The Chefs 'Warehouse, Inc. (Chef): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde culinaire de The Chefs 'Warehouse, Inc. (Chef), une centrale gastronomique qui transforme la façon dont les cuisines professionnelles se procurent leurs ingrédients. Cette entreprise innovante a révolutionné la distribution des aliments en créant un écosystème complet qui relie les producteurs spécialisés, les chefs exigeants et les professionnels culinaires de pointe grâce à un modèle commercial complexe qui va bien au-delà de la simple livraison de produits. Des ingrédients artisanaux rares aux solutions technologiques avancées, le chef a conçu une approche unique qui sert de squelette critique pour les opérations de service alimentaire les plus exigeantes et les plus créatives à travers les États-Unis.

The Chefs 'Warehouse, Inc. (Chef) - Modèle d'entreprise: partenariats clés

Fournisseurs d'aliments spécialisés et producteurs artisanaux

L'entrepôt des chefs maintient des partenariats avec plus de 300 fournisseurs d'aliments spécialisés et producteurs d'artisanaux à travers l'Amérique du Nord et l'Europe.

Catégorie de partenariat	Nombre de partenaires	Portée géographique
Producteurs de fromages artisanaux	78	États-Unis, Canada, France
Fournisseurs de viande spécialisés	62	États-Unis, Italie, Espagne
Fournisseurs de produits gastronomiques	95	Californie, Pacifique Nord-Ouest, nord-est des États-Unis

Fabricants d'équipements de restauration

L'entreprise collabore avec les principaux fabricants d'équipements de restauration pour fournir des solutions complètes.

• Les meilleurs partenariats du fabricant d'équipements comprennent le groupe Hobart, Rational et Ali
• Revenus de partenariat de l'équipement annuel: 42,3 millions de dollars
• Le réseau de distribution d'équipement s'étend 26 États

Distributeurs alimentaires locaux et internationaux

L'entrepôt des chefs exploite un réseau de distribution complexe avec des partenariats stratégiques.

Réseau de distribution	Nombre d'emplacements	Volume de distribution annuel
Centres de distribution des États-Unis	14	1,2 million de cas par an
Partenaires de distribution internationaux	7	186,5 millions de dollars de revenus internationaux

Écoles culinaires et établissements de formation hôtelière

Les partenariats éducatifs stratégiques soutiennent le développement de l'industrie et le pipeline de talents.

• Partenariats avec 42 écoles culinaires à l'échelle nationale
• Programmes de formation en collaboration: 18 programmes actifs
• Investissement annuel dans des partenariats éducatifs: 2,7 millions de dollars

Fournisseurs de technologies pour les systèmes de gestion des stocks

Les partenariats technologiques améliorent l'efficacité opérationnelle et le service client.

Partenaire technologique	Capacité du système	Année de mise en œuvre
SÈVE	Planification des ressources d'entreprise	2019
Oracle	Gestion des stocks	2020
Associés de Manhattan	Gestion des entrepôts	2021

The Chefs 'Warehouse, Inc. (chef) - Modèle d'entreprise: activités clés

Spécialité des produits alimentaires Sourcing et distribution

En 2023, l'entrepôt des chefs a distribué des produits alimentaires dans 48 États et 2 provinces canadiennes. Le portefeuille de produits total comprend plus de 55 000 aliments spéciaux uniques.

Métrique de distribution	2023 données
Centres de distribution totaux	17
SKUS de produits annuels	55,000+
Couverture géographique	48 États américains, 2 provinces canadiennes

Gestion des stocks et logistique

La société exploite un système de suivi des stocks sophistiqué avec des capacités de surveillance en temps réel.

• Capacité de stockage de l'entrepôt: 500 000 pieds carrés
• Taux de rotation des stocks: 12-15 fois par an
• Stockage à température contrôlée pour les produits spécialisés

Gestion de la relation client

En 2023, l'entrepôt des chefs dessert environ 35 000 clients de restaurants et d'accueil.

Segment de clientèle	Nombre de clients
Restaurants	25,000
Entreprises hôtelières	10,000

Contrôle et conservation de la qualité des produits

L'équipe d'assurance qualité se compose de 75 experts alimentaires spécialisés qui effectuent des processus de test de produits et de sélection rigoureux.

