What the changes say
- The IT risk update now explicitly names specific threats like ransomware, deepfakes, and phishing, expanding beyond general vulnerabilities.
- The consumer habits risk adds the threat of shoppers shifting to lower-cost, lower-margin products during a sustained economic downturn.
What changed since the prior 10-K
Reworded
- 83% rewrittenStrategic and Operational Risks
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
Expanded IT risk language to explicitly include threats like ransomware, business email compromise, cyber extortion, phishing, and deepfakes across internal and third-party systems.
- 33% rewrittenStrategic and Operational Risks
Changes in consumer purchasing habits could materially and adversely affect our business, financial condition or results of operations
Added the specific threat that consumers might shift purchases to lower-cost, lower-margin products during a sustained economic downturn.
All 25 risk factors
Headings as the filing states them, in filing order.
Strategic and Operational Risks
- 01A 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
- 02Our business is characterized by low margins, which are sensitive to inflationary and deflationary pressures, and intense competition and consolidation in the grocery industry, and our inability to maintain or increase our operating margins could adversely affect our results of operations
- 03We may not realize the anticipated benefits of our strategic initiatives
- 04Changes in relationships with our suppliers may adversely affect our profitability, and conditions beyond our control can interrupt our supplies and alter our product costs
- 05Failure by us to develop and operate a reliable technology platform and the costs of maintaining secure and effective information technology systems could negatively impact our business, and we may not realize the anticipated benefits of our investments in information technology
- 06We face risks related to the availability of qualified labor, labor costs and labor relations
- 07Our growth plans may not produce the results that we expect
- 08Our Conventional and Natural businesses could be adversely affected if we are not able to attract new customers, increase sales to or retain existing customers or if our customers are unable to grow their businesses
- 09Many of our customers are not obligated to continue purchasing products from us, and larger customers that have multiyear contracts with us may terminate these contracts early in certain situations or choose not to renew or extend these contracts at expiration
- 10Disruptions 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 operations83% rewritten
- 11We have experienced losses due to the uncollectibility of accounts in the past and could experience losses in the future if our customers are unable to timely pay their debts to us
- 12We have engaged in, and could continue to pursue, strategic transactions. Strategic transactions present significant challenges and risks relating to execution
- 13Increases in healthcare, pension and other costs under the Company’s single employer benefit plan and multiemployer benefit plans could adversely affect our financial condition and results of operations
- 14Our insurance and self-insurance programs may not be adequate to cover our claims
- 15The cost of the capital available to us and limitations on our ability to access additional capital may have a material adverse effect on our business, financial condition or results of operations
- 16Our debt agreements contain restrictive covenants that may limit our operating flexibility
- 17Impairment charges for long-lived assets could adversely affect the Company’s financial condition and results of operations
- 18Activist investors could negatively impact our business and cause disruptions to our operations
- 19Changes in consumer purchasing habits could materially and adversely affect our business, financial condition or results of operations33% rewritten
- 20Our leverage and debt service obligations increase our sensitivity to the effects of economic downturns and could adversely affect our business
- 21Disruption of our distribution network or to the operations of our customers could adversely affect our business
- 22Increased fuel costs may adversely affect our results of operations
Legal and Regulatory Risks
- 23We are subject to significant governmental regulation and failure to comply with such regulations may have a material adverse effect on our business, financial condition or results of operations
- 24Product liability claims could have an adverse effect on our business
- 25We may be unable to adequately protect our intellectual property rights, which could harm our business
Other United Natural Foods 10-Ks
- FY2026 10-K risk factors24 risks1 dropped5 reworded
UNFI dropped its distribution network growth risk, updated its debt facility figures, and warned of slower strategic benefits.
Filed Sep 12, 2026 - FY2024 10-K risk factors25 risks
Risk factors are heavily weighted toward grocery distribution logistics, customer concentration, and low-margin industry pressures. Debt obligations, labor availability, and IT infrastructure reliability dominate operational concerns.
Filed Oct 01, 2024
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.