00010208592025FYfalsehttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://www.unfi.com/20250802#GainLossOnDispositionOfPropertyPlantEquipmentNethttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrentiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureunfi:officeunfi:reportingUnitunfi:dayunfi:installmentunfi:employeeunfi:planunfi:agreementunfi:segmentunfi:lawsuitunfi:case00010208592024-08-042025-08-0200010208592025-01-3100010208592025-09-2500010208592025-08-0200010208592024-08-030001020859us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2024-08-0300010208592023-07-302024-08-0300010208592022-07-312023-07-290001020859us-gaap:CommonStockMember2022-07-300001020859us-gaap:TreasuryStockCommonMember2022-07-300001020859us-gaap:AdditionalPaidInCapitalMember2022-07-300001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-300001020859us-gaap:RetainedEarningsMember2022-07-300001020859us-gaap:ParentMember2022-07-300001020859us-gaap:NoncontrollingInterestMember2022-07-3000010208592022-07-300001020859us-gaap:CommonStockMember2022-07-312023-07-290001020859us-gaap:AdditionalPaidInCapitalMember2022-07-312023-07-290001020859us-gaap:ParentMember2022-07-312023-07-290001020859us-gaap:TreasuryStockCommonMember2022-07-312023-07-290001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-312023-07-290001020859us-gaap:NoncontrollingInterestMember2022-07-312023-07-290001020859us-gaap:RetainedEarningsMember2022-07-312023-07-290001020859us-gaap:CommonStockMember2023-07-290001020859us-gaap:TreasuryStockCommonMember2023-07-290001020859us-gaap:AdditionalPaidInCapitalMember2023-07-290001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-290001020859us-gaap:RetainedEarningsMember2023-07-290001020859us-gaap:ParentMember2023-07-290001020859us-gaap:NoncontrollingInterestMember2023-07-2900010208592023-07-290001020859us-gaap:CommonStockMember2023-07-302024-08-030001020859us-gaap:AdditionalPaidInCapitalMember2023-07-302024-08-030001020859us-gaap:ParentMember2023-07-302024-08-030001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-302024-08-030001020859us-gaap:NoncontrollingInterestMember2023-07-302024-08-030001020859us-gaap:RetainedEarningsMember2023-07-302024-08-030001020859us-gaap:CommonStockMember2024-08-030001020859us-gaap:TreasuryStockCommonMember2024-08-030001020859us-gaap:AdditionalPaidInCapitalMember2024-08-030001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-030001020859us-gaap:RetainedEarningsMember2024-08-030001020859us-gaap:ParentMember2024-08-030001020859us-gaap:NoncontrollingInterestMember2024-08-030001020859us-gaap:CommonStockMember2024-08-042025-08-020001020859us-gaap:AdditionalPaidInCapitalMember2024-08-042025-08-020001020859us-gaap:ParentMember2024-08-042025-08-020001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-042025-08-020001020859us-gaap:NoncontrollingInterestMember2024-08-042025-08-020001020859us-gaap:RetainedEarningsMember2024-08-042025-08-020001020859us-gaap:CommonStockMember2025-08-020001020859us-gaap:TreasuryStockCommonMember2025-08-020001020859us-gaap:AdditionalPaidInCapitalMember2025-08-020001020859us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-020001020859us-gaap:RetainedEarningsMember2025-08-020001020859us-gaap:ParentMember2025-08-020001020859us-gaap:NoncontrollingInterestMember2025-08-020001020859us-gaap:ShippingAndHandlingMember2024-08-042025-08-020001020859us-gaap:ShippingAndHandlingMember2023-07-302024-08-030001020859us-gaap:ShippingAndHandlingMember2022-07-312023-07-290001020859srt:MinimumMemberus-gaap:CustomerRelationshipsMember2025-08-020001020859srt:MaximumMemberus-gaap:CustomerRelationshipsMember2025-08-020001020859srt:MinimumMemberus-gaap:TrademarksAndTradeNamesMember2025-08-020001020859srt:MaximumMemberus-gaap:TrademarksAndTradeNamesMember2025-08-020001020859srt:MinimumMemberunfi:FavorableOperatingLeasesMember2025-08-020001020859srt:MaximumMemberunfi:FavorableOperatingLeasesMember2025-08-020001020859unfi:PharmacyPrescriptionFilesMember2025-08-0200010208592022-09-2100010208592022-09-212022-09-210001020859us-gaap:TreasuryStockCommonMember2023-07-302024-08-030001020859us-gaap:TreasuryStockCommonMember2024-08-042025-08-020001020859unfi:AccruedExpensesAndOtherCurrentLiabilitiesMember2025-08-020001020859unfi:AccruedExpensesAndOtherCurrentLiabilitiesMember2024-08-030001020859unfi:OtherLongTermLiabilitiesMember2025-08-020001020859unfi:OtherLongTermLiabilitiesMember2024-08-030001020859unfi:ProfessionalServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-08-042025-08-020001020859unfi:WholeFoodsMarketMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-08-042025-08-020001020859unfi:WholeFoodsMarketMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2023-07-302024-08-030001020859unfi:WholeFoodsMarketMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2022-07-312023-07-290001020859us-gaap:ContractTerminationMember2024-08-042025-08-020001020859us-gaap:ContractTerminationMember2023-07-302024-08-030001020859us-gaap:ContractTerminationMember2022-07-312023-07-290001020859us-gaap:EmployeeSeveranceMember2024-08-042025-08-020001020859us-gaap:EmployeeSeveranceMember2023-07-302024-08-030001020859us-gaap:EmployeeSeveranceMember2022-07-312023-07-290001020859us-gaap:FacilityClosingMember2024-08-042025-08-020001020859us-gaap:FacilityClosingMember2023-07-302024-08-030001020859us-gaap:FacilityClosingMember2022-07-312023-07-290001020859us-gaap:ContractTerminationMember2025-05-042025-08-020001020859us-gaap:ContractTerminationMembersrt:ScenarioForecastMemberus-gaap:SubsequentEventMember2025-08-032026-01-310001020859us-gaap:ContractTerminationMembersrt:ScenarioForecastMember2025-08-032025-11-010001020859us-gaap:EmployeeSeveranceMember2023-07-290001020859us-gaap:ContractTerminationMember2023-07-290001020859us-gaap:EmployeeSeveranceMember2024-08-030001020859us-gaap:ContractTerminationMember2024-08-030001020859us-gaap:EmployeeSeveranceMember2025-08-020001020859us-gaap:ContractTerminationMember2025-08-020001020859us-gaap:LandMember2025-08-020001020859us-gaap:LandMember2024-08-030001020859srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-08-020001020859srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-08-020001020859us-gaap:BuildingAndBuildingImprovementsMember2025-08-020001020859us-gaap:BuildingAndBuildingImprovementsMember2024-08-030001020859srt:MinimumMemberus-gaap:LeaseholdImprovementsMember2025-08-020001020859srt:MaximumMemberus-gaap:LeaseholdImprovementsMember2025-08-020001020859us-gaap:LeaseholdImprovementsMember2025-08-020001020859us-gaap:LeaseholdImprovementsMember2024-08-030001020859srt:MinimumMemberus-gaap:EquipmentMember2025-08-020001020859srt:MaximumMemberus-gaap:EquipmentMember2025-08-020001020859us-gaap:EquipmentMember2025-08-020001020859us-gaap:EquipmentMember2024-08-030001020859srt:MinimumMemberus-gaap:VehiclesMember2025-08-020001020859srt:MaximumMemberus-gaap:VehiclesMember2025-08-020001020859us-gaap:VehiclesMember2025-08-020001020859us-gaap:VehiclesMember2024-08-030001020859srt:MinimumMemberunfi:FinanceLeaseAssetsMember2025-08-020001020859srt:MaximumMemberunfi:FinanceLeaseAssetsMember2025-08-020001020859unfi:FinanceLeaseAssetsMember2025-08-020001020859unfi:FinanceLeaseAssetsMember2024-08-030001020859us-gaap:ConstructionInProgressMember2025-08-020001020859us-gaap:ConstructionInProgressMember2024-08-030001020859us-gaap:PropertyPlantAndEquipmentMember2024-08-042025-08-020001020859us-gaap:PropertyPlantAndEquipmentMember2023-07-302024-08-030001020859us-gaap:PropertyPlantAndEquipmentMember2022-07-312023-07-290001020859us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberunfi:PennsylvaniaDistributionCenterMember2025-02-022025-05-030001020859us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberunfi:PennsylvaniaDistributionCenterMemberus-gaap:PropertyPlantAndEquipmentMember2025-02-022025-05-030001020859us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberunfi:CorporateOwnedOfficeLocationMember2023-07-302024-08-030001020859us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberunfi:CertainLeasedAndOwnedDistributionCenterLocationsMember2024-04-282024-08-030001020859us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberunfi:CertainRetailStoreLocationsMember2024-01-282024-04-270001020859unfi:NaturalSegmentMember2024-08-030001020859unfi:NaturalSegmentMember2025-08-020001020859us-gaap:CustomerRelationshipsMember2025-08-020001020859us-gaap:CustomerRelationshipsMember2024-08-030001020859unfi:PharmacyPrescriptionFilesMember2024-08-030001020859unfi:OperatingLeaseIntangibleMember2025-08-020001020859unfi:OperatingLeaseIntangibleMember2024-08-030001020859us-gaap:TrademarksAndTradeNamesMember2025-08-020001020859us-gaap:TrademarksAndTradeNamesMember2024-08-030001020859us-gaap:TrademarksAndTradeNamesMember2025-08-020001020859us-gaap:TrademarksAndTradeNamesMember2024-08-030001020859us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859unfi:FuelDerivativeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859unfi:FuelDerivativeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859unfi:FuelDerivativeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-08-020001020859us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-08-020001020859us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-08-030001020859us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-08-030001020859unfi:InterestRateSwapDueOctober2220251Member2025-08-020001020859unfi:InterestRateSwapDueOctober2220252Member2025-08-020001020859unfi:InterestRateSwapDueOctober2220253Member2025-08-020001020859unfi:InterestRateSwapDueOctober2220254Member2025-08-020001020859unfi:InterestRateSwapDueJune320271Member2025-08-020001020859unfi:InterestRateSwapDueJune320272Member2025-08-020001020859unfi:InterestRateSwapDueJune3020281Member2025-08-020001020859unfi:InterestRateSwapDueJune3020282Member2025-08-020001020859unfi:InterestRateSwapDueOctober302026Member2025-08-020001020859unfi:InterestRateSwapDueOctober3020262Member2025-08-020001020859unfi:InterestRateSwapDueOctober3020263Member2025-08-020001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-08-022025-08-020001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-08-020001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2024-08-030001020859unfi:ABLCreditFacilityMember2025-08-022025-08-020001020859unfi:ABLCreditFacilityMember2025-08-020001020859unfi:ABLCreditFacilityMember2024-08-030001020859unfi:SeniorNotesDueOctober20286750Memberus-gaap:SeniorNotesMember2025-08-022025-08-020001020859unfi:SeniorNotesDueOctober20286750Memberus-gaap:SeniorNotesMember2025-08-020001020859unfi:SeniorNotesDueOctober20286750Memberus-gaap:SeniorNotesMember2024-08-030001020859unfi:OtherSecuredDebtsMember2025-08-022025-08-020001020859unfi:OtherSecuredDebtsMember2025-08-020001020859unfi:OtherSecuredDebtsMember2024-08-030001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2024-05-010001020859unfi:SpringingMaturityComponentTwoMemberunfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2024-05-012024-05-010001020859unfi:SpringingMaturityComponentTwoMemberunfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2024-05-010001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2018-10-220001020859unfi:TermLoanFacilityMembersrt:MaximumMemberus-gaap:SecuredDebtMember2024-08-042025-08-020001020859us-gaap:BaseRateMemberunfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-08-022025-08-020001020859us-gaap:SecuredOvernightFinancingRateSofrMemberunfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-08-022025-08-020001020859us-gaap:SecuredOvernightFinancingRateSofrMemberunfi:TermLoanFacilityMembersrt:MinimumMemberus-gaap:SecuredDebtMember2025-08-022025-08-020001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-05-052025-05-050001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-05-042025-08-020001020859unfi:TermLoanFacilityMemberus-gaap:SecuredDebtMember2025-05-302025-05-300001020859us-gaap:RevolvingCreditFacilityMemberunfi:ABLCreditFacilityMemberus-gaap:LineOfCreditMember2022-06-030001020859us-gaap:RevolvingCreditFacilityMemberunfi:ABLCreditFacilityRevolverLoansMemberus-gaap:LineOfCreditMember2022-06-030001020859us-gaap:RevolvingCreditFacilityMemberunfi:ABLCreditFacilityFILOTrancheMemberus-gaap:LineOfCreditMember2022-06-030001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberunfi:ABLCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberunfi:ABLCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberunfi:ABLCreditFacilityMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:SecuredOvernightFinancingRateSOFRAndBankersAcceptanceRateMemberunfi:ABLCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:SecuredOvernightFinancingRateSOFRAndBankersAcceptanceRateMemberunfi:ABLCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:SecuredOvernightFinancingRateSOFRAndBankersAcceptanceRateMemberunfi:ABLCreditFacilityMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberunfi:ABLCreditFacilityFILOTrancheMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMemberunfi:ABLCreditFacilityFILOTrancheMemberus-gaap:LineOfCreditMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:ABLCreditFacilityMember2024-08-042025-08-020001020859us-gaap:LetterOfCreditMemberunfi:ABLCreditFacilityMembersrt:MinimumMember2024-08-042025-08-020001020859us-gaap:LetterOfCreditMemberunfi:ABLCreditFacilityMembersrt:MaximumMember2024-08-042025-08-020001020859us-gaap:LetterOfCreditMemberunfi:ABLCreditFacilityMember2024-08-042025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:InventoriesAndCurrentAssetsofDiscontinuedOperationsMemberus-gaap:LineOfCreditMember2025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:InventoriesAndCurrentAssetsofDiscontinuedOperationsMemberus-gaap:LineOfCreditMember2024-08-030001020859us-gaap:RevolvingCreditFacilityMemberunfi:ReceivablesandCurrentAssetsofDiscontinuedOperationsMemberus-gaap:LineOfCreditMember2025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:ReceivablesandCurrentAssetsofDiscontinuedOperationsMemberus-gaap:LineOfCreditMember2024-08-030001020859us-gaap:RevolvingCreditFacilityMemberunfi:IntangibleAssetsNetMemberus-gaap:LineOfCreditMember2025-08-020001020859us-gaap:RevolvingCreditFacilityMemberunfi:IntangibleAssetsNetMemberus-gaap:LineOfCreditMember2024-08-030001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-08-020001020859us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-08-030001020859us-gaap:RevolvingCreditFacilityMemberunfi:ABLCreditFacilityMemberus-gaap:LineOfCreditMember2025-08-020001020859unfi:ABLLoansMember2025-08-020001020859us-gaap:LetterOfCreditMember2025-08-020001020859unfi:SeniorNotesDueOctober20286750Memberus-gaap:SeniorNotesMember2020-10-220001020859us-gaap:RevolvingCreditFacilityMemberunfi:ABLCreditFacilityMemberus-gaap:LineOfCreditMember2022-06-032022-06-030001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-07-300001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-300001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-300001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-07-300001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-07-312023-07-290001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-312023-07-290001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-312023-07-290001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-07-312023-07-290001020859us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-07-312023-07-290001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-290001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-290001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-290001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-290001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-302024-08-030001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-302024-08-030001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-302024-08-030001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-302024-08-030001020859us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-302024-08-030001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-08-030001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-08-030001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-08-030001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-08-030001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-08-042025-08-020001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-08-042025-08-020001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-08-042025-08-020001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-08-042025-08-020001020859us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-08-042025-08-020001020859us-gaap:OtherContractMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-08-020001020859us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-08-020001020859us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-08-020001020859unfi:SwapAgreementsMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-08-020001020859us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-08-042025-08-020001020859us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-07-302024-08-030001020859us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-07-312023-07-290001020859us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-08-042025-08-020001020859us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-302024-08-030001020859us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-312023-07-290001020859unfi:SwapAgreementsMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-08-042025-08-020001020859unfi:SwapAgreementsMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-302024-08-030001020859unfi:SwapAgreementsMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-312023-07-290001020859unfi:OtherCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-08-042025-08-020001020859unfi:OtherCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-302024-08-030001020859unfi:OtherCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-312023-07-290001020859us-gaap:OperatingExpenseMember2024-08-042025-08-020001020859us-gaap:OperatingExpenseMember2023-07-302024-08-030001020859us-gaap:OperatingExpenseMember2022-07-312023-07-290001020859us-gaap:SalesMember2024-08-042025-08-020001020859us-gaap:SalesMember2023-07-302024-08-030001020859us-gaap:SalesMember2022-07-312023-07-290001020859us-gaap:RestructuringChargesMember2024-08-042025-08-020001020859us-gaap:RestructuringChargesMember2023-07-302024-08-030001020859us-gaap:RestructuringChargesMember2022-07-312023-07-290001020859us-gaap:InterestExpenseMember2024-08-042025-08-020001020859us-gaap:InterestExpenseMember2023-07-302024-08-030001020859us-gaap:InterestExpenseMember2022-07-312023-07-2900010208592024-08-042024-11-0200010208592023-10-292024-01-270001020859unfi:A2020EquityIncentivePlanMember2025-08-020001020859us-gaap:RestrictedStockMember2024-08-042025-08-020001020859us-gaap:RestrictedStockMember2023-07-302024-08-030001020859us-gaap:RestrictedStockMember2022-07-312023-07-290001020859unfi:PerformanceAwardMember2024-08-042025-08-020001020859unfi:PerformanceAwardMember2023-07-302024-08-030001020859unfi:PerformanceAwardMember2022-07-312023-07-290001020859unfi:RestructuringAcquisitionandIntegrationRelatedExpensesMember2024-08-042025-08-020001020859unfi:RestructuringAcquisitionandIntegrationRelatedExpensesMember2023-07-302024-08-030001020859unfi:RestructuringAcquisitionandIntegrationRelatedExpensesMember2022-07-312023-07-290001020859unfi:A2020EquityIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2024-08-042025-08-020001020859us-gaap:RestrictedStockMemberunfi:A2020EquityIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-08-042025-08-020001020859us-gaap:PerformanceSharesMemberunfi:A2020EquityIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2024-08-042025-08-020001020859us-gaap:RestrictedStockMember2025-08-020001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2022-07-300001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2022-07-300001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2022-07-312023-07-290001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2022-07-312023-07-290001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2023-07-290001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2023-07-290001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2023-07-302024-08-030001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2023-07-302024-08-030001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2024-08-030001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2024-08-030001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2024-08-042025-08-020001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2024-08-042025-08-020001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsEquityClassifiedMember2025-08-020001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsLiabilityClassifiedMember2025-08-020001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsMember2024-08-042025-08-020001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-07-302024-08-030001020859unfi:RestrictedStockUnitsAndPerformanceStockUnitsMember2022-07-312023-07-290001020859us-gaap:PerformanceSharesMember2024-08-042025-08-020001020859us-gaap:PerformanceSharesMember2023-07-302024-08-030001020859us-gaap:PerformanceSharesMember2022-07-312023-07-290001020859us-gaap:PensionPlansDefinedBenefitMember2024-08-030001020859us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-08-030001020859us-gaap:PensionPlansDefinedBenefitMember2023-07-290001020859us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-290001020859us-gaap:PensionPlansDefinedBenefitMember2024-08-042025-08-020001020859us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-08-042025-08-020001020859us-gaap:PensionPlansDefinedBenefitMember2023-07-302024-08-030001020859us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-302024-08-030001020859us-gaap:PensionPlansDefinedBenefitMember2025-08-020001020859us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-08-020001020859unfi:SupervaluRetirementPlanMember2024-08-042025-08-020001020859unfi:SupervaluRetirementPlanMember2023-07-302024-08-030001020859unfi:SUPERVALUINCRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-020001020859unfi:OtherPensionPlansMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-020001020859unfi:SUPERVALUINCRetirementPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-08-030001020859unfi:OtherPensionPlansMemberus-gaap:PensionPlansDefinedBenefitMember2024-08-030001020859us-gaap:PensionPlansDefinedBenefitMember2022-07-312023-07-290001020859us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-312023-07-290001020859srt:MinimumMember2025-08-020001020859srt:MaximumMember2025-08-020001020859srt:MinimumMember2024-08-030001020859srt:MaximumMember2024-08-030001020859srt:MinimumMember2023-07-290001020859srt:MaximumMember2023-07-290001020859srt:MinimumMember2024-08-042025-08-020001020859srt:MaximumMember2024-08-042025-08-020001020859srt:MinimumMember2023-07-302024-08-030001020859srt:MaximumMember2023-07-302024-08-030001020859srt:MinimumMember2022-07-312023-07-290001020859srt:MaximumMember2022-07-312023-07-290001020859unfi:RetirementPlanBeforeAge65Memberus-gaap:PostemploymentRetirementBenefitsMember2025-08-020001020859unfi:RetirementPlanAfterAge65Memberus-gaap:PostemploymentRetirementBenefitsMember2025-08-020001020859us-gaap:FixedIncomeFundsMember2025-08-020001020859us-gaap:FixedIncomeFundsMember2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2024-08-030001020859us-gaap:PrivateEquityFundsMember2025-08-020001020859us-gaap:PrivateEquityFundsMember2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember2024-08-030001020859us-gaap:DefinedBenefitPlanRealEstateMember2025-08-020001020859us-gaap:DefinedBenefitPlanRealEstateMember2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-08-020001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMember2025-08-020001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:CorporateDebtSecuritiesMember2025-08-020001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:USTreasuryAndGovernmentMember2025-08-020001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:MortgageBackedSecuritiesMember2025-08-020001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:OtherAggregatedInvestmentsMember2025-08-020001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueInputsLevel1Member2025-08-020001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueInputsLevel2Member2025-08-020001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueInputsLevel3Member2025-08-020001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859unfi:PrivateEquityFundsAndRealEstateMember2025-08-020001020859us-gaap:FairValueInputsLevel1Member2025-08-020001020859us-gaap:FairValueInputsLevel2Member2025-08-020001020859us-gaap:FairValueInputsLevel3Member2025-08-020001020859us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-020001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:DefinedBenefitPlanEquitySecuritiesMember2024-08-030001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:DefinedBenefitPlanCommonCollectiveTrustMember2024-08-030001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:CorporateDebtSecuritiesMember2024-08-030001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:USTreasuryAndGovernmentMember2024-08-030001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:MortgageBackedSecuritiesMember2024-08-030001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:OtherAggregatedInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:OtherAggregatedInvestmentsMember2024-08-030001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueInputsLevel1Member2024-08-030001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueInputsLevel2Member2024-08-030001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueInputsLevel3Member2024-08-030001020859unfi:PrivateEquityFundsAndRealEstateMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859unfi:PrivateEquityFundsAndRealEstateMember2024-08-030001020859us-gaap:FairValueInputsLevel1Member2024-08-030001020859us-gaap:FairValueInputsLevel2Member2024-08-030001020859us-gaap:FairValueInputsLevel3Member2024-08-030001020859us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-08-030001020859us-gaap:PostemploymentRetirementBenefitsMember2025-08-020001020859us-gaap:PostemploymentRetirementBenefitsMember2024-08-030001020859unfi:MinneapolisFoodDistributingIndustryPensionPlanMember2024-08-042025-08-020001020859unfi:MinneapolisFoodDistributingIndustryPensionPlanMember2023-07-302024-08-030001020859unfi:MinneapolisFoodDistributingIndustryPensionPlanMember2022-07-312023-07-290001020859unfi:MinneapolisRetailMeatCuttersAndFoodHandlersPensionFundMember2024-08-042025-08-020001020859unfi:MinneapolisRetailMeatCuttersAndFoodHandlersPensionFundMember2023-07-302024-08-030001020859unfi:MinneapolisRetailMeatCuttersAndFoodHandlersPensionFundMember2022-07-312023-07-290001020859unfi:MinneapolisRetailMeatCuttersAndFoodHandlersVariableAnnuityPensionFundMember2024-08-042025-08-020001020859unfi:MinneapolisRetailMeatCuttersAndFoodHandlersVariableAnnuityPensionFundMember2023-07-302024-08-030001020859unfi:MinneapolisRetailMeatCuttersAndFoodHandlersVariableAnnuityPensionFundMember2022-07-312023-07-290001020859unfi:CentralStatesSoutheastandSouthwestAreasPensionFundMember2024-08-042025-08-020001020859unfi:CentralStatesSoutheastandSouthwestAreasPensionFundMember2023-07-302024-08-030001020859unfi:CentralStatesSoutheastandSouthwestAreasPensionFundMember2022-07-312023-07-290001020859unfi:UFCWUnionsAndParticipatingEmployersPensionFundMember2024-08-042025-08-020001020859unfi:UFCWUnionsAndParticipatingEmployersPensionFundMember2023-07-302024-08-030001020859unfi:UFCWUnionsAndParticipatingEmployersPensionFundMember2022-07-312023-07-290001020859unfi:WesternConferenceOfTeamstersPensionPlanMember2024-08-042025-08-020001020859unfi:WesternConferenceOfTeamstersPensionPlanMember2023-07-302024-08-030001020859unfi:WesternConferenceOfTeamstersPensionPlanMember2022-07-312023-07-290001020859unfi:AllOtherMultiemployerPensionPlansMember2024-08-042025-08-020001020859unfi:AllOtherMultiemployerPensionPlansMember2023-07-302024-08-030001020859unfi:AllOtherMultiemployerPensionPlansMember2022-07-312023-07-290001020859unfi:UfcwUnionsAndParticipatingEmployersPensionFundMember2024-08-042025-08-020001020859us-gaap:OtherNoncurrentLiabilitiesMember2025-08-020001020859us-gaap:AccruedLiabilitiesMember2025-08-020001020859us-gaap:OtherNoncurrentLiabilitiesMember2024-08-030001020859us-gaap:AccruedLiabilitiesMember2024-08-0300010208592025-08-022025-08-020001020859us-gaap:InternalRevenueServiceIRSMember2025-08-020001020859us-gaap:InternalRevenueServiceIRSMember2024-08-042025-08-0200010208592025-05-042025-08-020001020859unfi:NaturalSegmentMember2024-08-042025-08-020001020859unfi:ConventionalSegmentMember2024-08-042025-08-020001020859unfi:RetailSegmentMember2024-08-042025-08-020001020859us-gaap:IntersegmentEliminationMemberunfi:NaturalSegmentMember2024-08-042025-08-020001020859us-gaap:IntersegmentEliminationMemberunfi:ConventionalSegmentMember2024-08-042025-08-020001020859us-gaap:IntersegmentEliminationMemberunfi:RetailSegmentMember2024-08-042025-08-020001020859us-gaap:IntersegmentEliminationMember2024-08-042025-08-020001020859us-gaap:OperatingSegmentsMemberunfi:NaturalSegmentMember2024-08-042025-08-020001020859us-gaap:OperatingSegmentsMemberunfi:ConventionalSegmentMember2024-08-042025-08-020001020859us-gaap:OperatingSegmentsMemberunfi:RetailSegmentMember2024-08-042025-08-020001020859us-gaap:OperatingSegmentsMember2024-08-042025-08-020001020859us-gaap:CorporateNonSegmentMember2024-08-042025-08-020001020859unfi:NaturalSegmentMember2023-07-302024-08-030001020859unfi:ConventionalSegmentMember2023-07-302024-08-030001020859unfi:RetailSegmentMember2023-07-302024-08-030001020859us-gaap:IntersegmentEliminationMemberunfi:NaturalSegmentMember2023-07-302024-08-030001020859us-gaap:IntersegmentEliminationMemberunfi:ConventionalSegmentMember2023-07-302024-08-030001020859us-gaap:IntersegmentEliminationMemberunfi:RetailSegmentMember2023-07-302024-08-030001020859us-gaap:IntersegmentEliminationMember2023-07-302024-08-030001020859us-gaap:OperatingSegmentsMemberunfi:NaturalSegmentMember2023-07-302024-08-030001020859us-gaap:OperatingSegmentsMemberunfi:ConventionalSegmentMember2023-07-302024-08-030001020859us-gaap:OperatingSegmentsMemberunfi:RetailSegmentMember2023-07-302024-08-030001020859us-gaap:OperatingSegmentsMember2023-07-302024-08-030001020859us-gaap:CorporateNonSegmentMember2023-07-302024-08-030001020859unfi:NaturalSegmentMember2022-07-312023-07-290001020859unfi:ConventionalSegmentMember2022-07-312023-07-290001020859unfi:RetailSegmentMember2022-07-312023-07-290001020859us-gaap:IntersegmentEliminationMemberunfi:NaturalSegmentMember2022-07-312023-07-290001020859us-gaap:IntersegmentEliminationMemberunfi:ConventionalSegmentMember2022-07-312023-07-290001020859us-gaap:IntersegmentEliminationMemberunfi:RetailSegmentMember2022-07-312023-07-290001020859us-gaap:IntersegmentEliminationMember2022-07-312023-07-290001020859us-gaap:OperatingSegmentsMemberunfi:NaturalSegmentMember2022-07-312023-07-290001020859us-gaap:OperatingSegmentsMemberunfi:ConventionalSegmentMember2022-07-312023-07-290001020859us-gaap:OperatingSegmentsMemberunfi:RetailSegmentMember2022-07-312023-07-290001020859us-gaap:OperatingSegmentsMember2022-07-312023-07-290001020859us-gaap:CorporateNonSegmentMember2022-07-312023-07-290001020859srt:MinimumMemberus-gaap:PaymentGuaranteeMember2024-08-042025-08-020001020859srt:MaximumMemberus-gaap:PaymentGuaranteeMember2024-08-042025-08-020001020859srt:WeightedAverageMemberus-gaap:PaymentGuaranteeMember2024-08-042025-08-020001020859us-gaap:PaymentGuaranteeMember2025-08-020001020859unfi:NationalOpioidEpidemicMemberunfi:AdvantageLogisticsMember2025-08-020001020859unfi:ComplaintFromVariousHealthPlansMember2021-01-212021-01-210001020859unfi:SchutteandYarberryv.SuperValuNewAlbertsonsInc.etalMember2024-08-042025-08-020001020859unfi:SchutteandYarberryv.SuperValuNewAlbertsonsInc.etalMember2025-08-02

