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- **Revenue & Profit Growth**: 10.8% net sales and 16.6% EBITDA expansion, driven by Foodservice (18.8% sales), Convenience (3.5% growth), and Specialty (13% EBITDA)
- **Key Wins**: Love's Travel Stops/RaceTrac onboarding, 6.3% organic independent case growth, and 5.8% new customer wins
- **Inflation Management**: 2.5% Foodservice inflation offset by margin expansion; 6.8% Convenience inflation neutralized by volume
- **Guidance Update**: Full-year sales raised to $67.5-$68.5 billion, reflecting new business and operational efficiency
- **M&A Focus**: Active pipeline with potential Foodservice and Convenience acquisitions

**【CEO Summary Section】**
- PFGC reported strong Q1 2026 results with 10.8% net sales growth and 16.6% adjusted EBITDA expansion, driven by growth across all three segments.
- Independent restaurant case volume in Foodservice grew 6.3% organically, fueled by new customer wins and penetration.
- Convenience segment saw 3.5% sales growth, with Core-Mark outperforming the industry and onboarding major accounts like Love's Travel Stops and RaceTrac.
- Specialty segment achieved 13% adjusted EBITDA growth despite a challenging industry backdrop, driven by efficiency improvements and new business pipeline.

**【CFO Financial Commentary】**
- Total net sales: $16.4 billion (10.8% YoY growth)
- Adjusted EBITDA: $480.1 million (16.6% YoY growth)
- Cost inflation: 4.4% overall, with Foodservice at 2.5%, Specialty at 3.8%, and Convenience at 6.8%
- Guidance updated: Full-year net sales $67.5-$68.5 billion (up $500 million) and EBITDA $1.9-$2.0 billion
- Capital expenditures: $79 million (70 basis points of net revenue)
- Tax rate: 23% for Q1, expected to remain stable

**【Q&A Highlights】**
- **Independent Case Growth**: Q1 growth of 6.3% organically, with confidence in 6%+ annual target despite near-term volatility
- **Salesforce Hiring**: 6% YoY increase, within 6-8% target range, supported by commission structure and retention programs
- **Convenience Expansion**: Core-Mark's 6.8% inflation offset by volume growth, with Love's/RaceTrac wins contributing to 2026 growth
- **Inflation Management**: Low-single-digit Foodservice inflation (2.5%) offset by procurement efficiencies; Specialty inflation (3.8%) driven by candy prices
- **M&A Pipeline**: Robust pipeline, with focus on Foodservice and high-return projects
- **ROIC Improvement**: Expected through EBITDA growth and capital discipline

Performance Food Group Company (PFGC) Q1 2026 Earnings Call Transcript

- **Record Growth**: FY2025 net sales of $63.1B (+11.5% YoY), with Q4 EBITDA up 19.9% YoY to $546.9M.
- **Foodservice Dominance**: 6% Q4 organic case growth vs. flat industry foot traffic, driven by new accounts and line penetration.
- **Strategic Hiring**: 8.8% YoY increase in Foodservice reps, with Q4 as strongest hiring quarter.
- **Convenience Turnaround**: Signed 1,000+ new stores, despite industry-wide declines, with EBITDA growth expected in FY2026.
- **Guidance Caution**: FY2026 EBITDA flat YoY due to one-time costs, but FY2028 targets remain intact at $2.3B-$2.5B.
- **M&A Focus**: Pipeline remains robust, with focus on high-return, accretive opportunities.

**【CEO Summary Section】**
- PFG achieved record net sales of $63.1 billion in FY2025, up 11.5% YoY, driven by strong performance across all segments.
- Independent case growth reached 5.9% organically in Q4, with full-year growth of 4.6%, excluding severe weather impacts.
- Foodservice segment outperformed industry foot traffic, with 6% organic case growth in Q4 and 250bps sequential acceleration.
- Chain business profitability improved, with new contracts and legacy chain recoveries contributing to margin expansion.
- PFG maintained disciplined capital allocation, prioritizing debt reduction and strategic M&A while repurchasing $13.4M in shares.

**【CFO Financial Commentary】**
- FY2025 adjusted EBITDA reached $1.9B, exceeding the high end of the long-term target range, with Q4 EBITDA up 19.9% YoY to $546.9M.
- FY2026 guidance: Net sales $67B-$68B (1.6% YoY growth) and EBITDA $1.9B-$2B (flat YoY), reflecting cautious macro assumptions.
- Operating cash flow of $1.2B in FY2025 supported $704M free cash flow, with FY2026 CapEx expected to align with 70bps of net sales.
- Procurement synergies and cost control drove 5% YoY decline in operating expenses, with low single-digit inflation expected in FY2026.

