Performance Food Group Company (PFGC) reported a solid third quarter of fiscal 2025, powered by the acquisitions of Cheney Brothers and Jose Santiago and concurrent volume growth across its three operating segments. Total net sales rose 10.5% year over year to $15.306 billion, led by acquisitions and volume growth; organic independent restaurant case growth was 3.4% for the quarter, with April demonstrating an improving run-rate as weather and macro conditions stabilized. Gross profit increased 16.2% to $1.822 billion, driving a 20.1% rise in adjusted EBITDA to $385.1 million, while net income totaled $58.3 million and diluted EPS was $0.37 (adjusted $0.79). The company maintained discipline on cost inflation (total company cost inflation ~4.9%), with segment inflation varying meaningfully (Foodservice 3.7%, Specialty 2.8%, Convenience 6.7%). Management highlighted resilient, diversified platform benefits and continued market-share gains across all segments, even amid a difficult consumer backdrop and February weather disruptions.
Management guidance tightened for the balance of fiscal 2025, reflecting heightened near-term uncertainty. PFGC now guides net sales of $63.0-63.5 billion and adjusted EBITDA of $1.725-1.75 billion, implying anticipated continued margin discipline and favorable mix, albeit with cautions around volumes and macro visibility. The company emphasized a robust M&A pipeline, opportunistic share repurchases, and reinforcing its balance sheet to weather inflation and market dislocations. Collectively, PFGC’s QQ3 2025 results underscore a compelling growth narrative built on acquisitions, brand-led value propositions, and a diversified go-to-market strategy, with a cautious but constructive near-term outlook for 2025–2026.