What is Performance Food's gross profit margin?

What were the key takeaways from Performance Food's earnings call?

What is Performance Food's latest dividend and current dividend yield?

What were the key takeaways from Performance Food’s earnings call?

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What does Performance Food do and what are its main business segments?

Did Performance Food beat or miss consensus estimates last quarter?

What factors drove the changes in Performance Food's revenue and profit?

- **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

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