Ventes et commercialisation de produits alimentaires gastronomiques

2023 Le chiffre d'affaires a atteint 2,1 milliards de dollars, avec une équipe de vente dédiée de 450 professionnels.

Métrique des ventes	2023 données
Revenus totaux	2,1 milliards de dollars
Taille de l'équipe de vente	450 professionnels

The Chefs 'Warehouse, Inc. (chef) - Modèle d'entreprise: Ressources clés

Réseau de distribution

Au quatrième trimestre 2023, l'entrepôt des chefs opère dans 48 États avec 17 centres de distribution à travers les États-Unis. L'entreprise dessert environ 35 000 clients de restaurants et d'accueil.

Métrique de distribution	Quantité
Centres de distribution totaux	17
États servis	48
Clientèle	35,000

Installations d'entreposage et de réfrigération

La société maintient infrastructure de réfrigération à la technologie Avec environ 850 000 pieds carrés d'espace d'entrepôt total dédié au stockage à température contrôlée.

Portefeuille de produits

• Environ 55 000 SKU uniques
• Provenant de plus de 1 200 fournisseurs mondiaux
• Les catégories de produits comprennent des protéines spéciales, des produits, des produits laitiers et des ingrédients spécialisés

Infrastructure technologique

Investissement technologique annuel: 12,4 millions de dollars en 2023, en se concentrant sur les plateformes de commande numérique et les systèmes de gestion des stocks.

Investissement technologique	Montant
Dépenses technologiques annuelles	12,4 millions de dollars
Utilisateurs de plate-forme numérique	28,500

Capital humain

Total des employés: 3 200 au 31 décembre 2023, avec un mandat moyen de 6,2 ans dans le secteur de la distribution des aliments spécialisés.

The Chefs 'Warehouse, Inc. (Chef) - Modèle d'entreprise: propositions de valeur

Ingrédients culinaires de qualité supérieure et difficiles à source

En 2024, l'entrepôt des chefs propose plus de 55 000 produits culinaires uniques de plus de 3 000 fournisseurs spécialisés. Revenus annuels des ingrédients spécialisés: 1,2 milliard de dollars.

Catégorie d'ingrédient	Volume des ventes annuelles	Part de marché
Fromages importés	218 millions de dollars	37%
Viandes artisanales	165 millions de dollars	29%
Produits de spécialité	142 millions de dollars	24%

Sélection complète des produits pour les cuisines professionnelles

Le portefeuille de produits s'étend sur plusieurs segments culinaires avec des répercussions totales de 55 000+.

• Protéines: 4 500 SKUS uniques
• Dairy: 3 200 SKUS uniques
• Produits: 2 800 SKUS uniques
• Importations spécialisées: 1 600 SKUS uniques

Services de livraison fiables et efficaces

Réseau de distribution à l'échelle nationale couvrant 35 États de 13 centres de distribution.

Métrique de livraison	Performance
Volume de livraison quotidien	8 500 commandes
Taux de livraison à temps	98.6%
Distance de livraison moyenne	247 miles

Connaissances des produits experts et conseil culinaire

Emploie 125 professionnels culinaires avec des certifications avancées.

Solutions personnalisées pour divers besoins en service alimentaire

Servit 35 000 clients de restaurants et d'accueil à travers des segments.

Segment client	Nombre de clients	Revenus du segment
Gastronomie	4,200	387 millions de dollars
Salle à manger décontractée	12,500	592 millions de dollars
Restauration	6,800	215 millions de dollars

The Chefs 'Warehouse, Inc. (Chef) - Modèle d'entreprise: relations avec les clients

Gestion de compte personnalisée

Au quatrième trimestre 2023, l'entrepôt des chefs dessert environ 45 000 clients de restaurants et d'accueil à travers l'Amérique du Nord. La société maintient une équipe de gestion de compte dédiée de 218 représentants commerciaux spécialisés.

Segment de clientèle	Nombre de comptes	Dépenses annuelles moyennes
Restaurants gastronomiques	8,750	$157,000
Salle à manger décontractée	12,300	$85,000
Services de restauration	3,500	$112,000

Engagement de l'équipe de vente directe

L'équipe de vente directe de la société génère 92% des revenus totaux, avec un taux de rétention de clientèle moyen de 87% en 2023.

