Performance Food Group Co. capped fiscal 2025 with double-digit fourth-quarter growth and is leaning on aggressive sales hiring and new account wins to keep momentum into 2026.
The Richmond, Va.-based distributor reported fourth-quarter net sales of $16.8 billion, up 11.5% from a year ago, and net income of $131.5 million. Adjusted EBITDA jumped 20% to $546.9 million. For the full fiscal year, revenue climbed 9% to $63.2 billion, while net income rose 12% to $451.7 million.
Executives said the company’s “Performance Food Group One” strategy—aimed at cross-segment growth in foodservice, convenience, and specialty distribution—is paying off despite a still uneven recovery in the food-away-from-home market.
A major part of that plan is talent. PFGC expanded its salesforce by 8.8% in fiscal 2025, the most aggressive hiring push in years. The move helped lift organic independent case growth 4.6% for the year and 5.9% in the fourth quarter, outpacing broader restaurant traffic trends.
“The investments we’re making in our people now will enable us to significantly accelerate growth as the industry finds its footing,” CEO George Holm told analysts on a recent earnings call.
Beyond independent restaurants, PFGC has shifted its chain portfolio toward higher-performing partners and signed new long-term deals that boosted chain case growth by 4.5% in the fourth quarter. In convenience, Core-Mark offset industry-wide declines with new foodservice programs and won business from more than 1,000 additional stores that will come online in 2026. Specialty distribution also rebounded, with vending, office coffee, and retail channels showing strength and the e-commerce platform continuing to post double-digit growth.
On capital allocation, PFGC is balancing investments in warehouse and fleet expansion with debt reduction, selective M&A, and stock buybacks. Recent acquisitions of Cheney Brothers and Jose Santiago are now being integrated, with management signaling more deals could follow if they meet strict return thresholds.
The board also dismissed a recent approach from rival US Foods, which sought information on a business combination. Executives said any transaction would need to clear a “high bar” on valuation and regulatory certainty, stressing confidence in PFGC’s stand-alone growth strategy.
For fiscal 2026, the company projected revenue of $67–68 billion and adjusted EBITDA of $1.9–2.0 billion, consistent with targets outlined at its May Investor Day.
“We are executing at a high level, continuing to make progress on our three-year plan,” Holm said. “Performance Food Group is building a formidable organization set up to grow and win for many years to come.”
Don’t miss any content from Distribution Strategy Group. Join our list.