☒   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Exact name of registrant as specified in its charter)

 Registrant’s telephone number, including area code: (401) 528-8634

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $1,779 million based upon the closing price of the registrant’s common stock on the New York Stock Exchange on January 31, 2025. The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding as of September 25, 2025 was 60,652,401.

Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on December 16, 2025 are incorporated herein by reference into Part III of this Annual Report on Form 10-K.

In this Annual Report on Form 10-K (“Annual Report” or “Report”), unless otherwise specified, references to “United Natural Foods”, “UNFI”, “we”, “us”, “our” or the “Company” mean United Natural Foods, Inc. together with its consolidated subsidiaries. We are a Delaware corporation based in Providence, Rhode Island. We conduct our business through various subsidiaries. Since the formation of our predecessor in 1976, we have grown our business both organically and through acquisitions, which have expanded our distribution network, product selection and customer base.

We are continually striving to better serve our stakeholders, including our customers, suppliers, associates and communities, and to drive profitable growth and sustainable shareholder value creation. We completed the first fiscal year of the strategy we introduced in October 2024 designed to add value to our customers and suppliers while making the Company more effective and efficient, improving profitability and free cash flow generation and reducing net leverage.

Our strategy is centered on adding value to our customers and suppliers through our expansive assortment of products, programs, insights and services that help them grow and compete. Our strategy is highly focused on actively positioning our Company to add value to a resilient portion of the food retail industry estimated at over $90 billion, which includes many natural, organic, specialty, multi-cultural and differentiated conventional grocery retailers. This refreshed strategy capitalizes on UNFI’s strengths, including our heritage in natural and organic products, our growing, value-added digital and professional services portfolio and our private label Brands+ program.

Simultaneously, we are working to improve free cash flow generation and reduce net leverage by optimizing controllable variables, including through intensified network optimization, reduced capital intensity and optimized cost structure. Our efforts to optimize our distribution network include streamlining our distribution center footprint to create a more responsive and resilient supply chain with a lower level of fixed capital invested. As part of this, we implemented Lean daily management in 28 of our distribution centers in fiscal 2025 to further enhance effectiveness and efficiency, including measuring our success around four key performance metrics – safety, quality, delivery and cost. Additionally, we are prioritizing capital investment needs and reducing the overall level of spending, while continuing to emphasize maintenance and targeted network enablement and technology enhancements. We are also strengthening our working capital management processes as a part of our plan to improve working capital efficiency while driving higher customer satisfaction. Finally, we continue to reduce ongoing operating expenses and better align corporate resources to reflect our updated strategy and customer and supplier-facing work.

In the second quarter of fiscal 2025, we began realigning our commercial wholesale organization into two product-centered business divisions, Conventional Grocery Products (“Conventional”) and Natural, Organic, Specialty & Fresh Products (“Natural”), to enhance service to customers and suppliers through more customized, product- and service-focused commercial teams. Each division has focused sales teams aligned to the unique product and service needs of their customers and are supported by dedicated functional experts in merchandising, operations, procurement and supplier services. In addition, capability centers of excellence in areas such as supply chain, professional and digital services, and private brands work across the divisions to help create customized programs to help customers and suppliers accelerate their growth strategies.

In the fourth quarter of fiscal 2025, we restructured our internal financial reporting and management processes to align with the new divisional structure. As a result, we realigned our operating and reportable segments based on how the Chief Operating Decision Maker (“CODM”) manages the business, makes decisions about the allocation of resources and assesses segment performance. This new external reporting structure provides insight into each division’s performance in line with how the business is now managed. Prior periods have been recast to conform to the new operating and reportable segments. Refer to Note 16—Business Segments in Part II, Item 8 of this Annual Report for additional information.

At UNFI, we are committed to delivering value to our shareholders while also fostering long-term sustainability in every aspect of our business. Now in its fifth year, our sustainability strategy, Better for All, is designed to drive meaningful impact outcomes, while simultaneously supporting business efficiencies and creating shared value for our stakeholders.

In January 2025, we published our 14th annual Impact Report, which offers a summary of our sustainability initiatives and impact during fiscal 2024. The report demonstrates our enhanced focus on our six most pressing impact areas: safety, inclusion and well-being, waste, climate, sourcing and community. The report is available on the Investor Relations section of our website and highlights progress toward our goals, including waste reduction, associate engagement and belonging, food donations and food safety. The contents of our Impact Report are not incorporated by reference into or considered to be part of this Annual Report.