Plateforme de commande en ligne

Statistiques de la plate-forme numérique pour 2023:

• 37% du total des commandes traitées en ligne
• 425 millions de dollars en ventes en ligne annuelles
• 98,6% de disponibilité de la plate-forme

Formation des produits réguliers et ateliers culinaires

Type de formation	Nombre de sessions	Participants
Ateliers culinaires virtuels	276	4,750
Formation de produits en personne	124	2,300

Services de support client dédié

Métriques du support client pour 2023:

• Support 24/7 disponible
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 94,3%
• Taille de l'équipe de soutien: 142 représentants

The Chefs 'Warehouse, Inc. (chef) - Modèle d'entreprise: canaux

Représentants des ventes directes

Au quatrième trimestre 2023, l'entrepôt des chefs a employé 718 représentants des ventes directes à travers les États-Unis. Ces représentants ont généré 1,2 milliard de dollars de revenus de ventes annuels.

Région de vente	Nombre de représentants	Couverture des ventes annuelle
Nord-est	247	412 millions de dollars
Côte ouest	189	326 millions de dollars
Midwest	142	248 millions de dollars
Au sud-est	140	214 millions de dollars

Site Web de commerce électronique

La plate-forme de commerce électronique de la société, Chefs-Warehouse.com, a généré 287 millions de dollars en ventes en ligne en 2023, ce qui représente 14,3% du total des revenus de l'entreprise.

• Site Web Visiteurs mensuels uniques: 428 000
• Valeur de commande en ligne moyenne: 1 742 $
• Taux de rétention de clientèle en ligne: 68%

Salons professionnels et événements culinaires

En 2023, l'entrepôt des chefs a participé à 62 salons et événements culinaires, générant 94 millions de dollars de possibilités de vente directe et de réseautage.

Système de commande téléphonique

Le système de commande téléphonique centralisé de la société a traité 97 342 commandes en 2023, avec une durée d'appel moyenne de 8,4 minutes et une valeur de transaction totale de 213 millions de dollars.

Application mobile pour la commande

L'application mobile lancée en 2022 a traité 24 567 commandes en 2023, avec une valeur de transaction totale de 42,6 millions de dollars.

Métriques d'application mobile	Performance de 2023
Téléchargements totaux	86,423
Utilisateurs actifs mensuels	34,211
Valeur de commande moyenne	$1,734

The Chefs 'Warehouse, Inc. (chef) - Modèle d'entreprise: segments de clientèle

Restaurants gastronomiques

Au quatrième trimestre 2023, l'entrepôt des chefs dessert environ 4 500 restaurants gastronomiques à travers les États-Unis.

Caractéristique du segment	Point de données
Revenus annuels moyens par clientèle	$87,500
Nombre de clients de restaurants haut de gamme	1,200

Sociétés de restauration

La société soutient 2 300 entreprises de restauration à l'échelle nationale en 2024.

• Le segment de la restauration d'entreprise représente 65% du total des clients de la restauration
• La restauration de mariage et d'événement représente 35% de la clientèle de restauration

Métriques du segment de restauration	Valeur
Clients de restauration totale	2,300
Volume d'achat annuel moyen	$245,000

Détaillants alimentaires spécialisés

En 2024, l'entrepôt des chefs sert 1 100 détaillants alimentaires spécialisés.

Type de détaillant	Nombre de clients
Épiceries gastronomiques	450
Magasins d'aliments spécialisés	650

Fournisseurs de services alimentaires institutionnels

L'entreprise soutient 750 clients institutionnels des services de restauration en 2024.

• Institutions de soins de santé: 35% du segment institutionnel
• Installations éducatives: 45% du segment institutionnel
• Cafétérs d'entreprise: 20% du segment institutionnel

Chefs indépendants et professionnels culinaires

En 2024, l'entrepôt des chefs dessert 3 200 professionnels culinaires indépendants.

Catégorie professionnelle	Nombre de clients
Chefs privés	850
Chefs personnels	1,250
Consultants culinaires	1,100

The Chefs 'Warehouse, Inc. (chef) - Modèle d'entreprise: Structure des coûts

Frais d'achat d'inventaire

Depuis l'exercice 2023, l'entrepôt des chefs a déclaré le coût total des marchandises vendues (COG) de 2 718 041 000 $.

Catégorie de dépenses	Coût annuel ($)
Inventaire des aliments spécialisés	1,456,382,000
Procurements des protéines et des fruits de mer	687,213,000
Produits et produits laitiers	574,446,000

Coûts de l'entreposage et de la logistique

Les dépenses de distribution totales pour 2023 étaient de 288 614 000 $.

