Performance Food Group Company, through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America. It ...
Performance Food Group (PFG) is a major player in the foodservice distribution industry, headquartered in Richmond, Virginia, with roots tracing back to 1885. As the third-largest broadline foodservice distributor in the U.S., after Sysco and US Foods, PFG serves over 300,000 customer locations across North America, including independent and chain ...Performance Food Group (PFG) is a major player in the foodservice distribution industry, headquartered in Richmond, Virginia, with roots tracing back to 1885. As the third-largest broadline foodservice distributor in the U.S., after Sysco and US Foods, PFG serves over 300,000 customer locations across North America, including independent and chain restaurants, vending distributors, theaters, retailers, and convenience stores. The company operates through three segments: Foodservice, which delivers a wide range of products from center-of-the-plate items like beef, poultry, and seafood to dry groceries and cleaning supplies; Convenience, supplying candy, snacks, beverages, general merchandise, and tobacco products to convenience stores; and Specialty, focusing on specific categories like pizza and other niche markets. PFG's portfolio includes more than 300,000 SKUs, supplemented by its own branded products and private labels. The company differentiates itself through value-added services: marketing programs, technology solutions for ordering and inventory management, and operational consulting. Financially, PFG reported a market cap of approximately $18 billion, with revenues per share around $427.6 and a net profit margin of about 0.5% (TTM). The company maintains a strong operational footprint with over 43,000 associates working in more than 150 locations. Leadership is under President and CEO Scott E. McPherson, who assumed the role in January 2026. PFG has grown significantly through acquisitions, such as Reinhart FoodService in 2019, expanding its reach and expertise. The company's mission emphasizes customer success through proven expertise and adaptation, aiming to be a trusted leader in the foodservice industry. With a beta of 0.907, it demonstrates lower volatility than the market, and its enterprise value stands at ~$25.9 billion. PFG continues to focus on innovation, supply chain efficiency, and sustainable growth, eyeing further expansion in the foodservice distribution market.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$67.8B
+7.2%
+10.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$359.3M
+5.6%
+289.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+11.9%
+1.8%
+1.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+1.3%
+1.4%
+96.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+0.5%
-1.5%
+251.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$1.0B
+46.2%
-58.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+1.5%
+36.4%
-62.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
158.8%
-11.1%
-4.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.51x
-4.2%
-0.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, everyone, and welcome to PFG's Fiscal Year Q4 2026 Earnings Conference Call. [Operator Instructions] And just a reminder, today's call is being recorded. I would now like to turn the call over to Mr. Bill Marshall, Senior Vice President, Investor Relations for PFG. Please go ahead, sir.
Bill Marshall: Thank you, and good morning. We're here with Scott McPherson, PFG's CEO; and Patrick Hatcher, PFG's CFO. We issued a press release this morning regarding our 2026 fiscal fourth quarter results, which can be found in the Investor Relations section of our website at pfgc.com. During our call today, unless otherwise stated, we are comparing results to the results in the same period in fiscal 2025. Any reference to 2025 or 2026 or specific quarters refers to our fiscal calendar year unless otherwise stated. The results discussed on this call will include GAAP and non-GAAP results adjusted for certain items. The reconciliation of these non-GAAP measures to the corresponding GAAP measures can be found at the back of the earnings release. Our remarks on this call and in the earnings release contain forward-looking statements and projections of future results. Please review the cautionary forward-looking statements section in today's earnings release and our SEC filings for various factors that could cause our actual results to differ materially from our forward-looking statements and projections. With that, I'd now like to turn the call over to Scott.
Scott McPherson: Thanks, Bill. Good morning, everyone, and thank you for joining our call today. This morning, Patrick and I will review our results for 2026, discuss industry trends and walk you through our expectations for 2027 and beyond. As we close out the fiscal year, I'm proud of the passion, dedication and resilience shown by our 44,000-plus associates. The year certainly brought its share of challenges as consumers continue to navigate higher prices, distributors faced operating cost pressures and external factors weighed on the broader food-away-from-home industry. Despite these headwinds, our team rose to the occasion and posted excellent results. We are excited about what 2027 has in store for Performance Food Group. Our company is well positioned to build upon recent trends and accelerate our financial performance. For the upcoming fiscal year, we have visibility into revenue, margin and profit opportunities, positioning us favorably to achieve our 3-year outlook. Headlining our performance in 2027 is anticipated growth across all 3 of our business segments. The foundation of that growth is our continued investment in our sales organization, sales technology and most importantly, our customer relationships. In Foodservice, ongoing market share gains with independent restaurants, recently awarded national account business and a strong pipeline of opportunities position the segment well for another year of solid growth. In Convenience, we look to benefit from the momentum …