Performance Food Group Reiterates Outlook as Fiscal Q1 Net Income Jumps 38.4%

Published November 4, 2026 at 9:22 AM EST

Performance Food Group reiterated its full-year outlook after first-quarter fiscal 2027 net income jumped 38.4% on strong case volume and wider margins, according to its 8-K released Wednesday.

The foodservice distributor's net sales rose 5.5% to $18.0 billion. Net income climbed to $129.5 million, and diluted EPS rose 36.7% to $0.82. Adjusted diluted EPS increased 11.9% to $1.32, and adjusted EBITDA grew 10.0% to $528.0 million.

Independent restaurants lead

Total case volume increased 4.2%, and organic case volume rose 2.5%. Independent foodservice cases, a higher-margin channel, grew 7.8%, or 5.5% organically, including gains in the company's Performance Brands.

"Continued market share gains across our businesses drove strong case volume and revenue performance in the quarter," said President and CEO Scott McPherson. He added that "the macroeconomic environment remains challenging."

Gross profit rose 8.5% to $2.2 billion on vendor rebates and promotional incentives, a more favorable case mix and acquisitions. Product cost inflation was an estimated 3.4% in the quarter, the company said.

Operating expenses grew 6.9% to $1.9 billion, driven by acquisitions, higher personnel costs and fuel prices, partly offset by fuel hedge gains and lower insurance costs.

Outlook

PFG said it estimates second-quarter net sales of $17.0 billion to $17.2 billion and adjusted EBITDA of $490 million to $510 million.

For fiscal 2027, it continues to estimate net sales of $72.5 billion to $73.0 billion and adjusted EBITDA of $2.125 billion to $2.225 billion, a range that includes a 53rd week.

By the numbers

Fiscal Q1 net sales: $18.0 billion, up 5.5%
Diluted EPS: $0.82, up 36.7%
Adjusted EPS: $1.32, up 11.9%
Independent case volume: up 7.8%
FY2027 adjusted EBITDA outlook: $2.125 billion to $2.225 billion

Sources

Performance Food Group Form 8-K with fiscal first-quarter 2027 earnings release, filed Nov. 4, 2026 (accession 0001193125-26-446175)

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