**【Q&A Key Highlights】**
- **Salesforce Expansion**: 8.8% YoY increase in Foodservice reps, with Q4 being the strongest hiring quarter of FY2025.
- **Convenience Segment**: Signed agreements for 1,000+ new stores, with EBITDA growth expected despite start-up costs in Q2.
- **M&A Pipeline**: Robust pipeline with no significant deals yet, focusing on high-return, accretive opportunities.
- **Macro Trends**: Independent restaurant case growth expected to reach 6% in FY2026, while Convenience faces ongoing industry headwinds.
- **Tariff Impact**: Minimal exposure to tariffs due to domestic sourcing, but monitoring inflation risks.
- **EBITDA Margin**: FY2026 guidance reflects one-time costs (e.g., new account onboarding), with reacceleration expected in FY2027-2028.

Performance Food Group Company (PFGC) Q4 2025 Earnings Call Transcript

- **Q3 Recovery**: 10.5% sales growth, 6% April organic rebound, and 29% Foodservice EBITDA expansion despite Q3 organic case growth of 3.4%.
- **Segment Strength**: Convenience outperforming industry with 1% volume growth; Specialty EBITDA up 6.9%.
- **Guidance Adjustment**: FY25 sales narrowed to $6.3B-$6.35B, EBITDA to $1.725B-$1.75B, reflecting Q3 performance and cautious macro outlook.
- **Strategic Moves**: 8% salesforce expansion, $300M+ capex for growth, and $10.6M share buybacks.


**【CEO Summary Section】**
- CEO highlighted the challenging macroeconomic environment and adverse weather impacts, noting a 3.4% organic independent case growth in Q3 despite February disruptions.
- April sales rebounded with 6% organic growth, driven by Foodservice and Convenience segments.
- Adjusted the organic independent case growth target to 6% for FY25, down from the initial 6% guidance due to February challenges.

**【COO Business Segment Analysis】**
- **Foodservice**: 29% segment EBITDA growth, 3.4% organic case growth, and 53% sales from proprietary brands. New business wins in chain restaurants contributed to favorable margins.
- **Convenience**: 1% volume growth vs. industry decline, with strong pipeline of new business and Foodservice integration.
- **Specialty**: Flat net sales with stabilization in vending and office coffee, benefiting from return-to-work trends.

**【CFO Financial Commentary】**
- Total net sales grew 10.5% to $6.3B-$6.35B, with adjusted EBITDA guidance narrowed to $1.725B-$1.75B.
- Gross profit per case increased $0.39, driven by mix shift and procurement synergies.
- Generated $827M operating cash flow, with $494M free cash flow after capex. Debt reduction and share buybacks (138K shares at $76.82) were prioritized.

**【Q&A Key Takeaways】**
- **Consumer Trends**: April sales improvement in independent restaurants, but cautious outlook for June. Trade-down seen in lower-priced categories.
- **Inflation Management**: 4.9% cost inflation in Q3, with no immediate tariff impact. Prebuy strategies being evaluated for specialty segments.
- **Competitive Landscape**: Increased competition in distribution, with large players gaining market share. PFG's salesforce expansion (8% YoY) supports long-term growth.
- **Future Growth**: Convenience segment expected to accelerate in FY26, driven by Foodservice integration. Specialty segment recovery in e-commerce and office coffee.


Performance Food (PFGC)-7 May 25-2025 Q3 Earnings call transcript

- **Revenue Beat**: Q2 2025 net sales up 9.4% YoY, driven by 19.8% growth in independent restaurant cases (5% organic). FY2025 guidance raised to $63B-$64B.
- **Acquisition Success**: Cheney Brothers and Jose Santiago delivered double-digit growth, with Q3/Q4 seasonal strength expected to boost EBITDA.
- **Cost Efficiency**: 29.4% EBITDA growth in Foodservice, 28.5% in Convenience. Total cost inflation 4.6%, with Foodservice at 3.2%.
- **Leverage Management**: Net leverage at 3.7x, with focus on reducing to target range. M&A pipeline active but disciplined.
- **Growth Drivers**: 53% brand penetration in independent restaurants, 7% salesforce expansion, and new account additions (+5%) fueling Foodservice growth.

**【CEO Summary Section】**
- **Revenue Growth**: Fiscal Q2 2025 net sales increased 9.4% YoY, driven by 19.8% growth in independent restaurant cases (5% organic growth excluding acquisitions). Total organic case growth across all segments was 3%.
- **Acquisition Impact**: Acquisitions of Jose Santiago and Cheney Brothers contributed significantly, with Cheney Brothers achieving double-digit top and bottom line growth despite hurricane disruptions. Jose Santiago's Puerto Rico market position is seen as a long-term growth driver.
- **Future Outlook**: Target 6% independent restaurant case growth for FY2025, with Q3 and Q4 expected to benefit from easier comparisons and seasonal strength in acquired businesses.

