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Performance Food Group Company
Performance Food Group Company (PFGC) investor relations material
Performance Food Group Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Feb, 2026
Executive summary
Net sales for the quarter ended December 27, 2025, increased 5.2% year-over-year to $16.44 billion, driven by higher case volume, favorable mix, and inflation-driven price increases.
Net income rose 45.5% to $61.7 million for the quarter, with diluted EPS up to $0.39 from $0.27 year-over-year.
Adjusted EBITDA for the quarter was $451.2 million, up 6.7% from the prior year; Adjusted Diluted EPS was $0.98, flat year-over-year.
The Cheney Brothers acquisition contributed significantly to Foodservice segment growth and overall results.
Leadership transition as George Holm retires as CEO, succeeded by Scott McPherson, with Holm remaining as Executive Chair to focus on M&A and strategy.
Financial highlights
Gross profit increased 7.6% to $2.0 billion for the quarter, with gross profit per case up $0.20 year-over-year.
Operating expenses rose 6.4% to $1.78 billion, mainly due to higher personnel costs, increased depreciation/amortization, and legal/professional fees.
Interest expense increased to $104.5 million, reflecting higher average borrowings and finance lease obligations.
For the six months, net sales grew 7.9% to $33.52 billion, and net income was $155.3 million, up 3.3% year-over-year.
Operating cash flow for the first six months was $456 million, up $77 million year-over-year; free cash flow was $263.7 million, up $89 million.
Outlook and guidance
Q3 2026 guidance: net sales of $16.0–$16.3 billion and adjusted EBITDA of $390–$410 million.
Full-year 2026 guidance: net sales of $67.25–$68.25 billion and adjusted EBITDA of $1.875–$1.975 billion, both slightly narrowed from prior guidance.
Three-year projections reaffirmed: sales of $73–$75 billion and adjusted EBITDA of $2.3–$2.5 billion by fiscal 2028.
Management expects continued benefit from recent acquisitions, organic case growth, and inflation-driven pricing.
The company anticipates sufficient liquidity and cash flow to meet operational and capital needs over the next 12 months.
What market dynamics drove 2026 outlook adjustment?
Explain Q2 Net Income vs. Adjusted EPS divergence.
Specialty: How did sales grow with case volume decline?
Cheney integration costs: When will they normalize?
Procurement synergies: What's the capture cadence?
Convenience segment: Long-term EBITDA margin drivers?
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Next Performance Food Group Company earnings date
Q3 20266 May, 2026
Performance Food Group Company
Next Performance Food Group Company earnings date
Q3 20266 May, 2026
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Frequently asked questions
Performance Food Group Company, through its subsidiaries, markets and distributes food and food-related products in the United States. It operates through two segments, Foodservice and Vistar. The company offers a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, and other tobacco products, as well as beef, pork, poultry, and seafood. It also sells disposables, cleaning and kitchen supplies, and related products. In addition, the company offers value-added services that include product selection and procurement; menu development; recipe management; strategic planning or consulting; new store openings; data analysis; marketing support services; culinary support services; data processing; credit card processing; accounts receivable financing to independent operators; group purchasing organization for the purpose of providing cost savings opportunities to our customers; co-branding programs for the benefit of our customers' patrons and our brand partners; and electronic ordering platforms that provide labor efficiency advantages to our customers. It serves approximately 165,000 independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools/colleges/universities/ hospitals/other institutions (SCHUHS), vending operators and office coffee service distributors.
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