Our impact begins with the decisions made by our partners and suppliers, well before products reach our distribution centers. We are investing in programs and partnerships that drive product quality and improve supply chain resilience. In fiscal 2023, we launched the UNFI Climate Action Partnership, encouraging suppliers to set credible climate goals. By the end of fiscal 2024, 69 UNFI suppliers had joined. In fiscal 2025, we hosted UNFI’s first in-person Climate Summit with over 80 attendees, including 34 UNFI Climate Action Partnership suppliers, to discuss the business and environmental value of working collectively to reduce shared Scope 3 emissions. UNFI’s Climate Action Hub, which offers suppliers a variety of tools and resources to innovate and scale climate solutions across the food system, hosted its second webinar series featuring industry leaders and exploring climate action topics. We made significant progress on our goal to promote soil health on one million acres by 2030 through UNFI Foundation grants and impact investments, and better quantifying the impact of procuring certified organic products. We also made progress on our Deforestation Policy, transitioning more than 100 of our owned brand SKUs to Roundtable on Sustainable Palm Oil (“RSPO”)-certified palm oil. Aligned with our Animal Welfare Position Statement, we enhanced our tracking of products sold in accordance with higher welfare standards. We believe these policies help us to work more efficiently and effectively with suppliers and vendors in pursuing our shared goals.

We remain focused on improving operational resilience, supporting the highest level of safety and cultivating a high-performing workforce. Our associates’ safety and well-being are of the utmost importance to us. Our primary goal is to cultivate a culture that values care and safety for all. Through continuous efforts we are dedicated to minimizing the risk of injuries and accidents, providing a safe and thriving environment for everyone. For the fourth year in a row, we received a score of 100 on the Disability Equality Index. Our seven associate-led Belonging and Innovation Groups also continued to cultivate a culture of innovation, learning and impact across the Company.

We continue to invest in projects that reduce operational cost while generating return on investment. In fiscal 2025, we completed construction on our roof-mounted solar array installation at our Riverside, California distribution center, our largest to date. We continued work on our energy efficiency tune ups across our distribution center network, completing seven in fiscal 2025, resulting in both financial and energy savings.

We aim to be responsible community members, from our waste and recycling initiatives to the local organizations our associates support through paid time off to volunteer. In fiscal 2025, we improved implementation of our Reverse Logistics Disposition Reporting (“RLDR”) system at all UNFI distribution centers to enhance inventory visibility and operational efficiency. Through RLDR we are helping reduce food waste and decrease shrink in the distribution centers, resulting in overall cost savings to the Company. The UNFI Foundation, a 501(c)(3) organization, continued to align its strategy with business and impact objectives by implementing new grantmaking programs and supporting inclusive procurement and regenerative agriculture efforts. In fiscal 2025, the UNFI Foundation awarded nearly $1.8 million in grants to nonprofits aligned with its funding priorities.

Our stakeholder-focused sustainability strategy has long been a part of UNFI’s success, unlocking efficiencies through collaboration across the business, and is key to our Company purpose: Better Food. Better Future. We continue to stay focused on the needs of our stakeholders and further prioritize the sustainability initiatives that strengthen the performance of our business.

We maintain long-standing relationships with many of our customers. Our diversified customer base includes over 30,000 customer locations, primarily located across the United States and Canada, which range from large grocery chains to smaller retailers.

One Natural customer, which includes customers under common control, constituted more than 10% of total Net sales in fiscal 2025. We continue to serve our largest customer pursuant to an amended and restated distribution agreement with a term through May 20, 2032.

Our international Net sales primarily reflect UNFI Canada, Inc. (“UNFI Canada”), which represented approximately 1% of our Net sales in fiscal 2025. International business excludes sales transacted in U.S. dollars and shipped internationally, which is an even smaller component of our business.

We also continue to invest in technology and systems with the intent of improving the efficiency of our operations, enhancing the customer experience and growing our services platform, including our eCommerce and innovation businesses. This includes sales to eCommerce companies as well as business-to-business sales to non-traditional customers. Marketplace by UNFI is our business-to-business digital eCommerce solution for emerging brands looking to expand distribution with UNFI customers. Through this virtual marketplace, suppliers gain expedited access to UNFI’s digital infrastructure to promote and sell their products to UNFI’s broad customer base while UNFI customers gain access to an even broader assortment of unique and local items with flexible order sizes and the convenience of ordering from multiple sources online in one place.

We organize and operate our wholesale business through two operating segments which represent our product-centered business divisions, as follows:

•Natural, which primarily reflects the wholesale distribution of natural, organic and specialty grocery and non-food products and services and includes the Company’s portfolio of natural owned brands and natural and organic snack food manufacturing business; and

•Conventional, which primarily reflects the wholesale distribution of conventional grocery and non-food products and services and includes the Company’s portfolio of conventional owned brands.

Each of these segments is led by a separate president responsible for product and service strategy, execution, and financial results, and has focused regional sales teams aligned to the unique product and service needs of the customers they serve. Product and service categories include grocery, fresh, private brands, wellness and personal care items, eCommerce and foodservice, as described further below.

We have established a national network of strategically located distribution centers utilizing a multi-tiered logistics system. The network includes facilities that carry slow turn or fast turn groceries, perishables, general merchandise and home, health and beauty care products. For financial reporting purposes, intersegment sales from our distribution centers to our own Retail stores are eliminated from our Conventional segment.

We offer wholesale customers a wide variety of food and non-food products, and our own lines of private label products. We also offer a broad array of digital and professional services. As a logistics provider, efficiency is an important customer service measure. We are in the process of optimizing our facilities to implement leading warehouse technology, ranging from radio-frequency devices guiding selectors to mechanized facilities with completely automated order selection for dry groceries that help us deliver aisle-ready pallets to wholesale customers. Deployment of continuous improvement methodologies within our supply chain is focused on delivering labor and cost efficiencies while also improving our ability to more effectively service our customers.

To maintain our market position and improve our operating efficiencies, we seek to continually:

•expand our marketing and customer service programs across regions;

•expand our national purchasing opportunities;

•offer a broader product and value add service selection than our competitors;

•offer operational excellence with high service levels and a higher percentage of on-time deliveries and fill rates than our competitors;

•centralize and streamline general and administrative functions to reduce expenses;

•consolidate systems applications among physical locations and regions; and

•invest in our people, facilities, equipment and technology.

We maintain contracts with suppliers to procure their products. Our procurement process includes assessments of demand planning, pricing, seasonality and other factors. Inventory costs are determined when products are procured and include vendor funds received and inbound freight, among other items. The gross margins we earn on sales to our customers are typically based on a percentage mark-up, or fee, on top of vendor listed base cost, which vary by customer, product type, vendor size, volume throughput, transportation methods and distances, among other factors. Net sales to customers are determined at the time of sale based on the then prevailing vendor listed base cost and include discounts we offer to our customers. The differential between the procured cost, including vendor funds and inbound freight, as compared to the net sales price of these products, primarily generates our gross margin.

As of August 2, 2025, our Retail segment included 75 Cub Foods and Shoppers retail grocery stores. Our retail stores provide an extensive grocery offering and, depending on size, a variety of additional products, including general merchandise, home, health and beauty care, and pharmacy. We offer national and local brands, as well as our own private label products. A typical retail store carries approximately 17,000 to 21,000 core SKUs and ranges in size from approximately 50,000 to 70,000 square feet. We believe our retail banners have strong local and regional brand recognition in the markets in which they operate. Our Retail operations are principally supplied by six of our Conventional distribution centers.

Our extensive selection of products includes natural, organic, specialty, produce and conventional grocery and non-food products. We offer nationally recognized brand name and private label products, including grocery (both perishable and nonperishable), general merchandise, home, health and beauty care and pharmacy, which are sold through our Natural and Conventional segments to wholesale customers and our Retail stores. We offer the following main product categories: grocery and general merchandise; perishables; frozen foods; wellness and personal care items; and bulk and foodservice products.

Our owned brands portfolio is a collection of brands that offer high quality solutions for private label to our customers. ESSENTIAL EVERYDAY® is our leading national brand equivalent private label solution with nearly 2,000 SKUs for departments across the store. It is complemented by SHOPPERS VALUE®, which offers the budget conscious consumer quality alternatives to national brands. Our WILD HARVEST® brand offers a full range of products made with simple, wholesome ingredients across multiple categories, including produce, meat, grocery, frozen, dairy, health and beauty care products and pet foods. Our Field Day® brand is primarily sold to natural store / co-op retailers as a private label solution. Our WOODSTOCK® brand has been pioneering organic / non-GMO products for over 35 years and continues to launch innovative products. Our category-specific brands, primarily including STONE RIDGE CREAMERY®, EQUALINE®, and CULINARY CIRCLE®, also provide national brand equivalent products at a competitive price.

Our subsidiary doing business as Woodstock Farms Manufacturing specializes in importing, roasting, packaging and distributing nuts, dried fruit, seeds, trail mixes, granola, natural and organic snack items and confections for our customers and in the Company’s branded products. We operate an organic (United States Department of Agriculture (“USDA”) and Quality Assurance International (“QAI”)) and kosher (Circle K) certified packaging, roasting, and processing facility in New Jersey that is SQF (Safety Quality Food) level 2 certified. Woodstock Farms Manufacturing sells items manufactured in bulk and through private label packaging arrangements with large health food, supermarket and convenience store chains and independent retailers.

We offer a broad array of digital and professional services that provide wholesale customers with cost-effective and scalable business solutions. Our services are designed to help customers address business challenges, better serve their customers and compete in the marketplace. These services include solutions we develop and provide directly, as well as pass-through programs in which vendors provide services directly to our wholesale customers. We provide shelf and planogram management, retail store support, pricing strategy, shelf tags, electronic payments processing, coupon processing, store layout and design, equipment sourcing and procurement, point-of-sale hardware and software, network and data hosting solutions, consumer convenience services, automation tools, sustainability services and administrative back-office solutions. The sales and operating results for these services are included within Natural and Conventional.

We offer a variety of marketing services designed to increase sales for our customers and suppliers, including consumer and trade marketing programs, as well as programs to support suppliers in understanding our markets. Consumer and trade marketing programs cater to a broad range of retail formats. Retail marketing programs offer web and digital marketing services, including websites, digital coupon and loyalty programs, mobile applications and eCommerce capabilities, and circular programs for our customers and vendors. Supplier marketing programs include information sharing programs designed to provide heightened transparency to suppliers through demand planning, forecasting and procurement insights. Our retail media network, the UNFI Media Network, enables retailers to reach their consumers digitally while connecting to our large network of suppliers, who in turn, can utilize the platform for personalized and targeted advertising. Our goal is to provide programs and services that educate consumers, profile suppliers and increase sales for retailers, many of which do not have the resources necessary to conduct such marketing programs independently, to drive collective long-term success.

In addition to these services, we provide data, insights and resources that help our customers compete and succeed in their respective markets. We also offer our customers:

•trends reports in the natural and organic industry;

•product data information such as best seller lists, store usage reports and catalogs;

•in-store signage, promotional materials and assistance with product display planning and set up; and

•a robust retailer portal with product information, search and ordering capabilities, reports and publications.

We purchase our products from nearly 10,000 suppliers. The majority of our suppliers are based in the United States and Canada, but we also source products from suppliers throughout the world. We believe suppliers seek to distribute their products through us because we provide access to a large customer base across the United States and Canada, distribute the majority of the suppliers’ products and offer a wide variety of marketing programs to our customers to help sell our suppliers’ products. Substantially all product categories that we distribute are available from a number of suppliers and, therefore, we are not dependent on any single supply source for any product category. In addition, although we have exclusive distribution arrangements and support programs with several suppliers, none of our suppliers accounted for more than 5% of our total purchases in fiscal 2025.

We have positioned ourselves as one of the largest purchasers of organically grown bulk products in the natural and organic products industry by centralizing our purchase of nuts, seeds, grains, flours and dried foods. As a result, we are able to negotiate purchases from suppliers on the basis of volume and other considerations that may include discounted pricing or prompt payment discounts. Furthermore, some of our purchase arrangements include the right of return to the supplier with respect to products that we do not sell in a specified period of time. Each division is responsible for placing its own orders and can select the products that it believes will most appeal to its customers, although each division is able to participate in our company-wide purchasing programs.

Our distribution centers are located to provide direct access to the markets we serve, and we configure them to optimize service and operating costs. The configuration of our distribution network allows us to provide breadth of assortment, competitive service levels and cost efficiency. We believe that we incur lower inbound freight expense than our regional competitors because our scale allows us to buy full and partial truckloads of products. Products are delivered to our distribution centers primarily by our fleet of leased and owned trucks, contract carriers and the suppliers themselves. When financially advantageous, we pick up products from suppliers or satellite staging facilities and return them to our distribution centers using our own trucks. Additionally, the scale of our distribution network provides us with the flexibility to shift volume amongst distribution centers in the case of volume spikes, unique customer needs, temporary inbound fill rate challenges and weather-related events as well as the capacity to support future sales growth.

The majority of our trucks are leased and are maintained by third-party national leasing companies, which in some cases maintain facilities on our premises for the maintenance and service of these vehicles. We also have facilities where we operate our own maintenance shops.

We ship certain orders for supplements or for items that are destined for areas outside of regular delivery routes through independent carriers. Deliveries to areas outside the continental United States and Canada are typically shipped by freight-forwarders through ocean-going containers.

We have 33 distribution centers in the United States that are “National Organic Program certified as Organic Handlers by QAI”. Our California locations are certified as Organic Handlers by QAI, with one location also being certified by California Organic Farmers. We are registered as Organic Handlers with the State of California Department of Public Health Food and Drug Branch and the California Department of Food and Agriculture. In addition, our Canadian distribution centers in British Columbia and Ontario hold an Organic Distributor certification from QAI.

We maintain a comprehensive quality assurance program. All products we sell that are represented as organic are required to be certified as such by an independent third-party agency. We maintain current certification affidavits on most organic commodities and produce in order to verify the authenticity of the product. Most potential suppliers of organic products are required to provide such third-party certifications to us before they are approved as suppliers.

We continue to make significant investments in supply chain, financial, information and business applications and operating systems. We continually evaluate and upgrade our enterprise systems and supply chain infrastructure to enhance security, efficiency, cost-effectiveness and responsiveness to customer needs. We believe these systems include best in class functionality in order management systems, cloud-based warehouse management systems for inventory control and labor management, scan-based fulfillment applications, transportation management systems and warehouse automation and robotics. We continue to deploy our fulfillment technology with Universal Product Code (“UPC”) scan-based technology for selection, loading and customer deliveries to ensure order accuracy and traceability throughout the supply chain. We have expanded our portfolio of investments in AI-enabled warehouse automation and robotic solutions to support full case and unit pick fulfillment processes. These investments are intended to unlock our supply chain capabilities, improve customer experience and enable growth. We continue to leverage effective transportation management systems that enable us to lower inbound transportation costs by making optimum use of our own fleet of trucks and/or by consolidating deliveries to achieve full truckloads. In addition, we use cloud solutions to assist us in developing the most efficient routes, tracking vehicle maintenance and monitoring driver safety and the movement of trucks in real-time. We continue an effort to standardize to best in industry software solutions for inventory procurement, order management, transportation operations and warehouse management systems throughout our network. Our investment in technology is intended to improve our supply chain effectiveness for our suppliers, associates and customers enabling our collective success.

Our Natural, Conventional and Retail businesses operate in a highly competitive and rapidly evolving industry, which is characterized by low profit margins, new business models and the entry of new, non-traditional competitors that intensify competition. Our food distribution business competes with many traditional and specialty grocery wholesalers and retailers that maintain or develop self-distribution systems for the business of independent grocery retailers. We also increasingly compete with retailers that maintain or develop self-distribution systems, as well as companies that offer services in digital advertising, fulfillment and delivery services, health and wellness and financial services. The primary competitive factors in the wholesale business include price, service level, product quality, variety, availability, location of distribution centers and other value-added services. In recent years, consolidation within the grocery industry has resulted in, and is expected to continue to result in, increased competition, including from some competitors that have greater financial, marketing and other resources than we do.

Independent retailers and smaller chain customers represent a significant portion of our business and face intense competition from national grocery chains, supercenters, deep discounters, mass merchandisers, limited assortment stores and eCommerce providers, many of whom offer expansive services beyond grocery.

Our retail banners compete with traditional and specialty grocery stores, supercenters, deep discounters, mass merchandisers, limited assortment stores and eCommerce providers. The principal competitive factors in grocery retail include the location and image of the store; the price, quality, and variety of the fresh offering; and the quality, convenience, and consistency of service. Competitive strategies vary based on many factors, such as the competitor’s format, strengths, weaknesses, pricing, and sales focus. Our retail stores have continued to respond to growing competition from online and non-traditional retailers by adding options and services such as online ordering, curbside pick-up and home delivery.

Our operations and many of the products that we distribute in the United States are subject to regulation by state and local health departments, the USDA and the United States Food and Drug Administration (the “FDA”), which generally impose standards for product quality, safety, labeling and defense. In the United States, our facilities generally are inspected at least annually by state or federal authorities. For certain product lines, we are also subject to the Federal Meat Inspection Act, the Poultry Products Inspection Act, the Perishable Agricultural Commodities Act, the Packers and Stockyard Act and regulations promulgated by the USDA to interpret and implement these statutory provisions. The USDA imposes standards for product safety, quality and sanitation through the federal meat and poultry inspection program.