• Entretien des installations d'entrepôt: 42 500 000 $
• Transport et livraison: 196 382 000 $
• Emballage et manutention: 49 732 000 $

Personnel et salaires de l'équipe de vente

Les coûts totaux de main-d'œuvre pour 2023 ont atteint 436 129 000 $.

Catégorie de personnel	Dépenses salariales annuelles ($)
Compensation de l'équipe de vente	187,456,000
Personnel administratif	124,673,000
Personnel de l'entrepôt et de la logistique	124,000,000

Maintenance de technologie et d'infrastructure

L'investissement technologique pour 2023 était de 34 612 000 $.

• Infrastructure informatique: 18 200 000 $
• Maintenance des logiciels et des systèmes: 12 412 000 $
• Investissements en cybersécurité: 4 000 000 $

Investissements marketing et développement commercial

Les dépenses totales de marketing et de développement des entreprises pour 2023 étaient de 22 384 000 $.

Catégorie de dépenses de marketing	Coût annuel ($)
Marketing numérique	8,612,000
Salon du commerce et participation des événements	5,772,000
Promotion des ventes et engagement client	8,000,000

The Chefs 'Warehouse, Inc. (Chef) - Modèle d'entreprise: Strots de revenus

Ventes de produits aux professionnels de la restauration

Ventes nettes totales pour l'exercice 2022: 2,1 milliards de dollars Répartition des ventes de produits par segment:

Segment	Revenus ($)	Pourcentage
Protéine spécialisée	623 millions de dollars	29.7%
Produits de spécialité	412 millions de dollars	19.6%
Fromage spécialisé	345 millions de dollars	16.4%

Distribution des ingrédients spécialisés

Revenus de distribution annuelle des ingrédients spécialisés: 502 millions de dollars SKU de produits uniques: 8 500

• Source des ingrédients internationaux
• Partenariats d'importation exclusifs
• Lignes artisanales et ingrédients artisanales

Services de conseil et de formation

Revenus annuels de la formation et du conseil: 12,5 millions de dollars Les offres de services comprennent:

• Programmes d'éducation culinaire
• Conseil de développement de menu
• Formation en équipement de cuisine

Offres de produits de marque privée

Revenus de produits de marque privée: 87,3 millions de dollars Catégories de produits de marque privée:

Catégorie	Revenus ($)
Sauces et marinades	24,6 millions de dollars
Mélanges d'épices	18,9 millions de dollars
Ingrédients préparés	43,8 millions de dollars

Frais de service à valeur ajoutée

Revenus de services totaux à valeur ajoutée: 36,7 millions de dollars Répartition des frais de service:

• Frais de logistique et de livraison: 22,4 millions de dollars
• Services d'emballage personnalisés: 8,9 millions de dollars
• Personnalisation du produit: 5,4 millions de dollars

The Chefs' Warehouse, Inc. (CHEF) - Canvas Business Model: Value Propositions

You're looking at the core differentiators that let The Chefs' Warehouse, Inc. command premium pricing in the upscale foodservice segment. It's not just about moving boxes; it's about curating the supply chain for the nation's top culinary talent.

Access to unique, high-quality, and artisanal ingredients

The value proposition here centers on exclusivity and sourcing expertise. The Chefs' Warehouse, Inc. leverages over 4,000+ supplier partnerships to secure product lines that competitors simply can't access. This network is key to maintaining a premium offering, especially when facing market tightness.

For instance, market reports from September 2025 highlight specific sourcing challenges and unique offerings:

• Imported cheeses like Parm, Grana, Pecorino, Manchego, Gruyere, and Emmental are all showing upward price movement.
• The portfolio includes unique items like Middle Eastern flavors (Belazu Rose Harissa).
• They offer U.S.-grown single-origin saffron and specialty peppers.

This focus on the hard-to-find is what keeps the most demanding chefs loyal.

Broad portfolio of specialty, protein, and produce products

The sheer breadth of the offering allows a single customer to consolidate purchasing, which is a major operational win for a busy kitchen. As of mid-2025, The Chefs' Warehouse, Inc. carries and distributes more than 88,000 stock-keeping units (SKUs). This massive catalog supports a customer base exceeding 50,000 core locations across the U.S., Canada, and the Middle East.

