Performance Food Group Company (PFGC) reported a robust fiscal second quarter 2025, with total net sales of $15.638 billion, up 9.4% year over year and up 1.4% quarter over quarter, driven by acquisitive growth from Jose Santiago and Cheney Brothers and solid organic momentum across the three segments. Adjusted EBITDA rose 22.5% year over year to $423 million, and net income was $42.4 million with diluted EPS of $0.27. Management highlighted accelerating independent restaurant case volume (5% organic growth excluding acquisitions), sustained growth in the national accounts pipeline, and continued progress in the Core Mark convenience platform. The quarter benefited from favorable mix (faster independent growth and a more profitable chain business), which supported margin expansion even as cost inflation remained a headwind and Vistar faced softer demand in certain channels.
Management raised full‑year guidance modestly: net sales now expected to be $63–$64 billion and adjusted EBITDA $1.725–$1.80 billion, underscoring an improved top‑line trajectory and confidence in the back half of fiscal 2025. The company also signaled ongoing deleveraging efforts after drawing roughly $2 billion on the ABL facility to finance Cheney Brothers, with a stated goal to return leverage to the target range of about 2.5–3.5x in the coming quarters. In parallel, PFG signaled a robust M&A pipeline and a willingness to deploy capital toward strategic growth opportunities while prioritizing debt reduction in the near term. Overall, PFGC remains diversified across Foodservice, Vistar, and Convenience, with management stressing the long‑term growth potential from integration, brand expansion, and cross‑segment synergies, even as near‑term volatility from macro factors and weather persists.