The earnings call reflects strong financial performance with significant sales and EBITDA growth, successful cost management, and effective debt reduction. However, these positives are tempered by challenges such as a major cybersecurity incident and the costly termination of a significant contract. While the highlights indicate robust operational improvements, the severity of the cybersecurity breach and contract termination create uncertainty for future performance.

Company Guidance

During the UNFI Third Quarter 2025 Earnings Call, the company reported notable financial metrics, including a 7.5% increase in third-quarter sales, reaching nearly $8.1 billion, and a 21% rise in adjusted EBITDA to $157 million. This growth was driven primarily by the Wholesale Natural Products business, which saw a 12% increase. The adjusted EBITDA margin rate also improved to 2%, marking the highest in two years. Additionally, UNFI achieved a year-over-year improvement in free cash flow, generating $190 million in the quarter, and reduced net leverage by 1.3 turns compared to the previous year. Despite the positive financial performance, the company faced a significant challenge due to unauthorized activity on certain IT systems, which required an incident response and containment measures. The company maintained its guidance for net sales, adjusted EBITDA, free cash flow, and capital investments, although it revised GAAP net income and EPS to account for costs associated with the termination of the Northeastern distribution agreement with Key Food.

Sales and EBITDA Growth

Third quarter sales grew by 7.5% to nearly $8.1 billion. Adjusted EBITDA grew by 21% compared to the prior year quarter to $157 million, with an adjusted EBITDA rate increase to 2%, the highest in 2 years.

Free Cash Flow and Debt Reduction

Generated $190 million in free cash flow in the quarter, approximately $70 million more than last year's third quarter. Year-to-date free cash flow is approximately $150 million, reducing net leverage to 3.3 turns, about 1.3 turns below a year ago.

Wholesale Natural Products Business Growth

Sales in the Wholesale Natural Products business increased by 12% compared to last year's third quarter, reflecting higher sales and category penetration with existing customers.

Cost Management and Lean Implementation

Implemented Lean Daily Management in 20 of 52 distribution centers, improving safety, quality, delivery, and cost with a 50 basis point decline in operating expenses as a percentage of net sales.

United Natural Foods (UNFI) Earnings, Revenues Date & History

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UNFI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 07, 2025	2025 (Q4)	-0.18 / -	0.01	―	―	―
Jun 10, 2025	2025 (Q3)	0.22 / 0.44	0.1	340.00% (+0.34)
Mar 11, 2025	2025 (Q2)	0.18 / 0.22	0.07	214.29% (+0.15)
Dec 10, 2024	2025 (Q1)	-0.02 / 0.16	-0.04	500.00% (+0.20)
Oct 01, 2024	2024 (Q4)	-0.08 / 0.01	-0.25	104.00% (+0.26)
Jun 05, 2024	2024 (Q3)	0.01 / 0.10	0.54	-81.48% (-0.44)
Mar 06, 2024	2024 (Q2)	-0.02 / 0.07	0.78	-91.03% (-0.71)
Dec 06, 2023	2024 (Q1)	-0.32 / -0.04	1.13	-103.54% (-1.17)
Sep 26, 2023	2023 (Q4)	-0.39 / -0.25	1.27	-119.69% (-1.52)
Jun 07, 2023	2023 (Q3)	0.65 / 0.54	1.1	-50.91% (-0.56)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UNFI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 10, 2025	$25.94	$23.30	-10.18%
Mar 11, 2025	$25.83	$24.57	-4.88%
Dec 10, 2024	$24.68	$29.62	+20.02%
Oct 01, 2024	$16.82	$21.96	+30.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.