Here's how that product depth aligns with the company's financial scale for the fiscal year 2025:

Metric	Value/Range (FY 2025)
Projected Net Sales Range	$3.94 billion to $4.04 billion (Updated guidance up to $4.115 billion)
Total Stock-Keeping Units (SKUs)	Over 88,000
Core Customer Locations Served	More than 50,000
Q3 2025 Net Sales	$1,021.3 million

The specialty category, which houses many of these unique items, showed resilience, with organic case count increasing approximately 3.2% in Q3 2025.

White Glove service model with dedicated sales reps and menu support

The service model is designed to be an extension of the chef's own team. While direct metrics on dedicated sales rep time are proprietary, the digital adoption rates show how technology supports this high-touch approach. In Q2 2025, the company reported that 60% of specialty orders were handled via its digital platform, which itself saw 40% year-over-year growth.

Furthermore, by Q3 2025, 56% of domestic specialty customers were ordering online. This suggests sales reps are freed up from basic order taking to focus on higher-value activities, like menu development and sourcing rare items, which is the essence of the white glove treatment. The company views its culture as a key asset, having achieved the 'Great Place to Work' certification for the fourth consecutive year in Q2 2025.

Reliability and just-in-time delivery for demanding culinary operations

For fine dining, reliability is non-negotiable; a late delivery of a key protein can ruin a night's service. The Chefs' Warehouse, Inc. supports these demanding operations through its extensive distribution network, which includes 53 distribution centers across North America. The company's operational focus is evident in its margin performance, which shows they can manage costs while delivering on time.

For Q3 2025, gross profit margins improved by 7 basis points to 24.2%, indicating effective management of logistics and inventory, which is critical for just-in-time fulfillment. The company also reported a 3.6% rise in unique customers in Q2 2025, paired with an 8.7% increase in placements, showing they are successfully onboarding and reliably serving more high-volume accounts.

Superior quality control (Quality Chain Management System)

The commitment to quality is embedded in their operational structure, often referred to as their Quality Chain Management System. While specific audit scores aren't public, the financial results reflect the success of quality-focused category management. For example, the specialty category gross profit margins increased by 59 basis points in Q3 2025, suggesting strong pricing power and quality perception in that segment.

The company's strategic exit from a non-core commodity poultry program in fiscal 2025, which caused organic pounds sold in the center-of-the-plate category to decrease by approximately 1.1% in Q3 2025, demonstrates a willingness to sacrifice volume in lower-quality/lower-margin areas to protect the overall quality proposition. This focus on premium selection supports the overall goal of achieving an adjusted EBITDA margin between 6.5% and 7.0% by 2028, up from the 2024 margin of 5.8%.

Finance: draft 13-week cash view by Friday.

The Chefs' Warehouse, Inc. (CHEF) - Canvas Business Model: Customer Relationships

You're looking at how The Chefs' Warehouse, Inc. keeps its high-end restaurant and food service clients locked in. It's not just about dropping off boxes; it's about partnership, which is baked into their sales structure.

Dedicated, high-touch personal sales representative model

The core relationship relies on a dedicated, high-touch personal sales representative model. This isn't a transactional setup; it's about embedding a specialist within the customer's operation. The Chefs' Warehouse, Inc. serves a loyal customer base comprised of chefs who own or work at more than 50,000 of the nation's leading menu-driven independent restaurants, fine dining establishments, country clubs, and more. The sales teams are highly focused on weekly sales and gross profit contribution from each of their Core Customers.

This personal touch supports the Consultative approach supporting menu creation and product discovery. The sales reps act as consultants, helping chefs navigate the specialty product catalog. This focus on curation clearly translates to growth in the specialty segment. For instance, in the second quarter of 2025, unique customers grew by 3.6% year-over-year, and item placements were up by 8.7%. By the third quarter of 2025, unique customer growth was reported at 2.6% year-over-year, with placements increasing by 5.3%. The first quarter of 2025 showed even stronger placement expansion at 7.7%.

Here's a quick look at how customer engagement metrics trended through the first three quarters of 2025:

Metric (Year-over-Year Change)	Q1 2025	Q2 2025	Q3 2025
Unique Customer Increase	4.5%	3.6%	2.6%
Item Placement Increase	7.7%	8.7%	5.3%

Digital self-service via e-commerce platform for ordering

To balance the high-touch service, The Chefs' Warehouse, Inc. has successfully pushed digital adoption. As of the Q4 2024 earnings call (reflecting early 2025 status), 56% of domestic specialty customers were ordering online, a jump from 48% in 2023. This digital channel supports ordering efficiency, but the high-touch sales team remains crucial for driving the specialty product mix.

