PFGC NYSE Russell 1000 Earnings call
Performance Food Group (PFGC) · Q2 2026 results and valuation
Share price: $111.21 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 12 Aug 2026 and 6 May 2026
Net income up 289.2% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+289.2%
Net income vs Q1 2026
Outlook given
Net income 162.3M vs 41.7M
Revenue +10.7%
Against the same quarter last year (Q2 2025) it is +23.4% — part of the move on last quarter is seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Figure
The PFG brand portfolio grew faster than the overall business and represented approximately 54% of cases sold to independent restaurants.
Valuation
Is Performance Food Group undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-06-27), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 5.8% growth a year (3-year revenue growth), the model's fair value is $81.97 a share — the stock trades 36% above it. Today's price assumes 8.9% growth a year.
Current price
$111.21
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.9% for 10 yrs
Fair value / share
$81.97
Buy below
$61.48
Price vs fair value
Overvalued 36%
Price vs buy-below price
Overvalued 81%
Read between the lines
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Guidance
For the first fiscal quarter of 2027, Performance Food expects net sales to be in the range of $17.9 billion to $18.1 billion and adjusted EBITDA to be in the range…
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Guidance
The company expects its full year 2027 tax rate to be close to its historical range of around 26% to 27%.
Source quote
“We expect our full year 2027 tax rate to be close to our historical range of around 26% to 27%.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Again, as Scott has highlighted, all the activities that we're doing around below the line or below the bottom half of the P&L on OpEx.”
“But if there's headwinds, certainly, that could push you to the lower end of the range.”
“So as we look at what we saw in Q4, and we go forward into '27 guidance below the line items, I think the Street did a really nice job...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-27)
| Metric | Q2 2026period end 2026-06-27 | Q1 2026period end 2026-03-28 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 18.03B | 16.29B | +10.7% | 16.94B | +6.4% |
| Gross profit | 2.17B | 1.94B | +11.9% | 2.00B | +8.3% |
| Operating income | 323.8M | 148.9M | +117.5% | 267.8M | +20.9% |
| Net income | 162.3M | 41.7M | +289.2% | 131.5M | +23.4% |
| EPS | 1.03 | 0.27 | +281.5% | 0.84 | +22.6% |
| P/E today 40.4 | 48.2 | 39.5 | +8.7 | 40.1 | +8.1 |
Topics
Most discussed now
- The organization is striking a good balance of investing in infrastructure and high-return projects to support Performance Food's long-term…
- Technology is just another leg to that stool, but feel really good about how Performance Food's segments are working together to...
- New Performance Food deploys standard software plus AI enablement that helps that.
- New Performance Food has done a lot of work on evaluating fleet utilization as well as its routing technologies.
- In the back half, Performance Food certainly have some really nice pipeline opportunities that will help us in the back half.
Faded since Q1 2026
- Fading During its call today, unless otherwise stated, Performance Food is comparing results to the results in the same period in fiscal...
- Fading Performance Food is in a solid financial position, which supports its growth investments and capital return to its shareholders and…
- Fading Total company cases increased 4.4% during the quarter, highlighted by a 6.5% organic independent restaurant case growth and an 8.3%...
- Fading Performance Food has actually seen trips tick up over the last few months in convenience stores.
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K