Performance Food Group Company (PFGC) Earnings
Performance Food Group Company is expected to report next earnings on August 12, 2026 (in NaN days), with a consensus EPS estimate of $1.61. PFGC has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -0.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.77 | $0.80 | +3.9% | $16.3B | +0.8% |
| Feb 4, 2026 | $1.07 | $0.98 | -8.4% | $16.4B | +1.7% |
| Nov 5, 2025 | $1.21 | $1.18 | -2.5% | $17.1B | +1.2% |
| Aug 13, 2025 | $1.46 | $1.55 | +6.2% | $16.9B | +1.0% |
| May 7, 2025 | $0.87 | $0.79 | -9.1% | $15.3B | -0.1% |
| Feb 5, 2025 | $1.04 | $0.98 | -5.8% | $15.6B | +2.0% |
| Aug 14, 2024 | $1.37 | $1.45 | +5.8% | $15.2B | -0.4% |
| May 8, 2024 | $0.84 | $0.80 | -4.3% | $13.9B | -1.5% |
| Feb 7, 2024 | $0.92 | $0.90 | -2.2% | $14.3B | +0.1% |
| Aug 16, 2023 | $1.14 | $1.14 | +0.0% | $14.9B | -1.3% |
| Feb 8, 2023 | $0.76 | $0.83 | +9.2% | $13.9B | -0.1% |
| Nov 9, 2022 | $0.79 | $1.08 | +36.7% | $14.7B | +2.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Leveraging diversification across the food away from home market as central to the long-term vision. • Food service segment highlighted strong sales execution, independent case growth, and technology like Customer First. • Convenience segment praised for onboarding large customers and strong growth. • Specialty segment noted for expansion into e-commerce fulfillment and other emerging channels.
Guidance
Full-year sales target revised to $67.7 billion to $68 billion. Full-year adjusted EBITDA expected in the range of $1.9 billion to $1.93 billion.
Segment performance
Food service segment: Food service business (excluding Cheney) saw high single-digit EBITDA growth. Independent cases accelerated to 6.5% in Q3, exceeding the 6% benchmark. New account growth was ~5.4%. Cheney continued strong sales growth, especially with independents where cases grew north of 6%. Chain business saw case volume increase with a robust pipeline of new chain business. Convenience segment: Delivered 8.7% total revenue growth and 34.1% adjusted EBITDA, with 8.3% organic case growth. Specialty segment: Case growth of 1.1% led to 5.3% revenue increase year over year, but faced margin challenges.
Risks & headwinds
• Impact of fuel prices on product inflation outlook. • Uncertainty around duration of Middle East conflict affecting oil prices and potential impact on business. • Competitive landscape and market dynamics posing risks.
Analyst Q&A
Q: Nice quarter, but trimmed Q4 guidance, can you talk about offsets?
A: Exit Q3 with strong top line momentum and EBITDA increase. Confident about controllables, some pressure from fuel and Cheney expenses but looking towards 27.
Q: Quantify net impact of fuel costs in Q4?
A: Gross impact for Q3 was 7.3, surcharges adjusted but some headwind in Q4.
Q: Impact of Cheney expenses on fourth quarter?
A: More spillover than anticipated due to customer transition waves, but sales growth seen in new building.
Q: On local independent case growth, can you talk about cadence?
A: January was great, then weather impacts, average of Jan-Feb equals Mar-Apr.
Q: How does CashWay's mix compare to base food service?
A: Diversified mix with independent and some convenient sales, fits well into portfolio.
Q: On Cheney, any incremental opportunities?
A: Opportunity in brands, procurement around brands, and core competencies.
Q: Impact of gas spike on business?
A: Restaurant independents outperforming chains, convenience store trips ticked up but consumer resilient.
Q: Penetration in convenience segment?
A: Primary supplier model, penetration in food service part, same-store outperformance.
Q: GLP-1 impact?
A: Some compression on snack and candy initially, but bounce back, focus on protein, fiber, smaller portions.
Q: M&A pipeline?
A: Focused on broad line food service, examples like CashWay and Chaney.
Q: Convenience segment price deflation?
A: No deflation, manufacturers discounting at point of sale with no impact on margins.
Q: Cheney private label opportunities?
A: Taking Cheney's private labels and evaluating for Chaney, aiming for 50% brand cases to independence.