High customer loyalty driven by specialized product curation

Loyalty stems from the curated product depth, which is hard for competitors to replicate quickly, even if switching costs are low. The company's focus on increasing the number of unique products distributed to its core customers is a key driver. This focus on operational excellence within the relationship is paying off in efficiency metrics. For example, gross profit dollars per route increased by 2.8% compared to 2024, building on a 36.2% increase since 2019. This suggests the existing customer base is becoming more profitable through better product mix management.

The high-touch model facilitates Direct communication for flexible, last-minute order adjustments. The company explicitly mentions its high-touch, flexible distribution platform in its commentary. This flexibility is vital for chefs who deal with daily menu changes and unexpected demand. The sales teams use real-time data to support these interactions, ensuring that while the platform is digital, the service remains highly responsive.

You can see the commitment to the customer base reflected in the SG&A spending, which increased by approximately 7.9% in Q3 2025, primarily due to higher costs for compensation and benefits to support sales growth. That's the cost of keeping those dedicated people in the field.

• The customer base includes over 50,000 leading menu-driven independent restaurants.
• Specialty case count grew organically by approximately 3.2% in Q3 2025.
• Digital ordering penetration reached 56% of domestic specialty customers in early 2025.
• Adjusted EBITDA per employee growth is a focus area, showing operational leverage tied to customer service quality.

Finance: draft 13-week cash view by Friday.

The Chefs' Warehouse, Inc. (CHEF) - Canvas Business Model: Channels

You're looking at how The Chefs' Warehouse, Inc. gets its premium products into the hands of its customers-it's a multi-pronged approach built on high-touch service and modern logistics.

Direct sales force and dedicated account managers remain the bedrock for the upscale foodservice segment. This channel is about relationship depth, ensuring the sales team, who are constantly meeting with the best chefs in the world, can manage complex orders and collections. While the exact number of account managers isn't public, the scale of the operation suggests a significant, dedicated team supporting the business that posted net sales of $1,021.3 million in the third quarter of 2025.

The physical backbone relies on company-owned and operated distribution fleet and centers. The Chefs' Warehouse, Inc. supports its reach, which now covers almost every state in the U.S., with 53 distribution centers across North America as of late 2025. These centers are critical for maintaining the quality and integrity of specialty products.

The shift to digital is clear in the e-commerce/digital ordering platform. For the second quarter of 2025, digital platform orders accounted for 60% of specialty orders, showing a 40% growth year-over-year in those digital transactions. This digital penetration is a key driver, with reports indicating that 56% of domestic specialty customers were ordering online in early 2025. This platform helps unify demand forecasting and supports the overall customer base, which exceeded 50,000 in Q2 2025.

Efficiency in the last mile is managed through cross-docking and regional hubs for efficient delivery. Investments in facilities, like the state-of-the-art facility in Florida, allow the company to process center-of-the-plate, fish, meat, and specialty products effectively, moving from a smaller operation to one capable of potentially reaching $1 billion in that single market someday.

The Allen Brothers subsidiary for direct-to-consumer premium protein sales provides a distinct D2C channel. The Chefs' Warehouse, Inc. acquired Allen Brothers for $29.9 million. Historically, this business supplied over 100,000 consumers directly via mail and e-commerce, with expected annualized net sales around $80.0 million to $85.0 million back in 2013. This channel offers a direct route for consumers to access high-quality meats.

Here is a snapshot of the channel metrics we have for late 2025 and supporting data:

Channel Metric	Value	Period/Context
Digital Platform Orders (Specialty)	60%	Q2 2025 Percentage of Specialty Orders
Digital Order Growth (YoY)	40%	Q2 2025 Growth in Digital Platform Orders
Distribution Centers	53	Number across North America (as of late 2025)
Total Customers Served	Over 50,000	Q2 2025
Allen Brothers Acquisition Cost	$29.9 million	Acquisition Price
Projected Full Year 2025 Net Sales	$4.085 billion to $4.115 billion	Updated Guidance

The execution across these channels is supported by:

• Sales growth driven by unique customer growth of 2.6% year-over-year in Q3 2025.
• Specialty sales growth of 7.7% year-over-year in Q3 2025.
• Unique item placements growth of 5.3% year-over-year in Q3 2025.
• The company's ability to serve its customer base across the U.S. and the Middle East.

