Performance Food Group (PFGC) Company Report

Performance Food Group (PFGC) and US Foods Holdings have mutually ended merger discussions after a thorough review of regulatory challenges and potential synergies.
PFGC's CEO George Holm stated that pursuing Performance Food's standalone strategic plan is the best path to long-term shareholder value.
Performance Food Group reaffirmed its fiscal 2026 net sales outlook of approximately $67.5 billion to $68.5 billion and adjusted EBITDA expectations of $1.9 billion to $2 billion.

Nov 24, 2025, 11:08 AM

WSJ

Performance Food Group Reports Strong Q1 2026 Results and Raises Full-Year Sales Guidance

PFGC

Earnings

Guidance Update

Revenue Acceleration/Inflection

Performance Food Group (PFGC) started fiscal Q1 2026 with strong results, reporting net sales growth of 10.8% and a 16.6% increase in Adjusted EBITDA to $480.1 million. Adjusted diluted earnings per share grew 1.7% to $1.18.
The Foodservice segment demonstrated robust performance, with total cases up 15.6% and organic independent case growth of 6.3%, leading to an 18.1% increase in segment Adjusted EBITDA.
PFGC raised its full-year fiscal 2026 net sales guidance to a range of $67.5 billion to $68.5 billion, an increase of $500 million from the previous range, while reiterating its Adjusted EBITDA guidance of $1.9 billion to $2 billion.
The Convenience segment achieved 3.5% sales growth and began onboarding new large accounts, including Love's Travel Stops and upcoming RaceTrac deliveries. The Specialty segment, despite a 0.7% net sales decline, delivered 13% Adjusted EBITDA growth.

Nov 5, 2025, 2:00 PM

Transcript

Performance Food Group (PFGC) Reports Strong Q1 2026 Results, Raises Sales Guidance

PFGC

Earnings

Guidance Update

Revenue Acceleration/Inflection

Performance Food Group (PFG) reported a strong start to fiscal 2026, with total net sales growing 10.8% and adjusted EBITDA increasing 16.6% to $480.1 million in Q1 2026.
The Foodservice segment saw total cases rise 15.6%, with organic independent case growth at 6.3% driven by a 5.8% increase in new customers. The Convenience segment is onboarding new large accounts, Love's Travel Stops and RaceTrac, which are expected to fuel future performance.
Diluted earnings per share for Q1 2026 was $0.60, and adjusted diluted earnings per share increased 1.7% to $1.18.
PFG is raising its full-year sales guidance for 2026 while reiterating its adjusted EBITDA targets, reflecting confidence in continued performance.

Nov 5, 2025, 2:00 PM

Transcript

PFGC Announces Strong Q1 2026 Results and Raises Full-Year Sales Guidance

PFGC

Earnings

Guidance Update

Revenue Acceleration/Inflection

Performance Food Group (PFGC) reported strong first quarter fiscal year 2026 results, with net sales growing 10.8% and adjusted EBITDA increasing 16.6% to $480.1 million. Diluted earnings per share were $0.60, and adjusted diluted EPS increased 1.7% to $1.18 year over year.
The company raised its full fiscal year 2026 net sales guidance to between $67.5 billion and $68.5 billion, an increase of $500 million from the previously announced range, while reiterating its adjusted EBITDA guidance of $1.9 billion to $2 billion.
All three operating segments contributed to the strong performance; Foodservice reported 15.6% total case growth and 6.3% organic independent case growth, with its adjusted EBITDA increasing 18.1%. The Convenience segment achieved 3.5% sales growth and began onboarding new business with Love's Travel Stops and RaceTrac. Specialty's adjusted EBITDA grew 13% despite a 0.7% decline in net sales.
Total company cost inflation for the quarter was 4.4%, with Foodservice inflation at 2.5%, Specialty at 3.8%, and Convenience at 6.8%.

Nov 5, 2025, 2:00 PM

Transcript

Performance Food Group Co Reports First-Quarter Fiscal 2026 Results

PFGC

Earnings

Guidance Update

Revenue Acceleration/Inflection

Performance Food Group Co reported net sales of $17.1 billion, an increase of 10.8%, and gross profit of $2.0 billion, up 14.3%, for the first quarter of fiscal 2026.
Adjusted EBITDA grew 16.6% to $480.1 million and Adjusted Diluted EPS increased 1.7% to $1.18, while net income decreased 13.3% to $93.6 million and diluted EPS fell 13.0% to $0.60.
Total case volume increased 9.4%, including a 16.6% rise in independent Foodservice case volume.
The company's operating activities used $145.2 million in cash flow, resulting in negative free cash flow of $224.1 million for the quarter ended September 27, 2025.
Management is increasing its sales guidance for fiscal 2026.

Nov 5, 2025, 12:00 PM

8-K

Performance Food Group Appoints Sachem Head Founder to Board

PFGC

Board Change

M&A

Proxy Vote Outcomes

Performance Food Group Company (PFG) announced the appointment of Scott Ferguson, Founder and Managing Partner of Sachem Head Capital Management LP, to its Board of Directors, effective September 23, 2025.
This appointment is part of a cooperation agreement with Sachem Head, which led to Sachem Head withdrawing its notice of nomination of candidates for the 2025 annual meeting and agreeing to customary standstill, voting, and confidentiality commitments.
The board size increased to 13 directors, with 12 independent, and Mr. Ferguson will serve on the Audit and Finance Committee.
Sachem Head beneficially owns 3,350,000 shares of common stock, and Mr. Ferguson's board position is contingent on Sachem Head maintaining a minimum 1.0% net long position in the company's common stock.

Sep 23, 2025, 8:15 PM

8-K

Performance Food Group Enters Information Sharing Agreement with US Foods

PFGC

M&A

New Projects/Investments

Takeover Bid

Performance Food Group Company (PFGC) entered into a clean team agreement with US Foods Holding Corp. (US Foods) on September 15, 2025, to facilitate the sharing of certain non-public, confidential, and proprietary information.
The agreement's purpose is to evaluate regulatory considerations and potential synergies related to a potential business combination between the two companies.
PFG has engaged with its large stockholders and US Foods to explore this potential combination.
There is no assurance that this information sharing will result in any transaction proposal, or any certainty regarding its outcome or timing.