PFGC delivered a clean Q4 with revenue and adjusted EPS in line with expectations, supported by strong independent case growth and record EBITDA. The FY2027 guidance implies continued mid-single-digit top-line growth and double-digit EBITDA expansion, which should support the current valuation. Monitor the Q1 FY2027 outlook for any demand softness from tariff or inflation headwinds, and watch for further progress on Cheney Brothers integration and share repurchase execution.
Price Chart
Executive Summary
Performance Food Group reported Q4 FY2026 results with net sales of $18.0B (+6.4% YoY) and GAAP diluted EPS of $1.03 (+22.6% YoY), while Adjusted Diluted EPS of $1.59 (+2.6% YoY) was roughly in line with the $1.60 consensus. Full-year FY2027 guidance calls for net sales of $72.5B-$73B and Adjusted EBITDA of $2.125B-$2.225B, implying continued mid-single-digit revenue growth and ~10% EBITDA growth at the midpoint. The quarter featured strong independent case volume (+8.0%) and record full-year Adjusted EBITDA of $1.93B, but operating expense growth and a higher tax rate tempered net income expansion relative to gross profit gains.
Key Financial Metrics
Key Facts
- Q4 FY2026 net sales of $18.0B, +6.4% YoY
- GAAP diluted EPS $1.03, +22.6% YoY; Adjusted Diluted EPS $1.59, +2.6% YoY, roughly in line with $1.60 consensus
- Full-year FY2026 net sales $67.8B, +7.2% YoY; Adjusted EBITDA $1.93B, +9.2% YoY
- FY2027 guidance: net sales $72.5B-$73.0B, Adjusted EBITDA $2.125B-$2.225B
- Total independent case volume +8.0% in Q4; organic independent case volume +5.8%
- Operating cash flow $1.41B; free cash flow $1.03B for FY2026
- Share repurchase authorization of $500M through May 2029; $498.5M remaining as of June 27, 2026
Financial Impact
Q4 revenue beat consensus by ~$0.1B; Adjusted EPS roughly in line; FY2027 guidance implies ~7% revenue growth and ~10% EBITDA growth at midpoint
Risk Factors
- Operating expense growth outpacing gross profit growth, pressuring margins
- Inflation and fuel cost volatility could pressure profitability
- Integration risks from recent acquisitions including Cheney Brothers
- Shareholder activism and related legal/professional fees ($20.2M in FY2026)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-345718 |
| Document: pfgc-20260812.htm | 0001193125-26-345718 |
| Document: 0001193125-26-345718-index-headers.html | 0001193125-26-345718 |
| Document: 0001193125-26-345718-index.html | 0001193125-26-345718 |
| Document: 0001193125-26-345718.txt | 0001193125-26-345718 |
| 8-K Data (Synthetic) | 0001193125-26-345718 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 29d ago | Insider Cluster | $99.15 $93.94 | ▼ −5.25% | ▼ −4.11% | $93.85 (−5.35%) |
Aug 25, 2026 5w ago | Insider Cluster | $102.47 $99.32 | ▼ −3.07% | ▼ −2.95% | $93.85 (−8.41%) |
Aug 20, 2026 6w ago | CLUSTER / 8-K | $104.98 $100.85 | ▼ −3.93% | ▼ −4.41% | $93.85 (−10.60%) |
Aug 20, 2026 6w ago | Insider Cluster | $104.98 $100.85 | ▼ −3.93% | ▼ −4.41% | $93.85 (−10.60%) |
Aug 20, 2026 6w ago | 8-K | $103.98 $102.12 | ▼ −1.79% | ▼ −2.90% | $93.85 (−9.74%) |
Aug 12, 2026 7w ago | 8-K | $107.41 $103.34 | ▼ −3.79% | ▼ −3.35% | $93.85 (−12.62%) |
Jul 2, 2026 13w ago | Insider Cluster | $113.09 $112.04 | ▼ −0.93% | ▼ −1.86% | $93.85 (−17.01%) |
Jun 26, 2026 13w ago | 144 | $112.65 $113.74 | ▲ +0.97% | ▼ −0.42% | $93.85 (−16.69%) |
Jun 15, 2026 15w ago | Insider Cluster | $104.51 $104.39 | ▼ −0.11% | ▲ +2.12% | $93.85 (−10.20%) |
Jun 12, 2026 15w ago | 144 | $104.10 $102.61 | ▼ −1.43% | ▼ −0.05% | $93.85 (−9.85%) |
US Market Status
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