PFGC · Performance Food Group Company

Performance Food Group Company (PFGC) reported strong third-quarter fiscal 2026 results on May 6, 2026, with net sales increasing 6.4% to $16.3 billion, driven by a 4.4% increase in total case volume and approximately 4.5% product cost inflation. Independent foodservice case volume grew 7.3% (organic 6.5%), reflecting market share gains. Gross profit improved 6.4% to $1.9 billion, supported by procurement efficiencies and favorable mix shift toward independent channel. However, net income declined 28.5% to $41.7 million due to an 8.6% rise in operating expenses, including higher personnel costs, professional fees, depreciation, and fuel expenses. Adjusted EBITDA rose 6.6% to $410.6 million, exceeding the top end of prior guidance. On a non-GAAP basis, adjusted diluted EPS increased 1.3% to $0.80. For the first nine months, free cash flow reached $806.0 million, up from $494.4 million a year ago, driven by higher cash-based operating income and working capital improvements. Management tightened fiscal 2026 guidance, reflecting confidence in the final quarter. CEO Scott McPherson highlighted strong execution and momentum heading into fiscal 2027. The company also noted progress on integrating recent acquisitions, including Cheney Brothers. A $500 million share repurchase program remains in place, with $498.8 million available as of March 28, 2026.