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Performance Food Group (PFGC) FY2026 results: revenue $67.8 billion, up 7.2% on the year

Performance Food Group Co. (PFGC) reported revenue of $67.8 billion for fiscal 2026, the year ended 27 June 2026, up 7.2% on the year before. Net income was $359 million, up 5.6%, and diluted earnings per share $2.29. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2026.

Revenue
$67.8 billion
+7.2% on the year
FY2019FY2026
Operating margin
1.3%
1.3% a year earlier
FY2019FY2026
Net income
$359 million
+5.6% on the year
FY2019FY2026
Diluted EPS
$2.29
+5.0% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Quarter net sales rose 6.4%: Net sales rose 6.4% to $18.0 billion, with higher selling prices from inflation, more organic cases and acquisitions.
  • Quarter Adjusted EBITDA rose 7.4%: Adjusted EBITDA rose 7.4% to $587.5 million in the quarter and 9.2% to $1,929.4 million for fiscal 2026. Adjusted Diluted EPS was $1.59 in the quarter, up 2.6%.
  • Independent growth led volume: Business with independent customers, both new and expanded, drove organic independent case growth in the fourth quarter.
  • First-quarter fiscal 2027 ranges: First-quarter fiscal 2027 net sales are expected at $17.9 billion to $18.1 billion, and Adjusted EBITDA at $510 million to $530 million.
  • Full-year fiscal 2027 ranges: Full-year fiscal 2027 net sales are expected at $72.5 billion to $73 billion, and Adjusted EBITDA at $2.125 billion to $2.225 billion.
Read the Q4 FY2026 earnings call summary

From this 10-K

Performance Food Group markets and distributes more than 300,000 food and food-related products across North America, from over 150 distribution centers to over 350,000 customer locations in the food-away-from-home industry. Its customers range from independent and chain restaurants to schools, business and industry locations, vending and office coffee service distributors, retailers, convenience stores and theaters. It reports three segments, Foodservice, Convenience and Specialty, and its trademarks include Performance Food Group, Performance Foodservice, Core-Mark and Vistar.

Performance Food Group Co., the 10-K for 2026

Performance Food Group markets and distributes more than 300,000 food and food-related products across North America, from over 150 distribution centers to over 350,000 customer locations in the food-away-from-home industry. Its customers range from independent and chain restaurants to schools, business and industry locations, vending and office coffee service distributors, retailers, convenience stores and theaters. It reports three segments, Foodservice, Convenience and Specialty, and its trademarks include Performance Food Group, Performance Foodservice, Core-Mark and Vistar.

Foodservice

This segment runs 90 distribution centers, each managed by a local business team, and supplies independent restaurants, chain restaurants and other institutional food-away-from-home locations. It sells center-of-the-plate items such as beef, pork, poultry and seafood, including custom-cut meat and seafood, along with frozen, refrigerated and dry groceries, disposables and cleaning and kitchen supplies. Its products include its own Performance Brands, national brands and products carrying customers' brands, and it also helps customers with product selection, menu development and operations. The company states that it seeks to increase the share of its sales to independent customers.

Convenience

This segment supplies traditional convenience stores, drug stores, mass merchants, grocery and liquor stores and other small format stores in the United States and Canada with cigarettes and alternative nicotine products, candy, snacks, fresh and other food, groceries, beverages, general merchandise and health and beauty care products. It operates a network of 38 distribution centers and six redistribution centers in the U.S. and Canada.

Specialty

This segment distributes candy, snacks and beverages, fresh and frozen perishable foods and non-food items from a network of 26 distribution centers, delivering to vending and office coffee service distributors and directly to retailers, entertainment venues and theaters. It also offers small parcel pick and pack fulfillment using third-party carriers.

Buying and pricing

It buys mainly from large corporations that sell national brands, its Performance Brands or both, and from smaller regional suppliers, especially of produce and other perishables. It prices either by contract, as a percentage or fixed markup over cost, or at the time of order, and it uses diesel fuel surcharges to offset fuel costs.

People

As of June 27, 2026 it had over 44,000 associates across North America, approximately 99% of them full-time, and approximately 2,800 were members of local unions.

From Performance Food Group's annual report on Form 10-K for the fiscal year ended 27 June 2026. The filing

Written from the 10-K filed 12 August 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue67,84063,29958,281+7.2%
Cost of revenue59,74955,88251,704+6.9%
Gross profit8,0917,4176,577+9.1%
Gross margin11.9%11.7%11.3%
Operating income888816826+8.7%
Operating margin1.3%1.3%1.4%
Interest expense414358232+15.4%
Pre-tax income486459597+5.9%
Income tax126119161+6.7%
Effective tax rate26.0%25.9%27.0%
Net income359340436+5.6%
Net margin0.5%0.5%0.7%
Diluted EPS$2.29$2.18$2.79+5.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow1,4141,2101,163+16.8%
Capital expenditure384506396-24.1%
Free cash flow1,030704767+46.2%
Free cash flow margin1.5%1.1%1.3%
Cash from investing-772-3,089-683
Cash from financing-6251,938-473
Depreciation and amortisation814718557+13.4%
Share-based compensation51.547.841.9+7.7%
Buybacks1.557.678.1-97.4%
Diluted shares, weighted157m156m156m+0.4%
Shares outstanding at period end156m155m154m+0.8%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity4,8994,4724,127+9.5%
Debt5,0075,3893,198-7.1%
Operating lease liabilities865901819-4.0%
Finance lease liabilities1,5371,380703+11.4%
Other liabilities6,5415,7394,545+14.0%
Total liabilities and equity18,84917,88113,393+5.4%
Fixed assets4,7854,4592,788+7.3%
Goodwill3,5653,4802,418+2.4%
Intangible assets1,5451,688971-8.5%
Cash and equivalents92.478.520.0+17.7%
Receivables3,0542,8332,479+7.8%
Inventory4,3333,8883,315+11.5%
Other assets1,4751,4551,401+1.4%
Total assets18,84917,88113,393+5.4%

10-K for the year ended 27 June 2026, filed 12 August 2026: the filing.