Detailed financial statements for Performance Food Group Co (PFGC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Performance Food Group Company, through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America. It operates through three segments: Foodservice, Convenience, and Specialty.
Analysis Summary
Performance Food Group Co reported revenue of $67.84B in the most recent fiscal year, growing at a 5-year CAGR of 17.4%. Net income reached $359.3M, with a 54.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 11.9%, operating margin 1.3%, net margin 0.5%.
At $99.05 (closing price, October 30, 2026), PFGC trades at a P/E of 43.25 and an ROE of 7.63%. Market capitalisation stands at $15.6B, placing it among large-cap names.
Balance sheet quality for PFGC: debt-to-equity ratio of 1.59, current ratio of 1.51 over the last 12 months, net debt of $7.69B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.03B represents 287% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.76B | $17.62B | $19.74B | $25.09B | $30.40B | $50.89B | $57.25B | $58.28B | $63.30B | $67.84B |
| Cost of Revenue | $14.64B | $15.33B | $17.23B | $22.22B | $26.87B | $45.64B | $51.00B | $51.70B | $55.88B | $59.75B |
| Gross Profit | $2.12B | $2.29B | $2.51B | $2.87B | $3.53B | $5.26B | $6.25B | $6.58B | $7.42B | $8.09B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $1.91B | $2.04B | $2.23B | $2.97B | $3.32B | $4.93B | $5.49B | $5.75B | $6.60B | $7.20B |
| Operating Income | $211.0M | $253.5M | $283.3M | -$99.0M | $200.7M | $327.4M | $765.8M | $826.4M | $816.3M | $887.5M |
| EBITDA | $338.7M | $384.1M | $438.7M | $171.0M | $546.0M | $812.8M | $1.26B | $1.39B | $1.54B | $1.71B |
| Interest Expense | $54.9M | $60.4M | $65.4M | $116.9M | $152.4M | $182.9M | $218.0M | $232.2M | $358.4M | $413.7M |
| Pre-tax Income | $157.7M | $193.6M | $218.3M | -$222.2M | $54.7M | $167.1M | $544.0M | $596.8M | $458.8M | $485.8M |
| Income Tax | $61.4M | -$5.1M | $51.5M | -$108.1M | $14.0M | $54.6M | $146.8M | $160.9M | $118.6M | $126.5M |
| Net Income | $96.3M | $198.7M | $166.8M | -$114.1M | $40.7M | $112.5M | $397.2M | $435.9M | $340.2M | $359.3M |
| EPS | $0.96 | $1.95 | $1.61 | -$1.01 | $0.31 | $0.75 | $2.58 | $2.82 | $2.20 | $2.30 |
| EPS (Diluted) | $0.93 | $1.90 | $1.59 | -$1.01 | $0.30 | $0.74 | $2.54 | $2.79 | $2.18 | $2.29 |
| Shares Outstanding (Diluted) | 103.0 M | 104.6 M | 105.2 M | 113.0 M | 133.4 M | 151.3 M | 156.1 M | 156.0 M | 156.4 M | 157.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $17.08B | $16.44B | $16.29B | $18.03B |
| Gross Profit | $2.02B | $1.97B | $1.94B | $2.17B |
| Operating Income | $224.7M | $190.1M | $148.9M | $323.8M |
| EBITDA | $421.3M | $391.1M | $363.8M | $537.2M |
| Net Income | $93.6M | $61.7M | $41.7M | $162.3M |
| EPS | $0.60 | $0.40 | $0.27 | $1.03 |
| EPS (Diluted) | $0.60 | $0.39 | $0.27 | $1.03 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.1M | $7.5M | $14.7M | $420.7M | $11.1M | $11.6M | $12.7M | $20.0M | $78.5M | $92.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.03B | $1.07B | $1.24B | $1.42B | $1.63B | $2.34B | $2.44B | $2.55B | $2.93B | $3.12B |
