USFD · CIK 1665918
What US Foods Holding Corp. told the SEC could break it.
US Foods' disclosures reflect the economics of a large food distributor. It needs significant quantities of diesel fuel for its delivery fleet, leaving costs exposed to unpredictable price and supply swings driven by geopolitics, oil markets and weather. Its pricing is concentrated not in any one customer — none exceeded 2% of net sales — but in group purchasing organizations, which negotiated terms covering about 27% of fiscal 2025 net sales, including roughly 14% through a single GPO. And as a food manufacturer, processor and distributor with a delivery fleet, it operates under extensive FDA, USDA, FSMA and DOT regulation, where non-compliance could restrict sales or trigger enforcement.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- diesel fuel (delivery fleet)medium
US Foods requires significant quantities of diesel fuel for its delivery fleet; price and supply are unpredictable and driven by geopolitical, supply/demand, weather and regulatory factors beyond its control.
“We are also exposed to risk due to fluctuations in the price and availability of diesel fuel. We require significant quantities of diesel fuel for our vehicle fleet, and the price and supply of diesel fuel are unpredictable and fluctuate based on events outside our control, including geopolitical developments, supply and demand for oil and gas, regional production patterns, weather conditions and environmental concerns.”
Customer concentration
- group purchasing organization (GPO) pricing concentrationmedium
Although no single customer was >2% of net sales, ~27% of fiscal 2025 net sales were under GPO-negotiated terms — including ~14% to members of a single GPO — concentrating pricing pressure and margin risk in GPO relationships.
“While no single customer represented more than 2% of our total net sales in fiscal year 2025, approximately 27% of our net sales in fiscal year 2025 were made to customers under terms negotiated by GPOs (including approximately 14% of our net sales in fiscal year 2025 that were made to customers that are members of a single GPO).”
SEC filing →As of 2026
Regulatory & policy
- food-safety (FDA/USDA/FSMA) and DOT fleet regulationmedium
As a food manufacturer/processor/distributor, US Foods is subject to FSMA, Federal Meat/Poultry Inspection, FDA/USDA registration and inspection, plus DOT/FMCSA fleet regulation — non-compliance can restrict product sales or trigger enforcement.
“Bioterrorism Act; Food Safety Modernization Act; Federal Meat Inspection Act; Poultry Products Inspection Act; Perishable Agricultural Commodities Act; Country of Origin Labeling Act; regulations issued by the U.S. Food and Drug Administration (“FDA”) and the U.S. Department of Agriculture (“USDA”), and other federal, state and local laws and regulations relating to our operations and products that could restrict the sale of certain products or result in enforcement actions by federal, state and local government agencies under applicable standards.”
SEC filing →As of 2026
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