revenue
67700–68000 $million
FY 2026
official guidance
| Revenue | $67.8B |
|---|---|
| Operating income | $887.5M |
| Net income | $359.3M |
| Free cash flow | $1.0B |
| Operating margin | 1.3% |
| Net margin | 0.5% |
| Return on equity | 7.3% |
| Period | 2026 |
OpenFilings analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong volume and cash-flow execution outweigh manageable integration and macro risks.
Latest call · Q3 2026Buy: PFG delivered 6.4% sales growth, 6.6% adjusted EBITDA growth to $410.6 million, 6.5% independent Foodservice case growth and 8.3% Convenience case growth, while tightening FY2026 guidance to $67.7-$68.0 billion of sales and $1.90-$1.93 billion of adjusted EBITDA. The key tension is that Cheney’s facility transition and Specialty weakness still pressure near-term margins, but the recovery in Cheney, carryover from Love’s and RaceTrac, procurement benefits and share gains create a credible FY2027 acceleration.
FY2026 Q4 earnings remain exposed to residual Cheney double-staffing costs, fuel pressure and the final customer transition into the Florence facility.
Love’s and RaceTrac should continue contributing to Convenience through mid-FY2027, but investors will watch the pace of lapping those wins and the size of newly won versus lost accounts.
Independent restaurant cases were still tracking well into April, but ongoing low-single-digit industry foot-traffic declines and weaker chain traffic remain important demand indicators.
Specialty must reverse its negative EBITDA performance as shipping and fuel costs normalize and the company laps prior-year inventory gains.
Foodservice share gains appear broad-based: independent cases grew 6.5%, net new accounts grew approximately 5.4%, and penetration within existing accounts improved.
CustomerFirst, including AI agents for product and recipe research, is becoming a cross-segment technology platform and may support further wallet-share gains, though its financial contribution is not quantified.
Cheney has substantial network capacity after the Florence transition, with formerly constrained facilities expected to move from roughly 90% utilization to about 50%-60%; brand expansion and procurement synergies could improve its earnings profile.
PFG’s diversification across Foodservice, Convenience and Specialty is proving valuable, but the mix includes lower-growth or lower-margin chain exposure and remains sensitive to consumer discretionary pressure.
Nine-month operating cash flow exceeded $1 billion and free cash flow was $806 million, up $312 million year over year, supporting debt reduction, investment and selective M&A.
Management acknowledged that Cheney’s expense drag spilled into Q4 more than previously expected because the fourth transition wave was delayed; the absolute FY2026 impact and precise recovery timetable remain unquantified.
The Q3 adjusted EBITDA beat did not translate into earnings strength: net income fell 28.5% and adjusted diluted EPS rose only 1.3% to $0.80, reflecting higher interest and depreciation expense.
Specialty posted negative EBITDA year over year despite 5.3% revenue growth, suggesting that the portfolio’s diversification does not eliminate segment-specific margin volatility.
Management cited competitive pressure in Convenience and expects some customer losses over the next 6-12 months, even though it characterized them as smaller than Love’s or RaceTrac.
The FY2027 acceleration case relies heavily on qualitative claims around pipeline, procurement synergies, Cheney efficiencies and new chain business; management did not provide dollar buckets or formal FY2027 guidance.
revenue
67700–68000 $million
FY 2026
official guidance
ebitda
1900–1930 $million
FY 2026
official guidance
revenue
73000–75000 $million
FY 2028
management target
ebitda
2300–2500 $million
FY 2028
management target
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
PERFORMANCE FOOD GROUP COMPANY
PERFORMANCE FOOD GROUP COMPANY
PERFORMANCE FOOD GROUP COMPANY
PERFORMANCE FOOD GROUP COMPANY
PERFORMANCE FOOD GROUP COMPANY
PERFORMANCE FOOD GROUP COMPANY