Performance Food Group (PFGC) delivered a solid start to fiscal 2025, supported by top-line momentum and strong profitability in Foodservice and Convenience, offset by more modest progress in Vistar during the quarter. Net sales rose 3.2% year over year to $15.42 billion, with adjusted EBITDA up 7.3% to roughly $412 million, and net income of $108 million. The quarter benefited from ongoing integration progress following two acquisitions completed earlier in the year: Jose Santiago (Puerto Rico) and Cheney Brothers, which closed shortly after the QQ1 period. Management highlighted meaningful cross-segment opportunities and continued investment in capacity and technology, including a customer-first digital ordering platform slated for full rollout across segments. Inflationary pressure was persistent but manageable, with total company cost inflation around 5% and price realization contributing to volume-led growth of 2.6% (independent restaurant volume +7.8%). Management guided full-year net sales of $62.5–$63.5 billion and adjusted EBITDA of $1.7–$1.8 billion, reflecting Cheney’s impact (approximately 12 weeks in Q2) and full-year benefits from Jose Santiago, as well as anticipated synergies from Cheney. The company remains committed to deleveraging post-acquisition, with leverage expected to move within the 2.5–3.5x target range over the coming quarters, aided by cash flow and selective capital allocation. Overall, PFGC’s diversified platform (Foodservice, Vistar, Core-Mark) and private-brand strategy position it well to gain market share and drive profitability as macro conditions stabilize and cross-selling opportunities mature.