Benchmark has kept a Buy rating and an $84.00 price target on Chefs' Warehouse (NASDAQ:CHEF) after the specialty food distributor posted fourth-quarter results that beat consensus estimates. The firm also reaffirmed its Best Idea designation for the company, citing what it described as well-above algorithm performance delivered in fiscal 2025 and expected again in fiscal 2026.
Shares of Chefs' Warehouse were trading at $68.25, close to their 52-week high of $68.94. InvestingPro data highlighted in Benchmark's note shows the company has a Piotroski Score of 9, reflecting strong financial health by that metric.
Quarterly financials
Benchmark analyst Todd Brooks reported that Chefs' Warehouse generated $1.14 billion in revenue for the fourth quarter of 2025, outperforming the consensus estimate of $1.1 billion. In a related disclosure of results, the company recorded revenue of $1.143 billion for the quarter, also above the analyst consensus.
- Adjusted earnings per share: $0.68, versus a consensus of $0.62.
- Adjusted EBITDA: $80 million, compared with an expected $74 million.
- EBITDA margin for the quarter: 7%.
- Adjusted operating margin: beat expectations by 10 basis points.
Those metrics collectively formed the basis for Benchmark's sustained optimism and its maintained price target, which the firm notes implies roughly 31% upside from the stock's current level.
Management commentary and near-term trends
Company management characterized the quarter as "consistently strong" and reported that trends were "very good/very strong" in January 2026. Management also said the business experienced a storm-related slowdown in the first week of February, followed by a recovery in the most recent week.
Benchmark emphasized that the firm's Best Idea designation rests on the company's fiscal 2025 performance relative to its algorithmic benchmarks and an expectation of similar outperformance in fiscal 2026.
Market reaction
Despite beating earnings and revenue forecasts, Chefs' Warehouse's stock declined in pre-market trading on the day the results were reported. The earnings release did not provide an explanation for that pre-market movement.
Investors and analysts will continue to watch the company for signs that the January strength persists and that the February disruption was a short-term event.