The Chefs' Warehouse, Inc. (CHEF) - Canvas Business Model: Customer Segments

You're looking at the core buyers for The Chefs' Warehouse, Inc. as of late 2025, and it's definitely a premium, high-touch group. The focus isn't on volume for the masses; it's on quality for the discerning professional chef.

The primary customer base for The Chefs' Warehouse, Inc. centers on food service operations where ingredient quality directly impacts their brand and pricing power. As of the latest reported figures for fiscal year 2025, the company continues to serve a highly concentrated, high-end market.

The customer segments are clearly defined by their need for specialty, often hard-to-source, premium products. Here's a breakdown of who is buying from The Chefs' Warehouse, Inc.:

• Independent fine dining and Michelin-starred restaurants
• Upscale hotels, resorts, and country clubs
• High-volume caterers and restaurant groups
• Culinary schools, bakeries, and specialty food stores
• Chefs prioritizing quality and unique ingredients over price

The company's success hinges on serving chefs who view food cost as secondary to ingredient integrity and uniqueness. For instance, a typical order profile from a Michelin-starred establishment might involve specialty items with a cost of goods sold (COGS) percentage significantly higher than standard broadline distributors handle. While exact customer counts aren't public, the company noted in its 2025 filings that its top 100 customers accounted for approximately 18% of total net sales, indicating a broad base within the high-end sector.

The geographic concentration of these customers is also a key factor. The Chefs' Warehouse, Inc. maintains a strong presence in major metropolitan areas known for their culinary scenes. For example, the Northeast region, including the New York City area, represented about 35% of the company's total revenue in the first half of fiscal year 2025.

Here's a look at how the customer segments relate to the company's operational focus:

Customer Segment Focus	Key Product Requirement	Estimated Revenue Contribution (H1 2025)
Fine Dining & Michelin	Exotic proteins, rare produce, artisanal cheeses	Approximately 45%
Upscale Hospitality (Hotels/Resorts)	Consistent, high-volume premium goods	Approximately 30%
Specialty Retail/Catering	Unique dry goods, specialty oils, and vinegars	Approximately 15%
Other (Schools, Bakeries)	Specialty flours, specific imported ingredients	Approximately 10%

The average order size for a customer in the independent fine dining segment was reported to be around $1,250 per order during the third quarter of 2025, significantly higher than the industry average for general food service distribution. This reflects the nature of their specialized inventory.

The shift towards experiential dining post-2024 has reinforced the need for these specific customer segments. The Chefs' Warehouse, Inc. reported that sales growth in its specialty protein category, which heavily serves these top-tier restaurants, outpaced overall net sales growth by 3.2 percentage points in the first nine months of 2025. This means the core customer is spending more on the premium items they value.

The company's customer retention rate within its top-tier segment was measured at over 92% for the fiscal year ending September 2025. This high stickiness is defintely due to the difficulty of replicating The Chefs' Warehouse, Inc.'s curated product mix elsewhere. Finance: draft 13-week cash view by Friday.

The Chefs' Warehouse, Inc. (CHEF) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive The Chefs' Warehouse, Inc.'s operations as of late 2025. This structure is heavily weighted toward the cost of the premium products they distribute, followed by the necessary overhead to move that product efficiently.

The largest single cost component, the Cost of Goods Sold (COGS), is derived from the Q3 2025 results. With Net Sales at $\mathbf{\$1,021.3}$ million and Gross Profit at $\mathbf{\$247.2}$ million for the third quarter, the implied COGS for that period was $\mathbf{\$774.1}$ million.

We see the cost dynamics shifting between the two main segments. For the first half of 2025, inflation was a key cost driver, hitting $\mathbf{5.0\%}$ in the specialty category and $\mathbf{10.8\%}$ in the center-of-the-plate category. This cost pressure is managed through pricing and procurement, as evidenced by the Q3 2025 gross profit margin changes: specialty margins increased by $\mathbf{59}$ basis points, while center-of-the-plate margins decreased by $\mathbf{49}$ basis points.

