The in-line Q4 print and FY2027 guidance midpoint for Adjusted EBITDA ($755M) exceeding the prior Investor Day target by $25M signal operational momentum. The $200M buyback authorization (7.4% of market cap) provides a floor. Monitor the pace of revenue recovery as optimization actions cycle off in fiscal 2027.
Price Chart
Executive Summary
UNFI reported Q4 fiscal 2026 results with net sales of $7.64B (down 0.7% YoY) and GAAP EPS of $0.57, while Adjusted EPS came in at $0.69, in line with consensus. Full-year Adjusted EBITDA grew 27% to $701M, net leverage improved to 2.2x, and the company issued fiscal 2027 guidance calling for Adjusted EBITDA of $730-$780M (midpoint $25M above prior Investor Day target). The Board also authorized a new $200M share repurchase program. The combination of in-line results, a deleveraged balance sheet, and a constructive FY2027 outlook supports a bullish read, though revenue remains under pressure from optimization actions.
Key Financial Metrics
Key Facts
- Q4 net sales decreased 0.7% YoY to $7.64B, with a ~500bps headwind from planned optimization actions
- GAAP diluted EPS was $0.57 vs a loss of $1.43 in the prior year; Adjusted EPS was $0.69, in line with consensus
- Full-year Adjusted EBITDA grew 27% to $701M; net leverage improved to 2.2x from 2.5x at Q3
- Board authorized a new $200M share repurchase program, replacing the prior program from September 2022
- Fiscal 2027 guidance: net sales $31.2-$31.8B, Adjusted EBITDA $730-$780M, Adjusted EPS $3.00-$3.50, free cash flow $275-$325M
Financial Impact
Full-year Adjusted EBITDA of $701M, up 27% YoY; net debt reduced by $295M during fiscal 2026 to $1.54B; new $200M buyback authorization
Risk Factors
- Revenue still declining YoY (down 0.7% in Q4, down 2.0% for FY2026) due to ongoing network optimization and project unwind
- Higher capex guidance for FY2027 ($300M vs $252M in FY2026) may pressure free cash flow conversion
- Execution risk on onboarding new business to return to revenue growth in fiscal 2027
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001020859-26-000022 |
| Document: unfi-20260903.htm | 0001020859-26-000022 |
| Document: 0001020859-26-000022-index-headers.html | 0001020859-26-000022 |
| Document: 0001020859-26-000022-index.html | 0001020859-26-000022 |
| Document: 0001020859-26-000022.txt | 0001020859-26-000022 |
| 8-K Data (Synthetic) | 0001020859-26-000022 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 8, 2026 7w ago | 8-K | $44.93 $45.23 | ▲ +0.67% | ▲ +1.33% | $48.32 (+7.55%) |
Jul 9, 2026 15w ago | 8-K | $47.94 $50.19 | ▲ +4.69% | ▲ +4.83% | $48.32 (+0.79%) |
Jun 22, 2026 18w ago | 8-K | $51.02 $49.13 | ▼ −3.70% | ▼ −1.64% | $48.32 (−5.29%) |
Jun 9, 2026 20w ago | 8-K | $46.33 $50.33 | ▲ +8.63% | ▲ +6.22% | $48.32 (+4.30%) |
Feb 20, 2026 35w ago | Court Ruling | $38.24 $38.62 | ▲ +0.99% | ▲ +0.41% | $48.32 (+26.36%) |
Feb 20, 2026 35w ago | Court Ruling | $38.24 $38.62 | ▲ +0.99% | ▲ +0.41% | $48.32 (+26.36%) |
US Market Status
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