Performance Food Group Co

PFG reported Q4 fiscal 2026 net sales growth of 6.4%, total company case growth of 3.5%, gross profit growth of 8.3%, net income of $162.3 million, diluted EPS of $1.03, adjusted diluted EPS of $1.59, and adjusted EBITDA of $587.5 million, up 7.4% year over year. Gross profit per case increased by $0.34 versus the prior year period. Full-year 2026 operating cash flow was over $1.4 billion, capital expenditures were $384.1 million, and free cash flow was more than $1 billion. For fiscal 2027, management guided Q1 net sales to $17.9 billion-$18.1 billion and adjusted EBITDA to $510 million-$530 million; full-year sales to $72.5 billion-$73 billion and adjusted EBITDA to $2.125 billion-$2.225 billion. The full-year guide includes a 53rd week, which management said adds about 2%.

Scott McPherson framed the quarter as evidence that PFG’s across-the-board food-away-from-home strategy is working, emphasizing market share gains, strong customer relationships and sales-force investment. He said all three segments are positioned for growth in 2027, with Foodservice supported by independent restaurant gains and Jersey Mike’s, Convenience helped by Love’s and RaceTrac, and Specialty benefiting from new verticals and e-commerce potential. His tone was confident and constructive, repeatedly pointing to visibility into revenue, margin and profit opportunities and saying the company is on track for its 3-year targets.

Patrick Hatcher highlighted Q4 gross profit growth of 8.3%, gross profit per case up $0.34, net income of $162.3 million, adjusted EBITDA of $587.5 million, and adjusted EPS of $1.59. He said total company inflation was about 4.7%, Foodservice inflation was 2.7% in the quarter and decelerated to just below 1% in July, and the diesel headwind was about $16 million in Q4. He also pointed to strong cash generation, with over $1.4 billion of operating cash flow and more than $1 billion of free cash flow in fiscal 2026, while noting capex of $384.1 million should stay below the long-term target of 70 basis points of net revenue in 2027. Net debt ended just below the top end of the 2.5x to 3.5x leverage range, and he said interest expense should stay relatively flat for the balance of 2027.

Analysts focused on what is embedded in 2027 guidance versus potential upside from synergies, lower fuel pressure, and easier Cheney comparisons. Management said the guide intentionally reflects the cadence of the year, with Q1 still carrying fuel pressure similar to Q4, while second-half results should benefit from Cheney-related comps, procurement synergies and new business wins. On segment outlook, Scott said Foodservice is targeting about 6% independent case growth internally, Convenience still has benefit from Love’s and RaceTrac plus a strong pipeline, and Specialty has sustained momentum, while Patrick said procurement savings are mostly flowing through Foodservice and will build through 2027 and 2028.