10-K · August 12, 2026
Performance Food Group delivered improving fiscal 2026 operating momentum, with sales up 7.2%, case volume up 5.1%, Adjusted EBITDA up 9.2%, and diluted EPS recovering to $2.29 from $2.18. Foodservice, particularly the…
Earnings analysis · 10-Q
PFGC earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
PFGC delivered a strong revenue and adjusted EPS quarter, with $18.018 billion of revenue and $1.32 of adjusted diluted EPS, while Foodservice drove 8.5% gross-profit and 10.0% Adjusted EBITDA growth. Sequential gross…
Read full summary
PFGC delivered a strong revenue and adjusted EPS quarter, with $18.018 billion of revenue and $1.32 of adjusted diluted EPS, while Foodservice drove 8.5% gross-profit and 10.0% Adjusted EBITDA growth. Sequential gross and operating margins improved to 12.0% and 1.8%, respectively, but free cash flow remained negative at $143.2 million and Specialty profitability declined. Management reiterated fiscal 2027 revenue guidance of $72.5 billion-$73.0 billion and Adjusted EBITDA guidance of $2.125 billion-$2.225 billion; no material risk-factor changes were reported.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.82
- Segment
- Foodservice: gross profit and profitability growth led company results; total gross profit increased 8.5%.
- Segment
- Specialty: profitability declined year over year; no segment revenue or quantified profitability change was provided.
What stood out
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Revenue rebounded to $18.018 billion
First-quarter fiscal 2027 revenue was $18.018 billion, approximately $22.7 million above consensus of $17.9957 billion. Revenue increased from $16.29 billion in the prior quarter and $16.94 billion in the year-ago quarter.
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Adjusted EPS beat consensus
Adjusted diluted EPS was $1.32 versus the $1.27 estimate, while GAAP diluted EPS was $0.82. Adjusted EPS exceeded consensus by $0.05, or approximately 3.9%.
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Foodservice led profit growth
Gross profit increased 8.5% and Adjusted EBITDA increased 10.0%, with Foodservice identified as the primary contributor to profit growth.
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Margins improved sequentially
Gross margin was 12.0% and operating margin was 1.8%, improving from 11.9% and 0.9%, respectively, in the prior quarter.
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Full-year outlook maintained
The company reiterated fiscal 2027 net sales guidance of $72.5 billion-$73.0 billion and Adjusted EBITDA guidance of $2.125 billion-$2.225 billion.
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Repurchase capacity remains available
The company had $498.5 million remaining under its share-repurchase authorization as of September 26, 2026, while first-quarter share withholding totaled 187,741 shares.
What to watch
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Negative free cash flow
Free cash flow was negative $143.2 million in the quarter, limiting internally generated liquidity despite reported earnings growth.
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Specialty profitability weakened
Specialty profitability declined, contrasting with Foodservice-led growth; the filing did not quantify the Specialty decline, increasing uncertainty around segment earnings durability.
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Interest and fuel-cost exposure
The company identifies interest-rate and fuel-price exposure as its market risks and states there were no material changes since June 27, 2026; these remain potential cost and financing headwinds.
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No new formal risk-factor changes
The company states there were no material changes to its principal risks from the Form 10-K, but it remains subject to ordinary-course legal claims and proceedings; management says outcomes are not expected to have a material adverse effect.
Management's outlook
Fiscal 2027 outlook was reiterated at net sales of approximately $72.5 billion-$73.0 billion and Adjusted EBITDA of approximately $2.125 billion-$2.225 billion. Second-quarter outlook calls for net sales of $17.0 billion-$17.2 billion and Adjusted EBITDA of $490 million-$510 million; no EPS guidance was provided.
Earlier filings 4
10-Q · May 6, 2026
Performance Food Group Company (PFGC) reported Q3 fiscal 2026 results, with net sales increasing by 6.4% year-over-year to $16.3 billion, and diluted EPS of $0.27, marking a 28.9% decline compared to the prior year's…
10-Q · February 5, 2025
Revenue grew to $15,638.2 million in the quarter (up $1,342.5 million or ~9.4% vs. prior-year quarter), driven in part by acquisitions, but profitability and net income declined: diluted EPS fell to $0.27 from $0.50 and…
10-Q · May 8, 2024
PFG reported quarterly revenue of $13,857.7 million (vs $13,771.3 million a year ago), with gross profit of $1,568.9 million but operating profit down to $154.9 million from $168.8 million. Diluted EPS was $0.45 in the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.