**【COO Segment Review】**
- **Foodservice**: 5% organic independent case growth, 29.4% adjusted EBITDA growth. Key drivers include new account additions (+5%), salesforce expansion (+7%), and brand penetration (53% of independent sales). Chain business showed stabilization with double-digit growth in top accounts.
- **Convenience**: 28.5% adjusted EBITDA growth, outpacing industry trends. Foodservice into Convenience grew mid-single digits, with top accounts showing double-digit sales growth. Candy and snack categories contributed low single-digit volume growth.
- **Vistar**: 1.4% case growth, with vending, office coffee, and theater channels showing improvement. Micro-markets and theater box office strength are long-term growth areas.

**【CFO Financial Highlights】**
- **Net Income & EBITDA**: Q2 net income $42.4M, adjusted EBITDA $423M (22.5% YoY growth). FY2025 guidance raised to $63B-$64B net sales and $1.725B-$1.8B EBITDA, reflecting strong organic momentum and acquisition contributions.
- **Cost Management**: Total company cost inflation 4.6%, with Foodservice at 3.2% (aligned with long-term expectations). Sequential inventory holding gains were minimal, with no material impact expected in the back half.
- **Leverage & Capital Allocation**: Net leverage at 3.7x (target 2.5x-3.5x), with focus on debt reduction. M&A pipeline remains robust, with priority on high-quality opportunities.

**【Q&A Key Takeaways】**
- **Consumer Sentiment**: Early signs of stabilization in independent restaurant traffic, with Q3/Q4 growth dependent on macro recovery. Foodservice chain business showed improvement in new account wins.
- **Cost Optimization**: Cross-segment collaboration driving procurement efficiencies, particularly in Foodservice. Vistar expected to improve in back half with easier comparisons.
- **Acquisition Synergies**: Cheney Brothers targeting $50M+ synergies over 3 years. Integration efforts focus on talent retention and operational best practices.
- **Risks & Challenges**: Vistar facing near-term volatility due to competitive pressures. Convenience segment impacted by cigarette sales decline, but foodservice growth offsets margin pressure.

Performance Food Group Company (PFGC) Q2 2025 Earnings Call Transcript

Performance Food (PFGC)-6 Nov 24-2025 Q1 Earnings call transcript

Performance Food (PFGC)-14 Aug 24-2024 Q4 Earnings call transcript

Performance Food (PFGC)-8 May 24-2024 Q3 Earnings call transcript

- **Revenue Growth**: Q2 sales up 2.9% YoY to $14.3B, driven by 8.7% case growth in independent restaurants and chain business recovery.
- **Profit Expansion**: Adjusted EBITDA rose 12% to $345M, with Convenience segment EBITDA up 20% due to operational efficiency.
- **Strategic Momentum**: FY24 guidance reaffirmed ($59-60B sales), with FY25 outlook unchanged ($62-64B sales). Q4 growth fueled by new national accounts and turnkey programs.
- **Financial Strength**: Free cash flow $407M, share buybacks ($50M in Q2), and 80% debt hedged to fixed rates for stability.

**【CEO Summary Section】**
- **Strong Q2 Results**: Revenue grew 2.9% YoY to $14.3 billion, driven by 8.7% case volume growth in independent restaurants and a return to positive case growth in chain restaurants.
- **Foodservice Momentum**: Independent restaurant sales growth accelerated due to new accounts and improved penetration, while chain business saw sequential improvement. Deflation moderated to 0.4% in Q2, with expectations for slight inflation by year-end.
- **Vistar and Convenience Growth**: Vistar achieved high single-digit sales growth in vending, office coffee, and e-commerce. Convenience segment EBITDA rose 20% due to operational efficiency, despite lower inventory gains.
- **Strategic Focus**: Expansion of sales force, capacity investments in the West, and turnkey programs (e.g., Southern Fried Chicken) to capture white-space opportunities.

**【CFO Financial Commentary】**
- **Financial Highlights**: Net income of $78.3 million (10% YoY), adjusted EBITDA of $345 million (12% YoY), and EPS of $0.90 (8.4% YoY). Public company product cost inflation at 3.6%, with Foodservice deflation moderating to 0.4%.
- **Guidance**: Q3 net sales $14-14.3 billion, Q4 expected to drive full-year $59-60 billion target. FY25 outlook remains $62-64 billion in sales and $1.5-1.7 billion EBITDA.
- **Cash Flow**: Operating cash flow $554 million (30% YoY), free cash flow $407 million after $147 million capex. Share buybacks ($50M in Q2) and disciplined M&A focus.

**【Q&A Highlights】**
- **Q4 Growth Confidence**: New business wins in national accounts and Convenience programs (e.g., Southern Fried Chicken) expected to accelerate case growth.
- **Convenience Resilience**: Despite macro challenges, Core-Mark achieved 20% EBITDA growth via workforce efficiency (50% reduction in overtime/temp workers).
- **M&A Strategy**: Prioritize West Coast capacity expansion and white-space opportunities, with 80% debt hedged to fixed rates.
- **Weather Impact**: January storms caused 4% volume loss, but March recovery offset impact, leaving Q3 guidance intact.
- **Competitive Dynamics**: Independent restaurant market share gains driven by superior service and product knowledge, despite industry-wide competition.

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