| Inventory | $1.01B | $1.05B | $1.36B | $1.55B | $1.84B | $3.43B | $3.39B | $3.31B | $3.89B | $4.33B |
| Total Current Assets | $2.08B | $2.20B | $2.67B | $3.45B | $3.58B | $6.02B | $6.07B | $6.15B | $7.14B | $7.81B |
| Property, Plant & Equipment | $740.7M | $795.5M | $950.5M | $1.92B | $2.03B | $2.76B | $2.97B | $3.66B | $5.39B | $5.68B |
| Goodwill | $718.6M | $740.5M | $765.8M | $1.35B | $1.35B | $2.28B | $2.30B | $2.42B | $3.48B | $3.56B |
| Intangible Assets | $201.1M | $193.8M | $194.3M | $918.6M | $796.4M | $1.20B | $1.03B | $971.1M | $1.69B | $1.54B |
| Total Assets | $3.80B | $4.00B | $4.65B | $7.72B | $7.85B | $12.38B | $12.50B | $13.39B | $17.88B | $18.85B |
| Accounts Payable | $907.1M | $973.0M | $1.13B | $1.72B | $1.78B | $2.56B | $2.45B | $2.59B | $3.17B | $3.69B |
| Short-term Debt | $5.8M | 0 | 0 | $107.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.38B | $1.47B | $1.70B | $2.62B | $2.53B | $3.63B | $3.55B | $3.76B | $4.52B | $5.16B |
| Long-term Debt | $1.24B | $1.12B | $1.20B | $2.25B | $2.24B | $3.91B | $3.46B | $3.20B | $5.39B | $5.01B |
| Total Liabilities | $2.88B | $2.87B | $3.36B | $5.71B | $5.74B | $9.08B | $8.75B | $9.27B | $13.41B | $13.95B |
| Retained Earnings | $66.6M | $264.8M | $430.7M | $316.6M | $357.3M | $469.8M | $867.0M | $1.30B | $1.64B | $2.00B |
| Total Equity | $925.5M | $1.14B | $1.30B | $2.01B | $2.11B | $3.30B | $3.75B | $4.13B | $4.47B | $4.90B |
| Total Debt | $1.30B | $1.18B | $1.35B | $3.02B | $3.00B | $5.00B | $4.74B | $4.98B | $8.00B | $7.78B |
| Net Debt | $1.29B | $1.18B | $1.34B | $2.60B | $2.99B | $4.99B | $4.73B | $4.96B | $7.92B | $7.69B |
| Working Capital | $701.6M | $733.5M | $971.3M | $835.2M | $1.05B | $2.39B | $2.52B | $2.40B | $2.62B | $2.65B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $38.1M | $41.0M | $45.9M | $92.4M |
| Total Assets | $18.35B | $18.18B | $18.65B | $18.85B |
| Total Liabilities | $13.78B | $13.53B | $13.92B | $13.95B |
| Total Equity | $4.57B | $4.65B | $4.72B | $4.90B |
| Total Debt | $8.30B | $7.99B | $7.88B | $7.78B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $96.3M | $198.7M | $166.8M | -$114.1M | $40.7M | $112.5M | $397.2M | $435.9M | $340.2M | $359.3M |
| Depreciation & Amortization | $126.1M | $130.1M | $155.0M | $276.3M | $338.9M | $462.8M | $496.7M | $556.7M | $717.9M | $813.9M |
| Stock-based Compensation | $17.3M | $21.6M | $15.7M | $17.9M | $25.4M | $44.0M | $43.4M | $41.9M | $47.8M | 0 |
| Change in Working Capital | -$52.0M | -$9.8M | -$47.5M | $205.0M | -$390.6M | -$488.1M | -$208.7M | $30.8M | -$20.7M | -$41.8M |
| Operating Cash Flow | $201.7M | $367.0M | $317.4M | $623.6M | $64.6M | $276.5M | $832.1M | $1.16B | $1.21B | $1.41B |
| Capital Expenditure | -$140.2M | -$140.1M | -$139.1M | -$158.0M | -$188.8M | -$215.5M | -$269.7M | -$395.6M | -$506.0M | -$384.1M |
| Acquisitions | -$192.9M | -$71.1M | -$211.6M | -$1.99B | -$18.1M | -$1.65B | -$63.8M | -$307.7M | -$2.60B | -$383.4M |
