United Natural Foods, Inc.

Worth knowing

• Profit growing, cash flow isn't. Profit +250% since FY Jul 2023 (an unusually weak year for profit), operating cash flow −13%.Profit +250% since FY Jul 2023, operating cash flow −13%.

  United Natural Foods's reported profit rose 250% since FY Jul 2023, but the cash its operations generate changed −13%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).United Natural Foods's reported profit rose 250% since FY Jul 2023, but the cash its operations generate changed −13%. When profit and cash diverge like this, it's worth understanding why.

• Stock pay outran buybacks. Stock-based pay expense $143M vs $50M spent repurchasing shares over the 3 fiscal years to FY Jul 2026. Shares outstanding changed +3.1% from July 2023 to September 2026.

  Over three fiscal years United Natural Foods recorded $143M of stock-based pay expense and spent $50M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years United Natural Foods recorded $143M of stock-based pay expense and spent $50M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

  United Natural Foods made a profit per share in its latest year after a loss the year before.

• Profits growing faster than sales. Since FY Jul 2023: revenue +2.9%, operating profit +76%.

  Since FY Jul 2023, United Natural Foods's revenue grew 2.9% while operating profit grew 76%: each extra dollar of sales is adding more profit.