United Natural Foods Inc. (UNFI) reported a roughly flat Q3 2024 top line at $7.50 billion, with mixed margin dynamics and material progress on cost containment and working capital initiatives embedded in a broader strategic reset. Excluding incentive compensation, adjusted EBITDA would have been modestly higher YoY, underscoring the near-term benefits of ongoing efficiency programs even as the mix shift toward higher-margin services remains a longer-term growth vector. Management reaffirmed a disciplined, capital-light path to higher free cash flow and stronger deleveraging, anchored by a multiyear plan that prioritizes network optimization, reduced capital spending, expense discipline, and a leaner working capital cycle. The company also extended strategic relationships (Whole Foods to 2032) and unveiled the UNFI Media Network, signaling a deliberate pivot toward higher-margin services and data-driven capabilities.