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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Performance Food Group Company
Performance Food Group Company (PFGC) investor relations material
Performance Food Group Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 May, 2026
Executive summary
Net sales for Q3 rose 6.4% year-over-year to $16.3 billion, driven by higher case volume, favorable product mix, and inflationary pricing, with all segments showing resilience and growth momentum expected to continue into fiscal 2027.
Net income for the quarter was $41.7 million, down 28.5% year-over-year due to higher operating and interest expenses.
Adjusted EBITDA for the quarter was $410.6 million, up 6.6% year-over-year, supported by investments in technology, infrastructure, and talent.
For the first nine months, net sales grew 7.4% to $49.81 billion, and Adjusted EBITDA rose 10.0% to $1.34 billion.
Diversification across the food away from home market and strong execution led to sustained market share gains, especially among independent restaurants.
Financial highlights
Total net sales grew 6.4% year-over-year in Q3, with all segments contributing; Convenience segment led growth.
Total company cases increased 4.4%, with 6.5% organic independent restaurant case growth and 8.3% organic case gain in Convenience.
Gross profit for Q3 increased 6.4% to $1.94 billion, while operating expenses rose 8.6% due to higher personnel, acquisition, and fuel costs.
Adjusted EBITDA rose 6.6% to $410.6 million; adjusted diluted EPS increased 1.3% to $0.80.
Operating cash flow for the nine months was $1.07 billion, up $245 million year-over-year; free cash flow reached $806 million.
Outlook and guidance
Fiscal 2026 sales guidance narrowed to $67.7–$68 billion; adjusted EBITDA guidance set at $1.9–$1.93 billion.
On track for three-year targets: $73–$75 billion in sales and $2.3–$2.5 billion adjusted EBITDA by fiscal 2028.
Management expects continued sales and profit growth into fiscal 2027, citing momentum, expense normalization, procurement synergies, and new business wins.
Expect low to mid-single-digit inflation for the remainder of fiscal 2026.
Ongoing macroeconomic and geopolitical uncertainties include fuel price volatility and tariff policy changes.
Drivers of Convenience EBITDA margin expansion
Specialty EBITDA decline despite sales growth
Impact of activism and US Foods agreement costs
Cheney expense recovery and synergy timeline
Impact of Love's and RaceTrac wins on 2027 growth
CustomerFirst AI role in independent case growth
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Latest events from Performance Food Group Company
- Acquisitions in the Southeast U.S. and Caribbean drive growth and synergy opportunities.PFGC
Investor presentation19 Feb 2026 - Three-year targets: $73–$75B sales, $2.3–$2.5B EBITDA, and a $500M share buyback authorized.PFGCInvestor Day 202519 Feb 2026
- Q2 net sales up 5.2% to $16.44B, net income up 45.5%, with updated 2026 guidance and new buyback.PFGCQ2 20264 Feb 2026
- Double-digit profit growth and major acquisitions drive strong FY24 and positive FY25 outlook.PFGCQ4 20241 Feb 2026
- Net sales up 3.2% to $15.42B, but net income down 10.5% on higher expenses.PFGCQ1 202516 Jan 2026
- Acquisitions, sales force growth, and digital adoption drive resilience amid industry shifts.PFGCBarclays 10th Annual Eat, Sleep, Play, Shop Conference11 Jan 2026
- Sales and Adjusted EBITDA rose strongly, but net income declined on higher costs.PFGCQ2 20258 Jan 2026
- Record profits, strategic growth, and enhanced ESG drive key votes and governance actions.PFGCProxy Filing1 Dec 2025
- Strong growth, acquisitions, and governance mark a milestone year with key shareholder votes ahead.PFGCProxy Filing1 Dec 2025
Next Performance Food Group Company earnings date
Q4 202612 Aug, 2026
Performance Food Group Company
Next Performance Food Group Company earnings date
Q4 202612 Aug, 2026
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Amina0781App Store
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