Performance Food Group reported fiscal Q1 revenue of $18.02 billion

Item 6.

Exhibits

34

SIGNATURES

35

2

SPECIAL NOTE REGARDI NG FORWARD-LOOKING STATEMENTS

In addition to historical information, this Quarterly Report on Form 10-Q (this "Form 10-Q") may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts included in this Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, are forward-looking statements. Words such as "estimates," "expects," "contemplates," "will," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "may," "should" and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended June 27, 2026⁹ (the "Form 10-K"), as such risk factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), and are accessible on the SEC's website at www.sec.gov , and also include the following:

• costs and risks associated with a potential cybersecurity incident or other technology disruption;

• our reliance on technology and risks associated with disruption or delay in implementation of new or emerging technology, including artificial intelligence ("AI"), and the integration of AI into our processes;

• economic and market conditions and developments, including inflation or other adverse changes such as a downturn in economic conditions, geopolitical events, tariff increases or modifications, or a public health crisis, negatively affecting consumer confidence and discretionary spending;

• our growth and innovation strategy may not achieve the anticipated results;

• competition in our industry is intense, and we may not be able to compete successfully or adjust our cost structure where one or more of our competitors successfully implement lower costs;

• we do not have long-term contracts with certain customers;

• group purchasing organizations may become more active in our industry and increase their efforts to add our customers as members of these organizations;

• our reliance on third-party suppliers;

• we operate in a low margin industry, which could increase the volatility of our results of operations;

• our inability to increase our sales in the highest margin portion of our business;

• changes in pricing practices of our suppliers;

• our profitability is directly affected by cost inflation and deflation, commodity volatility and other factors;

• volatility of fuel and other transportation costs;

• risks relating to acquisitions, such as the risk that we are not able to realize the benefits of acquisitions or successfully integrate the businesses we acquire or that we incur significant integration costs;

• changes in eating habits of consumers, including the impact of advancements in pharmaceutical therapies, which may reduce the consumption of food prepared away from home;

• a portion of our sales volume is dependent upon the distribution of cigarettes and other tobacco products, sales of which are generally declining;

• labor relations and cost risks and availability of qualified labor;

• extreme weather conditions, including hurricane, flood, tornado, blizzard, earthquake, fire, and natural disaster damage and extreme heat or cold;

3

• negative media exposure and other events that damage our reputation;

• environmental, health, and safety costs, including compliance with current and future environmental laws and regulations relating to carbon emissions and climate change and related legal or market measures;

• our inability to comply with requirements imposed by applicable law or government regulations, including changes in regulation of e-vapor products and other alternative nicotine products;

• increase in excise taxes or reduction in credit terms by taxing jurisdictions;

• the potential impact of product recalls and product liability claims relating to the products we distribute and other litigation;

• adverse judgments or settlements or unexpected outcomes in legal proceedings;

• the cost and adequacy of insurance coverage and increases in the number or severity of insurance and claims expenses;

• impact of uncollectibility of accounts receivable;

• risks relating to our outstanding indebtedness, including the impact of interest rate increases on our variable rate debt; and

• our ability to raise additional capital on commercially reasonable terms or at all.

We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the

Item 1. Financi al Statements

PERFORMANCE FOOD GROUP COMPANY CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except per share data)

As of

September 26, 2026

As of

June 27, 2026

ASSETS

Current assets:

Cash⁶

$⁶

35.9⁶

$

92.4

Accounts receivable, less allowances of $ 68.9 and $ 71.4

3,009.0

3,054.3

Inventories, net⁷

4,603.5⁷

4,333.0⁷

Income taxes receivable

9.4

69.5

Prepaid expenses

274.4

211.3

Other current assets

69.1

48.6

Total current assets

8,001.3

7,809.1

Goodwill

3,566.1

3,565.0

Other intangible assets, net

1,481.8

1,544.6

Property, plant and equipment, net

4,722.5

4,784.9

Operating lease right-of-use assets

888.1

898.5

Other assets

240.0

247.0

Total assets

$

18,899.8

$

18,849.1

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Trade accounts payable and outstanding checks in excess of deposits

3,719.0

3,693.4

Accrued expenses and other current liabilities

869.8

1,091.4

Finance lease obligations—current installments

263.8

265.4

Operating lease obligations—current installments

111.4

108.5

Total current liabilities

4,964.0

5,158.7

Long-term debt⁷

5,170.0⁷

5,006.8⁷

Deferred income tax liability, net

955.7

974.8

Finance lease obligations, excluding current installments

1,515.3

1,537.2

Operating lease obligations, excluding current installments

852.4

864.6

Other long-term liabilities

388.5

407.7

Total liabilities

13,845.9

13,949.8

Commitments and contingencies (Note 11)

Shareholders' equity:

Common Stock: $ 0.01 par value per share, 1.0 billion shares authorized, 156.8 million shares issued and outstanding as of September 26, 2026;

156.1 million shares issued and outstanding as of June 27, 2026

1.6

1.6

Additional paid-in capital

2,914.1

2,899.0

Accumulated other comprehensive income (loss), net of tax (expense) benefit of ($ 2.3 ) and $ 1.1

6.3

( 3.7

)

Retained earnings

2,131.9

2,002.4

Total shareholders' equity⁸

5,053.9⁸

4,899.3⁸

Total liabilities and shareholders' equity

$

18,899.8

$

18,849.1

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.