The FDA Food Safety Modernization Act in the United States (administered by the FDA) and the Safe Foods for Canadians Act in Canada (administered by the Canadian Food Inspection Agency (“CFIA”)) have expanded food safety requirements across the food supply chain and, among other things, impose additional regulations focused on prevention of food contamination, more frequent inspection of high-risk facilities, increased record-keeping, and improved tracing of food. Products that do not meet regulatory standards and/or comply with these regulations may be considered to be adulterated and/or misbranded and subject to recall.

The Surface Transportation Board and the Federal Highway Administration regulate our transportation operations in the United States. In addition, interstate motor carrier operations are subject to safety requirements prescribed by the United States Department of Transportation and other relevant federal and state agencies. Such matters as weight and dimension of equipment are also subject to federal and state regulations. Transport Canada regulates transportation operations in Canada, in coordination with various provincial/territorial and municipal authorities.

Our facilities are subject to regulations issued pursuant to the U.S. Occupational Safety and Health Act by the U.S. Department of Labor and similar regulations by state agencies. Our facilities in Canada are subject to regulations issued pursuant to the Canadian Centre for Occupational Health and Safety and similar regulations by various provincial agencies. These regulations require us to comply with certain health and safety standards to protect our employees from recognized hazards. We are also subject to the National Labor Relations Act, which provides employees the right to organize and bargain collectively with their employer and to engage in other protected concerted activity, the Fair Labor Standards Act and other employment-related state and local regulations, which establish minimum wages and overtime standards, among other requirements.

Our facilities in the United States and in Canada are subject to various environmental protection statutes and regulations, including those relating to the discharge of materials into the environment, the disposal of food by-products, recycling/end of life product management, the handling, treatment and disposal of wastes, maintenance of refrigeration systems and fuel storage tanks and remediation of soil and groundwater contamination. Moreover, in some of our facilities we, or third parties with whom we contract, perform vehicle maintenance. Our policy is to comply with all applicable federal, state, provincial and local provisions relating to the protection of the environment or the discharge of materials.

Our international business operations are subject to various laws and regulations regarding the import and export of products and preventing corruption and bribery (including the U.S. Foreign Corrupt Practices Act). We have implemented and continue to develop import/export and anti-corruption compliance programs and processes to comply with applicable laws and regulations governing our international business activities.

Our employees are critical to supporting our values and achieving our strategic vision, and we are striving to be an employer of choice. We are focused on associate engagement, empowerment and safety to foster innovation and bring best-in-class solutions to our customers and suppliers in an ever-changing retail landscape, including new ways of work scheduling and productivity investments. The Compensation Committee of our Board of Directors has oversight of human capital management matters with a focus on associate well-being across a variety of measures.

As of August 2, 2025, we had approximately 25,600 full and part-time employees, 10,768 of whom (approximately 42%) are covered by 57 collective bargaining agreements, including existing agreements under negotiation. We have been the focus of union-organizing efforts, and we believe it is likely that similar efforts will continue in the future.

Attracting and retaining talent is one of our top priorities. Our goal is to differentiate ourselves in the market by offering flexibility to associates for how they work and develop. To reduce turnover, we have an emphasized focus on and commitment to our associates, their experiences as well as their continued engagement. We support their growth by offering robust leadership development programs, role-based training, on-the-job training and other career opportunities at every stage of their tenure. Designed to enhance the leadership capabilities of our people, we design and deliver optional programs to leaders across all departments that come together to learn and practice their management skills as well as identify opportunities to lead more effectively. The Elevate program for Director-level and above associates works to solidify our talent pipeline and promote the success of the organization’s future leaders. Our front-line leaders are supported through specific Learning and Development pipelines for corporate, wholesale and operations. Our Learning and Development teams partner with key groups such as Sales, Operations, Transportation and Environmental Health and Safety to develop role-based training to drive greater productivity and safety. We also offer associates additional learning and career development opportunities that extend from skills-based training deployed electronically through our BetterU learning system, to mentorship programs and career development discussions and beyond.

Our compensation and benefits programs are designed to promote a culture of well-being and recognize our associates for their outstanding achievements and dedication to serving our customers and keeping them safe during even the most challenging of times. We are committed to offering market competitive pay programs that reward high levels of performance and behaviors that challenge convention and drive company success. Our short-term incentive programs are tied to the Company’s financial goals and are intended to align our eligible associates’ rewards with our financial success. Long-term incentives, including restricted stock units and performance stock unit awards, are designed to attract and retain innovative leaders and align their financial interests with that of our shareholders and other stakeholders. As part of our commitment to recognize our associates’ “whole self” – health, finances and overall well-being – we offer a comprehensive health and welfare benefit program to eligible associates providing a variety of medical, dental and vision options plus additional voluntary benefits like long-term disability and optional life insurance. Additionally, we provide to eligible associates a leading edge, no-cost wellness program, paid time off programs including paid parental leave, an employee assistance program, 401(k) plan and a recently enhanced education assistance program.

In order to recruit, inspire and retain the most talented team at all levels that maximizes speed, agility, innovation, execution and performance from the Boardroom to our distribution centers, we pledge to promote inclusion and well-being for all by delivering high-quality benefits and programs that attract and nurture high performance in a safe and inclusive culture. Our Board of Directors has a broad range of experience and represents a wide range of backgrounds and perspectives. We recognize that innovation thrives when there is unity and respect for all backgrounds and perspectives. Additionally, we aim to foster a culture of belonging, empathy and inclusion through open dialogues and educational opportunities.

Our Vice President of Inclusion and Well-being oversees efforts around associate engagement and belongingness, Broad Market Access supplier initiatives and well-being programs. Our Inclusion and Well-being council and seven associate-led Belonging and Innovation Groups (all of which are open to all associates) actively strive to create a workplace where all associates feel welcome and are motivated to reach their full potential. We have revised policies and practices to better serve our workforce and business needs and developed a multi-pronged approach to educate and engage associates that includes open discussions on various dimensions of inclusion and well-being, a podcast, mental health awareness trainings on our associate platforms, targeted volunteerism, and campaigns encouraging respect and empathy. In fiscal 2025, the Inclusion and Well-being team partnered with Safety and Operations to launch a Mental Health First Aid initiative, reaching all distribution centers, to teach leaders skills needed to recognize and respond to signs and symptoms of mental health and substance use challenges, as well as how to provide someone with initial support until they are connected with appropriate professional help.

Safety is at the forefront of everything we do. We continue to focus on the safety of our associates, customers, communities and consumers with increased safety measures. We continue to be committed to continuous learning and improvement, and we believe in the power of learning from past experiences to enhance our safety system and performance, including through root cause incident analysis. We also continue to invest in our safety brand and pledge, Every Moment Matters, which is designed to foster a culture of caring and doing the right thing.

This past year, we focused on continuing to make meaningful reductions in both Occupational Safety and Health Administration (“OSHA”) recordable incidents and lost time injuries (“LTI”), such as through Lean daily management, which has been implemented in 28 of our distributions centers and is strengthening our performance across safety, quality, delivery and cost metrics; improving our root cause analysis process; enhancing our safety management software solution; completing internal and external audits and closing findings identified therein; creating more comprehensive reporting on key performance indicators, including adding a new injury severity metric, and continuing to build upon our safety culture. As part of our ongoing commitment to road safety, this year we have completed the installation of a video-based safety technology across our fleet. This investment enhances public safety and driver protection, promotes real-time coaching, strengthens our ability to proactively reduce risk and contributes to safer roads for all.

Our efforts with our food safety and quality assurance (“FSQA”) program intensified as we focused on delivering value to our customers and consumers. This included continuing on our path to creating a world-class food safety management system by creating Food Safety Fundamental Rules that are now part of our daily operations rhythms. Furthermore, we enhanced our internal audit program by making all audits unannounced so that we could continue towards our goal of being audit ready every day. Additionally, we created more comprehensive reporting on key performance indicators, invested in technology to allow for easier tracking of food safety incidents and proudly reached our milestone to have the last remaining eligible facilities SQF certified, thus promoting customer confidence in our food safety program.

Overall product sales are fairly balanced throughout the year, although demand for certain products of a seasonal nature may be influenced by holidays, changes in seasons or other annual events. Our working capital needs are generally greater during the months of and leading up to high sales periods, such as the buildup in inventory leading to the calendar year-end holidays. Our inventory, accounts payable and accounts receivable levels may be impacted by macroeconomic impacts and changes in food-at-home purchasing rates. These effects can result in normal operating fluctuations in working capital balances, which in turn can result in changes to cash flow from operations that are not necessarily indicative of long-term operating trends.

Our internet address is http://www.unfi.com. The contents of our website are not incorporated by reference into or considered to be part of this Annual Report, and our website address is included in this document as an inactive textual reference only. We make our Annual Report, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) available free of charge through our website as soon as reasonably practicable after we file such reports with, or furnish such reports to, the Securities and Exchange Commission.

Our business, financial condition and results of operations are subject to various risks and uncertainties, including those described below and elsewhere in this Annual Report. This section discusses factors that, individually or in the aggregate, we believe could cause our actual results to differ materially from expected and historical results. If any of the events described below occurs, our business, financial condition or results of operations could be materially adversely affected and our stock price could decline.

We provide these factors for investors as permitted by and to obtain the rights and protections under the Private Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be a complete discussion of all potential risks or uncertainties applicable to our business. See Management’s Discussion and Analysis of Financial Condition and Results of Operations—Cautionary Note Regarding Forward-Looking Statements in Part II, Item 7 of this Annual Report for more information on our business and the forward-looking statements included in this Annual Report.

A significant portion of our revenues is from our principal customers, and our success is heavily dependent on retaining this business and on our principal customers’ ability to maintain and grow their businesses. The loss or cancellation of business from our principal customers, including due to the utilization of alternative sources of products, whether through other distributors or increased self-distribution, closures of stores, reductions in the amount of products that our customers sell to their customers, operational issues or our failure to comply with the terms of our distribution agreements, where applicable, could materially and adversely affect our business, financial condition or results of operations. For example, our largest customer accounted for approximately 25% of our Net sales in fiscal 2025. We serve as the primary distributor of natural, organic and specialty non-perishable products, and also distribute certain specialty protein, cheese, culinary items, deli items and products from health, beauty and supplement categories to this customer under the terms of our distribution agreement, which expires on May 20, 2032. A loss or significant decrease in volume with our largest customer could impact our ability to efficiently serve other, smaller customers in these categories who utilize these distribution centers. Our ability to maintain a close, mutually beneficial relationship with our principal customers is an important element to our continued growth. Similarly, if our largest customer diverts some or all of its purchases from us, our business, financial condition or results of operations may be materially and adversely affected.

The grocery industry is characterized by a relatively high volume of sales with relatively low profit margins, and as competition in certain areas intensifies and the industry continues to consolidate, our results of operations may be negatively impacted through a loss of sales and reduction in gross margin dollars. The grocery business is intensely competitive and the landscape is dynamic and continues to evolve, including from some competitors that have greater financial and other resources than we do. Consumers also have more choices for grocery and consumable purchases, including mass merchandisers, eCommerce providers, deep discount retailers, limited assortment stores, wholesale membership clubs and meal-delivery services, which may reduce the demand for products supplied by our wholesale customers. We may not be able to compete effectively against current and future competitors.

Our ability to compete successfully is largely dependent on our ability to provide quality products and services at competitive prices. Our competition comes from a variety of sources, including other distributors, specialty or independent grocery distributors, mass market grocery distributors and cooperatives and customers with their own distribution channels. Mass market grocery distributors, many with substantially greater financial and other resources than us and that may be better established in their markets, continue to increase their offerings of natural and organic products, resulting in more direct competition with our natural and organic product offerings. While natural and organic products typically generate higher margins, these margins could be affected by changes in the public’s perception of the benefits of natural and organic products compared to similar conventional products.

In addition, many supermarket chains have increased self-distribution or purchases of items directly from suppliers. Relatively low barriers to entry have led to the emergence of alternative business models and channels in our markets. We also encounter indirect competition as a result of the fact that our customers with physical locations compete with online retailers and distributors that seek to sell certain products directly to consumers. Further, club stores, commercial wholesale outlets, direct food wholesalers and online food retailers have developed lower cost structures, creating increased pressure on the industry’s profit margins. Our current or potential competitors may provide products or services comparable or superior to those provided by us or adapt more quickly than we do to evolving industry trends or changing market requirements. It is also possible that alliances among competitors may develop and that competitors may rapidly acquire significant market share. Increased competition may result in price reductions, reduced gross margins, lost business and loss of market share, any of which could materially and adversely affect our business, financial condition or results of operations.

The continuing consolidation of retailers, the growth of chains and closures of grocery locations may reduce our gross margins in the future should more customers qualify for greater volume discounts or we experience increased pricing pressure from suppliers and retailers. Sales to some of our largest customers generate a lower gross margin than sales to our smaller customers due to agreements that include volume discounts with many of these customers, including our largest customer. Increased sales to these customers results in downward pressure on our gross margins, which may or may not be offset by increases in sales or a reduction in expenses incurred to service these customers.

If we are not able to capture scale efficiencies and enhance our merchandise offerings, we may not be able to achieve our goals with respect to our operating margins. In addition, if we are not able to refine and improve our systems continually or effectively implement improvements to our systems without disruption, including any information technology migration to a cloud environment, we may not be able to reduce costs, increase sales and services, effectively manage inventory and procurement processes, or effectively manage customer pricing plans. As a result, our operating margins may stagnate or decline.

Further, because many of our sales are at prices that are based on our product cost plus a percentage markup, volatile food costs have a direct impact upon our profitability. We have experienced volatile levels of inflation during the past several years, which has had varying impacts on our business. For example, we experienced negative impacts on our profitability as inflation slowed in recent years and decreased the positive impact of inflation-related buying activities. Prolonged periods of product cost inflation and periods of rapidly increasing inflation may have a negative impact on our profit margins and results of operations to the extent that we are unable to pass on all or a portion of such product cost increases to our customers, or to the extent our operating expenses increase. In addition, product cost inflation may negatively impact consumer discretionary spending trends and reduce the demand for higher-margin natural and organic products, which could adversely affect profitability. Conversely, our profit levels may be negatively impacted during periods of slowing inflation or product cost deflation even though our Gross profit as a percentage of Net sales may remain relatively constant. If we are unable to reduce our expenses as a percentage of Net sales, including our expenses related to servicing this lower gross margin business, our business, financial condition or results of operations could be materially and adversely impacted.

Our long-term strategy is centered on adding value to our customers and suppliers through our expansive assortment of products, services, programs and insights that help them grow and compete. Simultaneously, we are working to improve free cash flow by focusing on what we can control around the areas of network optimization, reduced levels of capital intensity and optimization of our cost structure. The successful design, implementation and management of these initiatives may present significant challenges, many of which are beyond our control. In addition, the initiatives may not advance our business strategy as expected. We may not realize all or any of the anticipated benefits, or may not realize the anticipated benefits within the expected time frame, due to financial or operational challenges, delays, lower than expected levels of customer and supplier acceptance and implementation or unexpected costs. Any failure to implement the initiatives in accordance with expectations could adversely affect our ability to achieve the anticipated revenue and profitability benefits. In addition, the complexity of the initiatives requires a substantial amount of management and operational resources. Our management team must successfully implement operational changes necessary to achieve the anticipated benefits of the initiatives. These and related demands on its resources may divert the Company’s attention from existing core businesses and could also have adverse effects on existing business relationships with suppliers and customers. As a result, our business, financial condition or results of operations may be adversely affected.

As a wholesaler, we are dependent upon the consistent supply of products from manufacturers. We maintain supply contracts to fulfill product sales obligations to our customers. Manufacturers’ disruptions in their ability to produce, maintain and supply product based on changing levels of demand could result in an inability to fulfill our obligations to our customers.

The majority of our suppliers are based in the United States and Canada, but we also source products from suppliers throughout the world. For the most part, we do not have long-term contracts with our suppliers committing them to provide products to us. Although our purchasing volume can provide benefits, suppliers may not provide the products needed by us in the quantities or at the prices requested. For example, we experienced higher than usual levels of out-of-stocks leading to reduced fill rates during the COVID-19 pandemic. These shortages caused us to incur higher operating expenses due to the cost of moving products between our distribution and warehouse facilities to maintain expected service levels, and we cannot anticipate whether this trend will recur in the future. We are also subject to supply chain uncertainties and increases in product costs based on conditions outside of our control, which may impact our ability to procure products efficiently. These conditions include work slowdowns, work interruptions, strikes or other job actions by employees of suppliers, challenges with workforce availability, short-term weather conditions or more prolonged climate change, crop conditions, animal diseases, product recalls, water shortages, transportation interruptions, unavailability of fuel or increases in fuel costs, competitive demands, raw material shortages, geopolitical disruptions and natural disasters or other catastrophic events (including, but not limited to food-borne illnesses). As consumer demand for natural and organic products continues to increase, certain retailers and other producers have entered the market and attempted to buy certain raw materials directly, limiting availability for use in certain of our suppliers’ products. In addition, increased costs of imported goods, including due to tariffs, import restrictions, global conflict or otherwise, may reduce customer demand for affected products if the parties experiencing those increased costs increase their prices.

