Earnings Call Intelligence Subscribe
Home › Call Sheets › UNFI › Q4'26
Call sheet · Q4'26

United Natural Foods (UNFI)

Q4'26 earnings call · held September 8, 2026 · compared with the Q3'26 call · management-credibility review
-
Disclosure score
-
Financial quality
Bottom line
The strongest evidence is improved cash generation without another large aggregate working-capital release, alongside lower debt. The constraint is earnings durability: GAAP benefits, recurring exclusions and rising receivable provisions complicate the recovery. FY2027’s cash-flow midpoint is below FY2026 actuals as investment rises; delivery should be judged against the new annual commitments, not assumed from last year’s success. [1][3]

What changed this quarter

MetricQ3'26Q4'26Change
Revenue$7.696 billion, Q4 FY2025$7.642 billion, Q4 FY2026Down $54 million, or 0.7%, year over year-not a Q3-to-Q4 comparison. [3]
GAAP net income and diluted EPSLoss of $87 million; loss per share of $1.43, Q4 FY2025Income of $35 million; EPS of $0.57, Q4 FY2026The GAAP recovery includes operating improvement and changes in separately identified charges and gains. [3]
Management-adjusted EBITDA$116 million, Q4 FY2025$172 million, Q4 FY2026Up 48.3% year over year; the prior-year cyber disruption limits the usefulness of this growth rate as a steady-state benchmark. [3]
Operating cash flow / free cash flow$160 million / $86 million, Q4 FY2025$197 million / $80 million, Q4 FY2026Operating cash increased $37 million, but capital payments increased $43 million. [3]
FY2027 adjusted EBITDA outlook$730 million implied Investor Day target, as described by current management$730-$780 million; midpoint $755 millionManagement reports a $25 million increase versus Investor Day; the original Investor Day materials were not supplied. This is guidance, not realized growth. [1][3]

Accountability tracked

3 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full UNFI Q4'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.