Performance Food Group Company (PFGC) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 closed with strong revenue and profit growth, driven by increased case volume, higher selling prices, and successful acquisitions, with all business segments contributing.

• The company is positioned for continued momentum in 2027, leveraging investments in sales, technology, and customer relationships.

• Market share gains were achieved in both independent and national accounts, with new business wins and expanded partnerships, notably with Jersey Mike's and major convenience retailers.

• Independent Foodservice segment led growth with double-digit volume increases year-over-year.

• Delivered record Adjusted EBITDA and robust free cash flow, supporting continued investment and shareholder returns.

Financial highlights

• Q4 2026 net sales grew 6.4% year-over-year to $18.0 billion; full-year net sales up 7.2% to $67.8 billion, with all segments contributing.

• Gross profit rose 8.3% in Q4, with gross margin at $2.2 billion in Q4 and $8.1 billion for the year.

• Q4 net income was $162.3 million, up 23.4% year-over-year; full-year net income up 5.6% to $359.3 million.

• Adjusted EBITDA grew 7.4% in Q4 to $587.5 million; full-year Adjusted EBITDA up 9.2% to $1,929.4 million.

• Operating cash flow for 2026 exceeded $1.4 billion; free cash flow reached $1,029.6 million, up from $704.1 million prior year.

Outlook and guidance

• Fiscal 2027 net sales expected at $72.5–$73 billion; adjusted EBITDA guidance is $2.125–$2.225 billion, including a 53rd week (approx. 2% benefit).

• Midpoint of guidance implies 7.2% sales growth and 12.7% adjusted EBITDA growth year-over-year.

• Q1 2027 net sales expected at $17.9–$18.1 billion; adjusted EBITDA at $510–$530 million.

• Procurement synergies of $120–$125 million targeted by end of fiscal 2028, with most benefits in Performance Foodservice and Cheney Brothers.

• Inflation expected to remain in low to mid single digits for 2027.