We cooperatively engage in and support a variety of promotional programs and services with our suppliers. We manage these programs and services to increase sales while maintaining or improving our margins. We experienced a reduction in promotional spending and payment of slotting fees for new products by our suppliers as a result of the COVID-19 pandemic, including decreased promotional forward-buying opportunities, and we may experience further reductions or changes in promotional spending (including as a result of the increasing attractiveness of alternative retail channels), which could have a significant impact on our profitability. We depend heavily on our ability to purchase merchandise in sufficient quantities at competitive prices, and we benefit from our ability to purchase product in advance of price increases. We have no assurances of continued supply, pricing or access to new products, and suppliers could change the terms upon which they sell to us, the services they request from us or discontinue selling to us altogether.

Further, increased frequency or duration of extreme weather conditions, or other factors which may be the result of climate change, also could impair production capabilities, disrupt our supply chain or impact demand for our products. For example, in the past, weather patterns or events, such as lower than average levels of precipitation in key agricultural states or wildfires in the West, have affected prices of food products of certain of our suppliers. Input costs could increase at any time for a large portion of the products that we sell for a prolonged period. Conversely, weather patterns could lead to a decline in our product costs (for example, if rainfall levels are abundant), particularly in our perishable and produce businesses, and this product cost deflation could negatively impact our results of operations. Our inability to obtain adequate products as a result of any of the foregoing factors or otherwise could prevent us from fulfilling our obligations to customers, and these customers may turn to other distributors. In that case, our business, financial condition or results of operations could be materially and adversely affected.

Our ability to decrease costs and increase profits, as well as our ability to serve customers most effectively, depends on the reliability of our technology platform. We use software and other technology systems, among other things, to send, receive, generate and select orders, load and route trucks and monitor and manage our business on a day-to-day basis. Failure to have adequate technology systems across the enterprise and any disruption to these systems could adversely impact our customer service, decrease the volume of our business, and result in increased costs negatively affecting our business, financial condition or results of operations.

In our attempt to reduce operating expenses, increase operating efficiencies and better serve our customers and suppliers, we have invested and continue to invest in the development and implementation of new information technology. We are in the process of converting our existing facilities into a single warehouse management and supply chain platform. In addition, we remain focused on the automation of certain distribution centers and plan to develop further digital solutions for our customers, suppliers and associates. We may not be able to implement these technological enhancements at all or in the anticipated time frame and delays in implementation could negatively impact our business, financial condition or results of operations. In addition, the costs may exceed our estimates and are expected to exceed the benefits during the early stages of implementation. Even if implementation progresses in accordance with our current plans, and within our current cost estimates, we may not achieve the expected efficiencies and cost savings from our investments. Moreover, as we implement information technology enhancements, disruptions in our business may be created (including disruption with our customers), which may have a material adverse effect on our business, financial condition or results of operations.

In the past, we have experienced a shortage of qualified labor. Recruiting and retention efforts, and actions to increase productivity, may not be successful. Such a shortage could potentially increase labor costs, reduce profitability or decrease our ability to effectively serve customers. If we are unable to realize the anticipated benefits of our efforts to improve labor efficiency, including through automation and other technology initiatives, or to increase productivity and efficiency through other methods, we may be more susceptible to labor shortages than our competitors. We have incurred increased costs to retain and address a shortage of qualified labor in certain geographies, particularly for warehouse workers and drivers, including wage actions, sign-on bonus programs, and increased use of third-party labor.

Because our labor costs are, as a percentage of Net sales, higher than in many other industries, we may be significantly harmed by labor cost increases. Further, if we are unable to accurately predict and adjust our labor needs with respect to our sales volume, our cost of labor as a percentage of Net sales may increase. In addition, labor is a significant cost of many of our wholesale customers. Any increase in their labor costs, including any increases in costs as a result of increases in minimum wage requirements or wage competition, could reduce the profitability of our customers and reduce demand for the products we supply. Additionally, the terms of some of our collective bargaining agreements may limit our ability to increase efficiencies.

As of August 2, 2025, approximately 10,768 of our 25,600 employees (approximately 42%) were covered by 57 collective bargaining agreements, including existing agreements under negotiation, which expire through March 22, 2030. In the event we are unable to negotiate reasonable contract renewals with our union associates or are required to make significant changes to terms that are unfavorable to us, our relationship with employees may become fractured, and we could be subject to work stoppages or additional expenses. In that event, it would be necessary for us to hire replacement workers or implement other business continuity contingency plans to continue to meet our obligations to our customers. The costs to hire replacement workers, employ effective security measures and, if necessary, serve customers from alternative facilities, could negatively impact the profitability of any affected facility. Depending on the length of time of any work stoppage or if we are required to employ replacement workers and implement security measures these costs could be significant and could have a material adverse effect on our business, financial condition or results of operations.

We have been the focus of union-organizing efforts, and we believe it is likely that similar efforts will continue in the future. We are in the process of negotiating collective bargaining agreements with newly certified units. New contracts could have substantially less favorable terms than our existing contracts.

Our future growth may be limited by our ability to optimize our distribution center network to serve our customers, retain existing customers, successfully integrate acquired entities or significant new customers, implement information systems and automation initiatives, or adequately manage our personnel. If we fail to optimize the volume of supply operations in our distribution center network, do not retain existing business or do not utilize added network capacity in line with our expectations, excess capacity may exist, which may lead to inefficiencies and adversely affect our business, financial condition or results of operations, including as a result of incurring operating costs for these facilities without sufficient corresponding sales revenue to cover these costs.

If we are unable to successfully optimize our distribution center network or open additional distribution centers in new or existing markets if needed to accommodate or facilitate growth or if our distribution centers have increased operational challenges it could have a material impact on our ability to grow. Our ability to compete effectively, maintain service levels and manage future growth, if any, will depend on our ability to maximize operational efficiencies across our distribution center network, to implement and improve on a timely basis operational, financial and management information systems, including our warehouse management systems, and to expand, train, motivate and manage our work force. Our existing personnel, systems, procedures and controls may not be adequate to support the future growth of our operations. Our inability to manage our growth effectively could have a material adverse effect on our business, financial condition or results of operations.

Further, a key element of our current growth strategy is to increase the amount of differentiated products that we distribute and services that we offer. We believe that the ability to distribute these products and offer these services will distinguish us from our competitors and increase demand for our products. If we are unable to increase these differentiated products and services, our business, financial condition or results of operations may be materially and adversely affected.

The profitability of our Natural and Conventional businesses is dependent upon sufficient volume to support our operating infrastructure. The inability to attract new customers or the loss of existing customers from a decision to use alternative sources of distribution, whether through a competing wholesaler or by converting to self-distribution, or due to retail closure or industry consolidation may negatively impact our sales and operating margins. If there were a rapid reduction in demand for the products we distribute or services we offer, our results and cash flows may be negatively impacted if we are unable to reduce working capital maintained to support current sales levels.

Our success also depends in part on the financial success and cooperation of our wholesale customers. They may not experience an acceptable level of sales or profitability, and our revenues and gross margins could be negatively affected as a result. We may also need to extend credit to our wholesale customers. While we seek to obtain security interests and other credit support in connection with the financial accommodations we extend, such collateral may not be sufficient to cover our exposure. Additionally, in the past we have entered into wholesale customer support arrangements to guaranty or subsidize real estate obligations, which make us contingently liable in the event our wholesale customers default. If sales trends or profitability worsen for wholesale customers, their financial results may deteriorate, which could result in, among other things, lost business for us, delayed or reduced payments to us or defaults on payments or other liabilities owed by wholesale customers to us, any of which could adversely impact our financial condition and results of operations, as well as our ability to grow our Natural and Conventional businesses. In this regard, our wholesale customers are affected by the same economic conditions, including food inflation and deflation, and competition that our Retail segment faces. The magnitude of these risks increases as the size of our wholesale customers increases.

Many of our wholesale customers buy from us under purchase orders, and we generally do not have written agreements with or long-term commitments from these customers for the purchase of products. These customers may not maintain or increase their orders for the products supplied by us, and we may not be able to maintain or add to our existing customer base. Decreases in volumes or orders for products supplied by us for these customers with whom we do not have a long-term contract may have a material adverse effect on our business, financial condition or results of operations.

We may have contracts with certain of our customers (as is the case with many of our chain customers) that obligate the customer to buy products from us for a particular period of time. Even in this case, the contracts may not require the customer to purchase a minimum number of products from us or the contracts may afford the customer better pricing in the event that the volume of the customer’s purchases exceeds certain levels. If these customers were to terminate or fail to perform under these contracts prior to their scheduled termination, or if we or the customer elected not to renew or extend the term of the contract at its expiration or not to renew or extend at historical purchase levels, it may have a material adverse effect on our business, financial condition or results of operations, including additional operational expenses to transition out of the business or to adjust our facilities and staffing costs to cover the reduction in Net sales.

Disruptions to our or third-party information technology systems, including cyber-attacks and security breaches, and the costs of maintaining secure and effective information technology systems could negatively affect our business and results of operations.

The efficient operation of our businesses is highly dependent on computer hardware and software systems, including customized information technology systems. Additionally, our businesses increasingly involve the receipt, storage and transmission of sensitive data, including personal information about our customers, employees and vendors and our proprietary business information. Our information technology systems and those of our customers, business partners, suppliers, and third-party providers have been, and will continue to be, subject to cyberthreats such as computer viruses or other malicious codes, security breaches, ransomware, unauthorized access attempts, business email compromise, cyber extortion, denial of service attacks, phishing, deepfakes, social engineering, unintentional or malicious actions of employees or contractors, hacking and other cyberattacks attempting to exploit vulnerabilities by hackers, criminal groups, nation-states and nation-state-sponsored organizations and social-activist organizations, which risks may be more pronounced as associates continue to work remotely. We have seen and may continue to see an increase in the number of such attacks. For example, in the fourth quarter of fiscal 2025, we experienced the Cybersecurity Incident, which temporarily disrupted our business and impacted our results of operations. For further information regarding the Cybersecurity Incident, see “Cybersecurity” in Item 1C of Part I of this Annual Report on Form 10-K and Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 7 of Part II of this Annual Report on Form 10-K.

The rapid evolution and increased adoption of emerging technologies, such as artificial intelligence, may also increase the frequency and magnitude of cyberattacks on the Company and amplify our cybersecurity risks. Our security efforts and the security efforts of our third-party providers may not prevent or timely detect future attacks and resulting breaches or breakdowns of our databases or systems. The unavailability of information technology systems or failure of these systems or software to perform as anticipated for any reason, including a ransomware attack, and any inability to respond to, or recover from, such an event on a timely basis, could disrupt our ability to manage or conduct our business, impact our customers and result in decreased performance, reputational harm, governmental fines, penalties, regulatory proceedings, increased overhead costs and increased risk for liability, causing our business and results of operations to suffer.

Further, we are in the process of upgrading certain of our digital capabilities, including hardware, software and operating systems. If such systems are not successfully upgraded or replaced in a timely manner, system outages, disruptions or delays, or other issues may arise.

Certain of our customers have from time to time experienced bankruptcy, insolvency or an inability to pay their debts to us as they come due. If our customers suffer significant financial difficulty, they may be unable to pay their debts to us timely or at all, which could have a material adverse effect on our business, financial condition or results of operations. It is possible that customers may reject their contractual obligations to us under bankruptcy laws or otherwise. Significant customer bankruptcies could further adversely affect our revenues and increase our Operating expenses by requiring larger provisions for bad debt. In addition, even when our contracts with these customers are not rejected in bankruptcy, if customers are unable to meet their obligations on a timely basis, it could adversely affect our ability to collect receivables. Further, we may have to negotiate significant discounts and/or extended financing terms with these customers in such a situation, each of which could have a material adverse effect on our business, financial condition or results of operations.

During periods of economic weakness, small to medium-sized businesses, like many of our independent channel customers, may be impacted more severely and more quickly than larger businesses. Similarly, these smaller businesses may be more likely to be more severely impacted by events outside of their control, like macro-economic shifts or significant weather events. Consequently, the ability of such businesses to make payments to us may deteriorate, and in some cases this deterioration may occur quickly, which could materially and adversely impact our business, financial condition or results of operations.

We have engaged in, and could continue to pursue, strategic transactions. Strategic transactions present significant challenges and risks relating to execution.

Our ability to achieve the expected benefits of strategic transactions will depend on, among other things, our ability to effectively execute on our business strategies, integrate and manage the combined operations for acquisitions, retain customers and suppliers on terms similar to those in place prior to the transaction, achieve desired operating efficiencies and sales growth, optimize delivery routes, coordinate administrative and distribution functions, integrate management information systems, expand into new markets to include markets of the acquired business, retain our associates and retain and assimilate the acquired businesses’ employees and maintain our financial and internal controls and systems as we evolve our operations. Achieving the anticipated benefits of strategic transactions also depends on the adequacy of our implementation plans and the ability of management to oversee and operate effectively any changes to the operations.

We provide single employer and multiemployer health, defined benefit pension and defined contribution benefits to many of our employees and, in some cases, former employees. The costs of such benefits continue to increase, and the extent of any increase depends on a number of different factors, many of which are beyond our control. These factors include governmental regulations such as The Patient Protection and Affordable Care Act, which resulted in changes to the U.S. healthcare system and imposes mandatory types of coverage, reporting and other requirements; return on plan assets; changes in actuarial valuations, estimates, or assumptions used to determine our benefit obligations for certain benefit plans, which require the use of significant estimates, including the discount rate, expected long-term rate of return on plan assets, mortality rates and the rates of increase in compensation and healthcare costs; for multiemployer plans, the outcome of collective bargaining and actions taken by trustees who manage the plans; and potential changes to applicable legislation or regulation. If we are unable to control these benefits and costs, we may experience increased operating costs, which may adversely affect our financial condition and results of operations.

Additionally, certain multiemployer pension plans in which we participate are underfunded with the projected benefit obligations exceeding the fair value of those plans’ assets, in certain cases, by a wide margin. If a withdrawal were to occur for any reason, the withdrawal liability from our multiemployer plans could be material, our efforts to mitigate these liabilities may not be successful, and potential exposure to withdrawal liabilities could cause us to forgo or negatively impact our ability to enter into other business opportunities. Some of these plans have required rehabilitation plans or funding improvement plans, and we can give no assurances of the extent to which a rehabilitation plan or a funding improvement plan will improve the funded status of the plan. It is possible that increases of unfunded liabilities of the multiemployer pension plans would result in increased future payments by us and the other participating employers over the next several years. Any changes to our pension plans that would impact associates covered by collective bargaining agreements will be subject to negotiation, which may limit our ability to manage our exposure to these plans. A significant increase to funding requirements could adversely affect our financial condition, results of operations or cash flows. The financial condition of these pension plans may also negatively impact our debt ratings, which may increase the cost of borrowing or adversely affect our ability to access financial markets.

We use a combination of insurance and self-insurance to provide for potential liabilities, including workers’ compensation, general and auto liability, director and officer liability, property risk, cyber and privacy risks and employee healthcare benefits. We believe that our insurance coverage is customary for businesses of our size and type. However, there are types of losses we may incur that cannot be insured against or that we believe are not commercially reasonable to insure. These losses, should they occur, could have a material adverse effect on our business, financial condition or results of operations. In addition, the cost of insurance fluctuates based upon our historical trends, market conditions, and availability. In response to the current market, we have also increased deductibles and increased percentages of loss retention above the deductible for certain of our policies, which could expose us to higher costs in the event of a claim.

We estimate the liabilities and required reserves associated with the risks we retain. Any such estimates and actuarial projection of losses is subject to a considerable degree of variability. Among the causes of this variability are changes in benefit levels, medical fee schedules, medical utilization guidelines, severity of injuries and accidents, vocation rehabilitation and apportionment and unpredictable external factors affecting inflation rates, discount rates, rising healthcare costs, litigation trends, legal interpretations, and actual claim settlement patterns. If actual losses incurred are greater than those anticipated, our reserves may be insufficient and additional costs could be recorded in our consolidated financial statements. If we suffer a substantial loss that exceeds our self-insurance reserves and any excess insurance coverage or is excluded under the terms of our insurance policies, the loss and attendant expenses could harm our business, financial condition, or results of operations.

Historically, capital expenditures and acquisitions have been large components of our growth may be important to our growth in the future. As a result, increases in the cost of capital available to us, which could result from volatility in the credit markets, downgrades of our credit ratings, our not being in compliance with restrictive covenants under our debt agreements or our inability to access additional capital to finance acquisitions and capital expenditures through borrowed funds could restrict our ability to grow our business organically or through acquisitions, which could have a material adverse effect on our business, financial condition or results of operations.

In addition, our profit margins depend on strategic buying initiatives, such as discounted bulk purchases, which require spending significant amounts of working capital up-front to purchase products that we then sell over a multi-month time period. Increases in the cost of capital or our inability to access additional capital on satisfactory terms could restrict our ability to engage in strategic buying initiatives, which could reduce our profit margins and have a material adverse effect on our business, financial condition or results of operations.

Our debt agreements, including the loan agreement (the “ABL Loan Agreement”) related to our $2,730 million asset-based revolving credit facility (the “ABL Credit Facility”) entered into in June 2022, as amended, and the term loan agreement (the “Term Loan Agreement”) related to our $500 million term loan facility (the “Term Loan Facility”) entered into on October 22, 2018, as amended, and the indenture governing our $500 million unsecured 6.750% Senior Notes due October 15, 2028 (the “Senior Notes”) contain financial covenants and other restrictions that limit our operating flexibility and our flexibility in planning for or reacting to changes in our business. These restrictions may prevent us from taking actions that we believe would be in the best interest of our business if we were not subject to these limitations and may make it difficult for us to successfully execute our business strategy or effectively compete with companies that are not similarly restricted.