| Stock Repurchased | -$3.5M | -$28.2M | -$16.8M | -$12.9M | -$4.2M | -$11.4M | -$23.8M | -$99.6M | -$76.4M | -$1.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $61.5M | $226.9M | $178.3M | $465.6M | -$124.2M | $61.0M | $562.4M | $767.4M | $704.1M | $1.03B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$145.2M | $601.2M | $615.9M | $341.8M |
| Capital Expenditure | -$78.9M | -$113.4M | -$73.6M | -$118.2M |
| Free Cash Flow | -$224.1M | $487.8M | $542.3M | $223.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $13.0M | -$13.0M | $12.9M | $13.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.1% | +12.1% | +27.1% | +21.2% | +67.4% | +12.5% | +1.8% | +8.6% | +7.2% | |
| Net Income Growth (YoY) | +106.3% | -16.1% | -168.4% | +135.7% | +176.4% | +253.1% | +9.7% | -22.0% | +5.6% | |
| EPS Growth (YoY) | +103.1% | -17.4% | -162.7% | +130.7% | +141.9% | +244.0% | +9.3% | -22.0% | +4.5% | |
| Shares Change (YoY) | +1.5% | +0.6% | +7.4% | +18.1% | +13.4% | +3.2% | -0.1% | +0.3% | +0.4% | |
| FCF Growth (YoY) | +268.9% | -21.4% | +161.1% | -126.7% | +149.1% | +822.0% | +36.5% | -8.2% | +46.2% | |
| Gross Margin | 12.7% | 13.0% | 12.7% | 11.4% | 11.6% | 10.3% | 10.9% | 11.3% | 11.7% | 11.9% |
| Operating Margin | 1.3% | 1.4% | 1.4% | -0.4% | 0.7% | 0.6% | 1.3% | 1.4% | 1.3% | 1.3% |
| EBITDA Margin | 2.0% | 2.2% | 2.2% | 0.7% | 1.8% | 1.6% | 2.2% | 2.4% | 2.4% | 2.5% |
| Net Margin | 0.6% | 1.1% | 0.8% | -0.5% | 0.1% | 0.2% | 0.7% | 0.7% | 0.5% | 0.5% |
| FCF Margin | 0.4% | 1.3% | 0.9% | 1.9% | -0.4% | 0.1% | 1.0% | 1.3% | 1.1% | 1.5% |
| Effective Tax Rate | 38.9% | -2.6% | 23.6% | 48.6% | 25.6% | 32.7% | 27.0% | 27.0% | 25.9% | 26.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.60 | $2.17 | $1.69 | $4.12 | -$0.93 | $0.40 | $3.60 | $4.92 | $4.50 | $6.56 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 100.2 M | 102.0 M | 103.8 M | 113.0 M | 132.1 M | 149.8 M | 154.2 M | 154.4 M | 154.8 M | 155.9 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 7.63% |
| Return on Invested Capital | 4.67% |
| Return on Assets | 1.91% |
| Gross Margin | 11.93% |
| Operating Margin | 1.31% |
| Net Margin | 0.53% |
Financial Health
| Debt / Equity | 1.59 |
| Current Ratio | 1.51 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.81 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.54 | 18.82 | 24.86 | -27.60 | 154.81 | 63.12 | 23.35 | 23.44 | 39.76 | 48.02 |
| P/B | 2.97 | 3.30 | 3.20 | 1.57 | 3.01 | 2.15 | 2.48 | 2.47 | 3.03 | 3.51 |
| P/S | 0.16 | 0.21 | 0.21 | 0.13 | 0.21 | 0.14 | 0.16 | 0.18 | 0.21 | 0.25 |
| Gross Margin | 12.7% | 13.0% | 12.7% | 11.4% | 11.6% | 10.3% | 10.9% | 11.3% | 11.7% | 11.9% |
| Operating Margin | 1.3% | 1.4% | 1.4% | -0.4% | 0.7% | 0.6% | 1.3% | 1.4% | 1.3% | 1.3% |
| Net Margin | 0.6% | 1.1% | 0.8% | -0.5% | 0.1% | 0.2% | 0.7% | 0.7% | 0.5% | 0.5% |
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Explore sector: Consumer Defensive · Food Distribution
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