Performance Food Group Reports 5.2% Net Sales Increase to $16.4 Billion in Q2 Fiscal 2026

Performance Food Group Company (PFG) reported its financial results for the second quarter and first half of fiscal 2026, revealing a net sales increase of $16.4 billion for the three months ended December 27, 2025, up 5.2% from $15.6 billion in the same period last year. For the first six months, net sales reached $33.5 billion, a 7.9% increase from $31.1 billion in the prior year. The company’s gross profit also saw a significant rise, reaching $1.97 billion for the quarter, up 7.6% year-over-year, and $3.98 billion for the first half, reflecting a 10.9% increase. Net income for the quarter was $61.7 million, a 45.5% increase from $42.4 million, while net income for the first half rose to $155.3 million, a 3.3% increase from $150.4 million.

The company attributed its revenue growth to a combination of factors, including an increase in case volumes, favorable pricing due to inflation, and contributions from recent acquisitions, particularly the acquisition of Cheney Brothers, which added $1.8 billion in net sales for the first half. Total case volume increased by 3.4% in the second quarter and 6.4% in the first half, with organic case volume growth of 2.8% in both periods. The company also reported a gross profit margin improvement, driven by procurement efficiencies and a favorable shift in the mix of cases sold.

PFG's operating expenses increased by 6.4% to $1.78 billion for the second quarter, primarily due to higher personnel costs and legal fees associated with shareholder activism. For the first half, operating expenses rose by 10.9% to $3.57 billion, influenced by the Cheney Brothers acquisition and increased personnel expenses. The company’s interest expense also increased, totaling $104.5 million for the quarter and $208.9 million for the first half, reflecting higher average borrowings.

In terms of operational metrics, PFG served over 300,000 customer locations across North America, with a focus on independent and multi-unit chain customers in the foodservice industry. The company continues to expand its geographic footprint and product offerings, leveraging its scale to enhance operational efficiencies. As of December 27, 2025, PFG reported total assets of $18.2 billion, an increase from $17.9 billion at the end of the previous fiscal year, with total liabilities also rising to $13.5 billion.

Looking ahead, PFG remains optimistic about its growth trajectory, emphasizing its strategic focus on expanding its customer base and enhancing its product offerings. The company has authorized a new share repurchase program of up to $500 million, reflecting its commitment to returning value to shareholders. However, management acknowledged potential risks, including economic volatility and inflationary pressures, which could impact consumer spending and overall business performance.