In addition, our ABL Loan Agreement, Term Loan Agreement and the indenture governing the Senior Notes require that we comply with various financial tests and impose certain restrictions on us, including among other things, restrictions on our ability to incur additional indebtedness, create liens on assets, make loans or investments, or return capital to stockholders through share repurchases or paying dividends. Failure to comply with these covenants could have a material adverse effect on our business, financial condition, or results of operations.

We monitor the recoverability of our long-lived assets, such as buildings, equipment and leased assets, and evaluate their carrying value for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. If the review performed indicates that impairment has occurred, we are required to record a non-cash impairment charge for the difference between the carrying value and fair value of the long-lived assets, in the period the determination is made. The testing of long-lived assets and goodwill for impairment requires us to make estimates that are subject to significant assumptions about our future revenue, profitability, cash flows, fair value of assets and liabilities, and weighted average cost of capital, as well as other assumptions. Changes in these estimates, or changes in actual performance compared with these estimates, may affect the fair value of long-lived assets, which may result in an impairment charge.

We cannot accurately predict the amount or timing of any impairment. Should the value of long-lived assets become impaired, our financial condition and results of operations may be adversely affected.

We value constructive input from investors and regularly engage in dialogue with our stockholders regarding strategy and performance. Activist stockholders who disagree with the composition of the Board of Directors, our strategy or the way the Company is managed may seek to effect change through various strategies and channels, such as through commencing a proxy contest, making public statements critical of our performance or business or engaging in other similar activities.

Responding to such actions by activist investors can be costly and time-consuming, disruptive to our operations and divert the attention of management, our Board of Directors and our employees, and our ability to execute our strategic plan could also be impaired as a result. For example, we have in the past retained the services of various professionals to advise us on activist stockholder matters, including legal, financial and other advisory fees. In the event of an activist campaign, we could be required to incur substantially increased legal, public relations and other advisory fees and proxy solicitation expenses. In addition, perceived uncertainties as to our future direction, strategy or leadership created as a consequence of activist investors may result in the loss of potential business opportunities, harm our ability to attract new or retain existing investors, customers, directors, employees, collaborators or other partners, disrupt relationships with the Company, and the market price of our common stock could also experience periods of increased volatility as a result.

Changes in consumer purchasing habits may reduce demand for certain of the products we distribute. Consumer habits could be affected by a number of factors, including an increase in food-away-from home options, changes in attitudes regarding benefits of natural and organic products when compared to similar lower margin conventional products, new information regarding the health effects of consuming certain foods, changes in disposable income levels, which may be impacted by a reduction in the level of government spending that supports grocery purchases, changes in product prices or other macro trends. Further, in a sustained economic downturn, consumers may shift their purchases to lower-cost, lower-margin products. For example, recent price changes have shifted consumer purchasing habits toward value-oriented categories and private brands, while dampening demand for certain discretionary and higher-margin products, a dynamic that continues to shape both retailer mix and wholesale distribution. We cannot be certain how consumer habits may continue to evolve. Although there is a growing consumer preference for sustainable, organic and locally grown products, which are higher margin products, there can be no assurance that such trend will continue. Changing consumer preferences also result from generational shifts, including younger generations seeking new and different foods, as well as more multi-cultural menu options and menu innovation. However, there can be no assurance that such trends will continue. If consumer eating habits change significantly, we may be required to modify or discontinue sales of certain items in our product portfolio, and we may experience higher costs associated with the implementation of those changes. Additionally, if we are not able to effectively respond to changes in consumer perceptions or adapt our product offerings to new or developing trends in eating habits, our business, financial condition, or results of operations could suffer.

As of August 2, 2025, we had approximately $1.9 billion of long-term debt outstanding. Our leverage, and any increase therein, could have important potential consequences, including, but not limited to:

•increasing our vulnerability to, and reducing our flexibility in planning for and responding to, adverse general economic and industry conditions and changes in our business and the competitive environment and placing us at a disadvantage to our competitors that are less leveraged;

•requiring us to use a substantial portion of operating cash flow to pay principal of, and interest on, indebtedness, instead of other purposes, such as funding working capital, capital expenditures, acquisitions, returning capital to stockholders through dividends or share repurchases or other corporate purposes;

•increasing our vulnerability to downgrades of our credit rating, which could adversely affect our cost of funds, liquidity, and access to capital markets;

•restricting us from making desired strategic acquisitions in the future or causing us to make non-strategic divestitures;

•increasing our exposure to the risk of increased interest rates insofar as current and future borrowings are subject to variable rates of interest;

•making it more difficult for us to repay, refinance or satisfy our obligations with respect to our indebtedness;

•limiting our ability to borrow additional funds and increasing the cost of any such borrowing; and

•imposing restrictive covenants on our operations, which could result in an event of default if we are unable to comply, and absent any cure or waiver of such default ultimately could result in the acceleration of the such debt and potentially other debt with cross-acceleration or cross-default provisions.

There is no assurance that we will generate sufficient cash flow from operations or that future debt or equity financing will be available to us to enable us to pay our indebtedness. As a result, we may need to refinance all or a portion of our indebtedness on or before maturity, however, we may not be able to do so on favorable terms, or at all. Any inability to generate sufficient cash flow or refinance our indebtedness on favorable terms could have a material adverse effect on our business, financial condition or results of operations.

Damage or disruption to our distribution capabilities due to weather, including extreme or prolonged weather conditions, natural disaster, fire, civil unrest, terrorism, pandemic, strikes, product recalls or safety concerns generally, crop conditions, availability of key commodities, regulatory actions, disruptions in technology, the financial and/or operational instability of key suppliers, performance by outsourced service providers, transportation interruptions, labor supply or stoppages or vendor defaults or disputes, or other reasons could impair our ability to distribute our products. To the extent that we are unable, or it is not financially feasible, to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, there could be an adverse effect on our business, financial condition or results of operations.

In addition, such disruption may interrupt or impede access to, or otherwise reduce the number of consumers who visit, our customers’ facilities, all of which could have a material adverse effect on our business, financial condition or results of operations.

Increased fuel costs may have a negative impact on our results of operations. Both the price and supply of fuel are unpredictable and fluctuate based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by the Organization of Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. Higher costs for diesel fuel can increase the price we pay for products as well as the costs we incur to deliver products to our customers, including costs of inbound goods from our suppliers. These factors, in turn, may negatively impact our Net sales, margins, operating expenses and operating results. To the extent we do not enter into commodity derivative contracts to hedge a portion of our projected diesel fuel requirements, our exposure to volatility in the price of diesel fuel would increase relative to our exposure to volatility in periods in which we have outstanding commodity derivative contracts. We also maintain a fuel program with certain customers, which allows us to pass some of the changes in fuel costs through to those customers. If fuel costs continue to increase in the future, we may experience difficulties in passing all or a portion of these costs along to our customers, which may adversely affect our business, financial condition or results of operations.

Our business is highly regulated at the federal, state, and local levels, and our products and distribution operations require various licenses, permits and approvals. For example:

•The products that we distribute in the United States are subject to inspection by the United States Food and Drug Administration.

•Our warehouse and distribution centers are subject to inspection by the United States Department of Agriculture, the United States Department of Labor Occupational and Health Administration, the Environmental Protection Agency and various state health and workplace safety authorities.

•Our United States trucking operations are subject to regulation by the United States Department of Transportation and the United States Federal Highway Administration.

In addition, the various federal, state and local laws, regulations and administrative practices to which we are subject require us to comply with numerous provisions regulating areas such as environmental, health and sanitation standards, food safety, marketing of natural or organically produced food, facilities, pharmacies, equal employment opportunity, public accessibility, employee benefits, wages and hours worked and licensing for the sale of food, drugs, tobacco and alcoholic beverages, among others. For example:

Environmental, Health and Safety: Our operations are subject to extensive and continually evolving laws and regulations pertaining to the protection of the environment, including those relating to the discharge of materials into the environment, the disposal of food by-products, recycling/end of life product management, the handling, treatment, and disposal of wastes, maintenance of refrigeration systems, and remediation of soil and groundwater contamination. Compliance with existing or changing environmental and safety requirements, including more stringent limitations imposed or expected to be imposed in any recently renewed or soon-to-be renewed environmental permits, may require capital expenditures. Additionally, concern over climate change, including the impact of global warming, has led to significant United States and international legislative and regulatory efforts to limit greenhouse gas emissions. Increased regulation regarding greenhouse gas emissions, particularly with respect to diesel engine emissions, could result in substantial additional operating expenses. These expenses may include an increase in the cost of the fuel and other energy we purchase and capital costs associated with updating or replacing our vehicles sooner than planned. Until the timing, scope and extent of such regulation becomes known, we cannot predict its effect on our results of operations. It is reasonably possible, however, that it could result in material costs, which we may be unable to pass on to our customers.

Further, our business may be subject to climate-related transition risks, which arise from society’s transition toward a low-carbon economy due to changes in laws or regulations, technological advancements and investor and consumer sentiment. We also have announced third-party validated emissions reduction targets covering our operations and value chain. While many of our initiatives will create efficiencies and return on investment, the transition to a low-carbon economy generally and our own efforts to reduce emissions could lead to increased costs to transition to or invest in renewable energy sources, including electric vehicles, increased compliance costs, including tracking and reporting systems, and increased costs of products, commodities and energy.

Food Safety and Marketing: There is significant governmental scrutiny, regulations and public awareness regarding food quality and food and drug safety. We may be adversely affected if consumers lose confidence in the safety and quality of the food we manufacture or the food and drug products we distribute. In addition, we are subject to governmental scrutiny of and public awareness regarding food safety and the sale, packaging, and marketing of natural and organic products. Compliance with these laws may impose a significant burden on our operations.

Wage Rates and Paid Leave: Changes in federal, state or local minimum wage and overtime laws, laws relating to work productivity or employee paid leave laws could cause us to incur additional wage costs or state/local employment tax costs, which could adversely affect our operating margins. Failure to comply with existing or new laws or regulations could result in significant damages, penalties and/or litigation costs.

Information Security: As a merchant that accepts debit and credit cards for payment, we are subject to the Payment Card Industry Data Security Standard (“PCI DSS”), issued by the PCI Council. Additionally, we are subject to PCI DSS as a service provider, which is a business entity that is not a payment brand directly involved in the processing, storage or transmission of cardholder data. PCI DSS contains compliance guidelines and standards with regard to our security surrounding the physical and electronic storage, processing and transmission of individual cardholder data. By accepting debit cards for payment, we are also subject to compliance with American National Standards Institute data encryption standards and payment network security operating guidelines. The cost of complying with stricter privacy and information security laws, standards and guidelines, including evolving PCI DSS standards, and developing, maintaining, and upgrading technology systems to address future advances in technology, could be significant and we could experience problems and interruptions associated with the implementation of new or upgraded systems and technology or with maintenance or adequate support of existing systems. Failure to comply with such laws, standards, and guidelines, or payment card industry standards such as those involving MasterCard, Visa and Europay (EMV) transactions, could have a material adverse impact on our business, financial condition or results of operations.

Foreign Operations: Our supplier base includes domestic and foreign suppliers. In addition, we have customers located outside the United States. Accordingly, laws and regulations affecting the importation and taxation of goods, including duties, tariffs and quotas, or changes in the enforcement of those laws and regulations could adversely impact our financial condition and results of operations. In addition, we are required to comply with laws and regulations governing export controls, and ethical, anti-bribery and similar business practices such as the Foreign Corrupt Practices Act. Our Canadian operations are similarly subject to extensive regulation, including the English and French dual labeling requirements applicable to products that we distribute in Canada. The loss or revocation of any existing licenses, permits, or approvals or the failure to obtain any additional licenses, permits, or approvals in new jurisdictions where we intend to do business could have a material adverse effect on our business, financial condition or results of operations.

Pharmacy: We are required to meet various security and operating standards and comply with the Controlled Substances Act and its accompanying regulations governing the sale, marketing, packaging, holding, record keeping and distribution of controlled substances. During the past several years, the United States healthcare industry has been subject to an increase in governmental regulation and audits at both the federal and state levels. For example, in 2019, the Company settled with the Drug Enforcement Administration alleged violations of the Controlled Substances Act relating to an administrative subpoena received by Supervalu that requested, among other things, information on the Company’s pharmacy policies and procedures generally, as well as the production of documents that are required to be kept and maintained pursuant to the Controlled Substances Act and its accompanying regulations.

The failure to comply or maintain compliance with applicable governmental laws and regulations, including those referred to above and in Item 1. Business - Government Regulation of this Annual Report, could result in, among other things, administrative, civil, or criminal penalties or fines; mandatory or voluntary product recalls; warning or other letters; cease and desist orders against operations that are not in compliance; closure of facilities or operations; the loss, revocation, or modification of any existing licenses, permits, registrations or approvals; the failure to obtain additional licenses, permits, registrations or approvals in new jurisdictions where we intend to do business; or the loss of our ability to participate in federal and state healthcare programs, any of which could have a material adverse effect on our business, financial condition or results of operations. These laws and regulations may change in the future. We cannot predict the nature of future laws, regulations, interpretations or applications, nor can we determine the effect that additional governmental regulations or administrative orders, when and if promulgated, or disparate federal, state and local regulatory schemes would have on our future business. We may incur material costs in our efforts to comply with current or future laws and regulations or due to any required product recalls.

In addition, if we fail to comply with applicable laws and regulations or encounter disagreements with respect to our contracts subject to governmental regulations, including those referred to above, we may be subject to investigations, criminal sanctions or civil remedies, including fines, injunctions, prohibitions on exporting, seizures, or debarments from contracting with the U.S. or Canadian governments. The cost of compliance or the consequences of non-compliance, including debarments, could have a material adverse effect on our business, financial condition, or results of operations. In addition, governmental units may make changes in the regulatory frameworks within which we operate that may require us to incur substantial increases in costs in order to comply with such laws and regulations.

We face a risk of exposure to product liability claims if the products we sell or manufacture cause injury or illness. In addition, meat, seafood, cheese, poultry and other products that we distribute could be subject to recall because they are, or are alleged to be, contaminated, spoiled or inappropriately labeled. Our meat and poultry products may be subject to contamination by disease-producing organisms or pathogens, such as Listeria monocytogenes, Salmonella and generic E. coli. These pathogens are generally found in the environment, and as a result, there is a risk that they, as a result of food processing, could be present in the meat and poultry products we distribute. These pathogens can also be introduced as a result of improper handling at the consumer level. These risks may be controlled, although not eliminated, by adherence to good manufacturing practices and finished product testing. We have little, if any, control over proper handling before we receive the product or once the product has been shipped to our customers. Any events that give rise to actual or potential food contamination, drug contamination or food-borne illness or injury, or events that give rise to claims that our products are not of the quality or composition claimed to be, may result in product liability claims from individuals, consumers and governmental agencies, penalties and enforcement actions from government agencies, a loss of consumer confidence, harm to our reputation and could cause production and delivery disruptions, which may adversely affect our financial condition or results of operations.

In addition, if we were to manufacture or distribute foods that are or are perceived to be unsafe, contaminated, or defective, it may be necessary for us to recall such products, or we may recall products that we determine do not satisfy our quality standards. Any resulting product recalls could have an adverse effect on our business, financial condition or results of operations. We have, and the companies we have acquired have had, liability insurance with respect to product liability claims. This insurance may not continue to be available at a reasonable cost or at all and may not be adequate to cover product liability claims against us or against companies we have acquired.

We generally seek contractual indemnification and insurance coverage from our suppliers and manufacturers, but any such indemnification is limited to the creditworthiness of the indemnifying party. We may be subject to liability, which could be substantial, because of actual or alleged contamination in products manufactured or sold by us, including products sold by companies before we acquired them. If we do not have adequate insurance or contractual indemnification available, product liability claims and costs associated with product recalls, including a loss of business, could have a material adverse effect on our business, financial condition or results of operations.

We rely on a combination of trademark, service mark, trade secret, copyright and domain name law and internal procedures and nondisclosure agreements to protect our intellectual property. We believe our trademarks, private label products and domain names are valuable assets. However, our intellectual property rights may not be sufficient to distinguish our products and services from those of our competitors and to provide us with a competitive advantage. From time to time, third parties may use names, logos and slogans similar to ours, may apply to register trademarks or domain names similar to ours, and may infringe or otherwise violate our intellectual property rights. Our intellectual property rights may not be successfully asserted against such third parties or may be invalidated, circumvented or challenged. Asserting or defending our intellectual property rights could be time consuming and costly and could distract management’s attention and resources. If we are unable to prevent our competitors from using names, logos, slogans and domain names similar to ours, consumer confusion could result, the perception of our brands and products could be negatively affected and our sales and profitability could suffer as a result. In addition, if our wholesale customers receive negative publicity or fail to maintain the quality of the goods and services used in connection with our trademarks, our rights to, and the value of, our trademarks could potentially be harmed. Failure to protect our proprietary information could also have an adverse effect on our business.

We may also be subject to claims that our activities or the products we sell infringe, misappropriate, or otherwise violate the intellectual property rights of others. Any such claims can be time consuming and costly to defend and may distract management’s attention and resources, even if the claims are without merit, and may prevent us from using our trademarks in certain geographies or in connection with certain products and services, any of which could adversely affect our business.

None.

