The narrowed guidance ranges for both revenue and Adjusted EBITDA suggest management sees a stable near-term trajectory, but the sharp GAAP earnings decline (-28.5%) and flat adjusted EPS growth may cap upside. Watch for Q4 execution on independent case volume growth (+7.3%) and cost control to validate the fiscal 2027 acceleration commentary.
Price Chart
Executive Summary
PFGC reported Q3 fiscal 2026 results with net sales up 6.4% to $16.29B and Adjusted EBITDA up 6.6% to $410.6M, both above the high end of prior guidance. However, GAAP net income fell 28.5% to $41.7M and GAAP diluted EPS dropped 27% to $0.27, while the Street-tracked Adjusted Diluted EPS of $0.80 was essentially flat YoY (+1.3%). The company narrowed its full-year guidance ranges for both net sales and Adjusted EBITDA, signaling confidence in the near-term outlook despite a challenging consumer environment and deflation in key categories.
Key Financial Metrics
Key Facts
- Q3 net sales increased 6.4% to $16.29B vs $15.31B a year ago
- GAAP diluted EPS fell 27% to $0.27 from $0.37 YoY
- Adjusted Diluted EPS (Street metric) was $0.80 vs $0.79 YoY, up 1.3%
- Adjusted EBITDA rose 6.6% to $410.6M, above the prior guidance range of $390M-$410M
- Full-year net sales guidance narrowed to $67.7B-$68.0B from $67.25B-$68.25B
- Full-year Adjusted EBITDA guidance narrowed to $1.9B-$1.93B from $1.875B-$1.975B
- Operating cash flow for the first nine months was $1,071.9M, up from $827.1M YoY
- Free cash flow for the first nine months was $806.0M, up from $494.4M YoY
- Convenience segment Adjusted EBITDA surged 34.1% to $100.2M
- Specialty segment Adjusted EBITDA declined 5.6% to $73.5M
Financial Impact
Q3 net sales $16.29B, GAAP net income $41.7M, Adjusted EBITDA $410.6M
Risk Factors
- GAAP net income declined 28.5% YoY due to rising operating expenses and interest costs
- Specialty segment Adjusted EBITDA fell 5.6% amid channel mix headwinds
- Consumer environment remains challenging with deflation in key foodservice categories
- Shareholder activism and clean team agreement costs continue to weigh on operating expenses
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-207521 |
| Document: pfgc-20260506.htm | 0001193125-26-207521 |
| Document: 0001193125-26-207521-index-headers.html | 0001193125-26-207521 |
| Document: 0001193125-26-207521-index.html | 0001193125-26-207521 |
| Document: 0001193125-26-207521.txt | 0001193125-26-207521 |
| 8-K Data (Synthetic) | 0001193125-26-207521 |
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