“CBAs”) covering approximately 6,600, or 22%, of our associates working at 33 (or 43%) of our distribution facilities, 4 of our broadline support business production facilities and 24 of our cash and carry locations.Business (Item 1)

Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more

Tariffs on imported food and packaging

exposed to its pricenamed as a risk

At the same time, tariffs on imported ingredients, packaging and equipment are impacting costs.Business (Item 1)

Food Safety Modernization Act

subject to

We are subject to various laws and regulations relating to the manufacturing, processing, handling, storage, transportation, sale, advertising and labeling of food products, including the applicable provisions of the Federal Food, Drug and Cosmetic Act; Bioterrorism Act; Food Safety Modernization Act; Federal Meat Inspection Act; Poultry Products Inspection Act; Perishable Agricultural Commodities Act; Country of Origin Labeling Act; regulations issued by the U.S. Food and Drug Administration (“FDA”) and the U.S. Department of Agriculture (“USDA”), and other federal, state and local laws and regulations relating to our operations and products that could restrict the sale of certain products or result in enforcement actions by federal, state and local government agencies under applicable standards.Business (Item 1)

Also named by CHD, CVLG, HTLD, MKC, SJM, SYY, TXRH

Technology

MOXē

depends on

MOXē® is an industry leading platform that makes it easy for our customers to transact with us and run their businesses.Business (Item 1)