Performance Food Group Company (NYSE:PFGC) reported on Wednesday its first-quarter results.
The firm reported first-quarter adjusted earnings per share of $1.18, missing the analyst consensus estimate of $1.21.
Quarterly sales of $17.076 billion (+10.8% year over year) outpaced the Street view of $16.879 billion.
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Net sales rose on recent acquisitions — including Cheney Brothers — higher case volumes with a favorable mix and inflation-driven increases in price per case.
Overall product cost inflation was approximately 4.4% in the first quarter of fiscal 2026.
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Total case volume increased 9.4%. Independent Foodservice case volume rose 16.6%, including a 6.3% increase on an organic basis.
Gross profit for the first quarter grew 14.3% to $2 billion compared to the prior year period. The gross profit increase was driven primarily by recent acquisition.
For the quarter, Adjusted EBITDA rose 16.6% to $480.1 million compared to the prior year period.
Segments
“Each of our operating segments remains focused on executing our long-term strategic plan anchored on driving growth, market share expansion and profitability,” said George Holm, PFG’s chairman and CEO.
Foodservice: Sales increased 18.8% to $9.1 billion compared to the prior year period. Total case growth for Foodservice was 15.6% in the first quarter of fiscal 2026 compared to the prior year period.
Convenience: Sales increased 3.5% to $6.6 billion compared to the prior year period.
Specialty: For the first quarter, net sales for Specialty decreased 0.7% to $1.3 billion compared to the prior year period. This decrease was primarily driven by a decline in cases sold as growth in the vending, office coffee service, campus, and retail channels was fully offset by declines in theater in the first quarter of fiscal 2026 compared to the prior year period.
Outlook
The firm expects second-quarter sales of $16.40 billion to $16.70 billion, compared to the $16.462 billion analyst estimate.
Performance Food has raised its fiscal year 2026 sales outlook to $67.5 billion–$68.5 billion, surpassing the prior range of $67 billion–$68 billion and exceeding the $67.321 billion estimate.
PFGC Price Action: Performance Food Group shares are trading higher by 1.29% to $98.03 at publication on Wednesday.
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