We have established policies and processes for assessing, identifying and managing risks from cybersecurity threats based on the National Institute of Standards and Technology (“NIST”) cybersecurity framework. Our technology environment is regularly assessed, both internally and through the use of third parties, against the six NIST principles (identify, detect, protect, recover, respond, govern) to oversee and identify the likelihood and impact of risks from cybersecurity threats. Additionally, we apply these principles where appropriate to third-party technology providers. We also utilize third parties to assess the effectiveness of our cybersecurity program on a periodic basis, which includes engaging cybersecurity assessors and cybersecurity experts to assist in the detection, verification and validation of risks from cybersecurity threats, as well as to support associated mitigation plans when necessary. We have a cybersecurity incident response plan in place to assist us in detecting, analyzing, containing, responding to and recovering from cybersecurity incidents. We also maintain cybersecurity insurance coverage to protect against certain potential losses arising from cybersecurity incidents.

We have identified, and as a result monitor, cybersecurity as an enterprise risk of the Company. We have an Information Security Steering Committee that meets quarterly to review the cybersecurity threat landscape, current risks, incidents and program management. We routinely assess the cybersecurity threat landscape, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity or availability of our information systems or any information residing therein.

Our Chief Information Security Officer (“CISO”) leads a dedicated cybersecurity team responsible for policy, governance, vulnerability management, architecture and incident response. Our team monitors and tests our cybersecurity policies and procedures through methods such as periodic reviews, targeted assessments and tabletop exercises. All personnel with access to UNFI systems are made aware of our cybersecurity policies and procedures upon hire and through periodic refresher trainings. Such policies and procedures cover areas such as identity and access management, vendor management, data governance and protection, vulnerability management, incident response, recovery, communications and cybersecurity hygiene.

In the fourth quarter of fiscal 2025, we became aware of unauthorized activity on certain of our information technology systems. We promptly activated our incident response plan and implemented containment measures, including proactively taking certain systems offline (the “Cybersecurity Incident”). As a result, our ability to fulfill and distribute customer orders was temporarily impacted until the unauthorized activity could be contained, and we could safely restore the core systems that our customers and suppliers use, enabling business operations to normalize. As a result of the Cybersecurity Incident, we experienced reduced sales volume and increased operational costs in the fourth quarter of fiscal 2025, which negatively impacted our results of operations.

Other than the Cybersecurity Incident, we have not experienced any cybersecurity incidents that have materially impacted or are likely to materially impact our business strategy, results of operations or financial condition. Although we cannot eliminate all potential threats, our cybersecurity program is operated in a manner to minimize the likelihood of any threat becoming material and to keep pace with a constantly evolving cybersecurity landscape. For more information on risks from cybersecurity threats, refer to the risks described under “Risk Factors” included in Part I, Item 1A in this Annual Report.

Our Board of Directors has appointed the Audit Committee to assist in fulfilling its responsibilities with respect to the oversight of cybersecurity, data privacy and information technology. Several of our Directors, including certain members of our Audit Committee, have backgrounds or professional experience in risk management, digital platforms, information technology or cybersecurity and meet regularly with members of our management team to advise on cybersecurity matters and technology initiatives.

Our Chief Information Officer (“CIO”), CISO and other members of management provide quarterly updates to the Audit Committee and meet with the Board of Directors at least annually regarding risks related to information systems, information security and cybersecurity. Specific topics may include updates to the Company’s strategy to combat cybersecurity risks; cybersecurity news and events; key focus areas; the threat landscape; and the results of certain assessments and testing. Our CIO, CISO or other members of management provide information to the Audit Committee or our Board of Directors, as applicable, pursuant to risk-based escalation protocols for cybersecurity incidents in accordance with an established materiality framework.

The information security function is led by our CISO, under the direction of our CIO. In fiscal 2025, following the retirement of our former CISO, we appointed an interim CISO who has over 20 years of experience in information technology and security and is a Certified Information Systems Security Professional. Our CISO maintains primary responsibility for developing cybersecurity strategies; cybersecurity governance; identifying, assessing and monitoring cybersecurity risks; preparing for and responding to cybersecurity incidents; verification and testing of cybersecurity; and disaster recovery governance. Our CISO may authorize specific Company associates to assist in managing these responsibilities if determined necessary, including the Crisis Response Team. Our CIO and CISO have oversight responsibilities of the Company’s cybersecurity program.

We conduct a regular cybersecurity risk assessment process through our CISO and dedicated information security team, which reports to the Information Security Steering Committee. This committee meets at least quarterly to review current program progress and discuss and evaluate risks that could be material to our business, including cybersecurity threats. The Information Security Steering Committee is comprised of key leadership across the Company to support cross-functional representation.

We maintained 52 distribution centers and warehouses at August 2, 2025, which were utilized by our Natural and Conventional segments. Overlap between segments exists due to cross-docking and other supply chain integration. The following table shows our dry and cold storage distribution and warehouse facilities and their associated owned and leased square footage occupied as of August 2, 2025, presented by the segment primarily served by the facility:

(1)Distribution centers and warehouses as presented here reflect the location of the main distribution center campus and warehouse combined with their related offsite storage used to supply customers from these locations.

(2)These distribution centers secure our Term Loan Facility.

The following table summarizes retail stores utilized by our Retail segment as of August 2, 2025:

(1)Cub Foods stores include stores in which we have a controlling ownership interest and excludes 32 franchised Cub Foods full-line and separate liquor stores in which we have no ownership interest or a minority interest.

(2)Includes 7 Cub Foods stores securing our Term Loan Facility.

As of August 2, 2025, we had approximately 3 million square feet, 58% of which was leased, of surplus warehouses, distribution centers and retail stores, excluding assigned leases.

As of August 2, 2025, we utilized approximately 131 thousand square feet of corporate office space across the United States, including our corporate headquarters located in Providence, Rhode Island. We own approximately 61 thousand square feet and lease the remaining 70 thousand square feet of our corporate office space.

From time to time, we are involved in routine litigation or other legal proceedings that arise in the ordinary course of our business, including investigations and claims regarding employment law including wage and hour, pension plans, unfair labor practices, labor union disputes, supplier, customer and service provider contract terms, product liability, real estate and antitrust. Other than as set forth in Note 17—Commitments, Contingencies and Off-Balance Sheet Arrangements in Part II, Item 8 of this Annual Report, which is incorporated herein, there are no pending material legal proceedings to which we are a party or to which our property is subject.

On December 31, 2024, the Company received a Notice of Potential Violation and Opportunity to Confer (“Notice”) from the U.S. Environmental Protection Agency (“EPA”) Region VI alleging violations of the Federal Clean Air Act Section 112(r) at one of the Company’s distribution centers. The alleged violations stem from an EPA inspection of the facility in December 2023. The Company conferred with the EPA and provided additional information with respect to the alleged violations and the Company’s corrective actions. Subsequent to the end of the fiscal year, on August 4, 2025, the EPA proposed a settlement and penalty based on the alleged violations. Confidential settlement negotiations with the EPA are ongoing and expected to be finalized in the form of a Consent Agreement and Final Order with an expected monetary penalty in excess of $300,000 by the end of the calendar year but is not expected to be material.

Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “UNFI”.

On September 25, 2025, we had 71 stockholders of record.

We have never paid any cash dividends on our capital stock and we have no current intention to pay cash dividends. Our future dividend policy will depend on our earnings, capital requirements, financial condition and other factors considered relevant by our Board of Directors. Our Term Loan Facility, ABL Credit Facility and Senior Notes contain terms that limit our ability to make cash dividends.

The following graph compares the yearly change in cumulative total stockholder returns on our common stock for the last five fiscal years with the cumulative return on the Standard & Poor’s (“S&P”) SmallCap 600 Index and the S&P SmallCap 600 Food Distributors Index. The comparison assumes the investment of $100 on August 1, 2020 in our common stock and in each of the indices and, in each case, assumes reinvestment of all dividends. The stock price performance shown below is not necessarily indicative of future performance.

This performance graph shall not be deemed “soliciting material” or be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Among United Natural Foods, Inc., the S&P SmallCap 600, the S&P SmallCap 600 Food Distributors(1)

(1)Our selected industry peer group is the S&P SmallCap 600 Food Distributors Index, which includes SpartanNash Company, The Andersons, Inc., The Chef’s Warehouse, Inc. and United Natural Foods, Inc.

On September 21, 2022, our Board of Directors authorized a repurchase program for up to $200 million of our common stock over a term of four years (the “2022 Repurchase Program”). As of August 2, 2025, we had $138 million remaining authorized under the 2022 Repurchase Program. We did not repurchase any shares of our common stock in fiscal 2025.

Any repurchases are intended to be made in accordance with applicable securities laws from time to time in the open market, through privately negotiated transactions or otherwise. With respect to open market purchases, we may use a plan or plans meeting the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed blackout periods. We manage the timing of any repurchases in response to market conditions and other relevant factors, including any limitations on our ability to make repurchases under the terms of our ABL Credit Facility, Term Loan Facility and Senior Notes.

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and the notes thereto, “Risk Factors” included in Part I, Item IA, “Cautionary Note Regarding Forward-Looking Statements” and other risks described elsewhere in this Annual Report. The following includes a comparison of our consolidated results of operations, segment results and financial position for fiscal years 2025 and 2024. In evaluating financial performance in each business segment, management primarily uses Net sales and Adjusted EBITDA of its business segments as discussed and reconciled within Note 16—Business Segments in Part II, Item 8 of this Annual Report. For a comparison of our consolidated results of operations and financial position for fiscal years 2024 and 2023, see Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, in our Annual Report on Form 10-K for the fiscal year ended August 3, 2024, filed with the Securities and Exchange Commission on October 1, 2024, as supplemented by the additional discussion below, which includes a comparison of our segment results for fiscal years 2024 and 2023 reflecting our updated segments.

This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, that involve substantial risks and uncertainties. In some cases you can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “seek,” “should,” “will” and “would,” or similar words. Statements that contain these words and other statements that are forward-looking in nature should be read carefully because they discuss future expectations, contain projections of future results of operations or of financial positions or state other “forward-looking” information.

Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect. These statements are based on our management’s beliefs and assumptions, which are based on currently available information. These assumptions could prove inaccurate. You are cautioned not to place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to:

•our dependence on principal customers;

•the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing consolidation of retailers and the growth of consumer choices for grocery and consumable purchases;

•our ability to realize the anticipated benefits of our strategic initiatives;

•changes in relationships with our suppliers;

•our ability to develop, implement, operate and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems, and the effectiveness of our business continuity plans in response to an incident impacting our technology systems, such as the unauthorized incident on our technology systems;

•labor and other workforce shortages and challenges;

•the addition or loss of significant customers or material changes to our relationships with these customers;

•our ability to realize anticipated benefits of strategic transactions;

•our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products;

•our ability to maintain sufficient volume in our Natural and Conventional businesses to support our operating infrastructure;

•our ability to access additional capital;

•increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans;

•the potential for additional asset impairment charges;

•our sensitivity to general economic conditions including inflation, tariff policy and changes in disposable income levels and consumer purchasing habits;

•our ability to timely and successfully deploy our warehouse management system throughout our distribution centers and our transportation management system across the Company and to achieve efficiencies and cost savings from these efforts;

•the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise;

•the effect of adverse decisions in, or settlement of, litigation or other proceedings to which we are subject;

•moderated supplier promotional activity, including decreased forward buying opportunities;

•union-organizing activities that could cause labor relations difficulties and increased costs;

•changes in tax laws and regulations, and actions by federal, state and local taxing authorities related to the interpretation and application of such tax laws and regulations;

•our ability to maintain food quality and safety; and

•volatility in fuel costs.

You should carefully review the risks described under “Risk Factors” included in Part I, Item 1A, as well as any other cautionary language in this Annual Report, as the occurrence of any of these events could have an adverse effect, which may be material, on our business, results of operations, financial condition or cash flows.

We are executing against the strategy we introduced in October 2024 and three-year financial objectives that seek to add value to our customers and suppliers through our portfolio of products, programs, insights and services while improving our effectiveness, efficiency and cash flow. To accomplish the latter, we are focused on controllable variables in four key areas: intensifying and expanding our network optimization; reducing annual capital spending; optimizing our cost structure; and reducing our net working capital position. Our strategy includes the areas of focus detailed under “Business” included in Part 1, Item 1 of this Annual Report.

In the second quarter of fiscal 2025, we began realigning our commercial wholesale organization into two product-centered business divisions, Conventional Grocery Products (“Conventional”) and Natural, Organic, Specialty & Fresh Products (“Natural”), to enhance service to customers and suppliers through more customized, product- and service-focused commercial teams. In addition, capability centers of excellence in areas such as supply chain, professional and digital services, and private brands work across the divisions to help create customized programs to help customers and suppliers accelerate their growth strategies. In the fourth quarter of fiscal 2025, we restructured our internal financial reporting and management processes to align with the new divisional structure. Our new external reporting structure provides insight into each division’s performance in line with how the business is now managed.

Our results are impacted by macroeconomic and demographic trends, changes in the food distribution market structure and changes in consumer behavior, which may result from factors beyond our control, including geopolitical events and other events that may trigger economic volatility and negatively impact discretionary income levels and consumer confidence, social trends, changes in the levels of disposable income and the health of the economy in which our customers and stores operate.

The U.S. economy continues to experience economic volatility, which has had, and we expect may continue to have, an impact on consumer confidence and behavior. Consumer spending may continue to be impacted by levels of discretionary income with consumers trading down to a less expensive mix of products for grocery items or buying fewer items. In addition, inflation continues to affect our business, and fluctuating commodity and labor input costs may continue to impact the prices of products we procure from manufacturers. We believe our product mix, which ranges from high-quality natural and organic products to national and local conventional brands, including cost conscious private label brands, positions us to serve a broad cross section of North American retailers and end customers, and may lessen the impact of any further shifts in consumer and industry trends in grocery product mix. We are actively monitoring the impacts of the evolving macroeconomic and geopolitical landscape, including rapidly evolving tariff and global trade policies, on all aspects of our business.

We are also impacted by changes in food distribution trends affecting our wholesale customers, such as direct store deliveries and other methods of distribution. Our wholesale customers manage their businesses independently and operate in a competitive environment.

Additionally, in the fourth quarter of fiscal 2025, we became aware of unauthorized activity on certain of our information technology systems. We promptly activated our incident response plan and implemented containment measures, including proactively taking certain systems offline (the “Cybersecurity Incident”, as discussed in Part I, Item 1C of this Annual Report). As a result, our ability to fulfill and distribute customer orders was temporarily impacted until the unauthorized activity could be contained, and we could safely restore the core systems that our customers and suppliers use, enabling business operations to normalize. As a result of the Cybersecurity Incident, we experienced reduced sales volume and increased operational costs in the fourth quarter of fiscal 2025, which negatively impacted our results of operations. We incurred incremental costs of approximately $26 million in the fourth quarter of fiscal 2025 as a result of the Cybersecurity Incident. These costs related to services provided to investigate and remediate the Cybersecurity Incident, such as third-party cybersecurity, legal and governance experts, as well as increased operating costs from the resulting disruption to our business operations. We have submitted, and intend to continue to submit, claims to our insurers for reimbursement of some of the costs, expenses, and losses stemming from the Cybersecurity Incident and expect that the full claim and settlement process will extend throughout fiscal 2026.

We are working to optimize our distribution center network to better and more efficiently service customers and suppliers. In the first quarter of fiscal 2025, we consolidated the volume of two distribution centers into other facilities in the Central region. In the second quarter of fiscal 2025, we announced the closure of a third distribution center in the Central region, which was completed in the third quarter of fiscal 2025. We expect to achieve cost savings as a result of these efforts through streamlining operations and delivering efficiencies, including incurring lower operating and shrink expenses, while also improving product assortment and overall customer experience.

In the fourth quarter of fiscal 2025, we came to a mutual agreement with a customer in the East region to terminate our supply agreement, pursuant to which we served as the primary grocery wholesaler to this customer’s locations in the Northeast. In connection with this termination, we ceased operations at our Allentown, Pennsylvania distribution center in early fiscal 2026 with the remaining volume consolidated into other facilities in the Northeast. Business with this customer in the Northeast accounted for approximately $1 billion in annual sales. The termination enables us to accelerate progress toward our longer-term strategic and three-year financial objectives.

In the first quarter of fiscal 2025, we began operating a new distribution center in Manchester, Pennsylvania, which has approximately 1.3 million square feet, optimizes volume from the other nearby distribution centers in the East region and primarily distributes natural products. In the third quarter of fiscal 2025, we implemented a full case automation system at the Manchester distribution center and are increasing the volume that utilizes this new solution. Also in the first quarter of fiscal 2025, we began the development of a new automated distribution center in Sarasota, Florida, which has approximately 1.0 million square feet, replaces a smaller legacy distribution center and primarily distributes natural products. We recognized a $118 million right-of-use asset and operating lease liability for this distribution center in the first quarter of fiscal 2025. We began operations in this facility in the fourth quarter of fiscal 2025, with volume expanding at the beginning of fiscal 2026.

We plan to continue to evaluate our distribution center network to further optimize performance and expect to incur incremental expenses related to any future network realignment, expansion or improvements, including network optimization and automation initiatives. We are working to both minimize future costs and obtain new business to further improve the efficiency of our distribution network.

