$PFGC

Performance Food Group Co

CIK:0001618673|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
Income Statement [Abstract]
Net sales	$ 67,839.5	$ 63,298.9	$ 58,281.2
Cost of goods sold	59,748.9	55,882.3	51,704.1
Gross profit	8,090.6	7,416.6	6,577.1
Operating expenses	7,203.1	6,600.3	5,750.7
Operating profit	887.5	816.3	826.4
Other expense, net:
Interest expense	413.7	358.4	232.2
Other, net	(12.0)	(0.9)	(2.6)
Other expense, net	401.7	357.5	229.6
Income before taxes	485.8	458.8	596.8
Income tax expense	126.5	118.6	160.9
Net income	$ 359.3	$ 340.2	$ 435.9
Weighted-average common shares outstanding:
Basic	155.9	154.8	154.4
Diluted	157.0	156.4	156.0
Earnings per common share:
Basic	$ 2.3	$ 2.2	$ 2.82
Diluted	$ 2.29	$ 2.18	$ 2.79

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
Cash flows from operating activities:
Net income	$ 359.3	$ 340.2	$ 435.9
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	541.9	455.3	355.2
Amortization of intangible assets	272.0	262.6	201.5
Amortization of deferred financing costs	12.5	12.6	10.5
Provision for losses on accounts receivables	22.2	22.7	19.8
Change in LIFO reserve	101.1	88.1	62.3
Stock-based compensation expense	51.5	47.8	41.9
Deferred income tax expense (benefit)	92.0	(0.2)	10.7
Loss on extinguishment of debt	2.1	0.0	0.9
Change in fair value of derivative assets and liabilities	(3.7)	(0.8)	(4.1)
Other non-cash activities	4.6	2.5	(2.4)
Changes in operating assets and liabilities, net
Accounts receivable	(199.3)	(151.9)	(81.1)
Inventories	(483.4)	(337.9)	37.7
Income taxes receivable	26.7	(17.5)	(29.9)
Prepaid expenses and other assets	(19.9)	56.6	(95.8)
Trade accounts payable and outstanding checks in excess of deposits	500.3	372.7	124.0
Accrued expenses and other liabilities	133.8	57.3	75.9
Net cash provided by operating activities	1,413.7	1,210.1	1,163.0
Cash flows from investing activities:
Purchases of property, plant and equipment	(384.1)	(506.0)	(395.6)
Purchase of intangible assets	(9.6)	0.0	0.0
Net cash paid for acquisitions	(383.4)	(2,596.4)	(307.7)
Proceeds from sale of property, plant and equipment and other	4.6	13.4	20.6
Net cash used in investing activities	(772.5)	(3,089.0)	(682.7)
Cash flows from financing activities:
Net (payments) borrowings under ABL Facility	(384.0)	1,194.2	6.8
Cash paid for debt issuance, extinguishment, and creditor fees for debt modification	(5.7)	(34.2)	0.0
Payments under finance lease obligations	(241.6)	(188.0)	(122.2)
Net cash paid for acquisitions	(10.1)	(1.5)	0.0
Proceeds from employee stock purchase plan	36.9	32.7	15.5
Proceeds from exercise of stock options	6.4	11.1	2.2
Cash paid for shares withheld to cover taxes	(25.2)	(18.8)	(21.5)
Repurchases of common stock	(1.5)	(57.6)	(78.1)
Other financing activities	0.0	0.0	(0.3)
Net cash (used in) provided by financing activities	(624.8)	1,937.9	(472.6)
Net increase in cash and restricted cash	16.4	59.0	7.7
Cash and restricted cash, beginning of period	86.7	27.7	86.7
Cash and restricted cash, end of period	103.1	86.7	27.7
Interest (net of amounts capitalized)	399.0	344.4	242.1
Income taxes (net of refunds received)	8.5	129.7	177.1
5.625% Senior Notes due 2034 [Member]
Cash flows from financing activities:
Borrowing of Notes due	1,060.0	0.0	0.0
6.125% Notes due 2032 [Member]
Cash flows from financing activities:
Borrowing of Notes due	0.0	1,000.0	0.0
5.500% Senior Notes due 2027 [Member]
Cash flows from financing activities:
Repayment of Notes	(1,060.0)	0.0	0.0
6.875% Senior Notes due 2025 [Member]
Cash flows from financing activities:
Repayment of Notes	$ 0.0	$ 0.0	$ (275.0)

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 27, 2026	Jun. 28, 2025
Current assets:
Cash	$ 92.4	$ 78.5
Accounts receivable, less allowances of $71.4 and $69.0	3,054.3	2,833.0
Inventories, net	4,333.0	3,887.7
Income taxes receivable	69.5	96.2
Prepaid expenses and other current assets	259.9	239.7
Total current assets	7,809.1	7,135.1
Goodwill	3,565.0	3,480.1
Other intangible assets, net	1,544.6	1,688.5
Property, plant and equipment, net	4,784.9	4,458.7
Operating lease right-of-use assets	898.5	933.8
Other assets	247.0	185.0
Total assets	18,849.1	17,881.2
Current liabilities:
Trade accounts payable and outstanding checks in excess of deposits	3,693.4	3,165.3
Accrued expenses and other current liabilities	1,091.4	1,025.9
Finance lease obligations—current installments	265.4	221.9
Operating lease obligations—current installments	108.5	104.5
Total current liabilities	5,158.7	4,517.6
Long-term debt	5,006.8	5,388.8
Deferred income tax liability, net	974.8	887.1
Finance lease obligations, excluding current installments	1,537.2	1,379.9
Operating lease obligations, excluding current installments	864.6	900.7
Other long-term liabilities	407.7	334.7
Total liabilities	13,949.8	13,408.8
Commitments and contingencies (Note 15)
Shareholders’ equity:
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 156.1 million shares issued and outstanding as of June 27, 2026; 154.9 million shares issued and outstanding as of June 28, 2025	1.6	1.5
Additional paid-in capital	2,899.0	2,831.0
Accumulated other comprehensive loss, net of tax benefit of $1.1 and $0.9	(3.7)	(3.2)
Retained earnings	2,002.4	1,643.1
Total shareholders’ equity	4,899.3	4,472.4
Total liabilities and shareholders’ equity	$ 18,849.1	$ 17,881.2