5

PERFORMANCE FOOD GROUP COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In millions, except per share data)

Three Months Ended

September 26, 2026

Three Months Ended

September 27, 2025

Net sales¹

$¹

18,018.4¹

$¹

17,075.9¹

Cost of goods sold

15,830.9

15,059.3

Gross profit²

2,187.5²

2,016.6²

Operating expenses

1,915.3

1,791.9

Operating profit²

272.2²

224.7²

Other expense, net:

Interest expense³

98.4³

104.4³

Other, net

0.7

( 1.2

)

Other expense, net

99.1

103.2

Income before taxes

173.1

121.5

Income tax expense⁴

43.6⁴

27.9⁴

Net income⁵

$⁵

129.5⁵

$⁵

93.6⁵

Weighted-average common shares outstanding:

Basic

156.7

155.5

Diluted

157.5

156.9

Earnings per common share:

Basic

$

0.83

$

0.60

Diluted⁵

$⁵

0.82⁵

$⁵

0.60⁵

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.

6

PERFORMANCE FOOD GROUP COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

Three Months Ended

September 26, 2026

Three Months Ended

September 27, 2025

Net income

$

129.5

$

93.6

Other comprehensive income (loss), net of tax

Interest rate swaps:

Change in fair value, net of tax

0.7

0.1

Reclassification adjustment, net of tax

( 0.1

)

( 0.3

)

Fuel derivatives:

Change in fair value, net of tax

12.5

—

Reclassification adjustment, net of tax

( 3.4

)

—

Foreign currency translation adjustment, net of tax

0.3

( 0.9

)

Other comprehensive income (loss)

$

10.0

$

( 1.1

)

Total comprehensive income

$

139.5

$

92.5

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.

7

PERFORMANCE FOOD GROUP COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

Additional

Accumulated

Other

Total

Common Stock

Paid-in

Comprehensive

Retained

Shareholders'

(In millions)

Shares

Amount

Capital

Loss

Earnings

Equity

Balance as of June 28, 2025

154.9

$

1.5

$

2,831.0

$

( 3.2

)

$

1,643.1

$

4,472.4

Net income

—

—

—

—

93.6

93.6

Interest rate swaps, net of tax

—

—

—

( 0.2

)

—

( 0.2

)

Foreign currency translation adjustment, net of tax

—

—

—

( 0.9

)

—

( 0.9

)

Issuance of common stock under stock-based compensation plans

0.6

0.1

( 21.6

)

—

—

( 21.5

)

Issuance of common stock under employee stock purchase plan

0.2

—

17.1

—

—

17.1

Stock-based compensation expense

—

—

13.0

—

—

13.0

Balance as of September 27, 2025

155.7

$

1.6

$

2,839.5

$

( 4.3

)

$

1,736.7

$

4,573.5

Balance as of June 27, 2026

156.1

$

1.6

$

2,899.0

$

( 3.7

)

$

2,002.4

$

4,899.3

Net income

—

—

—

—

129.5

129.5

Interest rate swaps, net of tax

—

—

—

0.6

—

0.6

Fuel derivatives, net of tax

—

—

—

9.1

—

9.1

Foreign currency translation adjustment, net of tax

—

—

—

0.3

—

0.3

Issuance of common stock under stock-based compensation plans

0.5

—

( 17.1

)

—

—

( 17.1

)

Issuance of common stock under employee stock purchase plan

0.2

—

19.0

—

—

19.0

Stock-based compensation expense

—

—

13.2

—

—

13.2

Balance as of September 26, 2026

156.8

$

1.6

$

2,914.1

$

6.3

$

2,131.9

$

5,053.9

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.

8

PERFORMANCE FOOD GROUP COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)

Three Months Ended

September 26, 2026

Three Months Ended

September 27, 2025

Cash flows from operating activities:

Net income

$

129.5

$

93.6

Adjustments to reconcile net income to net cash used in operating activities

Depreciation

149.7

128.7

Amortization of intangible assets

61.0

66.7

Amortization of deferred financing costs

2.7

3.4

Provision for losses on accounts receivables

2.0

4.4

Change in LIFO reserve

18.7

24.5

Stock-based compensation expense

13.2

13.0

Deferred income tax (benefit) expense

( 22.5

)

20.4

Other non-cash activities

—

0.6

Changes in operating assets and liabilities, net

Accounts receivable

42.1

( 2.4

)

Inventories

( 272.4

)

( 551.8

)

Income taxes receivable

60.1

2.3

Prepaid expenses and other assets

( 71.9

)

8.2

Trade accounts payable and outstanding checks in excess of deposits

23.5

201.3

Accrued expenses and other liabil