We operated 75 grocery stores, including 54 Cub Foods stores and 21 Shoppers stores, as of August 2, 2025. In addition, we supplied another 26 Cub Foods stores operated by our wholesale customers through franchise and minority equity ownership arrangements. We operated 80 pharmacies primarily within the stores we operate and the stores of our franchisees. In addition, we operated 24 “Cub Wine and Spirit” and “Cub Liquor” stores.

We plan to continue to invest in and optimize our Retail segment in areas such as customer-facing merchandising initiatives, physical facilities, technology and operational tools.

We experienced a mix of inflation across product categories during fiscal 2025. In the aggregate across our businesses, including the mix of products, management estimates our businesses experienced product cost inflation of approximately two percent in fiscal 2025 as compared to fiscal 2024. Cost inflation estimates are based on individual like items sold during the periods being compared. Our pricing to our customers is determined at the time of sale, primarily based on the then prevailing vendor listed base cost, and includes discounts we offer to customers. Changes in merchandising, customer buying habits and competitive pressures create inherent difficulties in measuring the impact of inflation and deflation on Net sales and Gross profit.

Generally, in an inflationary environment as a wholesaler, rising vendor costs result in higher Net sales driven by higher vendor prices when other variables such as quantities sold, mix of units sold and vendor promotions are constant. Under the last-in, first out (“LIFO”) method of inventory accounting, product cost increases are recognized within Cost of sales based on expected year-end inventory quantities and costs, which generally has the effect of decreasing Gross profit and the carrying value of inventory during periods of inflation. In fiscal 2025, we experienced fewer and less significant vendor product cost increases as compared to fiscal 2024. These decreases negatively impacted our gross profit rate when comparing fiscal 2025 to fiscal 2024.

Our Net sales consist primarily of product sales of natural, organic, specialty, produce, and conventional grocery and non-food products, adjusted for customer volume discounts, vendor incentives when applicable, returns and allowances, and professional services revenue. Net sales also include amounts charged by us to customers for shipping and handling and fuel surcharges.

The principal components of our Cost of sales include the amounts paid to suppliers for product sold, plus transportation costs necessary to bring the product to, or move product between, our distribution centers and retail stores, partially offset by consideration received from suppliers in connection with the purchase, transportation or promotion of the suppliers’ products.

Loss on sale of assets and other asset charges primarily includes losses (gains) on sales of assets, losses on sales of financial assets, and asset impairments.

Net periodic benefit income, excluding service cost reflects the recognition of expected returns on benefit plan assets and interest costs on plan liabilities.

Our Consolidated Financial Statements are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”). In addition to the GAAP results, we consider certain non-GAAP financial measures to assess the performance of our business and understand underlying operating performance and core business trends, which we use to facilitate operating performance comparisons of our business on a consistent basis over time. Adjusted EBITDA is provided as a supplement to our results of operations and related analysis, and should not be considered superior to, a substitute for or an alternative to, any financial measure of performance prepared and presented in accordance with GAAP. Adjusted EBITDA excludes certain items because they are non-cash items or items that do not reflect management’s assessment of ongoing business performance.

We believe Adjusted EBITDA is useful because it provides additional information regarding factors and trends affecting our business, which are used in the business planning process to understand expected operating performance, to evaluate results against those expectations, and because of its importance as a measure of underlying operating performance, as the primary compensation performance measure under certain compensation programs and plans. We believe Adjusted EBITDA is reflective of factors that affect our underlying operating performance and facilitate operating performance comparisons of our business on a consistent basis over time. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Certain adjustments to our GAAP financial measures reflected below exclude items that may be considered recurring in nature and may be reflected in our financial results for the foreseeable future. These measurements and items may be different from non-GAAP financial measures used by other companies. Adjusted EBITDA should be reviewed in conjunction with our results reported in accordance with GAAP in this Annual Report.

There are significant limitations to using Adjusted EBITDA as a financial measure including, but not limited to, it not reflecting the cost of cash expenditures for capital assets or certain other contractual commitments, finance lease obligation and debt service expenses, income taxes and any impacts from changes in working capital.

We define Adjusted EBITDA as a consolidated measure which we reconcile by adding Net (loss) income including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, and certain other non-cash charges or other items, as determined by management.

The following table sets forth a summary of our results of operations and Adjusted EBITDA for the periods indicated.

The following table reconciles Net loss including noncontrolling interests to Adjusted EBITDA.

(1)Fiscal 2025 primarily reflects the $53 million charge related to the Company’s termination of its supply agreement with a customer in the East region and costs associated with certain employee severance and other employee separation costs and outsourcing certain corporate functions under restructuring initiatives. Fiscal 2024 primarily reflects costs associated with certain employee severance and other employee separation costs.

(2)Fiscal 2025 primarily includes a $24 million non-cash asset impairment charge related to a distribution center in our East region and $19 million in losses on the sales of receivables under the accounts receivable monetization program. Fiscal 2024 primarily includes a $21 million non-cash asset impairment charge related to one of our corporate-owned office locations, a $7 million non-cash asset impairment charge related to the decision to close certain retail store locations, a $15 million non-cash impairment charge related to the decision to close certain leased and owned distribution center locations and $21 million in losses on the sales of receivables under the accounts receivable monetization program. Refer to Note 3—Revenue Recognition and Note 5—Property and Equipment, Net in Part II, Item 8 of this Annual Report for additional information.

(3)Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, and third-party professional service fees related to strategic initiatives and the board-led financial review in fiscal 2024, all of which are included within Operating expenses in the Consolidated Statements of Operations.

(4)Reflects costs and charges related to the Cybersecurity Incident, primarily including shrink and remediation costs related to third-party cybersecurity, legal and governance experts, of which $15 million are included within Gross profit and $11 million are included within Operating expenses in the Consolidated Statements of Operations.

(5)Fiscal 2025 primarily reflects certain accrued legal-related costs, which are included within Operating expenses in the Consolidated Statements of Operations. Fiscal 2024 primarily reflects third-party professional service fees related to shareholder negotiations, which are included within Operating expenses in the Consolidated Statements of Operations.

(1)Excludes the estimated impact of the 53rd week in fiscal 2024.

Our Net sales for fiscal 2025 increased $804 million, or 2.6%, to $31.8 billion in fiscal 2025, from $31.0 billion in fiscal 2024, which included an estimated $582 million benefit from the 53rd week. Net sales increased approximately 4.6% when excluding the impact of the 53rd week in fiscal 2024. The increase in Net sales was primarily driven by an increase in Natural unit volumes, including new business with existing and new customers, as well as inflation. Net sales were adversely impacted by an estimated $400 million in lost sales related to the Cybersecurity Incident in fiscal 2025.

Natural Net sales increased $1,069, or 7.2%, to $16.0 billion in fiscal 2025, from $14.9 billion in fiscal 2024, which included an estimated $280 million benefit from the 53rd week. Natural Net sales increased approximately 9.2% when excluding the impact from the 53rd week in fiscal 2024. The increase in Natural Net sales, excluding the 53rd week, was primarily driven by an increase in unit volumes, including new business with existing and new customers, as well as inflation.

Conventional Net sales decreased $279 million, or 1.9%, to $14.7 billion in fiscal 2025, from $14.9 billion in fiscal 2024, which included an estimated $280 million benefit from the 53rd week. Conventional Net sales were approximately flat to fiscal 2024, when excluding the impact from the 53rd week in fiscal 2024, due to increases from inflation and new business with existing customers, which were largely offset by a decline in unit volumes.

Retail Net sales decreased $94 million, or 3.9%, to $2.3 billion in fiscal 2025, from $2.4 billion in fiscal 2024, which included an estimated $45 million benefit from the 53rd week. Retail Net sales decreased approximately 2.0% when excluding the impact from the 53rd week in fiscal 2024. The decrease in Retail Net sales was primarily driven by a 0.6% decrease in identical store sales from lower volume, and store closures.

Lower eliminations of Net sales for fiscal 2025 as compared to fiscal 2024 were primarily due to a decrease in Conventional to Retail sales, which are eliminated upon consolidation.

Our Gross profit increased $21 million, or 0.5%, to $4,222 million in fiscal 2025, from $4,201 million in fiscal 2024. The 53rd week in fiscal 2024 contributed an estimated $82 million to Gross profit in fiscal 2024. Our Gross profit as a percentage of Net sales decreased to 13.3% in fiscal 2025 compared to 13.6% in fiscal 2024. The decrease in gross profit rate of 28 basis points was primarily driven by lower product margin rates and customer and product mix, which were partially offset through supplier programs and the benefit of lower shrink expense. The reduction in shrink expense was compressed due to the adverse impact of the Cybersecurity Incident in fiscal 2025.

Operating expenses increased $17 million, or 0.4%, to $4,117 million, or 13.0% of Net sales, in fiscal 2025 compared to $4,100 million, or 13.2% of Net sales, in fiscal 2024. The 53rd week in fiscal 2024 contributed an estimated $78 million to Operating expenses in fiscal 2024. The decrease in Operating expenses as a percentage of Net sales was primarily driven by benefits from cost saving initiatives and the leveraging impact of higher sales, partially offset by higher costs associated with occupancy, union and other employee benefits and costs related to the Cybersecurity Incident in fiscal 2025.

Restructuring, acquisition and integration related expenses increased $58 million to $94 million for fiscal 2025, from $36 million for fiscal 2024. The increase was primarily driven by the $53 million charge related to the Company’s termination of its supply agreement with a customer in the East region, increased costs associated with outsourcing certain corporate functions under restructuring initiatives and higher closed property charges and costs, partially offset by a decrease in certain employee severance and other employee separation costs.

Loss on sale of assets and other asset charges decreased $15 million to $42 million for fiscal 2025, from $57 million for fiscal 2024. The decrease in fiscal 2025 was primarily driven by lower asset impairment charges. Fiscal 2025 primarily included a $24 million asset impairment charge related to our Allentown, Pennsylvania distribution center and $19 million in losses on the sales of receivables. Fiscal 2024 primarily included $43 million in asset impairment charges related to one of our corporate-owned office locations, certain leased and owned distribution centers and certain retail store locations and $21 million in losses on the sales of receivables.

Reflecting the factors described above, Operating loss was $31 million for fiscal 2025, a $39 million decrease from Operating income of $8 million in fiscal 2024. The decrease was primarily driven by an increase in Restructuring, acquisition and integration related expenses and Operating expenses, partially offset by an increase in Gross profit and a decrease in Loss on sale of assets and other asset charges, each as described above.

Net periodic benefit income, excluding service cost increased $5 million to $20 million in fiscal 2025, from $15 million in fiscal 2024. The increase in Net periodic benefit income, excluding service cost was primarily driven by lower interest costs from a lower discount rate utilized in the measurement of pension liabilities.

The decrease in Interest expense, net for fiscal 2025 compared to fiscal 2024 includes an estimated $3 million impact from the 53rd week in fiscal 2024. The remaining decrease was primarily driven by lower outstanding long-term debt balances and lower losses on debt extinguishment.

The effective tax rate was a benefit rate of 25.3% on a pre-tax loss for fiscal 2025 compared to a benefit rate of 19.7% on a pre-tax loss for fiscal 2024. For fiscal 2025, the effective tax rate was impacted by the establishment of valuation allowances against deferred tax assets with limited lives resulting from the One, Big, Beautiful Bill Act (“OBBBA”), partially offset by the tax credit impact of a fiscal 2025 investment in an equity method partnership. For fiscal 2024, the effective tax rate was impacted by non-deductible share-based compensation and the establishment of valuation allowances against deferred tax assets with limited lives.

Reflecting the factors described in more detail above, Net loss attributable to United Natural Foods, Inc. was $118 million, or $1.95 per diluted common share, for fiscal 2025, compared to Net loss attributable to United Natural Foods, Inc. of $112 million, or $1.89 per diluted common share, for fiscal 2024.

The following table sets forth Adjusted EBITDA by segment for the periods indicated. Refer to Note 16—Business Segments in Part II, Item 8 of this Annual Report for additional information. As a result of the Cybersecurity Incident, we experienced reduced sales volume as described above, which is estimated to have adversely impacted our Adjusted EBITDA results in fiscal 2025 by approximately $50 million.

(1)Fiscal 2024 Adjusted EBITDA included an approximate $10 million benefit from the additional week. The estimated contribution from the additional week is calculated by taking one-fifth of Adjusted EBITDA for the last five-week period within the fourth quarter of fiscal 2024.

Natural Adjusted EBITDA increased 26.3% for fiscal 2025 as compared to fiscal 2024. The increase was driven by an increase in gross profit, partially offset by an increase in operating expenses.

•Natural Gross profit, which excludes the LIFO (benefit) charge and other adjustments as outlined in Note 16—Business Segments in Part II, Item 8 of this Annual Report, increased $104 million. The 53rd week in fiscal 2024 contributed an estimated $38 million to Natural Gross profit in fiscal 2024. Natural gross profit rate decreased approximately 25 basis points primarily driven by lower product margin rates and customer and product mix, which were partially offset through supplier programs and the benefit of lower shrink expense.

•Natural Operating expense, which excludes depreciation and amortization, share-based compensation and other adjustments as outlined in Note 16—Business Segments in Part II, Item 8 of this Annual Report, increased $12 million. The 53rd week in fiscal 2024 contributed an estimated $32 million to Natural Operating expense in fiscal 2024. Natural operating expense rate decreased approximately 67 basis points primarily due to benefits from cost saving initiatives and the leveraging impact of higher sales, partially offset by higher rent and other occupancy costs primarily resulting from new leased distribution centers.

Conventional Adjusted EBITDA decreased 20.5% for fiscal 2025 as compared to fiscal 2024. The decrease was driven by a decrease in gross profit, partially offset by a decrease in operating expenses.

•Conventional Gross profit, which excludes the LIFO (benefit) charge and other adjustments as outlined in Note 16—Business Segments in Part II, Item 8 of this Annual Report, decreased $48 million. The 53rd week in fiscal 2024 contributed an estimated $29 million to Conventional Gross profit in fiscal 2024. Conventional gross profit rate decreased approximately 13 basis points primarily driven by recoveries from vendors related to legal settlements in fiscal 2024 and lower product margin rates, which were partially offset through supplier programs and the benefit of lower shrink expense.

•Conventional Operating expense, which excludes depreciation and amortization, share-based compensation and other adjustments as outlined in Note 16—Business Segments in Part II, Item 8 of this Annual Report, decreased $3 million. The 53rd week in fiscal 2024 contributed an estimated $25 million to Conventional Operating expense in fiscal 2024. Conventional operating expense rate increased approximately 15 basis points primarily due to higher costs associated with union and other employee benefits, transportation fleet and maintenance, and insurance, all of which were partially offset by benefits from cost saving initiatives.

Retail Adjusted EBITDA decreased $2 million to $6 million for fiscal 2025 as compared to fiscal 2024.

•Retail Gross profit, which excludes the LIFO (benefit) charge and other adjustments as outlined in Note 16—Business Segments in Part II, Item 8 of this Annual Report, decreased $25 million. The 53rd week in fiscal 2024 contributed an estimated $11 million to Retail Gross profit in fiscal 2024. Retail gross profit rate was approximately flat to fiscal 2024, while dollars decreased primarily due to lower sales volume and store closures, offset by a reduction in shrink.

•Retail Operating expense, which excludes depreciation and amortization, share-based compensation and other adjustments as outlined in Note 16—Business Segments in Part II, Item 8 of this Annual Report, decreased $23 million. The 53rd week in fiscal 2024 contributed an estimated $11 million to Retail Operating expense in fiscal 2024. Retail operating expense rate was approximately flat to fiscal 2024 primarily driven by the deleveraging impact of lower sales and increases in labor costs, offset by operating efficiencies and lower costs from store closures.

The updates to our segment reporting structure resulted in a recast of prior period financial information to conform with current period presentation, and as a result the following reflects an updated segment results discussion for fiscal 2024 compared to fiscal 2023.

(1)Excludes the estimated impact of the 53rd week in fiscal 2024.

Natural Net sales increased $784 million, or 5.5%, to $14.9 billion in fiscal 2024, from $14.2 billion in fiscal 2023. The 53rd week in fiscal 2024 contributed an estimated $280 million to Natural Net sales. Excluding the impact of the 53rd week, Natural Net sales were $14.7 billion, an increase of approximately 3.6% from fiscal 2023. The increase in Natural Net sales was primarily driven by inflation and new business with existing customers. These increases were partially offset by a decline in unit volumes.

Conventional Net sales decreased $83 million, or 0.6%, to $14.9 billion in fiscal 2024, from $15.0 billion in fiscal 2023. The 53rd week in fiscal 2024 contributed an estimated $280 million to Conventional Net sales. Excluding the impact of the 53rd week, Conventional Net sales were $14.7 billion, a decrease of approximately 2.4% from fiscal 2023. The decrease in Conventional Net sales was primarily driven by a decline in unit volumes, which was partially offset by inflation and new business with existing customers.

Retail Net sales decreased $44 million, or 1.8%, to $2.4 billion in fiscal 2024, from $2.5 billion in fiscal 2023. The 53rd week in fiscal 2024 contributed an estimated $45 million to Retail Net sales. Excluding the impact of the 53rd week, Retail Net sales decreased approximately 3.6%, primarily due to lower volume and store closures. Identical store sales decreased 3.7%.

Lower eliminations of Net sales for fiscal 2024 as compared to fiscal 2023 were primarily due to a decrease in Conventional to Retail sales, which are eliminated upon consolidation.

The following table sets forth Adjusted EBITDA by segment for the periods indicated. Refer to Note 16—Business Segments in Part II, Item 8 of this Annual Report for additional information.