Performance Food Group Q1 profit rises 12% on case volume growth

Performance Food Group (PFGC) said on Nov. 4 that adjusted earnings per share rose 11.9% to $1.32 in its fiscal first quarter, in line with the $1.31 consensus estimate. Net sales rose 5.5% to $18.02 billion, below the $18.38 billion estimate.

The results cover the quarter ended Sept. 26, 2026, the company said in its earnings release.

Here's how the company did:

• Net sales: $18.02 billion vs. $17.08 billion a year earlier, against a $18.38 billion estimate
• Adjusted EPS: $1.32 vs. $1.18 a year earlier, against a $1.31 estimate
• Diluted EPS: $0.82 vs. $0.60 a year earlier
• Net income: $129.5 million vs. $93.6 million a year earlier
• Adjusted EBITDA: $528.0 million vs. $480.1 million a year earlier

Total case volume rose 4.2%. Independent Foodservice case volume rose 7.8%, and organic independent Foodservice case volume rose 5.5%.

Gross profit rose 8.5% to $2.2 billion, driven by vendor rebates, promotional incentives and a shift in the mix of cases sold. Operating expenses rose 6.9% to $1.9 billion, mainly on acquisitions, personnel costs and higher fuel prices.

Segment results

Foodservice net sales rose 5.0% to $9.6 billion. Segment Adjusted EBITDA rose 13.4% to $367.9 million.

Convenience net sales rose 5.4% to $6.9 billion. Segment Adjusted EBITDA rose 3.8% to $125.6 million.

Specialty net sales rose 10.3% to $1.4 billion. Segment Adjusted EBITDA fell 4.8% to $89.5 million, as operating expenses rose 9.0%.

Guidance

For the second quarter, the company expects net sales of $17.0 billion to $17.2 billion and Adjusted EBITDA of $490 million to $510 million.

For the full fiscal year, the company continues to expect net sales of $72.5 billion to $73.0 billion and Adjusted EBITDA of $2.125 billion to $2.225 billion. The range includes a 53rd week. The full-year ranges are unchanged from those given on Aug. 12.

“We started fiscal 2027 with solid momentum, delivering strong first-quarter sales and profit growth,” said President and Chief Executive Officer Scott McPherson. He added that the company is “confident in our ability to continue gaining market share.”

Cash flow and buybacks

Net cash used in operating activities was $89.3 million, compared with $145.2 million a year earlier. Capital expenditures were $53.9 million, down $25.0 million. Free cash flow was negative $143.2 million, compared with negative $224.1 million a year earlier.

As of Sept. 26, $498.5 million remained available under the company's $500 million share repurchase program, which expires on May 27, 2029.