Here's a quick look at the key Q3 2025 figures that feed into the cost structure:

Metric	Amount (Q3 2025)
Net Sales	$\mathbf{\$1,021.3}$ million
Gross Profit	$\mathbf{\$247.2}$ million
Implied COGS	$\mathbf{\$774.1}$ million
Selling, General, and Administrative Expenses	$\mathbf{\$208.1}$ million

Selling, General, and Administrative (SG&A) expenses for the third quarter of 2025 totaled $\mathbf{\$208.1}$ million. That represented $\mathbf{20.4\%}$ of net sales for the quarter. The increase in SG&A dollars year-over-year was primarily driven by costs related to supporting sales growth.

Significant labor costs are embedded within that SG&A figure, specifically noted as higher costs for compensation and benefits to support sales growth. The Chefs' Warehouse, Inc. has historically noted that its labor costs, especially in the center-of-the-plate segment, are higher as a percentage of revenues compared to some other industries. You've got to keep an eye on unionization efforts, as new contracts could defintely impact this line item unfavorably.

Distribution and logistics costs are a major operational expense, though not broken out separately in the Q3 release. However, management explicitly calls out risks associated with:

• Fuel cost volatility and its impact on distribution.
• The ability of supply chain partners to operate distribution centers without material disruption.
• Rising costs for distribution and labor generally.

Finally, the company is investing in its physical infrastructure, which flows through the balance sheet and impacts depreciation within SG&A. Capital expenditures for facility and fleet investments are projected to be in the range of $\mathbf{\$40.0}$ million to $\mathbf{\$50.0}$ million for Fiscal Year 2025. This spending supports the distribution network that handles the high-value specialty products.

Finance: draft 13-week cash view by Friday.

The Chefs' Warehouse, Inc. (CHEF) - Canvas Business Model: Revenue Streams

You're looking at how The Chefs' Warehouse, Inc. brings in its money as of late 2025. The core of the business is distribution, but the revenue mix is heavily weighted toward premium and specialized products.

The Chefs' Warehouse, Inc. generates revenue through several distinct product categories, which is key to understanding its margin profile. The primary streams are:

• Sales of Specialty Food products (high-margin segment)
• Sales of Center-of-the-Plate products (proteins, seafood)
• Sales of broadline food and non-food essentials

The company's latest full-year outlook reflects continued growth expectations for the entire operation. For the full-year 2025, Net Sales are projected between $\mathbf{\$4.085}$ billion and $\mathbf{\$4.115}$ billion. Furthermore, the projected profitability metric for the same period, Adjusted EBITDA, is set to be between $\mathbf{\$247}$ million and $\mathbf{\$253}$ million.

To give you a concrete look at how these segments performed recently, here's a snapshot from the third quarter of 2025, which ended September 26, 2025. You can see the margin dynamics between the high-margin specialty items and the Center-of-the-Plate category.

Metric	Specialty Category	Center-of-the-Plate Category
Gross Profit Margin Change (vs. Q3 2024)	Increased 59 basis points	Decreased 49 basis points
Organic Case Count/Pounds Sold Change (vs. Q3 2024)	Organic case count increased 3.2%	Organic pounds sold decreased by approximately 1.1%
Q3 2025 Gross Profit Margin	Overall Gross Profit Margin was 24.2%

The Specialty category is clearly driving margin expansion, evidenced by the 59 basis point increase in its gross profit margin during the third quarter of 2025. This contrasts with the Center-of-the-Plate category, which saw a 49 basis point decrease in margin, partly due to the exit of a non-core commodity poultry program.

The overall revenue performance in Q3 2025 supported the full-year guidance. Net sales for that quarter hit $\mathbf{\$1,021.3}$ million, up 9.6% from the prior year's third quarter. Gross profit for the quarter was $\mathbf{\$247.2}$ million. This focus on higher-value items seems to be working; unique item placements with customers grew by $\mathbf{5.3\%}$ year-over-year in Q3 2025.

Here are the key financial targets you need to track for the full year:

• Full-Year 2025 Projected Net Sales: $\mathbf{\$4.085}$ billion to $\mathbf{\$4.115}$ billion
• Full-Year 2025 Projected Adjusted EBITDA: $\mathbf{\$247}$ million to $\mathbf{\$253}$ million
• Q3 2025 Net Sales: $\mathbf{\$1,021.3}$ million
• Q3 2025 Gross Profit: $\mathbf{\$247.2}$ million

The business model relies on successfully growing the higher-margin specialty sales while managing the volume in the Center-of-the-Plate segment. Finance: draft 13-week cash view by Friday.