US Foods repurchased $500M of shares year-to-date, $374M in Q2
Foodservice distributor continues disciplined capital deployment while maintaining 2.6x net leverage
What the filing says
US Foods Holding Corp. (USFD) repurchased approximately $500 million of common shares during the first six months of fiscal year 2026, including $374 million during the second quarter ended June 27, 2026, according to the company's earnings announcement filed August 6, 2026. The buybacks included fees, commissions, and any related excise tax.
In the second quarter alone, the company repurchased 4.4 million shares at an average price of approximately $85 per share. Year-to-date through the first six months, US Foods repurchased 5.8 million shares. The company disclosed $640 million in remaining authorized funds under its November 2025 share repurchase program.
CFO Dirk Locascio stated that "Year-to-date, we invested $174 million in capital expenditures and repurchased approximately $500 million of shares, while maintaining our net leverage at 2.6 times." The share repurchases occurred alongside the company's operational performance, which included net sales growth of 4.5% to $10.5 billion, Adjusted EBITDA growth of 10.2% to $604 million, and Adjusted Diluted EPS growth of 21.0% to $1.44 for the second quarter.
Year-to-date, we invested $174 million in capital expenditures and repurchased approximately $500 million of shares, while maintaining our net leverage at 2.6 times. — US Foods Holding Corp. 8-K filing · View on SEC EDGAR →
What this means
US Foods deployed $500 million of the $640 million remaining under its November 2025 authorization during the first half of fiscal 2026, repurchasing 5.8 million shares while generating strong operational cash flow and maintaining its target net leverage ratio. The buyback represents a disciplined capital-allocation strategy: the company generated $725 million in operating cash flow in the first six months, invested $174 million in capex, and returned $500 million to shareholders through repurchases. This deployment occurred as the company maintained net debt at $5.2 billion (2.6x Adjusted EBITDA), in line with its stated commitment to balanced capital management.</what_this_means> <parameter name="faqs">[ { "question": "How many shares did US Foods repurchase in the first half of 2026?", "answer": "US Foods repurchased approximately 5.8 million shares for $500 million during the first six months of fiscal 2026, including $374 million in the second quarter for 4.4 million shares. This includes fees, commissions, and any related excise tax." }, { "question": "What authorization amount remains for future repurchases?", "answer": "As of the end of Q2 2026, US Foods had $640 million remaining under its November 2025 share repurchase program authorization." }, { "question": "How does the buyback fit into US Foods' overall capital strategy?", "answer": "The company balanced capital deployment by investing $174 million in capex and repurchasing $500 million in shares while maintaining net leverage at 2.6x Adjusted EBITDA. CFO Locascio noted the company deployed strong and accelerating cash flow with discipline to compound earnings growth over time." }, { "question": "What was the average price paid per share in the second quarter?", "answer": "Based on the disclosure that US Foods repurchased 4.4 million shares for $374 million in Q2, the average price per share was approximately $85. For the year-to-date period, 5.8 million shares at $500 million yields an average of approximately $86.21 per share." }, { "question": "What mechanism did US Foods use for the repurchases?", "answer": "The filing does not specify the execution mechanism (Rule 10b-18 open-market purchases, ASR, 10b5-1 plan, or tender offer) used for the repurchases in the first half of fiscal 2026." }, { "question": "How did the buyback impact share count and EPS?", "answer": "The repurchases reduced weighted-average diluted shares outstanding from 233.0 million in Q2 2025 to 220.5 million in Q2 2026, a reduction of 12.5 million shares year-over-year. Diluted EPS grew 29.2% to $1.24 in Q2 2026, aided by both operational performance and share-count reduction." } ]